{"id":562,"date":"2023-02-12T13:04:33","date_gmt":"2023-02-12T05:04:33","guid":{"rendered":"http:\/\/xpear.top\/?p=562"},"modified":"2023-02-12T13:04:38","modified_gmt":"2023-02-12T05:04:38","slug":"%e5%b8%b8%e7%94%a8%e8%b5%84%e4%ba%a7%e4%bc%b0%e5%80%bc%e6%b3%95","status":"publish","type":"post","link":"https:\/\/xpear.top\/?p=562","title":{"rendered":"\u5e38\u7528\u8d44\u4ea7\u4f30\u503c\u6cd5"},"content":{"rendered":"\n

\u7b2c\u4e00\u7ae0 \u4f30\u503c\u6cd5\u57fa\u672c\u4ecb\u7ecd<\/strong><\/p>\n\n\n\n

\u4f30\u503c\u6cd5\u662f\u9488\u5bf9\u67d0\u4e00\u79cd\u7279\u5b9a\u8d44\u4ea7\u8fdb\u884c\u8bc4\u4f30\uff0c\u8fdb\u800c\u63a8\u6d4b\u5176\u5185\u5728\u4ef7\u503c\u7684\u65b9\u6cd5\u3002\u8bc1\u5238\u5728\u5e02\u573a\u4e2d\u4ea4\u6613\u7684\u4ef7\u683c\u5f80\u5f80\u53d7\u5230\u5404\u79cd\u56e0\u7d20\u7684\u5f71\u54cd\uff0c\u56e0\u6b64\u5176\u5e02\u573a\u4ef7\u683c\u5f80\u5f80\u5e76\u4e0d\u80fd\u5b8c\u5168\u53cd\u6620\u5176\u771f\u5b9e\u4ef7\u503c\uff0c\u56e0\u6b64\u9700\u8981\u91c7\u7528\u5404\u79cd\u65b9\u6cd5\u5bf9\u8d44\u4ea7\u8fdb\u884c\u4f30\u503c\uff0c\u4ece\u800c\u83b7\u5f97\u5176\u5185\u5728\u4ef7\u503c\uff0c\u8fdb\u800c\u51b3\u5b9a\u9488\u5bf9\u8be5\u79cd\u8d44\u4ea7\u7684\u4ea4\u6613\u7b56\u7565\u3002<\/p>\n\n\n\n

\u5f53\u5e02\u573a\u4ef7\u503c>\u5185\u5728\u4ef7\u503c\uff0c\u8bc1\u5238\u5728\u5e02\u573a\u4e2d\u88ab\u9ad8\u4f30\uff0c\u91c7\u53d6\u5356\u51fa\u7684\u7b56\u7565<\/p>\n\n\n\n

\u5f53\u5e02\u573a\u4ef7\u503c<\u5185\u5728\u4ef7\u503c\uff0c\u8bc1\u5238\u5728\u5e02\u573a\u4e2d\u88ab\u4f4e\u4f30\uff0c\u91c7\u53d6\u4e70\u5165\u7684\u7b56\u7565<\/p>\n\n\n\n

\u5f53\u5e02\u573a\u4ef7\u503c=\u5185\u5728\u4ef7\u503c\uff0c\u8bc1\u5238\u5728\u5e02\u573a\u4e2d\u88ab\u5408\u7406\u4f30\u503c<\/p>\n\n\n\n

\u4ece\u5927\u7c7b\u4e0a\u6765\u8bb2\uff0c\u4f30\u503c\u6cd5\u4e3b\u8981\u53ef\u4ee5\u5206\u4e3a\u6bd4\u8f83\u4f30\u503c\u6cd5\uff0c\u7edd\u5bf9\u4f30\u503c\u6cd5\u4ee5\u53ca\u8d26\u9762\u4f30\u503c\u6cd5\u4e09\u79cd\u3002<\/p>\n\n\n\n

(1) \u6bd4\u8f83\u4f30\u503c\u6cd5\u6709\u5e02\u76c8\u7387\u4f30\u503c\u6cd5\uff0cPEG\u4f30\u503c\u6cd5\uff0c\u5e02\u51c0\u7387\u4f30\u503c\u6cd5\uff0c\u5e02\u73b0\u7387\u4f30\u503c\u6cd5\uff0c\u5e02\u9500\u7387\u4f30\u503c\u6cd5\uff0cEV\u4f01\u4e1a\u4ef7\u503c\u6cd5\uff0cEV\/Sales\u6cd5\uff0cEV\/EBITDA\u6cd5\uff0cPEV\u4f30\u503c\u6cd5\uff0cLTC\/CAC\u4f30\u503c\u6cd5\uff0cP\/GMV\u4f30\u503c\u6cd5\u7b49\u3002<\/p>\n\n\n\n

(2) \u7edd\u5bf9\u4f30\u503c\u6cd5\u6709RNAV\u4f30\u503c\u6cd5\uff0cNAV\u4f30\u503c\u6cd5\uff0cDDM\u4f30\u503c\u6cd5\uff0cDCF\u4f30\u503c\u6cd5\uff0c\u65e0\u6760\u6746\u81ea\u7531\u73b0\u91d1\u6d41\u6cd5\uff0c\u7ecf\u6d4e\u589e\u52a0\u503c\u6298\u73b0\u6a21\u578b\uff0c\u5b9e\u7269\u671f\u6743\u6cd5\uff0c\u8c03\u6574\u73b0\u503c\u6cd5\uff0c\u6885\u7279\u5361\u592b\u6a21\u578b\u7b49\u3002<\/p>\n\n\n\n

(2) \u57fa\u4e8e\u8d44\u4ea7\u4ef7\u503c\u7684\u4f30\u503c\u6cd5\u4e3b\u8981\u6709\u8d26\u9762\u4ef7\u503c\u6cd5\uff0c\u6e05\u7b97\u4ef7\u503c\u6cd5\uff0c\u6210\u672c\u91cd\u7f6e\u6cd5\u7b49\u3002<\/p>\n\n\n\n

\u7b2c\u4e8c\u7ae0 \u6bd4\u8f83\u4f30\u503c\u6cd5<\/strong><\/p>\n\n\n\n

2.1 \u5e02\u76c8\u7387\u4f30\u503c\u6cd5<\/strong><\/p>\n\n\n\n

\u4f30\u503c\u6cd5\u4ecb\u7ecd<\/strong><\/p>\n\n\n\n

\u5e02\u76c8\u7387\uff08Price Earnings Ratio\uff0c\u7b80\u79f0P\/E\u6216PER\uff09\uff0c\u4e5f\u79f0”\u672c\u76ca\u6bd4”\u3001”\u80a1\u4ef7\u6536\u76ca\u6bd4\u7387”\u6216”\u5e02\u4ef7\u76c8\u5229\u6bd4\u7387”\u3002\u5e02\u76c8\u7387\u662f\u6307\u80a1\u7968\u4ef7\u683c\u9664\u4ee5\u6bcf\u80a1\u6536\u76ca\uff08Earnings per Share, EPS\uff09\u7684\u6bd4\u7387\u3002<\/p>\n\n\n\n

\u8ba1\u7b97\u65f6\uff0c\u80a1\u4ef7\u901a\u5e38\u53d6\u6700\u65b0\u6536\u76d8\u4ef7\uff0c\u800c\u6bcf\u80a1\u6536\u76ca\u65b9\u9762\uff0c\u82e5\u6309\u5df2\u516c\u5e03\u7684\u4e0a\u5e74\u5ea6EPS\u8ba1\u7b97\uff0c\u79f0\u4e3a\u5386\u53f2\u5e02\u76c8\u7387\uff08Historical P\/E\uff09\uff1b\u4e00\u822c\u91c7\u7528\u5e02\u573a\u5e73\u5747\u9884\u4f30\uff08Consensus Estimates\uff09\u8ba1\u7b97\u9884\u4f30\u5e02\u76c8\u7387\u6240\u7528\u7684EPS\u9884\u4f30\u503c\uff0c\u8ffd\u8e2a\u516c\u53f8\u4e1a\u7ee9\u7684\u673a\u6784\u6536\u96c6\u591a\u4f4d\u5206\u6790\u5e08\u7684\u9884\u6d4b\u6240\u5f97\u5230\u7684\u9884\u4f30\u5e73\u5747\u503c\u6216\u4e2d\u503c\u3002\u5408\u7406\u7684\u5e02\u76c8\u7387\u6ca1\u6709\u4e00\u5b9a\u7684\u51c6\u5219\uff0c\u9700\u8981\u901a\u8fc7\u5386\u53f2\u548c\u884c\u4e1a\u6c34\u5e73\u6765\u786e\u5b9a\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u4e00\u822c\u6765\u8bf4\uff0c\u5e02\u76c8\u7387\u6c34\u5e73\u4e3a\uff1a<\/p>\n\n\n\n

<0 \uff1a\u6307\u8be5\u516c\u53f8\u76c8\u5229\u4e3a\u8d1f\uff0c\u4e5f\u5c31\u662f\u76c8\u5229\u4e3a\u8d1f\uff0c\u8ba1\u7b97\u5e02\u76c8\u7387\u901a\u5e38\u6ca1\u6709\u610f\u4e49<\/p>\n\n\n\n

0-13 \uff1a\u5373\u4ef7\u503c\u88ab\u4f4e\u4f30<\/p>\n\n\n\n

14-20\uff1a\u5373\u6b63\u5e38\u6c34\u5e73<\/p>\n\n\n\n

21-28\uff1a\u5373\u4ef7\u503c\u88ab\u9ad8\u4f30<\/p>\n\n\n\n

28+ \uff1a\u53cd\u6620\u80a1\u5e02\u51fa\u73b0\u6295\u673a\u6027\u6ce1\u6cab<\/p>\n\n\n\n

\u7136\u800c\u9762\u5bf9\u6210\u957f\u6027\u4f01\u4e1a\uff0c\u7531\u4e8e\u88ab\u9884\u6d4b\u76c8\u5229\u5c06\u5728\u672a\u6765\u5347\u9ad8\u5bfc\u81f4\u5e02\u76c8\u7387\u4e0b\u964d\uff0c\u56e0\u6b64\u5176\u5f53\u524d\u5e02\u76c8\u7387\u901a\u5e38\u8f83\u9ad8\u3002\u800c\u6709\u7684\u516c\u53f8\u8f83\u4e3a\u6210\u719f\uff0c\u56e0\u6b64\u884c\u4e1a\u603b\u4f53\u5e02\u76c8\u7387\u8f83\u4f4e\u3002\u56e0\u6b64\u5e02\u76c8\u7387\u9700\u8981\u7ed3\u5408\u76f8\u540c\u884c\u4e1a\u7684\u5176\u4ed6\u516c\u53f8\u4ee5\u53ca\u5176\u81ea\u8eab\u5386\u53f2\u6c34\u5e73\u8fdb\u884c\u6bd4\u8f83\u3002<\/p>\n\n\n\n

\u6848\u4f8b\u5206\u6790<\/strong><\/p>\n\n\n\n

\u4ee5\u660e\u9633\u667a\u80fd[601615.SH]\u4e3a\u4f8b\uff0c\u660e\u9633\u667a\u6167\u80fd\u6e90\u96c6\u56e2\u80a1\u4efd\u516c\u53f8\u4e3b\u8981\u4ece\u4e8b\u65b0\u80fd\u6e90\u9ad8\u7aef\u88c5\u5907\u5236\u9020\uff0c\u65b0\u80fd\u6e90\u7535\u7ad9\u6295\u8d44\u8fd0\u8425\u53ca\u667a\u80fd\u7ba1\u7406\u4e1a\u52a1\u3002\u516c\u53f8\u4e3b\u8981\u4ea7\u54c1\u4e3a\u98ce\u7535\u673a\u7ec4\u5236\u9020\u3001\u98ce\u7535\u8fd0\u8425\u53ca\u98ce\u673a\u8fd0\u7ef4\u3001\u5149\u4f0f\u9ad8\u6548\u7535\u6c60\u7247\u53ca\u7ec4\u4ef6\u3001\u5efa\u7b51\u5149\u4f0f\u4e00\u4f53\u5316\u3001\u65b0\u80fd\u6e90\u7535\u7ad9EPC\u3001\u914d\u552e\u7535\u3002<\/p>\n\n\n\n

