¹ÉÊеÄpeÊÇʲôÒâ˼°¡£¨¹É¼Û¶ÔÓ¦peÊÇʲôÒâ˼£©

³´¹ÉÈëÃÅ 2023-02-07 13:27³´¹ÉÈëÃÅ֪ʶwww.xyhndec.cn
  • ¹ÉƱÀïµÄPEÊÇʲôÒâ˼
  • ¹ÉƱPE-ÊÇʲôÒâ˼
  • ¹ÉƱPEÊÇʲôÒâ˼£¿
  • ¹ÉÊÐÀïµÄPEÊÇʲôÒâ˼£¿
  • ¹ÉƱPEÊÇʲô PEÊÇʲôÒâ˼
  • ¹ÉƱÖеÄPEÊÇʲôÒâ˼£¬Ôõô¿´ºÃ²»ºÃ
  • ¹ÉƱÀïµÄ¡°PE¡±ÊÇʲôÒâ˼£¿
  • 1¡¢¹ÉƱÀïµÄPEÊÇʲôÒâ˼

    ÊÐÓ¯ÂÊ£¨Price to Earning Ratio£¬¼ò³ÆPE»òP/E Ratio) ,Ò²³Æ±¾Òæ±È ¡°¹É¼ÛÊÕÒæ±ÈÂÊ¡±»ò¡°ÊмÛÓ¯Àû±ÈÂÊ£¨¼ò³ÆÊÐÓ¯ÂÊ£©¡± ¡£ ÊÐÓ¯ÂÊÊÇ×î³£ÓÃÀ´ÆÀ¹À¹É¼ÛˮƽÊÇ·ñºÏÀíµÄÖ¸±êÖ®Ò»£¬Óɹɼ۳ýÒÔÄê¶Èÿ¹ÉÓ¯Óà(EPS)µÃ³ö(ÒÔ¹«Ë¾ÊÐÖµ³ýÒÔÄê¶È¹É¶«Ó¦Õ¼ÒçÀûÒà¿ÉµÃ³öÏàͬ½á¹û)¡£¼ÆËãʱ£¬¹É¼Ûͨ³£È¡×îÐÂÊÕÅ̼ۣ¬¶øEPS·½Ã棬Èô°´Òѹ«²¼µÄÉÏÄê¶ÈEPS¼ÆË㣬³ÆÎªÀúÊ·ÊÐÓ¯ÂÊ(Historical P/E)£¬ÈôÊǰ´Êг¡¶Ô½ñÄê¼°Ã÷ÄêEPSµÄÔ¤¹ÀÖµ¼ÆË㣬Ôò³ÆÎªÎ´À´ÊÐÓ¯ÂÊ»òÔ¤¹ÀÊÐÓ¯ÂÊ(prospective/forard/forecast P/E)¡£¼ÆËãÔ¤¹ÀÊÐÓ¯ÂÊËùÓõÄEPSÔ¤¹ÀÖµ£¬Ò»°ã²ÉÓÃÊг¡Æ½¾ùÔ¤¹À(consensus estimates)£¬¼´×·×Ù¹«Ë¾Òµ¼¨µÄ»ú¹¹ÊÕ¼¯¶àλ·ÖÎöʦµÄÔ¤²âËùµÃµ½µÄÔ¤¹Àƽ¾ùÖµ»òÖÐÖµ¡£
    ¼ÆËã·½·¨
    ÊÐÓ¯ÂÊ£¨¾²Ì¬ÊÐÓ¯ÂÊ£©=ÆÕͨ¹Éÿ¹ÉÊг¡¼Û¸ñ¡ÂÆÕͨ¹ÉÿÄêÿ¹ÉÓ¯Àû¡¡ ÉÏʽÖеķÖ×ÓÊǵ±Ç°µÄÿ¹ÉÊмۣ¬·Öĸ¿ÉÓÃ×î½üÒ»ÄêÓ¯Àû£¬Ò²¿ÉÓÃδÀ´Ò»Äê»ò¼¸ÄêµÄÔ¤²âÓ¯Àû¡£ ÊÐÓ¯ÂÊ
    ÊÐÓ¯ÂÊÔ½µÍ£¬´ú±íͶ×ÊÕßÄܹ»ÒԽϵͼ۸ñ¹ºÈë¹ÉƱÒÔÈ¡µÃ»Ø±¨¡£Ã¿¹ÉÓ¯ÀûµÄ¼ÆËã·½·¨£¬ÊÇ¸ÃÆóÒµÔÚ¹ýÈ¥12¸öÔµľ»ÀûÈó¼õÈ¥ÓÅÏȹɹÉÀûÖ®ºó³ýÒÔ×Ü·¢ÐÐÒÑÊÛ³ö¹ÉÊý¡£¡¡ ¼ÙÉèij¹ÉƱµÄÊмÛΪ24Ôª£¬¶ø¹ýÈ¥12¸öÔµÄÿ¹ÉÓ¯ÀûΪ3Ôª£¬ÔòÊÐÓ¯ÂÊΪ24/3=8¡£¸Ã¹ÉƱ±»ÊÓΪÓÐ8±¶µÄÊÐÓ¯ÂÊ£¬¼´Ã¿¸¶³ö8Ôª¿É·ÖÏí1ÔªµÄÓ¯Àû¡£¡¡Í¶×ÊÕß¼ÆËãÊÐÓ¯ÂÊ£¬Ö÷ÒªÓÃÀ´±È½Ï²»Í¬¹ÉƱµÄ¼ÛÖµ¡£ÀíÂÛÉÏ£¬¹ÉƱµÄÊÐÓ¯ÂÊÓúµÍ£¬ÓúÖµµÃͶ×Ê¡£±È½Ï²»Í¬ÐÐÒµ¡¢²»Í¬¹ú¼Ò¡¢²»¶ÎµÄÊÐÓ¯ÂÊÊDz»´ó¿É¿¿µÄ¡£±È½ÏͬÀà¹ÉƱµÄÊÐÓ¯ÂʽÏÓÐʵÓüÛÖµ¡£
    ÊÐÓ¯ÂÊÒâÒå
    ͬҵµÄÊÐÓ¯ÂÊÓвο¼±ÈÕյļÛÖµ;ÒÔÀà¹É»ò´óÅÌÀ´Ëµ£¬Àúʷƽ¾ùÊÐÓ¯ÂÊÓвÎÕյļÛÖµ¡£ ÊÐÓ¯ÂʶԸö¹É¡¢Àà¹É¼°´óÅ̶¼ÊǺÜÖØÒª²Î¿¼Ö¸±ê¡£ÈÎºÎ¹ÉÆ±ÈôÊÐÓ¯ÂÊ´ó´ó³¬³öͬÀà¹ÉƱ»òÊÇ´óÅÌ£¬¶¼ÐèÒªÓгä·ÖµÄÀíÓÉÖ§³Ö£¬¶øÕâÍùÍùÀë²»¿ª¸Ã¹«Ë¾Î´À´Ó¯ÀûÂʽ«¿ìËÙÔö³¤ÕâÒ»ÖØµã¡£Ò»¼Ò¹«Ë¾ÏíÓзdz£¸ßµÄÊÐÓ¯ÂÊ£¬ËµÃ÷Ͷ×ÊÈËÆÕ±éÏàПù«Ë¾Î´À´Ã¿¹ÉÓ¯Óཫ¿ìËٳɳ¤£¬ÒÔÖÁÊýÄêºóÊÐÓ¯ÂʿɽµÖÁºÏÀíˮƽ¡£Ò»µ©Ó¯ÀûÔö³¤²»ÈçÀíÏ룬֧³Å¸ßÊÐÓ¯ÂʵÄÁ¦Á¿ÎÞÒÔΪ¼Ì£¬¹É¼ÛÍùÍù»á´ó·ù»ØÂä¡£ ÊÐÓ¯ÂÊÊǺܾ߲ο¼¼ÛÖµµÄ¹ÉÊÐÖ¸±ê£¬ÈÝÒ×Àí½âÇÒÊý¾ÝÈÝÒ×»ñµÃ£¬µ«Ò²Óв»ÉÙȱµã¡£±ÈÈ磬×÷Ϊ·ÖĸµÄÿ¹ÉÓ¯Ó࣬Êǰ´µ±ÏÂͨÐÐµÄ»á¼Æ×¼ÔòËã³ö£¬µ«¹«Ë¾ÍùÍù¿ÉÊÓºõÐèÒªÕå×õ÷Õû£¬ÀíÂÛÉÏÁ½¼ÒÏÖ½ðÁ÷Á¿Ò»ÑùµÄ¹«Ë¾£¬Ëù¹«²¼µÄÿ¹ÉÓ¯Óà¿ÉÄÜÓÐÏÔÖø²îÒì¡£ÁíÒ»·½Ã棬Ͷ×ÊÕßÒàÍùÍù²»ÈÏΪÑϸñ°´ÕÕ»á¼Æ×¼Ôò¼ÆËãµÃ³öµÄÓ¯ÀûÊý×ÖÖÒʵ·´Ó³¹«Ë¾ÔÚ³ÖÐø¾­Óª»ù´¡ÉϵĻñÀûÄÜÁ¦¡££¬·ÖÎöʦÍùÍù×ÔÐжԹ«Ë¾Õýʽ¹«²¼µÄ¾»Àû¼ÓÒÔµ÷Õû£¬±ÈÈçÒÔ묒ÀûÏ¢¡¢Ë°Ïî¡¢Õ۾ɼ°Ì¯ÏúÖ®ÀûÈó(EBITDA)È¡´ú¾»ÀûÀ´¼ÆËãÿ¹ÉÓ¯Óà¡£ £¬×÷ΪÊÐÓ¯ÂʵķÖ×Ó£¬¹«Ë¾µÄÊÐÖµÒàÎÞ·¨·´Ó³¹«Ë¾µÄ¸ºÕ®(¸Ü¸Ë)³Ì¶È¡£±ÈÈçÁ½¼ÒÊÐֵͬΪ10ÒÚÃÀÔª¡¢¾»ÀûͬΪ1ÒÚÃÀÔªµÄ¹«Ë¾£¬ÊÐÓ¯ÂʾùΪ10¡£µ«Èç¹ûA¹«Ë¾ÓÐ10ÒÚÃÀÔªµÄÕ®Îñ£¬¶øB¹«Ë¾Ã»ÓÐÕ®Îñ£¬ÄÇô£¬ÊÐÓ¯ÂʾͲ»ÄÜ·´Ó³´ËÒ»²îÒì¡££¬ÓзÖÎöʦÒÔ¡°ÆóÒµ¼ÛÖµ(EV)¡±--ÊÐÖµ¼ÓÉÏÕ®Îñ¼õÈ¥ÏÖ½ð--È¡´úÊÐÖµÀ´¼ÆËãÊÐÓ¯ÂÊ¡£ÀíÂÛÉÏ£¬ÆóÒµ¼ÛÖµ/EBITDA±ÈÂÊ¿ÉÃâ³ý´¿´âÊÐÓ¯ÂʵÄһЩȱµã

