1、58,12,100701,100901,101101,110101,110301,110501,2011,6,29,2011 09 021-68762230 ,S1010510120063,2015,10%,07,10,200,021-68761840,2015,50%, S1010510120066,300,260,2020,80.0% 60.0% 40.0% 20.0% 0.0%,300,P/E,2009,-20.0%,40% / /,10,40%,10A,EPS 11E,12E,10A,P/E 11E,12E,P/B,PEG,2011P/E=30,49.55 39.30 17.15,0.63 0.55 0.41,1.61 1.31 0.95,2.75 1.92 1.08,79 71 42,31 30 18,18 20 16,11.2 9.0 9.6,1.0 0.9 0.9,25.63,1.10,1.39,1.73,23,18,15,10.1,1.0,1,23.13 45.09 19.35,0.50 0.85 0.35,0.70 1.41 0.54,1.00 2.19 0.74,4
2、6 53 55,33 32 36,23 21 26,3.2 16.1 4.4,1.2 1.0 1.0,2,2011,5,2011-05-09,15.14,0.36,0.53,0.72,42,29,21,3.3,1.1,2011,4,.,13.14 10.35,0.42 0.21,0.67 0.37,0.77 0.50,31 49,20 28,17 21,5.8 3.4,1.0 1.1,3, 2011-04-11,14.29,0.30,0.43,0.58,48,33,25,5.3,1.3,2011-03-24,2011,6,17,200,300,2011, 1, 2, 2, 3 4, 5, 5 6, 8, 12, 12 14 18 19 19, 21, 21 22 24 26 26, 29, 29, 30 32, 33, 34, 34, 34 36,1,3,4,5,6,7,9,10,13,14,15,16,18,19,20,21,22,27,28,31,32,33,34,35,36,37,38,2011 . 1,2 8,NPL,3R,. 2 2 2 . 3 . 4 5 5 6 6,11
3、1980 12 2000,. 7 . 7 . 9 . 9 9 9,17,SITE,. 10, 10 . 11 . 12 . 12 . 12,23 2009 24 2009 25 2009 26 2009 29 2005 2011 30 2005 2011,. 13 . 13 . 13 . 13 14 14 . 16 . 16 17 21 21 . 22 25 25 27 27,40,41,42,43,44,47,48,49,2,4,5,6,7,9,10,11,12,13,14,15,16,19,20,21,2011,39,/, 27 . 27 MBR+NF/RO . 27 27 28 29,45 2006 2020 46 2006 2020 50 TCL,. 30 . 30 . 32 . 32 33 . 33,51 2011,300,. 34,52,2011,6,17, 34,53 2009,P/E,TTM,. 35,54 1 2005,2011,P/E . 35 . 3 . 3,3,5+1,. 4 5 6 7 7,8,2011, 8,. 8 9 10 . 10 11 15 15 16
4、,17 2011,. 17,18 2009 2011,BOT,. 17 18 19 19,22,23,24,25,27,28,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,2011 20,2010 2011, 20,. 22 22,26 29 2011, 23 23 23 . 24 25 25 26 26 26 28 29 29 30 31 31 31 32 33 33 35 36 37 38 40 41,2011,2011,3 4,17,2011,P/E,30,TTM P/E,2009,2012 2013,40%,2011 1,200,2011,5,300 260 z z z,z,TCL,2011,6,29,1,2011,Recycle,Reduce,Reuse,-,-,2,3R,420 1 3 25.0% 20.0% 15.0% 10.0% 5.0% 0.0%,110,SO2,COD,4 60% 50% 40% 30% 20% 10% 0%,660,2009,1,2011,6,29,2,2011 1 2
5、005 2005.10 2007.03 2008.08 2011.03 5,2,20,90,2011,6,29,3,2011 6,1993,2000 1995 1998 2000 2000,2001 2000 2001 2001 2002,4 4 4 5 5 ,1994,2000 2001,2000,2002 2000 2000,2004 2001 2001,12 4 4 ,1972 1992 1992 1999 1999 1998 1988 1968 1970 2002 1968 1972 1997,3,5+1,2011,6,29,4,2011 50%,18,1.5,3,250 200,1,000,200,1,200 23.5%,1/10,7,10% 2010,14,2011 8,1 5 NPL,7,13%,31%,60% 54% 50% 40%,48%,40% 39% 38%,37%,51%,46%,35% 35% 35% 33%,30% 20% 13% 10% 0%,16%,20%,4 DNA,2011,6,29,5,6,6,2011,20,90,2011,2,2003,5 20
