乐虎官网娱乐

海通证券: 生物医药、电子等高科技公司估值方法汇编
本文作者:河北金仑医药有限公司 发布时间: 2020-05-28

乐虎官网娱乐  laiyuan: jinrongjiewangzhan

  haitongyanjiutouzizuhe

乐虎官网娱乐  benbaogaoshihaitongzhengquankejiguguzhifangfayantaoxiliedehuibianbaogao,gaoduanzhuangbeixingye、shengwuyiyaoxingye、tongxinkejixingye、dianzixingye、jingwaikejixingyehejisuanjixingyedewanzhengbanguzhibaogaojianruxialianjie:

  touziyaodian

  shengwuyiyaoxingye: 1)chuangxinyaochanpinguanxianguzhifangfa: a) guzhide“jinbiaozhun”——rnpv(jiyufengxiandiaozhengdexianjinliuzhexianfa)。gaifangfabayigechuangxinyaopinzhongfenweishangshiqian、zhuanlibaohuqi、zhuanliguoqihou3gejieduan,yaopinshangshichenggonglvpkegenjukebixiangmudelinchuangqian、linchuangjieduanchenggonglvjinxinggusuan,tiexianlvrzexuyaozhenduibutongqingxingzuominganxingfenxi。b) caiyong“5p”guzhifajinxingchuangxinyaoguzhi。“5p”jishangshigailv(possibility of success)、huanzhechi(patientpool)、shentoulv(penetration)、dingjia(price)hezhuanli(patents&;; exclusivity)。2)chuangxinyiliaoqixieguzhifangfa: 乐虎官网娱乐 renweidangqiantongxingdechuangxinqixieguzhihaishinpvxianjinliuzhexian,jiyufengxiandiaozhengxianjinliuzhexianguzhifa。

乐虎官网娱乐  gaoduanzhuangbeixingye: 1)zhinengzhizaogongsiguzhifangfa: xitongjichengshang(yanfarenyuanrenjuntourujichanchufa)、yanfaxinggongsi(psfa)、yingyongxinggongsi(pefa)。2)xianjinguidaojiaotongguzhifangfa: peguzhifa。3)hangkonghangtianguzhifangfa: psguzhifa。4)haigongzhuangbeiguzhifangfa: zichanjichufaguzhi。

乐虎官网娱乐  tongxinxingye: 1)zhongzichanxinggongsideguzhi: cileixinggongsibutongjieduanchanghunhecaiyongp/s、ev/ebitda、p/e、dcffajinxingguzhi。2)qingzichanxinggongsideguzhi: genjugongsidebutongfazhanjieduan,changcaiyong peg、p/e、yijip/s(ev/revenue)hepcf(shizhi/ziyouxianjinliu)dengfangfa。3)hulianwangtexingdesaasleiqiyeguzhi: jiyuyingshou、xianjinliu、kehushujudengxianxingzhibiaodep/s、ev/revenue、ltv/cac(kehuzhongshenjiazhi/kehuhuodechengben)guzhitixigengnengfanyingqiyedeweilaifazhanqianli。

  dianzixingye: 1)kuaisubaofadexifenlingyu: birubandaotishebei、shejidengxingye,houxuguochantidaikongjianjiaoda,xingyexianfaqiyeyouwangxiangshouxingyezengzhanghongli。zaigongsikuaisuchengzhangjieduanyiyongpsguzhifangfa。2)fazhanjieduanjiyinglimoshixiangduichengshudeqiye: pefajiaoweiheshi。lingwai,duiyuzhouqixingjiaoqiang、zichantourujiaodadexingye,youyugongsiyinglishoujiageyingxiangjiaoda,乐虎官网娱乐 renweiyongpequguzhiyikenengyoupianpo(rujingdongfangadeng),yijiehepb、ev/ebitdadengguzhifangshizonghekaoliang。3)chuantongxifenlingyu(rubeidongyuanqijian): dcfdengchuantongguzhifangfacankaoyiyijiaojia。

乐虎官网娱乐  jingwaikejixingye: 1)jingwaibandaotixingyedeguzhi: a)bandaotiqingzichanshejigongsi: zaoqip/shuozhep/(e+r)shixiangduihelideguzhifangfa;zaichengshuqi,yinglinengliwending,p/eguzhixishuxiangduiheli。b)bandaotishebeigongsi: fazhanchuqip/sguzhifangfaxiangduigengheli;chengshujieduanev/ebitdaxiangduiheli。c)bandaotizhizaogongsi: dapeishiyongpeguzhihe ev/ebitdaguzhi。2)jingwaihulianwanggongsideguzhi: zaoqishiheev/mau、ev/dau,chengzhangqibijiaoshiheshiyongps、ev/s。3)jingwaiyunfuwugongsideguzhi: yiadobeweili,zhuanxingqianyiyucaiyongpeguzhitixi,zhuanxingzhonghezhuanxinghouyiyucaiyongpsguzhitixi。

乐虎官网娱乐  jisuanjixingye: 1)chuyujishubiangeshiqi: psguzhi。2)gaoyanfatourushiqi: yongape(adjust-pe)guzhifayanzhengguzhidehelixing。3)gaosuchengzhangshiqi: pegguzhifa。

  fengxiantishi

乐虎官网娱乐  guzhifangfayuanlipipeibudangfengxian,shichangfengxian,xingyezhengcefengxian,maoyimocayingxiangfengxian,xingyejishufazhanbujiyuqifengxiandeng。

  1. kechuangbanguzhitantao——shengwuyiyaoxingye

乐虎官网娱乐  1.1 chuangxinyaochanpinguanxianguzhixiangjie

  1.1.1 guzhi“jinbiaozhun”: rnpvxianjinliuzhexian

乐虎官网娱乐  chuangxinyaochanpinxianguzhide“jinbiaozhun”——rnpv(jiyufengxiandiaozhengdexianjinliuzhexianfa)。xiangbiyuyibanjueduiguzhifangfa,rnpvjiangjishuxingfengxiancongzhexianlvzhongdulichulai,gengjiashihegaofengxiandechuangxinyaochanpinxianguzhi。gaifangfabayigechuangxinyaopinzhongfenweishangshiqian、zhuanlibaohuqi、zhuanliguoqihou3gejieduan,yaopinshangshichenggonglvpkegenjukebixiangmudelinchuangqian、linchuangjieduanchenggonglvjinxinggusuan,tiexianlvrzexuyaozhenduibutongqingxingzuominganxingfenxi。

  

 

  1.1.2 jueduiguzhifadejianhuamoxing——“5p”guzhifa

  kaolvdaojueduigufazhiyinrutaiduodecanshuqiebugouzhiguan,bushiyongyuerjishichang,乐虎官网娱乐 caiyong“5p”guzhifajinxingchuangxinyaoguzhi。“5p”jishangshigailv(possibility of success)、huanzhechi(patientpool)、shentoulv(penetration)、dingjia(price)hezhuanli(patents&;; exclusivity)。qizhong,shangshigailvfanyingyaopinchenggongshangshidekenengxing,huanzhechi、shentoulv、dingjiafanyingchanpinshichangkongjian,zhuanlifanyinglechanpindeshengmingzhouqi。zhei5geyinsuduichuangxinyaogongsideweilaixianjinliuyingxiangzhongda。

