关注制造业向中国转移的 投资机会 机械行业 2006 年中期投资策略
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关注制造业向中国转移的 投资机会 机械行业 2006 年中期投资策略. 招商证券研究发展中心 刘荣 二零零六年五月. 目 录. 一、下半年机械行业的投资策略分析 二、 机械行业重点子行业及上市公司分析 船舶行业 机床行业 工程机械行业 港口机械行业 集装箱行业. 一、下半年机械行业的投资策略. 1 、关注景气度提升中的子行业 。 2 、关注国际竞争力提高的上市公司。 3 、关注国产设备的进口替代趋势。 4 、优质公司的价值重估。. 1 、关注景气度提升中的子行业. - PowerPoint PPT Presentation
Transcript of 关注制造业向中国转移的 投资机会 机械行业 2006 年中期投资策略
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603510000100001000010000100001000010000100001000010000
5.58%5.58%5.58%5.58%5.58%5.58%5.58%5.58%5.58%5.58%5.58%
0.7%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%1.0%
13.7%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%15.0%
0.0%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%
3.8%3.8%3.8%3.8%3.8%3.8%3.8%3.8%3.8%3.8%3.8%
29753000300030003000300030003000300030003000
5.85%5.85%5.85%5.85%5.85%5.85%5.85%5.85%5.85%5.85%5.85%
000000000
0000000000
0000000000
3.60%
9.44%
1.230
1%
5.60
bloomberg
BLOOMBERG8.30BLOOMBERG
CAL
20052006E2007E2008E2009E2010E2011E2012E2013E2014E2015E
936131004591009349987810188510177210066697626947689208289557
88936000500080006000500030003000300030003000
83785525605659936113610660405858568655255373
100459100934998781018851017721006669762694768920828955787184
HINT: Last year's end bal.31378481107507096419123013153570188987228424271684317806
HINT: From income statement16732269612134926594305573541739436432604612249175
HINT: From income statement0000000000
0000000000
HINT: Use B A S E formula31378481107507096419123013153570188987228424271684317806366982
49725853727283959795114031326715343176202004722635
2204624003360404108649303542345965764429695847306376716
500000000000
1691318002216242054324652271172982832215347923653238358
3185345006540615135861629677927457180537869809132995895
909315002180202054324652271172982832215347923653238358
19553000360434244109451949715369579960896393
3729145006540615135861629677927457180537869809132995895
06007216858229049941074116012181279
10037211375136641298115577171351884820356219852308424238
HINT: Subtract Curr. liab. except debt from Curr. assets except cash & equiv-59663420315769665083780998590994500102060110225115736121523
INC-FCF
20052006E2007E2008E2009E2010E2011E2012E2013E2014E2015E
272892300038360404342384410860451947497141536912579865608859639302
9.9%20.1%-5.0%20.0%10.0%10.0%8.0%8.0%5.0%5.0%
251179300038360404342384410860451947497141536912579865608859639302
2151930704460503766245195497145468659060637856697470323
42.7%50.0%-18.2%20.0%10.0%10.0%8.0%8.0%5.0%5.0%
+) 17851600160016001600160016001600160016001600
4076007216858229049941074116012181279
1163214702169391540717667185301938920403214552191922376
06165575936367288011001139118782412
3267325549114311370930081745797558558558
948015402283912157026706302803430337584411704383846669
1833821427349472806333319368874084343941473574986352542
799914362256371945225233296013495839388436034675850123
79.6%78.5%-24.1%29.7%17.3%18.1%12.7%10.7%7.2%7.2%
133180180180180180180180180180180
25894000400040004000400040004000400040004000
-105-100-100-100-100-100-100-100-100-100-100
1061618442297172353229313336813903843468476835083854203
272830133710591319151617571956214622882439
524881141911241400160818642076227724272588
981916732269612134926594305573541739436432604612249175
70.4%61.1%-20.8%24.6%14.9%15.9%11.3%9.7%6.6%6.6%
4946849468494684946849468494684946849468494684946849468
0.1980.3380.5450.4320.5380.6180.7160.7970.8750.9320.994
923814709271132060025504289183275935893393184186544569
83785525605659936113610660405858568655255373
479500500500500500500500500500500
-68110169415665738713017781085917560816555115787
88936000500080006000500030003000300030003000
9883-86960130051170513101227142770831690343393937941656
CE111868197051220214226405249080261447273277306234351771400321452085
154460208633223310237743255264267362289756329003376046426203
923814709271132060025504289183275935893393184186544569
ROCE9.5%13.0%9.2%10.7%11.3%12.3%12.4%12.0%11.1%10.5%
45852150495164604173498185901192105197156201358206337208823211737
4296898173157550169051179700189003194630199257203848207580210280
923814709271132060025504289183275935893393184186544569
21.5%15.0%17.2%12.2%14.2%15.3%16.8%18.0%19.3%20.2%21.2%