\u6839\u636e\u5176PE-Bands\uff0c\u53ef\u4ee5\u770b\u51fa\u5176PE\u4e3b\u8981\u572816.42\u53ca29.32\u4e4b\u95f4\u6ce2\u52a8\u3002\u800c2022\u5e746\u670817\u65e5\u7684\u7684PE\u503c\u4ec513.89\u3002\u56e0\u6b64\u5bf9\u6bd4\u5176\u5386\u53f2\u6765\u770b\uff0c\u660e\u9633\u667a\u80fd\u88ab\u4f4e\u4f30\u3002<\/p>\n\n\n\n

\u56fe\u8868 PE-Bands<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u8d44\u6599\u6765\u6e90\uff1a\u5343\u9645\u6295\u884c iFinD<\/p>\n\n\n\n

\u9664\u6b64\u4e4b\u5916\uff0c\u5c06\u660e\u9633\u667a\u80fd\u4e0e\u5176\u4f59\u98ce\u7535\u884c\u4e1a\u5185\u7684\u516c\u53f8\u8fdb\u884c\u6bd4\u8f83\uff0c\u53ef\u4ee5\u770b\u51fa\u5176PE\u503c\u663e\u8457\u4f4e\u4e8e\u884c\u4e1a\u4e2d\u503c25.13\uff0c\u4e14\u4f4d\u4e8e\u884c\u4e1a\u5185\u6700\u4f4e\uff0c\u56e0\u6b64\u53ef\u4ee5\u8ba4\u4e3a\u660e\u9633\u667a\u80fd\u5728\u98ce\u7535\u884c\u4e1a\u5185\u88ab\u4f4e\u4f30\u3002<\/p>\n\n\n\n

\u8868 \u98ce\u7535\u884c\u4e1aPE\u8868<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u8d44\u6599\u6765\u6e90\uff1a\u8d44\u4ea7\u4fe1\u606f\u7f51 \u5343\u9645\u6295\u884c<\/p>\n\n\n\n

\u7ed3\u5408\u4e0e\u81ea\u8eab\u5386\u53f2\u5bf9\u6bd4\u4ee5\u53ca\u884c\u4e1a\u5185\u5bf9\u6bd4\uff0c\u6211\u4eec\u5728\u4e24\u4e2a\u7ef4\u5ea6\u90fd\u5f97\u51fa\u4e86\u660e\u9633\u667a\u80fd\u88ab\u4f4e\u4f30\u7684\u7ed3\u8bba\uff0c\u56e0\u6b64\u6211\u4eec\u6839\u636ePE\u4f30\u503c\u6cd5\u53ef\u4ee5\u8ba4\u4e3a\u660e\u9633\u667a\u80fd\u88ab\u4f4e\u4f30\u3002<\/p>\n\n\n\n

2.2 PEG\u4f30\u503c\u6cd5<\/strong><\/p>\n\n\n\n

PEG\u6307\u6807\uff08\u5e02\u76c8\u7387\u76f8\u5bf9\u76c8\u5229\u589e\u957f\u6bd4\u7387\uff09\u662f\u7528\u516c\u53f8\u7684\u5e02\u76c8\u7387\u9664\u4ee5\u516c\u53f8\u7684\u76c8\u5229\u589e\u957f\u901f\u5ea6\u3002PEG\u6307\u6807\u662fJim Slater\u53d1\u660e\u7684\u4e00\u4e2a\u80a1\u7968\u4f30\u503c\u6307\u6807\uff0c\u662f\u5728\u5e02\u76c8\u7387\u4f30\u503c\u7684\u57fa\u7840\u4e0a\u53d1\u5c55\u8d77\u6765\u7684\uff0c\u5b83\u5f25\u8865\u4e86PE\u5bf9\u4f01\u4e1a\u52a8\u6001\u6210\u957f\u6027\u4f30\u8ba1\u7684\u4e0d\u8db3\u3002<\/p>\n\n\n\n

PEG\u7684\u5224\u5b9a\u901a\u5e38\u4ee51\u4e3a\u754c\u9650\uff0c\u5f53PEG\u9ad8\u4e8e1\u7684\u65f6\u5019\u8ba4\u4e3a\u8be5\u516c\u53f8\u88ab\u9ad8\u4f30\uff0c\u4f4e\u4e8e1\u5374\u5927\u4e8e0\u7684\u65f6\u5019\u88ab\u8ba4\u4e3a\u662f\u4f4e\u4f30\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u8be5\u5224\u65ad\u6807\u51c6\u901a\u5e38\u9002\u7528\u4e8e\u6210\u719f\u884c\u4e1a\uff0c\u5982\u679c\u662f\u65b0\u5174\u79d1\u6280\u4ea7\u4e1a\uff0cPEG\u901a\u5e38\u80fd\u8fbe\u52301.5\u52302\u3002<\/p>\n\n\n\n

\u540c\u6837\u4ee5\u660e\u9633\u667a\u80fd\u4e3a\u4f8b\uff0c\u6839\u636e2022\u5e74\u7684\u5229\u6da6\u589e\u957f\u7387\u4e3a20.07\uff0c\u540c\u65f62022\u5e746\u670820\u65e5\u7684PE\u4e3a15.87\uff0c\u56e0\u6b64\u53ef\u4ee5\u5f97\u51fa\u5176PEG\u4e3a0.79\uff0c\u5c0f\u4e8e1\u3002<\/p>\n\n\n\n

\u56fe\u8868 \u660e\u9633\u667a\u80fd\u76c8\u5229\u9884\u6d4b<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u8d44\u6599\u6765\u6e90\uff1a\u8d44\u4ea7\u4fe1\u606f\u7f51 \u5343\u9645\u6295\u884c Wind<\/p>\n\n\n\n

\u5c3d\u7ba1\u5bf9\u6bd4\u5176\u5386\u53f2PEG\u6709\u660e\u663e\u5347\u9ad8\uff0c\u660e\u9633\u667a\u80fd\u5f53\u524dPEG\u4ecd\u7136\u663e\u8457\u4f4e\u4e8e1\uff0c\u56e0\u6b64\u53ef\u4ee5\u8ba4\u4e3a\u660e\u9633\u667a\u80fd\u5f53\u524d\u88ab\u4f4e\u4f30\uff0c\u8be5\u4f30\u503c\u6cd5\u548cPE\u4f30\u503c\u6cd5\u5f97\u51fa\u4e86\u76f8\u540c\u7684\u7ed3\u8bba\u3002<\/p>\n\n\n\n

2.3 \u5e02\u51c0\u7387\u4f30\u503c\u6cd5<\/strong><\/p>\n\n\n\n

\u5e02\u51c0\u7387\uff08Price-to-Book Ratio\uff0c\u7b80\u79f0P\/B, PBR\uff09\u6307\u7684\u662f\u6bcf\u80a1\u80a1\u4ef7\u4e0e\u6bcf\u80a1\u51c0\u8d44\u4ea7\u7684\u6bd4\u7387\u3002\u5e02\u51c0\u7387\u53ef\u7528\u4e8e\u80a1\u7968\u6295\u8d44\u5206\u6790\uff0c\u4e00\u822c\u6765\u8bf4\u5e02\u51c0\u7387\u8f83\u4f4e\u7684\u80a1\u7968\uff0c\u6295\u8d44\u4ef7\u503c\u8f83\u9ad8\uff0c\u76f8\u53cd\uff0c\u5219\u6295\u8d44\u4ef7\u503c\u8f83\u4f4e;\u4f46\u5728\u5224\u65ad\u6295\u8d44\u4ef7\u503c\u65f6\u8fd8\u8981\u8003\u8651\u5f53\u65f6\u7684\u5e02\u573a\u73af\u5883\u4ee5\u53ca\u516c\u53f8\u7ecf\u8425\u60c5\u51b5\u3001\u76c8\u5229\u80fd\u529b\u7b49\u56e0\u7d20\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u5e02\u51c0\u7387\u7279\u522b\u5728\u8bc4\u4f30\u9ad8\u98ce\u9669\u4f01\u4e1a\uff0c\u4f01\u4e1a\u8d44\u4ea7\u5927\u91cf\u4e3a\u5b9e\u7269\u8d44\u4ea7\u7684\u4f01\u4e1a\u65f6\u53d7\u5230\u91cd\u89c6\u3002\u5e02\u51c0\u7387\u7684\u4f30\u503c\u65b9\u6cd5\u548c\u5e02\u76c8\u7387\u4f30\u503c\u65b9\u6cd5\u7c7b\u4f3c\uff0c\u90fd\u9700\u8981\u8003\u8651\u5176\u81ea\u8eab\u5386\u53f2\u5e02\u51c0\u7387\u6c34\u5e73\u4ee5\u53ca\u884c\u4e1a\u603b\u4f53\u5e02\u51c0\u7387\u6c34\u5e73\u3002<\/p>\n\n\n\n

\u56fe\u8868 PB-Bands<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u8d44\u6599\u6765\u6e90\uff1a\u8d44\u4ea7\u4fe1\u606f\u7f51 \u5343\u9645\u6295\u884c iFinD<\/p>\n\n\n\n

\u4ee5\u660e\u9633\u667a\u80fd\u4e3a\u4f8b\uff0c\u6839\u636e\u660e\u9633\u667a\u80fd\u7684PB-Bands\u53ef\u4ee5\u770b\u51faPB\u6ce2\u52a8\u533a\u95f4\u4e3b\u8981\u57282.26\u81f33.31\uff0c\u5f53\u524d\u7684PB\u503c\u4e3a2.7\uff0c\u5904\u4e8e\u5408\u7406\u533a\u95f4\u5185\uff0c\u56e0\u6b64\u6ca1\u6709\u88ab\u9ad8\u4f30\u6216\u8005\u4f4e\u4f30\u3002<\/p>\n\n\n\n

\u540c\u6837\uff0c\u4e0ePE\u4f30\u503c\u6cd5\u7c7b\u4f3c\uff0c\u5728\u540c\u884c\u4e1a\u5185\uff0c\u660e\u9633\u667a\u80fd\u7684PB\u503c\u4f4e\u4e8e\u884c\u4e1a\u4e2d\u503c3.01\uff0c\u867d\u7136\u5dee\u8ddd\u5e76\u4e0d\u7b97\u592a\u5927\uff0c\u4f46\u662f\u5728\u884c\u4e1a\u5185\u4ecd\u88ab\u89c6\u4f5c\u5c0f\u5e45\u4f4e\u4f30\u3002<\/p>\n\n\n\n

\u8868 \u98ce\u7535\u884c\u4e1aPB\u8868<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u56e0\u6b64\u7ed3\u5408\u5386\u53f2\u6bd4\u8f83\u4ee5\u53ca\u884c\u4e1a\u5185\u6bd4\u8f83\uff0c\u53ef\u4ee5\u901a\u8fc7PB\u4f30\u503c\u6cd5\u5f97\u51fa\u660e\u9633\u667a\u80fd\u88ab\u5c0f\u5e45\u4f4e\u4f30\u7684\u4f30\u503c\u7ed3\u8bba\u3002<\/p>\n\n\n\n

