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%YoY%354.701,531-4332.5615.990.594.80172.178.622,51364.1415.730.975.62101.822.553,10023.3515.891.206.8281.518.523,69419.1715.921.438.2571.217.194,36618.1815.981.699.9461.02011617201162941/2011600742CC Q51-538.7+16%10%2011100+16%15-20%20%666201040%7201147.92011-2.3%20111-52011/12/132.98/3.59/4.2026.642011/12/13PE379/7/6600742201113-15 PE20093,56520106,1832011E7,2002012E8,6002013E9,920YoY %YoY%2.5635586.842.41%1.687.81163.473.4457160.835.93%2.7010.33102.616.4563010.395.31%2.9812.7192.119.4475920.475.58%3.5915.7071.715.3588816.995.63%4.2019.3061.42011617201162942/2011600660201120%2011OEM8%68%OEM12%201115-20%AMOEM201120%15%6.84.2230%2012OEM/ AM2011/12/130.94/1.11/1.319.752011/12/13 PE20111510/9/7PE386006602008571720096079201085082011E102002012E120002013E14000YoY %YoY%P/EP/B10.70246-73.2030.910.121.63836.06.331118354.4742.050.562.19184.539.96178859.9340.420.892.92113.319.8918835.3239.430.943.84102.517.65222418.0939.241.114.9792.016.67262418.0239.121.315.9871.620116172011629431/201100055051.75201156%201110%21+17%21+17%2010201018.6%SUV20.1%SUV20102010SUVSUV2011SUVN330 SUVN351 SUV10201018201321.32011202430392011/12/13 PE2011 1500055010/9/7PE2011/12/132.43/2.82/3.3524.7920088,587200910,433201015,7682011E18,5002012E21,0002013E23,800YoY %YoY %PEPB1.557843.2922.620.914.69275.321.501,05634.6926.131.225.61204.451.141,71262.1225.581.987.10133.517.332,09822.5224.462.439.26102.713.512,43416.0524.572.8211.8592.113.332,89218.7924.683.3514.7071.72011617201162944/20116000665%-10%4.5+10%1-520111.335%-8%10%8%-10%201120114.5201110%201020112011201020115.550001100201260005.540002011/12/13EPS2.05/2.49/2.9620.682011/12/13PE10/8/7201113-1540PE60006620088,33620098,782201013,4792011E15,8162012E18,0572013E20,505PEPB%YoY %YoY%3.5053137.4015.741.022.48208.35.405636.0317.341.083.21196.453.4886052.7517.331.653.67135.617.341,06623.9317.002.055.12104.014.171,29521.4617.202.496.9183.013.561,53918.8817.122.969.0772.32011617201162945/2011000581VEIVWAPSIVSCRPOC/DOCIVPE12/9/72011/12/132.80/3.69/4.99IV2011/12/1341201100058120PE20083,03320093,08120105,3712011E6,2002012E7,8002013E9,800P/EP/BYoY%YoY%EPSBPS-4.78193-16.2118.770.344.421027.81.57448108.7119.640.795.05446.874.331,340199.1727.782.367.24154.815.431,58818.5428.502.809.44123.725.812,09331.7928.603.6912.3392.825.642,83135.2329.954.9916.3272.12011617201162946/2011601258201053820108320109262-327.5%232007%2011/12/13EPS421.38/1.70/2.10601258A201120-25YoY %YoY%20082409160220093519146.08101168.0420105377452.81123622.232011E6395018.92144717.082012E7850022.75178323.192013E9640022.80220223.53P/EP/B%EPSBPS10.460.571.205224.810.490.962.033114.710.801.183.12259.510.261.3810.32222.910.421.7011.72182.510.542.1013.32142.22011617201162947-Analyst CertificationiiiThe analysts primarily responsible for the preparation of all or part of the research report containedherein hereby certify that: (i) the views expressed in this research report accurately reflect the personal views of each such analystabout the subject securities and issuers; and (ii) no part of the analysts compensation was, is, or will be directly or indirectly, related tothe specific recommendations or views expressed in this research report./()(1)(2)/20111.30020%663003005%-10%20%5%2.630030030030030030010%10%-10% 10%10%481568811001252220012251804826Foreign Broker-Dealer Disclosures for Distributing to the U.S.This report has been produced in its entirety by CITIC Securities Limited Company (“CITIC Securities”, regulated by the China SecuritiesRegulatory Commission. Securities Business License Number: Z20374000). This report is being distributed in the United States by CITIC Securitiespursuant to Rule 15a-6(a) (2) under the U.S. Securities Exchange Act of 1934 exclusively to “major U.S. institutional investors” as defined in Rule 15a-6and the SEC no-action letters thereunder.Z20374000193415a-6(a) (2)15a-6