http://www.nxny.

com

2016 8 29
[Table_Stock]

26%
: 24.50
[Table_Title]
002103.CH
: 19.51

:
: 2016 6.92 24.43%
[Table_Summary]
3,848 55.08% 3,065
119.83%
[Table_PicQuote]

80%
3.92 6.79% 4.63% 24.66%

60%

40%

20% 5
0%
6,199 11.29%
715

(20%)

(40%)

Aug-15
Sep-15
Oct-15
Oct-15
Nov-15
Dec-15
Dec-15
Jan-16
Jan-16
Feb-16
Mar-16
Mar-16
Apr-16
May-16
May-16
Jun-16
Jul-16
Jul-16
Aug-16

(%)
[Table_Index] 1 3 12
VR

3,133

89.4 (1.0) 35.2 39.7
8450
108.2 0.5 26.4 31.7
Uber
26%
() 458
51%Uber
(%) 57
( ) 5,123 Uber
3 ( ) 198
(%)(2016E)
(%)
22


2016 8 26



3 16 37 2017

2016-2018 0.250.690.89 / 24.50



: 12 31 2014 2015 2016E 2017E 2018E
[Table_Industry]
( ) 907 1,457 1,986 2,951 3,710
[Table_InvestSummary]
(%) 7 61 36 49 26
(8621)20328510
[Table_Analyser] ( ) 9 82 142 394 507
zhiwei1.yang@bocichina.com
S1300515060001 () 0.016 0.144 0.249 0.690 0.889
(%) (60.6) 787.7 72.6 177.0 28.8
() 1,199.4 135.1 78.3 28.3 21.9
/() 13,408.9 (658.3) 71.4 33.6 20.0
(8621)20328592
zongyi.zhao@bocichina.com () 0.00 (0.03) 0.27 0.58 0.98
S1300516080001 /() 226.6 73.4 44.2 17.4 13.0
() 0.000 0.115 0.024 0.034 0.104
(%) n.a. 0.6 0.1 0.2 0.5

 http://www.nxny.com

1.
() 2015 2016 (%)
556.12 691.95 24.42
2.60 3.03 16.54
553.52 688.92 24.46
441.96 544.91 23.29
51.42 62.22 21.00
37.61 48.54 29.06
28.85 35.66 23.60
10.87 7.83 (27.97)
6.04 0.16 (97.35)
0.06 (2.06) (3,533.33)
31.54 43.45 37.76
6.62 4.44 (32.93)
0.10 0.52 420.00
24.82 38.48 55.08
13.95 30.65 119.83
() 0.11 0.08 (27.27)
() 0.05 0.10 119.71
(%)
20.53 21.25
5.67 6.28
4.46 5.56
2.51 4.43
:

2016 8 29 2
 http://www.nxny.com

( ) ( )
[Table_ProfitAndLost]
12 31 2014 2015 2016E 2017E 2018E [Table_CashFlow]
12 31 2014 2015 2016E 2017E 2018E
907 1,457 1,986 2,951 3,710 16 100 158 447 576
(731) (1,159) (1,613) (2,141) (2,717) 38 36 36 33 29
(137) (176) (180) (339) (403) 7 6 6 (1) (8)
39 122 193 471 591 (17) (376) (230) 0 0
(38) (36) (36) (33) (29) 6 17 16 54 69
() 1 86 156 438 561 (48) 200 170 (201) (111)
/() (4) (2) (2) 13 25 1 (17) 156 332 557
/() (16) (16) (29) (25) (22) 3 (18) 0 0 0
16 100 158 447 576 / 6 (21) 0 0 0
(6) (17) (16) (54) (69) (125) (83) 0 0 0
(0) (1) 0 0 0 (115) (122) 0 0 0
9 82 142 394 507 0 87 265 0 0
(11) 75 135 386 500 (200) 0 200 0 0
() 0.016 0.144 0.249 0.690 0.889 0 (66) (13) (19) (59)
() (0.020) 0.131 0.236 0.677 0.876 179 174 (208) 1 7
() 0.000 0.115 0.024 0.034 0.104 (21) 195 244 (18) (52)
(%) 7 61 36 49 26 (136) 57 399 313 505
(%) (96) 7,425 82 180 28 286 157 209 608 921
(%) (42) 215 58 145 25 (112) (135) 160 343 575
(%) (61) 788 73 177 29 (321) (144) 350 333 564
(%) (235) (769) 80 187 29

(%)
( )
[Table_MainRatio]
12 31 2014 2015 2016E 2017E 2018E
[Table_BalanceSheet]
12 31 2014 2015 2016E 2017E 2018E
157 209 608 921 1,426 (%) 4.3 8.4 9.7 16.0 15.9
157 314 326 425 422 (%) 0.1 5.9 7.9 14.9 15.1
183 229 262 294 321 (%) 1.7 6.9 7.9 15.2 15.5
181 106 146 206 260 (%) 1.0 5.7 7.2 13.3 13.7
678 858 1,342 1,846 2,430
316 299 275 245 218 () 1.6 1.7 3.6 4.0 4.2
213 205 790 788 786 () 0.1 9.4 15.2 42.6 54.5
(48) 775 178 178 178 (%) 1.3
492 1,291 1,255 1,222 1,193 () 1.2 1.2 2.9 3.3 3.7
1,170 2,149 2,597 3,069 3,623
117 151 210 279 354 () 1,199.4 135.1 78.3 28.3 21.9
0 230 0 0 0 () (995.6) 148.9 82.7 28.8 22.3
301 135 159 187 218
418 516 369 466 572 () (1,250.3) 186.9 103.9 36.2 28.0
0 0 200 200 200 () 15.0 6.9 5.5 4.7 3.9
3 6 6 6 6 / () 13,408.9 (658.3) 71.4 33.6 20.0
218 305 571 571 571 /
521 1,316 1,444 1,819 2,267 () 226.6 73.4 44.2 17.4 13.0
740 1,621 2,015 2,389 2,837
10 7 7 7 7 91.6 64.9 55.5 47.4 41.4
1,170 2,149 2,597 3,069 3,623 63.1 78.7 58.8 46.4 41.7
() 1.30 2.84 3.53 4.19 4.97 47.2 37.9 33.2 30.3 31.2
() 2.41 4.64 2.15 2.81 3.60
/()() (0.72) 0.07 (0.72) (1.26) (2.15) (%) 0.0 79.5 9.4 4.9 11.6
(%) 1.3 5.1 7.8 17.9 19.4
(%) 0.1 3.3 5.9 13.6 14.8
(%) 0.5 4.8 7.9 18.7 20.5

2016 8 29 3
 http://www.nxny.com

12 20%
12 10%-20%
12 10%
12 10%
NR

12
12
12

300

2016 8 29 4
 http://www.nxny.com

200
1) QFIIQDII 39
2) 200121
: (8621) 6860 4866
: (8621) 5888 3554

:(852) 3988 6333

10 10800 8521065
21 10800 1521065
800 852 3392
:(852) 2147 9513

:(852) 3988 6333

:(852) 2147 9513

110 8
:100032
: (8610) 8326 2000
: (8610) 8326 2291

()
2/F, 1 Lothbury
London EC2R 7DB
United Kingdom
: (4420) 3651 8888
: (4420) 3651 8877

()
1270 202

NY 10020

: (1) 212 259 0888

: (1) 212 259 0889

()
199303046Z

(049908)
: (65) 6692 6829 / 6534 5587
: (65) 6534 3996 / 6532 3371