美盈森（002303）投资价值分析报告—一体化催生高毛利，专业与规模化并行

䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 3᳜ 2᮹ ݀ৌⷨおg䕏Ꮉࠊ䗴 㕢ⲜỂ˄002303˅ᡩ䌘Ӌؐߚᵤ᡹ਞ ϔϔԧ࣪ڀ⫳催↯߽� ϧϮϢ㾘῵࣪ᑊ㸠� фܹ˄佪⃵˅� ᔧࠡӋ˖30.60 ܗ ⳂᷛӋ˖43.00 ܗ ᡩ䌘㽕⚍ Ёֵ䆕ࠌⷨお䚼 � � ⪺ἲࣙ㺙Ϯ䲚Ёᑺ䗤⏤ᦤछˈ䎼ऎඳ㾘῵࣪㒣㧹ᑨ䖤㗠⫳˗ϟ␌䳔∖ℷ⬅Ӵ 㒳ࣙ㺙৥ϔԧ࣪ࣙ㺙䕀বDŽ㕢⃻᮹ㄝ៤❳Ꮦഎ⍜䌍કࠊ䗴Ϯ䲚Ёᑺ੠ક⠠࣪ ⿟ᑺ䕗催ˈ֗Փ⪺ἲࣙ㺙Ϯࠡ 5 ໻ӕϮᏖഎӑ乱催䖒 50-70%˗Ё೑⪺ἲࣙ 㺙Ϯࠡ 10 ໻ӕϮᏖഎӑ乱ϡࠄ 10%ˈ᳾ᴹ䲚Ёᑺᇚ䱣ϟ␌⍜䌍કࠊ䗴Ϯⱘ 䲚Ё࣪੠ક⠠࣪㗠ϡᮁᦤ催ˈ䎼ऎඳ㾘῵࣪ӕϮᇚዯ䍋˗ৠᯊˈЁ೑⍜䌍ક ࠊ䗴ϮᏆߎ⦄њҢӴ㒳ࣙ㺙䳔∖৥ϧϮⱘࣙ㺙ϔԧ࣪䳔∖䕀বⱘ䗍䈵DŽ � ݀ৌᰃゟ䎇Ѣ⦴ϝ㾦ⱘϧϮࣙ㺙ϔԧ࣪᳡ࡵ啭༈ӕϮ ᳾ˈᴹᇚ೼ϧϮ࣪Ϣ㾘 ῵࣪Ϟঠㅵ唤ϟDŽ݀ৌϧ⊼Ѣ⬉ᄤ䗮䆃㸠Ϯⱘࣙ㺙ϔԧ࣪᳡ࡵˈѻક⊼䞡߯ ᮄᗻϢ⦃ֱᗻˈ↯߽⥛䕗㸠Ϯᑇഛ∈ᑇ催ߎ䘒 15 Ͼⱒߚ⚍DŽЁ䭓ᳳᴹⳟˈ ⪺ἲࣙ㺙㸠Ϯ䲚Ёᑺ䗤ℹᦤछˈϟ␌㸠Ϯᇍࣙ㺙ϔԧ࣪䳔∖⏤๲ˈ݀ৌϔᮍ 䴶ᇚ㒻㓁೼ѻકⷨথǃЁ催ッࣙ㺙ϔԧ࣪᳡ࡵֱᣕゲѝӬ࢓ˈ঺ϔᮍ䴶гᇚ 䍄Ϟ㾘῵࣪䘧䏃ˈḍ᥂ᅶ᠋ⱘᏖഎߚᏗ䗖ᔧ䖯㸠䎼ऎඳ䆒ॖDŽ � 2011 ᑈѻ㛑䞞ᬒᇚ᥼ࡼ݀ৌϮ㒽໻ᐙ๲䭓DŽ݀ৌ IPO 㓧㾷њ䌘䞥⫊乜ˈ乘 䅵ϰ㥲ⱘ 1.6ғᑇᮍ㉇ǃ㢣Ꮂ 1.3ғᑇᮍ㉇੠䞡ᑚ 1.5ғᑇᮍ㉇ⱘᮄѻ㛑ᇚ㞾 2010 ᑈಯᄷᑺ䍋䗤⃵ᓎ៤ᡩѻҢ㗠᥼ࡼ᳾ᴹϸᑈᬊܹ࠻๲DŽ2010 ᑈ݀ৌ䅵 ߦ䗮䖛໪ࣙᴹ⍜࣪ᯎⲯⱘ䅶ऩˈ៥Ӏ乘䅵ᬊܹ੠ޔ߽ᇚߚ߿๲䭓 31.12%੠ 20.50%ˈ㗠 2011 ᑈᬊܹᇚ䱣ᮄѻ㛑Ϟ偀偸๲ 162.01%ˈᢝࡼޔ߽⍺໻ᐙ๲ 䭓 89.40%DŽ � 亢䰽಴㋴˖ᮄѻ㛑䞞ᬒǃѻક㒧ᵘ䇗ᭈᇍ݀ৌ催Ⲝ߽∈ᑇⱘކߏ˗⦴ϝ㾦ҹ ໪ᮄऎඳᏖഎᅶ᠋ⱘᓔᢧᚙމᰃ৺ヺড়乘ᳳDŽ � Ⲝ߽乘⌟ǃԄؐঞᡩ䌘䆘㑻˖㕢ⲜỂ˄09/10/11 ᑈ EPS 0.75/0.91/1.72 ܗˈ 09/10/11ᑈ PE 41/34/18ס ᔧˈࠡӋ 30.60ܗ ⳂˈᷛӋ 43.00ܗĀˈфܹā䆘㑻DŽ˅ Ё೑⪺ἲࣙ㺙Ϯ䲚Ёᑺᇚϡᮁᦤ催ˈৠᯊϧϮⱘࣙ㺙ϔԧ࣪䳔∖᮹Ⲟ๲䭓ˈ ݀ৌ԰Ў೑ݙ乚ܜⱘࣙ㺙ϔԧ࣪᳡ࡵଚᇚ㜅乪㗠ߎDŽIPO㓧㾷݀ৌⱘ䌘䞥⫊ 乜ˈᯢᑈѻ㛑ᇚܙߚ䞞ᬒDŽ乘䅵 09-11 ᑈޔ߽⍺ CAGR ᇚ䖒ࠄ 44.37%DŽ㒭 ќ݀ৌĀфܹāⱘᡩ䌘䆘㑻ˈⳂᷛӋЎ 43.00ܗDŽ 乍Ⳃ/ᑈᑺ 2007 2008 2009E 2010E 2011E 㧹Ϯᬊܹ˄ⱒϛܗ˅ 454.5 633.6 701.7 920.1 2,410.7 ๲䭓⥛YoY % 78.90 39.40 10.74 31.12 162.01 ޔ߽⍺˄ⱒϛܗ˅ 70.9 102.0 134.5 162.0 306.9 ๲䭓⥛YoY% 111.87 43.79 31.85 20.50 89.40 ↣㙵ᬊⲞ˄ܗ) 0.40 0.57 0.75 0.91 1.72 ↯߽⥛% 26.47 29.11 31.80 30.53 25.84 ޔ䌘ѻᬊⲞ⥛% 40.47 42.45 9.15 9.93 15.83 ↣㙵㒣㧹ᗻ⦄䞥⌕˄ܗ˅ 0.40 0.76 1.01 0.79 2.12 P/E 77 54 41 34 18 P/B 31.2 22.8 3.7 3.4 2.8 䌘᭭ᴹ⑤˖Ё᭄ֵ䞣࣪ᡩ䌘ߚᵤ㋏㒳 ⊼˖㙵ӋЎ 2010ᑈ 03᳜ 01᮹ᬊⲬӋ 䆌偣� 䕏Ꮉࠊ䗴㸠Ϯ佪ᐁߚᵤᏜDŽljᮄ䋶ᆠNJ07ǃ 08ǃ09ᑈ᳔ՇߚᵤᏜDŽҢϮ 4ᑈDŽ 䚂ӊ˖junxu@citics.com ⬉䆱˖021-68762238 ᴅՇ� 䕏Ꮉࠊ䗴㸠ϮߚᵤᏜ 䚂ӊ˖zhjia@citics.com ⬉䆱˖021-68761847 Ⳍᇍᣛ᭄㸼⦄� -20 0 20 40 60 091020 091123 091225 100129 Ёᷛ��� 䗴㒌ॄࠋ 㕢ⲜỂ 䌘᭭ᴹ⑤˖Ё᭄ֵ䞣࣪ᡩ䌘ߚᵤ㋏㒳 Џ㽕᭄᥂� Ёᷛ 300ᣛ᭄ 2789.49 ⚍ ᘏ㙵ᴀ/⌕䗮㙵ᴀ 178.80 / 36.00ⱒϛ㙵 䖥 12᳔᳜催/᳔Ԣ 35.28 ܗ/ 25.36ܗ 䖥 1᳜㒱ᇍ⍼ᐙ 5.52 % 䖥 6᳜㒱ᇍ⍼ᐙ -- % Ҟᑈҹᴹ㒱ᇍ⍼ᐙ -2.86 % 12Ͼ᳜᮹ഛ៤Ѹ乱 75.59 ⱒϛܗ � Ⳍ݇ⷨお� 1.lj䗴㒌ॄࠋ㸠Ϯ 2010ᑈᡩ䌘ㄪ⬹üৼ㒌 ↯߽䍟〇ˈӬ࢓㒌⾡ᠽᆍNJ2009-12-07 2.lj㕢ⲜỂᮄ㙵䆶Ӌ᡹ਞüゟ䎇ϧϮ⡍⾡ࣙ 㺙ˈձᠬऎඳѻϮछ㑻NJ ... 2009-10-15 3. ljড়݈ࣙ㺙˄002228˅ᡩ䌘Ӌؐߚᵤ᡹ ਞü㸠Ϯ䲚Ё࣪ᓩ乚݀ৌ催៤䭓NJ ............................................... 2009-02-09 㕢ⲜỂ˄002303˅ᡩ䌘Ӌؐߚᵤ᡹ਞ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ ⳂⳂ ᔩ Ԅؐঞᡩ䌘䆘㑻 .......................................................................................................................................................... 1 ⪺ἲࣙ㺙㸠Ϯߚᵤ ...................................................................................................................................................... 