浦发银行投资价值分析报告定稿.docx
- 文档编号:5948129
- 上传时间:2023-01-02
- 格式:DOCX
- 页数:18
- 大小:49.89KB
浦发银行投资价值分析报告定稿.docx
《浦发银行投资价值分析报告定稿.docx》由会员分享,可在线阅读,更多相关《浦发银行投资价值分析报告定稿.docx(18页珍藏版)》请在冰豆网上搜索。
浦发银行投资价值分析报告定稿
浦发银行投资价值分析报告(定稿).txt等待太久得来的东西多半已经不是当初自己想要的了。
一层秋雨一阵凉,一瓣落花一脉香,一样流年自难忘,一把闲愁无处藏。
幸福生活九字经:
有希望,有事干,有人爱。
女人和女人做朋友,要之以绿叶的姿态,同时也要暗藏红花的心机。
娴﹀彂閾惰鎶曡祫浠峰€煎垎鏋愭姤鍛?
瀹氱)
鏈枃鐢眗ichardlee璐$尞
娴﹀彂閾惰鎶曡祫浠峰€煎垎鏋愭姤鍛?
娴﹀彂閾惰鎶曡祫浠峰€煎垎鏋愭姤鍛?
鎶ュ憡鍐呭鎽樿锛?
鎶ュ憡鍐呭鎽樿锛?
涓€銆佹繁鍏ヨ璇嗛摱琛屼笟鐨勬姇璧勪环鍊?
1.鍑€璧勪骇鏀剁泭鐜囬珮閾惰涓氬叿鏈夊緢楂樼殑鍑€璧勪骇鏀剁泭鐜囥€?
009骞村害锛屽湪鎴戝浗涓婂競鍏徃涓噾铻嶄笟鐨勫噣璧勪骇鏀剁泭鐜囨渶楂橈紝鎬讳綋姘村钩杈惧埌6.50%銆?
2.娲剧幇鑳藉姏杈冨己浠?
2009骞寸殑鍒嗛厤棰勬鐪嬶紝閾惰涓氱殑娲剧幇姣斾緥澶х害涓?
45%宸﹀彸锛岄珮浜庡叏鍥戒笂甯傚叕鍙哥殑骞冲潎娲剧幇姘村钩銆?
3.鍏锋湁绋冲畾鐨勬垚闀挎€?
瀹忚缁忔祹鐨勭ǔ瀹氬闀挎槸褰卞搷閾惰涓氬彂灞曞強璧㈠埄鐘跺喌鐨勬渶涓昏鍥犵礌銆傚叓鍗佸勾浠d互鏉ユ垜鍥介摱琛屼笟鍙戝睍闈炲父杩呴€燂紝灏ゅ叾鏄偂浠藉埗鍟嗕笟閾惰甯傚満浠介瓒婃潵瓒婂ぇ锛?
浣撶幇鍑鸿緝楂樼殑鎴愰暱鎬э紝2010骞翠笂甯傞摱琛岀泩鍒╂湁鏈涘闀?
20-30%銆?
璧勬湰甯傚満涓摱琛岃偂鐨勫湴浣嶇敱浜庨摱琛屽叿鏈夋敹鐩婄ǔ瀹氥€?
娲剧幇鑳藉姏寮轰互鍙婄ǔ瀹氬闀跨瓑鐗圭偣锛?
閫氬父閮?
鏄悇鍥借摑绛硅偂浠ュ強鎴愪唤鑲$殑缁勬垚閮ㄥ垎锛?
鍦ㄥ悇鍥界殑璧勬湰甯傚満涓湴浣嶉潪甯搁噸瑕併€?
浠庢垜鍥界殑鎯呭喌鐪嬶紝鏈烘瀯鎶曡祫鑰呭皢鍦ㄥ競鍦轰腑鍗犳嵁瓒婃潵瓒婂ぇ鐨勬瘮渚嬶紝鍦ㄥ叾鎶曡祫缁勫悎涓繀椤婚€夋嫨涓€浜涙祦閫氱洏澶э紝缁忚惀姣旇緝绋冲畾锛屽競鍦哄舰璞¤緝濂界殑鍝佺锛屼互婊¤冻鍏跺缁勫悎璧勪骇鐨勭壒瀹氶渶姹傘€?
浜屻€佹郸鍙戦摱琛屾牳蹇冪珵浜夊姏鍒嗘瀽1.鍐呴儴绠$悊绉戝鍙帶2009骞存郸鍙戣繘涓€姝ュ姞寮轰簡椋庢帶銆傚缓绔嬩簡鍨傜洿绠$悊鐨勫璁$粍缁囦綋绯荤殑锛屾垚绔嬩簡鍚堣閮ㄣ€傚湪鍒?
