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PIM-SM is preferred among the current intradomain multicast routing protocols. But it has not been widely deployed in the Internet until now. To provide suggestions for improving this protocol, we analyze the performance of it in this paper. The characteristic of our analysis is that we use the stochastic Petri net (SPN) model, which is an excellent tool for performance analysis in many areas. Based on the SPN model of PIM-SM we establish for the first time and router realization, we make a performance analysis of PIM-SM according to different message types, finding that the register message and join/prune message cause most router processing load, while the join/prune message and bootstrap message consume most network bandwidth.