xiangh:
xiangh:
BLA
20052006E2007E2008E2009E2010E2011E2012E2013E2014E2015E
23509000000227895690598619142903
4093445006540615135861629677927457180537869809132995895
00000000000
2204624003360404108649303542345965764429695847306376716
500000000000
1691318002216242054324652271172982832215347923653238358
3185345006540615135861629677927457180537869809132995895
909315002180202054324652271172982832215347923653238358
144398147019183806184887221865244051268456312722370032427403488126
15741550155015501550155015501550155015501550
100459100934998781018851017721006669762694768920828955787184
80307530703065306030553050304530403035303030
00000000000
254460257033292264294853331217351797372662413570467694522040579890
0806217540559123538043400685550000
2605010000100001000010000100001000010000100001000010000
19553000360434244109451949715369579960896393
3729145006540615135861629677927457180537869809132995895
06007216858229049941074116012181279
10037211375136641298115577171351884820356219852308424238
165668150603157455137570145941134356117940117336125923131719137805
00000000000
29753000300030003000300030003000300030003000
168643153603160455140570148941137356120940120336128923134719140805
49725853727283959795114031326715343176202004722635
4946849468494684946849468494684946849468494684946849468
31378481107507096419123013153570188987228424271684317806366982
8084697577124538145887172481203038238455277891321152367274416450
254460257033292264294853331217351797372662413570467694522040579890
banlance?OKOKOKOKOKOKOKOKOKOKOK
-
Debt
20052006E2007E2008E2009E2010E2011E2012E2013E2014E2015E
0806217540559123538043400685550000
5.58%5.58%5.58%5.58%5.58%5.58%5.58%5.58%5.58%5.58%
224943533753315124501187239000
2605010000100001000010000100001000010000100001000010000
5.58%5.58%5.58%5.58%5.58%5.58%5.58%5.58%5.58%5.58%
1006558558558558558558558558558
00000000000
0000000000
5.85%5.85%5.85%5.85%5.85%5.85%5.85%5.85%5.85%5.85%
0000000000
2605090621854056912363804440061855510000100001000010000
00000000000
2605090621854056912363804440061855510000100001000010000
325549114311370930081745797558558558
000000227895690598619142903
45006540615135861629677927457180537869809132995895
64443450065406151358616296779274571103326143884189948238798
2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%
6165575936367288011001139118782412
Cash
20052006E2007E2008E2009E2010E2011E2012E2013E2014E2015E
+17612283802247327994321653728141512455374855051764
+83785525605659936113610660405858568655255373
+479500500500500500500500500500500
-10169415665738713017781085917560816555115787
+25000000000
=84558-78032192712157921590309613523040309435594906451850
--24000000000
-0000000000
-6000500080006000500030003000300030003000
=-7296-5976-5000-8000-6000-5000-3000-3000-3000-3000-3000
+-16050000000000
+0000000000
+0000000000
-0000000000
=-50604-16050000000000
26658-100059142711357915590259613223037309405594606448850
64443-35616-21344-776678253378666016103326143884189948
-100059142711357915590259613223037309405594606448850
64443-35616-21344-776678253378666016103326143884189948238798
45006540615135861629677927457180537869809132995895
/-80621-75405-59123-53804-34006-8555227895690598619142903
000000227895690598619142903
806217540559123538043400685550000
450065406151358616296779274571103326143884189948238798
WACC
5.58%
4.74%
6.57%
3.60%
1.230
9.44%
15.21%
65.00%
WACC10.20%
20042014
6035100005.580%5.580%
6035100005.58%5.58%
005.76%5.76%
8581843908515.21%0.00%
8084641645015.21%0.00%
49722263515.21%0.00%
91853449085
6.57%2.23%
93.43%97.77%
95.60%
1-3
DCF
20052006E2007E2008E2009E2010E2011E2012E2013E2014E2015E
(UFCF)9883-86960130051170513101227142770831690343393937941656
01.02.03.04.05.06.07.08.09.010.0
0.910.820.750.680.620.560.510.460.420.38
-789121070987478884139771547216058157901643115772
42927
(WACC)10.20%
1.0%
173174
EV2161015.58%
644434.74%
15746.57%
03.60%
2821171.230
-260509.44%
-497215.21%
25109565.00%
49468WACC10.20%
5.1g1.00%
WACC
g5.18%9%10%11%12%
0%6.85.74.84.23.6
1%7.56.25.24.53.8
2%8.56.95.74.84.15.2
3%9.97.86.45.34.5
2005A2006E2007E2008E2005A2006E2007E2008E
23634025985131213129652584558-780321927121579
224479259851312131296525-7296-5976-5000-8000
11666000-8893-6000-5000-8000
15306179412201419810-50604645717540559123