搴︺€佹祦绋嬨€佷汉鍛樼鐞嗘柟闈㈡巰璧封€滃唴鎺ч鏆粹€?
銆傞鎺х殑鍔犲己浠ュ強瀵逛互寰€涓嶈壇鐨勫姞寮烘竻鏀讹紝浣夸笉鑹巼涓嬮檷鍒?
1.97%銆傚湪涓嶈壇鐜囨湁鎵€涓嬮檷鐨勫悓鏃讹紝浠嶇劧淇濇寔鐫€涓氬唴鏈€涓哄鎱庣殑璁℃彁鏀跨瓥銆傛郸鍙?
浜?
2009骞村皢鍏虫敞绫昏捶娆剧殑璁℃彁鏍囧噯浠庡師鏉ュ氨宸茬粡杈冧负瀹℃厧鐨?
4%杩涗竴姝ユ彁鍗囧埌5%锛?
杩欎娇寰楀叕鍙歌鎻愮殑椋庨櫓鍑嗗杩涗竴姝ュ鍔狅紝鎷ㄥ瑕嗙洊鐜囬珮杈?
142.16%锛屾姉椋庨櫓鑳藉姏杩涗竴姝ュ寮恒€傝祫鏈厖瓒崇巼澧炲姞鑷?
18锛呬互涓?
涓洪槻鑼冨浗闄呯粡娴庨噾铻嶉闄╂墦涓嬩簡鍧氬疄鐨勫熀纭€銆?
锛屽憜甯愬噯澶囦綑棰濊揪105.7浜匡紝涓嶈壇璐锋瑕嗙洊鐜?
142.07锛咃紝杩滈珮浜庡悓涓氭按骞炽€?
2.鎻愪緵涓€绔欏紡鐨勬暣浣撲骇鍝佹湇鍔″拰瑙e喅鏂规鍏徃閲戣瀺涓氬姟锛氬叕鍙镐互瀹㈡埛涓轰腑蹇冨姞澶ч噾铻嶅垱鏂板姏搴︼紝鎺ㄨ繘涓氬姟缁忚惀杞瀷锛屼績杩涘悇椤逛笟鍔″崗璋冨揩閫熷彂灞曘€傚己鍖栦笟鍔¤仈鍔ㄥ彂灞曪紝涓哄鎴锋彁渚涜瀺璧勩€佺悊璐€佹姇璧勯摱琛屻€佺幇閲戠鐞嗐€佺數瀛愰摱琛?
绛夌患鍚堝寲閲戣瀺鏈嶅姟銆傚叏琛屽叕鍙稿鎴?
52涓囦綑鎴凤紝姣斾笂骞存湯澧炲姞8涓囨埛锛屽叕鍙稿鎴峰熀纭€涓嶆柇鎵?
澶с€傚湪9瀹跺悓绫诲瀷鑲′唤鍒堕摱琛屾帓鍚嶄腑锛屾郸鍙戦摱琛屽叕鍙稿瓨娆句綑棰濅綅鍒楀悓涓氱涓€浣嶏紝鍏徃绫昏捶娆句綑棰濇帓鍚嶇浜屼綅.3.缁忚惀鑳藉姏浼樿壇2009骞村叕鍙稿疄鐜拌惀涓氭敹鍏ヤ汉姘戝竵368.24浜垮厓锛屾瘮涓婂勾澧為暱6.55%銆備富瑕佹槸璧勪骇瑙勬ā鎵╁ぇ锛?
鍒╂伅鍑€鏀跺叆澧為暱浠ュ強鏀跺叆缁撴瀯浼樺寲锛?
鎵嬬画璐瑰強浣i噾鍑€鏀跺叆鍙婃姇璧勬敹鐩婂闀胯緝蹇殑褰卞搷銆?
鍏朵腑钀ヤ笟鏀跺叆涓埄鎭噣鏀跺叆鐨勫崰姣斾负91.08%锛屾瘮涓婂勾涓嬮檷0.16涓櫨
鍒嗙偣锛屾墜缁垂鍙婁剑閲戝噣鏀跺叆鐨勫崰姣斾负5.99%锛屾瘮涓婂勾涓婂崌0.8涓櫨鍒嗙偣.涓夈€佽耽鍒╅娴嬪強鍏徃浼板€?
1.璧㈠埄棰勬祴姝e父鎯呭喌涓嬶紙涓嶈€冭檻鍛嗗笎璁℃彁姣斾緥璋冩暣锛夐璁℃郸鍙戦摱琛?
2010骞村拰2011骞寸殑姣?
鑲℃敹鐩婂垎鍒负1.90鍏冦€?
.35鍏冦€?
2.鍏徃浼板€?
