业绩增长停止，多元化成长尚待时日 百年恒顺回归主业，迎接2013年经营拐点 机车业务和四方庞巴迪利润疲弱导致业绩低于预期；维持买入评级 东边不亮西边亮，多元化成稳业绩利器 享受草甘膦景气净利润增长26%，符合预期 原材料和费用压力增大，WIM矿注入加速 氟化工产业链逐步延伸 公司上半年业绩大幅改善 API业务下滑明显，业绩低于预期 上半年小幅增长，下半年有望加速

4Q16 results miss driven by lower sales Strong quarter and guidance Solid results, upbeat cost guidance Another strong quarter We continue to see downside risk to consensus Consumer & Media Daily Solid Q4 EBITDA beat, growth story on track Strong FCF generation in 2016, rest in-line Q1 results weak but shares supported by yield Weak Q4 growth likely outweighs strong cash flow