326726394354371826658-194378967672702
10616184422971723532
175830133710592005A2006E2007E2008E
-25088114191124
981916732269612134915.5%9.9%20.1%-5.0%
EPS0.1980.3380.5450.432-21.8%70.4%61.1%-20.8%
644434500654061513585.0%0.0%0.0%0.0%
00004.2%6.4%8.6%7.2%
22046240033604041086ROE12.1%17.1%21.6%14.6%
50000ROIC21.5%15.0%17.2%12.2%
31853450065406151358
260063300439644410867.5513.0312.008.88
1443981470191838061848877.727.817.286.50
1574155015501550
1004591009349987810188566.3%59.8%54.9%47.7%
80307530703065300.870.981.171.34
00000.680.680.820.97
254460257033292264294853
260509062185405691230.1980.3380.5450.432
372914560654781520421.631.972.522.95
1023271437617268164051.71-1.580.390.44
165668150603157455137570
00002005A2006E2007E2008E
2975300030003000PE28.216.610.313.0
168643153603160455140570PB3.42.82.21.9
4972585372728395EV/EBITDA16.6917.3010.4612.44
49468494684946849468PEG3.592.43-0.49--
31378481107507096419EV/IC6.672.462.222.01
8084697577124538145887ROIC/WACC2.111.471.691.19
254460257033292264294853REP3.171.681.321.68
0
20012002200320042005Q12005Q22005Q32005
2727128485391543777035534300562747864443
0040301030050
458406128944275183565728207032309322046
9708292821637289149168917563315605
181381356529731132022907155891826016913
2643356748215123666244660548545580031853
135235206568142995117877122657139311137222144398
148972150066151872153130152219152632152807162272
4968355280559696234764040652146702267455
9928992718957959050888089873318570194817
719911213302531053392629774015643
6978899328773935661308050618893
251292319262251341221307222536241231238585254460
18777680751944011587181833365797106035
106001769911865500610358500
2581747383341873724732302376543702737291
335712383317114913511372386531955
141174226503144816122735123381160617156270165668
4107020094300512004520000000
4187123327328922232422552275228522975
183045249830177709145059145933163369159122168643
62096079597352214690478047854972
4946849468494684946849468494684946849468
6519865198651986519865198651986519865198
6177363354676597102671914730827467780846
251026319262251341221307222536241231238585254460
EV310931317754313429289582286030
IC99043127777824196852977672798676009825837
20766024131028404523634041217118968189510272892
19840624038427527422447937367111229178666251179
898159243053367888205536519819
33383-385737480520531649-133293007984558
26405-475667192716596-13-164092501875664
72.8%78.3%70.7%65.5%65.6%67.7%66.7%66.3%
0.960.910.990.960.990.870.880.87
0.770.660.840.660.630.530.520.68
/22.1%25.4%15.6%7.8%14.1%17.4%12.2%8.1%
4.534.515.387.553.426.099.1413.51
7.515.787.037.720.922.433.867.33
/37.18-24.2317.386.100.73-6.498.248.61
4.5%0.4%3.1%5.0%9.3%6.5%5.7%8.0%
0.4%0.7%1.5%1.4%2.2%1.7%1.9%3.6%
ROE1.5%2.5%6.4%4.7%1.2%2.8%4.9%12.1%
ROIC-1.9%-16.6%-5.6%-3.7%-0.1%0.7%0.5%21.5%
REP-12.53-399.9255.22108.755.25
5.60
inc
0
2003Q12003Q22003Q32004Q12004Q22004Q32005Q12005Q22005Q3
0000000000000000
0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
0000000000000000
0000000000000000
0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
0000000000000000
0000000000000000
0000000000000000
0000000000000000
0000000000000000
0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
0000000000000000
0000000000000000
0000000000000000
0000000000000000
0000000000000000
0000000000000000
0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
EPS0.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.0000.000
0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
/0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
/0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
/0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
/0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
0000000000000000
Sheet1
inc
12/31/9812/31/9912/31/0012/31/0112/31/0212/31/0312/31/043/31/056/30/059/30/0512/31/053/31/06
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bla
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560.000.000.000.000.000.000.000.000.000.000.000.00
570.000.000.000.000.000.000.000.000.000.000.000.00
580.000.000.000.000.000.000.000.000.000.000.000.00
590.000.000.000.000.000.000.000.000.000.000.000.00
6020.000.000.000.000.000.000.000.000.000.000.000.00