鏍规嵁甯傚噣鐜囥€佸競鐩堢巼銆丒BITDA绛夋柟娉曡繘琛屼及鍊硷紝娴﹀彂閾惰鑲$エ鐨勪环鍊煎尯鍩熷皢鍦?
10.77鍏冣€?
3.04鍏冧箣闂淬€傜洰鍓嶅叕鍙歌偂浠峰凡缁忔槑鏄惧亸绂讳簡鍏跺唴鍦ㄤ环鍊硷紝闀跨嚎鎶曡祫鍙噸鐐瑰叧娉ㄣ€?
绗竴绔?
閲嶆柊璇勪及閾惰涓氱殑鎶曡祫鏈轰細
骞村睍鏈涳細鐩堝埄纭畾鎬у闀?
amp;浼板€间慨澶?
涓€銆?
010骞村睍鏈涳細鐩堝埄纭畾鎬у闀?
浼板€间慨澶?
2
閾惰涓氭槑骞寸殑鎶曡祫浠峰€煎浣曪紵瑕佸洖绛旇繖鏍峰ぇ鐨勪竴涓棶棰橈紝瀵逛换浣曚竴涓垎鏋愬笀鏉ヨ閮戒笉鏄欢瀹?
鏄撶殑浜嬨€備负浜嗗敖閲忓噺灏戠姱閿欑殑姒傜巼锛屾垜浠妸杩欎釜闂鍒嗘垚涓や釜绋嶅皬鐨勯棶棰樻潵瑙g瓟锛?
锛?
锛?
010骞撮摱琛屼笟鐨勭泩鍒╁彉鍖栬秼鍔垮浣曪紵锛?
锛?
閾惰鑲″綋鍓嶇殑鑲′环鍜屼及鍊兼槸鍚﹀凡鍙嶆槧鏈潵鐨勭泩鍒╅鏈燂紵瀵逛簬涓婅堪涓や釜闂锛屽厛缁欏嚭鎴戜滑鐨勮鐐癸細飦?
2010骞撮摱琛岀殑鐩堝埄灏嗘湁纭畾鎬у闀裤€傛渶涓昏鐨勯┍鍔ㄥ洜绱犳槸鎭樊鐨勬仮澶嶆€ф彁鍗囧拰璧勪骇瑙?
妯$殑鎯€у闀匡紝棰勮鎭樊鑷冲皯鎵╁ぇ15-20bp锛岃€岀敓鎭祫浜ц妯″垯鏈夋湜澧為暱20%銆傚湪杩欎簩鑰呯殑鍏卞悓椹卞姩涓嬶紝閾惰鐩堝埄鏈夋湜澧為暱20-30%銆?
飦?
閾惰鑲″綋鍓嶇殑浼板€间粎鍙嶆槧閮ㄥ垎鐩堝埄澧為暱棰勬湡銆?
鏃犺鏄笌鍏跺巻鍙插钩鍧囨按骞筹紝杩樻槸涓庡競鍦烘暣浣撲及鍊肩浉姣旓紝閾惰鑲″钩鍧?
11-15x鐨?
2010骞村姩鎬?
PE鍜?
2.5x鐨?
PB鍧囨湭鍏呭垎鍙嶅簲鍏舵湭鏉ュ闀?
娼滃姏銆?
甯傚満瀵归摱琛岃祫浜ц川閲忔伓鍖栧拰宸ㄩ鍐嶈瀺璧勭殑鎷呭咖鏄埗绾︿及鍊兼彁鍗囩殑閲嶈鍘熷洜锛?
鏈潵闅忕潃杩欎簺鎮茶棰勬湡鐨勯€愭娑堥櫎锛岄摱琛岃偂灏嗗瓨鍦ㄤ及鍊间慨澶嶇殑鎶曡祫鏈轰細銆?
浜屻€佺泩鍒╂湁鏈涘闀?
20-30%鍙楅檷鎭悗閲嶅畾浠风殑涓嶅埄褰卞搷锛?
009骞撮摱琛屽噣鎭樊锛圢IM锛夋按骞崇浉姣斾笂涓€骞存樉钁椾笅闄嶃€傚悇閾?
琛岀悍绾锋姄浣忎腑澶疄鏂藉鏉捐揣甯佹斂绛栫殑鏈夊埄鐜锛?
绉瀬鎵╁ぇ淇¤捶鎶曟斁锛?
甯屾湜閫氳繃瓒呭父瑙勭殑瑙勬ā澧為暱鏉ユ姷琛ユ伅宸笅闄嶅鐩堝埄鐨勮礋闈㈠奖鍝嶃€?