2 ⪺ἲࣙ㺙㸠Ϯὖ䗄 .............................................................................................................................................. 2 㸠Ϯ䲚Ёᑺ䗤⏤ᦤछˈ䎼ऎඳ㾘῵࣪㒣㧹ᑨ䖤㗠⫳ ...................................................................................... 5 ϟ␌䳔∖ℷ⬅Ӵ㒳ࣙ㺙৥ϔԧ࣪ࣙ㺙䕀ব ...................................................................................................... 7 ݀ৌᰃϧϮࣙ㺙ϔԧ࣪᳡ࡵ啭༈ ............................................................................................................................ 10 ݀ৌὖ䗄˖ゟ䎇⦴ϝ㾦ⱘϧϮࣙ㺙㸠Ϯ乚ܜ㗙 ............................................................................................ 10 㟈࡯Ѣࣙ㺙ϔԧ࣪᳡ࡵᰃ݀ৌḌᖗゲѝ࡯ .................................................................................................... 10 ݀ৌ䋶ࡵ᭄᥂ߚᵤ ............................................................................................................................................ 14 ݀ৌЁ䭓ᳳথሩ䍟࢓˖ϧϮ࣪Ϣ㾘῵࣪ঠㅵ唤ϟ ........................................................................................ 17 ݀ৌ 09-11ᑈ៤䭓ᗻϢⲜ߽乘⌟ ............................................................................................................................. 18 IPO㓧㾷䌘䞥⫊乜 ᯢᑈѻ㛑ܙߚ䞞ᬒ........................................................................................................... 18 乘⌟䋶ࡵ᡹㸼 .................................................................................................................................................... 21 ᦦ೒Ⳃᔩ ೒ 1˖⪺ἲࣙ㺙ѻϮ䫒 ............................................................................................................................................... 2 ೒ 2˖2000ᑈЁ೑⪺ἲ㒌ㆅऴϪ⬠Ꮦഎⱘӑ乱....................................................................................................... 3 ೒ 3˖2007ᑈЁ೑⪺ἲ㒌ㆅऴϪ⬠Ꮦഎⱘӑ乱....................................................................................................... 3 ೒ 4˖ㆅᵓ㒌կ∖݇㋏ϔ㾜˄2000-2011E˅ ............................................................................................................ 4 ೒ 5˖⪺ἲ㒌կ∖݇㋏ϔ㾜˄2000-2011E˅ ............................................................................................................ 4 ೒ 6˖৘೑⪺ἲ㒌ㆅѻ䞣˄2000-2007˅ .................................................................................................................. 4 ೒ 7˖⪺ἲ㒌ㆅѻ䞣ϢᎹϮѻؐ/ߎষ ...................................................................................................................... 4 ೒ 8˖㒣⌢থሩϢ⪺ἲࣙ㺙Ϯⱘ݇㋏........................................................................................................................ 