2.4 \u5e02\u73b0\u7387\u4f30\u503c\u6cd5<\/strong><\/p>\n\n\n\n

\u5e02\u73b0\u7387\uff08Price Cash Flow Ratio\uff0cPCF\uff09\u662f\u80a1\u7968\u4ef7\u683c\u4e0e\u6bcf\u80a1\u73b0\u91d1\u6d41\u7684\u6bd4\u7387\u3002\u5e02\u73b0\u7387\u53ef\u7528\u4e8e\u8bc4\u4ef7\u80a1\u7968\u7684\u4ef7\u683c\u6c34\u5e73\u548c\u98ce\u9669\u6c34\u5e73\u3002\u5e02\u73b0\u7387\u8d8a\u5c0f\uff0c\u8868\u660e\u4e0a\u5e02\u516c\u53f8\u7684\u6bcf\u80a1\u73b0\u91d1\u589e\u52a0\u989d\u8d8a\u591a\uff0c\u7ecf\u8425\u538b\u529b\u8d8a\u5c0f\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u53e6\u5916\u6ce8\u610f\uff0c\u7531\u4e8e\u516c\u53f8\u5e74\u62a5\u4e2d\u4e00\u822c\u51fa\u73b0\u7684\u90fd\u662f\u6bcf\u80a1\u7ecf\u8425\u6d3b\u52a8\u4ea7\u751f\u73b0\u91d1\u6d41\u91cf\uff0c\u800c\u5ffd\u7565\u4e86\u6295\u8d44\u6d3b\u52a8\u4ea7\u751f\u7684\u73b0\u91d1\u6d41\u91cf\u548c\u7b79\u8d44\u6d3b\u52a8\u4ea7\u751f\u7684\u73b0\u91d1\u6d41\u91cf\uff0c\u56e0\u800c\u5728\u4f7f\u7528\u8fd9\u4e2a\u6307\u6807\u5224\u65ad\u4e00\u4e2a\u516c\u53f8\u7684\u80a1\u4ef7\u662f\u5426\u5177\u6709\u5438\u5f15\u529b\u65f6\uff0c\u66f4\u5e94\u8be5\u7ed3\u5408\u5176\u4ed6\u7684\u4e24\u4e2a\u6307\u6807\u3002\u539f\u56e0\u5728\u4e8e\u7ecf\u8425\u6d3b\u52a8\u4ea7\u751f\u7684\u73b0\u91d1\u6d41\u91cf\u53ea\u53cd\u6620\u4e86\u5176\u7ecf\u8425\u7684\u72b6\u51b5\uff0c\u800c\u6ca1\u6709\u53cd\u6620\u5176\u5728\u5206\u7ea2\u878d\u8d44\u548c\u5bf9\u5916\u5bf9\u5185\u6295\u8d44\u7684\u60c5\u51b5\u3002\u56e0\u6b64\u5e02\u73b0\u7387\u8f83\u96be\u76f4\u63a5\u5b9e\u73b0\u4f30\u503c\u7684\u76ee\u7684\u3002<\/p>\n\n\n\n

\u4ee5\u660e\u9633\u667a\u80fd\u7684PCF-Bands\u4e3a\u4f8b\uff0c\u53ef\u4ee5\u770b\u5230\u660e\u9633\u667a\u80fd\u7684PCF-Bands\u6ce2\u52a8\u8f83\u5927\uff0c\u4e5f\u5c31\u662f\u5176\u73b0\u91d1\u6d41\u7684\u60c5\u51b5\u4e0d\u7a33\u5b9a\uff0c\u65f6\u591a\u65f6\u5c11\u3002\u8fd9\u8ddf\u660e\u9633\u667a\u80fd\u7684\u4e1a\u52a1\u6709\u5173\u3002\u5e76\u4e14PCF\u9010\u6e10\u7a33\u5b9a\uff0c\u4e14\u5728\u5408\u7406\u533a\u95f4\u5185\uff0c\u56e0\u6b64\u6211\u4eec\u8ba4\u4e3a\u660e\u9633\u667a\u80fd\u76ee\u524d\u4ef7\u683c\u5408\u7406\u3002<\/p>\n\n\n\n

\u56fe\u8868 PCF-Bands<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u8d44\u6599\u6765\u6e90\uff1a\u8d44\u4ea7\u4fe1\u606f\u7f51 \u5343\u9645\u6295\u884c iFinD<\/p>\n\n\n\n

2.5 \u5e02\u9500\u7387\u4f30\u503c\u6cd5<\/strong><\/p>\n\n\n\n

\u5e02\u9500\u7387( Price-to-sales\uff0cPS)\uff0c\u5e02\u9500\u7387\u8d8a\u4f4e\uff0c\u8bf4\u660e\u8be5\u516c\u53f8\u80a1\u7968\u7684\u6295\u8d44\u4ef7\u503c\u8d8a\u5927\u3002\u5176\u4f30\u503c\u65b9\u6cd5\u4e0e\u5e02\u76c8\u7387\u548c\u5e02\u51c0\u7387\u76f8\u4f3c\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u5e02\u9500\u7387\u7684\u4f18\u70b9\u4e3b\u8981\u6709\uff1a<\/p>\n\n\n\n

\u4e0d\u4f1a\u51fa\u73b0\u8d1f\u503c\uff0c\u5bf9\u4e8e\u4e8f\u635f\u4f01\u4e1a\u548c\u8d44\u4e0d\u62b5\u503a\u7684\u4f01\u4e1a\uff0c\u4e5f\u53ef\u4ee5\u8ba1\u7b97\u51fa\u4e00\u4e2a\u6709\u610f\u4e49\u7684\u4ef7\u503c\u4e58\u6570\u3002<\/p>\n\n\n\n

\u6bd4\u8f83\u7a33\u5b9a\u3001\u53ef\u9760\uff0c\u96be\u4ee5\u88ab\u64cd\u7eb5\u3002<\/p>\n\n\n\n

\u6536\u5165\u4e58\u6570\u5bf9\u4ef7\u683c\u653f\u7b56\u548c\u4f01\u4e1a\u6218\u7565\u53d8\u5316\u654f\u611f\uff0c\u53ef\u4ee5\u53cd\u6620\u8fd9\u79cd\u53d8\u5316\u7684\u540e\u679c\u3002<\/p>\n\n\n\n

\u5e02\u9500\u7387\u7684\u7f3a\u70b9\u4e3b\u8981\u6709\uff1a<\/p>\n\n\n\n

\u4e0d\u80fd\u53cd\u6620\u6210\u672c\u7684\u53d8\u5316\uff0c\u800c\u6210\u672c\u662f\u5f71\u54cd\u4f01\u4e1a\u73b0\u91d1\u6d41\u91cf\u548c\u4ef7\u503c\u7684\u91cd\u8981\u56e0\u7d20\u4e4b\u4e00\u3002<\/p>\n\n\n\n

\u884c\u4e1a\u7684\u5f71\u54cd\u8f83\u5927\uff0c\u4e0d\u540c\u884c\u4e1a\u7684\u5e02\u9500\u7387\u5bf9\u6bd4\u6ca1\u6709\u610f\u4e49\u3002<\/p>\n\n\n\n

\u4e0a\u5e02\u516c\u53f8\u5173\u8054\u9500\u552e\u8f83\u591a\uff0c\u8be5\u6307\u6807\u4e5f\u4e0d\u80fd\u5254\u9664\u5173\u8054\u9500\u552e\u7684\u5f71\u54cd\u3002<\/p>\n\n\n\n

\u4ee5\u660e\u9633\u667a\u80fd\u4e3a\u4f8b\uff0c\u6839\u636ePS-Bands\u67e5\u770b\u5176\u5386\u53f2\u6c34\u5e73\u53ef\u4ee5\u53d1\u73b0\u5176PS\u4e3b\u8981\u57281.15\u81f31.95\u95f4\u6ce2\u52a8\uff0c\u5f53\u524d\u660e\u9633\u667a\u80fd\u7684PS\u4e3a1.97\uff0c\u56e0\u6b64\u4ec5\u4ece\u5386\u53f2\u6765\u770b\uff0c\u660e\u9633\u667a\u80fd\u5f53\u524d\u4ef7\u683c\u88ab\u7565\u5fae\u9ad8\u4f30\u3002<\/p>\n\n\n\n

\u56fe\u8868 PS-Bands<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u4ece\u884c\u4e1a\u5185\u8fdb\u884c\u6a2a\u5411\u5bf9\u6bd4\uff0c\u53ef\u4ee5\u770b\u51fa\u660e\u9633\u667a\u80fd\u5f53\u524dPS\u8981\u9ad8\u4e8e\u884c\u4e1a\u4e2d\u503c1.37\uff0c\u7136\u800c\u76f8\u6bd4\u8d77PS\u8f83\u9ad8\u7684\u516c\u53f8\uff0c1.97\u5e76\u4e0d\u9ad8\u3002\u56e0\u6b64\u4ece\u884c\u4e1a\u6a2a\u5411\u5bf9\u6bd4\u6765\u770b\u660e\u9633\u667a\u80fd\u540c\u6837\u5904\u4e8e\u7565\u5fae\u9ad8\u4f30\u7684\u4f4d\u7f6e\u3002<\/p>\n\n\n\n

\u8868 \u98ce\u7535\u884c\u4e1aPS\u8868<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u56e0\u6b64\u7efc\u5408\u5386\u53f2\u6c34\u5e73\u548c\u884c\u4e1a\u5e73\u5747\u6c34\u5e73\uff0c\u53ef\u4ee5\u6839\u636ePS\u4f30\u503c\u6cd5\uff0c\u5f97\u51fa\u660e\u9633\u667a\u80fd\u5f53\u524d\u88ab\u7565\u5fae\u9ad8\u4f30\u7684\u7ed3\u8bba\u3002<\/p>\n\n\n\n

2.6 EV\u4f01\u4e1a\u4ef7\u503c\u6cd5<\/strong><\/p>\n\n\n\n

\u4f01\u4e1a\u4ef7\u503c (EV) \u662f\u8861\u91cf\u516c\u53f8\u603b\u4ef7\u503c\u7684\u6307\u6807\uff0c\u901a\u5e38\u7528\u4f5c\u80a1\u7968\u5e02\u503c\u7684\u66f4\u5168\u9762\u66ff\u4ee3\u65b9\u6848\u3002EV\u5728\u5176\u8ba1\u7b97\u4e2d\u5305\u62ec\u516c\u53f8\u7684\u5e02\u503c\uff0c\u8fd8\u5305\u62ec\u77ed\u671f\u548c\u957f\u671f\u503a\u52a1\u4ee5\u53ca\u516c\u53f8\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u4efb\u4f55\u73b0\u91d1\u3002\u4f01\u4e1a\u4ef7\u503c\u662f\u4e00\u79cd\u6d41\u884c\u7684\u6307\u6807\uff0c\u7528\u4e8e\u8bc4\u4f30\u516c\u53f8\u7684\u6f5c\u5728\u6536\u8d2d\u4ef7\u503c\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

MC\uff1a\u5e02\u503c\u3002\u5f53\u524d\u80a1\u4ef7\u4e58\u4ee5\u5df2\u53d1\u884c\u80a1\u7968\u6570\u91cf\u3002<\/p>\n\n\n\n

Total Debt\uff1a\u77ed\u671f\u548c\u957f\u671f\u503a\u52a1\u4e4b\u548c\u3002<\/p>\n\n\n\n

C\uff1a\u73b0\u91d1\u548c\u73b0\u91d1\u7b49\u4ef7\u7269\u3002\u516c\u53f8\u7684\u6d41\u52a8\u8d44\u4ea7\uff0c\u4f46\u53ef\u80fd\u4e0d\u5305\u62ec\u6709\u4ef7\u8bc1\u5238\u3002<\/p>\n\n\n\n