    2¡¢¹ÉƱPE-ÊÇʲôÒâ˼

    ÊÐÓ¯ÂÊ£¨Price to Earning Ratio£¬¼ò³ÆPE»òP/E Ratio) £¬ÊÐÓ¯ÂÊÖ¸ÔÚÒ»¸ö¿¼²ìÆÚ£¨Í¨³£Îª12¸öÔµÄʱ¼ä£©ÄÚ£¬¹ÉƱµÄ¼Û¸ñºÍÿ¹ÉÊÕÒæµÄ±ÈÀý¡£Í¶×ÊÕßͨ³£ÀûÓøñÈÀýÖµ¹ÀÁ¿Ä³¹ÉƱµÄͶ×ʼÛÖµ£¬»òÕßÓøÃÖ¸±êÔÚ²»Í¬¹«Ë¾µÄ¹ÉƱ֮¼ä½øÐбȽϡ£¡°P/E Ratio¡±±íʾÊÐÓ¯ÂÊ£»¡°Price per Share¡±±íʾÿ¹ÉµÄ¹É¼Û£»¡°Earnings per Share¡±±íʾÿ¹ÉÊÕÒæ¡£¼´¹ÉƱµÄ¼Û¸ñÓë¸Ã¹ÉÉÏÒ»Äê¶Èÿ¹É˰ºóÀûÈóÖ®±È£¨P/E£©£¬¸ÃÖ¸±êΪºâÁ¿¹ÉƱͶ×ʼÛÖµµÄÒ»ÖÖ¶¯Ì¬Ö¸±ê¡£ ¹ÉÏ¢ÊÕÒæÂÊ ÉÏÊй«Ë¾Í¨³£»á°Ñ²¿·ÖÓ¯ÀûÅÉ·¢¸ø¹É¶«×÷Ϊ¹ÉÏ¢¡£ÉÏÒ»Äê¶ÈµÄÿ¹É¹ÉÏ¢³ýÒÔ¹ÉÆ±ÏÖ¼Û£¬ÊÇΪÏÖÐйÉÏ¢ÊÕÒæÂÊ¡£Èç¹û¹É¼ÛΪ50Ôª£¬È¥Äê¹ÉϢΪÿ¹É5Ôª£¬Ôò¹ÉÏ¢ÊÕÒæÂÊΪ10%£¬´ËÊý×ÖÊôÓÚÆ«¸ß£¬·´Ó³ÊÐÓ¯ÂÊÆ«µÍ£¬¹ÉƱ¼ÛÖµ±»µÍ¹À¡£ £¬ÊÐÓ¯ÂÊˮƽΪ 0-13-¼´¼ÛÖµ±»µÍ¹À 14-20-¼´Õý³£Ë®Æ½ 21-28-¼´¼ÛÖµ±»¸ß¹À 28+-·´Ó³¹ÉÊгöÏÖͶ»úÐÔÅÝÄ­ ÊÐÓ¯Âʼ«¸ß(Èç´óÓÚ100±¶)µÄ¹ÉƱ£¬Æä¹ÉÏ¢ÊÕÒæÂÊΪÁã¡£ÒòΪµ±ÊÐÓ¯ÂÊ´óÓÚ100±¶£¬±íʾͶ×ÊÕßÒª³¬¹ý100ÄêµÄʱ¼ä²ÅÄܻر¾£¬¹ÉƱ¼ÛÖµ±»¸ß¹À£¬Ã»ÓйÉÏ¢ÅÉ·¢¡£
    ¼ÆËã·½·¨
    PE£¨ÊÐÓ¯ÂÊ£©ÊÇÒ»¼ä¹«Ë¾¹ÉƱµÄÿ¹ÉÊмÛÓëÿ¹ÉÓ¯ÀûµÄ±ÈÂÊ¡£Æä¼ÆË㹫ʽÈçÏ ÊÐÓ¯ÂÊ=ÿ¹ÉÊмÛ/ÿ¹ÉÓ¯Àû ¼¸¼Ò´óµÄ֤ȯ±¨¿¯ÔÚÿÈÕ¹ÉÊÐÐÐÇ鱨±íÖж¼¸½ÓÐÊÐÓ¯ÂÊÖ¸±ê£¬Æä¼ÆËã·½·¨Îª ÊÐÓ¯ÂÊ=ÿ¹ÉÊÕÊм۸ñ/ÉÏÒ»Äêÿ¹É˰ºóÀûÈó ¶ÔÓÚÒòËͺì¹É¡¢¹«»ý½ðתÔö¹É±¾¡¢Åä¹ÉÔì³É¹É±¾×ÜÊý±ÈÉÏÒ»ÄêÄêÄ©ÊýÔö¼ÓµÄ¹«Ë¾£¬Æäÿ¹É˰ºóÀûÈ󰴱䶯ºóµÄ¹É±¾×ÜÊýÓèÒÔÏàÓ¦µÄ̯±¡¡£ ÒÔ¶«´ó°¢ÅÉΪÀý£¬¹«Ë¾1998Äêÿ¹É˰ºóÀûÈó0.60Ôª£¬1999Äê4ÔÂʵʩÿ10¹Éת3¹ÉµÄ¹«»ý½ðתÔö·½°¸£¬6ÔÂ30ÈÕÊÕÊмÛΪ43.00Ôª£¬ÔòÊÐÓ¯ÂÊΪ 43/0.60/£¨1+0.3£©=93.17£¨±¶£©¹«Ë¾ÐÐÒµµØÎ»¡¢Êг¡Ç°¾°¡¢²ÆÎñ×´¿ö¡£ ÒÔÊÐÓ¯ÂÊΪ¹ÉƱ¶¨¼Û£¬ÐèÒªÒýÈëÒ»¸ö"±ê×¼ÊÐÓ¯ÂÊ"½øÐжԱÈ--ÒÔÒøÐÐÀûÂÊÕÛËã³öÀ´µÄÊÐÓ¯ÂÊ¡£ÔÚ1999Äê6ÔÂµÚÆß´Î½µÏ¢ºó£¬ÎÒ¹úĿǰһÄêÆÚ¶¨ÆÚ´æ¿îÀûÂÊΪ2.25£¥£¬Ò²¾ÍÊÇ˵£¬Í¶×Ê100Ôª£¬Ò»ÄêµÄÊÕÒæÎª2.25Ôª£¬°´ÊÐÓ¯Âʹ«Ê½¼ÆËã 100/2.25£¨ÊÕÒæ£©=44.44£¨±¶£© Èç¹û˵¹ºÂò¹ÉƱ´¿´âÊÇΪÁË»ñÈ¡ºìÀû£¬¶ø¹«Ë¾µÄÒµ¼¨Ò»Ö±±£³Ö²»±ä£¬Ôò¹ÉÀûµÄÊÕÊÊÓ¦Ö¢ÓëÀûÏ¢ÊÕÈë¾ßÓÐͬÑùÒâÒ壬¶ÔÓÚͶ×ÊÕßÀ´Ëµ£¬ÊǰÑÇ®´æÈëÒøÐУ¬»¹ÊǹºÂò¹ÉƱ£¬È¡¾öÓÚË­µÄͶ×ÊÊÕÒæÂʸߡ££¬µ±¹ÉƱÊÐÓ¯ÂʵÍÓÚÒøÐÐÀûÂÊÕÛËã³öµÄ±ê×¼ÊÐÓ¯ÂÊ£¬×ʽð¾Í»áÓÃÓÚ¹ºÂò¹ÉƱ£¬·´Ö®£¬Ôò×ʽðÁ÷ÏòÒøÐдæ¿î£¬Õâ¾ÍÊÇ×î¼òµ¥¡¢Ö±¹ÛµÄÊÐÓ¯Âʶ¨¼Û·ÖÎö¡£

