房地产行业盈利模式专题报告之三：有质量的多元化

20111128?2087%?152.2570%594%?220%?201055%51%EBIT60%43%EBIT??600208EPSPE11E12E13E11E12E13ENAV3.480.270.390.5512.98.96.36.537.030.911.201.437.75.94.914.18A7.840.871.121.579.07.05.09.6516.431.62.323.0410.37.15.422.989.031.061.371.798.56.6512.024.490.580.660.737.76.86.28.327.761.011.241.617.76.34.813.387.471.081.171.736.96.44.312.386.930.750.961.249.27.25.69.187.450.651.192.3811.56.33.114.520111125010-60838249chencong@citics.comS1010510120047010-60836707yufu@citics.com?30?20?10010110104110315110520110725110927300??PE......................................................................................................................................................................1......................................................