5 ೒ 9˖࣫㕢⪺ἲ㒌ㆅࣙ㺙㸠Ϯ䲚Ёᑺ˄2004˅........................................................................................................ 5 ೒ 10˖࣫㕢⪺ἲ㒌ㆅࣙ㺙㸠Ϯ䲚Ёᑺ˄2007˅...................................................................................................... 5 ೒ 11˖ᎹϮӕϮᑇഛᎹϮᘏѻؐ∈ᑇড᯴䲚Ёᑺᦤ催 .......................................................................................... 7 ೒ 12˖ϟ␌ࠊ䗴ϮӕϮⱘ㾘῵䗤ᑈᠽ໻.................................................................................................................. 7 ೒ 13˖Ӵ㒳ࣙ㺙կᑨଚ㒣㧹῵ᓣ.............................................................................................................................. 8 ೒ 14˖ࣙ㺙ϔԧ࣪կᑨଚ㒣㧹῵ᓣ.......................................................................................................................... 8 ೒ 15˖݀ৌࣙ㺙ϔԧ࣪㒣㧹Ӌؐ䫒㒧ᵘ................................................................................................................ 10 ೒ 16˖݀ৌϢᅶ᠋ড়԰Ӌؐ⼎ᛣ೒........................................................................................................................ 11 ೒ 17˖㕢ⲜỂⱘ↯߽⥛∈ᑇ ................................................................................................................................... 12 ೒ 18˖㕢ⲜỂϢゲѝᇍ᠟ⱘ↯߽⥛ᇍ↨................................................................................................................ 12 ೒ 19˖㕢ⲜỂϟ␌㸠Ϯ㒧ᵘ(2007)......................................................................................................................... 12 ೒ 20˖ড়݈ࣙ㺙ϟ␌㒧ᵘ(2007)............................................................................................................................. 12 ೒ 21˖݀ৌ㧹Ϯᬊܹ ............................................................................................................................................... 14 㕢ⲜỂ˄002303˅ᡩ䌘Ӌؐߚᵤ᡹ਞ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ ೒ 22˖݀ৌ㧹Ϯᬊܹ㒧ᵘ(2008)............................................................................................................................. 14 ೒ 23˖䕏ൟࣙ㺙ѻક⫳ѻ៤ᴀ㒧ᵘ(2008) ............................................................................................................. 14 ೒ 24˖䞡ൟࣙ㺙ѻક⫳ѻ៤ᴀ㒧ᵘ(2008) ............................................................................................................. 14 ೒ 25˖݀ৌ㒣㧹䌍⫼⥛ ........................................................................................................................................... 