    3¡¢¹ÉƱPEÊÇʲôÒâ˼£¿

    ¹ÉƱPEÖ¸µÄÊÇPrice/Earnings £¬Ò²ÓнÐ×öPERµÄ£¬Price/Earnings Ratio ¼´±¾Òæ±È£¬¼Û¸ñÊÕÒæ±È£¬ÊÐÓ¯ÂÊ ¡£ËüÊÇÓɹɯ±¼Û¸ñ³ýÒÔÿ¹ÉÊÕÒæ¼ÆËã¶øµÃ¡£
    ÕâÊÇÒ»¸öͶ×ÊÕß¶¼¶úÊìÄÜÏêµÄÖ¸±ê£¬ÊÐÓ¯ÂÊÖ¸±êÔÚʵ¼ÊÓ¦ÓÃÖл¹ÓкܶàÉî²ãµÄº¬Ò壬²¢²»ÊÇÕâô¼òµ¥¡£Ì¸Ì¸ÎҵãѧϰÐĵá£
    µÚÒ»¡¢ÊÐÓ¯ÂʵÄÕýÈ·Ó÷¨Êǽ«Ö¸±êµ¹¹ýÀ´¿´£¬¼´Earnings/Price¡£Ò²¾ÍÊÇÿ¹ÉÊÕÒæ£¨Ö¸Ë°ºóÿ¹É¾»ÀûÈó£©/¹É¼Û¡£Õâ¸öÊýÖµ´ú±í¼ÙÉèÄãͶ×Ê¸ÃÆóÒµ£¨¼ÙÉèÄãÍêÈ«¿Ø¹É¸Ã¹«Ë¾£¬ÇÒ½«ÆóҵÿÄê¾»ÀûÈóÈ«²¿Êջأ¬Õâ¸ö¼ÙÉèÊDz»³ÉÁ¢µÄ£¬ÐèҪעÒ⣩µÄͶ×ʻر¨ÂÊ¡£°´ÕÕÕâÖÖ¿´·¨£¬PEÊýÖµ´ú±íÄãͶ×Ê¸ÃÆóÒµÄÜÊÕ»ØÍ¶×ʵÄÄêÏÞ¡£ÀýÈçij¸ÖÌú³§2005ÄêPEΪ5£¬Ôò±íʾÄãÊÕ»ØÍ¶×ʵÄÄêÏÞÊÇ5Ä꣬Ͷ×ʻر¨ÂÊÊÇ20%¡£
    ÊÂʵÉÏÕâ¸ö¿´·¨ÊDz»ÕýÈ·µÄ£¬ÒòΪǰÌá¼ÙÉè²¢²»³ÉÁ¢£¬ÆóÒµ±ØÐ뽫¾»ÀûÈóµÄÏ൱һ²¿·ÖÁô×÷ÆóÒµ·¢Õ¹µÄ×ʽ𣬶øÊµ¼Ê¶ÔͶ×ÊÕߵķֺìֻռһС²¿·Ö¡££¬PE=5ʵ¼Ê²¢²»´ú±íÄãͶ×Ê¸ÃÆóÒµÊÕ»ØÍ¶×ʵÄÄêÏÞÊÇ5Ä꣬»¹ÐèÒª½áºÏ¹ÉÏ¢ÂÊÀ´¶¨¡£²»¹ý£¬ÕâÊÇÊÐÓ¯ÂʵĻù´¡º¬Ò壬ҲÊÇ¹ÉÆ±Í¶×ʵÄÒâÒå¡£
    µÚ¶þ¡¢Ì¸µ½ÊÐÓ¯ÂÊ£¬±ØÐëÒªÖªµÀËüÊÇ·ÖΪ¶¯Ì¬ÊÐÓ¯Âʺ;²Ì¬ÊÐÓ¯ÂÊÁ½ÖÖ¡£ÕâÀïÃæÓÐÁ½Öغ¬Òå
    µÚÒ»ÖØº¬ÒåÊÐÓ¯ÂʼÈÈ»ÊǼÆËãͶ×ÊÊջصÄÄêÏÞ£¬ÄÇô¾²Ì¬ÊÐÓ¯ÂʾÍÊǼòµ¥µÄ½«¹É¼Û³ýÒÔÄ걨ÿ¹ÉÊÕÒæ£¬ÕâÊÇ´ó¼Ò¶¼ÖªµÀµÄ¼ÆËã·½·¨¡£¶¯Ì¬ÊÐÓ¯ÂÊÔòºÜ¸´ÔÓ¡£À´ÍƵ¼ÏÂ
    ¼ÙÉè2005ÄêÄ걨ij¹ÉƱÿ¹ÉÊÕÒæÎªE1£¨Ôª/ÿ¹É£©£¬Ô¤²â2006ÄêÄêĩÿ¹ÉÊÕÒæÎªE2¡£Í¶×ÊÕßµ±Ç°ÂòÈë¸Ã¹ÉƱµÄ¼Û¸ñP£¨¼´µ±Ç°¹É¼Û£©¡£
    ÒòΪ2006Äê±È2005Äêÿ¹ÉÊÕÒæÔö³¤£¨¼ÙÉèÊÇÔö³¤µÄ£©ÂÊÊÇE2-E1/E1100%¡£ÉèΪR¡£
    ÓÖ¼ÙÉ蹫˾»¹Äܱ£³Ö¸ÃÔö³¤ÂÊNÄê¡£
    ¸ù¾ÝĿǰ´ó¶àÊý¶¨Ò壬¶¯Ì¬ÊÐÓ¯ÂÊ=¾²Ì¬ÊÐÓ¯Âʶ¯Ì¬ÏµÊý¡£
    ¶¯Ì¬ÏµÊý=1/£¨1+R£©N
    Õâ¸ö¹«Ê½Êµ¼ÊÊǸù¾ÝNÄêÄÚÎȶ¨Ôö³¤£¨Ôö³¤Âʺ㶨£©¸´ÖµÌùÏÖÖµÀ´¼ÆËãÊÐÓ¯Âʵķ½·¨¡£
    ʵ¼ÊÉÏÕâÖÖ¼ÆËã·½·¨ºÜÉÙʹÓã¬ÒòΪÆóÒµÀûÈóÔö³¤Çé¿öÆäʵºÜ¸´ÔÓ£¬Äѱ£³Öºã¶¨£¬Ò²ºÜÄѼÆËã¡£µ«È´ÊÇÊÐÓ¯ÂʵÄÕæÕýº¬Òå¡£
    µÚ¶þÖØº¬ÒåÒ²¾ÍÊǾ­³£±»¡°ÍáÇú¡±Ê¹Óõġ°¶¯Ì¬ÊÐÓ¯ÂÊ¡±¡£±ÈÈç¸÷Àà¿´ÅÌÈí¼þ£¬ÔÚ¼ÆËãËùνÊÐÓ¯ÂÊʱ£¬ÍùÍù²ÉÓüòµ¥µÄËãÊõ¼ÆË㣬ÈçµÚÒ»¼¾¶Èÿ¹ÉÊÕÒæE£¬ÔòÈí¼þ×Ô¶¯½«Æä³ËÒÔ4£¬µÃ³öÄêĩԤ²âµÄÿ¹ÉÊÕÒæ£¬È»ºó¸ù¾Ý¹É¼Û¼ÆËãPE£¬ÕâÖÖËùνµÄ¡°¶¯Ì¬ÊÐÓ¯ÂÊ¡±ÍùÍù»á¸ø²»Ì«ÁôÐÄ»ù±¾ÃæµÄͶ×ÊÕß´øÀ´´í¾õ¡£
    ÀýÈç000759gÖа٣¬µÚÒ»¼¾¶Èÿ¹ÉÊÕÒæ0.12Ôª£¬Ä¿Ç°¹É¼Û9.81£¬Èí¼þ×Ô¶¯¼ÆËãµÄPEÊÇ21.4±¶¡£ÆäʵËüÒþº¬ÁËÈí¼þ¼ÙÉè¸Ã¹ÉƱ2006ÄêÄêĩÿ¹ÉÊÕÒæ0.124=0.48ÔªµÄ¼ÙÉè¡££¬ÕâÊǺܴíÎóµÄ¡£ÁãÊÛÆóÒµµÚÒ»¼¾¶ÈÍùÍùÊÇÿÄêÊÕÒæ×îºÃµÄÒ»¸ö¼¾¶È¡££¬ÁãÊÛÆóÒµÍùÍùÔÚµÚÒ»¼¾¶È±»¸ß¹À£¬¶øÔÚÊÕÒæ²»¾°ÆøµÄµÚÈý¼¾¶È±»µÍ¹À¡£
    µÚÈý£¬ÕýÈ·µÄ¶¯Ì¬ÊÐÓ¯ÂʼÆË㹫ʽÖУ¬Ó¦¸ÃÁôÒ⶯̬ϵÊýµÄÒòËØ¡£¼´ÊÕÒæ¾ùÔö³¤ÂÊR£¬ºÍ³ÖÐøÄêÏÞN¡£´ÓϵÊýµÄÖØÒªÐÔÀ´¿´£¬ÏÔÈ»N±ÈR×÷Óøü´ó¡£Ò²¾ÍÊÇ˵£¬¿ÉÒԵóöÕâôһ¸ö½áÂÛδÀ´¶¯Ì¬ÊÐÓ¯ÂʽϵÍÈ¡¾öÓÚ¼¸¸öÒòËØµ±Ç°µÄ¾²Ì¬ÊÐÓ¯ÂÊ£¬ºã¶¨µÄÊÕÒæÔö³¤ÂÊ£¬ºÍÊÕÒæÔö³¤³ÖÐøÊ±¼ä¡£¶øÆäÖÐÏÔÈ»µ±Ç°¾²Ì¬ÊÐÓ¯ÂʺÍÊÕÒæ³ÖÐøÔö³¤Ê±¼ä×îÎªÖØÒª¡£
    ¼òµ¥À´Ëµ£¬ÊÕÒæÔö³¤Âʲ¢²»Ì«ÖØÒª£¬¹Ø¼üÊÇÊÕÒæÔö³¤³ÖÐøÊ±¼ä¡£ÕâҲͬ´ó¶àÊýͶ×ÊÊÕÒæÒ»Ñù£¬¹Ø¼ü²¢·ÇÔö³¤ÂÊ£¬¶øÊÇ¿´Ë­Ôö³¤µÄʱ¼ä×¡£ÕâÒ²ÊǸ´ÀûµÄÍþÁ¦¡£
    µÚËÄ£¬Ò²¾ÍÊÇ˵£¬Ä¿Ç°µÄ¾²Ì¬ÊÐÓ¯ÂÊ£¨²»¹ÜÊǼ¾¶È£¬»¹ÊÇÄêÄ©¼ÆË㣩Æäʵ¶ÔÓÚ¼ÛֵͶ×ÊÕß¶øÑÔ×÷Óò»Ì«´ó¡£Èç¹û¸Ã¹ÉƱ¶¯Ì¬ÏµÊý·Ç³£Ð¡£¬ÄÇôµ±Ç°Ò²¿ÉÒÔÏíÊܷdz£¸ßµÄÊÐÓ¯ÂÊ¡£¶øÈç¹û¶¯Ì¬ÏµÊý·Ç³£´ó£¬ÄÇôµ±Ç°·Ç³£µÍµÄÊÐÓ¯ÂÊÒ²²»Ó¦¸ÃÏíÊÜ¡£
    µÚÎ壬ÊÐÓ¯ÂÊÒ²²¢²»ÊÇÒ»¸Å¶øÂÛ£¬²»Í¬ÐÐÒµµÄÊÐÓ¯ÂÊÒ²²»Ò»Ñù¡£ÖÜÆÚÐÔµÄÐÐÒµÏíÊܵÄÊÐÓ¯Âʾͷdz£µÍ£¬±ÈÈç¸ÖÌú£¬Í¨³£Çé¿öÏÂÊг¡Ö»»á¸øÓëÆä10±¶ÒÔϵÄÊÐÓ¯ÂʹÀÖµ¡£ÕâÊÇÒòΪÖÜÆÚÐÔÐÐÒµµÄÆóÒµÀûÈóÔö³¤ÍùÍùÊÇÖÜÆÚÐԵģ¬Ò²¼´ÊÇʱºÃʱ»µ£¬Ôö³¤²»Îȶ¨£¬¶¯Ì¬ÏµÊýÒ²ÏàÓ¦½Ï¸ß¡£¶ø¿Æ¼¼ÆóÒµ£¬Êг¡ÍùÍù±È½ÏÀÖ¹Û£¬Ò»µ©½øÈëÆä·¢Õ¹µÄÉÏÉý¹ìµÀ£¬ÔòÓпÉÄܽϳ¤Ê±¼ä±£³ÖÎȶ¨µÄÔö³¤¡£¼ÆËã¶øµÃµÄ¶¯Ì¬ÏµÊýÒ²½ÏµÍ£¬Êг¡¸øÓëµÄÊÐÓ¯ÂÊÒ²½Ï¸ß£¨ËäÈ»Õâ²¢²»·ûºÏʵ¼Ê£©¡£
    ÊÐÓ¯ÂÊ»¹ºÍ¹ú¼Ò¾­¼Ã·¢Õ¹ÖÜÆÚÏà¹Ø£¬Ò²ÓëÊг¡ÀÖ¹Û»ò±¯¹ÛÇéÐ÷Óйأ¬ÒòΪËüµÄ¹«Ê½ÖÐÓм۸ñµÄÒòËØ¡£
    µÚÁù£¬£¬²»¿ÉÒòΪÊÐÓ¯ÂʵͶøÂòÈ룬Ҳ²»¿ÉÒòΪÊÐÓ¯Âʸ߶øÂô³ö¡£Æäʵ´ó¶àÊýʱºòÓ¦¸ÃǡǡÏà·´£¬ÔÚ¸ßÊÐÓ¯ÂÊʱÂòÈ룬µÍÊÐÓ¯ÂÊʱÂô³ö¡£»ú¹¹ÍùÍù¸ÉÕâÖÖÊÂÇ飬ÀýÈç000039£¬ÔÚ2004Äê12ÔÂÄ걨ÏÔʾÿ¹ÉÊÕÒæ2.37£¬ÆäÔÚ2005Äê4Ô´´Àúʷиß16.68Ԫʱ£¬ÊÐÓ¯ÂÊÒ²²»¹ý7±¶£¨µÚÒ»¼¾¼¾±¨³öÀ´Ç°¼ÆË㣩¡£»ú¹¹È´Õâ¸öʱºòÅ×Á˺ܶà¹ÉƱ¡£Ò²ºÜÈÝÒ×Ì×סÖÐСͶ×ÊÕß¡£
    µÚÆß£¬±ËµÃ.ÁÖÆæÉõÖÁÈÏΪһ¸ö¹ÉƱµÄÊÐÓ¯ÂÊÈ¡¾öÓÚ¸Ã¹ÉÆ±Ë°ºó¾»ÀûÈóµÄÔö³¤ÂÊ¡£±ÈÈçÒ»¸ö¹ÉƱδÀ´Ë°ºó¾»ÀûÈóÔö³¤ÂÊΪ45%£¬ÄÇôĿǰËüµÄÊÐÓ¯ÂÊÓ¦¸ÃÊÇ45±¶¡£Õâ¸ö˵·¨ÎÒ¾õµÃ»¹ºÜ´ÖÂÔ£¬È·Çн²Ó¦¸Ã»¹ÓиöÔö³¤ÂÊÄÜά³Ö¶à¾ÃµÄÎÊÌ⣬ά³ÖµÄÔ½¾Ã£¬¼ÛÖµÔ½´ó£¬ÏíÊܵÄÊÐÓ¯ÂÊÔ½¸ß¡£
    £¬µ±ÄêµÄÊÐÓ¯Âʲ»¹Ü´ÓµÚÒ»¼¾¶È£¬»¹Êǵ½×îÖÕÄêÄ©£¬Æäʵ¶¼ÊôÓÚ¡°¾²Ì¬ÊÐÓ¯ÂÊ¡±¡£¶øÕâÖÖ¾²Ì¬ÊÐÓ¯Âʲ¢²»ÄܰïÖúÎÒÃÇÅÐ¶Ï¹ÉÆ±¼ÛÖµÊÇ·ñµÍ¹À£¬»òÕ߸߹À¡£×îÖÕ¶¯Ì¬ÊÐÓ¯Âʵĵóö£¬ÐèÒª¶ÔÆóҵδÀ´ÀûÈóÔö³¤Çé¿ö½øÐÐÔ¤²â¡£