9骞撮摱琛岀泩鍒╃殑椹卞姩鍥犵礌绐佸嚭鐨勬樉鐜板嚭鈥滈噺鍗囦环璺屸€濈殑鏍煎眬銆傝〃2鐨勫綊鍥犲垎鏋愭樉绀猴紝09骞村墠3瀛e害璧勪骇瑙勬ā鐨勫闀挎姷娑堜簡澶ч儴鍒嗙殑鍑€鎭樊涓嬮檷鏁堝簲锛屼娇寰楅摱琛屼笟缁╀笉鑷村ぇ骞呬笅闄嶃€?
2010骞寸殑褰㈠娍灏嗗畬鍏ㄤ笉鍚岋紝瀵圭泩鍒╁奖鍝嶆渶澶х殑鍑€鎭樊鍜岃祫浜ц妯″洜绱犻兘灏嗕负閾惰鐨勬澧為暱浜х敓璐$尞銆備竴鏂归潰锛屽噣鎭樊鍦?
09骞翠腑鏈熻搴曪紝骞跺皢寤剁画鎭㈠鎬у弽寮圭殑瓒嬪娍锛涘彟涓€鏂归潰锛岃祫浜ц妯′粛灏嗕繚鎸佹儻鎬у闀裤€傛垜浠璁★紝鍦ㄢ€滀环鍗囬噺澧炩€濈殑鏈夊姏鎺ㄥ姩涓嬶紝2010骞翠笂甯傞摱琛岀泩鍒╂湁鏈涘闀?
20-30%銆?
琛?
2锛?
9骞村墠2瀛e害涓婂競閾惰鐩堝埄澧為暱鐨勫綊鍥犲垎鏋?
锛?
鑲$エ绠€绉?
宸ュ晢閾惰寤鸿閾惰涓浗閾惰浜ら€氶摱琛?
娴﹀彂閾惰鍗庡閾惰姘戠敓閾惰鎷涘晢閾惰涓俊閾惰娣卞彂灞?
A鍏翠笟閾惰鍖椾含閾?
琛?
鍗椾含閾惰瀹佹尝閾惰瑙勬ā澧為暱32.9%24.8%18.0%45.4%47.4%-2.0%20.1%22.5%20.6%29.6%40.2%23.4%34.3%35.6%鍑€鎭樊-40.8%-31.1%-21.9%-50.7%-45.4%-8.1%-20.5%-38.5%-31.7%-28.9%-42.6%-26.4%-19.5%-22.4%闈炴伅鏀跺叆5.7%5.6%-1.2%4.9%0.0%3.5%13.7%4.9%-1.1%2.7%0.7%-1.1%-0.5%1.8%鎴愭湰-4.7%-1.6%-4.5%-1.1%4.0%-8.3%-1.0%-16.7%0.9%-7.4%-3.3%-4.3%-6.9%-8.4%鎷ㄥ14.0%4.6%15.0%-0.2%-1.1%4.0%0.1%-5.8%2.3%7.6%10.2%7.6%-5.7%-10.4%钀ヤ笟澶?
鍑€鏀跺叆-0.3%0.4%0.3%0.6%0.2%0.5%1.3%0.3%-0.1%1.5%-0.5%0.0%-0.2%0.9%绋庢敹0.9%-0.4%-0.7%2.0%-0.5%-4.5%4.4%2.1%0.6%4.4%-3.3%0.9%-0.6%0.8%鍑€鍒╂鼎7.7%2.2%4.8%0.8%4.5%-14.9%18.1%-31.2%-8.5%9.7%1.5%0.1%0.9%-2.1%
璧勬枡鏉ユ簮锛氫腑鍥介摱娌宠瘉鍒哥爺绌舵墍
鍥?
2锛?
010骞翠笂甯傞摱琛岀泩鍒╁闀?
20-30%锛?
3
605040302010
%
宸ュ晢閾惰
寤鸿閾惰
涓浗閾惰
浜ら€氶摱琛?
娴﹀彂閾惰
鍗庡閾惰
姘戠敓閾惰
鎷涘晢閾惰
涓俊閾惰
娣卞彂灞旳
鍏翠笟閾惰
鍖椾含閾惰
鍗椾含閾惰
09E
璧勬枡鏉ユ簮锛氫腑鍥介摱娌宠瘉鍒哥爺绌舵墍
涓夈€佺敓鎭祫浜ц妯℃湁鏈涘闀?
20%09骞存瀬搴﹀鏉剧殑璐у竵鏀跨瓥鑳屾櫙涓嬶紝鍚勯摱琛岀殑淇¤捶澶у箙鎵╁紶锛屽叏骞存柊澧炰俊璐风害9.5涓囦嚎鍏冦€備俊璐蜂綑棰濆闀跨害25%銆傛垜浠璁?