  

 

乐虎官网娱乐  乐虎官网娱乐 renwei,chuangxinyaopinzhongqianzaitouzishouyizuidadejieduanshilinchuangjieduan,ndayijihuopishangshizeshi“lihaoduixian”jieduan。liruremenshengwukejigongsiloxo oncologyzai2016nian12yue18rishoucipilutrkyizhijilarotrectinibdeiqilinchuangshuju,xianshiyouyidekangzhongliuhuoxing,gujiadangtianshangzhang25.83%。suihou2017nian6yue3hao,ascohuiyishanglarotrectinibdeiiqilinchuangshujujingyanliangxiang,gujiazaicidazhang43.16%。fanerdao2018nian5yue29rihe2018nian11yue26ri,fdajieshoularotrectinibdendashenqinghehuopishangshi,dangtiangujiajunchuxianxiadie。

  

 

  1.2 chuangxinyiliaoqixieguzhi——yuchuangxinyaoguzhilveyoubutong

  乐虎官网娱乐 renweidangqiantongxingdechuangxinqixieguzhihaishinpvxianjinliuzhexian,jiyufengxiandiaozhengxianjinliuzhexianguzhifa。yuchuangxinyaoxiangbi,乐虎官网娱乐 renweichuangxinqixiedeguzhiyousandabutong:

  

 

  1)shangshigailvpyibangenggao。yibanlaishuoyaopinxuyaojinxingi、ii、iiiqilinchuanghoujingshenpitongguofangkeshangshi,chuangxinyaozuizhongshangshidegailvjinwei11%。乐虎官网娱乐 renweichuangxinqixieyibanshangshidegailvyaogaoyuyaopin,zhuyaoyinwei①qixieyibanzuoyongjiaoweijubu,buxiangyaopinkenengyingxiangdaoshentiduogebuwei,xiaoguohefuzuoyongxiangduikekong。②qixiezuoyongzhiguan,birujierubanmo、kexishouzhijia、jiaomosuxingjing、jiaonangweijingdeng,keyitongguotiwaishiyong、bijiao,jiunengyouyidingpinggu,tongguodongwushiyanjinxingjinyibupanduan,xiaoguobuhaodechanpinkeyijinyibugaijin,erbushijinrulinchuang。yaopinzuoyongjilinanyizhijieguancha,liaoxiao、fuzuoyongyexuyaoyidingshijianpinggu,jinrulinchuanghoushibaifengxianjiaogao。

  2)paposhijianzhangdanshiqudaobileigao。qixie=jishu,xinqixieyiweizhexinjishu,butongqixieyoubutongdexuexishijian,wangwangxuyaozhuanyerenyuanpeixun。birubufenfenzizhenduanxuexishijianxiangduijiaoduan,jiaonangneijing、pet-ctxuyaoshuxicaozuoheruanjianxitong,bufenxinxueguanchuangxinchanpindexuexiquxiangengzhang,yibanyishengrengongxinzang/xinshifuzhuzhuangzhishoushudexuexishijiankenengxuyaoshunian,zuoxinerfengduqi2014nianzaiguoneishangshi,2017nianjinzhiru2211li,bingfeishichangkongjianxiao,ershixuexishijianjiaozhang。guoneijierubanmo2017nianshangshi,乐虎官网娱乐 guji2018nianjin100jiayiyuannenggoukaizhanjierubanmoshoushu,zhirulishubudao1000li,fangliangsudumanyupd-1、anluotinidengchuangxinyao。

  danshi,youyuqianqidaliangpeixunyisheng,yishengyijingshuxileqixieshiyong,genqiyehezuolianghao,qixiedequdaobileiwangwangqiangyuyaopin。2017nianzhirude2214lizuoxinerfengduqizhong,watchmanzhan1698li(2014nianhuopi),acpzhan448li(2016nianhuopi),xianjianlambrezhan68li(2017nianhuopi),zaiyouliangjiajingpindeqingkuangxia,diyijiahaizhanjule75%yishangdeshichangfene。chuangxinqixieshangshizaoqigengyinggaiguanzhupeixunyiyuan、yishengdeshuliang,erbuzhishiguanzhushouru。

乐虎官网娱乐  3)chanpindiedaidailaishengmingzhouqideyanzhang,jiageweihugenghao,burongyixingchengzhuanlixuanya。suizhekejihegongyidejinbu,qixierongyichanpindiedai,ruzhijiajingliguojinshuzhijia、yidaiyaotuzhijia、erdaiyaotuzhijia、kexishouzhijiadenggengxin,jiyincexuyiyijinglilediedaigengxin,shengmingzhouqijiaozhang,burongyichuxianzhuanlixuanya,chanpindiedaiduiyujiagedeweihuyegenghao。

乐虎官网娱乐  1.3 fengxiantishi:

  xinpinyanfashibaifengxian,xinpinfangliangbudayuqi,xinjingzhengduishoujinrufengxian,yiyaoxingyezhengcefengxian。

乐虎官网娱乐  2. kechuangbanguzhitantao——gaoduanzhuangbeixingye

  2.1 zhinengzhizao: xitongjichengguanzhuyanfarenyuanshuliangjirenjunchanchu、bentijibujianguanzhups

乐虎官网娱乐  zhinengzhizaogongsidazhikefenweixitongjichengshang、yanfaxinggongsi、yingyongxinggongsi。xitongjichengshangduoyingyongyutedingdelingyu,duiqijishunenglidekaoliangzhuyaoweigongyidelijie、xingyexuqiudepipei。qimaolilvsuixiayouyingyongfashengbodong,eryanfarenyuandetouruyuchanchushiqinengfoukuokuanxiayouyingyongdeguanjian。yanfaxinggongsitigongdechanpinjiaoweibiaozhunhua,jubeiguimoxiaoying,maolilvyuqichuhuoliangmiqiexiangguan,erjuedingqichuhuoliangdezhibiaoweiqichanpindejishubilei,yanfaxinggongsibaokuojiqirenbentijibujianzhizaoshang、jiguangqizhizaoshang、bandaotishebeizhizaoshangdeng。

  guzhifangfa:

  1)xitongjichenggongsi: yanfarenyuanrenjuntourujichanchufa。xitongjichengyewuyilaiduixiayougongyidelijie,dingzhihuachengdujiaogao,xuyaojileiyanfarenyuandehongli,乐虎官网娱乐 renweiduigaileixinggongsiyingguanzhuqiduiyanfarenyuandetouruyijiyanfarenyuanderenjunchanchu,yicizuoweidingjiayiju。

乐虎官网娱乐  2)yanfaxinggongsi: psfa。cileigongsichanpinbiaozhunhuachengdujiaogao,chuqiyanfajishebeitourujiaoda,danhouqikeyiyikaoguimoxiaoyingtanxiaoyanfachengbenjishebeizhejiu,乐虎官网娱乐 renweiruoxiaoliangkeyichixuzengzhang,qiyeyinglijianghuigaishan,lirujiguangshebei、jiqirenbenti、bandaotishebeideng。

