其他20092010中国生产车辆所占比例0%0%源自中国材料所占比0%0%收入1249513244.7增长率6%0%6% COGS1174812806.41材料成本68407455.6劳动力成本21732368.57其他成本27362982.24 COGS增长率9%毛利747438.29毛利率销售管理行政费用13051383.3占收入比例折旧与摊销159169.5267占CAPEX比例37.90%37.90% EBIT-717-1114.5367 EBIT利润率利息支出217232.19利息支出增长率7.00%税前净收入-1346.7267税金0税率28.50%28.50%净利润-1346.7267净利润率CAPEX420447.3增长率 6.50%运营资本17161870.44增长率9%运营资本变化154.44自由现金流-1546.75混合WACC 6.0047%终值现值系数0.9433现值5,217.30-1459.049275债务价值3,374.00权益价值1,843.30源自中国材料成本节省18%18%18%中国生产节省劳动力40%40%40%自由现金流终值增长率4%-1546.75 WACC债务目标比例35%wacc税率35.00%债务资产比例69.00%5,218.02-1546无风险利率贝塔系数市场溢价欧洲 3.34% 1.72 4.77%香港2.60% 2.016.74%加权WACC6.0047%4.80%5.20%20%39,017.3220,296.9725%33,028.0316,432.6628.50%28,835.5313,727.6430%27,038.7412,568.3435%21,049.458,704.0340%15,060.164,839.724.80%5.20%3%4,999.391,164.323.25%8,075.023,097.143.50%12,333.595,598.433.75%18,620.048,962.244%28,835.5313,727.644.25%48,337.8321,001.144.50%100,343.9533,470.004.75%672,411.3059,793.145%(185,689.73)151,924.144.80%5.20%5%#VALUE!#VALUE!5.25%#VALUE!#VALUE!5.50%#VALUE!#VALUE!5.75%#VALUE!#VALUE!6%#VALUE!#VALUE!6.25%#VALUE!#VALUE!6.50%#VALUE!#VALUE!6.75%#VALUE!#VALUE!7%#VALUE!#VALUE!税率自由现金流终值增长率收入增长20112012201320142015 5%10%16%22%27%10%20%24%27%32% 14039.38214881.7449215774.6496216721.1285917724.39631 6%6%6%6%6% 13761.073214576.1091915308.4171615963.8158616515.07875 7980.3251288385.4064318745.2409929069.0422859315.86534 2530.1064742647.5034142701.0888842685.0984372610.667509 3250.64163543.1993443862.0872854209.6751414588.545903 9%9%9%9%9% 278.308798305.6357301466.2324545757.31272891209.317556 1466.2981554.275881647.5324331746.3843791851.16744115541746190.7175375214.5572297241.3768834271.5489938289.199678437.90%37.90%37.90%37.90%37.90% -1378.70674-1463.19738-1422.676862-1260.620644-931.0495643 248.4433265.834331284.4427342304.3537256325.65848647.00%7.00%7.00%7.00%7.00% -1627.15004-1729.031711-1707.119596-1564.974369-1256.708051 0000028.50%28.50%28.50%28.50%28.50% -1627.15004-1729.031711-1707.119596-1564.974369-1256.708051 503.2125566.1140625636.8783203716.4881104763.059837512.50%12.50%12.50%12.50% 6.50%2038.77962222.2697642422.2740432640.2787072877.90379 9%9%9%9%9% 168.3396183.490164200.0042788218.0046638237.6250836 -1859.541302-1998.244376-2018.182577-1923.564424-1642.5348070.88980.83940.79180.74690.7046 -1654.619851-1677.32633-1597.996965-1436.710268-1157.330025 18%18%18%18%18%40%40%40%40%40% -1859.541302-1998.244376-2018.182577-1923.564424-1642.534807-1858-1997-2017-1922-1641债务收益率公司权益收益率WACC4.55%11.544400%5.61943900%4.55%16.147400%7.04636900%WACC5.60%6.00470% 6.40% 6.80%7.20%11,045.055,526.631,999.46(500.73)(2,329.01) 8,239.773,360.02246.63(1,955.51)(3,561.74) 6,276.061,843.39(980.34)(2,973.86)(4,424.66) 5,434.481,193.40(1,506.19)(3,410.30)(4,794.48) 2,629.19(973.21)(3,259.02)(4,865.09)(6,027.21) (176.10)(3,139.83)(5,011.84)(6,319.88)(7,259.94) WACC5.60%6.00470% 6.40% 6.80%7.20%(1,429.09)(3,297.92)(4,650.51)(5,695.11)(6,507.70) (117.57)(2,362.54)(3,951.43)(5,158.52)(6,085.81) 1,506.21(1,240.43)(3,131.82)(4,540.64)(5,606.92) 3,568.85130.51(2,157.57)(3,821.46)(5,058.62) 6,276.061,843.39(980.34)(2,973.86)(4,424.66) 9,985.954,044.34470.65(1,960.07)(3,683.24) 15,382.166,976.662,303.48(725.88)(2,804.51) 23,952.6011,077.514,691.72809.32(1,746.46) 39,665.0717,219.207,932.902,770.98(447.94) WACC5.60%6.00470% 6.40% 6.80%7.20%#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!#VALUE!201620172018201933%40%45%50%36%40%45%50% 18787.8600919915.1316921110.0395922376.64197 6%6%6%6% 16967.814817318.8800717585.7792717783.91288 9496.295029605.6923399622.1180739544.178916 2470.0047432261.5363432021.3611831762.626952 5001.5150355451.6513885942.3000136477.107014 9%9%9%9% 1820.0452882596.2516223524.2603244592.7290871962.2374882079.9717372204.7700412337.056244307.9976575328.0175053349.3386431372.045654937.90%37.90%37.90%37.90% -450.1898572188.2623795970.151********.627188 348.4545804372.846401398.9456491426.87184457.00%7.00%7.00%7.00% -798.6444376-184.5840215571.20599061456.755343 00162.7937073415.175272828.50%28.50%28.50%28.50% -798.6444376-184.5840215408.41228331041.58007 812.658727865.4815442921.7378446981.65080456.50% 6.50% 6.50% 6.50% 3136.9151313419.2374933726.9688684062.396066 9%9%9%9% 259.0113411282.3223618307.7313744335.4271981 -1213.862268-631.5240213-72.77264347523.419567327153.868780.66460.62690.59140.5579 -806.7328632-395.9024089-43.0377413515441.15917 18%18%18%18%40%40%40%40%4% -1213.862268-631.5240213-72.77264347523.41956736.01%-1213-630-7227674。