+

01

02 : 1500

03 :

06 :

07 :

08 :

10 :

12 :

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3-5




0 vs (2015E)



18848PC




9297

2670


100

+ 01

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Rx(34%,5210 )

(13%,2084 )
13025 (50%,7815 ) (13%,2084 )

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OTC(0.6%,100 )
100

2015
Rx(20%,3062 )

(10%,1563 )
: 10877 (50%,7815 ) (6%,999 )

: 700
OTC OTC(3%,500 )

: 800
Rx(12%,1803 ) OTC(8%,1297 )
3100

100 1500 10% 1556
Rx(4.9%,766 ) OTC(5.1%,790 )

2020

4000

02


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1.63
29.7% 36.3%

+ 03
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5

2014 11 5
2012
46.12% 36.18%

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25.8 16.8

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201411

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20 60 70
120

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2013
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2014

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250 228 6
516 APP
200 5

4
150 135.6

3

100

2
144
50
80 22 1
68
5 9
0 0
2012 2013 2014E 2015E 2018E
() (%)



72% 67%

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71%
59%
37%

12


+ 13


14


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yvwu@deloitte.com.cn : pohou@deloitte.com.cn

86 21 23166271
: sheryljacobson@deloitte.

+86 10 85125601 86 21 61412778
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+86 21 23166595 +86 21 23166657
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+ 15



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150
200,000

22
13,500

1917

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