估值模型Excel表

营业成本（请注意折旧和摊销成本）#NAME?#NAME?#NAME?#NAME?#NAME?#NAME?增长率%#NAME?#NAME?#NAME?#NAME?#NAME?营业税金及附加/营业收入%#NAME?#NAME?#NAME?#NAME?0.57%0.53%销售费用/营业收入%#NAME?#NAME?#NAME?#NAME? 3.30% 3.20%管理费用/营业收入%#NAME?#NAME?#NAME?#NAME? 6.10% 6.00%资产减值损失绝对值#NAME?#NAME?#NAME?#NAME?(1.00) 2.00投资收益绝对值#NAME?#NAME?#NAME?#NAME?8.50 5.00营业外收支净额绝对值#NAME?#NAME?#NAME?#NAME?30.0025.00所得税/利润总额%#NAME?#NAME?#NAME?#NAME?-15.00%-5.00%少数股东损益/净利润%#NAME?#NAME?#NAME?#NAME?-10.00%-6.00%股利分配率%

盈余公积提取比例%10.00%

项目(百万元）201320112012201320142015

应收票据/营业收入%#NAME?#NAME?#NAME?#NAME? 5.00% 5.00%应收账款/营业收入%#NAME?#NAME?#NAME?#NAME?20.00%20.00%预付账款/营业收入%#NAME?#NAME?#NAME?#NAME?10.00%10.00%其他应收款/营业收入%#NAME?#NAME?#NAME?#NAME? 3.00% 3.00%存货/营业成本%#NAME?#NAME?#NAME?#NAME?18.00%18.00%其他流动资产绝对值#NAME?#NAME?#NAME?#NAME?

经营性应付：

应付票据/营业成本%#NAME?#NAME?#NAME?#NAME?0.00%0.00%应付账款/营业成本%#NAME?#NAME?#NAME?#NAME?12.00%12.00%预收账款/营业成本%#NAME?#NAME?#NAME?#NAME?0.50%0.50%其他应付款绝对值#NAME?#NAME?#NAME?#NAME?40.0040.00应交税费绝对值#NAME?#NAME?#NAME?#NAME?8.008.00其他流动负债绝对值#NAME?#NAME?#NAME?#NAME?7.340.00

项目(百万元）201320112012201320142015

新增固定资产投资#NAME?#NAME?#NAME?50.00100.00新增在建工程#NAME?#NAME?#NAME?100.0080.00新增长期股权投资#NAME?#NAME?#NAME?(10.00)80.00新增其他非流动资产#NAME?#NAME?#NAME?

增发发行价格（元）

发行股数（百万股）

永续增长率% 2.00%贝塔值（β） 1.00无风险利率(Rf)% 3.41%风险溢价(Rm-Rf)% 6.60%债务成本Kd% 5.31%法定所得税率T%25.00%

#NAME?#NAME?#NAME?#NAME?#NAME?#NAME?#NAME?#NAME? #NAME?#NAME?#NAME?#NAME?#NAME?#NAME?#NAME?#NAME?

0.58%0.13%0.13%0.13%0.13%0.13%0.13%0.13%

3.00% 1.30% 1.30% 1.30% 1.30% 1.30% 1.30% 1.30%

6.00% 1.70% 1.70% 1.70% 1.70% 1.70% 1.70% 1.70%

4.0011.0012.0013.0014.001

5.001

6.001

7.00

10.00#NAME?10.76 6.3312.66#NAME?13.628.01

22.00 4.00 5.00 6.007.008.009.0010.00

7.00%12.00%12.00%12.00%12.00%12.00%12.00%12.00%

-4.00%0.03%0.03%0.03%0.03%0.03%0.03%0.03%

20162017201820192020202120222023

5.00%8.00%8.00%8.00%8.00%8.00%8.00%8.00%

20.00%9.00%9.00%9.00%9.00%9.00%9.00%9.00%

10.00% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%

3.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

18.00%8.00%8.00%8.00%8.00%8.00%8.00%8.00%