  3)yingyongxinggongsi: pefa。cileigongsichanpinjishubileigao,danshixiangduichengshu,乐虎官网娱乐 jianyiyingyongpeguzhifangfa。

  2.2 xianjinguidaojiaotong: peguzhifa

乐虎官网娱乐  xianjinguidaojiaotongshebeigongsianzhaochanyeliankebaokuozhengche、zhengchelingbujianjihoushichang、teshushigongshebei、jijianshebeidenghuanjie。congshigongshijiandiankan,yinweicheliangzhizaojizhantai、tieguipusheshijianjibenzhonghe,qiyeyejiquerenshijiandianxiangjin,ertongshijianduandetouziguimoyuquanguotielutouzie、chengshiguidaojiaotongtouzieyoujiaodaguanlian,yinciqiyedezhouqibodongxingxiangjin,yibankecaiyongtongyigeguzhifangshi,erjingqidutaishengfuduzegenjuchexing、lingbujiandebutongerbutong,daozhimubiaoguzhichayi。congguidaojiaotongzhuangbeizhangqifazhanlaikan,jingliledongchezudechengzhang、chengshiguidaojiaotongdechengzhang、jinnianlaidedongchezhaobiaoliangzengjia、chengguishenpihuifu、huoyungongzhuantiechixutuijin,yizhengchehelingbujianweidaibiaodeguijiaoshebeixingyebaochizengzhang,youqijinnianlaiquanguotielugudingzichantouzibaochizaimeinian8000yiyuanyishangdeshuiping,weiqiyeshouruzhuruwendingyinsu。tongshiyinshejiminsheng,guijiaoshebeiduijishu、anquandengfangmianyouhengaodezizhihuoyunxingjingyanyaoqiu,xingyejingzhengjiliechengduzhongdeng,zaimuqianxingyefazhanwendingbingzhongshizengzhangdeqingkuangxia,qiyeyejuyoujiaogaodeyinglishuiping。zongheguijiaoxingyefazhanjieduanhexingyegejuxiadeqiyeyinglishuiping,乐虎官网娱乐 renweixianjinguijiaoshebeigongsikeyicaiyongpeguzhifangfajinxingdingjia。

  guzhifangfa: peguzhifa。

  anlifenxi: zhongguozhongche。zhongguozhongcheshiquanqiuguimozuida、pinzhongzuiquan、jishulingxiandeguidaojiaotongzhuangbeigongyingshang。2018niangongsitieluzhuangbeihechengguiyuchengshijichusheshishouruda1553.32yiyuan,zhanshourubilida70.90%。conggongsitieluzhuangbeishouruyutielugudingzichantouzi、gongsichengguishouruyuchengguitouzikan,juyoujiaodaguanlian,qiejinnianlaichuyuwendingfazhanjieduan,yincicongtieluzhuangbeilongtougongsijiaodukan,zaipingwenfazhanqixianjinguijiaozhuangbeigongsishiyongpeguzhifa。

  

 

  2.3 hangkonghangtian: psguzhifa

  hangkonggongyeshidianxingdezhishimijixing、jishumijixingxingye,xingyejishufushemianguang,chanyeguanliandugao,xinajiuyenengliqiang,qifazhanshuipingshiguojiajingji、jishujigongyehuadezhongyaobiaozhihejizhongtixian。congfenleikanhangkongzhuangbeibaokuofeiji、hangkongfadongjijihangkongshebeiyuxitong;hangtianzhuangbeizhuyaoshizhiyunzaiqi、weixing、feichuan、shenkongtanceqidengkongjianfeixingqiyijixiangguandimianshebeideng。hangkonghangtianzhuangbeijuyouhengaodejishuyanfayaoqiuhexingyebilei,suizhewoguoguochanminjishiyedebuduanfazhan,xingyefazhanqianjingxianghao,youqishic919dafeijidefazhanheweilaidejiaofujiangweiguochanhangkonghangtianchanyeliandailaixindequdongli。chanyeliangongsiyouqishizhengjileigongsidelirunlvkenengshouzhiyudingjiajizhi,lirunlvshuipingjiaodi,daozhipeguzhizhangqipiangao,dan乐虎官网娱乐 renweibunengfanyingxingyeweilaifazhanxiadezhenshijiazhi,yincixuyaocankaopsguzhifajinxingdingjia。

乐虎官网娱乐  guzhifangfa: psguzhifa

乐虎官网娱乐  anlifenxi: kongzhongkeche。kongzhongkeche(airbus)shishijielingxiandefeijizhizaoshang。2018niankongkeshixianshouru637.1yiouyuan,maolilvda13.79%。conghangkongzhuangbeilongtougongsikan,yinglinenglijunchuyujiaodidanwendingdeshuiping,daozhipeguzhishuipingjiaogao,乐虎官网娱乐 renweiyinggaicaiyongpsguzhidingjiafangfa。

  

 

乐虎官网娱乐  2.4 haigongzhuangbei: zichanjichufaguzhi

乐虎官网娱乐  haiyanggongchengzhuangbeijixiangguanjishufuwuzhuyaoweihaiyangshiyoukancai(kantan-youjingjianshe-shiyoukaicai)tigongzhuangbeisheji、zhizaojifuwu,qiyezhuyaochanpinweizuanjingpingtai、zuantanshebeideng,tongshisuizheyingyongchangjingdetuokuan,haigongzhuangbeiyingyongyexiang“haiyangmuchang”dengfeiyouqikaicailingyuyanshen。haigongzhuangbeijishumenjianjiaogao,yougaojishu、gaotouru、gaofengxiandetezheng,duicanyuqiyedezijinshili、jishunengli、guanlishuipingdouyoujiaogaoyaoqiu。youyu2012-2016nianyoujiazhangqichuyudiwei,haigongxingyezhangqichuyukuisun,bingqiezichanfuzhailvgao、xianjinliucha。suizhe2017nianyoujiaqiwenfusu,cunlianghaigongshichangdeliyonglvtisheng,bufenhaigongqiyeyijingchuxiandingdanfusujixiang。乐虎官网娱乐 renweiduihaiyanggongchengzhuangbeizheileizhongzichan、gaobilei、zhangzhouqidegongsi,yinggaiyongzichanjichufalaidingjia(zichanjichufashiyizichanfuzhaibiaoweijichu,helipingguqiyebiaoneijibiaowaigexiangzichan、fuzhaijiazhi,quedingpingguduixiangjiazhidepinggufangfa)。

