鎴戝浗鏈澶х殑鏀規(guī)у鏂欑敓浜т紒涓氶噾鍙戠鎶錛屼互鍙婁富鏀昏濺鐢ㄦ敼鎬у鏂欑殑涓婃搗鏅埄鐗瑰拰鍝堝皵婊ㄩ懌杈懼鏂欙紝閮藉湪涓婂崐騫村疄鐜頒簡閿鍞殑鍙屼綅鏁板闀褲備絾鍒╂鼎鐜囧嵈娌℃湁閭ｄ箞騫歌繍銆?
閲戝彂鐨勪笂鍗婂勾钀ユ敹姣斿幓騫村悓鏈熷闀?2%鑷?5浜垮厓浜烘皯甯侊紝浣嗗噣鍒╂鼎澶ц穼24.5%鑷?.15浜垮厓銆傝鍏徃鍧︽壙錛屾瘺鍒╃巼涓嬮檷鍜岃垂鐢ㄧ殑澧炲姞瀵逛笟緇╀駭鐢熶簡璐熼潰褰卞搷銆?
浠庡ソ鐨勪竴闈㈡潵鐪嬶紝閲戝彂鐨勯攢閲忓ぇ澧?6.2%錛屼富瑕佸闀垮姩鍔涙潵鑷苯杞︿笟銆傛垜鍥界殑姹借濺浜ч噺鍦ㄥ悓鏈熷闀夸簡9.6%錛屾苯杞︽婚攢閲忎笂鍗?.4%錛屼箻鐢ㄨ濺鐨勫閫熻緝蹇揪鍒頒簡14銆?%銆?
鎬婚儴浣嶄簬騫垮窞鐨勯噾鍙戠鎶琛ㄧず錛屾湁鏁堝湴瀹炵幇浜嗗鐢?shù)鍜屽姩鍔涘伐鍏烽鍩熺殑甯傚溵Z喚棰濆闀褲傛潵鑷叴涓氳瘉鍒哥殑鍒嗘瀽甯堝垯鎸囧嚭錛屽競鍦轟喚棰濈殑澧為暱鏄緩绔嬪湪浜у搧闄嶄環(huán)鐨勫熀紜涓婏紝鑰屽悓鏃墮儴鍒嗗師鏉愭枡鐨勪環(huán)鏍間篃鏈夋墍涓婃誕銆?
閲戝彂涓姤鏄劇ず錛屽叾濉戞枡涓氫駭鍝佺殑鎬繪瘺鍒╃巼闄嶄綆浜?.8涓櫨鍒嗙偣錛岃嚦14.52%銆傚鏂欏悎閲戠殑姣涘埄鐜囨渶楂橈紝杈?3.4%錛屼絾姣斿幓騫村悓鏈熷凡緇忎笅闄嶄簡4.5涓櫨鍒嗙偣銆傞樆鐕冩潗鏂欐槸鍞竴涓涓瘺鍒╃巼姣斿幓騫村楂樼殑浜у搧綾誨埆錛岃揪18.3%銆?
鍥藉唴澶栭攢鍞殑澧為熺浉榪戯紝鍥藉唴涓?2.3%錛屽嚭鍙ｄ負11.5%銆傚浗鍐呴攢鍞戶緇崰鍒拌鍏徃閿鍞殑緇濆ぇ閮ㄥ垎錛屽崰姣?1.4%銆?
涓婃搗鏅埄鐗?
鏅埄鐗瑰湪榪欎笁瀹舵敼鎬у鏂欑敓浜т紒涓氫腑瑙勬ā鏈灝忥紝浣嗚〃鐜頒笉淇椼備笂鍗婂勾钀ユ敹鏀鍗囦負22.4%杈懼埌9.3浜垮厓銆傚拰閲戝彂涓嶅悓鐨勬槸錛屾櫘鍒╃壒鐨勫噣鍒╂鼎涔熶笂娑?1.2%錛岃揪鍒扮害9870涓囧厓銆?
璇ュ叕鍙歌繕棰勮2014騫?-9鏈堜喚瀹炵幇鍑鍒╂鼎1.52浜垮厓鑷?.65浜垮厓錛屽悓姣斿闀?0%鑷?0%錛屼富瑕佸師鍥犳槸鍏徃甯傚満浠介淇濇寔杈冨揩澧為暱錛岄攢鍞妯℃寔緇墿澶с?