15 ೒ 26˖݀ৌޔ߽⍺ ................................................................................................................................................... 15 ೒ 27˖ϞᏖ݀ৌ↯߽⥛ ........................................................................................................................................... 15 ೒ 28˖ϞᏖ݀ৌޔ߽⍺⥛ ....................................................................................................................................... 15 ೒ 29˖ϞᏖ݀ৌ䫔ଂᬊܹ๲䭓⥛............................................................................................................................ 16 ೒ 30˖ϞᏖ݀ৌޔ߽⍺๲䭓⥛................................................................................................................................ 16 ೒ 31˖ϞᏖ݀ৌᄬ䋻਼䕀⥛ ................................................................................................................................... 16 ೒ 32˖ϞᏖ݀ৌᑨᬊ䋺ℒ਼䕀⥛............................................................................................................................ 16 ೒ 33˖ϞᏖ݀ৌ䌘ѻ䋳؎⥛ ................................................................................................................................... 17 ೒ 34˖ϞᏖ݀ৌ⌕ࡼ↨⥛ ....................................................................................................................................... 17 ೒ 35˖݀ৌ㧹Ϯᬊܹ乘⌟˄ऩԡ˖ϛܗ˅............................................................................................................ 19 ೒ 36˖݀ৌ㧹Ϯᬊܹ㒧ᵘ乘⌟................................................................................................................................ 19 㸼㸼ḐⳂᔩ 㸼 1˖ৠϮϞᏖ݀ৌԄؐ㸼˄᱃݈ࣙ㺙Ϯࡵऴ↨䕗ᇣ ৃ↨ᗻᔅ˅ ...................................................................... 1 㸼 2˖⪺ἲࣙ㺙ѻϮⱘӕϮ㉏ൟ................................................................................................................................ 2 㸼 3˖⪺ἲ㒌ㆅⱘ┰೼᳓ҷક ................................................................................................................................... 3 㸼 4˖ㆅᵓ/⪺ἲ㒌ϟ␌㸠Ϯ⍜䌍๲䗳 ...................................................................................................................... 4 㸼 5˖࣫㕢Џ㽕⪺ἲ㒌ㆅࣙ㺙⫳ѻଚⱘᎹॖߚᏗ.................................................................................................... 6 㸼 6˖Ё೑⪺ἲ㒌ㆅࣙ㺙㸠Ϯ䲚Ёᑺ˄2006-2008˅ .............................................................................................. 