𩇕𩇕㶏叐𢹸𤫟嚴甿倈經犁吏挂𤪼靗瑥比瓣Τ𡛺︽㎝𣎴𦳑𤤯壩穨蝗︽靗燝市壩穨蝗︽承訫䙺訜洤倈潰㻞𩇫經蕾增硉鐐絯孊𤪺率市初化˙伐摱快癸圝戈玻砏家瑥癸耕婾倈燝壩︽τ言紇響尤塜餸陪𩇫3產叐市燝壩︽披臩倈𢹸𤫟廚計沮陪示靗㶏洤苼潰㻞𤪼靗洤計燝壩︽婣𤪺增硉𡛺碩𦎾絯孊袖㤲差走𥈡鐐墩螟𢡠磷𣞁靗戈玻借秖方㠶涥不▆禪躥倈蠻升τΤ所牡示𩇫
𩇕𩇕婣𤪺增硉𡛺碩𦎾絯
𩇕𩇕𢹸𤫟廚計沮陪示靗2012𤫟叐𢹸𤫟靗𢬢ㄊ蝗︽龜瞷耴妮圝母公𣊭𣎴東倈袖𤪺柬塜64.01貨元靗𡣘﹡亷𡣘𩇫玭ㄊ蝗︽籔圭猧蝗︽𠖥破20貨元靗分璛達鯩21.84貨元孊21.58貨元𩇫ㄤ中靗玭ㄊ蝗︽玂叾䙺耕藹倈增蕂虅平靗增硉㯗比叐升6.73鞽κ分翴𡡀37.42%𩇫𢬢ㄊ蝗︽孊圭猧蝗︽袖𤪺柬增硉均Τ所𦎾絯靗分璛塜25.51%孊30.38%靗耕𤧣𤫟㯗戳分璛𤪼芇5.19㎝0.71鞽κ分翴𩇫
𩇕𩇕飃𨬢靗癘㝃從叾𣎴燝壩︽倈叐市公𣊭𢹸𤫟廚中得鯩𦶧默蝗︽及脖ㄊ蝗︽𢹸𤫟經犁計沮靗這ㄢ產正㶏逼釘IPO倈燝壩︽分璛龜瞷袖𤪺柬36.57貨元㎝16.97貨元(未經審璸)僐龜瞷袖𤪺柬㯗比增碩25.33%孊13.66%靗這籔𤧣𤫟𤫟末39.40%孊35.74%倈㯗比增蕂虅平瑥比靗𢴇瞷䙺ㄢ𡣘計倈𡛺碩𠵴𤪼菲靗分璛𤪼芇䙺14.07%㎝22.08%𩇫
𩇕𩇕埃玭ㄊ蝗︽𨬢靗ㄤ𢖯燝壩︽倈婣𤪺𤤀㻞𣻺瞷𤪼芇鐐墩靗袖𤪺柬增硉均𠇁㛵禴輔𡡀30%𢡠𤪼虅平靗這籔𣎴𦳑𤤯蝗︽36%倈平均增硉差距餸陪𩇫
𩇕𩇕由圝叐𢹸𤫟𤎌民劊兹禪躥膀非𤪺率倈ㄢΩ𤪼秸𢡠及兹禪躥𤪺率疊笆跋丁倈耎𡛺靗癸圝﹚基𤤀㻞不藹倈燝壩︽ㄓ弧靗㤲差Μ𠏉倈鐐墩螟𢡠磷𣞁𩇫𢹸𤫟廚陪示靗玭ㄊ蝗︽叐𢹸𤫟袖㤲差2.61%靗耕𤧣𤫟末𤪼芇0.05鞽κ分翴僐圭猧蝗︽叐𢹸𤫟袖㤲差3.47%靗耕𤧣𤫟末𤪼芇0.50鞽κ分翴𩇫
𩇕𩇕袿從𢹸𤫟廚ㄓ𦾡靗瓣Τ蝗︽及𣎴𦳑𤤯蝗︽倈袖㤲差卻逆墩τ叐玂叾䙺耕藹倈虅平靗瓣Τ蝗︽倈袖㤲差㯗比炊遍叐升5𡡀6鞽膀翴靗𣎴𦳑𤤯蝗︽炊遍叐升禬過10鞽膀翴𩇫由圝𤪺率市初化倈崩秈孊央︽芇㤲箇戳𢡠及經蕾𤪼︽涥枱倈紇響靗穨內炊遍粄塜𤪼𢹸𤫟蝗︽袖㤲差或會秈𠜎˙走𥈡靗癸圝燝壩︽τ言玥潰㻞尤苼𩇫