乐虎官网娱乐  guzhifangfa: zichanjichufa

乐虎官网娱乐  anlifenxi: zhongguozhonggongfaxinggufenshougouzichan。zhongguozhonggongshiwoguodaxinghaigongjichuanjianzhizaoqiye。2018nian2yue,gongsigonggaonitongguofaxinggufendefangshishougoushaoshugudongchiyoudedalianzhonggong、wuchuanzhonggongguquan。genju2018nian2yuegongbude《zhongguochuanbozhonggonggufenyouxiangongsifaxinggufengoumaizichanjiguanlianjiaoyibaogaoshu(xiudinggao)》,zhongguozhonggongduidalianzhonggonghewuchuanzhonggongdeshougoudoushitongguojichufajinxingdingjiapinggu。tongguozichanjichufa,dalianzhonggongdezichanjiazhiwei388yiyuan,zengzhilvwei0.42%,yixiaweigaifangandingjiaguocheng。

  

 

乐虎官网娱乐  2.5 fengxiantishi:

乐虎官网娱乐  pe、psdengguzhifangfaxuguanzhukebigongsideshichangguzhibodong,ruoshichangchuxiandafuzhendong,kenengdaozhiguzhibuzhunque。zichanjichufaxuguanzhuzichanfuzhaibiaobianhua,zichanfuzhaibiaoyuzuixindeqiyejiazhikenengcunzaipiancha。yanfarenyuantouruyuchanchufaxuguanzhuwaibaodeyanfarenyuanyuyanfadeneibuhua,ruohunxiao,rongyifashengpiancha。

  3. kechuangbanguzhitantao——tongxinxingye

乐虎官网娱乐  3.1 tongxinxingyezhongzichanxinggongsiguzhi: yamaxun&;;zhongguoyidong

  zhongzichanyunyingqiyezaijianchangfang、goushebei、gouyuancailiaodengfangmiantourudaliangzijinxingchenggudingzichan,tongguoguimojingjihuoquxiaoyi。zhongzichanxinggongsichangjianleixingyoudianxinyunyingshang、tongxintietayunyingshang、iaasqiye、idcqiyedeng,changyongguzhifangfayoup/s、ev/ebitda、p/e、p/b、dcfguzhifadeng。

  

 

乐虎官网娱乐  3.1.1 yamaxunguzhianli

  duiyuleisiyamaxundefenjieduanchengzhangdezhongzichanxinggongsi,butongjieduanyingxuanyongbutongguzhifangfa。zaikuaisukuozhangfazhanqi,jiyamaxunlingshouyewuchuqizhichengzhangqi(1995-2005nian)heyunjisuanyewuchuqizhichengzhangqiqianqi(2006-2014nian),shouyanfajiyingxiaofeiyongjiaoduo、awscaiyong“chaodijia+juliang+weibolirun”yingxiaoyuanze、daliangbinggouyingxiang,gongsifuzhaizhejiugao,xianjinliuhejinglirunjiaoshao,changshiyongp/sguzhifa。duibiyamaxunp/s(ttm)yushizhizoushiqingkuang,2014-2019nianp/szai1.6-4.7xqujianneibodong,yushizhishixiantongzhangtongdie。zaiyunjisuanchengzhangzhonghouqi(2014nianhou)&;;lingshouchanyewendingchengshuqi(2015nianhou),qianqibinggoudailaidezhejiutanxiaoheshangyushideebitdalv[1]shangsheng,shiyongev/ebitdaguzhifa。2013-2019nian,ev/ebitdabaochizai31-61xdequjianfanweineibodong,yushizhiliandongxiaoguojiaoweixianzhu。erwanquanchengshudeyamaxungongsiyewuzhongleijiaoduo,butongzhongleiyewuxingyeqingkuangyousuochayi,ruguoantongyiguzhichidulaihenglianghuiyoupiancha,yincigenjuwendingdeyejihuozhebutongzhongleideyewuchaifenshiyongp/e、sotp(fenbu)guzhigengjiaheli。

  [1]ebitdalv=ebitda/yingyeshouru,weijianhuabiaoshu,quanwentongyiweiebitdalv。

  

 

乐虎官网娱乐  3.1.2 zhongguoyidongguzhianli

  duiyuleisiyuzhongguoyidongzheiyangdezhongzichanxinggongsi,pingjieqidatiliangdejingjiguimo、gaozhanbideshichangfene(zaiguonei,zhongguoyidong18nianyidongyonghuzhanbi59.95%,4gyonghuzhanbi60.65%,kuandaiyonghuzhanbi40.87%)yijichengshudeyunyingmoshi,zaijishugengxinzhouqizhongnenggouyidingchengdushangbaituotongxinzhouqi(jizibenkaizhizhouqi)yingxiang。2010nianzibenkaizhizengfudigushi(zengfu-20.79%),yingshouzengsu7.33%,2012nianzibenkaizhizengfugaofengshiqi(zengfu17.39%),yingshouzengsu6.14%,2016nianzibenkaizhizengfuzaicidigu(zengfu-18.74%),zhongguoyidongyingshouzengsuyiranbaochi6.00%,yincicaiyongp/e、p/bfajinxingguzhixiangduiheshi。cong2009niandaoxianzai,zhongguoyidongp/ezai10-15xqujianneibodong,yushizhibodongzoushiquxiantiehemingxian。erzuoquanqiuxingdetongxingyeleibishi,zhongguosandayunyingshangzhengtip/bpiandi,yinciweijiangubutongdiyuyunyingshangdefazhanjieduanchayixing,youshiyekaolvev/ebitdaguzhi。

  

 

  3.2 qingzichangaoyanfatouruxingkejiqiyeguzhi: sike

  qingzichanxinggongsiyuzhongzichanxinggongsixiangduiying,zhongkejiyanfatouru,yijinkenengshaodegudingzichantouruhuodegaoyingshouhegaomaoli。genjugongsidebutongfazhanjieduan,changcaiyongpeg、p/e,yijip/s(ev/revenue)hepcf(shizhi/ziyouxianjinliu)dengfangfa。

乐虎官网娱乐  sikeyuanchuantongyingjianyewukuaisufazhanqi(2001nianqian),qichuantongtongxinshebeiyewupengbofazhanzhidianfeng,keyiduoguanzhuqip/eyup/bzhibiao,bingcankaopegfaduiqijinxingguzhi。yewujinrupingwenfazhanqi(2001-2011nian)hou,dingdanchongpei、lirunwendingzengjia,p/e、ev/ebidta、p/sdouyoujiaoqiangdeshiyongxing。erzaitongxinshebeishangdaoitfuwushangzhuanxingchuqi(2011-2015nian),keyicaiyongev/s(huop/s)guzhi,qieyouyuxinyewuchuqizengsujiaokuai,yekecaiyongsotp(fenbuguzhifa),duixinyewucaiyongpegguzhi,duiyingliwendingdechuantongyewucaiyongp/ehuoev/ebidtaguzhi,duobujiazongdedaogongsiguzhi。zhuanxingzhonghouqi(2015nianhou),sikezhuanbianweiruanjianqudongdegongyingshang,fcfzhongyaoxingxiangduizengqiang,kecaiyongfcffangfaduiqijinxingguzhi。

  

 

  

 