\u5982\u679c\u8981\u6536\u8d2d\u4e00\u5bb6\u516c\u53f8\uff0c\u53ef\u4ee5\u5c06\u4f01\u4e1a\u4ef7\u503c (EV) \u89c6\u4e3a\u7406\u8bba\u6536\u8d2d\u4ef7\u683c\u3002EV \u5728\u51e0\u4e2a\u65b9\u9762\u4e0e\u7b80\u5355\u7684\u5e02\u503c\u663e\u7740\u4e0d\u540c\uff0c\u8bb8\u591a\u4eba\u8ba4\u4e3a\u5b83\u66f4\u51c6\u786e\u5730\u4ee3\u8868\u4e86\u516c\u53f8\u7684\u4ef7\u503c\u3002\u4f8b\u5982\uff0c\u4e00\u5bb6\u516c\u53f8\u7684\u503a\u52a1\u4ef7\u503c\u9700\u8981\u5728\u6536\u8d2d\u4e00\u5bb6\u516c\u53f8\u65f6\u7531\u4e70\u65b9\u507f\u8fd8\u3002\u56e0\u6b64\uff0c\u4f01\u4e1a\u4ef7\u503c\u63d0\u4f9b\u4e86\u66f4\u51c6\u786e\u7684\u6536\u8d2d\u4f30\u503c\uff0c\u56e0\u4e3a\u5b83\u5728\u5176\u4ef7\u503c\u8ba1\u7b97\u4e2d\u5305\u62ec\u4e86\u503a\u52a1\u3002<\/p>\n\n\n\n

\u4ee5\u660e\u9633\u667a\u80fd\u4e3a\u4f8b\u3002\u660e\u9633\u667a\u80fd\u5e02\u503c\u4e3a590.95\u4ebf\uff0c\u603b\u8d1f\u503a\u4e3a3897917.38\uff0c\u73b0\u91d1\u53ca\u7b49\u4ef7\u7269\u4e3a1111200.48\u3002\u56e0\u6b64\u53ef\u4ee5\u5f97\u51fa\u660e\u9633\u667a\u80fd\u7684EV\u4e3a86962169000\uff0c\u9ad8\u4e8e\u5e02\u503c\u3002\u56e0\u6b64\u53ef\u4ee5\u5f97\u51fa\u660e\u9633\u667a\u80fd\u88ab\u4f4e\u4f30\u7684\u7ed3\u8bba\u3002<\/p>\n\n\n\n

2.7 EV\/Sales\u4f30\u503c\u6cd5<\/strong><\/p>\n\n\n\n

\u5e02\u552e\u7387\uff08EV\/Sales\uff09\u5e02\u552e\u7387\u4e3a\u80a1\u7968\u4ef7\u683c\u4e0e\u6bcf\u80a1\u9500\u552e\u6536\u5165\u4e4b\u6bd4\uff0c\u5e02\u552e\u7387\u9ad8\u7684\u80a1\u7968\u76f8\u5bf9\u4ef7\u503c\u8f83\u9ad8\uff0c\u4ee5\u5e02\u552e\u7387\u4e3a\u8bc4\u5206\u4f9d\u636e\uff0c\u7ed9\u4e880\u5230100\u4e4b\u95f4\u7684\u4e00\u4e2a\u8bc4\u5206\uff0c\u5e02\u552e\u7387\u8bc4\u5206\u8d8a\u9ad8\uff0c\u76f8\u5e94\u7684\u80a1\u7968\u4ef7\u503c\u4e5f\u8f83\u9ad8\u3002\u5e02\u552e\u7387\u53ef\u4ee5\u660e\u663e\u53cd\u6620\u51fa\u65b0\u5174\u5e02\u573a\u516c\u53f8\u7684\u6f5c\u5728\u4ef7\u503c\uff0c\u56e0\u4e3a\u5728\u7ade\u4e89\u65e5\u76ca\u6fc0\u70c8\u7684\u73af\u5883\u4e2d\uff0c\u516c\u53f8\u7684\u5e02\u573a\u4efd\u989d\u5728\u51b3\u5b9a\u516c\u53f8\u751f\u5b58\u80fd\u529b\u548c\u76c8\u5229\u6c34\u5e73\u65b9\u9762\u7684\u4f5c\u7528\u8d8a\u6765\u8d8a\u5927\uff0c\u5e02\u552e\u7387\u662f\u8bc4\u4ef7\u516c\u53f8\u80a1\u7968\u4ef7\u503c\u7684\u4e00\u4e2a\u91cd\u8981\u6307\u6807\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u4ee5\u660e\u9633\u667a\u80fd\u53ca\u91d1\u98ce\u79d1\u6280\u4e3a\u4f8b\uff0c\u4e24\u8005\u90fd\u5c5e\u4e8e\u98ce\u7535\u884c\u4e1a\u3002\u91d1\u98ce\u667a\u80fdEV\u4e3a131,137,238,500\uff0c\u5e02\u552e\u7387\u4e3a2.5931\u3002\u660e\u9633\u667a\u80fd\u4f7f\u7528\u4e0a\u9762\u7b97\u51fa\u6765\u7684EV\uff0c\u53ef\u4ee5\u5f97\u51fa\u5176\u5e02\u552e\u7387\u4e3a2.71\u3002\u6839\u636e\u6bd4\u8f83\uff0c\u53ef\u4ee5\u770b\u51fa\u91d1\u98ce\u79d1\u6280\u76f8\u5bf9\u88ab\u4f4e\u4f30\u3002<\/p>\n\n\n\n

2.8 EV\/EBITDA\u4f30\u503c\u6cd5<\/strong><\/p>\n\n\n\n

EV\/EBITDA \u53c8\u79f0\u4f01\u4e1a\u4ef7\u503c\u500d\u6570\uff0c\u662f\u4e00\u79cd\u88ab\u5e7f\u6cdb\u4f7f\u7528\u7684\u516c\u53f8\u4f30\u503c\u6307\u6807\u3002EV\/EBITDA\u548c\u5e02\u76c8\u7387\uff08PE\uff09\u7b49\u76f8\u5bf9\u4f30\u503c\u6cd5\u6307\u6807\u7684\u7528\u6cd5\u4e00\u6837\uff0c\u5176\u500d\u6570\u76f8\u5bf9\u4e8e\u884c\u4e1a\u5e73\u5747\u6c34\u5e73\u6216\u5386\u53f2\u6c34\u5e73\u8f83\u9ad8\u901a\u5e38\u8bf4\u660e\u9ad8\u4f30\uff0c\u8f83\u4f4e\u8bf4\u660e\u4f4e\u4f30\uff0c\u4e0d\u540c\u884c\u4e1a\u6216\u677f\u5757\u6709\u4e0d\u540c\u7684\u4f30\u503c\uff08\u500d\u6570\uff09\u6c34\u5e73\u3002<\/p>\n\n\n\n

\u7a0e\u606f\u6298\u65e7\u53ca\u644a\u9500\u524d\u5229\u6da6\uff0c\u7b80\u79f0EBITDA\uff0c\u662f Earnings Before Interest, Taxes, Depreciation and Amortization\u7684\u7f29\u5199\uff0c\u5373\u672a\u8ba1\u5229\u606f\u3001\u7a0e\u9879\u3001\u6298\u65e7\u53ca\u644a\u9500\u524d\u7684\u5229\u6da6\u3002EBITDA\u88ab\u79c1\u4eba\u8d44\u672c\u516c\u53f8\u5e7f\u6cdb\u4f7f\u7528\uff0c\u7528\u4ee5\u8ba1\u7b97\u516c\u53f8\u7ecf\u8425\u4e1a\u7ee9\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u4ee5\u660e\u9633\u667a\u80fd\u548c\u91d1\u98ce\u79d1\u6280\u4e3a\u4f8b\uff0c\u660e\u9633\u667a\u80fd\u7684EBITDA\u4e3a3,704,245,800.00\uff0c\u91d1\u98ce\u79d1\u6280\u7684EBITDA\u4e3a6564534300\uff0c\u56e0\u6b64\u53ef\u4ee5\u7b97\u51fa\u4e24\u8005\u7684EV\/EBITDA\u5206\u522b\u4e3a23.48\u548c19.98\u3002\u56e0\u6b64\u76f8\u5bf9\u800c\u8a00\u91d1\u98ce\u79d1\u6280\u88ab\u4f4e\u4f30\uff0c\u660e\u9633\u667a\u80fd\u88ab\u9ad8\u4f30\u3002<\/p>\n\n\n\n

2.9 PEV\u4f30\u503c\u6cd5<\/strong><\/p>\n\n\n\n

\u4fdd\u9669\u516c\u53f8\u4e00\u822c\u770b\u4e24\u4e2a\u6307\u6807\uff1aPB\u548cPEV\u3002PEV\u662f\u4e13\u5c5e\u4e8e\u4fdd\u9669\u884c\u4e1a\u7684\u4e00\u4e2a\u4f30\u503c\u6307\u6807\uff0cEV\u662f\u5185\u542b\u4ef7\u503c\u7684\u610f\u601d\uff0c\u662f\u57fa\u4e8e\u4fdd\u9669\u7684\u4e1a\u52a1\u4ef7\u503c\u8ba1\u7b97\u51fa\u6765\u6bcf\u80a1\u4fdd\u9669\u80a1\u7968\u4ef7\u503c\u591a\u5c11\u94b1\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

PEV\u57281\u4ee5\u4e0b\u5bf9\u4e8e\u4fdd\u9669\u884c\u4e1a\u5c31\u662f\u88ab\u4f4e\u4f30\u3002\u4e0d\u540c\u4e8e\u51c0\u503c\uff0c\u5185\u542b\u4ef7\u503c\u662f\u6bcf\u5bb6\u4fdd\u9669\u516c\u53f8\u6839\u636e\u81ea\u5df1\u7684\u7cbe\u7b97\u5047\u8bbe\u6240\u8ba1\u7b97\u51fa\u7684\u7ed3\u679c\uff0c\u56e0\u4e3a\u5176\u8ba1\u7b97\u8003\u8651\u4e86\u516c\u53f8\u6240\u9762\u4e34\u7684\u5404\u79cd\u98ce\u9669\uff0c\u57fa\u4e8e\u516c\u53f8\u6240\u9009\u62e9\u7684\u7cbe\u7b97\u5047\u8bbe\uff0c\u5176\u7ed3\u679c\u4f1a\u6709\u5f88\u5927\u7684\u4e0d\u786e\u5b9a\u6027\u3002<\/p>\n\n\n\n

\u4ee5\u4e2d\u56fd\u5e73\u5b89\u4e3a\u4f8b\uff0c\u4e2d\u56fd\u5e73\u5b89\u7684EV\u662f97966.8\u4ebf\uff0c\u5e02\u503c\u4e3a8432.68\u4ebf\uff0c\u603b\u80a1\u672c\u4e3a182.8\u4ebf\uff0c\u5f53\u524d\u80a1\u4ef7\u4e3a46.13\u5143\uff0c\u56e0\u6b64\u53ef\u5f97PEV\u4e3a0.086\uff0c\u5c0f\u4e8e1\u3002\u6240\u4ee5\u6839\u636ePEV\u4f30\u503c\u6cd5\uff0c\u53ef\u4ee5\u5f97\u51fa\u4e2d\u56fd\u5e73\u5b89\u88ab\u4f4e\u4f30\u3002<\/p>\n\n\n\n

2.10 LTC\/CAC\u4f30\u503c\u6cd5<\/strong><\/p>\n\n\n\n

LTV \u662f\u5ba2\u6237\u7ec8\u8eab\u4ef7\u503c\uff0cCAC \u662f\u5ba2\u6237\u83b7\u53d6\u6210\u672c\uff0c LTV \/ CAC \u4e3a\u4e8c\u8005\u7684\u6bd4\u503c\u3002<\/p>\n\n\n\n

\u5ba2\u6237\u7ec8\u8eab\u4ef7\u503c\uff08LTV\uff1aLife Time Value)\uff1a\u6709\u65f6\u88ab\u79f0\u4e3a\u5ba2\u6237\u5168\u751f\u547d\u5468\u671f\u4ef7\u503c\uff0c\u6307\u7684\u662f\u6bcf\u4e2a\u7528\u6237\uff08\u8d2d\u4e70\u8005\u3001\u4f1a\u5458\u3001\u4f7f\u7528\u8005\uff09\u5728\u672a\u6765\u53ef\u80fd\u4e3a\u8be5\u670d\u52a1\u5e26\u6765\u7684\u6536\u76ca\u603b\u548c\u3002<\/p>\n\n\n\n