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630.000.000.000.000.000.000.000.000.000.000.000.00
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6520.000.000.000.000.000.000.000.000.000.000.000.00
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3 201012504000
42%
-
4
-
5
2006-2008142648.21402010+3500607EPS0.83118
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-
:
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1
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2001-2005
Chart1
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()
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200451861
20052.31200559639
()
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2002322-11.05%
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200445324.79%
200551914.57%
2005()
20052004
1078021.56%945614%
752815.06%59425-87%
582211.64%509314%
530710.61%51114%
36667.33%305920%
32946.59%32800%
21934.39%2617-16%
14292.86%120019%
14232.85%118021%
10872.17%10335%
2005()
20052004
132591057325.40%
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3295288414.25%
316931321.18%
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&A
Page &P
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Page &P
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Page &P
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Page &P
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Chart2
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1_%2004-022006-032006-05-12241.50
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3_%2004-022006-032006-05-12241.50
4_%2004-022006-032006-05-12241.50
5_2003-022006-032006-05-12351.50
6_2003-022006-032006-05-12351.50
7_2003-022006-032006-05-12351.50
8_2003-022006-032006-05-12351.50
__
()()%
2003-0211.6511.222.8522.85
2003-0339.2532.4471.6948.84
2003-0459.3448.01107.3535.66
2003-0592.0479.52171.5664.21
2003-06137.93125.9263.8392.27
2003-07173.22155.19328.4164.58
2003-08202.74180.36383.154.69
2003-09234.09222.71456.873.7
2003-10269.39259.36528.7571.95
2003-11301.35292.33593.6864.93
2003-12363.54340.31703.85110.17
2004-1224.1527.1851.3351.33124.64%
2004-0358.1456.41114.5563.2229.44%
2004-0494.5987.86182.4567.990.41%
2004-05130.69120.79251.4869.037.51%
2004-06208.83176.39385.22133.7444.94%
2004-07262.43217.42479.8594.6346.53%
2004-08308.17257.56565.7385.8857.03%
2004-09362.37305.78668.15102.4238.97%
2004-10417.28352.47769.75101.641.21%
2004-11477.04398.44875.48105.7362.84%
2004-12555.86458.41014.26138.7825.97%0.4410172622
2005-1246.4533.9880.4380.4356.69%
2005-03116.7691.98208.74128.31102.96%
2005-04175.67142.91318.58109.8461.77%
2005-05249.17217.24466.41147.83114.15%
2005-06374.11308.27682.38215.9761.48%
2005-07452.03380.71832.74150.3658.89%
2005-08545.19439.41984.6151.8676.83%
2005-09659.34529.191188.53203.9399.11%
2005-10767.84598.971366.81178.2875.47%
2005-11865.56666.911532.47165.6656.68%
2005-121020.6783.911804.51272.0496.02%0.7791394711
2006-1278.3554.59132.94132.9465.29%
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00
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Page &P
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1 2006
Chart1
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262
411
350
343
316
340
350
420
480
560
773
0
199220842%
199333058.20%
1994255-22.80%
1995242-5.10%
1996212-12.40%
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200034919.11%
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(%)
2005
00
00
00
00
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00
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&A
Page &P
()
2005/
10581917.70%413094%4%
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7607317%1640769%22%
1711-6.50%
10760
137075-2.44%
2006
1322936%
5771130%
1225734%
03(1-2)32.80%32.60%
03(1-3)31.60%33.90%
03(1-4)30.50%35%
03(1-5)31.70%34.90%
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0
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0
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2003-2004()
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2003-2006
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Chart1
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...().................%...().................