  3.3 qingzichangaoyanfatouruxingkejiqiyeguzhi: sike

  saasleiqiyefazhanchuqiyingshou、kehushuliangdengzengzhangjiaokuai,danyinglizhihou,peg、p/eleiguzhizhibiaowufaheliguzhi,jiyuyingshou、xianjinliu、kehushujudengxianxingzhibiaodep/s、ev/revenue、ltv/cac(kehuzhongshenjiazhi/kehuhuodechengben)guzhitixigengnengfanyingqiyedeweilaifazhanqianli,xufeilv、huokechengben、shentoulvdengyunyingzhibiaoyeshiqiyeweilaiyingliqianlidezhongyaocanzhao。

乐虎官网娱乐  duiyutwilioeryan,youyugongsiweishixianyingli,danyingshouzengzhangjiaokuai,fy2018yingyezongshouruwei6.5yimeiyuan(tongbi+63%),keyicaiyongev/revenueduiqijinxingguzhi,fy2016-fy2018,gongsideev/revenuefenbiewei7.97、4.83he13.27。tongshi,zuoweicpaas(tongxinpingtaifuwu)qiye,twiliozishenyefeichangzhongshifanyingkehushuliang、zhanxingheyingshougongxiandexiangguanyunyingzhibiao,ruhuoyuekehuzhanghushu、jibenshouruhejiyutongzukehushourudejingkuozhanglvdeng。suiranshichangyintwiliodakehuyingshouzhanbijiaogao,erduijibenshouruzhibiaozuoweiyingshouwendingxingdehelixingcunzaizhiyi,danzongheyingshou、xianjinliu、kehushujudengzhibiao,rengrankeyiduigongsijiazhijinxingheliduliang。

  

 

乐虎官网娱乐  3.4 fengxiantishi:

  jiyulirunjiyingshouzhibiaodeguzhifangfaxuguanzhukebigongsideshichangguzhibodong,ruoshichangchuxiandafuzhendong,kenengdaozhiguzhibuzhun。cankaokehuzhibiaodesaasleiqiye,xukaolvkehuzhibiaoduiyugongsishourujiyinglideqianzhanxingyiyi,ruokehushiyongwufashunlizhuanhuaweiyingshouhuolirun,huodaozhigongsiguzhibuzhun。anlishiyongjubeiyidingjuxianxing,wufahangaigetedingqingkuang。

  4. kechuangbanguzhitantao——dianzixingye

  乐虎官网娱乐 renweihengxiangkandianzixingyezixingyezhongduo,meigexifenlingyusuochudexingyezhouqiyeyoujiaodafenhua。tongshi,zongxianglaikan,dangezixingyegegezhouqijieduanshichangjiyudeguzhi(pe)yeyousuochayi。

  yipingguochanyelianweili,chanyeliangongsiguzhiyuiphonezhouqijinmixiangguan,dangiphonexiaolianggaosuzengzhangshi,chanyeliangongsiyejiyechixushouyi,cishixingyexiangyoudeguzhiyexiangduijiaogao。dangiphonechuangxinbuzudaozhixiaoliangtingzhishenzhixiahuashi,zhenggebankuaiguzhiyexiahuadaojiaodiweizhi。乐虎官网娱乐 panduanzixingyesuochuzhouqijieduanhendachengdushangjuedinglegegudeguzhishuiping。

  4.1 dianzizixingyezhouqijieduantantao

乐虎官网娱乐  4.1.1 bandaoti: guochantidaikongjianjuda,kanhaojianchangchaoduishangyouladong,leguankandaiguoneibandaotijingqidu

  woguodebandaotishichangguimojianlizaiduiguowaiyanzhongyilaidetiaojianxia,guoneijichengdianluchanyegongxushihengchengjiajutaishi。bandaotijinkoutidaixuqiupoqie。

  shangyouguochanbandaotishebeihecailiaoqiyeyouwangshouyiguoneijingyuanchangtouzichao。乐虎官网娱乐 chixukanhaoguoneibandaotizhongzhangqidejingqidu,guoneishebei、cailiaoqiyechuyutidaichuqi,houxufazhankongjianjiaoda,qieguoneiguochantidaipoqiexinggao,shichangjiyudeguzhiyexiangduijiaogao。

乐虎官网娱乐  4.1.2 xiaofeidianzi: xingyejinruchengshuqi,qiangzhehengqiang

乐虎官网娱乐  pouxiguoneidianxingxiaofeidianzigongsidechengzhanglujing,yewuguimo、shizhicongxiaodaodazhengtikeyihuafenchengsigechengzhangjieduan: (1)danyiyewuguoneijutou;(2)danyiyewuquanqiulongtou;(3)duoyewuquanqiulongtou;(4)quanqiupingtaixingqiye,乐虎官网娱乐 renweizheixiegongsiduanqi、zhangqidechengzhangluoji、shizhikongjiandouyudangqiansuochujieduanyouzhemiqiedelianxi。

乐虎官网娱乐  (1) diyijieduan: chengzhangweidanyiyewuguoneijutou。jinglirunguimojiaoxiao,shizhijiaoxiao,weilaiyouwangpingjiezhongduanchuhuoliangzengzhang、fenetisheng、lingzujianshengjizhujiankuodayewuguimo,pingjiexiayoudakehuguimoyoushiyijishangshihoudezibenyoushishixiankuaisukuozhang,chengweisuozailingyudeguoneilongtou、zhujiantupobaiyiyuanshizhi。

乐虎官网娱乐  (2) dierjieduan: chengzhangweidanyiyewuquanqiulongtou。zheiyijieduangongsiwangwangyijingchengweiguoneishoujihuozhepingguochanyelianlidangelingzujiandehexingongyingshang,yijingjubeiyidingguimo、kehuyoushi。houxuyeji、shizhixiangshangtupokongjianlaizidaruxindezhongduangongyingliantixiyijituozhanxindeyingyonglingyu。

  (3) disanjieduan: chengzhangweiduoyewuquanqiulongtou。zheileigongsishangshijiaozao,zuizaoganshangzhinengshoujidedachao,kuaisuchengzhangweidanyiyewulingyuneidequanqiulongtou,gouzhuzugougaodebilei,xinyewulingyudetuposhizheiyijieduangongsixiangshangtupodezhuyaodongli。

  (4) disijieduan: chengzhangweiquanqiupingtaixingqiye。zheileigongsiyijingzaiduogelingzujianlingyujianliquanqiulongtoudiwei,houxuyouwangpingjieguangfandequanqiukehu、guimo、xietongxiaoying、ziben、zhizaoyoushi,chixukaituoxinlingzujianyewu,shixianxunsuliangchanbingjiangdichengben,zaixinlingyuxunsujianlilingdaoyoushi。

乐虎官网娱乐  4.2 dianzixingyeguzhifangfabixuan

  qiyejiazhipinggufangfayibanyoushichangfa、chengbenfaheshouyifasanzhong,乐虎官网娱乐 duizheisanzhongfangfadetedianheshiyongxingfenxiguinaruxia:

  

 

乐虎官网娱乐  4.3 fengxiantishi: maoyimocakenengdailaixiayouzhengtixuqiudebuquedingxing。

