[Table_MainInfo] [Table_Title]

/

[Table_Summary] 2017

30 52.5

2012 2018

1335 70 1341 6

2017

8

2018

1370 1389 19

2018 2018

26000 / 2017

24000 / 2018 26000 /

2018

15 5%

4600

17000 / 70%

4000 / 5000 20%

[Table_CompanyFinance]

EPS P/E

2016A 2017E 2018E 2016A 2017E 2018E

7.07 -0.41 0.23 0.31 -17.24 30.74 22.8

10.15 0.15 0.46 0.58 67.67 22.06 17.5

[Table_Invest]

[Table_PicQuote]

-16%

-7%

2%

11%

20%

2017/2

2017/3

2017/4

2017/5

2017/6

2017/7

2017/8

2017/9

2017/1

0

2017/1

1

2017/1

2

2018/1

[Table_Trend] % 1M 3M 12M

-4.73% -2.51% 2.42%

1.81% 1.62% -13.72%

[Table_IndustryMarket]

123

17874

12835

50.02

2.64

12489

257

% 56.30

[Table_Report]

2018-02-11

2018-02-04

2018-01-28

2018-01-22

[Table_Author]

S0550511020007

17621255426 qiupy@nesc.cn

2018-02-25

2 / 36

[Table_PageTop]

1. 2015 ......................................... 6

2. ..................................................................... 8

2.1. ...............................................................8

2.2. 2018 ................................10

2.3. .............................17

2.4. .................................................................21

2.5. .........................................................22

2.6. .........................................................................23

3. ....................................................................... 28

4. ............................................................... 30

5. ............................................................................................. 32

5.1 ......................................................................................................................32

5.2 ......................................................................................................................33

3 / 36

[Table_PageTop]

1 % ................................................................................. 7

2 2015-2017 .................................................................................................................. 8

3 2017 ................................................................................................................ 9

4 2017 1-10 ................................................................................................ 9

5 ........................................................................ 10

6 ........................................................................ 10

7 ........................................................................................................11

8 15 ................................................................................................11

9 2015 ........................................................................ 12

10 1-11 2% ..................................................................................... 14

11 1-11 4.02%................................................................................. 14

12 ( ) ....................................................................... 15

13 ...................................................................................................... 15

14 1-12 21.75%............................................................................... 17

15 / TC........................................................................................................................ 17

16 2017 .......................................................................................... 18

17 1-11 0.54%................................................................................. 18

18 1-10 2.25% ....................................................................................... 19

19 ............................................................................................... 20

20 1-12 59.34%............................................................................... 20

21 ................................................................................................................ 20

22 LME .................................................................................................................. 21

23 SHFE .................................................................................................................... 21

24 ................................................................................................................ 22

25 ................................................................................. 22

26 ................................................................................. 22

27 ........................................................................................ 23

28 1-11 0.10%................................................................................. 23

29 ............................................................................................... 24

30 ( ) ................................................................................................. 24

31 ................................................................................................................. 25

32 .......................................................................................................... 25

33 2016 ..................................................................................... 26

34 ..................................................................................... 26

35 ................................................................................ 26

36 ..................................................................................... 27

37 8% ................................................................................................ 27

38 16% ........................................................................................ 27

39 ....................................................................................................... 27

40 2008-2010 ....................................................... 28

41 2015 -2017 ............................................................. 28

4 / 36

[Table_PageTop]

42 ........................................................................................................................ 29

43 2004-2007 ...................................................................................... 31

44 2009-2010 ...................................................................................... 31

45 ................................................................................................... 32

5 / 36

[Table_PageTop]

1 2015-2016 ....................................................................................... 6

2 2017 2-4 ................................................................................. 7

3 ................................................................................................................. 8

4 ..................................................................................................................... 9

5 ..................................................................................................................... 9

6 2017 ............................................................................................. 10

7 .......................................................................................... 12

8 2015 10 ........................................................... 13

9 ................................................................................................. 13

10 .......................................................................... 13

11 2017-2018 ....................................................................... 15

12 2016-2018 .......................................................................................... 16

13 2017 ...................................................................... 19

14 2017 5 .......................................................................... 19

15 2017 10 .................................................................... 20

16 2016-2020 ........................................................................ 21

17 ................................................................................. 22

18 2017 ...................................................................................................... 24