193644Jan-031385.84779706281385.8477970628071032.47480403147507.6335877863826.15047479916368.536853685478.0628839899160.419790104975.93360995851.072098633148026.9511510387878.9115646258649.564375605841.4872798434695.70011025361881.1133200795655.9284116331305.0119331742353.6957849725168.90315052511409.0274546301471.0698689956131.09475620981463.06592533763823.50613375542015.5917788802899.4276369583583.7378640777898.93318360472486.0994102785894.6415640841983.7758112094819.56797966961164.41658630661120.36273701573712.62361838281009.24898261195404.1450777202703.8327526132652.7196652725.266622778118141.879278158115969.4189602446527.22920406941644.86692015212226.99069286450142412.05673758928687.8260869565697.826086956520388.88888888892817.3584905661507.90433725172042.161520195276.46454265161976.07904316171141.4665801428280.70175438669986.07242339831209.09090909091961.456102783711799.56896551723285.59533721910980.71566782190.7156678219036.68199107853.87702876810.4266336553.28878604740.04031257560.0828426340.03921299390.000553644124.8016727350.45388009160.33544255210.43455375840.35926757880.97142866290.33872901390.1575116880.18265259190.08722353930.7276380650.24326592560.06769884750.75554415591.97450276471.04087489360.46447482850.30144898060.46421948711.28385047323.0440610421.02444476010.42323437840.60131818510.57856826811.91724175210.52118784092.79076298660.36346736930.33707198020.00271974499.36867616778.24679254730.27226725540.84942829121.1500437364073.54323229114.81472500410.360365457710.52905790471.45491649140.77869923021.05459581512.72482728241.02047006010.58946653660.144957630736.14161679340.62438852181.01291860466.09343380921.69671941150.567019892200000000
193644Feb-031385.84779706281385.8477970628071032.47480403147507.6335877863826.15047479916368.536853685478.0628839899160.419790104975.93360995851.072098633148026.9511510387878.9115646258649.564375605841.4872798434695.70011025361881.1133200795655.9284116331305.0119331742353.6957849725168.90315052511409.0274546301471.0698689956131.09475620981463.06592533763823.50613375542015.5917788802899.4276369583583.7378640777898.93318360472486.0994102785894.6415640841983.7758112094819.56797966961164.41658630661120.36273701573712.62361838281009.24898261195404.1450777202703.8327526132652.7196652725.266622778118141.879278158115969.4189602446527.22920406941644.86692015212226.99069286450142412.05673758928687.8260869565697.826086956520388.88888888892817.3584905661507.90433725172042.161520195276.46454265161976.07904316171141.4665801428280.70175438669986.07242339831209.09090909091961.456102783711799.56896551723285.59533721910980.71566782190.7156678219036.68199107853.87702876810.4266336553.28878604740.04031257560.0828426340.03921299390.000553644124.8016727350.45388009160.33544255210.43455375840.35926757880.97142866290.33872901390.1575116880.18265259190.08722353930.7276380650.24326592560.06769884750.75554415591.97450276471.04087489360.46447482850.30144898060.46421948711.28385047323.0440610421.02444476010.42323437840.60131818510.57856826811.91724175210.52118784092.79076298660.36346736930.33707198020.00271974499.36867616778.24679254730.27226725540.84942829121.1500437364073.54323229114.81472500410.360365457710.52905790471.45491649140.77869923021.05459581512.72482728241.02047006010.58946653660.144957630736.14161679340.62438852181.01291860466.09343380921.69671941150.567019892200000000