\u5ba2\u6237\u83b7\u53d6\u6210\u672c(CAC\uff1aCustomer Acquisition Cost)\uff1a\u662f\u83b7\u5f97\u5355\u4e2a\u5ba2\u6237\u7684\u5e73\u5747\u8d39\u7528\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u5176\u4e2dLT\u4e3a\u7528\u6237\u7684\u5e73\u5747\u751f\u547d\u5468\u671f\uff0cARPU(Average Revenue Per User) \u4e3a\u7528\u6237\u5728\u5e73\u5747\u751f\u547d\u5468\u671f\u4e2d\u7684\u5e73\u5747\u6536\u5165\u3002<\/p>\n\n\n\n

\u8be5\u6307\u6807\u80fd\u591f\u5e2e\u52a9\u5206\u6790\u8fdb\u5165\u5e02\u573a\u6218\u7565\u662f\u5426\u6709\u6548\u3001\u5168\u9762\u4ee5\u53ca\u5e26\u6765\u8fb9\u9645\u6548\u5e94\u3002\u63d0\u4f9b\u4f55\u65f6\u4f55\u5904\u6295\u66f4\u591a\u7684\u94b1\u5230\u9500\u552e\u548c\u8425\u9500\u4e2d\u7684\u53c2\u8003\u3002\u5e94\u8be5\u5728\u9500\u552e\u548c\u8425\u9500\u4e2d\u6295\u5165\u8d44\u91d1\u7684\u6570\u91cf\u4ee5\u53ca\u6700\u76c8\u5229\u7684\u5ba2\u6237\uff0c\u4ea7\u54c1\u4ee5\u53ca\u4e1a\u52a1\u79cd\u7c7b\u3002<\/p>\n\n\n\n

LTC\/CAC\u57283\u5de6\u53f3\u4e3a\u5408\u9002\u3002\u5c0f\u4e8e\u8bf4\u660e\u8f6c\u5316\u4f4e\uff0c\u5927\u4e8e\u8bf4\u660e\u5e02\u573a\u62d3\u5c55\u4fdd\u5b88\uff1b<\/p>\n\n\n\n

LTC\/CAC\uff1e1\u4ee3\u8868\u53d8\u73b0\u80fd\u529b\u4e3a\u6b63\u6bd4\uff0c\u53cd\u4e4b\u5219\u5165\u4e0d\u6577\u51fa\uff0c\u72b6\u6001\u5371\u9669\u3002<\/p>\n\n\n\n

2.11 P\/GMV<\/strong><\/p>\n\n\n\n

GMV\u6307\u6807\u901a\u5e38\u79f0\u4e3a\u7f51\u7ad9\u6210\u4ea4\u91d1\u989d\uff0c\u5c5e\u4e8e\u7535\u5546\u5e73\u53f0\u4f01\u4e1a\u6210\u4ea4\u7c7b\u6307\u6807\uff0c\u4e3b\u8981\u6307\u62cd\u4e0b\u8ba2\u5355\u7684\u603b\u91d1\u989d\uff0c\u5305\u542b\u4ed8\u6b3e\u548c\u672a\u4ed8\u6b3e\u4e24\u90e8\u5206\u3002\u5bf9\u4e8e\u8d44\u672c\u5e02\u573a\u800c\u8a00\uff0c\u7535\u5546\u5e73\u53f0\u4f01\u4e1a\u7684\u5feb\u901f\u589e\u957f\u8fdc\u6bd4\u77ed\u671f\u7684\u5229\u6da6\u66f4\u52a0\u91cd\u8981\uff0cGMV\u6b63\u662f\u8861\u91cf\u7535\u5546\u4f01\u4e1a\u589e\u901f\u7684\u6700\u6838\u5fc3\u6307\u6807\u3002<\/p>\n\n\n\n

P\/GMV\u8861\u91cf\u7684\u662f\u5e02\u503c\u6bd4\u4ea4\u6613\u6d41\u6c34\uff0c\u8d8a\u5c0f\u8bf4\u660e\u5176\u8d8a\u503c\u5f97\u8d2d\u4e70\u3002<\/p>\n\n\n\n

\u4eac\u4e1c2021\u5e74\u5168\u5e74GMV\u4e3a8156\u4ebf\u5143\uff0c\u800c\u5f53\u524d\u5e02\u503c\u4e3a1019\u4ebf\u7f8e\u5143\uff0c\u91c7\u7528\u7f8e\u5143\u5151\u4eba\u6c11\u5e016.6965\uff0c\u53ef\u5f97\u5176\u5e02\u503c\u4e3a6823.7335\u4ebf\u4eba\u6c11\u5e01\u3002\u56e0\u6b64\u5176P\/GMV\u4e3a15.8323\u3002P\/GMV\u4e3a0.8357\u3002<\/p>\n\n\n\n

\u6dd8\u5b9d\u548c\u5929\u732b2021\u5e74\u7684GMV\u4e3a8.11\u4e07\u4ebf\u5143\uff0c\u603b\u5e02\u503c\u4e3a2771.64\u4ebf\u7f8e\u5143\uff0c\u4e5f\u5c31\u662f18560.29\u4ebf\u4eba\u6c11\u5e01\u3002P\/GMV\u4e3a0.2289\u3002<\/p>\n\n\n\n

\u56e0\u6b64\u76f8\u6bd4\u8d77\u6765\uff0c\u963f\u91cc\u7cfb\u7684\u88ab\u4f4e\u4f30\uff0c\u4eac\u4e1c\u88ab\u9ad8\u4f30\u3002<\/p>\n\n\n\n

\u7b2c\u4e09\u7ae0 \u7edd\u5bf9\u4f30\u503c\u6cd5<\/strong><\/p>\n\n\n\n

3.1 RNAV\u4f30\u503c\u6cd5<\/strong><\/p>\n\n\n\n

RNAV\uff08Revaluated Net Assets Value\uff0c\u91cd\u4f30\u51c0\u8d44\u4ea7\uff09\u4f30\u503c\u6cd5\u9002\u7528\u4e8e\u623f\u5730\u4ea7\u4f01\u4e1a\u6216\u6709\u5927\u91cf\u81ea\u6709\u7269\u4e1a\u7684\u516c\u53f8\u3002\u5176\u610f\u4e49\u4e3a\u516c\u53f8\u73b0\u6709\u7269\u4e1a\u6309\u5e02\u573a\u4ef7\u51fa\u552e\u5e94\u503c\u591a\u5c11\u94b1\uff0c\u5982\u679c\u4e70\u4e0b\u516c\u53f8\u6240\u82b1\u7684\u94b1\u5c11\u4e8e\u516c\u53f8\u6309\u5e02\u573a\u4ef7\u51fa\u5356\u81ea\u6709\u7269\u4e1a\u6536\u5230\u94b1\uff0c\u90a3\u4e48\u8868\u660e\u8be5\u516c\u53f8\u80a1\u7968\u5728\u4e8c\u7ea7\u5e02\u573a\u88ab\u4f4e\u4f30\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u7269\u4e1a\u9762\u79ef\uff0c\u5747\u4ef7\u548c\u51c0\u8d1f\u503a\u90fd\u662f\u5f71\u54cdRNAV\u503c\u7684\u91cd\u8981\u53c2\u6570\u3002\u8f83\u9ad8\u7684\u8d44\u4ea7\u8d1f\u503a\u7387\uff08\u8fc7\u591a\u7684\u957f\u77ed\u671f\u501f\u6b3e\u8d1f\u503a\uff09\/\u8f83\u5927\u7684\u80a1\u672c\u90fd\u5c06\u964d\u4f4eRNAV\u503c\u3002\u5bf9\u516c\u53f8\u5404\u5757\u8d44\u4ea7\u5206\u522b\u8fdb\u884c\u5e02\u573a\u5316\u7684\u4ef7\u503c\u5206\u6790\uff0c\u4ece\u8d44\u4ea7\u4ef7\u503c\u89d2\u5ea6\u91cd\u65b0\u89e3\u8bfb\u516c\u53f8\u5185\u5728\u7684\u957f\u671f\u6295\u8d44\u4ef7\u503c\u3002\u80a1\u4ef7\u76f8\u5bf9\u5176RNAV\uff0c\u5982\u5b58\u5728\u8f83\u5927\u5e45\u5ea6\u7684\u6298\u4ef7\u73b0\u8c61\uff0c\u663e\u793a\u5176\u80a1\u4ef7\u76f8\u5bf9\u516c\u53f8\u771f\u5b9e\u4ef7\u503c\u6709\u660e\u663e\u4f4e\u4f30\u3002<\/p>\n\n\n\n

\u4ee5\u4e07\u79d1A\u4e3a\u4f8b\uff0c\u4e07\u79d1\u4f01\u4e1a\u80a1\u4efd\u6709\u9650\u516c\u53f8\u7684\u4e3b\u8425\u4e1a\u52a1\u4e3a\u623f\u5730\u4ea7\u5f00\u53d1\u548c\u7269\u4e1a\u670d\u52a1\uff1b\u516c\u53f8\u4e3b\u8981\u4ea7\u54c1\u53ca\u670d\u52a1\u4e3a\u623f\u5730\u4ea7\u3001\u7269\u4e1a\u7ba1\u7406\u3001\u6295\u8d44\u54a8\u8be2\u3002\u622a\u6b622022\u5e746\u670820\u65e5\uff0c\u4e07\u79d1A\u603b\u80a1\u672c\u4e3a116.25\u4ebf\u80a1\uff0c\u603b\u8d1f\u503a\u4e3a155,405,966.58\uff0c\u8d27\u5e01\u8d44\u91d1\u4e3a14,178,328.38\uff0c\u7269\u4e1a\u9762\u79ef\u4e3a135966930\u5e73\u65b9\u7c73\uff0c\u5747\u4ef7\u4e3a16405.33\u5143\u6bcf\u5e73\u65b9\u7c73\u3002\u56e0\u6b64\u53ef\u4ee5\u7b97\u51fa\u5176RNAV\u4e3a70.39\u5143\uff0c\u800c\u4e07\u79d1A\u5f53\u524d\u80a1\u4ef7\u4e3a18.58\uff0c\u5b58\u5728\u5927\u5e45\u6298\u4ef7\uff0c\u56e0\u6b64\u4e07\u79d1A\u80a1\u7968\u5b58\u5728\u88ab\u4f4e\u4f30\u7684\u60c5\u51b5\u3002<\/p>\n\n\n\n

3.2 NAV\u4f30\u503c\u6cd5<\/strong><\/p>\n\n\n\n

\u51c0\u8d44\u4ea7\u4ef7\u503c\uff08Net Asset Value\uff0cNAV\uff09\u603b\u8d44\u4ea7\u51cf\u53bb\u603b\u8d1f\u503a\u5373\u662f”\u8d44\u4ea7\u51c0\u503c”\u3002\u8d44\u4ea7\u51c0\u503c\u901a\u5e38\u6309\u8d44\u4ea7\u53ca\u8d1f\u503a\u7684\u5e10\u9762\u503c\u8ba1\u7b97\u5f97\u51fa\u3002\u5c31\u57fa\u91d1\u800c\u8a00\uff0c\u8d44\u4ea7\u51c0\u503c\u4ee3\u8868\u5171\u540c\u57fa\u91d1\u7684\u5b9e\u9645\u4ef7\u503c\uff0c\u7b49\u4e8e\u57fa\u91d1\u6240\u62e5\u6709\u7684\u8d44\u4ea7\u603b\u503c\u51cf\u53bb\u6240\u6709\u7684\u8d1f\u503a(\u5305\u62ec\u5e94\u5206\u644a\u7684\u5f00\u9500\u6210\u672c)\u3002<\/p>\n\n\n\n