  5. kechuangbanguzhitantao——jingwaikejixingye

乐虎官网娱乐  5.1 jingwaibandaotixingyeguzhifangfafenxi

  jingwaibandaotichanyelianguzhitixi: 1)bandaotiqingzichanshejigongsi: zaizaoqijishujileiqiyanfatourujiaoduo,qieduanqiyinglinengliweidedaochongfenshifang,p/shuozhep/(e+r)shixiangduihelideguzhifangfa;zaichengshuqi,yinglinengliwending,p/eguzhixishuxiangduiheli。2)bandaotishebeigongsi: fazhanchuqizibentourujiaoda,qiechanpindanyi,yinglinenglibuwending,p/sguzhifangfaxiangduigengheli;chengshujieduanshebeigongsichanpinduoyanghua,shezuxingyeduoyanghua,juyouyidingdekangzhouqinengli,dangongsigudingzichanrengranjiaoduo,tanxiaozhejiujiaoda,guev/ebitdaxiangduiheli。3)bandaotizhizaogongsi: gongchang、shebeidenggudingzichanyipojuguimo,yingshou、jinglirunyechuyuwendingzengzhangdejieduan,keyishiyongpeguzhi;jinguanzhuyinglizhibiaokenenghuinanyizhunquefanyinggongsiweilaidechengzhangjiazhi,kaolvdaogudingzichantanxiaodeyingxiang,ev/ebitdaguzhiyexiangduiheli。

  shejigongsizaoqijileiqi——yanfatouruzhanbida,guanzhups、p/(e+r),yiyingweidaweili

  

 

  guzhifangfa: icshejigongsijiangchanpinzhizaoyijifengcehuanjiewaibao,gugongsigudingzichanyijiyunyingfeiyongjiaodi,danzaifazhanchuqiyijichengzhangjieduanxuyaobaochijuedeyanfafeiyongtouru。zaigongsijiangyanfatouruzhuanhuaweishouruqian,youyuyanfafeiyongzhichujiaoda,gongsiyinglinenglixiangduijiaoruo,yincikeyiyongpsguzhifalaifanyinggongsiyingshouxianyuyinglishifangdeqingkuang。2014nianzhiqian,yingweidadep/sguzhixishuxiangduiwending(tichu2000nianhulianwangpaomojieduan)。tongshiyekeyishiyongp/(e+r)laifanyinggongsideyanfatouruduiweilaichengzhangxingdailaidegongxian。

  shebeigongsichengshujieduan—guanzhuev/ebitda,yiasmpweili

  

 

  guzhifangfa: gongsifazhandaochengshuqi,yewupojuguimo,zibenkaizhizhujianquyuwending,chengbenxiajiang、yinglinenglidedaogaishan,yingshou、jinglirunquyuwending。youyuqianqigudingzichandedaliangtouru,chengshuqigongsidegaozhejiutanxiao、gaocaiwufeiyongyouhuiqinshigongsideyingli,keyishiyongev/ebitdazuoweiguzhifangfa,jikeyixiuzhengyingliguzhifazhongfazhanjieduanbutongdailaidezhejiutanxiaoshuipingbutongdeyingxiang,youkeyifanyingzibenjiegoubutongdailaidezhaiquanrenqiuchangquandechayi。

  5.2 jingwaihulianwanggongsiguzhifangfafenxi

乐虎官网娱乐  乐虎官网娱乐 renweizaihulianwanggongsifazhanzaoqihuoquyonghushihexin,liru04-10niandefacebook、98-02niandeguge,kuaisuzengzhangdeyonghushiweilaishouruhelirunchanshengdejichu,zheiyishiqibijiaoshihenengtixianyonghujiazhideev/mau、ev/daulaiguzhi。hulianwanggongsijinruchengzhangqihouyonghuzengzhangfanghuan,kuaisuzengzhangdeshouruchengweifazhanhexin,liru11-13niandefacebook、95-03niandeyamaxun,zheishibijiaoshihenengtixianshourudeps、ev/slaiguzhi。hulianwanggongsijinruchengshuqihou,yonghuliangquyuwending,yingxiaochengbenxiajiangmingxian。shouruzengzhangsuiranfanghuan,danyouyuchengbenbianjixiaoyong,yinglikuaisuzengzhang,liru03nianzhihouyamaxun、02nianzhihoudeguge。zheiyishiqi,yingliheyinglizengzhangchengweigongsifazhandezhongdian,chengshuqigongsibijiaoshiheshiyongpe、pegguzhifangfa。

乐虎官网娱乐  hulianwanggongsizaoqi: shiheev/mau、ev/dauguzhi(gangguanli: (01833.hk)pinganhaoyisheng)

  pinganhaoyishengchuyufazhanzaoqi,kuisunchixukuoda。2015nianzhongguopinganxuanbushangxianhulianwangjiankangguanlichanpin“pinganhaoyisheng”,pinganhaoyishengmuqianchuyufazhandezaoqijieduan,huoquyonghuguochengzhongchanshengledaliangdexiaoshouyingxiaofeiyongyijiguanlifeiyong,2015nian、2016nian、2017nian、2018nian,pinganhaoyishengfenbiekuisun3.24yiyuan、7.58yiyuan、10.02yiyuan、9.13yiyuan,2015nianzhi2018nianleijikuisunda29.97yiyuan。

  pinganhaoyishengyiyidongwenzhenhexinliuliangrukou,yonghuliangzengzhangxunmeng。genjubidazixunshuju,geleiyidongyiliaoyingyongrihuoyueyonghuzhongyidongwenzhenleizhanbigaoda41.5%。pinganhaoyishengjiyuyidongwenzhenyewuyoushi,zhongdianzengjiayonghu,yonghuzengzhangxunmeng,pinganhaoyishengzhuceyonghucong2015niande0.303yihuzengzhangzhi2018niande2.65yihu,nianfuhezengsugaoda106.1%,pinganhaoyishengyuehuoyueyonghucong2015nian560wanhuzengzhangzhi2018nian5470wanhu,fuhezengsugaoda113.8%。gongsifazhanzaoqihexinzaiyuhuoquyonghu,zheiyishiqigongsibijiaoheshiyongev/mau、ev/daulaiguzhi。

  

 

  hulianwanggongsichengzhangqibijiaoshiheshiyongps、ev/slaiguzhi(gangguanli: (03690.hk)meituandianping)

  meituanjinruchengzhangqi,yonghushuyougaosuzengzhangzhuanruzhongsuzengzhang。meituandianpingqianshenmeituanwangchengliyu2010nian,meituandianpingmuqianchuyuchengzhangqi,jiaoyiyonghushuyou2015nian2.1yizengzhangzhi2018niande4yi,nianfuhezengsu24.8%,huoyueshangjiashuyou2015niande198wanjiazengzhangzhi2018niande580wanjia,nianhuafuhezengsu43.1%,yonghuzengzhangyougaosuzengzhangzhuanruzhongsuzengzhang。

  meituandianpingyinglirengweifu,shourugaosuzengzhang。2018nianmeituandianpingkuisun1154.8yiyuan,rengweijinruyingliqi。suizhegongsiyinglimoshizhujianchengxing,yonghuyeyiyoujiaoqiangdezhanxing,gongsishourucong2015nian40.2yiyuanzengzhangzhi2018niande652.3yiyuan,nianhuafuhezengsu153.1%gaosuzengzhang,erqiezengsuyuanchaogongsiyonghushudezengsu。gongsichengzhangqihexinzaiyuzengzhangshouru,zheiyishiqigongsibijiaoheshiyongps、ev/slaiguzhi。

