地尔汉宇：隐形的黑科技企业.pdf
28页
???????? ???? ???????? ??????????????????????????????1????????????? ??????????????????????2?2016 ?? ???????????????????????????3? ???????????????????????4????? ??????????? ?????????????????? ?????5??????????????????????? ???????? ???????????????????1?????????????????? ???????2?2014 ????????????? 25%?? ???????????????????????????? ?????????????3??????????????? ???????????????????????????? ???????????????????????????? ????4???????????????? 25 ?????? ???? 13 ??????????? 72 ??? ?????????????????????????????1????????????? ???????????????????????????? FDA ?????????????????????????? ?????????????????????2??????? ???????????????????????????? ?????????????????????? 2018 ???? ?? 4 ??????????? 1 ??? ????????????????????1?????????????????? ?????????????????? ??????????? ??????????????????2?????????? ?????????????????? SCARA ??????? ????????????? ???????? ?? 2015/16/17 ? EPS ? 1.15/1.43/1.88 ???????? 18%/24%/31%? ?????????? ?????????????? 80.27 ???? 56x 2016e P/E? 107 ???? ???? ??????????????????????????????????????????????????????????? ?????????????????? 2013A 2014A 2015E 2016E ?????? ???? 595 649 681844 ???? 376 418 425513 ??????? 6 6 78 ???? 31 31 3743 ???? 39 45 5463 ???? 5 -4 -23-23 ?? 0 0 20 ???? 137 153 184239 ????? 1 0 00 ???? 138 153 184239 ??? 20 22 3143 ?????? 0 0 -24 ???????? 119 131 155192 EBITDA 180 164 180239 ?????????? ???? 64 686 662650 ??????? 152 153 165208 ???? 20 13 1721 ?? 75 94 86107 ?????? 0 7 77 ?????? 312 953 937994 ????????? 158 202 327413 ??????????? 77 84 7168 ??????? 236 286 399480 ???? 548 1,240 1,3361,474 ???? 0 0 00 ??????? 91 73 88105 ?????? 2 9 47 ?????? 93 82 92112 ?????? 0 0 00 ??????? 14 15 1515 ???? 107 98 107127 ?????? 441 1,142 1,2301,346 ?????? 0 0 -22 ????????? 548 1,240 1,3361,474 ?????????? ??? 119 131 153196 ????? 0 0 00 ?????? -2 -38 12-50 ?? 0 0 -23-23 ??????? 109 92 161146 ???????? 0 1 20 ???????? 111 51 -143-105 ??????? -111 -50 -141-105 ???? 0 0 00 ???? 0 15 00 ?? 0 0 00 ??????? -26 578 -44-53 ?????????? 0 2 01 ?????? 0 0 00 ???????????? 2013A 2014A 2015E 2016E ???????? ???? 21.1% 9.0% 4.9% 23.9% ???? 29.3% 11.3% 20.4% 29.9% EBITDA 67.3% -8.9% 9.9% 32.3% ??? 28.7% 10.7% 17.9% 24.0% ???????? ??? 36.8% 35.7% 37.5% 39.2% ????? 23.0% 23.5% 27.0% 28.3% EBITDA ??? 30.3% 25.3% 26.5% 28.3% ???? 19.9% 20.2% 22.7% 22.7% ???????? ???? 3.37 11.56 10.18 8.91 ???? 2.56 10.42 9.25 7.95 ???? 0.70 8.32 7.19 5.83 ????? 19.5% 7.9% 8.0% 8.6% ??????? ??? ??? ??? ??? ?????????? ?????? 24.3% 14.7% 12.0% 13.7% ?????? 30.0% 16.6% 13.0% 14.9% ???????? ???????? 0.88 0.98 1.15 1.43 ???????? 3.29 8.52 9.18 10.04 ??????? 0.30 0.50 0.57 0.73 ?????????? 0.81 0.68 1.20 1.09 ???????? ??? 67.3 60.8 51.5 41.6 ??? 18.1 7.0 6.5 5.9 EV/EBITDA 43.9 44.4 40.5 30.7 ????? 0.4% 0.8% 1.0% 1.2% ???? ?????????????????????????????????????????????????????????? ?????????????????????????????????????? ????????????????????????????????? ???????? ................................................................................................................................ 5 ????????? ............................................................................................................ 5 ???? .......................................................................................................................... 6 ???? .......................................................................................................................... 8 ???? ........................................................................................................................ 10 ?????????????????? ................................................................................................................ 11 ??????????????? .......................................................................................... 11 ????? ..................................................................................................................... 12 ??????? ................................................................................................................ 14 ??????????????????????????????? .............................................. 16 ???????????????????? ............................................................................................................. 17 ????????????? ............................................................................................... 17 ???? ........................................................................................................................ 18 ?????????????????????????????????????? .................................................................................... 19 ???????????? .................................................................................................. 19 ??????——???????? ....................................................................................... 19 ?????????????????? ....................................................................................。