6 㸼 7˖ϟ␌䲚Ёᑺᦤछˈક⠠࣪⿟ᑺ䕗催................................................................................................................ 7 㸼 8˖ᦤկࣙ㺙ϔԧ࣪᳡ࡵⱘ೑䰙ⶹৡࣙ㺙݀ৌ.................................................................................................... 8 㸼 9˖㗤Ꮪѻક੠ᅶ᠋ᚙމ ....................................................................................................................................... 9 㸼 10˖㕢ⲜỂϢৠϮⱘᏖഎऴ᳝⥛........................................................................................................................ 10 㸼 11˖ࣙ㺙ϔԧ࣪㒣㧹῵ᓣⱘゲѝӬ࢓................................................................................................................ 11 㸼 12˖㕢ⲜỂᅶ᠋ߚᏗᚙމ ................................................................................................................................... 13 㸼 13˖ড়݈ࣙ㺙ᅶ᠋ߚᏗᚙމ................................................................................................................................ 13 㸼 14˖݀ৌᮄѻ㛑乍Ⳃ ........................................................................................................................................... 17 㸼 15˖݀ৌᮄᅶ᠋߫㸼 ........................................................................................................................................... 17 㸼 16˖݀ৌ᳾ᴹϝᑈѻ㛑乘⌟㸼............................................................................................................................ 18 㸼 17˖䫔ଂᬊܹ乘⌟؛䆒 ....................................................................................................................................... 19 㸼 18˖ߚѻકऩԡ㧹Ϯ៤ᴀ乘⌟............................................................................................................................ 19 㸼 19˖㧹Ϯᬊܹঞ៤ᴀ乘⌟ᯢ㒚ϔ㾜.................................................................................................................... 20 㸼 20˖䋶ࡵ᡹㸼ঞЏ㽕䋶ࡵᣛᷛ˄2007-2011E˅ ................................................................................................ 21 㕢ⲜỂ˄002303˅ᡩ䌘Ӌؐߚᵤ᡹ਞ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 3᳜ 2᮹ 1 ԄԄؐঞᡩ䌘䆘㑻 ⳌᇍԄؐঞᡩ䌘䆘㑻 ݀ৌᰃ㒻ড়݈ࣙ㺙Пৢ A㙵Ꮦഎ㄀ѠᆊϞᏖ㓐ড়ൟ⪺ἲࣙ㺙ӕϮ˄ҹࣙ㺙ϔԧ࣪᳡ࡵЎᇐ৥ DŽ˅ড়݈ࣙ 㺙ᰃҹᷛޚ࣪ⱘᎹॖǃৃ໡ࠊⱘ⫳ѻ῵ᓣ䖯㸠䎼ഄऎᠽᓴˈⳂࠡ㾘῵࣪㒣㧹Ꮖ߱⦄៤ᬜ˗݀ৌ߭ϧ⊼ѢЁ催 ッϧϮࣙ㺙ϔԧ࣪ⱘ㒚ߚᏖഎˈᑊᓔྟޚ໛䖯ϔℹᠽ໻Ꮦഎӑ乱DŽ೼Ё೑⪺ἲࣙ㺙Ϯ䲚Ёᑺϡᮁᦤ催ˈৠᯊ ϧϮⱘࣙ㺙ϔԧ࣪䳔∖᮹Ⲟ๲䭓ⱘᚙމϟˈϸ㗙ߚ߿೼㾘῵࣪੠ϧϮ࣪Ϟ乚ܜৠϮˈゲѝӬ࢓ᰒ㨫DŽ៥Ӏ䅸 Ўϸᆊ݀ৌᑨ໘ѢⳌᔧⱘԄؐ∈ᑇDŽ㓐ড়㗗㰥݀ৌ䕗催ⱘ៤䭓ᗻ˄09-11 ᑈ CAGR=44.37%˅ҹঞᔧࠡ A 㙵 ᏖഎЁᇣⲬ㙵ⱘԄؐ∈ᑇˈ៥Ӏ㒭ќ݀ৌĀфܹāⱘᡩ䌘䆘㑻ˈᣝ 2011ᑈϮ㒽 25סࡼᗕᏖⲜ⥛䖯㸠Ԅؐˈ ⳂᷛӋЎ 43.00ܗDŽ 㸼 1˖ৠϮϞᏖ݀ৌԄؐ㸼˄᱃݈ࣙ㺙Ϯࡵऴ↨䕗ᇣ ৃ↨ᗻᔅ˅ ↣㙵Ⲝ߽˄ܗ˅ ᏖⲜ⥛(ס) ݀� ৌ ҷ� ⷕ ᘏᏖؐ ˄ⱒϛܗ˅ 㙵Ӌ ˄ܗ˅ FY09E FY10E FY11E FY09E FY10E FY11E ޔ߽⥛ (%) 㙵ϰᴗⲞ᡹ 䝀⥛ (%) 㕢ⲜỂ 002303.SZ 5,471 30.60 0.75 0.91 1.72 41 34 18 19.16% 9.93% ড়݈ࣙ㺙 002228.SZ 2,896 15.24 0.35 0.48 0.65 