鍏矾閫犲児(ji脿)甯€冭│銆婄悊璜栬垏娉曡(gu墨)銆嬮噸瑕佽€冮粸(di菐n)3-3


銆€銆€22銆佽硣鏈祼(ji茅)妲�(g貌u)鏄寚浼佹キ(y猫)鍚勭ó璩囨湰鐨勫児(ji脿)鍊兼(g貌u)鎴愬強鍏舵瘮渚嬨€傚唬缇╃殑璩囨湰绲�(ji茅)妲�(g貌u)鏄寚浼佹キ(y猫)鍏ㄩ儴璩囨湰鍍�(ji脿)鍊肩殑妲�(g貌u)鎴愬強鍏舵瘮渚嬮棞(gu膩n)绯�;鐙圭京鐨勮硣鏈祼(ji茅)妲�(g貌u)鏄寚浼佹キ(y猫)鍚勭ó闀�(zh菐ng)鏈熻硣鏈児(ji脿)鍊肩殑妲�(g貌u)鎴愬強鍏舵瘮渚嬮棞(gu膩n)绯�锛屽挨鍏舵槸鎸囬暦(zh菐ng)鏈熺殑鑲℃瑠(qu谩n)璩囨湰鑸囧偟娆�(qu谩n)璩囨湰鐨勬(g貌u)鎴愬強鍏舵瘮渚嬮棞(gu膩n)绯汇€�
銆€銆€23銆佹渶浣崇殑绫岃硣鏂规鏄寚鏃娇浼佹キ(y猫)閬�(d谩)鍒版渶浣宠硣鏈祼(ji茅)妲�(g貌u)銆佺睂璩囨垚鏈渶浣庯紝鍙堜娇浼佹キ(y猫)鎵€闈㈣嚚鐨勭睂璩囬ⅷ(f膿ng)闅�(xi菐n)鏈€灏忕殑绫岃硣鏂规銆傚垎鏋愭柟娉曪細姣忚偂鏀剁泭鍜岃矤(f霉)鍌垫瘮鐜�銆�
銆€銆€24銆佽硣鏈祼(ji茅)妲�(g貌u)鏄惁鍚堢悊锛岄€氬父闇€瑕佸垎鏋愭瘡鑲℃敹鐩婄殑璁婂寲渚嗚 閲�銆傝兘鎻愰珮鐨勫氨鍚堢悊锛屽弽涔嬩笉鍚堢悊銆�
銆€銆€姣忚偂鏀剁泭(EPS)鏄敤姣忚偂鏀剁泭鐨勭劇宸垾榛�(di菐n)渚嗛€�(j矛n)琛岀殑銆傚嵆姣忚偂鏀剁泭涓嶅彈铻嶈硣鏂瑰紡褰遍熆鐨勯姺鍞按骞�銆傚湪鐒″樊鍒ラ粸(di菐n)涓�锛屼笉璜栨槸閲囩敤璨�(f霉)鍌佃瀺璩囬倓鏄瑠(qu谩n)鐩婅瀺璩�锛屾瘡鑲℃敹鐩婇兘鏄浉绛夌殑銆侲PS娆�(qu谩n)鐩婅瀺璩�=EPS璨�(f霉)鍌佃瀺璩�
銆€銆€25銆佹瘡鑲℃敹鐩�(EPS)鐨勫叕寮�
銆€銆€EPS=(閵峰敭椤�-璁婂嫊(d貌ng)鎴愭湰-鍥哄畾鎴愭湰-鍌靛嫏(w霉)鍒╂伅)*(1-鎵€寰楃▍鐜�)/娴侀€氬湪澶栫殑鏅€氳偂鑲℃暩(sh霉)
銆€銆€=(鎭▍鍓嶇泩浣� - 鍌靛嫏(w霉)鍒╂伅)*(1-鎵€寰楃▍鐜�)/娴侀€氬湪澶栫殑鏅€氳偂鑲℃暩(sh霉)