2010骞存柊澧炰俊璐风害7涓囦嚎锛岀浉姣?
09骞存湁鏄捐憲鐨勫洖钀姐€備絾鏄紝璧勪骇浣欓浠嶇劧鑳戒繚鎸佽緝楂樼殑澧為暱鐜囷紝鎴戜滑娴嬬畻2010骞翠俊璐蜂綑棰濆闀跨巼鎺ヨ繎20%锛堣〃5锛?
锛岀敓鎭祫浜т綑棰濆垯鏈夋湜浠ョ暐瓒?
20%閫熷害鐨勫闀匡紙琛?
6锛?
銆傛暣浣撲笂鐪嬶紝杩欎竴澧為暱閫熷害浠嶆樉钁楅珮浜庡巻鍙插钩鍧囨按骞虫垨瓒嬪娍姘村钩锛堝浘14锛?
銆?
琛?
5锛氫笂甯傞摱琛屼俊璐蜂綑棰濆閫?
锛?
鑲$エ浠g爜601398.SH601939.SH601988.SH601328.SH600000.SH600015.SH600016.SH600036.SH601998.SH000001.SZ601166.SH601169.SH601009.SH002142.SZ鑲$エ绠€绉?
宸ュ晢閾惰寤鸿閾惰涓浗閾惰浜ら€氶摱琛?
娴﹀彂閾惰鍗庡閾惰姘戠敓閾惰鎷涘晢閾惰涓俊閾惰娣卞彂灞?
A鍏翠笟閾惰鍖椾含閾惰鍗椾含閾惰瀹佹尝閾惰08Q39.07%11.35%16.24%17.19%16.39%14.57%13.43%23.00%19.23%22.13%15.46%27.43%22.11%30.93%0812.09%15.72%15.80%19.95%27.18%15.78%18.12%30.31%15.11%30.55%24.67%22.41%30.96%34.50%09Q122.72%25.70%24.13%36.83%51.87%26.91%26.78%42.27%37.84%39.06%39.52%30.29%56.30%31.90%09Q225.20%27.95%33.86%39.36%52.06%27.70%47.56%56.14%56.30%41.14%45.70%42.11%75.01%46.32%09Q326.76%29.15%44.10%39.36%41.44%25.38%41.52%46.93%52.20%41.02%53.21%46.63%72.01%69.88%09E24.13%25.16%45.94%38.24%30.37%24.28%34.96%36.49%50.66%29.66%40.42%45.88%69.07%65.02%10E18.01%19.68%19.77%19.72%14.88%17.22%14.67%20.10%19.98%15.33%19.87%24.80%24.83%24.75%
璧勬枡鏉ユ簮锛氬悇閾惰鍏憡锛屼腑鍥介摱娌宠瘉鍒哥爺绌舵墍
琛?
6锛氫笂甯傞摱琛岀殑鐢熸伅璧勪骇瑙勬ā澧為€?
锛氫笂甯傞摱琛岀殑鐢熸伅璧勪骇瑙勬ā澧為€?
鑲$エ浠g爜601398.SH601939.SH601988.SH601328.SH600000.SH
600015.SH600016.SH600036.SH鑲$エ绠€绉?
宸ュ晢閾惰寤鸿閾惰涓浗閾惰浜ら€氶摱琛?
娴﹀彂閾惰鍗庡閾惰姘戠敓閾惰鎷涘晢閾惰08Q3107.43%14.11%11.30%9.73%33.55%27.85%26.14%21.56%0811.72%14.57%16.25%31.78%43.06%15.24%14.63%18.18%09Q1159.24%43.38%26.05%120.73%57.53%-31.03%15.72%29.59%09Q222.71%29.97%27.80%40.89%61.87%27.91%32.44%39.93%09Q324.70%30.07%27.66%37.56%44.42%-30.35%31.43%19.20%10E20.05%18.85%18.99%22.30%22.11%12.64%21.99%18.79%
21.14%27.68%21.81%25.34%25.45%13.11%37.19%28.05%
4
瀹佹尝閾惰
0
601998.SH000001.SZ601166.SH601169.SH601009.SH002142.SZ
涓俊閾惰娣卞彂灞?
A鍏翠笟閾惰鍖椾含閾惰鍗椾含閾惰瀹佹尝閾惰
16.97%26.73%7.01%30.40%14.37%33.42%
17.60%32.96%19.91%19.09%22.28%33.24%
16.16%42.69%61.27%23.38%31.02%38.97%
26.11%21.70%32.97%33.11%48.17%45.57%
31.98%38.96%74.80%26.19%59.47%45.03%
24.11%23.61%31.04%23.71%58.97%45.84%
22.38%20.79%20.10%27.66%26.78%27.02%
璧勬枡鏉ユ簮锛氬悇閾惰鍏憡锛屼腑鍥介摱娌宠瘉鍒哥爺绌舵墍
鍥?