43 31 24 8.00% 16.52% ᱃݈㒌Ϯ 002067.SZ 3,195 7.61 0.07 0.41 0.50 106 19 15 -10.13% 1.67% ᑇഛ � 63 28 19 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼 ⊼˖㙵ӋЎ 2010ᑈ 03᳜ 01᮹ᬊⲬӋ 㒱ᇍԄؐ ៥Ӏ೼ℸг㒭ߎ DCFԄؐⱘ؛䆒ᴵӊҹঞԄؐ㒧ᵰկᡩ䌘㗙খ㗗DŽ ؛ᅮ ↨⥛ 㸠Ϯᑇഛ䌘ѻ Beta 1.02 ᮴亢䰽߽⥛ 3.60% 亢䰽⑶Ӌ 9.00% � � থ㸠೼໪㙵᭄ 178,800,000 㙵⼼Ꮦؐ(E) 5,410,488,000 ᳝ᙃ䋳؎ᘏ乱(D) 20.58 ⦄䞥੠ᡩ䌘 1435.17 Kd 5.00% T 25.00% Ka 12.78% E/(D+E) 60.00% D/(D+E) 40.00% WACC 9.17% TV๲䭓⥛% 1.00% ӕϮӋؐ 5,996 ؎ࡵᘏ乱 21 㙵ᴗӋؐ 7,410 ᘏ㙵᭄ 178,800,000 ↣㙵Ӌؐ 41.45 㕢ⲜỂ˄002303˅ᡩ䌘Ӌؐߚᵤ᡹ਞ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 3᳜ 2᮹ 2 ⪺⪺ἲࣙ㺙㸠Ϯߚᵤ ⪺ἲࣙ㺙㸠Ϯὖ䗄 ⪺ἲ㒌ㆅᰃ⬅⪺ἲ㒌੠ㆅᵓ㒌㒣ࡴᎹࠊ԰៤⪺ἲ㒌ᵓˈݡ㒣῵ߛǃय़⮩ǃ䩝ㆅ៪㉬ㆅࠊ៤ⱘࣙ㺙ᆍ఼DŽ ⪺ἲ㒌ㆅⱘ⫳ѻ䖛⿟ࣙᣀ⪺ἲॳ㒌⫳ѻǃᇚ⪺ἲॳ㒌ࡴᎹ៤⪺ἲ㒌ᵓǃᇚ⪺ἲ㒌ᵓࡴᎹ៤⪺ἲ㒌ㆅϝϾ䚼ߚDŽ ᴀ㸠Ϯ݋᳝Ϟ␌じǃϟ␌ᑓⱘ⡍⚍ˈϟ␌㸠Ϯⱘߚᬷᗻᇍ⪺ἲࣙ㺙ӕϮⱘᅶ᠋⏫䗣㛑࡯㽕∖䕗催DŽ ೒ 1˖⪺ἲࣙ㺙ѻϮ䫒 䗴㒌 ㆅ㒌ᵓ ⪺ἲ㒌ᵓ ॄࠋঞࡴᎹ ⪺ἲॳ㒌 ⪺ἲ㒌ㆅ 佂᭭ 亳ક ⬉ᄤ Ϟ␌㸠Ϯ 㒌ㆅ㸠Ϯ ϟ␌㸠Ϯ 㒌ᵓࡴᎹ㉏ ˄⫳ѻᇐ৥˅ 㒌ㆅ⫳ѻ㉏ ˄ᅶ᠋᳡ࡵᇐ৥˅ …… 㓐ড়㉏=㒌ᵓࡴᎹ㉏+㒌ㆅ⫳ѻ㉏ ˄ᅶ᠋᳡ࡵᇐ৥˅ 䗴㒌 ㆅ㒌ᵓ ⪺ἲ㒌ᵓ ॄࠋঞࡴᎹ ⪺ἲॳ㒌 ⪺ἲ㒌ㆅ 佂᭭ 亳ક ⬉ᄤ Ϟ␌㸠Ϯ 㒌ㆅ㸠Ϯ ϟ␌㸠Ϯ 㒌ᵓࡴᎹ㉏ ˄⫳ѻᇐ৥˅ 㒌ㆅ⫳ѻ㉏ ˄ᅶ᠋᳡ࡵᇐ৥˅ …… 㓐ড়㉏=㒌ᵓࡴᎹ㉏+㒌ㆅ⫳ѻ㉏ ˄ᅶ᠋᳡ࡵᇐ৥˅ 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼 ⪺ἲࣙ㺙Ϯ㽚Ⲫϝ㉏ӕϮ˖㒌ᵓࡴᎹൟǃ㒌ㆅ⫳ѻൟ੠㓐ড়⫳ѻൟDŽϝ㉏ӕϮҢӕϮ⡍ᗻǃⲜ߽῵ᓣ੠ Ⲝ߽∈ᑇᴹⳟ䛑ᄬ೼ᰒ㨫ᏂᓖDŽৢϸ㗙ⱘ⡍ᗻৃҹᘏ㒧Ў˖ҹҹ䫔ᅮѻˈ᳡ࡵᇐ৥DŽҢϪ⬠৘೑⪺ἲ㒌ㆅϮⱘ থሩᴹⳟˈᏖഎऴ᳝⥛䕗催ⱘӕϮ䛑ሲѢ㓐ড়⫳ѻൟDŽ 㸼 2˖⪺ἲࣙ㺙ѻϮⱘӕϮ㉏ൟ ӕϮ㉏ൟ ҷ㸼ᗻ݀ৌ ⡍ᗻ Ⲝ߽῵ᓣ Ⲝ߽∈ᑇ 㒌ᵓࡴᎹൟ ቅ呄㒌Ϯ˄ ҙ⫳ѻᇥ䞣㒌ㆅ˅ ϡ݋໛⪺ἲ㒌ㆅ⫳ѻ䆒໛ˈгϡ⫳ѻӏԩ⪺ἲ៤ક˗ Џ㽕ᇚ⪺ἲॳ㒌ࡴᎹ៤⪺ἲ㒌ᵓˈϧ䮼䫔ଂ㒭㒌ㆅ⫳ѻॖ˗ ᅲ䋼ᰃ䗴㒌ӕϮᇚ⫳ѻᓊԌࠄњ⪺ἲ㒌ㆅࣙ㺙Ϯ˗ ϡⳈ᥹䴶ᇍ㒜ッᅶ᠋ˈᴀ䋼Ϟᰃ⫳ѻൟӕϮDŽ ӕϮ㞾Џއᅮѻ䞣ǃ⫳ѻᎹ 㡎ǃѻકᔶᗕㄝ 䌮ˈপࡴᎹ⫳ ѻ߯䗴ⱘ䰘ࡴӋؐDŽ Ⲝ߽∈ᑇ䕗Ԣˈ 㑺 10%ᎺেDŽ 㒌ㆅ⫳ѻൟ ৘ഄ԰ഞᓣᇣӕϮ ݋໛⪺ἲ㒌ㆅ⫳ѻ䆒໛ˈⳈ᥹Ң㒌ᵓࡴᎹӕϮ䌁ф⪺ἲ㒌 ᵓˈϧϮ⫳ѻ৘⾡㒌ㆅ˗ Ⳉ᥹䴶ᇍ㒜ッᅶ᠋ˈᴀ䋼Ϟᰃ᳡ࡵൟӕϮDŽ ӕϮϧϮ᳡ࡵϢᇥ᭄޴Ͼᅶ ᠋ˈḍ᥂ᅶ᠋ⱘક䋼ǃ໪㾖ǃ 䆒䅵ㄝ㽕∖⫳ѻѻક ᑊˈᦤկ 䞣䑿ᅮخⱘࣙ㺙ᮍḜDŽӕϮ䗮 䖛ᦤկࣙ㺙᳡ࡵ䌮প߽⍺DŽ Ⲝ߽ᑇഛ∈ᑇ 䕗催 㑺ˈ 15%Ꮊ ে Ԛˈ৘ӕϮᏂ 䎱䕗໻DŽ 㓐ড়⫳ѻൟ 㕢ⲜỂǃড়݈ࣙ㺙ǃ∌Є佔 㓐ড়⫳ѻൟ=㒌ᵓࡴᎹൟ+㒌ㆅ⫳ѻൟ˗ ৠᯊ݋໛Ϟ䗄ϸ㉏ӕϮⱘ⫳ѻ㛑࡯ ᮶ˈҢџᇚㆅ㒌ᵓࡴᎹ៤ ⪺ἲ㒌ᵓⱘ⫳ѻˈজ⍝䎇⪺ἲ㒌ㆅㄝ៤કⱘ⫳ѻ˗ Ⳉ᥹䴶ᇍ㒜ッᅶ᠋ˈৠᯊᦤկ⫳ѻϢ᳡ࡵⱘӕϮDŽ ӕϮ䞛⫼ ĀѻકⳈ䫔ǃҹ䫔 ᅮѻāⱘ㒣㧹῵ᓣ ḍˈ᥂ϟ␌ ᅶ᠋ⱘ䳔∖ 䆒ˈ䅵ѻકǃࠊᅮ ⫳ѻᎹ㡎ǃ㒘㒛⫳ѻ੠䫔ଂDŽ ӕϮ䗮䖛ᦤկܼࣙ䴶ⱘࣙ䕀 㾷އᮍḜ䌮প߽⍺DŽ Ⲝ߽∈ᑇ催Ѣ 15%ˈ᳡ࡵϢϟ ␌ᅶ᠋ⱘϡৠ ՓⲜ߽∈ᑇߚ ࣪ 㒣ˈ㧹ߎ㡆ⱘ ӕϮৃ䖒 20% ҹϞDŽ 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼 ⪺ἲࣙ㺙Ϯ˄㒌ᵓࡴᎹൟ䰸໪˅Ⳉ᥹䴶ᇍ㒜ッᅶ᠋ˈᦤկ䴲ᷛޚ࣪ѻકˈ݋᳝ 100̚150݀䞠ⱘ䫔ଂञ ᕘDŽ⫳ѻӕϮ೼㦋ᕫᅶ᠋䅸ᅮⱘড়Ḑկᑨଚ䌘䋼ৢˈᣝ✻ᅶ᠋ᦤߎⱘ㽕∖ࠊᅮ⫳ѻᎹ㡎ǃ㒘㒛⫳ѻ੠䫔ଂˈ े䞛⫼�ĀѻકⳈ䫔ǃҹ䫔ᅮѻāⱘ㒣㧹῵ᓣDŽ⪺ἲࣙ㺙ӕϮ᮶㽕⒵䎇ᅶ᠋ᇍѻક⡍ᗻⱘ㽕∖ˈজ㽕㛑ঞᯊ Ѹ䋻DŽৠᯊˈ⪺ἲ㒌ㆅऩӋ䕗Ԣˈᇍ䖤䕧៤ᴀ䕗ЎᬣᛳDŽ෎ѢϞ䗄ϸϾॳ಴ˈ⪺ἲࣙ㺙Ϯ݋᳝ 100̚150 ݀ 䞠ⱘ䫔ଂञᕘˈᅶ᠋෎ᴀ೼ 150݀䞠ⱘ㣗ೈݙDŽ� 㕢ⲜỂ˄002303˅ᡩ䌘Ӌؐߚᵤ᡹ਞ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 3᳜ 2᮹ 3 ⪺⪺ἲࣙ㺙Ϯ䖯ܹຕ൦ϡৠѢӴ㒳ࠊ䗴Ϯ ӕˈϮ᳡ࡵᅶ᠋ⱘϧϮ䌘䋼੠㒣偠ᰃ᳔䞡㽕಴㋴DŽ⪺ἲࣙ㺙ϮϢ ϟ␌ӕϮᓎゟ䍋ϔ⾡䭓ᳳড়԰݇㋏ˈ⿃㌃䩜ᇍ↣ϔϾ݋ԧᅶ᠋ⱘ䆒䅵ǃ⫳ѻǃ䫔ଂǃ㓈ᡸ㒣偠ˈᓎゟ䍋Ā䕃 ຕ൦āˈ 㛑᳝ᬜⱘ䰤ࠊᮄ䖯ܹ㗙ⱘゲѝ㛑࡯DŽĀѻકⳈ䫔ǃҹ䫔ᅮѻāⱘ㒣㧹῵ᓣއᅮњᮄ䖯ܹӕϮ੠ޚ໛ᠽ ᓴѻ㛑ⱘӕϮˈ䴶Јⱘ᳔Џ㽕ⱘᣥ៬೼Ѣ㦋পᅶ᠋ˈ䖭জ⍝ঞࠄӕϮ᳡ࡵᅶ᠋ⱘϧϮ㒣偠੠㛑࡯DŽ ⪺ἲࣙ㺙ѻક䴶Ј䕗ᇥⱘ᳓ҷѻકDŽҢࣙ㺙ᆍ఼ᴹⳟˈৠ㉏ѻકࣙᣀㆅǃⲦǃṊǃ㹟ǃࣙǃㄤǃᤚǃയǃ 㔤ǃ㔌ǃ⫊ ㆅǃⲦ˗Ңࣙ㺙ᴤ᭭ᴹⳟˈৠ㉏ѻકࣙᣀ᳼ࠊકǃ㒌ࠊકǃ䞥ሲࠊકǃ⦏⩗ǃ䱊⫋ࠊકǃล᭭DŽ ⳌᇍѢ݊Ҫࣙ㺙ѻકˈ⪺ἲ㒌ㆅ݋᳝䞡䞣䕏ǃ㒧ᵘᗻ㛑དˈᇍࣙ㺙⠽ક݋᳝䆌໮㡃དⱘֱᡸࡳ㛑ˈ䖤䕧䌍⫼ ԢϨᯧѢᅲ⦄ࣙ㺙Ϣ䖤䕧ⱘᴎẄ࣪੠㞾ࡼ࣪ˈᇕㆅǃᤚᠢഛᮍ֓/ᯧѢ㞾ࡼ࣪ˈ⦃๗টདᗻㄝӬ⚍ˈ಴㗠ᴹ 㞾݊Ҫѻકⱘ᳓ҷ࿕㚕䕗ᔅDŽ 