銆€銆€26銆佽硣鏈祼(ji茅)妲�(g貌u)鍒嗘瀽瑷�(j矛)绠楃殑姝ラ锛氬厛姹傜劇宸垾榛�(di菐n)锛屽啀姹傛瘡鑲℃敹鐩婏紝鐣�(d膩ng)閵峰敭椤嶉珮浜庣劇宸垾榛�(di菐n)鏅�(sh铆)锛岄噰鐢ㄨ矤(f霉)鍌佃瀺璩�;鍙嶄箣锛岄噰鐢ㄦ瑠(qu谩n)鐩婅瀺璩�銆�
銆€銆€铻嶈硣(鏈夐檺杩芥函)锛氭寚鐐烘敮浠樿秴閬庣従(xi脿n)閲戠殑璩艰波娆捐€岄噰鍙栫殑璨ㄥ梗浜ゆ槗鎵嬫锛屾垨?y脿n)妲裤€夎Y鐢�(ch菐n)鑰岄泦璩囨墍閲囧彇鐨勮波骞f墜娈�銆� 铻嶈硣閫氬父鏄寚璨ㄥ梗璩囬噾鐨勬寔鏈夎€呭拰闇€姹傝€呬箣闁�锛岀洿鎺ユ垨闁撴帴鍦伴€�(j矛n)琛岃硣閲戣瀺閫氱殑娲诲嫊(d貌ng)銆傚唬缇╃殑铻嶈硣鏄寚璩囬噾鍦ㄦ寔鏈夎€呬箣闁撴祦鍕�(d貌ng)浠ヤ綑瑁�(b菙)缂虹殑涓€绋稉(j墨ng)婵�(j矛)琛岀偤閫欐槸璩囬噾闆欏悜浜掑嫊(d貌ng)鐨勯亷绋嬪寘鎷硣閲戠殑铻嶅叆(璩囬噾鐨勪締婧�)鍜岃瀺鍑�(璩囬噾鐨勯亱(y霉n)鐢�)銆傜嫻缇╃殑铻嶈硣鍙寚璩囬噾鐨勮瀺鍏�銆�
銆€銆€27銆佽矤(f霉)鍌垫瘮鐜囧垎鏋�
銆€銆€绫岃硣棰�(f膿ng)闅�(xi菐n)鏄寚鍥犲€熸鑰屽鍔犵殑棰�(f膿ng)闅�(xi菐n)锛屽嵆璩囬噾绫岄泦姹虹瓥鑰岀敘(ch菐n)鐢熺殑棰�(f膿ng)闅�(xi菐n)銆�
銆€銆€浼佹キ(y猫)鑷湁璩囬噾鍒╂饯(r霉n)鐜�=[鎭▍鍓嶅埄娼�(r霉n)鐜�+(鎭▍鍓嶅埄娼�(r霉n)鐜�-鍊熷叆璩囬噾鍒╂伅鐜�)*璨�(f霉)鍌垫瘮渚媇*(1-浼佹キ(y猫)鎵€寰楃▍绋呯巼)=[ij+(ij-i0)*r]*(1-T)
銆€銆€璨�(c谩i)鍕�(w霉)鏉犳】锛氬€熷叆璩囬噾鐨勫奖闊跨ū鐐鸿病(c谩i)鍕�(w霉)鏉犳】銆傚叾鍚京鐐鸿嚜鏈夎硣閲戞敹鐩婄巼闅ㄦ伅鍓嶇▍鍓嶇泩浣欒畩鍕�(d貌ng)鑰岃畩鍕�(d貌ng)鐨勭▼搴�銆�
銆€銆€璨�(c谩i)鍕�(w霉)鏉犳】(DFL)=鑷湁璩囬噾鏀剁泭鐜囪畩鍖栭噺/鎭▍鍓嶇泩浣欑巼璁婂寲閲�=(RCL*/RCL)/(EBIT*/EBIT)
銆€銆€绲�(ji茅)璜栵細
銆€銆€鈶犲湪鎭▍鍓嶇泩浣欑浉鍚岀殑鎯呮硜涓�锛岃矤(f霉)鍌垫瘮渚嬭秺楂�锛岃病(c谩i)鍕�(w霉)鏉犳】绯绘暩(sh霉)瓒婂ぇ锛岀睂璩囬ⅷ(f膿ng)闅�(xi菐n)瓒婂ぇ銆�
銆€?銆佽皩缇濋I(y猫)鏁撮珨璩囬噾鍒╂饯(r霉n)鐜囧ぇ浜庡埄鎭巼锛屼紒妤�(y猫)鐨勮嚜鏈夎硣閲戞敹鐩婄巼涔熷氨瓒婂ぇ銆�
銆€?銆佸⒓璋勯I(y猫)绫岃硣姹虹瓥鏅�(sh铆)锛屽彲閫氶亷鍚堢悊瀹夋帓璩囨湰绲�(ji茅)妲�(g貌u)锛岄仼搴﹁矤(f霉)鍌�锛屼娇璨�(c谩i)鍕�(w霉)鏉犳】鍒╃泭鎶垫秷棰�(f膿ng)闅�(xi菐n)甯朵締鐨勪笉鍒╁奖闊裤€�
銆€銆€28銆佸緸鏍规湰涓婅瑳锛岃病(c谩i)鍕�(w霉)绠$悊鐨勭洰妯�(bi膩o)鍦ㄤ簬杩芥眰鍏徃鍍�(ji脿)鍊肩殑鏈€澶у寲鎴栬偂鍍�(ji脿)鏈€澶у寲銆�
銆€銆€鍙湁鍦ㄩⅷ(f膿ng)闅�(xi菐n)涓嶈畩鐨勬儏娉佷笅锛屾瘡鑲℃敹鐩婂闀�(zh菐ng)鎵嶆渻(hu矛)鐩存帴灏�(d菐o)鑷磋偂鍍�(ji脿)涓婂崌銆傚(sh铆)闅涗笂锛岄毃钁楁瘡鑲℃敹鐩婄殑澧炲姞锛岄ⅷ(f膿ng)闅�(xi菐n)涔熷湪鍔犲ぇ銆傜暥(d膩ng)姣忚偂鏀剁泭鐨勫闀�(zh菐ng)涓嶈冻浠ヨ(b菙)鍎熼ⅷ(f膿ng)闅�(xi菐n)澧炲姞鎵€闇€鐨勫牨(b脿o)閰�锛岀洝绠℃瘡鑲℃敹鐩婂鍔狅紝鑲″児(ji脿)浠嶆渻(hu矛)涓嬮檷銆傛墍浠�锛屽叕鍙哥殑鏈€浣宠硣鏈祼(ji茅)妲�(g貌u)鎳�(y墨ng)鐣�(d膩ng)鏄彲浣垮叕鍙哥附鍍�(ji脿)鍊兼渶楂橈紝鑰屼笉涓€瀹氭槸姣忚偂鏀剁泭鏈€澶х殑璩囨湰绲�(ji茅)妲�(g貌u)銆傚悓鏅�(sh铆)锛屽叕鍙哥附鍍�(ji脿)鍊兼渶澶х殑璩囨湰绲�(ji茅)妲�(g貌u)涓嬶紝鍏徃鐨勮硣閲戞垚鏈篃鏄渶浣庣殑銆�
銆€銆€29銆佺稉(j墨ng)鐕�(y铆ng)棰�(f膿ng)闅�(xi菐n)锛氭寚浼佹キ(y猫)鍥犵稉(j墨ng)鐕�(y铆ng)鍘熷洜鑰屽皫(d菐o)鑷村埄娼�(r霉n)璁婂嫊(d貌ng)鐨勯ⅷ(f膿ng)闅�(xi菐n)銆�
銆€銆€璨�(c谩i)鍕�(w霉)棰�(f膿ng)闅�(xi菐n)锛氭槸鎸囧叏閮ㄨ硣鏈腑鍌靛嫏(w霉)璩囨湰鐜囪畩鍖栧付渚嗙殑棰�(f膿ng)闅�(xi菐n)銆�
銆€銆€30銆侀爡(xi脿ng)鐩瀺璩囨寚鐐洪爡(xi脿ng)鐩姇璩囪€屽(sh铆)琛岀殑璩囬噾绫屾帾琛岀偤銆傚唬缇╀笂鎵€鏈夌殑绫岃硣琛岀偤閮芥槸铻嶈硣;鐙圭京涓婃寚浠ラ爡(xi脿ng)鐩殑璩囩敘(ch菐n)銆佹敹鐩婁綔鎶垫彁鎶间締铻嶈硣銆�
绶ㄨ集鎺ㄨ枽锛�
2013骞村叕璺€犲児(ji脿)甯€冭│鏅�(sh铆)闁�
2013骞村叕璺€犲児(ji脿)甯嫑鐢熺啊(ji菐n)绔�

鏈€鏂拌硣瑷�
- 2016骞村叕璺€犲児(ji脿)甯€婅▓(j矛)鍍�(ji脿)鑸囨帶鍒躲€嬪伐绋嬮€犲児(ji脿)鐨勫畾椤嶈▓(j矛)鍍�(ji脿)鏂规硶鑰冮粸(di菐n)2015-12-15
- 2016骞村叕璺€犲児(ji脿)甯€婃妧琛�(sh霉)鑸囪▓(j矛)閲忋€嬫柦宸ョ祫绻旂附瑷�(sh猫)瑷�(j矛)鐨勭法鍒朵緷鎿�(j霉)鑰冮粸(di菐n)2015-12-14
- 2016骞村叕璺€犲児(ji脿)甯€婃妧琛�(sh霉)鑸囪▓(j矛)閲忋€嬬法鍒舵柦宸ラ€�(j矛n)搴﹁▓(j矛)鍔冪殑渚濇摎(j霉)鍜屾椹熻€冮粸(di菐n)2015-12-14
- 2016骞村叕璺€犲児(ji脿)甯€婃渚嬪垎鏋愩€嬭€冮粸(di菐n)璎涚京鍖附2015-12-14
- 2016骞村叕璺€犲児(ji脿)甯€婃渚嬪垎鏋愩€嬭€冮粸(di菐n)璎涚京缍�(j墨ng)婵�(j矛)娉曞緥闂�(gu膩n)绯�2015-12-14
- 2016骞村叕璺€犲児(ji脿)甯€婃渚嬪垎鏋愩€嬭€冮粸(di菐n)璎涚京璨�(c谩i)鍕�(w霉)鍫�(b脿o)琛ㄧ殑绶ㄥ埗2015-12-14
- 2016骞村叕璺€犲児(ji脿)甯€婄悊璜栬垏娉曡(gu墨)銆嬫柦宸ヤ紒妤�(y猫)缍�(j墨ng)婵�(j矛)鏍哥畻鐨勬柟娉曡€冮粸(di菐n)2015-12-11
- 2016骞村叕璺€犲児(ji脿)甯€婄悊璜栬垏娉曡(gu墨)銆嬫柦宸ヤ紒妤�(y猫)缍�(j墨ng)婵�(j矛)鏍哥畻鐨勫収(n猫i)瀹硅€冮粸(di菐n)2015-12-11
- 2016骞村叕璺€犲児(ji脿)甯€婄悊璜栬垏娉曡(gu墨)銆嬫柦宸ヤ紒妤�(y猫)缍�(j墨ng)婵�(j矛)鏍哥畻鐨勭壒榛�(di菐n)鑰冮粸(di菐n)2015-12-11
- 2016骞村叕璺€犲児(ji脿)甯€婅▓(j矛)鍍�(ji脿)鑸囨帶鍒躲€嬪垎閮ㄥ垎闋�(xi脿ng)宸ョ▼鍠児(ji脿)鐨勭ó椤炶€冮粸(di菐n)2015-12-11