    4¡¢¹ÉÊÐÀïµÄPEÊÇʲôÒâ˼£¿

    PEÊÇPrice/Earninng RatioµÄÒâ˼£¬¾ÍÊDZ¾Òæ±È£¬Ò²¾ÍÊÇÊÐÓ¯ÂÊ!

    5¡¢¹ÉƱPEÊÇʲô PEÊÇʲôÒâ˼

    PEÒ²¾ÍÊÇÆ½Ê±³£ËµµÄÊÐÓ¯ÂÊ£¬ÊǹɼÛÓëÿ¹ÉÊÕÒæµÄ±ÈÖµ£¬ÊǺâÁ¿¹ÉƱ¹ÀÖµ¸ßµÍµÄÖØÒªÖ¸±ê¡£
    ÊÐÓ¯ÂʵļÆË㹫ʽÊÇÓÃ¹ÉÆ±¼Û¸ñ³ýÒÔÄê¶Èÿ¹ÉÊÕÒæ£¨Eps£©£¬ÔÚʵ¼ÊÓ¦Óùý³ÌÖУ¬ÊÐÓ¯ÂÊ»¹·ÖΪ¾²Ì¬ÊÐÓ¯ÂʺͶ¯Ì¬ÊÐÓ¯ÂÊ£¬¶þÕߵIJîÒìÔÚÓÚ¼ÆËã¹ý³ÌÖÐÿ¹ÉÊÕÒæµÄÈ¡Êý¿Ú¾¶£¬¾²Ì¬ÊÐÓ¯ÂʵÄÿ¹ÉÊÕÒæÈ¡×ÔÉÏÒ»»á¼ÆÄê¶È¹«²¼µÄÿ¹ÉÊÕÒæ£¬¶ø¶¯Ì¬ÊÐÓ¯ÂʵÄÿ¹ÉÊÕÒæ²ÉÓÃÊг¡Æ½¾ùÔ¤¹À£¬¼´×·×Ù¹«Ë¾Òµ¼¨µÄ»ú¹¹ÊÕ¼¯¶àλ·ÖÎöʦµÄÔ¤²âËùµÃµ½µÄÔ¤¹Àƽ¾ùÖµ»òÖÐÖµ¡£
    ÊÐÓ¯Âʸߺû¹ÊǵͺÃ
    ÊÐÓ¯ÂÊΪÏֹɼ۳ýÒÔÿ¹ÉÊÕÒæ£¬ÊýֵԽС£¬»Ø±¨Ô½¸ß£¬¼ÛÖµÒ²¾ÍÔ½´ó¡£
    µ«²»Í¬µÄÐÐÒµÈ´ÒªÇø±ð¿´´ý£¬¶Ô³É³¤ÐÔÇ¿µÄ¸ö¹É£¬ÓÉÓÚÆäÒµ¼¨Ôö³¤»á½µµÍ½ñºóµÄÊÐÓ¯ÂÊˮƽ£¬ËùÒÔĿǰÂÔ¸ßÒ²ÊÇÕý³£µÄ£¬¶ÔÓÚÒµ¼¨Ï½µµÄ¸ö¹É£¬ÓÉÓÚÒµ¼¨ÒòËØÓ°Ï죬ÏÖÔڽϵ͵ÄÊÐÓ¯ÂÊ£¬½ñºó»á±äÔ½¸ß£¬ÕâÀà¸ö¹É¼´±ãÊÐÓ¯Âʵͣ¬ÆäͶ×ʼÛÖµÒ²²»´ó¡£
    ËùÒÔ»á³öÏÖÕâÑùÒ»ÖÖÇé¿ö£¬µ±Ç°ÊÐÓ¯Âʽϸߣ¬µ«ÓÉÓÚ¹«Ë¾Òµ¼¨Ôö³¤Ñ¸ËÙ£¬¹É¼ÛÔ½ÕÇ£¬ÆäÊÐÓ¯ÂÊ·´¶øÔ½µÍ£¬·´Ö®£¬¶Ô´ó·ùË¥Í˵ĸö¹É£¬Ôò»á³öÏÖÔ½µø£¬ÊÐÓ¯ÂÊÔ½¸ßµÄÏÖÏó¡£
    ËùÒÔ¿´ÊÐÓ¯ÂÊ£¬²»½öÒª¿´¾ø¶ÔÊý£¬»¹Òª²Î¿¼¹«Ë¾ÐÐÒµºÍ±¾ÉíµÄ·¢Õ¹Çé¿ö¡£
    ÕâЩ¿ÉÒÔÂýÂýÈ¥ÁìÎò£¬Í¶×ÊÕß½øÈë¹ÉÊÐ֮ǰ×îºÃ¶Ô¹ÉÊÐÓÐЩ³õ²½µÄÁ˽⡣ǰÆÚ¿ÉÓøöÅ£¹É±¦Ä£Äâ³´¹ÉÈ¥¿´¿´£¬ÀïÃæÓÐһЩ¹ÉƱµÄ»ù±¾ÖªÊ¶×ÊÁÏÖµµÃѧϰ£¬Ò²¿ÉÒÔͨ¹ýÉÏÃæÏà¹ØÖªÊ¶À´½¨Á¢×Ô¼ºµÄÒ»Ì׳ÉÊìµÄ³´¹É֪ʶ¾­Ñ顣ϣÍû¿ÉÒÔ°ïÖúµ½Äú£¬×£Í¶×ÊÓä¿ì£¡