19 2017 ......................................................................................................... 25

20 2014 .................................................................. 29

21 ................................................................................................ 30

22 .......................................................................................................... 30

23 LME ......................................................................................... 31

24 2018 2 21 .................................... 32

6 / 36

[Table_PageTop]

1. 2015

2015 Lisheen

Duck Pond 51.8

2014 2015

2015

2015

1 2015-2016

century 51

Yukon Wolverine 6

Vandata Lishen 17.5

Naica Naica 2.3

pallca 1.5

Teck

red dog 4.5

Duck poud 2.5

Antamina 3.5

Nystar

Middle Tennessee 2.5

Campo Morado 2.5

Myra Falls 3

Mount Isa

42

Mcarthur River

Iscaycruz

Kazzinc 5

143.8

2016

2016 50 Trecora 4.6 54.6

3.5%

5000 / 2016 2015

11

2016

LME

63.91%

7 / 36

[Table_PageTop]

1 %

Bloomberg

2015 2016 2017

2017 LME 3288.5 /

2892.54 / 28.96% 2017 25655

/ , 23604 / 21.39% 2016

2017

2 2017 2-4

( )

2-4

( )

3 1 26500 7000 30

3 25 15 15000 3000 24

3 24 23000 7000 30

3 22 4 20-30 ( 17000 6000 20

4 19000 7000 20

4 15 7000 3000 9

2 1 7000 10000 12

2 40000 25000 50

2 18 1 2000 3000 2

2016 12 10500 12000 12.5

2 8000 10000 10

2016 11 4500 3500 6

4 1 20000 7000 25

3 1 2000 7000 25

3 2 1000 2000 6

8 / 36

[Table_PageTop]

3

2016 7 14 8 16

2016 11 24 12 30

2017 4 24 5 28

2017 8 7

2 2015-2017

Wind

2.

2.1.

6400

4100 2017

430

831.7 2017

1328 580 2017

1382.3 663

9 / 36

[Table_PageTop]

3 2017 4 2017 1-10

18%

28%

12%4%

6%

32%

Wind Wind ILZSG

2017 30

52.5 8.8 16

2016

2017

4

2015 2016 2017e 2018f

1278.1 1208 1265 1335

1329.2 1298.6 1295 1341.2

-51.1 -90.6 -30 -6.2

2015 2016 2017e 2018f

1365.6 1337.6 1330 1370

1357.6 1369.9 1375.3 1389

8 -32.3 -45.3 -19

5

2015 2016 2017e 2018f

425 440 430 445

564.9 569.1 563.8 579.8

161.4 99.7 125 130

21.5 -29.4 -8.8 -4.8

2015 2016 2017e 2018f

586 590 580 600

628 657 661 665

55.6 50.5 65 60

13.6 -16.5 -16 -5

10 / 36

[Table_PageTop]

5 6

0

10

20

30

40

50

60

2017-01 2017-02 2017-04 2017-06 2017-07 2017-08 2017-09 2017-10

-15

-10

-5

0

5

10

15

20

25

30

35

40

2017-02 2017-03 2017-06 2017-07 2017-08 2017-09 2017-10

ILZSG ILZSG

2.2. 2018

6 2017

Rampura-

Agucha

2018 3

2030

2020 2018 3

2019 3

Red Dog 1989-2032

Mount lsa Black Star 2016

Lady Loretta: 2021

George Fisher: 2029

George Fisher Black Star Lady Loretta

Lady Loretta 2017 12 14 Black

Star 2016 9 George Fisher

McArthur

River

2043

2034

Antamina 2001-2029

Goldcorp Penasquit

o

2009-2029

2019

SMM)

San

Cristobal

2007-2024

Cerro

Lindo

2007-2028

Dugald 2013-2040 Dugald River 34

11 / 36

[Table_PageTop]

River Dugald River

Gamsberg 13 Gamsberg 13 2018

9-12 25

Lisheen

7

109

89

66

33

27 26 2522

15 14 12 107

0

20

40

60

80

100

120

8 15

1458

1203

1064

946

764

551512 489

365 350 344295 265 263 246

Ram

pu

ra A

gu

cha

(Hin

dust

an Z

inc

Ltd

)

Red

Do

g (

Tec

k)

Mt.