14锛氬巻鍙叉柊澧炰俊璐疯妯?
锛?
109876543210200120022003鏂板淇¤捶瑙勬ā淇¤捶澧為€?
35%30%25%20%15%10%5%0%200420052006200720082009E2010E
璧勬枡鏉ユ簮锛氫腑鍥戒汉姘戦摱琛岋紝涓浗閾舵渤璇佸埜鐮旂┒鎵€
鍥涖€佹嫧澶囪鎻愬帇鍔涗笉澶?
鎷ㄥ璁℃彁鍘嬪姏涓嶅ぇ鑰冭檻鍒?
09骞磋繎涔庡ぉ閲忕殑淇¤捶鎶曟斁锛屽競鍦哄鏈潵鍑犲勾閾惰鐨勮祫浜ц川閲忔繁鎰熸媴蹇э紝杩涜€岄鏈熸嫧澶囪鎻愬帇鍔涗篃灏嗛殢涔嬪澶с€傛垜浠涓猴紝鏈潵閾惰鎷ㄥ璁℃彁鐨勫帇鍔涘皢鏄捐憲鍦拌交浜庡競鍦洪鏈熴€?
1銆佷笉鑹捶娆惧彲鎺?
09骞撮摱琛屼笉鑹捶娆剧巼鐩告瘮鍓嶅嚑骞存湁鏄捐憲涓嬮檷锛堝浘13锛?
锛屽叾涓竴涓緢閲嶈鍘熷洜鏄粖骞?
9.5涓囦嚎鐨勪俊璐锋姇鏀惧涓嶈壇璐锋鐜囨湁鏄捐憲鐨勭█閲婁綔鐢ㄣ€?
棰勮2010骞村叏琛屼笟鐨勪笉鑹捶鐜囧皢涓嶄細澶у箙鍙嶅脊銆?
瀹忚缁忔祹鍦?
09骞存樉钁楀鑻忥紝浼佷笟鐨勭粡钀ョ幆澧冨ぇ涓烘敼鍠勶紝鍏剁泩鍒╄兘鍔涘凡鎺ヨ繎鎴栬揪鍒版甯告按骞炽€?
010骞寸粡娴庡皢淇濇寔绋冲仴杩愯锛屾垜浠鏈?
浼佷笟鐨勭泩鍒╄兘鍔涘拰娴佸姩鎬х姸鍐典篃灏嗕繚鎸佽壇濂斤紝浣垮緱閾惰璐锋淇濇寔鍦ㄦ瘮杈冨畨鍏ㄧ殑鐘舵€併€?
鎴戜滑棰?
璁?
2010骞翠笉鑹捶娆剧巼鏈€鎮茶灏嗗弽寮硅嚦08骞寸殑姘村钩銆?
20%鍟嗕笟閾惰涓嶈壇璐锋姣斾緥18%16%14%12%10%8%6%4%2%0%200312200406200412200506200512200606200612200706200712200806200812200906
2銆侀珮浼佺殑鎷ㄥ瑕嗙洊鐜囨彁渚涙湁鍒╃紦鍐?
鍗充娇2010骞翠笉鑹巼鍙嶅脊锛岄摱琛岀殑鎷ㄥ鍘嬪姏涔熸病鏈夋兂璞$殑澶с€傞摱鐩戜細鐨勬暟鎹〃鏄庯紝09骞翠笁瀛?
搴﹂摱琛屾嫧澶囪鐩栫巼宸茬粡杈惧埌144%锛屽浜庡巻鍙叉渶楂樻按骞炽€?
9骞翠腑鏈熸姤鍛婃暟鎹樉绀猴紝14涓笂甯傞摱琛岀殑鎷ㄥ瑕嗙洊鐜囦篃澶у鏁拌秴杩囦簡閾剁洃浼?
150%鐨勭洃绠$嚎锛岃€屽叾浠栧嚑瀹堕摱琛岄璁″湪09骞?
骞存湯鏈夋湜鎶婂樊棰濊ˉ瓒炽€傞珮姘村钩鐨勬嫧澶囪鐩栫巼涓烘潵骞寸殑涓氱哗鎻愪緵浜嗗厖瓒崇殑缂撳啿銆?
5
浜斻€佷及鍊兼按骞冲緟淇锛堜竴锛夐摱琛岃偂浼板€煎瓨鍦ㄩ珮鎶樹环褰撳墠閾惰
鑲℃暣浣撲及鍊煎亸浣庛€?
9骞?
PE鏅亶鍦?
15-20x锛孭B鍦?
2-4x涔嬮棿锛?