  

 

  5.3 jingwaiyunfuwugongsiguzhifangfafenxi: yiadobezhuanxingyunfuwuweili

乐虎官网娱乐  2012-2013niankaishi,adobedesaasdingyueyewuzhanbichixukuaisutisheng,2016niandingyueyewushouruzhanbidadao78%,zhuanxingjibenwancheng。keyikandao: 1)gongsiyingshouzai2013-2014nianxiahua,zi2015niankaishixianzhufandan;2)yingyekaizhizaizhuanxingqichixuxiaofuzengzhang,2016niankaishiyoujiaokuaizengzhang;3)jinglirunzai2013-2014niandafuxiajiang,dan2016nianjinglirunchaoguozhuanxingqian,bingzai2017-2018nianchixudafuzengzhang;4)roezai2013-2014niandafuxiahuahoukaishifandan,2017-2018nianfandanzhixindegaodu。

  

 

  1)zhuanxingqian: yiyucaiyongpeguzhitixi。zaigongsidaguimozhuanxingyunfuwuyewuzhiqian,zuoweichuantongdeguanliruanjianleigongsi,yinglizhuangkuangbijiaowending,shiyicaiyongpeguzhi,chuzai2012nianpeyouyidingbodongwai,qiyushijiangongsipe(ttm)jibenzai20beizuoyou;

  2)zhuanxingzhong: yiyucaiyongpsguzhitixi。zhuanxingguochengzhongyinweisaasyewumoshideyinsu,kehudeshouyiqilazhang,chushishouyixiajiang,yinershouruchuxianyidingxiahua,tongshiyinweihuokechengbenbingweiyouxianzhubianhua,jinglirunmianlinyali;dancihousuizhezaoqibufenhuokekaishichixugongxianshouyi,zhengtishourukaishichixudehuinuan,lirunlvyizaichudihoukaishihuinuan。乐虎官网娱乐 renweizaizhuanxingguochengzhong,jinglirunwufawanquantixianchugongsisaasyewudefazhanzhuangkuang,yinerzheigejieduancaiyongpsguzhitixigengweishihe。

乐虎官网娱乐  3)zhuanxinghou: yiyucaiyongpsguzhitixi。zaizhuanxingyunfuwugongsizhihou,gongsijinglirunchixugaozengzhang,shiyiyucaiyongpsguzhitixi。saasruanjiandingyuemoshixiayunfuwuxiadeshouruwendingxinghekeyucexingdadatisheng,fengxianjiangdi;tongshigongsidejinglirunlvheroejiaozhuanxingqianjunyoulexianzhutisheng。gongsidepsguzhizhongshujiaozhuanxingqianhezhuanxingzhongxianzhushangyi。

  

 

  5.4 fengxiantishi

乐虎官网娱乐  yidianzi、hulianwangyijiyunfuwuweidaibiaodekejixingye,youyujishugengxinheshichangjingzhenggejudekuaisubianhua,dailaigongsizaixingyediweiyijizishendefazhanjieduandekuaisubianhua。ruguobunengjishigenzongxingyejingzhenggejubianhuayijigongsizishenfazhanjieduanbianhua,kenengchuxianyinmeiyoujishiqiehuanguzhifangfaerdaozhideguzhibuzhunqueqingxing。

  6. kechuangbanguzhitantao——jisuanjixingye

  6.1 agujisuanjigongsideguzhilishi

乐虎官网娱乐  zi2010nianchuangyebankaiqihou,jisuanjigongsishangshijiashukaishimingxianzengjia,2009nianqianzhenggeagujisuanjishangshigongsijin40jia,errujinyijiejin200jia。乐虎官网娱乐 renwei,cong2010niankaishi,shangshigongsishuliangdezengjiayeshidejisuanjixingyechengweileyigezhongyaodexifenyanjiubankuai。

乐虎官网娱乐  youyujisuanjixingyezaizhenggeagudelishizhongchuxianshijianxiangduijiaowan,shuyubijiaoxinxingdeyigexingye,乐虎官网娱乐 renwei,muqianagujisuanjigongsichangjianguzhifangshirengweishiyinglvpeguzhi。

  zongxianglaikan,cong2010niandao2019nian4yue30ri,jisuanjixingyelishipingjunshiyinglv(ttm)zai55.5bei,zhongweishuzai52.4bei;jiezhi2019nian4yue30ri,jisuanjixingyeshiyinglv(ttm)zai57.5bei,chuyulishipingjunshuiping。hengxianglaikan,xiangbihushen300delishipingjun12.6beishiyinglv(ttm),jisuanjixingyedepingjunyijialvzai4.5beizuoyou。

乐虎官网娱乐  buguo,jisuanjixingyegongsixiangbihushen300degongsi,guzhibodongxingyaodahenduo。cong2010nianjiezhi2019nian4yue30ri,jisuanjixingyeshiyinglv(ttm)defangchawei332.4bei,ertongqihushen300zhishudefangchawei9.3bei。jisuanjixingyepezai2015nian5yuedadaogaofeng144bei,erhushen300zai2010niandegaodianwei25bei。

  

 

乐虎官网娱乐  6.2 gailv——kejigujiazhibodongdezhuyin

乐虎官网娱乐  kejigongsicunzaihendadebuquedingxinghehenduoweilaideqianzaichangjing,yuezaoqikenengxingyueduo,suoweide“xiangxiangkongjian”jiuyuefengfu,suoyichuantongdeguzhifangshijiuhuixiandeyuegui。ranhoubansuizhegaochengzhanggongsizhubuquyuwending,qiqianzaidejieguofanweiyezaibuduansuoxiao,changjingshoulian,congerdailaiqingjingjiashedegailvshoulian,congerfanyingzaigujiadebodongxingshoulianshang。

  agudebufenjisuanjigongsizheijiniandeyueshouyibodonglvbingwumingxianshouzhaiqushi。乐虎官网娱乐 renweizhuyaoyuanyinshi: a).zhengtiagushichangxiangduiyuhaiwailaishuodingjiahaihenbuchengshu;b).agudekejigongsichuzaijudabianhuadebuwendingzhuangtai,meijiadouyouxindezengzhangdianhexindeqianzaikenengxing,qiweilaihaiyoufeichangduodebuquedingxing,gezhongkenengchangjing,suoyizaizheizhongqingxingxiaqishouyibodonglvhaihennanshoulian。