Isa

Zin

c

(Gle

nco

re)

Tay

lor

(Ari

zon

a)

San

Cri

stobal

(Sum

itom

o C

orp

)

Gam

sber

g

(Ved

anta

)

McA

rthur R

iver

(Gle

nco

re)

Yau

li (

Volc

an)

Bis

ha

(Nev

sun

Rsr

c L

td)

Dugal

d R

iver

(MM

G)

Tar

a (B

oliden

)

Bro

ken

Hil

l

(Zh

on

gji

n L

ing

nan

)

Zin

kg

ruv

an

(Lu

nd

in M

inin

g)

Chungar

(V

olc

an)

Sk

orp

ion

(Ved

anta

Ltd

)

Taylor 2020

SNL Metals & Mining

12 / 36

[Table_PageTop]

+

35% 10% 9%

Black Star 2016

12 Iscaycruz 2015

2-3 2014 8.77% 2015 4.9% Aguilar

IIIapa 2-5

9 2015

9%

6.61% 5.76%

29.53%

0%

5%

10%

15%

20%

25%

30%

35%

7

2016

Kazzinc 69.7% 373 5-20

Mount Isa

Black Star Open Cut 100% 0 0

George Fisher 100% 526 20

Lady Loretta 100% 111 10

McArthur River 1100 27

Kidd Creek 100% 34 5. 3

Matagami Bracemac-McLeod 100% 27 17

Los Quenuales Iscaycruz 97.6% 3 2-3

Yauliyacu 97.6% 17 3-4

IIIapa Bolivar 45% 16 2. 5

Porco 45% 4 2. 5

Sinchi Wayra Caballo Blanco 100% 3

Aguilar 100% 11 3

Perkoa 90% 38 5

Rosh Pinah 80.1% 45 7. 6-7. 8

2011-2015

A

2015 24.86% 67600

13 / 36

[Table_PageTop]

139.30%

Cosmos Tampakan Falcondo

Sipilou Katanga Mopani 18

Eland 2015 10 9 50

4% 2017 12

2018 Lady Loretta 2018

109 3 2018

2017 8

Trevali Mining Trevali 25%

2018

9

8 2015 10

George Fisher 24.5

Lady Loretta Mt lsa

McArthur River 13.5

Kazznic 8 Iscaycruz

50

9

2014 138.7

2015 144.5

2016 109.4

2017 109.0

2018 109 3

10

2017 2016

Kazzinc 21.05 18.76 12.21%

Australia(Mount Isa, McArthur River) 43.6 48.84 -10.73%

North America(Matagami, Kidd) 12.37 13.01 -4.92%

South America(Argentina, Bolivia, Peru) 9.98 9.9 0.81%

Africa(Rosh Pinah, Perkoa) 9.21 12.22 -24.63%

96.21 102.73 -6.35%

ILZSG 1-11 1205 2%

Rampura Agucha 2016 Bisha

2016 2017 Antamina

2017

14 / 36

[Table_PageTop]

10 1-11 2%

-10%

-5%

0%

5%

10%

15%

20%

0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11

2016 2017

ILZSG

60%

2017 2017 1-11

464 4.02%

11 1-11 4.02%

-30%

-20%

-10%

0%

10%

20%

30%

40%

0

10

20

30

40

50

60

70

1 2 3 4 5 6 7 8 9 10 11

2016 2017

ILZSG

4-7

4-7

2012 2018

15 / 36

[Table_PageTop]

12 ( )

-40%

-20%

0%

20%

40%

60%

80%

0

200

400

600

800

1000

1200

1400

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

%

Bloomberg

13

&

&

1 5 6 72 43

Arizona Mining

2018 2017

67.6

22.1 18.1 6 5.3

11.2

2017 1265

2015 2018

2018 1335

11 2017-2018

2017 2018

Lady Loretta Mineral Securities 4.7 3 4.7

Naica Industrias Penoles 2.5 1 2.5

Olympias Eldorado Gold 2.0 0.9 1.5

16 / 36

[Table_PageTop]