010骞?
PE鍦?
13x涓?
涓嬶紝PB涔熷湪2.5x涓婁笅锛屼笌鍏跺巻鍙插钩鍧囩殑20xPE銆?
xPB鐩告瘮浠嶇劧鍋忎綆銆?
鍏朵腑锛屽浗鏈夊ぇ閾惰10骞村钩鍧?
PE鍦?
10-12x涔嬮棿锛?
1骞村钩鍧?
PE鍦?
9-10x涔嬮棿锛屽搴旂殑PB鍦?
2-2.8x鍜?
1.8-2.3x涔嬮棿锛涜偂浠藉埗閾惰10鍜?
11骞村钩鍧?
PE鍒欏垎鍒湪12-17x鍜?
9-14x涔嬮棿锛屽搴?
PB鍒嗗埆鍦?
1.8-3.8x鍜?
1.5-3x锛涘煄鍟嗚瀵瑰簲PE鍒嗗埆澶勫湪15-23x鍜?
11-19x涔嬮棿锛屽搴?
PB鍦?
2.7-4.2x鍜?
2.4-3x涔嬮棿銆?
涓庢暣涓競鍦虹浉姣旓紝閾惰鑲″垯瀛樺湪杈冮珮鐨勬姌浠凤紝鍔ㄦ€?
PE锛圱TM锛夋姌浠锋按骞冲ぇ姒傚湪40%宸﹀彸锛?
PB鎶樹环绾?
20%锛屾姌浠风巼閮藉浜庡巻鍙叉渶楂樹綅缃€?
锛堜簩锛夋姌浠疯儗鍚庣殑鎷呭咖閾惰鑲$殑楂樻姌浠蜂富瑕佸弽鏄犱簡甯傚満瀵逛互涓嬮棶棰樼殑鎷呭咖锛?
锛?
锛夎祫浜ц川閲忕殑鎷呭咖锛屽鍓嶆墍杩帮紝09骞村法閲忎俊璐锋姇鏀撅紝寮曞彂浜嗗競鍦哄鍚庣画涓嶈壇璧勪骇涓婂崌銆佽繘鑰屽鍔犳嫧澶囪鎻愬帇鍔涚殑鎷呭咖锛?
锛?
锛夊啀铻嶈祫鐨勬媴蹇э紝甯傚満涓昏鏄媴蹇ч摱琛岀敱浜庡厖瀹炶祫鏈拰鏍稿績璧勬湰鐨勯渶瑕侊紝閫氳繃浜岀骇甯傚満澶ц妯¤瀺璧勶紝浠庤€屽鑷撮摱琛屼笟缁╄鎽婅杽鍜屽競鍦烘祦鍔ㄦ€т笉瓒炽€?
閽堝绗竴涓棶棰橈紝鎴戜滑鍦ㄥ墠闈㈢殑璁ㄨ涓涓猴紝鍦ㄧ粡娴庡悜濂界殑鑳屾櫙涓嬩笉鑹祫浜х殑涓婂崌骞呭害鏈夐檺锛?
涓旈摱琛屾嫧澶囧厖瓒筹紝鏋勬垚浜嗚緝寮虹殑缂撳啿銆?
鑰屽浜庡啀铻嶈祫鐨勯棶棰橈紝鎴戜滑璁や负涔熸棤闇€杩囧垎鎷呭績锛?
飦?
鍥芥湁澶ц鍙互閫氳繃闄嶄綆鍒嗙孩锛?
澧炲姞鍐呴儴铻嶈祫鏉ュ厖瀹炶祫鏈€?
鍦ㄩ摱鐩戜細11%鐨勮祫鏈厖瓒崇巼瑕?
姹備笅锛?
濡傛灉浠嶇劧淇濇寔08骞寸殑鍒嗙孩姣斾緥锛?
鍒欏伐琛屻€?
寤鸿銆?
涓鍜屼氦琛屽洓澶ц灏嗗瓨鍦ㄦ渶浣庣害2000浜跨殑鑲℃潈铻嶈祫闇€姹傘€備絾鏄鏋滈檷浣庡垎绾㈡瘮渚嬶紝鍒欐渶浣庤瀺璧勮妯′粎闇€3-500鐧句嚎瑙勬ā銆傝€冭檻鍒?