㸼 3˖⪺ἲ㒌ㆅⱘ┰೼᳓ҷક ߦߚᷛޚ ߚ ㉏ 㕢ⲜỂ⍝ঞⱘ㣗ೈ ࣙ㺙ࡳ㛑 䖤䕧ࣙ㺙ǃ䫔ଂࣙ㺙 䖤䕧ࣙ㺙ǃ䫔ଂࣙ㺙 ࣙ㺙ᆍ఼ ㆅǃⲦǃṊǃ㹟ǃࣙǃㄤǃᤚǃയǃ㔤ǃ㔌ǃ⫊ ㆅǃⲦ ࣙ㺙ᴤ᭭ ᳼ࠊકǃ㒌ࠊકǃ䞥ሲࠊકǃ⦏⩗ǃ䱊⫋ࠊકǃล᭭ࠊકǃ㓧ކࣙ㺙 㒌ࠊકǃ㓧ކࣙ㺙ǃ᳼/ล᭭ࠊક ࣙ㺙䋻⠽⾡㉏ 亳કǃए㥃ǃ䕏Ꮉѻકǃ䩜ẝ㒛કǃᆊ⫼⬉఼ǃᴎ⬉ѻકǃᵰ㦰㉏ǃ⚳䜦ࣙ㺙ㄝ ѻકৃ⫼Ѣ㒱໻䚼ߚ㸠Ϯ ࣙ㺙ᅝܼᑺ 䕏ൟ䋻⠽ࣙ㺙ǃ䞡ൟ䋻⠽ࣙ㺙ǃॅ䰽䋻⠽ࣙ㺙 䕏/䞡ൟ䋻⠽ࣙ㺙 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼 ҹ㕢೑ǃ⃻⌆੠᮹ᴀЎҷ㸼ⱘ⪺ἲࣙ㺙៤❳Ꮦഎ๲䭓कߚ㓧᜶DŽ㕢೑ 2000ᑈ੠ 2007ᑈⱘ⪺ἲ㒌ㆅⱘ⫳ ѻ䞣Ў 373.23ғᑇᮍ㉇੠ 362.23ғᑇᮍ㉇ˈ໡ড়ᑈ๲䭓⥛Ў-0.43%˗᮹ᴀⱘⳌᑨ᭄᥂ᰃ 134.58ғᑇᮍ㉇ǃ 139.65ғᑇᮍ㉇੠ 0.53%˗ܼ⧗ৠᳳⱘ໡ড়๲䭓⥛Ў 4.37%ˈᖋ೑ǃᛣ໻߽ǃ⊩೑ǃ㽓⧁⠭ǃ㣅೑੠ࡴᣓ໻ ㄝᏖഎⱘ๲䭓䗳ᑺг䖰ԢѢϪ⬠ৠᳳ໡ড়๲䭓⥛DŽ Ё೑⪺ἲࣙ㺙Ꮦഎ䭓ᳳᴹⳟҡ໘೼ᖿ䗳থሩᳳˈ2011 ᑈ᳿៪ৃ䖒ࠄ 530 ғᑇᮍ㉇ⱘ㾘῵DŽЁ೑Ꮖ㒣៤ Ўҙ⃵Ѣ㕢೑ⱘ⪺ἲ㒌ㆅ⫳ѻ೑ˈ2007ᑈѻ䞣Ў 350.94ғᑇᮍ㉇ˈऴܼ⧗ⱘᏖഎӑ乱Ꮖ⬅ 2000ᑈⱘ 9%ᦤ छࠄ 20%DŽ೑䰙⪺ἲ㒌ㆅणӮ˄ ICCA থ˅Ꮧⱘlj2007̚2011ᑈܼ⧗⪺ἲ㒌ㆅᏖഎ乘⌟᡹ਞNJ乘䅵 2007̚2011 ᑈܼ⧗⪺ἲ㒌ㆅᏖഎⱘᮄ๲䳔∖䞣ᇚ䖒ࠄ 416ғᑇᮍ㉇ˈ݊Ё 56%ⱘ䳔∖ᴹ㞾Ё೑DŽᣝℸ䅵ㅫˈࠄ 2011ᑈ ᳿ˈЁ೑ⱘ㒌ㆅᏖഎᆍ䞣᳔໻ৃ䖒ࠄ㑺 530ғᑇᮍ㉇ˈᑈ໡ড়๲䭓⥛Ў 10.86%DŽ ೒ 2˖2000ᑈЁ೑⪺ἲ㒌ㆅऴϪ⬠Ꮦഎⱘӑ乱 Ё೑ 9% 㕢೑ 30% ᮹ᴀ 10%ᖋ೑ 6% ᛣ໻߽ 4% ⊩೑ 4% 㽓⧁⠭ 3% 㣅೑ 4% ࡴᣓ໻ 2% ݊Ҫ 28% 䌘᭭ᴹ⑤˖೑䰙⪺ἲ㒌ㆅणӮ˄ICCA˅ˈ Ёֵ䆕ࠌⷨお䚼 ೒ 3˖2007ᑈЁ೑⪺ἲ㒌ㆅऴϪ⬠Ꮦഎⱘӑ乱 Ё೑ 20% 㕢೑ 21% ᮹ᴀ 8% ᖋ೑ 5% ᛣ໻߽ 4% ⊩೑ 3% 㽓⧁⠭ 3% 㣅೑ 2% ࡴᣓ໻ 2% ݊Ҫ 32% 䌘᭭ᴹ⑤˖೑䰙⪺ἲ㒌ㆅणӮ˄ICCA˅ˈ Ёֵ䆕ࠌⷨお䚼 Ё೑⪺ἲࣙ㺙ϮϞ␌㒌ॖѻ㛑໘Ѣⷁᳳሔ䚼䖛࠽䰊↉ ॳˈ㒌կᑨܙ䎇DŽㆅᵓ㒌੠⪺ἲॳ㒌ᰃ⪺ἲ㒌ㆅⱘ Џ㽕ॳᴤ᭭ˈѠ㗙ऴࠄ៤ᴀⱘ 70%ҹϞDŽ䖥ᑈᴹϞ␌䗴㒌ॖѻ㛑ᠽᓴˈՓᕫㆅᵓ㒌੠⪺ἲॳ㒌ⱘѻ㛑᳝໻ᐙ ๲䭓DŽ⬅ℸѻ⫳ⱘѻ㛑䖛࠽Ў⪺ἲࣙ㺙⫳ѻॖଚ䴶Ј䕗ᇣⱘӋḐϞ㸠य़࡯DŽ಴ℸˈ⪺ἲ㒌ㆅࠊ䗴ӕϮ᠔㦋প ⱘ߽⍺⥛∈ᑇϡ㟇Ѣ䖛ԢDŽ 㕢ⲜỂ˄002303˅ᡩ䌘Ӌؐߚᵤ᡹ਞ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 3᳜ 2᮹ 4 ೒ 4˖ㆅᵓ㒌կ∖݇㋏ϔ㾜˄2000-2011E˅ -500 0 500 1000 1500 2000 2500 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 E 20 10 E 20 11 E 0% 5% 10% 15% 20% 25% 30% 35% ѻ䞣/ѻ㛑 ⍜䌍䞣 ೑ݙ㔎ষ ⫳ѻ๲䭓⥛ ⍜䌍๲䭓⥛ 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼 ೒ 5˖⪺ἲ㒌կ∖݇㋏ϔ㾜˄2000-2011E˅ -500 0 500 1000 1500 2000 2500 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 E 20 10 E 20 11 E -5% 0% 5% 10% 15% 20% 25% ѻ䞣/ѻ㛑 ⍜䌍䞣 ೑ݙ㔎ষ ⫳ѻ๲䭓⥛ ⍜䌍๲䭓⥛ 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼 Ё೑⪺ἲࣙ㺙䳔∖๲䭓ϢᎹϮᘏѻؐǃߎষ乱ⱘ๲䗳ਜ催ᑺⳌ݇ᗻ ˈݙ䳔ᦤᤃϢߎষಲᱪᇚ֗䖯⪺ἲ㒌 ㆅ䳔∖๲䭓DŽ⪺ἲ㒌ㆅ㸠Ϯⱘϟ␌ᑓ⊯㽚Ⲫ៥೑ⱘЏ㽕ࠊ䗴Ϯ䚼䮼੠ߎষѻક⫳ѻ䚼䮼ˈ಴㗠݊䳔∖ᇚ䱣Ꮉ Ϯᘏѻؐ੠ߎষ乱ⱘব࣪㗠ব࣪DŽ㒣ग़ 08 ᑈ䞥㵡ॅᴎⱘ䞡߯ˈϟ␌㸠Ϯ๲䭓ߎ⦄ϡৠ⿟ᑺⱘϟ⒥ˈᇸ݊ߎ ষⳌ݇㸠Ϯ㸼⦄⮆ᔅˈ⪺ἲ㒌ㆅࣙ㺙䳔∖ϔᑺᗹ࠻㧢㓽DŽ೼ᬓᑰᵰᮁⱘ㒣⌢ࠎ▔ϟˈ09 ᑈᅣ㾖㒣⌢ӕ〇ˈ ϔ㋏߫ࠎ▔ݙ䳔ᬓㄪ᥼ߎ˄ࣙᣀ⬉ᄤֵᙃѻϮᤃ݈ᬓㄪ੠㄀ϝҷ⿏ࡼ䗮ֵਃࡼǃᆊ⬉ϟеㄝ˅ˈ ݡࡴϞߎষ 䗤ℹಲᱪˈϟ␌㸠Ϯ䞡ᮄᘶ໡ᔎࢆⱘ๲䭓ˈ䖭ᇚ䖯ϔℹ֗䖯⪺ἲ㒌ㆅⱘࣙ㺙䳔∖DŽ� ೒ 6˖৘೑⪺ἲ㒌ㆅѻ䞣˄2000-2007˅˄ ऩԡ˖ⱒϛᑇ㉇˅ 0 50,000 100,000 150,000 200,000 2000 2001 2002 2003 2004 2005 2006 2007 Ё೑ 㕢೑ ᮹ᴀ ᖋ೑ ᛣ໻߽ ⊩೑ 㽓⧁⠭ 㣅೑ ࡴᣓ໻ ݊Ҫ 䌘᭭ᴹ⑤˖೑䰙⪺ἲ㒌ㆅणӮ˄ICCA˅ ೒ 7 ⪺˖ἲ㒌ㆅѻ䞣ϢᎹϮѻؐ/ߎষ˄ऩԡ ғ˖ܗ/ⱒϛᑇ㉇˅ 0 20000 40000 60000 80000 100000 120000 140000 2000 2001 2002 2003 2004 2005 2006 2007 ᎹϮѻؐ ߎষᘏ乱 ⪺ἲ㒌ㆅѻ䞣 䌘᭭ᴹ⑤ ೑˖ᆊ㒳䅵ሔljˈЁ೑㒳䅵ᑈ䡈NJঞ೑䰙⪺ἲ㒌ㆅणӮ˄ ICCA˅ 㸼 4˖ㆅᵓ/⪺ἲ㒌ϟ␌㸠Ϯ⍜䌍๲䗳 2007ᑈ 11᳜ 2008ᑈ 11᳜ 2009ᑈ 11᳜ 㸠Ϯ 䫔ଂᬊܹ ৠ↨๲䭓⥛ ˄%˅ ӋḐᣛ᭄ Ϟᑈৠᳳ =100 䫔ଂᬊܹ ৠ↨๲䭓⥛ ˄%˅ 䫔ଂᬊܹ ৠ↨๲䭓⥛ ˄%˅ ӋḐᣛ᭄ Ϟᑈৠᳳ =100 䫔ଂᬊܹ ৠ↨๲䭓⥛ ˄%˅ 䫔ଂᬊܹ ৠ↨๲䭓 ⥛˄%˅ ӋḐᣛ᭄ Ϟᑈৠᳳ =100 䫔ଂᬊܹ ৠ↨๲䭓⥛ ˄%˅ 亳કࠊ䗴 29.09 