Tlialanga Red River Resources 2.1 0.5 2.1

Halfinile Lake Trevali Mining 5.5 1 4

Middle Tennessee 5 3 5

Myra Falls 3 2 3

Mt Isa 24.5 8 24.5

McArthur River 13.5 4 13.5

Kazzinc 4 2 4

Iscaycruz 8 3 8

Pallca Santa Luisa 1 1 1

59 23 59

Gamsberg Vedanta 25 0 6

Dugald River 17 0 8

Hilarion Votorantim 25 0 5

Rey de Plata Industrias Penoles 3.4 0 2

Shalkiya Tau-Ken Samruk 12 0 4

82.4 0 25

2017

18.9

12 2016-2018

2016 2017 2018

3 0 2 1

2 0 0 2

3 0 2 1

0.5 0 0.4 0.1

0.7 0 0.2 0.5

17 5 6 6

0.9 0 0.8 0.1

7 3 4 0

10 0 2 8

3 0 1 2

1 0.5 0.5 0

48.1 8.5 18.9 20.7

2017 244.39 21.75%

2017

17 / 36

[Table_PageTop]

2017 12 3500 /

11 5900 / 10 400

/

12 12.5 /

TC

14 1-12 21.75% 15 / TC

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

160%

0

5

10

15

20

25

30

35

1 2 3 4 5 6 7 8 9 10 11 12

2016 2017

Bloomberg

2.3.

2017 1-11 1254

0.54% 1-10 40.5%

Rampura Agucha

2017

8

18 / 36

[Table_PageTop]

16 2017

20.9

42.9%

HZL

-7.6

-10.9%

11.8

10.8%

Cajamarquilla

-7.6

-11%

11.2

73.7%

1.5

14.6%

4.7

147.1%

17 1-11 0.54%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

95

100

105

110

115

120

125

1 2 3 4 5 6 7 8 9 10 11

2016 2017

Wind ILZSG

2017 1-10 505.97

2.25% 2017

9

2017 5500 / 6300 /

19 / 36

[Table_PageTop]

2017 5 80% 2017 10

100%

18 1-10 2.25%

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

0

10

20

30

40

50

60

70

1 2 3 4 5 6 7 8 9 10

2016 2017

Wind ILZSG

13 2017

( / 2016 2017 %

92 70.6 63.5 -10.1

33 27.0 28.8 6.5

39 27.4 27.7 0.9

106 80.4 74.9 -6.8

74 57.2 63.0 10.2

40 25.6 23.7 -7.2

81 78.1 70.8 -9.3

43 40.5 41.3 2.0

30 20.2 21.0 4.1

43 29.2 30.9 6.0

10 3.8 5.7 47.9

10 9.8 11.0 12.6

10 10.0 10.3 3.2

611 479.9 472.8 -1.5

14 2017 5

( /

12 33% 7 5% +25% 3900-4000 25

44 81% 15% +85% 3900-4000 30

13.5 86% 3800-4000 30

6 80% 70% +30% 3900-4000 25

5 85% 3800-4000 30

15 71% 3800-4000 30

20 / 36

[Table_PageTop]

15 2017 10

( /

22 100% 40% +60% 4200-4300 ( 45

3.5 100% 2/3 4500-4600 ( 1

12.5 100% 30% +70% 4100-4200 ( 45

1.36 100% 4500-4600 ( 5000

9 100% 90% + 10% 1500-1600 ( 50

19

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

1 2 3 4 5 6 7 8 9 10 11 12

2015 2016 2017

2017 1-12 67.63 2016 59.34%

2017 7

20 1-12 59.34% 21

-100%

-50%

0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

0

2

4

6

8

10

12

14

1 2 3 4 5 6 7 8 9 10 11 12

2016 2017

Wind Wind

2016 32 2017 15

2018-2020 105

21 / 36

[Table_PageTop]

16 2016-2020

4 2016 9 6 2017

14 2016 10 4 2016 8 2017

60%

4 2016 5 6 10

2 2016 6

4 2016

4 2016 6 10

2016 32

10 2017 2017 152

5 2017 1#

2017 15

10 2018 - - -

15

10 112

10 2019 2017

10

10

20

20

2018-2020 105

2.4.

LME

2018 2 12 LME 15.70

2017 40 60.75% 2018 2 9 SHFE

9.83 2017 15.74 37.55%

22 LME 23 SHFE

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

3,500.00

4,000.00

0.00

100,000.00

200,000.00

300,000.00

400,000.00

500,000.00

600,000.00

0.00

5,000.00

10,000.00

15,000.00

20,000.00

25,000.00

30,000.00

0.00

50,000.00

100,000.00

150,000.00

200,000.00

250,000.00

300,000.00

Wind Wind

22 / 36

[Table_PageTop]

24

2.5.

