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銆愰骞层€�44.鐢插叕鍙告寔鏈変箼鍏徃 100%鑲℃瑠(qu谩n)锛屽洜娣峰悎鎵€鏈夊埗鏀归潻锛屾摤杞�(zhu菐n)璁撴墍鎸佷箼鍏徃9%鐨勮偂娆�(qu谩n)锛屾牴鎿�(j霉)鐩搁棞(gu膩n)瑕�(gu墨)瀹�锛屽鎵樿硣鐢�(ch菐n)瑭曚及姗熸(g貌u)灏嶆摤杞�(zhu菐n)璁撹偂娆�(qu谩n)鍍瑰€奸€茶瑭曚及銆傝⿻浼板熀婧栨棩鐐�2020骞�12鏈�31 鏃�銆�

涔欏叕鍙稿爆閫氱敤瑷�(sh猫)鍌欏埗閫犺妤�(y猫)锛屼富瑕佸緸浜嬮€氱敤姗熸瑷�(sh猫)鍌欑殑鐢熺敘(ch菐n)鍒堕€�銆傝⿻浼板熀婧栨棩涔欏叕鍙歌硣鐢�(ch菐n)绺介 230000 钀厓锛屽噲璩囩敘(ch菐n) 81000 钀厓锛�2020 骞村害鐕熸キ(y猫)鏀跺叆 200000 钀厓锛屽噲鍒╂饯12000钀厓銆�

璩囩敘(ch菐n)瑭曚及灏堟キ(y猫)浜哄摗閬告搰涓婂競鍏徃姣旇純娉曞皪涔欏叕鍙告摤杞�(zhu菐n)璁撶殑9%鐨勮偂娆�(qu谩n)鍍瑰€奸€茶瑭曚及銆傚垵姝ョ閬稿嚭鍦ㄨ硣鐢�(ch菐n)瑕�(gu墨)妯�銆佹キ(y猫)鍕�(w霉)鏀跺叆瑕�(gu墨)妯℃瘮杓冩帴杩戠殑鍚岃妤�(y猫) 5 瀹跺叕鍙�锛岀浉闂�(gu膩n)鏁�(sh霉)鎿�(j霉)瑕嬭〃1銆�

琛� 1 鍒濇绡╅伕 5 瀹跺叕鍙告暩(sh霉)鎿�(j霉)

鏍规摎(j霉)涔欏叕鍙告墍鍦ㄨ妤�(y猫)鐗归粸锛岀稉(j墨ng)鍒嗘瀽閬告搰 P/E 浣滅偤鍍瑰€兼瘮鐜�銆�5 瀹跺叕鍙稿湪鐩堝埄鑳藉姏銆佹垚闀疯兘鍔�銆佺嚐閬嬭兘鍔涙柟闈㈣垏涔欏叕鍙稿瓨鍦ㄤ竴瀹氬樊鐣�锛岀稉(j墨ng)鎸囨宸暟灏嶆瘮寰楀嚭“鍍瑰€兼瘮鐜囪(di脿o)鏁存寚妯欒⿻鍒嗗尟绺借〃”(瑕嬭〃 2)銆�

鏍规摎(j霉)鐩搁棞(gu膩n)鐮旂┒锛岃瑭曚及浼佹キ(y猫)鎵€鍦ㄨ妤�(y猫)缂轰箯娴佸嫊鎬ф姌鎵ｇ偤 32%銆�

(1)閬稿嚭 3 瀹跺彲姣斿叕鍙�锛屽苟瑾槑鐞嗙敱銆�(3 鍒�)

(2)鍒嗗垾瑷堢畻 3 瀹跺彲姣斿叕鍙哥殑鍍瑰€兼瘮鐜� P/E銆�(3 鍒�)

(3)鏍规摎(j霉) 3 瀹跺彲姣斿叕鍙哥泩鍒╄兘鍔�銆佹垚闀疯兘鍔�銆佺嚐閬嬭兘鍔涙寚妯欏緱鍒�锛屽垎鍒ヨ▓绠楀皪鎳�(y墨ng)鐨勮(di脿o)鏁寸郴鏁�(sh霉)銆�(3 鍒�)