NAV\u4f30\u503c\u6cd5\u7684\u4f18\u52bf\u5728\u4e8e\u5b83\u4e3a\u4f01\u4e1a\u4ef7\u503c\u8bbe\u5b9a\u4e86\u4e00\u4e2a\u4f30\u503c\u5e95\u7ebf\uff0c\u5bf9\u5185\u5730\u5f88\u591a”\u5730\u4ea7\u9879\u76ee\u516c\u53f8”\u5c24\u4e3a\u9002\u7528\u3002\u800c\u4e14NAV\u4f30\u503c\u8003\u8651\u4e86\u9884\u671f\u4ef7\u683c\u7684\u53d8\u5316\u3001\u5f00\u53d1\u901f\u5ea6\u548c\u6295\u8d44\u4eba\u56de\u62a5\u7387\u7b49\u56e0\u7d20\uff0c\u76f8\u5bf9\u4e8e\u7b80\u5355\u7684\u5e02\u76c8\u7387\u6bd4\u8f83\u66f4\u52a0\u7cbe\u786e\u3002\u4f46NAV\u4f30\u503c\u4e5f\u6709\u660e\u663e\u7684\u7f3a\u70b9\uff0c\u5176\u5ea6\u91cf\u7684\u662f\u4f01\u4e1a\u5f53\u524d\u6709\u5f62\u8d44\u4ea7\u7684\u4ef7\u503c\uff0c\u800c\u4e0d\u8003\u8651\u54c1\u724c\u3001\u7ba1\u7406\u80fd\u529b\u548c\u7ecf\u8425\u6a21\u5f0f\u7684\u5dee\u5f02\u3002<\/p>\n\n\n\n

NAV\u4f30\u503c\u7684\u76db\u884c\u63a8\u52a8\u4e86\u5730\u4ea7\u4f01\u4e1a\u5bf9\u8d44\u4ea7\uff08\u571f\u5730\u50a8\u5907\uff09\u7684\u8fc7\u5206\u5d07\u62dc\u3002\u5728NAV\u5f15\u9886\u4e0b\uff0c\u5f88\u591a\u5730\u4ea7\u4f01\u4e1a\u90fd\u53c2\u4e0e\u5230\u4e86\u8fd9\u573a\u571f\u5730\u50a8\u5907\u7684\u7ade\u8d5b\u4e2d\u6765\u3002\u5730\u4ea7\u4f01\u4e1a\u5f62\u6210\u4e86NAV”\u5d07\u62dc”\u4e0b\u7684\u65b0\u751f\u5b58\u6a21\u5f0f\uff1a\u50a8\u5907\u571f\u5730–\u505a\u5927\u5e02\u503c–\u878d\u8d44–\u518d\u50a8\u5907\u571f\u5730\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u4ee5\u4e07\u79d1A\u4e3a\u4f8b\uff0c\u4e07\u79d1A\u7684\u603b\u8d44\u4ea7\u4e3a194,736,937.55\uff0c\u603b\u8d1f\u503a\u4e3a155,405,966.58\uff0c\u603b\u80a1\u672c\u4e3a116.25\u4ebf\u80a1\u4efd\u3002\u7531\u6b64\u53ef\u5f97\u5176NAV\u4e3a33.83\u5143\uff0c\u9ad8\u4e8e\u5176\u5f53\u524d\u80a1\u4ef718.58\u3002\u56e0\u6b64\u5b58\u5728\u88ab\u4f4e\u4f30\u7684\u60c5\u51b5\u3002<\/p>\n\n\n\n

3.3 DDM\u4f30\u503c\u6cd5<\/strong><\/p>\n\n\n\n

\u80a1\u5229\u8d34\u73b0\u6a21\u578b\uff08Dividend Discount Model, DDM\uff09\u662f\u5176\u4e2d\u4e00\u79cd\u6700\u57fa\u672c\u7684\u80a1\u7968\u5185\u5728\u4ef7\u503c\u8bc4\u4ef7\u6a21\u578b\u3002\u5a01\u5ec9\u59c6\u65af\uff08Williams\uff09\u548c\u6208\u767b\uff08Gordon\uff091938\u5e74\u63d0\u51fa\u4e86\u516c\u53f8\uff08\u80a1\u7968\uff09\u4ef7\u503c\u8bc4\u4f30\u7684\u80a1\u5229\u8d34\u73b0\u6a21\u578b\uff08DDM\uff09\uff0c\u4e3a\u5b9a\u91cf\u5206\u6790\u865a\u62df\u8d44\u672c\u3001\u8d44\u4ea7\u548c\u516c\u53f8\u4ef7\u503c\u5960\u5b9a\u4e86\u7406\u8bba\u57fa\u7840\uff0c\u4e5f\u4e3a\u8bc1\u5238\u6295\u8d44\u7684\u57fa\u672c\u5206\u6790\u63d0\u4f9b\u4e86\u5f3a\u6709\u529b\u7684\u7406\u8bba\u6839\u636e\u3002<\/p>\n\n\n\n

\u5185\u5728\u4ef7\u503c\u662f\u6307\u80a1\u7968\u672c\u8eab\u5e94\u8be5\u5177\u6709\u7684\u4ef7\u503c\uff0c\u800c\u4e0d\u662f\u5b83\u7684\u5e02\u573a\u4ef7\u683c\u3002\u80a1\u7968\u5185\u5728\u4ef7\u503c\u53ef\u4ee5\u7528\u80a1\u7968\u6bcf\u5e74\u80a1\u5229\u6536\u5165\u7684\u73b0\u503c\u4e4b\u548c\u6765\u8bc4\u4ef7\uff1b\u80a1\u5229\u662f\u53d1\u884c\u80a1\u7968\u7684\u80a1\u4efd\u516c\u53f8\u7ed9\u4e88\u80a1\u4e1c\u7684\u56de\u62a5\uff0c\u6309\u80a1\u4e1c\u7684\u6301\u80a1\u6bd4\u4f8b\u8fdb\u884c\u5229\u6da6\u5206\u914d\uff0c\u6bcf\u4e00\u80a1\u80a1\u7968\u6240\u5206\u5f97\u7684\u5229\u6da6\u5c31\u662f\u6bcf\u80a1\u80a1\u7968\u7684\u80a1\u5229\u3002\u8fd9\u79cd\u8bc4\u4ef7\u65b9\u6cd5\u7684\u6839\u636e\u662f\uff0c\u5982\u679c\u4f60\u6c38\u8fdc\u6301\u6709\u8fd9\u4e2a\u80a1\u7968\uff08\u6bd4\u5982\u4f60\u662f\u8fd9\u4e2a\u516c\u53f8\u7684\u8001\u677f\uff0c\u81ea\u7136\u8981\u59cb\u7ec8\u6301\u6709\u516c\u53f8\u7684\u80a1\u7968\uff09\uff0c\u90a3\u4e48\u4f60\u9010\u5e74\u4ece\u516c\u53f8\u83b7\u5f97\u7684\u80a1\u5229\u7684\u8d34\u73b0\u503c\u5c31\u662f\u8fd9\u4e2a\u80a1\u7968\u7684\u4ef7\u503c\u3002\u6839\u636e\u8fd9\u4e2a\u601d\u60f3\u6765\u8bc4\u4ef7\u80a1\u7968\u7684\u65b9\u6cd5\u79f0\u4e3a\u80a1\u5229\u8d34\u73b0\u6a21\u578b\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u5176\u4e2dD1\u4e3a\u4e0b\u4e00\u671f\u7684\u5206\u7ea2\uff0ck\u4e3a\u8d44\u672c\u8981\u6c42\u56de\u62a5\u7387\uff0c\u901a\u5e38\u7528CAPM\u66ff\u4ee3\uff0cg\u4e3agrowth rate\uff0c\u4e5f\u5c31\u662f\u80a1\u606f\u589e\u957f\u7387\u3002<\/p>\n\n\n\n

\u4ee5\u5174\u4e1a\u94f6\u884c\u4e3a\u4f8b\uff0c\u6839\u636e\u5176\u5bf9\u4e0a\u8bc1\u6307\u6570\u768460\u4e2a\u6708\u8c03\u6574beta\u4e3a0.86\u3002\u6839\u636e\u6caa\u6df110\u5e74\u7684\u5e73\u5747\u6536\u76ca\u7387\u7b97\u51fa\u5e73\u5747\u5e02\u573a\u6536\u76ca\u7387\u4e3a10.81%\uff0c\u540c\u65f6\u91c7\u752810\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u4f5c\u4e3a\u65e0\u98ce\u9669\u6536\u76ca\u7387\uff0c\u53ef\u4ee5\u5f97\u5230rf\u4e3a0.031\u56e0\u6b64\u53ef\u4ee5\u6839\u636eCAPM\u6a21\u578b\u8ba1\u7b97\u51fa\u5176\u8981\u6c42\u56de\u62a5\u7387\uff08k\uff09\u4e3a9.73%\u3002<\/p>\n\n\n\n

\u540c\u65f6\u5174\u4e1a\u94f6\u884c2021\u5e74\u7684ROE\u4e3a0.1209\uff0c\u8d44\u672c\u5b58\u7ba1\u7387\uff08Plowback Rate\uff09\u4e3a0.7399\uff0c2021\u5e74\u9884\u8ba1\u6bcf\u80a1\u6536\u76ca\u4e3a4.51\u5143\uff0c\u56e0\u6b64\u6839\u636e\u516c\u5f0f\u53ef\u5f97D1\u4e3a1.278\u5143\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u6839\u636eDDM\u589e\u957f\uff0c\u53ef\u4ee5\u5f97\u51fa\u5176\u4ef7\u683c\u4e3a162.76\uff0c\u8981\u8fdc\u8d85\u5f53\u524d\u4ef7\u683c\u3002\u7531\u4e8e\u5728\u4f30\u8ba1\u7684\u65f6\u5019\u8003\u8651\u4e86\u8f83\u9ad8\u7684\u589e\u957f\u7387\uff0c\u56e0\u6b64\u5728\u5b9e\u9645\u4e2d\u53ef\u80fd\u4ef7\u683c\u5e76\u6ca1\u8fd9\u4e48\u9ad8\uff0c\u4f46\u662f\u4ecd\u7136\u8bf4\u660e\u4e86\u5f53\u524d\u5174\u4e1a\u94f6\u884c\u7684\u80a1\u7968\u88ab\u4f4e\u4f30\u3002<\/p>\n\n\n\n

3.4 DCF\u73b0\u91d1\u6d41\u6298\u73b0\u6cd5<\/strong><\/p>\n\n\n\n

\u73b0\u91d1\u6d41\u8d34\u73b0\u6a21\u578b\u662f\u901a\u8fc7\u9884\u6d4b\u672a\u6765\u7684\u73b0\u91d1\u6d41\u91cf\uff0c\u6765\u8fdb\u884c\u4f30\u503c\u3002DCF\u4f30\u503c\u6cd5\u9002\u7528\u4e8e\uff1a\u90a3\u4e9b\u80a1\u5229\u4e0d\u7a33\u5b9a\uff0c\u4f46\u73b0\u91d1\u6d41\u589e\u957f\u76f8\u5bf9\u7a33\u5b9a\u7684\u516c\u53f8\u3002\u90a3\u4e9b\u73b0\u91d1\u6d41\u80fd\u8f83\u597d\u53cd\u6620\u516c\u53f8\u76c8\u5229\u80fd\u529b\u7684\u516c\u53f8\u3002<\/p>\n\n\n\n