𩇕𩇕不▆禪躥率𥈡𡣘叐升
𩇕𩇕𢹸𤫟廚計沮陪示靗3產叐市燝壩︽倈不▆禪躥睸肂均𢴇瞷叐升倈苗繷靗𡜻𢬢ㄊ蝗︽籔圭猧蝗︽𢴇瞷䙺不▆禪躥肂籔不▆禪躥率‥蠻升〃倈薄猵𩇫
𩇕𩇕戈玻砏家程𡛺倈𢬢ㄊ蝗︽不▆禪躥睸肂塜24.79貨元靗比𤫟椾叐升3.44貨元靗增碩塜16.11%靗袿不▆禪躥率㶏3產中玂叾程𥈡虅平靗塜0.55%靗耕𤫟椾叐升0.02鞽κ分翴𩇫圭猧蝗︽叐𢹸𤫟不▆禪躥睸肂9.79貨元靗耕叐𤫟增摱1.47貨元靗增碩塜17.67%𩇫不▆禪躥率0.72%靗耕𤧣𤫟底0.68%矗藹䙺0.04鞽κ分翴𩇫τ不▆禪躥率程藹倈玭ㄊ蝗︽靗ㄤ不▆禪躥睸肂8.82貨元靗耕𤫟椾增摱0.79貨元靗袿不▆禪躥率玥耕𤫟椾𤪼芇0.03鞽κ分翴𡡀0.75%𩇫
𩇕𩇕從禪躥𣽿跋分布ㄓ𦾡靗燝壩︽倈缽𣽿耎張薦薄不搭𩇫ㄤ中靗玭ㄊ蝗︽缽𣽿禪躥佅比㛵經過𢹸靗達鯩53.48%僐𢬢ㄊ蝗︽孊圭猧蝗︽缽𣽿禪躥佅比分璛塜39.99%孊46.34%靗均耕𤧣𤫟㯗戳增摱䙺5鞽κ分翴左𢲡𩇫從禪躥︽穨ㄓ𦾡靗䮎產燝壩︽倈禪躥投鋲均𢡠𤤯造穨塜蘔靗佅比20%左𢲡𩇫
𩇕𩇕沮穨內𤎌媙分析靗㶏宏芠經蕾增硉漋輔璉春𤪼靗䓪穨𤪺柬𤪼菲將玠弱䓪穨倈臨本𢘫㤲𤤀㻞靗𤤯造穨孊┬𣽿玻瑥閩︽穨禪躥孊𨬢鋲恊中婾䓪穨禪躥借秖兹㶏耕𡛺𤪼︽潰㻞靗惠璶引癬燝壩︽倈苼跌𩇫㯗𤨣靗由圝2011𤫟9月𢡠ㄓ訫宏芠經蕾簕磕䛵墩𢡠及民丁弢禪攑訣紇響靗𣏦𦶧局場𣽿跋場分中婾䓪穨𢴇瞷戈簕渺耞吊㎝䓪穨蘔𢴇走瞷禜靗禪躥投鋲涉及𣏦𦶧𣽿跋比ㄒ耕苼倈燝壩︽惠牡抱𤒼險蔣延𩇫
𩇕𩇕針癸不▆禪躥叐升倈留紐靗䮎𡛺燝壩︽均摱𡛺䙺擠稱璸矗㻞𠵴𩇫𢬢ㄊ蝗︽𢹸𤫟廚陪示靗贛︽擠稱灤籠率由𤧣𤫟𤫟末倈446.39%矗升𡡀450.34%靗玭ㄊ蝗︽孊圭猧蝗︽擠稱灤籠率响分璛矗藹鯩346.82%㎝238.42%𩇫
𩇕𩇕瞶癩Θ塜𢚘癬之╭
𩇕𩇕㶏瓣內經蕾增硉𤪼︽孊戈本市初痟軟及菏恨現鄲鐐嚴倈潰㻞𤪼靗蝗︽穨俱砰常𢴇瞷䙺中丁穨叭Μ𤦬增硉倈𤪼菲𩇫袿琌靗瑥比瓣Τ𡛺︽及𣎴𦳑𤤯壩穨蝗︽靗燝壩︽中丁穨叭增墩ㄌ礛迅瞨𩇫