H鑲″競鍦虹殑鍒嗘祦锛屽疄闄呭湪A鑲$殑鏈€浣庤瀺璧勮妯″皢鏇翠綆銆傛垜浠涓猴紝鍥芥湁澶ц鐨勫啀铻嶈祫涓嶄粎鏄紒涓氳瀺璧勭鐞嗛棶棰橈紝鏇存槸涓€涓斂娌婚棶棰橈紝鍏惰瀺璧勬柟妗堥渶瑕佽储鏀块儴銆佹眹閲戝叕鍙搞€侀摱鐩戜細鍜屽悇澶ц鍗忚皟鍒跺畾锛屽皢缁煎悎鑰冭檻鍚勬柟闈㈢殑闇€姹傚拰鍒╃泭锛屾渶缁堢粨鏋滃皢杩滄瘮甯傚満棰勬湡涔愯寰楀銆?
鍏€侀闄╁洜绱?
閾惰鑲′富瑕侀潰涓村涓嬮闄╁洜绱狅細锛?
锛夌粡娴庡闀夸綆浜庨鏈燂紝瀵归摱琛岀殑鐩堝埄鍜岃祫浜ц川閲忎骇鐢熶笉鍒╁奖鍝嶏紝灏嗕娇閾惰鐨勭泩鍒╀綆浜庢垜浠殑棰勬祴姘村钩锛屼粠鑰屽鑲′环浜х敓璐熼潰褰卞搷锛?
锛?
锛夐摱鐩戜細杩涗竴姝ユ彁楂樿祫鏈厖瓒崇巼鐨勭洃绠¤姹傦紝瀵艰嚧閾惰璧勬湰缂哄彛鎵╁ぇ锛屼粠鑰屽埗绾﹂摱琛屾斁璐疯兘鍔涘苟澧炲姞鍐嶈瀺璧勯渶姹傘€?
涓冦€佽涓氳〃鐜扮殑鍌寲鍓?
涓嬪垪鍥犵礌鎴栦簨浠舵湁鏈涗績鎴愯涓氳偂浠风殑琛ㄧ幇锛?
锛?
锛夋洿寮哄仴鎴栬秴棰勬湡鐨勫畯瑙傛暟鎹紝灏嗗寮哄競鍦哄鏈潵缁忔祹鐨勪俊蹇冿紝澧炲姞瀵归摱琛岃偂鐩堝埄澧為暱鍜岃祫浜ц川閲忕殑淇″績锛?
锛?
锛夊浗鏈夊ぇ閾惰鏄庣‘閲囩敤闄嶄綆鍒嗙孩姣斾緥銆佺患鍚堝埄鐢ㄥ绉嶈瀺璧勬墜娈佃ˉ鍏呰祫鏈殑鏂规锛屽皢娑堥櫎甯傚満瀵瑰浗鏈夐摱琛岃瀺璧勭殑涓嶇‘瀹氭€ч鏈燂紱锛?
锛夌浉鍏抽摱琛屽彂甯冭秴棰勬湡鐨勭泩鍒╁叕鍛婏紝
灏嗗ぇ澶у寮哄鑲′环鐨勪俊蹇冦€?
锛?
锛夎瀺璧勮瀺鍒稿拰鑲℃寚鏈熻揣鐨勬帹鍑猴紝鏈夋湜澧炲姞浠ラ摱琛岃偂涓轰唬琛ㄧ殑澶х洏钃濈鑲$殑娴佸姩鎬у拰浼板€?
姘村钩锛屾彁鍗囬摱琛岃偂鐨勬姇璧勪环鍊笺€?
鍏€佹姇璧勫缓璁?
鑰冭檻鍒?
2010骞撮摱琛屼笟鐨勭‘瀹氭€у闀垮強鍏跺澶х洏鐨勯珮鎶樹环锛岀患鍚堣€冮噺璧勬湰鍏呰冻鐜囥€佹嫧澶囪鐩?
鐜囥€佹湭鏉ユ垚闀挎€у拰浼板€兼按骞崇瓑鍥犵礌锛屾垜浠粰浜堣涓氣€滄帹鑽愨€濊瘎绾с€傞殢鐫€甯傚満娴佸姩鎬х殑鏀瑰杽锛?
鎴戜滑璁や负鍚庢湡浼板€煎亸浣庣殑鍥芥湁澶у瀷閾惰灏嗕細鏈夋樉钁楃殑琛ユ定鏈轰細銆?
琛?
8锛氫笂甯傞摱琛岀泩鍒╅娴嬪強鎶曡祫璇勭骇锛?
6
姣忚偂鏀剁泭鑲$エ绠€绉?
08A宸ュ晢閾惰寤鸿閾惰涓浗閾惰浜ら€氶摱琛?
娴﹀彂閾惰鍗庡閾惰姘戠敓閾惰鎷涘晢閾惰涓俊閾惰娣卞彂灞?
A鍏翠笟閾惰鍖椾含閾惰鍗椾含閾惰瀹佹尝閾惰0.330.400.250.582.210.620.421.440.340.202.280.870.790.5309E0.39
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 银行 投资 价值 分析 报告 定稿