118.4 9.03 28.51 105.9 21.35 18.47 103.4 14.58 佂᭭ࠊ䗴Ϯ 26.48 101.9 24.12 24.12 103.8 19.58 19.93 101.3 18.39 ⚳㤝ࠊ䗴Ϯ 17.61 101.9 15.42 16.28 103.8 12.02 13.15 101.3 11.70 㒎㒛કࠊ䗴Ϯ 21.22 100.1 21.10 14.75 100.5 14.18 10.32 99.4 10.99 ᳡㺙ࠊ䗴Ϯ 23.73 98.4 25.74 16.79 98.3 18.81 14.59 98.8 15.98 ᆊ݋ࠊ䗴Ϯ 27.77 101.7 25.63 21.46 102.7 18.27 10.71 98.8 12.06 ए㥃ࠊ䗴Ϯ 24.56 103.7 20.12 25.84 102.1 23.25 21.29 101.8 19.15 ⬉ᄤ䗮䆃ࠊ䗴Ϯ 16.64 92.5 26.10 11.44 93.6 19.06 -2.35 94.3 3.56 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼 㕢ⲜỂ˄002303˅ᡩ䌘Ӌؐߚᵤ᡹ਞ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 3᳜ 2᮹ 5 㸠㸠Ϯ䲚Ёᑺ䗤⏤ᦤछˈ䎼ऎඳ㾘῵࣪㒣㧹ᑨ䖤㗠⫳ 䲚Ёᑺ⬅ϟ␌㸠Ϯⱘ䲚Ёᑺ੠ક⠠࣪އᅮ� ⪺ἲࣙ㺙Ϯҹ⍜䌍કࠊ䗴ӕϮЎЏ㽕ϟ␌ᅶ᠋ˈ݊䲚ЁᑺЏ㽕⬅ϟ␌ᅶ᠋ⱘ䲚Ёᑺ੠ક⠠࣪∈ᑇއᅮDŽ ݊ϟ␌ѻϮЎ䳔㽕⪺ἲ㒌ㆅࣙ㺙ⱘ৘㉏ѻકࠊ䗴㸠Ϯˈࣙᣀ IT⬉ᄤ䗮䆃㸠Ϯǃᆊ⬉ǃ᮹⫼࣪Ꮉǃ亳ક佂᭭ǃ ए㥃ǃ䕏ᎹঞᴎẄѻકㄝㄝDŽ䖭ѯ㸠Ϯⱘথሩϡҙއᅮⴔ⪺ἲ㒌ㆅࣙ㺙Ϯⱘ䳔∖∈ᑇˈгއᅮⴔࣙ㺙Ϯ⫳ѻ ੠䫔ଂⱘথሩᮍ৥ҹঞऎඳߚᏗDŽ಴ℸˈ⪺ἲࣙ㺙㸠Ϯⱘথሩ䍟࢓Џ㽕⬅ϟ␌㸠ϮᴹއᅮDŽϟ␌㸠Ϯⱘ䲚Ё ᑺ੠ક⠠࣪㛑໳Ӵᇐ㟇⪺ἲ㒌ㆅࣙ㺙㸠ϮDŽ ⪺ἲࣙ㺙ϮⱘѻϮሖ⃵Ϣ㒣⌢থሩ∈ᑇᆚߛⳌ݇DŽ䱣ⴔ㒣⌢থሩ∈ᑇⱘᦤ催ˈሙ⇥⍜䌍∈ᑇⱘᦤछˈϟ ␌⍜䌍કࠊ䗴㸠Ϯⱘ䲚Ёᑺ੠ક⠠࣪гⳌᑨ䖒ࠄњ䕗催ⱘ∈ᑇˈ݊ᇍѢࣙ㺙ⱘ㽕∖гҢĀᦤկ෎ᴀⱘࣙ㺙ᆍ ఼ā䗦䖯ࠄĀᅠ୘ⱘϧϮࣙ㺙㾷އᮍḜāˈ ֗Փ⪺ἲࣙ㺙Ϯ䗤ℹ䲚Ё࣪DŽ ೒ 8˖㒣⌢থሩϢ⪺ἲࣙ㺙Ϯⱘ݇㋏ ሙ⇥⍜䌍∈ᑇ ϟ␌ࣙ㺙㽕∖ 㸠Ϯ䖯ܹຕ൦ Ԣ ᦤկ෎ᴀⱘ ࣙ㺙ᆍ఼ ޴Тϡᄬ೼ 䖯ܹຕ൦ 䖙䗳๲䭓 ࣙ㺙㽕∖䗤 ⏤ᦤ催 㒌ㆅӕϮᓎ ゟ䖯ܹຕ൦ 㓧᜶๲䭓 ᅠ୘ⱘϧϮࣙ 㺙㾷އᮍḜ 啭༈ӕϮᢹ ᳝“䕃ຕ൦” 㒣⌢থሩ∈ᑇ Ԣ∈ᑇ䰊↉ 催䗳๲䭓䰊↉ 催∈ᑇ䰊↉ ሙ⇥⍜䌍∈ᑇ ϟ␌ࣙ㺙㽕∖ 㸠Ϯ䖯ܹຕ൦ Ԣ ᦤկ෎ᴀⱘ ࣙ㺙ᆍ఼ ޴Тϡᄬ೼ 䖯ܹຕ൦ 䖙䗳๲䭓 ࣙ㺙㽕∖䗤 ⏤ᦤ催 㒌ㆅӕϮᓎ ゟ䖯ܹຕ൦ 㓧᜶๲䭓 ᅠ୘ⱘϧϮࣙ 㺙㾷އᮍḜ 啭༈ӕϮᢹ ᳝“䕃ຕ൦” 㒣⌢থሩ∈ᑇ Ԣ∈ᑇ䰊↉ 催䗳๲䭓䰊↉ 催∈ᑇ䰊↉ 䌘᭭ᴹ⑤˖Ёֵ䆕ࠌⷨお䚼 ៤❳Ꮦഎ⪺ἲࣙ㺙Ϯ⡍ᗻü䲚Ёᑺᕜ催ˈࣙ㺙啭༈Ꮦഎ㾘῵ᕜ໻ ҹ㕢೑ǃ⃻⌆੠᮹ᴀЎҷ㸼ⱘ៤❳Ꮦഎ㸠Ϯ䲚Ёᑺ催ˈЏ㽕⫳ѻӕϮⱘᏖഎӑ乱ᕜ໻DŽ៤❳Ꮦഎথሩਜ ⦄䲚ಶ࣪ⱘ⡍⚍ˈ㸠Ϯѻ㛑䕗Ў䲚ЁDŽᣝࠡ 5໻⫳ѻӕϮᏖഎӑ乱䅵ㅫ䲚Ёᑺˈ࣫㕢ǃ᮹ᴀϢ㽓⃻ߚ߿㑺Ў 70%ˈ70%੠ 50%DŽ ೒ 9˖࣫㕢⪺ἲ㒌ㆅࣙ㺙㸠Ϯ䲚Ёᑺ˄2004˅ Smurfit- Stone 22% Weyerhaeu ser 17% Internation al Paper 13% Georgia- Pacific 11% Temple Inland 9% Other 28% 䌘᭭ᴹ⑤˖Ёढॄࠋࣙ㺙㔥ˈЁֵ䆕ࠌⷨお䚼DŽ ⊼˖Georgia-Pacific೼ 2005ᑈ㹿 Koch Industries⾕᳝࣪DŽ ೒ 10˖࣫㕢⪺ἲ㒌ㆅࣙ㺙㸠Ϯ䲚Ёᑺ˄2007˅ Smurfit- Stone 23% Weyerhaeu ser 24%Temple Inland 13% Other 40% 䌘᭭ᴹ⑤˖৘݀ৌᑈ᡹ঞ೑䰙⪺ἲ㒌ㆅणӮ˄ICCA DŽ˅ ⊼˖Georgia-Pacific೼ 2005ᑈ㹿 Koch Industries⾕᳝࣪DŽ 㕢ⲜỂ˄002303˅ᡩ䌘Ӌؐߚᵤ᡹ਞ 䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ 2010ᑈ 3᳜ 2᮹ 6 ⃻⃻㕢ㄝ៤❳⪺ἲࣙ㺙Ꮦഎ催䲚Ёᑺⱘ⦄⢊ˈᰃϟ␌ѻϮ催䲚Ёᑺǃ催ક⠠࣪ҹঞᏖഎ䳔∖๲䭓ᬒ㓧ǃゲ ѝࡴ࠻݅ৠ԰⫼ⱘ㒧ᵰDŽ⬅Ѣϟ␌⏫䗣ᗻᔎǃⳈ᥹䴶ᇍ㒜ッᅶ᠋ⱘ㸠Ϯ⡍⚍ˈϟ␌ӕϮⱘ催䲚Ёᑺ੠催ક⠠ ࣪Ⳉ᥹Ӵᇐ㟇⪺ἲࣙ㺙ӕϮˈҸ݊䲚Ёᑺᦤ催ˈ㛑ᡧԣϟ␌ᔎ࢓ᅶ᠋ⱘӕϮ᳔㒜៤ЎᏖഎⱘЏ⌕ӕϮDŽᏖഎ 䳔∖๲䭓ᬒ㓧⫮㟇㹄䗔ˈᇐ㟈⫳ѻ៤ᴀ催ǃᅶ᠋᳡ࡵ㛑࡯ᏂⱘӕϮ䗔ߎ㸠ϮDŽ៤ᴀ᥻ࠊ㛑࡯ᔎˈ೼Ўᅶ᠋ᦤ կܼ䴶ࣙ㺙㾷އᮍḜᮍ䴶㒣偠ЄᆠⱘӕϮᕫҹᠽ໻ᄬ䞣Ꮦഎӑ乱DŽ 㕢⃻᮹ㄝ㒣⌢ԧⱘ㒣⌢Ꮖ㒣থሩࠄњⳌᔧ催ⱘ∈ᑇˈሙ⇥⍜䌍∈ᑇᕜ催ˈ⍜䌍કࠊ䗴㸠Ϯⱘ䲚Ёᑺ੠ક ⠠࣪гⳌᑨ䖒ࠄњ䕗催ⱘ∈ᑇˈ䖭Ⳉ᥹Ӵᇐ㟇㒌ㆅࣙ㺙ӕϮˈҸ݊݋໛ᕜ催ⱘ䲚ЁᑺDŽℷབ೒ 2᠔ᧁ⼎ⱘ䙷 ḋ ϟˈϟ␌ӕϮᇍ⪺ἲࣙ㺙ӕϮ೼ᦤկᅠ୘ⱘϧϮࣙ㺙㾷އᮍḜᮍ䴶㽕∖䕗催 啭ˈ༈ӕϮ䗤⏤ᓎゟ੠Ꮍ೎њϔ ᅮⱘ䖯ܹຕ൦ˈ㸠Ϯ䲚Ёᑺ㓈ᣕ೼䕗催∈ᑇDŽ ៤❳ᏖഎϞֱᣕ催乱Ꮦഎऴ᳝⥛ⱘӕϮ݅ৠᢹ᳝ⱘϔϾ⡍⚍ᰃ ḍ˖᥂ᅶ᠋ऎඳߚᏗ䎼ऎඳ㒣㧹᭄䞣ӫ໮ ⱘᎹॖDŽ䖭⾡䎼ऎඳ㒣㧹ⱘ῵ᓣˈ᳝ᬜഄ㾷އњ⪺ἲ㒌ㆅࣙ㺙Ϯ 100̚150 ݀䞠ⱘ䫔ଂञᕘϢᅶ᠋೼ܼ೑䖯 㸠㒣㧹ⱘ⶯Ⳓˈ಴㗠㛑᳈དഄЎᅶ᠋ᦤկѻક㾷އᮍḜDŽৠᯊˈ䖭⾡䎼ऎඳ㒣㧹ⱘ῵ᓣՓᕫӕϮ㛑໳ᠽሩ݊ ᅶ᠋෎⸔DŽ� 㸼 5˖࣫㕢Џ㽕⪺ἲ㒌ㆅࣙ㺙⫳ѻଚⱘᎹॖߚᏗ ӕϮ ᎹॖߚᏗ Smurfit-Stone ೼࣫㕢ϔ݅㒣㧹 125ϾᎹॖˈ݊Ё㕢೑ 102Ͼˈࡴᣓ໻ 20Ͼˈ๼㽓હ 3ϾDŽ Weyerhaeuser Ꮉॖ䘡Ꮧ㕢೑੠๼㽓હˈࣙ