  乐虎官网娱乐 renwei,tongyikejigongsizaixiongshiniushideguzhishuipingbodonghenda,hendayibufenyuanyinshitouzizheduiyuqiweilaidechangjingjiashefashengbianhua。niushixingqingzhong,duiyuleguanchangjingzongshiyuanyifuyugenggaogailv;erzaixiongshizhong,duiyubeiguandechangjingjiashejiuhuijiyugenggaodegailv。zaikejiguchengzhangdejichushang,qiyezishendeshijifazhanzhuangkuangjinweiguzhideyinsuzhiyi,ererjishichangduiyubutongqingjingdegailvpanduanshizaigongsichengzhangzhouqizhongyingxianggujiaheshizhibodongdezhongyaoyinzi。

  yinci,乐虎官网娱乐 renwei,youyubuquedingxingyongyuancunzai,duizhexianxianjinliujinxingxiuzheng,keyiduihenduokansibuhelideqiyejinxinghelideguzhi。乐虎官网娱乐 renwei,duijisuanjidengkejiqiyejinxingguzhi,dcfshilijiegongsidejibengongju。tongshi,jiyujueceshu,laiduileguanzhongxingbeiguanjiashezuobutongdegailvyucefuquan。dcf+jueceshu,shikejigugongsiguzhidehexinsixiang。gailvtixianlejiazhibodong,yetixianlekejigudemeili!

乐虎官网娱乐  6.3 shangshihoudeshengmingzhouqizaizao

  zaiagu,yigeqiyejirannengshangshi,neimeqizaichuantongzhuyingyewucengmianyijingdaolechengzhanghuochengshuqi,suoyiciqiandeipodingjiadouyigudingdepeweimao。danshiyigegongsizaishangshizhihouhenduodouhuiyinglaihuoxiaohuodadexinshengmingzhouqi,youdeshijiezhujishubiange,youdeshijiezhuzibenshichang,youdezeshixinshangyemoshidechuxian。suoyi,jishishangshihoudejiaochengshuqiyeyebunengquanbudanyidequcaiyongmouyizhongguzhifa,yaogenjugongsidangqiansuochudejutidebutongdeshengmingzhouqijiedian,shishiqiushidicaiyongbutongguzhifangshi。jisuanjigongsigengshiruci,yinweijisuanjixingyedejishubiange、shangyemoshibiange、yunyongzibenshichangjinruxinlingyudexianxianggengpinfan。lingyifangmian,suizhekechuangbandetuichu,henduoxinxingkejigongsijiangshangshi,zheijiujichuantongchengshuagugongsideguzhitixidailaixindefangshihetansuo。

  congdadehongguanshijiaolaikan,guoquqibashinian乐虎官网娱乐 jingliledaxingji、xiaoxingji、gerenpc、hulianwang、yidonghulianwanggong5lunjishuzhouqi,meiyilundekejizhouqidagai10nianshijian。jiyidonghulianwangzhihou,乐虎官网娱乐 renweixiayilundejishubiangejiushiai,乐虎官网娱乐 zhengchuzaiyidonghulianwangheaidejiaojieshijiandian。

  suoyixianzai,henduogongsizaiweiaideluodijinxingchubei,buduandidiedaizijidesuanfa,weigegexingyefuneng。qianqidejichusheshijianshe、qudaodajiandouxuyaoyicixinggudingtouru,duigangkaishidejinianlirundouhuiyouhendayingxiang。suoyi,乐虎官网娱乐 renwei,cishiruguodanchuncongjinglirunjiaoduyongpequjinxingguzhibianyoushipianpo。zaijishubiangeqianqixuyaogaotourujieduan,乐虎官网娱乐 renwei,keyiyongpsheape(adjust-pe,xiuzhengpe)laiyanzhengchuyucishengmingzhouqijieduandeshangshigongsideguzhihelixing。

  6.3.1 jishubiangeqideps

乐虎官网娱乐  duiyuchuyujishubiangeqiqiye,xuyaogaoyanfatourudamojishujiangqichanpinhua,xuyaogaoxiaoshoufeiyongqupushequdaojiaoyushichang,qiguanlijixiaoshoufeiyongtouruyuyingshouzengsuwangwangbupipei(dabufendoushiguanlixiaoshouyanfafeiyongzengsumingxiankuaiyuyingshou),qitouruyuchanchucunzaiyidingcuopeixiaoying,chanchuhuizhihouyutouruyidingshijianduan。yinci,duiyuchuzaicishengmingzhouqijieduandeqiye,zaixuanzeguzhifangshishiyaotichuqianqifeizhengchangfeiyongtourudeyingxiang,乐虎官网娱乐 renwei,yipsguzhixiangduigengjiaheshi。

  6.3.2 gaoyanfatouruqideape

  ape(adjust-pe)jixiuzhengpe,gumingsiyijiushiduipejinxingyidingxiuzheng。jisuanjixingyeshigaokejichanye,xuyaoyanfaqudong。youxiongxindegongsiwangwanghuizaidangqigaoqiangdutouruyihuodeweilaidechaoxingyefazhan,neimejiuhuiduidangqihuijilirunzaochengyingxiang。ruguocishizhijieyong pelaihengliangxiangguanqiyetouzijiazhi,kenenghuishaixuanchudangqitourujiaoshao,weilaichengzhangqianlijiaoruodegongsi,youxiuqiyehuidebudaoziyuanqingxie,zhangcixiaqubidinghuichuxian“liebiquzhuliangbi”xianxiang。suoyi,乐虎官网娱乐 renwei,cishixuyaoduichuncuipejinxingyidingdiaozheng,yongape(xiuzhengpe)laijinxinghengliang。

乐虎官网娱乐  apeguzhifa,qishishiduishangshigongsidangqijinglirunjinxingdiaozheng。zaigongsidangqianlirundejichushangjiahuifeiyonghuayanfatouruxiuzhengzhi。

乐虎官网娱乐  feiyonghuayanfatouruxiuzhengzhi=shijifeiyonghuayanfatouru-anxingyepingjunfeiyonghuayanfatouru

乐虎官网娱乐  ape=shizhi/(jinglirun+feiyonghuayanfatouruxiuzhengzhi)

乐虎官网娱乐  6.3.3 gaosuchengzhangqidepeg

  shangshigongsizaishangshizhihouyehuichuxiangaosuchengzhangqi,乐虎官网娱乐 renwei,zaigaosuchengzhangqijieduanxuyaojiangqiyeyejidechengzhangxingheshiyinglvjieheduibifenxi,chunpehuiduiqiyededongtaichengzhangxinggujibuzu。duiyugaosuchengzhangjieduandeqiye,qiweilaihuiyougengkuaidexianjinliuru,xuyaojiangdangqianjiazhiheweilaichengzhanglianxiqilai,乐虎官网娱乐 renwei,pegzhongkaoliangleweilaidegaosuzengzhangjiqiyedailaidejiazhi,xiangbijingtaipegengweiheli。

  6.4 fengxiantishi

乐虎官网娱乐  xingyejishufazhanbujiyuqi,zhengcetuidongbujiyuqidefengxian。

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