ILZSG 2016 48.11%

2011

2016 3.23% ILZSG

2017 1-10 1.2%

2.9%

25 26

Wind Wind

17

2015 2016 2017f 2016 1-10 2017 1-10 %

1357.6 1369.9 1382.3 1154.3 1167.8 1.2

628 657 663 557.2 557.5 0.1

93.1 81.9 84 68 70 2.9

63.2 68.9 69.8 58.4 58.2 -0.3

58.6 62.2 62.9 52.2 52.4 0.4

47.9 47 48.2 38.8 40.2 3.6

47.8 48.1 46 40.4 38.3 -5.2

23 / 36

[Table_PageTop]

39.1 35 36 29.2 30 2.7

25.9 26.7 25.6 23.3 21.3 -8.6

23 23.4 26.6 19.5 22.2 13.8

22 22.4 22.2 18.7 18.5 -1.1

25.8 18.8 23 15.2 19.2 26.3

20.1 19.1 21.5 16.3 17.9 9.8

21.9 19.5 20.9 16.3 17.4 6.7

19 20.3 19.2 17.5 16 -8.6

18.2 18.5 18.8 15.4 15.7 1.9

14.8 16.2 22.2 18.7 18.5 -1.1

13.2 12.8 15 10.6 12.5 17.9

87.0% 87.4% 88.6% 88.0% 87.8% -

ILZSG

2.6.

2017 2017 1-11

616.60 0.10% 2017

0.61%

2016

57% 22% 9% 8% 4%

27 28 1-11 0.10%

-15%

-10%

-5%

0%

5%

10%

0

10

20

30

40

50

60

70

1 2 3 4 5 6 7 8 9 10 11

2016 2017

Bloomberg

2017 12 Mysteel 130

266 27 87.97%

68.3%

24 / 36

[Table_PageTop]

29

0%

10%

20%

30%

40%

50%

60%

70%

80%

17-1 17-2 17-3 17-4 17-5 17-6 17-7 17-8 17-9 17-10 17-11

30 ( )

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

0

50

100

150

200

250

300

350

1 2 3 4 5 6 7 8 9 10 11 12

2016 2017 %

Wind

2017 7

217 17 467 2017 2259.7

2018

18 2017

1 35 3

1 32 5

1 35 5

1 25 9

1 20 12

1 40 3

1 60 9

25 / 36

[Table_PageTop]

7 217

19 2017

1 45

1 20

1 45

1 25

1 20

30

1 35

1 30

1 30

1 30

1 30

1 30

1 32

1 20

1 20

1 25

17 467

31 32

0%

10%

20%

30%

40%

50%

60%

70%

1 2 3 4 5 6 7 8 9 10 11 12

2015 2016 2017

0%

10%

20%

30%

40%

50%

60%

70%

80%

1 2 3 4 5 6 7 8 9 10 11 12

2015 2016 2017

2016

45% 25% 23% 7%

26 / 36

[Table_PageTop]

7

33 2016

7%

23%

25%

45%

5 2017

2017 10.98

7% 1-12 17.3

14.93%

2017 2907.3 4%

2017 8670

13.6% 1.8 26.4%

7501 3.2%

34 35

0%

2%

4%

6%

8%

10%

12%

0

2000

4000

6000

8000

10000

12000

14000

2016 2017

0%

5%

10%

15%

20%

25%

0

5000

10000

15000

20000

25000

1-2 3 4 5 6 7 8 9 10 11 12

2016 2017

Wind Wind

27 / 36

[Table_PageTop]

36 37 8%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

50

100

150

200

250

300

350

2016 2017

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

2016 2017

Wind Wind

38 16% 39

0%

5%

10%

15%

20%

25%

30%

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

2016 2017

0%

1%

2%

3%

4%

5%

6%

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

2016 2017

Wind Wind

2018 2018

26000 / 2017 24000 /

2018 26000 / 2008 2010

2008

2018

28 / 36

[Table_PageTop]

40 2008-2010

-4

-3

-2

-1

0

1

2

3

4

0

5000

10000

15000

20000

25000

08-10 09-01 09-04 09-07 09-10 10-01 10-04 10-07 10-10

1# /

Wind

41 2015 -2017

-3

-2

-1

0

1

2

3

4

0

5000

10000

15000

20000

25000

30000

15-01 15-04 15-07 15-10 16-01 16-04 16-07 16-10 17-01 17-04 17-07 17-10 18-01

1# ( / ) 1# /

2016 18.68

Wind

3.