    6¡¢¹ÉƱÖеÄPEÊÇʲôÒâ˼£¬Ôõô¿´ºÃ²»ºÃ

    ÊÐÓ¯ÂÊÇóÖú±à¼­°Ù¿ÆÃûƬ
    ¼ÆË㹫ʽÊÐÓ¯ÂÊÖ¸ÔÚÒ»¸ö¿¼²ìÆÚ£¨Í¨³£Îª12¸öÔµÄʱ¼ä£©ÄÚ£¬¹ÉƱµÄ¼Û¸ñºÍÿ¹ÉÊÕÒæµÄ±ÈÀý¡£Í¶×ÊÕßͨ³£ÀûÓøñÈÀýÖµ¹ÀÁ¿Ä³¹ÉƱµÄͶ×ʼÛÖµ£¬»òÕßÓøÃÖ¸±êÔÚ²»Í¬¹«Ë¾µÄ¹ÉƱ֮¼ä½øÐбȽϡ£¡°P/E Ratio¡±±íʾÊÐÓ¯ÂÊ£»¡°Price per Share¡±±íʾÿ¹ÉµÄ¹É¼Û£»¡°Earnings per Share¡±±íʾÿ¹ÉÊÕÒæ¡£¼´¹ÉƱµÄ¼Û¸ñÓë¸Ã¹ÉÉÏÒ»Äê¶Èÿ¹É˰ºóÀûÈóÖ®±È£¨P/E£©£¬¸ÃÖ¸±êΪºâÁ¿¹ÉƱͶ×ʼÛÖµµÄÒ»ÖÖ¶¯Ì¬Ö¸±ê¡£
    Ŀ¼
    ¶¨Òå
    ¼ÆËã·½·¨
    Êг¡±íÏÖ¾ö¶¨¹É¼ÛµÄÒòËØ
    ¹ÉÏ¢ÊÕÒæÂÊ
    ÊÐÓ¯ÂÊÓë¹ÉÏ¢ÊÕÒæÂÊÆ½¾ùÊÐÓ¯ÂÊ
    ¼ÆËã·½·¨
    ·çÏÕÅжϼ¯Ìå¿Ö¸ß
    ÊÐÓ¯ÂÊÖ®±æ
    ¸ßÓиߵÄÀíÓÉ
    »¹Ðë½÷É÷
    ÊÐÓ¯ÂÊÒâÒå
    Ö¸±êȱÏÝ
    ×¢ÒâÎÊÌâ
    ÊÐÓ¯ÂÊÓ¦ÓÃ
    ÊÐÓ¯ÂÊÓë¹ÉƱ
    Ïà¹Ø¹æÂÉA¹Éƽ¾ùÊÐÓ¯ÂʹæÂÉ
    ºÏÀíµÄÊÐÓ¯ÂÊ
    Ïà¹ØÅжÏ
    ÕýÈ·¿´´ýÊÐÓ¯ÂÊ
    ÊÐÓ¯ÂʾÖÏÞÐÔ
    ÊÐÓ¯ÂʶԹÉÊеÄÓ°Ïì
    ·ÖÎö
    ¶¯Ì¬ÊÐÓ¯ÂÊÔËÓÃ
    ¼ò½é
    ÈýÕß¹ØÏµ
    Ó°ÏìÊÐÓ¯ÂʵÄÒòËØ¶¨Òå
    ¼ÆËã·½·¨
    Êг¡±íÏÖ ¾ö¶¨¹É¼ÛµÄÒòËØ
    ¹ÉÏ¢ÊÕÒæÂÊ
    ÊÐÓ¯ÂÊÓë¹ÉÏ¢ÊÕÒæÂÊ Æ½¾ùÊÐÓ¯ÂÊ
    ¼ÆËã·½·¨
    ·çÏÕÅÐ¶Ï ¼¯Ìå¿Ö¸ß
    ÊÐÓ¯ÂÊÖ®±æ
    ¸ßÓиߵÄÀíÓÉ
    »¹Ðë½÷É÷
    ÊÐÓ¯ÂÊÒâÒå
    Ö¸±êȱÏÝ
    ×¢ÒâÎÊÌâ
    ÊÐÓ¯ÂÊÓ¦ÓÃÊÐÓ¯ÂÊÓë¹ÉƱÏà¹Ø¹æÂÉ
    A¹Éƽ¾ùÊÐÓ¯ÂʹæÂÉ ºÏÀíµÄÊÐÓ¯ÂÊ Ïà¹ØÅжÏÕýÈ·¿´´ýÊÐÓ¯ÂÊÊÐÓ¯ÂʾÖÏÞÐÔÊÐÓ¯ÂʶԹÉÊеÄÓ°Ïì·ÖÎö¶¯Ì¬ÊÐÓ¯ÂÊÔËÓüò½éÈýÕß¹ØÏµÓ°ÏìÊÐÓ¯ÂʵÄÒòËØÕ¹¿ª ±à¼­±¾¶Î¶¨Òå
    ÊÐÓ¯ÂÊ£¨Price to Earning Ratio£¬¼ò³ÆPE»òP/E Ratio£©£¬Ò²³Æ±¾Òæ±È ¡°¹É¼ÛÊÕÒæ±ÈÂÊ¡±»ò¡°ÊмÛÓ¯Àû±ÈÂÊ£¨¼ò³ÆÊÐÓ¯ÂÊ£©¡±¡£ ÊÐÓ¯ÂÊÊÇ×î³£ÓÃÀ´ÆÀ¹À¹É¼ÛˮƽÊÇ·ñºÏÀíµÄÖ¸±êÖ®Ò»£¬Óɹɼ۳ýÒÔÄê¶Èÿ¹ÉÓ¯Óà(EPS£©µÃ³ö(ÒÔ¹«Ë¾ÊÐÖµ³ýÒÔÄê¶È¹«Ë¾¾»ÀûÈóÒà¿ÉµÃ³öÏàͬ½á¹û£©¡£¼ÆËãʱ£¬¹É¼Ûͨ³£È¡×îÐÂÊÕÅ̼ۣ¬¶øEPS·½Ã棬Èô°´Òѹ«²¼µÄÉÏÄê¶ÈEPS¼ÆË㣬³ÆÎªÀúÊ·ÊÐÓ¯ÂÊ£¨Historical P/E)£¬ÈôÊǰ´Êг¡¶Ô½ñÄê¼°Ã÷ÄêEPSµÄÔ¤¹ÀÖµ¼ÆË㣬Ôò³ÆÎªÎ´À´ÊÐÓ¯ÂÊ¡¢Ô¤¹ÀÊÐÓ¯ÂÊ»ò¶¯Ì¬ÊÐÓ¯ÂÊ£¨prospective/forard/forecast P/E)¡£¼ÆËãÔ¤¹ÀÊÐÓ¯ÂÊËùÓõÄEPSÔ¤¹ÀÖµ£¬Ò»°ã²ÉÓÃÊг¡Æ½¾ùÔ¤¹À£¨consensus estimates£©£¬¼´×·×Ù¹«Ë¾Òµ¼¨µÄ»ú¹¹ÊÕ¼¯¶àλ·ÖÎöʦµÄÔ¤²âËùµÃµ½µÄÔ¤¹Àƽ¾ùÖµ»òÖÐÖµ¡£ ÊÐÓ¯ÂÊÊÇijÖֹɯ±Ã¿¹ÉÊмÛÓëÿ¹ÉÓ¯ÀûµÄ±ÈÂÊ¡£Êг¡¹ã·ºÌ¸¼°
    µÄÊÐÓ¯ÂÊͨ³£Ö¸µÄÊǾ²Ì¬ÊÐÓ¯ÂÊ£¬Í¨³£ÓÃÀ´×÷Ϊ±È½Ï²»Í¬¼Û¸ñµÄ¹ÉƱÊÇ·ñ±»¸ß¹À»òÕߵ͹ÀµÄÖ¸±ê¡£ÓÃÊÐÓ¯ÂʺâÁ¿Ò»¼Ò¹«Ë¾¹ÉƱµÄÖʵØÊ±£¬²¢·Ç×ÜÊÇ׼ȷµÄ¡£Ò»°ãÈÏΪ£¬Èç¹ûÒ»¼Ò¹«Ë¾¹ÉƱµÄÊÐÓ¯Âʹý¸ß£¬ÄÇô¸Ã¹ÉƱµÄ¼Û¸ñ¾ßÓÐÅÝÄ­£¬¼ÛÖµ±»¸ß¹À¡£µ±Ò»¼Ò¹«Ë¾Ôö³¤Ñ¸ËÙÒÔ¼°Î´À´µÄÒµ¼¨Ôö³¤·Ç³£¿´ºÃʱ£¬¹ÉƱĿǰµÄ¸ßÊÐÓ¯ÂÊ¿ÉÄÜÇ¡ºÃ׼ȷµØ¹ÀÁ¿Á˸ù«Ë¾µÄ¼ÛÖµ¡£ÐèҪעÒâµÄÊÇ£¬ÀûÓÃÊÐÓ¯ÂʱȽϲ»Í¬¹ÉƱµÄͶ×ʼÛֵʱ£¬ÕâЩ¹ÉƱ±ØÐëÊôÓÚͬһ¸öÐÐÒµ£¬ÒòΪ´Ëʱ¹«Ë¾µÄÿ¹ÉÊÕÒæ±È½Ï½Ó½ü£¬Ï໥±È½Ï²ÅÓÐЧ¡£
    ±à¼­±¾¶Î¼ÆËã·½·¨
    ÊÐÓ¯ÂÊ£¨¾²Ì¬ÊÐÓ¯ÂÊ£©=ÆÕͨ¹Éÿ¹ÉÊг¡¼Û¸ñ¡ÂÆÕͨ¹ÉÿÄêÿ¹ÉÓ¯Àû¡¡ ÉÏʽÖеķÖ×ÓÊǵ±Ç°µÄÿ¹ÉÊмۣ¬·Öĸ¿ÉÓÃ×î½üÒ»ÄêÓ¯Àû£¬Ò²¿ÉÓÃδÀ´Ò»Äê»ò¼¸ÄêµÄÔ¤²âÓ¯Àû¡£ ÊÐÓ¯ÂÊ