\u73b0\u91d1\u6d41\u91cf\u8d34\u73b0\u6cd5\u5c31\u662f\u628a\u4f01\u4e1a\u672a\u6765\u7279\u5b9a\u671f\u95f4\u5185\u7684\u9884\u671f\u73b0\u91d1\u6d41\u91cf\u8fd8\u539f\u4e3a\u5f53\u524d\u73b0\u503c\u3002\u7531\u4e8e\u4f01\u4e1a\u4ef7\u503c\u7684\u8861\u91cf\u6807\u51c6\u8fd8\u662f\u5b83\u672a\u6765\u76c8\u5229\u7684\u80fd\u529b\uff0c\u53ea\u6709\u5f53\u4f01\u4e1a\u5177\u5907\u8fd9\u79cd\u80fd\u529b\uff0c\u5b83\u7684\u4ef7\u503c\u624d\u4f1a\u88ab\u5e02\u573a\u8ba4\u540c\uff0c\u56e0\u6b64\u7406\u8bba\u754c\u901a\u5e38\u628a\u73b0\u91d1\u6d41\u91cf\u8d34\u73b0\u6cd5\u4f5c\u4e3a\u4f01\u4e1a\u4ef7\u503c\u8bc4\u4f30\u7684\u9996\u9009\u65b9\u6cd5\uff0c\u5728\u8bc4\u4f30\u5b9e\u8df5\u4e2d\u4e5f\u5f97\u5230\u4e86\u5927\u91cf\u7684\u5e94\u7528\uff0c\u5e76\u4e14\u5df2\u7ecf\u65e5\u8d8b\u5b8c\u5584\u548c\u6210\u719f\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u5176\u4e2dFCFEi\u4ee3\u8868\u7b2ci\u671f\u7684\u80a1\u6743\u81ea\u7531\u73b0\u91d1\u6d41\uff0cWACC\u4e3a\u6298\u73b0\u7387\u3002WACC\u516c\u5f0f\u4e2d\u7684E\u4e3a\u80a1\u672c\u4ef7\u503c\uff0cre\u4e3a\u8d44\u672c\u8981\u6c42\u6536\u76ca\u7387\uff0cD\u4e3a\u8d1f\u503a\u4ef7\u503c\uff0cV=E+D\uff0crd\u4e3a\u503a\u52a1\u6210\u672c\uff0cT\u4e3a\u7a0e\u7387\u3002\u4e0eDDM\u6a21\u578b\u4e00\u6837\uff0c\u53ef\u4ee5\u5047\u8bbe\u5176\u81ea\u7531\u73b0\u91d1\u6d41\u7684\u589e\u957f\u5b58\u5728\u56fa\u5b9a\u589e\u957f\u7387g\uff0c\u4ece\u800c\u5f97\u5230\u7c7b\u4f3c\u7684\u516c\u5f0f\uff1a<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u4ee5\u683c\u529b\u7535\u5668\u4e3a\u4f8b\uff0c2022\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6bcf\u80a1\u81ea\u7531\u73b0\u91d1\u6d41\u4e3a0.6991\uff0c\u8d44\u4ea7\u4e3a31,959,818.38\uff0c\u8d1f\u503a\u4e3a21,167,273.26\uff0c\u6240\u6709\u8005\u6743\u76ca\u4e3a10,792,545.12\u3002\u9488\u5bf9\u6caa\u6df1300\u7684\u8c03\u6574beta\u4e3a0.8533\uff0crd\u4e3a0.026\uff0cT\u4e3a0.1482\u3002<\/p>\n\n\n\n

\u6839\u636e\u6caa\u6df110\u5e74\u7684\u5e73\u5747\u6536\u76ca\u7387\u7b97\u51fa\u5e73\u5747\u5e02\u573a\u6536\u76ca\u7387\u4e3a10.81%\uff0c\u540c\u65f6\u91c7\u752810\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u4f5c\u4e3a\u65e0\u98ce\u9669\u6536\u76ca\u7387\uff0c\u53ef\u4ee5\u5f97\u5230rf\u4e3a0.031\u56e0\u6b64\u53ef\u4ee5\u6839\u636eCAPM\u6a21\u578b\u8ba1\u7b97\u51fa\u5176\u8981\u6c42\u56de\u62a5\u7387\u4e3a9.68%\u3002\u4ece\u800c\u5f97\u5230\u5176WACC\u4e3a0.06\u3002<\/p>\n\n\n\n

\u6839\u636e\u7b2c\u4e00\u5b63\u5ea6\u7684\u6bcf\u80a1\u81ea\u7531\u73b0\u91d1\u6d41\u5047\u8bbe\u5168\u5e74\u81ea\u7531\u73b0\u91d1\u6d41\u4e3a2.4\u3002\u540c\u65f6\u56e0\u4e3a\u683c\u529b\u662f\u6210\u719f\u4f01\u4e1a\uff0c\u4e14\u8fc7\u53bb\u81ea\u7531\u73b0\u91d1\u6d41\u5b58\u5728\u6ce2\u52a8\u4f46\u5747\u503c\u672a\u53d1\u751f\u8f83\u5927\u53d8\u5316\uff0c\u56e0\u6b64\u5047\u8bbeg\u4e3a0\u3002\u53ef\u4ee5\u5f97\u5230\u5176\u4ef7\u683c\u4e3a40\u5143\uff0c\u9ad8\u4e8e\u5f53\u524d33.29\u5143\u3002\u56e0\u6b64\u5f53\u524d\u4ef7\u683c\u88ab\u4f4e\u4f30\u3002<\/p>\n\n\n\n

3.5 \u65e0\u6760\u6746\u81ea\u7531\u73b0\u91d1\u6d41\u6298\u73b0\u6a21\u578b<\/strong><\/p>\n\n\n\n

\u65e0\u6760\u6746\u81ea\u7531\u73b0\u91d1\u6d41\uff08Unlevered Free Cash Flow\uff09\u7684\u5b9a\u4e49\u662f\u5728\u8003\u8651\u6ee1\u8db3\u8425\u8fd0\u8d44\u672c\u548c\u8d44\u672c\u5f00\u652f\u7684\u9700\u8981\u5e76\u652f\u4ed8\u8d22\u52a1\u8d39\u7528\u540e\uff0c\u53ef\u4ee5\u7531\u80a1\u4e1c\u81ea\u7531\u652f\u914d\u7684\u90e8\u5206\u81ea\u7531\u73b0\u91d1\u6d41\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u8d44\u672c\u5f00\u652f\u53c8\u79f0\u8d44\u672c\u6027\u652f\u51fa\uff0c\u4e00\u822c\u662f\u6307\u4f01\u4e1a\u8d2d\u7f6e\u56fa\u5b9a\u8d44\u4ea7\u3001\u65e0\u5f62\u8d44\u4ea7\u7684\u652f\u51fa\u4ee5\u53ca\u4e0e\u4e4b\u76f8\u5173\u7684\u8d37\u6b3e\u5229\u606f\u652f\u51fa\u3002\u8fd9\u90e8\u5206\u652f\u51fa\uff0c\u5728\u73b0\u91d1\u6d41\u91cf\u8868\u4e2d\u4f53\u73b0\u5728”\u8d2d\u5efa\u56fa\u5b9a\u8d44\u4ea7\u3001\u65e0\u5f62\u8d44\u4ea7\u548c\u5176\u4ed6\u957f\u671f\u8d44\u4ea7\u6240\u652f\u4ed8\u7684\u73b0\u91d1”\u9879\u76ee\u3002<\/p>\n\n\n\n

\u6839\u636eUFCF\u53ef\u4ee5\u8fdb\u884c\u5982DCF\u65b9\u5f0f\u6298\u73b0\u7b97\u51fa\u73b0\u503c\u3002\u7136\u800c\u5f53UFCF\u4e3a\u8d1f\u503c\u65f6\u4e0d\u9002\u7528\u3002<\/p>\n\n\n\n

\u540c\u6837\u4ee5\u683c\u529b\u7535\u5668\u4e3a\u4f8b\uff0c\u5176EBITDA\u4e3a2,684,565.3\uff0c\u6240\u5f97\u7a0e\u4e3a397,134.39\uff0c\u51c0\u8425\u8fd0\u8d44\u672c\u5f00\u652f\u4e3a2,874,826.68\uff0c\u8d44\u672c\u5f00\u652f\u4e3a572,707.48\uff0c\u6700\u7ec8\u5f97\u5230\u5176UFCF\u4e3a-1,160,103.25\u3002\u7531\u4e8e\u5176UFCF\u4e3a\u8d1f\u503c\uff0c\u56e0\u6b64\u683c\u529b\u7535\u5668\u65e0\u6cd5\u91c7\u7528\u8be5\u65b9\u6cd5\u4f30\u503c\u3002<\/p>\n\n\n\n

3.6 \u7ecf\u6d4e\u589e\u52a0\u503c\u6298\u73b0\u6a21\u578b<\/strong><\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

3.7 \u5b9e\u7269\u671f\u6743\u6cd5<\/strong><\/p>\n\n\n\n

\u5b9e\u7269\u671f\u6743\u662f\u4e00\u79cd\u901a\u8fc7\u671f\u6743\u7684\u4f30\u503c\u65b9\u6cd5\u6765\u5bf9\u5b9e\u7269\u8d44\u4ea7\u8fdb\u884c\u4f30\u503c\u7684\u65b9\u6cd5\u3002\u8fd9\u5b9e\u7269\u5546\u54c1\u81ea\u8eab\uff08\u8d27\u5e01\uff0c\u503a\u5238\uff0c\u8d27\u7269\uff09\u6784\u6210\u4e86\u8be5\u671f\u6743\u7684\u5e95\u5c42\u5b9e\u4f53\u3002\u53c8\u53eb\u80a1\u7968\u671f\u6743\uff08equity option\uff09\u548c\u6307\u6570\u671f\u6743\uff08index option\uff09\u3002\u662f\u7ba1\u7406\u8005\u5bf9\u6240\u62e5\u6709\u5b9e\u7269\u8d44\u4ea7\u8fdb\u884c\u51b3\u7b56\u65f6\u6240\u5177\u6709\u7684\u67d4\u6027\u6295\u8d44\u7b56\u7565\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

3.8 \u8c03\u6574\u73b0\u503c\u6cd5<\/strong><\/p>\n\n\n\n

\u8c03\u6574\u73b0\u503c\u6cd5(APV\u6cd5)\u9996\u5148\u7531\u6885\u8036\u65af(Myers)\u63d0\u51fa\u3002\u5728\u8c03\u6574\u73b0\u503c\u6cd5\u4e0b\uff0c\u9879\u76ee\u7684\u6bcf\u9879\u73b0\u91d1\u6d41\u91cf\u4e3a\u4e24\u90e8\u5206\uff1a\u4e00\u65e0\u6760\u6746\u4f5c\u7528(\u5168\u90e8\u4e3a\u6743\u76ca\u8d44\u672c)\u7684\u8425\u4e1a\u73b0\u91d1\u6d41\u91cf\uff1b\u4e8c\u4e0e\u9879\u76ee\u878d\u8d44\u8054\u7cfb\u7684\u73b0\u91d1\u6d41\u91cf\u3002\u5bf9\u8fd9\u4e24\u90e8\u5206\u8fdb\u884c\u4f30\u4ef7\uff0c\u5f97\u51fa\uff1a<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u5bf9\u73b0\u91d1\u6d41\u91cf\u8fdb\u884c\u5206\u7c7b\u662f\u4e3a\u4e86\u91c7\u53d6\u4e0d\u540c\u7684\u8d34\u73b0\u7387\u3002APV\u6cd5\u9996\u5148\u5047\u8bbe\u9879\u76ee\u5168\u80a1\u6743\u878d\u8d44\uff0c\u7b97\u51fa\u4e00\u4e2a\u57fa\u672c\u73b0\u503c\uff0c\u6839\u636e\u8ba1\u5212\u91c7\u53d6\u7684\u8d22\u52a1\u7b56\u7565\u5f15\u8d77\u7684\u4ef7\u503c\u589e\u51cf\u8fdb\u884c\u8c03\u6574\uff0c\u5f97\u51fa\u6700\u540e\u7684APV\u3002APV\u6cd5\u907f\u514d\u4e86\u5c06\u4e0d\u540c\u6027\u8d28\u7684\u8d44\u672c\u6210\u672c\u52a0\u6743\u5e73\u5747\u53ef\u80fd\u5f15\u8d77\u7684\u8f83\u5927\u8bef\u5dee\uff0c\u5404\u79cd\u4ef7\u503c\u521b\u9020\u4ef7\u503c\u6e05\u6670\u660e\u4e86\u3002<\/p>\n\n\n\n