(4)鍒嗗垾瑷堢畻 3 瀹跺彲姣斿叕鍙歌(di脿o)鏁村悗 P/E銆�(3 鍒�)

(5)鏍规摎(j霉) 3 瀹跺彲姣斿叕鍙哥瓑娆�(qu谩n)閲嶆柟寮�锛岃▓绠椾箼鍏徃 P/E銆�(2 鍒�)

(6)鏍规摎(j霉)涔欏叕鍙稿皪鎳�(y墨ng)璨″嫏(w霉)鏁�(sh霉)鎿�(j霉)鍜屾姌鎵ｅ洜绱狅紝瑷堢畻涔欏叕鍙�9%鑲℃瑠(qu谩n)鍍瑰€�銆�(2 鍒�)

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(1)鏍规摎(j霉)鐕熸キ(y猫)鏀跺叆銆佽硣鐢�(ch菐n)绺介锛岃垏涔欏叕鍙稿樊鐣版渶灏忕殑 3 瀹跺彲姣斿叕鍙告槸鍏徃A銆佸叕鍙窩銆佸叕鍙� D銆傜悊鐢憋細瑭曚及鍩烘簴鏃ヤ箼鍏徃璩囩敘(ch菐n)绺介 230 000 钀厓锛�2020 骞村害鐕熸キ(y猫)鏀跺叆200 000 钀厓銆傝垏涔欏叕鍙歌硣鐢�(ch菐n)绺介鐩镐技绋嬪害鐢遍珮鍒颁綆鐨勯爢搴忔槸锛氬叕鍙� A銆佸叕鍙� C銆佸叕鍙窪銆佸叕鍙窫銆佸叕鍙窧銆傝垏涔欏叕鍙哥嚐妤�(y猫)鏀跺叆鐩镐技绋嬪害鐢遍珮鍒颁綆鐨勯爢搴忔槸锛氬叕鍙� C銆佸叕鍙� A銆佸叕鍙窪銆佸叕鍙窧銆佸叕鍙窫銆傛墍浠ユ牴鎿�(j霉)鐕熸キ(y猫)鏀跺叆銆佽硣鐢�(ch菐n)绺介锛岃垏涔欏叕鍙稿樊鐣版渶灏忕殑 3 瀹跺彲姣斿叕鍙告槸鍏徃A銆佸叕鍙窩銆佸叕鍙窪銆�

(2)鍏徃 A 鐨勬瘡鑲℃敹鐩�=12000/23000鍏徃 A 鐨勫児鍊兼瘮鐜� P/E=16/(12000/23000)=30.67鍏徃 C 鐨勬瘡鑲℃敹鐩�=13000/19000鍏徃 C 鐨勫児鍊兼瘮鐜� P/E=20/(13000/19000)=29.23鍏徃 D 鐨勬瘡鑲℃敹鐩�=13000/20000鍏徃 D 鐨勫児鍊兼瘮鐜� P/E=17/(13000/20000)=26.15

(3)鍏徃 A 鐨勮(di脿o)鏁寸郴鏁�(sh霉)=(100/95)×(100/95)×(100/102)=1.0863鍏徃 C 鐨勮(di脿o)鏁寸郴鏁�(sh霉)=(100/96)×(100/102)×(100/103)=0.9915鍏徃 D 鐨勮(di脿o)鏁寸郴鏁�(sh霉)=(100/97)×(100/101)×(100/101)=1.0106

(4)鍏徃 A 瑾�(di脿o)鏁村悗鐨� P/E=30.67×1.0863=33.32鍏徃 C 瑾�(di脿o)鏁村悗鐨� P/E=29.23×0.9915=28.98鍏徃 D 瑾�(di脿o)鏁村悗鐨� P/E=26.15×1.0106=26.43

(5)涔欏叕鍙� P/E=(33.32+ 28.98 +26.43)/3=29.58

(6)涔欏叕鍙� 9%鑲℃瑠(qu谩n)鍍瑰€�=12000×29.58×(1-32%)×9%= 21723.56(钀厓)

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