國(guó)際商務(wù)談判技巧

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1、關(guān)鍵金融類股和估值30君($mn)財(cái)年FY11FFY12FFY13F735年87910091029的收入報(bào)告凈利潤(rùn)155.2183.5213.2241.8正常的凈利潤(rùn)155.2183.5213.2241.8正常的EPS($)2.763.243.764.27規(guī)范。每股收益增長(zhǎng)(%)17.917.616.113.4規(guī)范。P/E(x)28.424.120.818.3EV/EBITDA(x)18.615.813.912.3價(jià)格/書(shū)(x)10.08.97.86.9股息收益率(%)2.42.93.43.8子(%)38.739.240.340.5凈債務(wù)/股本(%)26.033.42

2、8.717.2盈利修正之前的規(guī)范。凈利潤(rùn)183.5213.2241.8改變從先前的(%)---------之前的規(guī)范。EPS($)3.243.764.27資料來(lái)源:公司,野村證券估計(jì)財(cái)務(wù)報(bào)表?yè)p益表(RMBmn)財(cái)年年底12月31FY10FFY11FFY12F09財(cái)年收入3198444879071275318265銷售貨物的成本(1151)(1610)(2163)(3466)(5206)毛利潤(rùn)204728385743928813059銷售(867)(1147)(1728)(2747)(3947)員工股份費(fèi)用營(yíng)業(yè)利潤(rùn)11811691401565409113EBITDA14

3、071942434770519843折舊(226)(251)(331)(510)(731)攤銷---------------息稅前利潤(rùn)11811691401565409113凈利息費(fèi)用4833617071Associates&JCEs其他收入2046265252稅前盈12481769410366629236所得稅(116)(198)(556)(915)(1267)凈稅后利潤(rùn)11321571354757477968少數(shù)股東權(quán)益其他項(xiàng)目---------------優(yōu)先股股息正常的NPAT11321571354757477968特殊項(xiàng)目(84)(86)(79)(128)(

4、183)報(bào)道NPAT10481485346856207786股息---------------轉(zhuǎn)移到儲(chǔ)備10481485346856207786估值和比率分析FD正常化市盈率(x)223.7-161.670.9-42.8-30.4FD正?；杏试趦r(jià)格目標(biāo)(x)272.3-1-96.66.37.02.1-35報(bào)道P/E(x)238.2-170.072.3-43.7-31.0股息收益率(%)---------------價(jià)格/現(xiàn)金流(x)143.0-110.7-51.7-32.3-24.2價(jià)格/書(shū)(x)80.853.17.40.90.1-113EV/EBITDA(x)1

5、79.4-128.9-56.1-32.9-22.4EV/息稅前利潤(rùn)(x)213.7-148.160.7-35.5-24.2毛利率(%)64.063.82.61.52.8-777EBITDA利潤(rùn)率(%)44.043.75.03.95.3-555稅前利潤(rùn)率(%)36.938.00.89.91.3-455凈利潤(rùn)率(%)32.833.43.92.64.1-444有效稅率(%)9。311.2-13.6-13.7-13.7派息(%)---------------資本支出來(lái)銷售(%)13.19。010.69。68建成區(qū)資本折舊(x)1。91.62.52.42.1子(%)41.037

6、.90.042.93.0-55ROA(稅前%)82.095.7165.8184.1-178.4增長(zhǎng)(%)收入83.339.17.83.21.3-476EBITDA91.638.1123.89.62.2-36稅前101.143.2137.49.32.9-36正常的EPS67.637.2124.58.62.0-36正常的FDEPS69.338.4125.08.62.0-36每股報(bào)道EPS(元)3.14.310.016.122.4規(guī)范EPS(元)3.34.510.216.522.9在完全稀釋規(guī)范EPS(元)3.34.510.216.522.8每股賬面價(jià)值(元)9.013.7

7、24.040.663.6DPS(元)-------------資料來(lái)源:野村證券估計(jì)現(xiàn)金流(RMBmn)財(cái)年年底12月31FY10FFY11FFY12F09財(cái)年EBITDA14071942434770519843改變?cè)跔I(yíng)運(yùn)資本上16247887712371409其他的營(yíng)運(yùn)現(xiàn)金流178(140)(376)(699)(1267)現(xiàn)金從操作17462279484875899985資本支出(418)(399)(835)(1219)(1563)自由現(xiàn)金流13281880401363708422減少投資(56)(82)(296)(415)(472)凈收購(gòu)-(12