3.9 \u6885\u7279\u5361\u592b\u4f30\u503c\u6a21\u578b<\/strong><\/p>\n\n\n\n

\u6885\u7279\u5361\u592b\u5b9a\u5f8b\u662f\u4e00\u79cd\u7f51\u7edc\u6280\u672f\u53d1\u5c55\u89c4\u5f8b\uff0c\u6885\u7279\u5361\u592b\u5b9a\u5f8b\u662f3Com\u516c\u53f8\u7684\u521b\u59cb\u4eba\uff0c\u8ba1\u7b97\u673a\u7f51\u7edc\u5148\u9a71\u7f57\u4f2f\u7279\u00b7\u6885\u7279\u5361\u592b\u63d0\u51fa\u7684\u3002\u6885\u7279\u5361\u592b(Metcalfe)\u6cd5\u5219\uff1a\u662f\u6307\u7f51\u7edc\u4ef7\u503c\u4ee5\u7528\u6237\u6570\u91cf\u7684\u5e73\u65b9\u7684\u901f\u5ea6\u589e\u957f\u3002\u7f51\u7edc\u5916\u90e8\u6027\u662f\u6885\u7279\u5361\u592b\u6cd5\u5219\u7684\u672c\u8d28\u3002<\/p>\n\n\n\n

\u6885\u7279\u5361\u592b\u5b9a\u5f8b\u7531\u65b0\u79d1\u6280\u63a8\u5e7f\u7684\u901f\u5ea6\u51b3\u5b9a\uff0c\u6240\u4ee5\u7f51\u7edc\u4e0a\u8054\u7f51\u7684\u8ba1\u7b97\u673a\u8d8a\u591a\uff0c\u6bcf\u53f0\u7535\u8111\u7684\u4ef7\u503c\u5c31\u8d8a\u5927\u3002\u540c\u65f6\u8be5\u4ef7\u503c\u7684\u589e\u957f\u975e\u7ebf\u6027\u3002\u5728\u6700\u521d\u7684\u6885\u7279\u5361\u592b\u6a21\u578b\u4e2d\uff0c\u7f51\u7edc\u7684\u4ef7\u503c\u8ddf\u7f51\u7edc\u7684\u7528\u6237\u5448\u5e73\u65b9\u5173\u7cfb\uff0c\u5f53\u7528\u6237\u6570\u8f83\u5927\u65f6\uff0c\u5176\u7f51\u7edc\u4ef7\u503c\u53ef\u4ee5\u8fd1\u4f3c\u4e3a\uff1a<\/p>\n\n\n\n

\u5176\u4e2dV\u6307\u4ef7\u503c\uff0cK\u6307\u6bcf\u4e2a\u7528\u6237\u6240\u8d21\u732e\u7684\u4ef7\u503c\uff0cN\u662f\u7f51\u7edc\u4e2d\u7684\u4eba\u6570\u3002\u968f\u7740\u7f51\u7edc\u7528\u6237\u5bf9\u6574\u4e2a\u7f51\u7edc\u5e26\u6765\u4ef7\u503c\u7684\u4e0d\u540c\u8fdb\u884c\u7814\u7a76\uff0c\u6885\u7279\u5361\u592b\u6a21\u578b\u901a\u8fc7\u52a0\u5165\u4e86\u9f50\u666e\u592b\u5b9a\u5f8b\uff0c\u884d\u751f\u51fa\u4e86\u65b0\u7684\u4f30\u503c\u51fd\u6570\uff1a<\/p>\n\n\n\n

\u5176\u4e2dV\u4e3a\u4f30\u503c\uff0cK\u4e3a\u4eba\u5747\u4ed8\u8d39\uff0cN\u4e3a\u6708\u5747\u7528\u6237\u6570\u3002<\/p>\n\n\n\n

\u4ee5\u54d4\u54e9\u54d4\u54e9\u516c\u53f8\u4e3a\u4f8b\u3002\u54d4\u54e9\u54d4\u54e9\u662f\u4e00\u4e2a\u5e9e\u5927\u7684\u89c6\u9891\u7f51\u7ad9\uff0c\u5176\u5185\u5bb9\u5305\u62ec\u6e38\u620f\uff0c\u52a8\u6f2b\uff0c\u751f\u6d3b\uff0c\u79d1\u6280\uff0c\u77e5\u8bc6\u7b49\u3002\u6839\u636e\u4fe1\u8fbe\u8bc1\u5238\u7814\u7a76\u62a5\u544a\u663e\u793a\uff0c\u54d4\u54e9\u54d4\u54e9\u57282022\u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u6708\u6d3b\u8dc3\u4eba\u6570\u4e3a2.94\u4ebf\u4eba\uff0c\u5e73\u5747\u6708\u4ed8\u8d39\u4eba\u6570\u4e3a0.27\u4ebf\u3002<\/p>\n\n\n\n

\u6839\u636e\u54d4\u54e9\u54d4\u54e92021\u5e74\u5e74\u62a5\u6536\u5165\uff0c\u6263\u9664\u6389\u5176\u79fb\u52a8\u6e38\u620f\u4e1a\u52a1\u548c\u7535\u5546\u4e1a\u52a1\uff0c\u4ee3\u5165\u516c\u5f0f\u53ef\u5f97\u5176\u516c\u53f8\u4f30\u503c\u4e3a2234.2\u4ebf\u4eba\u6c11\u5e01\uff0c\u4e5f\u5c31\u662f335.687\u4ebf\u7f8e\u5143\uff0c\u660e\u663e\u9ad8\u4e8e\u5176\u5e02\u503c102.8\u4ebf\u7f8e\u5143\u3002<\/p>\n\n\n\n

3.10 \u4fee\u6b63\u6885\u7279\u5361\u592b\u4f30\u503c<\/strong><\/p>\n\n\n\n

\u7531\u4e8e\u6839\u636e\u9f50\u666e\u592b\u5b9a\u5f8b\u4fee\u6b63\u7684\u6885\u7279\u5361\u592b\u6a21\u578b\u4e3b\u8981\u53c2\u71673com\u516c\u53f8\uff0c\u56e0\u6b64\u6b64\u5904\u6839\u636e\u5f20\u5c0f\u8273\u548c\u6234\u535a\u8bbf\uff082021\uff09\u7684\u8bba\u6587\uff0c\u5bf9\u4e8e\u7f51\u7ad9\u884c\u4e1a\u53ef\u4ee5\u91c7\u7528\u4fee\u6b63\u6885\u7279\u5361\u592b\u6a21\u578b\u4f30\u503c\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u5176\u4e2dV\u4e3a\u4f30\u503c\uff0cK\u4e3a\u4eba\u5747\u8d21\u732e\u6536\u5165\uff0cN\u4e3a\u6708\u5747\u7528\u6237\u6570\uff0cNP\u4e3a\u6708\u5747\u4ed8\u8d39\u7528\u6237\u6570\uff0cMR\u4e3a\u4e3b\u8981\u6536\u5165\uff0c\u4e5f\u5c31\u662fK*N\uff0cM%\u4e3a\u4e3b\u8981\u8425\u4e1a\u6536\u5165\u4ee5\u5916\u7684\u6536\u5165\u6240\u5360\u767e\u5206\u6bd4\u3002\u5176\u4e2d\u4fee\u6b63\u516c\u5f0f\u4e00\u56e0\u4e3aLn(NP)\u4e0d\u6536\u655b\uff0c\u5f53\u7528\u6237\u4eba\u6570\u8fc7\u5927\u65f6\u4ecd\u4f1a\u5b58\u5728\u9ad8\u4f30\u7684\u53ef\u80fd\u6027\uff0c\u56e0\u6b64\u5e38\u7528\u6765\u4f5c\u4e3a\u4f30\u503c\u533a\u95f4\u4e0a\u754c\u3002\u4fee\u6b63\u516c\u5f0f\u4e8c\u7684\u5f80\u5f80\u4f4e\u4f30\u76ee\u6807\u6536\u5165\uff0c\u56e0\u6b64\u4f5c\u4e3a\u4f30\u503c\u4e0b\u754c\u3002<\/p>\n\n\n\n

\u540c\u6837\u4ee5\u54d4\u54e9\u54d4\u54e9\u516c\u53f8\u4e3a\u4f8b\uff0c\u4ee3\u5165\u4e0a\u8ff0\u516c\u5f0f\u53ef\u5f97\u4fee\u6b63\u516c\u5f0f\u4e00\u7684\u4f30\u503c\u4e3a1960.67\u4ebf\u4eba\u6c11\u5e01\uff0c\u4e5f\u5c31\u662f294.58\u4ebf\u7f8e\u5143\u3002\u4fee\u6b63\u516c\u5f0f\u4e8c\u7684\u4f30\u503c\u4e3a822.088\u4ebf\u4eba\u6c11\u5e01\uff0c\u4e5f\u5c31\u662f123.51\u4ebf\u7f8e\u5143\u3002\u56e0\u6b64\u53ef\u4ee5\u6784\u5efa\u4f30\u503c\u533a\u95f4\uff08\u5355\u4f4d\uff1a\u4ebf\u7f8e\u5143\uff09\uff1a[123.51, 294.58]\uff0c\u800c\u54d4\u54e9\u54d4\u54e9\u7684\u5f53\u524d\u5e02\u503c\u4e3a102.8\u4ebf\u7f8e\u5143\uff0c\u56e0\u6b64\u88ab\u4f4e\u4f30\u3002<\/p>\n\n\n\n

\u7b2c\u56db\u7ae0 \u57fa\u4e8e\u8d44\u4ea7\u4f30\u503c\u6cd5<\/strong><\/p>\n\n\n\n

4.1 \u8d26\u9762\u4ef7\u503c\u6cd5<\/strong><\/p>\n\n\n\n

\u8d26\u9762\u4ef7\u503c\u6cd5\u662f\u4ee5\u8d22\u4ea7\u7684\u8d26\u9762\u4ef7\u503c\u4e3a\u6807\u51c6\u6765\u5bf9\u6e05\u7b97\u8d22\u4ea7\u4f5c\u4ef7\u7684\u4e00\u79cd\u65b9\u6cd5\uff0c\u662f\u5386\u53f2\u4ef7\u503c\u51cf\u53bb\u6298\u65e7\u4ee5\u540e\u7684\u4ef7\u503c\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

4.2 \u6e05\u7b97\u4ef7\u503c\u6cd5<\/strong><\/p>\n\n\n\n

\u6e05\u7b97\u4ef7\u503c\u6cd5\u5c31\u662f\u6839\u636e\u4f01\u4e1a\u76ee\u524d\u6240\u6709\u8d44\u4ea7\u7684\u53d8\u5356\u4ef7\u503c\u6765\u786e\u5b9a\u4f01\u4e1a\u4ef7\u503c\u3002<\/p>\n\n\n\n

4.3 \u6210\u672c\u91cd\u7f6e\u6cd5<\/strong><\/p>\n\n\n\n

\u91cd\u7f6e\u6210\u672c\u6cd5\u4e5f\u79f0\u6210\u672c\u6cd5\uff0c\u662f\u6307\u5728\u8d44\u4ea7\u8bc4\u4f30\u65f6\u6309\u88ab\u8bc4\u4f30\u8d44\u4ea7\u7684\u73b0\u65f6\u91cd\u7f6e\u6210\u672c\u6263\u9664\u5176\u5404\u9879\u635f\u8017\u6765\u786e\u5b9a\u88ab\u8bc4\u4f30\u8d44\u4ea7\u4ef7\u503c\u7684\u65b9\u6cd5\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u539f\u6587\uff1a2022 \u5e74\u80a1\u7968\u4f30\u503c\u6cd5\u7814\u7a76\u62a5\u544a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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