涓嶈繃錛屾苯杞︽潗鏂欑殑姣涘埄鐜囦笅闄嶄簡2.4涓櫨鍒嗙偣錛岃嚦18.6%銆傚鏂欏悎閲戝拰鏀規(guī)BS鐨勫埄娑︾巼姣斿幓騫翠笂娑紝鍒嗗埆杈懼埌浜?3.2%鍜?0%銆傝屾敼鎬ц仛鐑儍鐨勫埄娑︾巼鍒欎笅闄嶄負14.4%銆?
鍝堝皵婊ㄩ懌杈?
鍜岄噾鍙戝強鏅埄鐗瑰樊鍒渶澶х殑涓鐐規(guī)槸錛岄懌杈劇殑姣涘埄鐜囧疄鐜頒簡閫嗗競澧為暱錛屼粠鍘誨勾涓婂崐騫寸殑17.8%涓婃誕鑷?0.3%銆?
榪欏鍦ㄧ編鍥界撼鏂揪鍏嬩笂甯傜殑浼佷笟瑙ｉ噴璇達紝鍏墮珮绔駭鍝佸崰鎬婚攢鍞殑姣旈噸姣斿幓騫存湁鎵鎻愰珮;姝ゅ璇ュ叕鍙歌繕瀹炶浜嗘彁浠鳳紝鍘誨勾涓婂崐騫磋鍏徃緇欏鎴峰湪鍘熶環(huán)鍩虹涓婄粰涓?.7%鐨勬姌鎵ｏ紝浠婂勾涓婂崐騫寸殑鎶樻墸鍑犱箮娑堝け錛屽彧鏈?.8%銆?
閼揪娌℃湁鍒楀嚭鍚勪釜浜у搧綾誨埆鐨勫叿浣撳埄娑︾巼錛屼絾琛ㄧず錛屽叾浜у搧緇勫悎宸茬粡浠庢敼鎬ц仛涓欑儻杞Щ鍒版洿楂樼浜у搧錛屾瘮鏀規(guī)у鑱氶叞鑳?鍜?6銆傝鍏徃縐幫紝榪欎竴鍙樺寲鏃ㄥ湪鍥炲簲涓煩甯傚満濂緢鍝佹淳姹借濺瀵硅濺鐢ㄥ鏂欑殑闇姹傦紝浠ュ強涓浗瀵規(guī)磥鍑鑳芥簮杞﹁締鐨勫ぇ鍔涙帹騫褲?
閼揪鐨勪笂鍗婂勾钀ラ攢鐚涘30.7%鑷?.9浜跨編鍏?綰?0浜垮厓浜烘皯甯?銆傞攢鍞騫呭湪鍗庝笢鍦板尯楂樿揪47.7%錛岃タ鍗楀湴鍖?4.9%錛屼紶緇熷崕鍖楀競鍦哄垯涓?5.7%銆傚噣鍒╀篃澶у18.6%錛岃揪鍒?180涓囩編鍏?綰?.6浜垮厓銆?
閼揪娌℃湁鍦ㄨ儲鎶ヤ腑鎻愬埌甯傚満浠介銆備絾鍦ㄦ姇璧勫叧緋葷數(shù)璇濅細璁笂錛岃懀浜嬮暱鍜孋EO闊╂澃琛ㄧず錛屽寘鎷懌杈懼湪鍐呯殑鍥藉唴鏀規(guī)т紒涓氭澶у姏浠庤繘鍙ｅ晢閭ｉ噷澶鴻蛋甯傚満浠介錛屾彁渚涘悓鏍鋒垨鏇撮珮璐ㄩ噺鐨勪駭鑳斤紝浣嗕環(huán)鏍間紭浜庤繘鍙ｆ潗鏂欍侰FO Taylor Zhang琛ュ厖璇達紝閼揪鍦ㄤ笢鍖椾繚鎸侀鍏堝湴浣嶏紝鍦ㄥ崕涓滃競鍦哄垯鍔犲ぇ浜嗘笚閫忓姏搴︺?
涓婃湀錛岄懌杈捐緹庡浗涓浠界爺絀舵姤閬撴寚鎺т負璐㈠姟鏁版嵁涓嶅疄銆侭leecker Street Research鍙戝竷鐨勬姤鍛婄О錛岄懌杈?013騫寸殑姣涘埄鐜囨瘮甯傚満鑰佸ぇ閲戝彂楂樺嚭184%銆傞懌杈懼洖搴旇錛屽拰涓氬姟緇勬垚鏇寸被浼肩殑涓婃搗鏅埄鐗圭浉姣旓紝閼揪鐨勬暟瀛楀拰鏅埄鐗圭浉褰撱?
