"封面"
,,,,,"股票估值,财务预测及分析"
,,,,,"工作底稿"
,,,,,"第五部分 年度财务预测及分析"
,,,,,,,,"上市公司",,"羚锐制药"
,,,,,,,,"股票代码",,600285
,,,,,"历史期间","2001年","2002年","2003年","2004年","2005年","2006年","2007年","2008年"
,,,,,"预测期间",,"2009年",,"2010年",,,"2011年"
,,,,,"季度","一季度",,"二季度",,"三季度",,"四季度"
,,,,,"二范/中国"
,,,,,"www.2fan.cn"
,,,,,"samuelvan@live.cn"
"估值矩阵"
"乐观市盈率",,,,,,,,,,"二范/中国"
"三年期存款利率倒数",,,,,,,,,"www.2fan.cn",,,,"samuelvan@live.cn",,,,,,,,,," 使用市净率估值矩阵评估企业价值隐含这样一个前提:你只想购买企业资产并打算剔除现有管理层,相对常说的"资产重组",我们不妨称之为"能力重组"."
"国债利率倒数更理想",,,,,,,"非系统风险",,,,,,,,,,,,"非系统风险"
"2001年","37.04 ",,"市盈率 估值矩阵",,,,"谨慎","稳健","乐观",,,,,,"市净率 估值矩阵",,,,"谨慎","稳健","乐观"
"2002年","39.28 "
"2003年","39.68 ",,,,,,,,,,"估值是个很"
"2004年","37.82 ",,,,,,"2009年","2010年","2011年",,"主观的技术",,,,,,,,"2009年","2010年","2011年",," 进行能力重组,除了考量整合成本,还应考量竞争态势重构,优秀的同类企业回归社会平均水平的趋势."
"2005年","30.86 ",,,,,,,,,,"活,"
"2006年","29.37 ",,,,,,"每股收益",,,,,,,,,,,,"每股收益"
"2007年","22.31 ",,,,,,"0.161161 ","0.241769 ","0.348134 ",,"投资也是个",,,,,,,,"3.071589 ","3.329443 ","3.584135 "
"2008年","19.31 ",,,,,,,,,,"很主观的技",,,,,,,,,,,," 仅当管理层经营管理能力优秀时,即企业盈利水平高于行业平均盈利水平时,市净率才可以高估."
"2009年","30.03 ",,,,,,,,,,"术活."
"2010年","29.34 ","系统风险","谨慎","2009年","市盈率","16.40 ","2.64 ","3.97 ","5.71 ",,,,,"系统风险","谨慎","2009年","市净率","1 ","3.07 ","3.33 ","3.58 "
"2011年","23.37 ",,,,,,,,,,"俗话说:"
"谨慎市盈率",,,,,,,,,,,"估值靠得住,",,,,,,,,,,,," 从价值投资理念出发,使用市盈率估值矩阵时,应考量企业长期业绩表现,而不应仅关注短期一时表现.即重视"必然性",轻视"偶发性"."
"三年期贷款利率倒数",,,"稳健","2010年",,"23.22 ","3.74 ","5.61 ","8.08 ",,"母猪会上树.",,,,"稳健","2010年",,"2 ","6.14 ","6.66 ","7.17 "
"2001年","16.84 "
"2002年","18.00 ",,,,,,,,,,"深刻理解,"
"2003年","18.21 ",,"乐观","2011年",,"30.03 ","4.84 ","7.26 ","10.45 ",,"灵活运用!",,,,"乐观","2011年",,"4 ","12.29 ","13.32 ","14.34 "
"2004年","18.06 ",,,,,,,,,,,,,,,,,,,,,," 从更长远时期而言,任何企业,行业业绩都有回归社会平均报酬率的趋势.关注成长性,把握生命周期."
"2005年","17.36 "
"2006年","16.55 ",,"衡量管理层经营管理能力(运用企业资源实现股东价值最大化).关注"人"",,,,,,,,,,,,"相对于市盈率估值矩阵,市净率估值矩阵仅起辅助参考作用.关注"资源""

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