6、03 2004 2006 2006 2008 2008 2009 2009 2009 2010 2010 9,12 6 7 1 6 9 12 12,/ 2010 2010,1,000,2010,10 250,000 200,000 150,000 100,000 50,000 0,15,20 50,2011 90,1,600,32,VOC,13,2011,6,29,6,2011 6,10,927 1,260 2000,5.4,595,1980,24,11,1980,12,2000,7,2008 2010,2010,137,48,2,2008 2010 2012,29,73,5 2,3 2010,110,34,2015 2010,303 27,136,2007 2008,22,4,13,49,3,17,327,2012,105,127,19,21,2009,9,30,13,2010,12,31,2011,2010,10,4,2,7,153,2011,6,29,7,2011 2009 + 2011,5,31,130,24.41 12,2011,3,8,1,2011,2,325,/,10,0
7、00 6,500 400 775 2,325,35% 23%,U.S. EPA,SVE,1982 2002 /,764,9 /,/,/,66.66Pa,25%,/,10-3cm/s 0.01,2011,6,29,8,),),2011,(150,540,(,150,315,),(,13 15 180 160 140 120 100 80 60 40 20,315,540,14 16 250 200 150 100 50,1. 2. 3.,0,/,0,/,+ 10 m3,2007 2007 2008 2008,65,000 140,000 2,000 8,000,2011,6,29,9,2011 m3,2008 2009,52,000 10,000,2010,6,2010,U.S. EPA,MEP,/,GB5085.3-2007 11 ( 90%,12,2010,60,1,000,/m3,PH,PH2,13,17,SITE,18,2011,6,29,10,2011 13 ERM SITE 19 58% 30%,2011,6,29,11,2011 20,21,22,2.9,/,23,/,20
8、07,970,/,2009,1,153,/,/,6.5%,2011,6,29,12,/,/,2011,23 10,000 8,000,2009,9,052,24 400 300,2009 371,279,6,000 200 4,000,2,000 0 2009,26 47.6% 31,1,153,10% 28,100 0 70%,320,20%,24 200,186,/,119,/,6,25 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%,2009,6.5%,26 1,200 1,000 800 600 400 200 0,2009,/,2011,6,29,13,2011,27 40% 35%,5,400 30%,2009,28 140% 130% 120%,40%,24.7%,30% 25% 20% 15% 10% 5% 0%,24.7%,100% 80% 60% 40% 20% 0%,80%,74%,59%,53%,30%,25% 23% 22% 21%,2%,2011,2011,6,29,14,2011 14,2005,4,2006,12,20
9、10,5% 10%,20,15,2008 2010 2009 2009 2009 2010 2010 2010 2010 2010 2010,12 4 4 7 9 4 7 8 11 11 12,2011,18,2011,1,25,8,2011,2,90%,30%,80%,2011 2011,4 4,30%,2011 2011,4 5,2015 40%,75%,2015,90%,2011,6,29,15,/,2011 A A,16,A,mg/L,COD BOD5,16.5 2.0,50 10,50 10,50 10,60 10,SS,1,3,10,10,5,5,5,10,15,0.3 0.1,5 0.5,1,10,5 1,2.5,2011,5,6,7.5,40% 60%,80%,16,2011,1 3,-5.68%,1 2 3,29,2005,2011,30,2005,2011,ROE,60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% -10.0%,4.5 4.0 3.5 3.0 2.5 2.0,1999,2001,2003,2005,2007,2009 2011M3,200601,200701,200801,200901,201001,201101,CEIC 2011,2011,6,29,16,-,2011,17,2011,11.03.14,1.4,/,1.6,/,0.4,/,0.6,/,10%,11.03.16,10%,4,20%,10%,20%,5,20%,11.03.17,3 2011,1 9,2012,7,1.80,3.00,1.46,1.55,2.50,1.39,11.03.25,2011,4,1,2.42,/,2.84,/,11.03.25,4.3,/,0.95,1.8,10.0,/,6,10,11.04.25,2.7,1.3 3,4,1.3,3,5,10,11.05.03,5,1,0.30,0.80,11.05.26,6,
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