    ÊÐÓ¯ÂÊÔ½µÍ£¬´ú±íͶ×ÊÕßÄܹ»ÒԽϵͼ۸ñ¹ºÈë¹ÉƱÒÔÈ¡µÃ»Ø±¨¡£Ã¿¹ÉÓ¯ÀûµÄ¼ÆËã·½·¨£¬ÊÇ¸ÃÆóÒµÔÚ¹ýÈ¥12¸öÔµľ»ÀûÈó¼õÈ¥ÓÅÏȹɹÉÀûÖ®ºó³ýÒÔ×Ü·¢ÐÐÒÑÊÛ³ö¹ÉÊý¡£¡¡ ¼ÙÉèij¹ÉƱµÄÊмÛΪ24Ôª£¬¶ø¹ýÈ¥12¸öÔµÄÿ¹ÉÓ¯ÀûΪ3Ôª£¬ÔòÊÐÓ¯ÂÊΪ24/3=8¡£¸Ã¹ÉƱ±»ÊÓΪÓÐ8±¶µÄÊÐÓ¯ÂÊ£¬¼´Ã¿¸¶³ö8Ôª¿É·ÖÏí1ÔªµÄÓ¯Àû¡£¡¡Í¶×ÊÕß¼ÆËãÊÐÓ¯ÂÊ£¬Ö÷ÒªÓÃÀ´±È½Ï²»Í¬¹ÉƱµÄ¼ÛÖµ¡£ÀíÂÛÉÏ£¬¹ÉƱµÄÊÐÓ¯ÂÊÓúµÍ£¬ÓúÖµµÃͶ×Ê¡£±È½Ï²»Í¬ÐÐÒµ¡¢²»Í¬¹ú¼Ò¡¢²»¶ÎµÄÊÐÓ¯ÂÊÊDz»´ó¿É¿¿µÄ¡£±È½ÏͬÀà¹ÉƱµÄÊÐÓ¯ÂʽÏÓÐʵÓüÛÖµ¡£ ¹«Ê½Öеġ°ÆÕͨ¹ÉÿÄêÿ¹ÉÓ¯Àû¡±Ò²½Ðÿ¹ÉÊÕÒæ£¬Í¨³£Ö¸Ã¿¹É¾»ÀûÈó¡£È·¶¨Ã¿¹É¾»ÀûÈóµÄ·½·¨ÓÐ 1¡¢È«ÃæÌ¯±¡·¨¡£È«ÃæÌ¯±¡·¨¾ÍÊÇÓÃÈ«Äê¾»ÀûÈó³ýÒÔ·¢Ðкó×ܹɱ¾£¬Ö±½ÓµÃ³öÿ¹É¾»ÀûÈó¡£ 2¡¢¼ÓȨƽ¾ù·¨¡£ÔÚ¼ÓȨƽ¾ù·¨Ï£¬Ã¿¹É¾»ÀûÈóµÄ¼ÆË㹫ʽΪÿ¹É¾»ÀûÈó=È«Äê¾»ÀûÈó /£¨·¢ÐÐǰ×ܹɱ¾Êý+±¾´Î¹«¿ª·¢Ðйɱ¾Êý£© £¨12-·¢ÐÐÔ·ݣ©/ 12¡£
    ±à¼­±¾¶ÎÊг¡±íÏÖ
    ¾ö¶¨¹É¼ÛµÄÒòËØ
    ¹É¼ÛÈ¡¾öÓÚÊг¡ÐèÇ󣬼´±äÏàÈ¡¾öÓÚͶ×ÊÕß¶ÔÒÔϸ÷ÏîµÄÆÚÍû (1£©ÆóÒµµÄ×î½ü±íÏÖºÍδÀ´·¢Õ¹Ç°¾° (2£©ÐÂÍÆ³öµÄ²úÆ·»ò·þÎñ (3£©¸ÃÐÐÒµµÄǰ¾° ÆäÓàÓ°Ïì¹É¼ÛµÄÒòËØ»¹°üÀ¨Êг¡Æø·Õ¡¢ÐÂÐËÐÐÒµÈȳ±µÈ¡£ ÊÐÓ¯ÂʰѹɼۺÍÀûÈóÁªÏµÆðÀ´£¬·´Ó³ÁËÆóÒµµÄ½üÆÚ±íÏÖ¡£Èç¹û¹É¼ÛÉÏÉý£¬µ«ÀûÈóûÓб仯£¬ÉõÖÁϽµ£¬ÔòÊÐÓ¯Âʽ«»áÉÏÉý¡£ £¬ÊÐÓ¯ÂÊˮƽΪ <0 Ö¸¸Ã¹«Ë¾Ó¯ÀûΪ¸º£¨ÒòÓ¯ÀûΪ¸º£¬¼ÆËãÊÐÓ¯ÂÊûÓÐÒâÒ壬ËùÒÔÒ»°ãÈí¼þÏÔʾΪ¡°¡ª¡±£© 0-13 ¼´¼ÛÖµ±»µÍ¹À 14-20¼´Õý³£Ë®Æ½ 21-28¼´¼ÛÖµ±»¸ß¹À 28+ ·´Ó³¹ÉÊгöÏÖͶ»úÐÔÅÝÄ­
    ¹ÉÏ¢ÊÕÒæÂÊ
    ÉÏÊй«Ë¾Í¨³£»á°Ñ²¿·ÝÓ¯ÀûÅÉ·¢¸ø¹É¶«×÷Ϊ¹ÉÏ¢¡£ÉÏÒ»Äê¶ÈµÄÿ¹É¹ÉÏ¢³ýÒÔ¹ÉÆ±ÏÖ¼Û£¬ÊÇΪÏÖÐйÉÏ¢ÊÕÒæÂÊ¡£Èç¹û¹É¼ÛΪ50Ôª£¬È¥Äê¹ÉϢΪÿ¹É5Ôª£¬Ôò¹ÉÏ¢ÊÕÒæÂÊΪ10%£¬´ËÊý×ÖÊôÓÚÆ«¸ß£¬¶øÊÐÓ¯ÂÊÔòΪ10±¶£¬·´Ó³ÊÐÓ¯ÂÊÆ«µÍ£¬¹ÉƱ¼ÛÖµ±»µÍ¹À¡£ £¬ÊÐÓ¯Âʼ«¸ß£¨Èç´óÓÚ100±¶£©µÄ¹ÉƱ£¬Æä¹ÉÏ¢ÊÕÒæÂÊΪÁã¡£ÒòΪµ±ÊÐÓ¯ÂÊ´óÓÚ100±¶£¬±íʾͶ×ÊÕßÒª³¬¹ý100ÄêµÄʱ¼ä²ÅÄܻر¾£¬¹ÉƱ¼ÛÖµ±»¸ß¹À£¬Ã»ÓйÉÏ¢ÅÉ·¢¡£[1]
    ±à¼­±¾¶ÎÊÐÓ¯ÂÊÓë¹ÉÏ¢ÊÕÒæÂÊ
    ÖµµÃÖ¸³öµÄÊÇ£¬ÊÐÓ¯Âʵĵ¹Êý¾ÍÊǵ±Ç°µÄ¹ÉƱͶ×ʱ¨³êÂÊ£¬¼´Îª¹ÉÏ¢ÊÕÒæÂÊ£¬ÊÐÓ¯ÂÊÔ½¸ß£¬¹ÉÏ¢ÊÕÒæÂÊÔ½µÍ¡£ÕâÏÔʾÁËͶ×ÊÕß¹ºÂò¸ßÊÐÓ¯ÂÊµÄ¹ÉÆ±´øÓнϴóµÄ·çÏÕ¡£Í¶×ÊÕß¹ºÂò¸ßÊÐÓ¯ÂÊ¹ÉÆ±µÄÕæÕý¶¯»úÒ²Ðí²»ÊÇΪÁË»ñµÃÉÏÊй«Ë¾µÄ¹ÉÀû·ÖÅä¡£¶øÊÇÆÚ´ý¹ÉƱÊг¡¼Û¸ñ¼ÌÐøÉÏÕÇ´øÀ´¹ÉƱ½»Ò×ÀûÈó£¬Õâ¾Í¿ÉÄÜÒý·¢¹ÉƱÊг¡Éϵļ۸ñÅÝÄ­¡£
    ƽ¾ùÊÐÓ¯ÂÊ
    ÃÀ¹ú¹ÉƱµÄÊÐÓ¯ÂÊÆ½¾ùΪ14±¶£¬±íʾ»Ø±¾ÆÚΪ14Äê¡£14±¶PEÕÛºÏÆ½¾ùÄê»Ø±¨ÂÊΪ7%£¨1/14£©¡£ Èç¹ûij¹ÉƱÓнϸßÊÐÓ¯ÂÊ£¬´ú±í (1£©Êг¡Ô¤²âδÀ´µÄÓ¯ÀûÔö³¤Ëٶȿ졣 (2£©¸ÃÆóÒµÒ»Ïò¼µÃ¿É¹ÛÓ¯Àû£¬µ«ÔÚǰһ¸öÄê¶È³öÏÖÒ»´Î¹ýµÄÌØÊâÖ§³ö£¬½µµÍÁËÓ¯Àû¡£ ÊÐÓ¯ÂÊ
    (3£©³öÏÖÅÝÄ­£¬¸Ã¹É±»×·Åõ¡£ (4£©¸ÃÆóÒµÓÐÌØÊâµÄÓÅÊÆ£¬±£Ö¤ÄÜÔڵͷçÏÕÇé¿öϳ־üµÃÓ¯Àû¡£ (5£©Êг¡ÉÏ¿ÉÑ¡ÔñµÄ¹ÉƱÓÐÏÞ£¬ÔÚ¹©Çó¶¨ÂÉÏ£¬¹É¼Û½«ÉÏÉý¡£ÕâÁî¿çʱ¼äµÄÊÐÓ¯ÂʱȽϱäµÃÒâÒå²»´ó¡£
    ¼ÆËã·½·¨
    ÀûÓò»Í¬µÄÊý¾Ý¼Æ³öµÄÊÐÓ¯ÂÊ£¬Óв»Í¬µÄÒâÒå¡£ÏÖÐÐÊÐÓ¯ÂÊÀûÓùýÈ¥Ëĸö¼¾¶ÈµÄÿ¹ÉÓ¯Àû¼ÆË㣬¶øÔ¤²âÊÐÓ¯ÂÊ¿ÉÒÔÓùýÈ¥Ëĸö¼¾¶ÈµÄÓ¯Àû¼ÆË㣬Ҳ¿ÉÒÔ¸ù¾ÝÉÏÁ½¸ö¼¾¶ÈµÄʵ¼ÊÓ¯ÀûÒÔ¼°Î´À´Á½¸ö¼¾¶ÈµÄÔ¤²âÓ¯ÀûµÄ×ܺͼÆËã¡£Ïà¹Ø¸ÅÄî¡¡ÊÐÓ¯ÂʵļÆËãÖ»°üÀ¨ÆÕͨ¹É£¬²»°üº¬ÓÅÏȹɡ£¡¡´ÓÊÐÓ¯ÂÊ¿ÉÒýÉê³öÊÐÓ¯Ôö³¤ÂÊ£¬´ËÖ¸±ê¼ÓÈëÁËÓ¯ÀûÔö³¤ÂʵÄÒòËØ£¬¶àÊýÓÃÓÚ¸ßÔö³¤ÐÐÒµºÍÐÂÆóÒµÉÏ¡£
    ±à¼­±¾¶Î·çÏÕÅжÏ
    ¼¯Ìå¿Ö¸ß
    ¸ù¾ÝÉêÒøÍò¹úµÄͳ¼ÆÊý¾Ý£¬¹ýÈ¥12¸öÔµÄÊг¡£¬»¦Éî300Ö¸Êý»¨ÁËǰʮ¸öÔÂÉÏÕÇÁË52.7%£¬ÊÐÓ¯ÂÊ£¨PE£©´Ó14±¶Õǵ½25±¶£¬ºóÁ½¸öÔÂÔòÕÇÁË38%£¬PE´Ó25±¶ÕÇ
