图表内容
表29：FCFF估值表
2022E
2023E
2024E
2025E
2026E
2027E
2028E
2029E
2030E
2031E
TV
EBIT
394.4
810.6
1
221.7
1.358.0
1.783.72.159.3
2.537.72.953.2
3.395.3
3.722.5
所得税税率
4.36%
4.36%
3.84%
4.19%
4.13%
4.05%
4.12%
4.10%
4.09%
4.11%
EB1T*(1-所
得税税率)
377.3
775.21.174.71.301.11.710.02.071.8
2.433.12.832.0
3.256.33.569.6
折旧与摊销
91.2
119.3
139.3
159.9
180.5
201.1
221.7
242.3
262.8
283.3
营运资金的
净变动
(863.9)
(278.6)
(187.9)
(620.1)
(311.0)
(407.4)(623.0)
(423.2)
(555.4)
(446.2)
资本性投资
(293.0)
(304.3)
(311.4)
(302.9)
(306.2)
(306.9)(305.3)(306.1)(306.1)
(305.9)
FCFF
(688.3)
311.6
814.7
538.01.273.21.558.61.726.42.344.92.657.73.100.937.609.0
PV(FCFF)
(623.4)
255.6
605.3
362.0
776.0
860.4863.21.061.81.090.01.151.913.970.3
核心企业价
20.373.0
减：净债务
1.008.9
股票价值
19.364.1
每股价值
96.82
资料来源：国信证券经济研究所预测