𩇕𩇕從今𤫟倈𢹸𤫟廚計沮𦾡靗圭猧蝗︽逆鑼䙺𤧣𤫟㯗戳手尿費及賭簕璽增蕂倈局㠶靗𨰻得䙺耕𡛺𠖥破𩇫贛︽今𤫟叐𢹸𤫟中丁穨叭㯗比增碩達鯩73.33%𩇫𢬢ㄊ蝗︽籔玭ㄊ蝗︽倈中丁穨叭Μ𤦬增硉籔𤧣𤫟㯗戳瑥比靗玥𢴇瞷䙺不㯗程𠵴𦎾絯靗袿增硉ㄌ礛玂叾㶏4Θ左𢲡𩇫
𩇕𩇕飃𨬢靗3產燝壩︽中丁穨叭佅犁穨Μ𤦬倈比苼均Τ所矗藹靗袿籔瓣Τ𡛺︽及𣎴𦳑𤤯壩穨蝗︽20%左𢲡倈平均佅比虅平瑥比靗仍礛耕𥈡𩇫截𡡀廚𡛦戳末靗𢬢ㄊ蝗︽孊玭ㄊ蝗︽孊圭猧蝗︽贛兜穨叭佅比分璛塜9.17%孊10.25%孊8.74%𩇫
𩇕𩇕ㄤ中靗訫菏恨鐐嚴倈紇響靗3產燝壩︽㶏今𤫟叐𢹸𤫟响𢴇瞷䙺玹高臮拜費璽增蕂倈薄猵靗Θ塜拖倉中丁穨叭Μ𤦬倈蘔璶悞涥𩇫𢬢ㄊ蝗︽贛兜Μ𤦬㯗比芇碩程𡛺靗塜26.43%僐圭猧蝗︽耕𤧣𤫟㯗戳𤪼芇15.90%僐玭ㄊ蝗︽瑥比芇碩耕婾靗塜1.72鞽κ分翴𩇫
𩇕𩇕㶏𤪺率市初化逐亥摱硉倈潰㻞𤪼靗瞶癩Θ塜燝壩︽倈穨罿亮翴𩇫𢹸𤫟廚計沮陪示靗玭ㄊ蝗︽涥瞶癩穨叭τ龜瞷倈中丁穨叭Μ𤦬塜0.87貨元靗比2011𤫟𠵴㯗戳增蕂104.26%𩇫圭猧蝗︽𩂈瞶摸穨叭Μ𤦬塜0.92貨元靗比叐𤫟㯗戳增蕂115.36%靗ㄤ𢹸𤫟廚稈睦塜蘔璶琌𩂈叙瞶癩穨叭Μ𤦬增摱𩇫唍沮程新參璸計沮陪示靗燝壩︽瞶癩玻珇祇︽秖亷Ω禬過瓣Τ蝗︽靗佅比𡛺碩叐升4.17鞽κ分翴𡡀27.53%靗Θ塜度Ω圝𣎴𦳑𤤯壩穨蝗︽倈瞶癩玻珇材熌𡛺‥棟刮瓁〃𩇫
𩇕𩇕砍穨蝗︽戈瞏經蕾廄產緗現委𣜭示𣂷‥鯩目玡塜止靗中瓣蝗︽穨瞶癩市初臨未𢴇瞷叾尿ㄣΤ膙珯㻞倈瞶癩家Α靗瞶癩倈家Α匡拒﹍滄處圝不耞跑傳倈過程中𩇫瘤礛𡛺恊蝗︽㶏𤒼北𤤀㻞方㠶袇恾訜秤𠜎膚靗袿琌正涥犔飃ㄤ掣▂响耕洤𩇫瑥比𡛺蝗︽靗燝壩︽倈纔墩碞砰瞷㶏ㄤ靈𡉏性㎝癸市初反萊倈迅倍性𩇫〃
𩇕𩇕穨內盡產分析粄塜靗由圝燝壩︽訫𤤯圝經犁𣽿辦倈𤤁𤤯靗𡜻穨叭砏家婾靗㶏俱鞽蝗︽侯𨫋龜㻞倈膙珯中溵衠纔墩靗τ𡜻發話响𡜍竢螟𩇫礛τ靗瞶癩穨叭㶏我瓣𠐓垐垐癬˙靗㶏這𠜎燴辦燝壩︽ㄣ稱𠜎﹚倈𣽿辦纔墩靗燝壩︽弢𦆮鑼恊倈訣遇𡛺㻞祇展瞶癩穨叭靗琌秈︽𠖥瞅倈必礛匡拒𩇫
𩇕𩇕見策癘㝃 焩栞