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4264342Dec-0353476.309226932753476.309226932701662277.65726681155204.92396813943656.094527363294599.66072943175007.15630885127085.45454545464670.716112532176.96629213481074406.4563462939894.015861571729295.527156549521101.6528925628605.788423153761435.132957292519951.94508009159367.871485943811551.61290322587373.426573426631367.636092468312474.07963936894326.137239784132199.6981891348110140.73550212250139.100932994112097.848716169314143.873517786625785.437645236377717.2701949861140289.99211977945495.948136142628030.341340075936354.480052321834031.180400890971687.150837988831547.50304506776934.438583270510269.662921348320108.6538461538607.861936721380521.951219512330513.40206185615167.130919220134753.205128205152797.008547008502877274.67105263566940.93178036670612.8755364807360869.17416189743807.308970099736411.643835616421982.1573398216164586.66666666779112.383679312832129.45454545458613.08950914341121669.2486444630975.81317764828160.2023608769421966.78321678372203.6503362152255861.25403425021.2540342502038.98087107623.6395984181.02374749792.21838822330.11741920110.16615586990.10952958540.004149908525.1951287290.93552571210.6869882190.49483959990.20180812011.44067086920.46787863360.21967917880.27088851930.17290889360.73557974690.29252061960.10144911550.75509183342.58283072751.17577579220.28369790030.33167774810.60467564861.82249149333.28983913861.06689257420.65731926140.85252261780.79804059811.68108352560.73979767681.80413387540.24082643750.47155349750.01425453068.92334506057.75063074350.35567341740.81497227771.2381044613067.472887283713.29492174361.65589147258.46248199981.02729351840.85386312440.51548767293.85960288051.85520729060.75344460050.201979332526.30345428780.72639139120.66036453839.89523784011.69319558180.599998780600000000
CN: FAI: ytd: Primary IndustryCN: FAI: ytd: Primary Industry: Farming, Forestry, Animal HusbandryCN: FAI: ytd: Secondary Industry (SI)CN: FAI: ytd: SI: MiningCN: FAI: ytd: SI: Mining: Coal MiningCN: FAI: ytd: SI: Mining: Petroleum and Natural GasCN: FAI: ytd: SI: Mining: Ferrous Metal MiningCN: FAI: ytd: SI: Mining: Non Ferrous Metal MiningCN: FAI: ytd: SI: Mining: Non Metal MiningCN: FAI: ytd: SI: Mining: Other MiningCN: FAI: ytd: SI: ManufacturingCN: FAI: ytd: SI: Mfg: Agricultural & Sideline Food ProcessingCN: FAI: ytd: SI: Mfg: Food ManufacturingCN: FAI: ytd: SI: Mfg: Beverage ManufacturingCN: FAI: ytd: SI: Mfg: Tobacco ProcessingCN: FAI: ytd: SI: Mfg: Textile IndustryCN: FAI: ytd: SI: Mfg: Garment, Footwear & Headgear ManufacturingCN: FAI: ytd: SI: Mfg: Leather, Fur, Down & Related ProductsCN: FAI: ytd: SI: Mfg: Timber Processing, Bamboo, Cane. Palm FibreCN: FAI: ytd: SI: Mfg: Furniture ManufacturingCN: FAI: ytd: SI: Mfg: Paper Making & Paper ProductsCN: FAI: ytd: SI: Mfg: Printing & Record Medium ReproductionCN: FAI: ytd: SI: Mfg: Cultural, Educational & Sports ArticlesCN: FAI: ytd: SI: Mfg: Petroleum, Coking & Nuclear Fuels ProcessingCN: FAI: ytd: SI: Mfg: Chemical Material and ProductCN: FAI: ytd: SI: Mfg: Medical & Pharmaceutical ProductsCN: FAI: ytd: SI: Mfg: Chemical Fiber IndustryCN: FAI: ytd: SI: Mfg: Rubber ProductsCN: FAI: ytd: SI: Mfg: Plastic ProductsCN: FAI: ytd: SI: Mfg: Non Metal Mineral ProductCN: FAI: ytd: SI: Mfg: Smelting & Pressing of Ferrous MetalsCN: FAI: ytd: SI: Mfg: Smelting & Pressing of Non Ferrous MetalsCN: FAI: ytd: SI: Mfg: Metal ProductsCN: FAI: ytd: SI: Mfg: Universal Equipment ManufacturingCN: FAI: ytd: SI: Mfg: Special Purpose EquipmentCN: FAI: ytd: SI: Mfg: Transportation EquipmentCN: FAI: ytd: SI: Mfg: Electric Machinery and InstrumentCN: FAI: ytd: SI: Mfg: Communication, Computer & Other Electronic EqCN: FAI: ytd: SI: Mfg: Instructment, Meters, Cultural & Office MachinCN: FAI: ytd: SI: Mfg: Handicraft & Other ManufacturingCN: FAI: ytd: SI: Mfg: Waste Resources & Materials Recovery & ProcessCN: FAI: ytd: SI: Electricity, Gas & Water Production and SupplyCN: FAI: ytd: SI: EG: Electricity & HeatingCN: FAI: ytd: SI: EG: GasCN: FAI: ytd: SI: EG: WaterCN: FAI: ytd: SI: ConstructionCN: FAI: ytd: Teritary IndustryCN: FAI: ytd: Teritary Ind: Transport, Storage & Postal Service (TS)CN: FAI: ytd: Teritary Ind: TS: Railway TransportCN: FAI: ytd: Teritary Ind: TS: Highway TransportCN: FAI: ytd: Teritary Ind: TS: Urban Public TransitCN: FAI: ytd: Teritary Ind: TS: Waterway TransportCN: FAI: ytd: Teritary Ind: TS: Air TransportCN: FAI: ytd: Teritary Ind: Info Transmission, Computer & SoftwareCN: FAI: ytd: Teritary Ind: Wholesale and Retail TradeCN: FAI: ytd: Teritary Ind: Accommodation and Catering TradeCN: FAI: ytd: Teritary Ind: Banking and InsuranceCN: FAI: ytd: Teritary Ind: Real EstateCN: FAI: ytd: Teritary Ind: Leasing and Commercial ServiceCN: FAI: ytd: Teritary Ind: Scientific Research, Polytechnic ServiceCN: FAI: ytd: Teritary Ind: Water Conservancy, Environment Manage (WE)CN: FAI: ytd: Teritary Ind: WE: Water ConservancyCN: FAI: ytd: Teritary Ind: WE: Environment ManagementCN: FAI: ytd: Teritary Ind: WE: Utility ManagementCN: FAI: ytd: Teritary Ind: Resident and Other ServicesCN: FAI: ytd: Teritary Ind: EducationCN: FAI: ytd: Teritary Ind: Health Care, Social Security & Welfare (HW)CN: FAI: ytd: Teritary Ind: HW: Health CareCN: FAI: ytd: Teritary Ind: Culture, Sport & EntertainmentCN: FAI: ytd: Teritary Ind: Public Administration & Social OrganizationCN: FAI: ytd: Teritary Ind: International Organization
COBDJXCOBDMWCOBDJYCOBDMXCOBDMYCOBDMZCOBDNACOBDNBCOBDNCCOBDNDCOBDJZCOBDNECOBDNFCOBDNGCOBDNHCOBDNICOBDNJCOBDNKCOBDNLCOBDNMCOBDNNCOBDNOCOBDNPCOBDNQCOBDKBCOBDNRCOBDNSCOBDNTCOBDNUCOBDKCCOBDKACOBDNVCOBDNWCOBDNXCOBDNYCOBDNZCOBDKECOBDOACOBDOBCOBDOCCOBDODCOBDKFCOBDOECOBDOFCOBDOGCOBDKGCOBDKHCOBDOHCOBDOICOBDOJCOBDOKCOBDOLCOBDOMCOBDONCOBDKICOBDOOCOBDOPCOBDKJCOBDOQCOBDORCOBDKKCOBDOSCOBDOTCOBDOUCOBDOVCOBDKLCOBDOWCOBDOXCOBDOYCOBDOZCOBDPA0000000000000000000000000000000000000000000000000000000000000000
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328703Jan-041038103812686478681131578943232118312855361938134212906314731146663957957930288632851842966228441100962160159021628126901935241527186382272873018089365629154261108812163430720080132991642201853733372034395134380017594321005001995183221900394610982189032311300183917593418858500.00365071226.0222754280.58958999460.40827129660.39245154440.19196660821.43929322210.4459953210.19440041620.1761468560.1761468560.92119633830.26254704090.0867044110.56038429832.9394316450.86521875370.33464860380.29266541530.48706583151.79554187214.95310356160.81836794920.58867731660.73470579820.82688627731.94157035380.82992853732.22115405090.24581461080.28475553920.01703665628.86940490357.94334094910.2680231090.65804084541.3103013967061.088885711410.03672007860.19531309426.14080187891.13567567071.13172073271.04623322571.56189630151.1560588130.535133540.131425633530.5747133430.60693087680.55734203836.66254947481.20047580950.3340401517006.65950721470.09826499913.43775383860.55947162030.535133541.03984447972.6117802393
328703Feb-041038103812686478681131578943232118312855361938134212906314731146663957957930288632851842966228441100962160159021628126901935241527186382272873018089365629154261108812163430720080132991642201853733372034395134380017594321005001995183221900394610982189032311300183917593418858500.00365071226.0222754280.58958999460.40827129660.39245154440.19196660821.43929322210.4459953210.19440041620.1761468560.1761468560.92119633830.26254704090.0867044110.56038429832.9394316450.8652187537