    µ½ÁË35±¶¡£¶ø×îеÄÊý¾ÝÏÔʾ£¬2ÔÂ16ÈÕ£¬Éî½»Ëùƽ¾ùÊÐÓ¯ÂÊ£¨PE£©43.82±¶£¬ÉϽ»Ëùƽ¾ùÊÐÓ¯ÂÊ41.28±¶¡ª¡ªÊÇÊÀ½ç֤ȯ½»Ò×Êг¡Æ½¾ùÊÐÓ¯ÂʵÄ2.6±¶¡£ÓÚÊÇר¼Ò½Ìµ¼¹ÉÃñA¹ÉÅÝÄ­£¬Âä´üΪ°²¡£ ÄÇô£¬ÊÐÓ¯Âʾ¿¾¹ÊÇÒ»¸öʲôÑùµÄÖ¸±êÄØ£¿ ÊÐÓ¯ÂÊÊÇÉÏÊй«Ë¾¹É¼ÛÓëÿ¹ÉÊÕÒæ£¨Ä꣩µÄ±ÈÖµ¡£¼´ÊÐÓ¯ÂÊ=¹É¼Û/ÿ¹ÉÊÕÒæ£¨Ä꣩¡£Ã÷ÏԵأ¬ÕâÊÇÒ»¸öºâÁ¿ÉÏÊй«Ë¾¹ÉƱµÄ¼Û¸ñÓë¼ÛÖµµÄ±ÈÀýÖ¸±ê¡£¿ÉÒÔ¼òµ¥µØÈÏΪ£¬ÊÐÓ¯ÂÊ¸ßµÄ¹ÉÆ±£¬Æä¼Û¸ñÓë¼ÛÖµµÄ±³Àë³Ì¶È¾ÍÔ½¸ß¡£Ò²¾ÍÊÇ˵ÊÐÓ¯ÂÊÔ½µÍ£¬Æä¹ÉƱԽ¾ßÓÐͶ×ʼÛÖµ¡£ ÄڵغÍÏã¸Û¶ÔÉÏÊй«Ë¾µÄÈÏʶ²¢·ÇÒ»Ö£¬³öÏÖͬһ¼Ò¹«Ë¾ÔÚ²»Í¬µÄÊг¡ÉÏÔâÓö²»Í¬´ýÓö¡£¿ÉÄÜÏã¸ÛͶ×ÊÕ߸ü¼Ó¿´ºÃ½ðÈÚÒøÐйɣ¬¶øÄÚµØÍ¶×ÊÕß¶Ô±¦¸ÖµÈ×ÊÔ´¹úÆóµÄʵÁ¦¸ü¼ÓÁ˽⡣A¹ÉÓëH¹ÉµÄÊÐÓ¯ÂÊ¿ÉÄܲ»ÄÇô¾ßÓпɱÈÐÔ¡£
    ÊÐÓ¯ÂÊÖ®±æ
    µ¥´¿ÓÃÒÔ¡°ÊÐÓ¯ÂÊ¡±À´ºâÁ¿²»Í¬Ö¤È¯Êг¡µÄÓÅÁӺ͹ó¼ú¾ßÓÐÒ»Ð©Æ¬ÃæÐÔ¡£ÓÉÓÚͶ×Ê¹ÉÆ±ÊǶÔÉÏÊй«Ë¾Î´À´·¢Õ¹µÄÒ»ÖÖÆÚÍû£¬ÒÑÓеÄÊÐÓ¯ÂÊÖ»ÄÜ˵Ã÷ÉÏÊй«Ë¾¹ýÈ¥µÄÒµ¼¨£¬²¢²»ÄÜ´ú±í¹«Ë¾Î´À´µÄ·¢Õ¹¡£ ÊÐÓ¯ÂÊ
    ´Ó½ü¼¸ÄêÀ´¿´£¬Öйú¾­¼ÃÒ»Ö±±£³ÖÒ»¸ö¸ßËٵķ¢Õ¹£¬ÕâÊÇÃÀ¹ú¼°Å·ÖÞ·¢´ï¹ú¼ÒËù²»ÄܱÈÄâµÄ¡£¶øÖйú¾­¼ÃµÄ¸ßËÙ·¢Õ¹±ØÈ»Òª·´Ó³ÔÚÉÏÊй«Ë¾ÉÏÃæ¡££¬ÖйúÉÏÊй«Ë¾Òµ¼¨µÄ½øÒ»²½Ôö³¤ÊÇ¿ÉÒÔÖµµÃÆÚ´ýµÄ¡£´ÓÕâ¸ö½Ç¶ÈÀ´¿´£¬ÖйúÉÏÊй«Ë¾ÊÐÓ¯ÂʱÈÅ·ÃÀ·¢´ï¹ú¼Ò¸ßһЩ£¬Ó¦¸ÃÒ²ÊÇÕý³£µÄ¡£ £¬ÊÐÓ¯ÂÊ×÷ΪºâÁ¿ÉÏÊй«Ë¾¼Û¸ñºÍ¼ÛÖµ¹ØÏµµÄÒ»¸öÖ¸±ê£¬Æä¸ßµÍ±ê×¼²¢·Ç¾ø¶ÔµÄ¡£ÊÂʵÉÏ£¬ÊÐÓ¯Âʸߵ͵ıê×¼ºÍ¸Ã¹ú»õ±ÒµÄ´æ¿îÀûÂÊˮƽÊÇÓÐ׎ôÃÜÁªÏµµÄ¡£Ä¿Ç°ÃÀÔªµÄÄêÀûÂʱ£³ÖÔÚ4.75%×óÓÒ£¬ËùÒÔ£¬ÃÀ¹ú¹ÉÊеÄÊÐÓ¯Âʱ£³ÖÔÚ1/£¨4.75%£©=21±¶µÄÊÐÓ¯ÂÊ×óÓÒ£¬ÕâÊÇÕý³£µÄ¡£ÒòΪ£¬Èç¹ûÊÐÓ¯Âʹý¸ß£¬Í¶×ʲ»Èç´æ¿î£¬´ó¼Ò¾Í»á·ÅÆúͶ×ʶø°ÑÇ®´æÔÚÒøÐгÔÀûÏ¢£»·´Ö®£¬Èç¹ûÊÐÓ¯ÂʹýµÍ£¬´ó¼Ò¾Í»á°Ñ´æ¿îÈ¡³öÀ´½øÐÐͶ×ÊÒÔÈ¡µÃ±È´æ¿îÀûÏ¢¸ßµÄͶ×ÊÊÕÒæ¡£¶øÄ¿Ç°ÖйúÈËÃñ±ÒµÄÒ»ÄêÆÚ´æ¿îÀûÂÊÊÇ3.25%£¬ÏàÓ¦Óë3.25%µÄÀûÂÊˮƽµÄÊÐÓ¯ÂÊÊÇ1/£¨3.25%£©=30.8£¨±¶£©¡£Èç¹û´ÓÕâ¸ö½Ç¶ÈÀ´¿´£¬Öйú¹ÉÊÐ31±¶µÄÊÐÓ¯ÂÊ»ù±¾ËãµÃÉϺÏÀí¡£
    ¸ßÓиߵÄÀíÓÉ
    ĿǰÃÀ¹úµÀÇí˹ָÊýƽ¾ùÊÐÓ¯ÂÊΪ21±¶£¬±ê×¼ÆÕ¶û500ƽ¾ùÊÐÓ¯ÂÊ24±¶£¬ÃÀ¹úGDPÄêÔö³¤Ö»ÓÐ2%¡«3%£¬¶øÇÒËüµÄ¾­¼ÃÔö³¤»¹³äÂúן÷ÖÖ²»È·¶¨ÐÔ¡£ÖйúδÀ´10ÄêµÄ¾­¼ÃÔö³¤È´ÊÇ¿ÉÒÔÔ¤ÆÚµÄ¡£ÕâÒ»µãÔÚÉÏÊй«Ë¾µÄÄ걨ÖпÉÒÔ¿ú¼ûÒ»°ß¡£ ÊÐÓ¯ÂÊ
    ´Ó½ØÖ¹2ÔÂ27ÈÕÒѾ­¹«²¼Ä걨µÄ158¼Ò¹«Ë¾Çé¿ö¿´£¬Æ½¾ùÿ¹ÉÊÕÒæ0.31Ôª£¬Ã¿¹ÉÊÕÒæ0.5ÔªÒÔÉϵÄ37¼Ò¡£ÔÙ´Ó680¼ÒÓÐÒµ¼¨Ô¤¸æµÄ¹«Ë¾¿´£¬ÆäÖÐ254¼Ò¹«Ë¾Ô¤¸æ06ÄêÒµ¼¨Ôö³¤50%ÒÔÉÏ£»40¼Ò¹«Ë¾Ô¤¸æÒµ¼¨ÂÔÔö£¬159¼Ò¹«Ë¾Ô¤¸æÅ¤¿÷¡£ÖÐС°å116¼ÒÉÏÊй«Ë¾2006Ä걨ȫ²¿³öÆë£¬Æ½¾ù¾»ÀûÈóÔö³¤25.16%¡£06ÄêÉÏÊй«Ë¾È«Äê¾»ÀûÈóÔö³¤Òѳɶ¨¾Ö£¬ÄÜÔ´¡¢Ê¯»¯¡¢µØ²úÒÔ¼°»úеÊǸßÊÕÒæµÄÖ÷ÒªÐÐÒµ¡£ ´ó²¿·Ö»ú¹¹¶ÔÉÏÊй«Ë¾Î´À´Á½ÄêÒµ¼¨Ôö³¤Ô¤ÆÚ±íʾÀÖ¹Û¡£µ¥´ÓÔ­²ÄÁÏ¡¢È¼ÁÏ¡¢¶¯Á¦¹º½ø¼Û¸ñÖ¸ÊýÓ빤ҵƷ³ö³§¼Û¸ñÖ¸ÊýÔöËٵıȽÏÀ´¿´£¬1Ô·ÝÔ­²ÄÁϹº½ø¼Û¸ñÖ¸Êýͬ±ÈÉÏÉý4.7%£¬¹¤ÒµÆ·³ö³§¼Û¸ñÖ¸Êýͬ±ÈÉÏÕÇ3.3%£¬¾¡¹ÜÔöËÙÈÔÈ»µ¹¹Ò£¬µ«²îÒì×ÔÈ¥Äê10Ô·ÝÒÔÀ´´¦ÓÚ³ÖÐøÏ½µ×´Ì¬¡£ÆóÒµ³É±¾Ñ¹Á¦¼õÇᣬӯÀûÌáÉýÇé¿öÔ¤ÆÚÀÖ¹Û¡£ÔٴӹɸÄÖ®ºóÖÆ¶È±ä¸ï´øÀ´µÄÍâÑÓʽÔö³¤»ú»á¿´£¬¹É¸ÄÖ®ºó£¬ÓÉÓڹɶ«ÀûÒæÒ»ÖÂÒÔ¼°¹ÉȨ¼¤ÀøµÈÖÆ¶È±ä¸ï´øÀ´¹«Ë¾ÖÎÀí½á¹¹¸ÄÉÆºÍ¾­ÓªÐ§ÂÊÌá¸ß£¬ÒÔ¼°´ó¹É¶«Î´À´µÄ×ʲú×¢ÈëºÍÕûÌåÉÏÊдøÀ´µÄÒµ¼¨ÔöºñЧӦ½«Ê¹µÃA¹ÉÉÏÊй«Ë¾µÄÒµ¼¨³ÊÏÖ¼***ÙÉÏÉýÇ÷ÊÆ¡£Èç¹û¿¼Âǵ½ËùµÃ˰²¢¹ì´øÀ´¶îÍâµÄÊÕÒæ£¬Î´À´Á½ÄêÉÏÊй«Ë¾Òµ¼¨µÄ´ó·ùÌáÉýÔ¤ÆÚÏ൱ÀÖ¹Û¡£
    ÊÐÓ¯ÂÊ(15ÕÅ)