29 / 36

[Table_PageTop]

42

15 50%

2017

5197 /

2016 25 9

1.82% - 7.4 9.83%

- 7.4 2.32%

20 2014

% 2.5 3 3.5 4 4.5 5

% 77 78 80 82 83 84

% 50 50 50 50 50 50

2887.5 3510 4200 4920 5602.5 6300

5775 7020 8400 9840 11205 12600

15 15 15 15 15 15

/ 74 74 74 74 74 74

1110.3 1110.3 1110.3 1110.3 1110.3 1110.3

825 825 825 825 825 825

600 600 600 600 600 600

173.25 210.6 252 295.2 336.15 378

2708.55 2745.9 2787.3 2830.5 2871.45 2913.3

/ 9380.26 7823.077 6636.429 5753.049 5125.301 4624.286

95%

1 1.05

30 / 36

[Table_PageTop]

1 220 1

250—330 70 55—65

60%

1750 40%

700 1

3700 0.45-0.505

1700-1900

1 300

1 500

600

21

70 700 1800 300 600 500 3970 5000 25.94%

5% 50%

2016 70.1%

6.45%

22

2016 2017H

48.65 5.88% 4.39%

21.79 10.05% 10.88%

4.26 6.07% 8.84%

12.98 20.62% 10.17%

20.20 11.13% 12.67%

27.60 15.21% 17.94%

6.83 20.98% 17.15%

42.04% 58.56%

70.10% 69.25%

77.27% 61.60%

78.35% 62.42%

44.69% 63.33%

4.

31 / 36

[Table_PageTop]

2004-2007 2009-2010

LME

15000 / 15000 /

16000 / 6.67%

1000 /

23 LME

2004-2007 2009-2010

0.1439 0.4401

0.1358 0.4209

0.0485 0.4173

0.2044 0.3695

0.0273 0.1763

-0.0333 0.0000

Wind

43 2004-2007 44 2009-2010

Wind Wind

32 / 36

[Table_PageTop]

45

0

5000

10000

15000

20000

25000

30000

15-01 15-04 15-07 15-10 16-01 16-04 16-07 16-10 17-01 17-04 17-07 17-10 18-01

1# /

Wind

24 2018 2 21

PE

/ 2.6 2.85 3.1 2.6 2.85 3.1 / 2 2.1 2.2 2 2.1 2.2 11.93 13.54 15.25 19.70 17.36 15.41

4.42 5.19 5.86 25.11 25.11 25.11

15.67 19.41 23.86 15.44 12.47 10.14

16.20 22.39 27.27 22.22 16.08 13.20

2004-2007

2009-2010

5.

5.1

97%

2016

35.73% 2017

33 / 36

[Table_PageTop]

52.2 16 36.2 2016

84.07% 100%

300

52.2 150 70 30 400

1000 2016

2.2% 1.7%

169.72 254.07 3241.69 11.85

246.68

2016

7.81 4.91 / 38.37

37.96 4.28

3.01 160kt/a 30.66

30.66 1

4.35% 1.33

2017 9 30 63.76%

57.18%

2017-2019 11.5 15.6 18.7 EPS

0.23 0.31 0.37 2018 2 22 PE 30.74 22.8 19.10

5.2

30

187.69 77.47 37.2 107.02 19.08 25.2

100%

2016 32.17

13.25 2016 22.77

2017 30.53

24.98 100%

2016

15.25 6.07

2.63 1.51

0.46

6000

60%

34 / 36

[Table_PageTop]

1100

2017-2019 10.85 13.92 15.58 EPS

0.46 0.58 0.65 2018 2 22 PE 22.06 17.5 15.62

35 / 36

[Table_PageTop]

Nanoscale JMC SCI

2

“ ”

R3 A B

AA ABS

“ ”

6 15%

6 5% 15%

6 -5% 5%

6 5% 15%

6 15%

6

6

6

36 / 36

[Table_PageTop]

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