    7¡¢¹ÉƱÀïµÄ¡°PE¡±ÊÇʲôÒâ˼£¿

    ÊÐÓ¯ÂÊ£¨Price to Earning Ratio£¬¼ò³ÆPE»òP/E Ratio) ,Ò²³Æ±¾Òæ±È ¡°¹É¼ÛÊÕÒæ±ÈÂÊ¡±»ò¡°ÊмÛÓ¯Àû±ÈÂÊ£¨¼ò³ÆÊÐÓ¯ÂÊ£©¡± ¡£ ÊÐÓ¯ÂÊÊÇ×î³£ÓÃÀ´ÆÀ¹À¹É¼ÛˮƽÊÇ·ñºÏÀíµÄÖ¸±êÖ®Ò»£¬Óɹɼ۳ýÒÔÄê¶Èÿ¹ÉÓ¯Óà(EPS)µÃ³ö(ÒÔ¹«Ë¾ÊÐÖµ³ýÒÔÄê¶È¹É¶«Ó¦Õ¼ÒçÀûÒà¿ÉµÃ³öÏàͬ½á¹û)¡£¼ÆËãʱ£¬¹É¼Ûͨ³£È¡×îÐÂÊÕÅ̼ۣ¬¶øEPS·½Ã棬Èô°´Òѹ«²¼µÄÉÏÄê¶ÈEPS¼ÆË㣬³ÆÎªÀúÊ·ÊÐÓ¯ÂÊ(Historical P/E)£¬ÈôÊǰ´Êг¡¶Ô½ñÄê¼°Ã÷ÄêEPSµÄÔ¤¹ÀÖµ¼ÆË㣬Ôò³ÆÎªÎ´À´ÊÐÓ¯ÂÊ»òÔ¤¹ÀÊÐÓ¯ÂÊ(prospective/forard/forecast P/E)¡£¼ÆËãÔ¤¹ÀÊÐÓ¯ÂÊËùÓõÄEPSÔ¤¹ÀÖµ£¬Ò»°ã²ÉÓÃÊг¡Æ½¾ùÔ¤¹À(consensus estimates)£¬¼´×·×Ù¹«Ë¾Òµ¼¨µÄ»ú¹¹ÊÕ¼¯¶àλ·ÖÎöʦµÄÔ¤²âËùµÃµ½µÄÔ¤¹Àƽ¾ùÖµ»òÖÐÖµ¡£
    ¼ÆËã·½·¨
    ÊÐÓ¯ÂÊ£¨¾²Ì¬ÊÐÓ¯ÂÊ£©=ÆÕͨ¹Éÿ¹ÉÊг¡¼Û¸ñ¡ÂÆÕͨ¹ÉÿÄêÿ¹ÉÓ¯Àû¡¡ ÉÏʽÖеķÖ×ÓÊǵ±Ç°µÄÿ¹ÉÊмۣ¬·Öĸ¿ÉÓÃ×î½üÒ»ÄêÓ¯Àû£¬Ò²¿ÉÓÃδÀ´Ò»Äê»ò¼¸ÄêµÄÔ¤²âÓ¯Àû¡£ ÊÐÓ¯ÂÊ
    ÊÐÓ¯ÂÊÔ½µÍ£¬´ú±íͶ×ÊÕßÄܹ»ÒԽϵͼ۸ñ¹ºÈë¹ÉƱÒÔÈ¡µÃ»Ø±¨¡£Ã¿¹ÉÓ¯ÀûµÄ¼ÆËã·½·¨£¬ÊÇ¸ÃÆóÒµÔÚ¹ýÈ¥12¸öÔµľ»ÀûÈó¼õÈ¥ÓÅÏȹɹÉÀûÖ®ºó³ýÒÔ×Ü·¢ÐÐÒÑÊÛ³ö¹ÉÊý¡£¡¡ ¼ÙÉèij¹ÉƱµÄÊмÛΪ24Ôª£¬¶ø¹ýÈ¥12¸öÔµÄÿ¹ÉÓ¯ÀûΪ3Ôª£¬ÔòÊÐÓ¯ÂÊΪ24/3=8¡£¸Ã¹ÉƱ±»ÊÓΪÓÐ8±¶µÄÊÐÓ¯ÂÊ£¬¼´Ã¿¸¶³ö8Ôª¿É·ÖÏí1ÔªµÄÓ¯Àû¡£¡¡Í¶×ÊÕß¼ÆËãÊÐÓ¯ÂÊ£¬Ö÷ÒªÓÃÀ´±È½Ï²»Í¬¹ÉƱµÄ¼ÛÖµ¡£ÀíÂÛÉÏ£¬¹ÉƱµÄÊÐÓ¯ÂÊÓúµÍ£¬ÓúÖµµÃͶ×Ê¡£±È½Ï²»Í¬ÐÐÒµ¡¢²»Í¬¹ú¼Ò¡¢²»¶ÎµÄÊÐÓ¯ÂÊÊDz»´ó¿É¿¿µÄ¡£±È½ÏͬÀà¹ÉƱµÄÊÐÓ¯ÂʽÏÓÐʵÓüÛÖµ¡£
    ÊÐÓ¯ÂÊÒâÒå
    ͬҵµÄÊÐÓ¯ÂÊÓвο¼±ÈÕյļÛÖµ;ÒÔÀà¹É»ò´óÅÌÀ´Ëµ£¬Àúʷƽ¾ùÊÐÓ¯ÂÊÓвÎÕյļÛÖµ¡£ ÊÐÓ¯ÂʶԸö¹É¡¢Àà¹É¼°´óÅ̶¼ÊǺÜÖØÒª²Î¿¼Ö¸±ê¡£ÈÎºÎ¹ÉÆ±ÈôÊÐÓ¯ÂÊ´ó´ó³¬³öͬÀà¹ÉƱ»òÊÇ´óÅÌ£¬¶¼ÐèÒªÓгä·ÖµÄÀíÓÉÖ§³Ö£¬¶øÕâÍùÍùÀë²»¿ª¸Ã¹«Ë¾Î´À´Ó¯ÀûÂʽ«¿ìËÙÔö³¤ÕâÒ»ÖØµã¡£Ò»¼Ò¹«Ë¾ÏíÓзdz£¸ßµÄÊÐÓ¯ÂÊ£¬ËµÃ÷Ͷ×ÊÈËÆÕ±éÏàПù«Ë¾Î´À´Ã¿¹ÉÓ¯Óཫ¿ìËٳɳ¤£¬ÒÔÖÁÊýÄêºóÊÐÓ¯ÂʿɽµÖÁºÏÀíˮƽ¡£Ò»µ©Ó¯ÀûÔö³¤²»ÈçÀíÏ룬֧³Å¸ßÊÐÓ¯ÂʵÄÁ¦Á¿ÎÞÒÔΪ¼Ì£¬¹É¼ÛÍùÍù»á´ó·ù»ØÂä¡£ ÊÐÓ¯ÂÊÊǺܾ߲ο¼¼ÛÖµµÄ¹ÉÊÐÖ¸±ê£¬ÈÝÒ×Àí½âÇÒÊý¾ÝÈÝÒ×»ñµÃ£¬µ«Ò²Óв»ÉÙȱµã¡£±ÈÈ磬×÷Ϊ·ÖĸµÄÿ¹ÉÓ¯Ó࣬Êǰ´µ±ÏÂͨÐÐµÄ»á¼Æ×¼ÔòËã³ö£¬µ«¹«Ë¾ÍùÍù¿ÉÊÓºõÐèÒªÕå×õ÷Õû£¬ÀíÂÛÉÏÁ½¼ÒÏÖ½ðÁ÷Á¿Ò»ÑùµÄ¹«Ë¾£¬Ëù¹«²¼µÄÿ¹ÉÓ¯Óà¿ÉÄÜÓÐÏÔÖø²îÒì¡£ÁíÒ»·½Ã棬Ͷ×ÊÕßÒàÍùÍù²»ÈÏΪÑϸñ°´ÕÕ»á¼Æ×¼Ôò¼ÆËãµÃ³öµÄÓ¯ÀûÊý×ÖÖÒʵ·´Ó³¹«Ë¾ÔÚ³ÖÐø¾­Óª»ù´¡ÉϵĻñÀûÄÜÁ¦¡££¬·ÖÎöʦÍùÍù×ÔÐжԹ«Ë¾Õýʽ¹«²¼µÄ¾»Àû¼ÓÒÔµ÷Õû£¬±ÈÈçÒÔ묒ÀûÏ¢¡¢Ë°Ïî¡¢Õ۾ɼ°Ì¯ÏúÖ®ÀûÈó(EBITDA)È¡´ú¾»ÀûÀ´¼ÆËãÿ¹ÉÓ¯Óà¡£ £¬×÷ΪÊÐÓ¯ÂʵķÖ×Ó£¬¹«Ë¾µÄÊÐÖµÒàÎÞ·¨·´Ó³¹«Ë¾µÄ¸ºÕ®(¸Ü¸Ë)³Ì¶È¡£±ÈÈçÁ½¼ÒÊÐֵͬΪ10ÒÚÃÀÔª¡¢¾»ÀûͬΪ1ÒÚÃÀÔªµÄ¹«Ë¾£¬ÊÐÓ¯ÂʾùΪ10¡£µ«Èç¹ûA¹«Ë¾ÓÐ10ÒÚÃÀÔªµÄÕ®Îñ£¬¶øB¹«Ë¾Ã»ÓÐÕ®Îñ£¬ÄÇô£¬ÊÐÓ¯ÂʾͲ»ÄÜ·´Ó³´ËÒ»²îÒì¡££¬ÓзÖÎöʦÒÔ¡°ÆóÒµ¼ÛÖµ(EV)¡±--ÊÐÖµ¼ÓÉÏÕ®Îñ¼õÈ¥ÏÖ½ð--È¡´úÊÐÖµÀ´¼ÆËãÊÐÓ¯ÂÊ¡£ÀíÂÛÉÏ£¬ÆóÒµ¼ÛÖµ/EBITDA±ÈÂÊ¿ÉÃâ³ý´¿´âÊÐÓ¯ÂʵÄһЩȱµã

    Copyright@2015-2025 www.xyhndec.cn Å£³´¹É °æÈ¨ËùÓÐ