谨呈:研祥集团
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Transcript of 谨呈:研祥集团
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2009.8.12
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*Part 1 Part 2 part 3 part 4 part 5
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*Part1
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*Part1
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* 200870 GDP0770GDP28 200839 20087017
GDP124039178372190152071906
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*21GDP13;30%
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*
Chart1
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Sheet1
2007GDP
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-
*
25257247252531720187 16558170001520720464
Chart16
7748
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10905
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2003-2008
Sheet1
GDP
1228391713
8301750126621435.33387.33
GDP5097390121903004300116651468301725122284
7143622234960212632
200020012002200320042005200620072008
727730735741786806822830837
407416434445487516534548552
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2000-2008
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*Part1
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* 50%
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14218213371729212121382138213821572157215721772177217721972197219721972197219721972197
216621398563186318
316464258757979798383838787879191919191919191
423915-3985-6318-631812951670204620602060206020752075207520902090209021062106210621062106210621062106
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65979198523523523527527527527527527527527
717936-3985-6318-631812951670204620602060206020752075187615681568156815801580158015801580158015801580
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20102011201220132014201520162017201820192020202120222023202420252026202720282029203020312032
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3597900000000198523523523527527527527527527527527
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142582106914261782230923092309322232223222347934793479375837583758
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201020112012201320142015201620172018201920202021202220232024202520262027
151615000129617282160279927992799390539053905421842184218455545554555
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233891474594619461268361453568568568766766766825825825888888888
2.123668474594619461
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2.328397195119154154154215215215232232232251251251
2.46194156207259336336336469469469506506506547547547
34431000000000-16848848917917917
4(1-2)17723-4745-9461-9461102813671707223122312231313931393139339333933393366736673667
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7-4745-14207-23668-22640-21273-19566-17335-15104-12873-9734-6595-3456-472498504277921054213293
irr5.98%4.93%
npv($34.58)($4,428.29)
-1.018478640811.7-1.013795251212.87
Sheet6
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201020112012
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1.12790/24302430
2895895
2.13200075/240
2.280600.13%10
2.380600.05%4
2.43200026
2.580603.55%286
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/454545494949525252575757616161
160001800018000180001800018000180001800018000180001800018000180001800018000
864972972105010501050113411341134122412241224132213221322
6000201320142015201620172018201920202021202220232024202520262027
/60606064.864.864.8707070767676828282
432432432467467467504504504544544544588588588
npv13515
201020112012201320142015201620172018201920202021202220232024202520262027
124602000129614041404151615161516163816381638176917691769191019101910
20000000000000000
5%2.10000000000000000
7%2.20000000000000000
3%2.30000000000000000
12%30000000000000000
424602129614041404151615161516163816381638176917691769191019101910
201020112012201320142015201620172018201920202021202220232024202520262027
124602129614041404151615161516163816381638176917691769191019101910
211923347842234223
31191425875797979838383878787919191
411488-3478-4223-4223125413461329143814381438155515551555168216821682181918191819
5-26102-3478-7701-11923-10669-9323-7994-6556-5118-3681-2126-5709852667434960317850966911488
62872667420420455455455
78616-3478-4223-4223125413461329143814381438155515551555101512611261136413641364
8-36615-3478-7701-11923-10669-9323-7994-6556-5118-3681-2126-570985200032614523588772528616
9763102126126136136136
107853-3478-4223-422312541346132914381438143815551555155591411351135122812281228
11-39178-3478-7701-11923-10669-9323-7994-6556-5118-3681-2126-570985189830344169539766257853
201020112012201320142015201620172018201920202021202220232024202520262027
124602000129614041404151615161516163816381638176917691769191019101910
1.124602000129614041404151615161516163816381638176917691769191019101910
213114347842234223425875797979838383878787919191
2.111923347842234223
2.21191425875797979838383878787919191
2.30000000000000000
2.40000000000000000
32872000000000667420420455455455
4(1-2)11488-3478-4223-4223125413461329143814381438155515551555168216821682181918191819
5-3478-7701-11923-10669-9323-7994-6556-5118-3681-2126-5709852667434960317850966911488
68616-3478-4223-4223125413461329143814381438155515551555101512611261136413641364
7-3478-7701-11923-10669-9323-7994-6556-5118-3681-2126-570985200032614523588772528616
irr8.03%6.75%
npv$1,784.60($868.46)
0.585396817711.70.969760699412.87
20000
260006000
201020112012
12430
1.12790/24302430
2895895
2.13200075/240
2.280600.13%10
2.380600.05%4
2.43200026
2.580603.55%286
2.63200030/96
2.7320006/19
2.8320001.5/5
2.93200050160
2.1030
2.11320001238
3806040304030
3.1260002500/6500
260001500/3900
3.1.226000700/1820
3.1.326000300/780
3.260002600/1560
4/560
3.3.13200020/64
3.3.2320005/16
3.3.332000400
3.3.43200025/80
680601%8140.340.3
790362%181606060
992173%277929292
11923
10
11923347842234223
2838.8717911429
8%
201320142015201620172018201920202021202220232024202520262027
/454545494949525252575757616161
100001800018000180001800018000180001800018000180001800018000180001800018000
540972972105010501050113411341134122412241224132213221322
6000201320142015201620172018201920202021202220232024202520262027
/60606064.864.864.8707070767676828282
432432432467467467504504504544544544588588588
npv13215
201020112012201320142015201620172018201920202021202220232024202520262027
12427800097214041404151615161516163816381638176917691769191019101910
21335537777838383909090979797105105105
5%2.11214497070767676828282888888969696
7%2.285355555666666777
3%2.336122222222333333
12%32913117168168182182182197197197212212212229229229
42002980211581158125112511251135113511351145914591459157615761576
201020112012201320142015201620172018201920202021202220232024202520262027
12002980211581158125112511251135113511351145914591459157615761576
211923347842234223
31191425875797979838383878787919191
46915-3478-4223-422376011001083117211721172126912691269137213721372148514851485
5-62430-3478-7701-11923-11163-10063-8979-7807-6635-5462-4194-2925-1657-28410882461394654306915
61729-71343343371371371
75186-3478-4223-422376011001083117211721172126912691269144410291029111411141114
8-67319-3478-7701-11923-11163-10063-8979-7807-6635-5462-4194-2925-1657-2138161846295940735186
9684144103103111111111
104502-3478-4223-4223760110010831172117211721269126912691299926926100210021002
11-69780-3478-7701-11923-11163-10063-8979-7807-6635-5462-4194-2925-1657-3585691495249835004502
201020112012201320142015201620172018201920202021202220232024202520262027
12427800097214041404151615161516163816381638176917691769191019101910
1.12427800097214041404151615161516163816381638176917691769191019101910
217363347842234223212304321344344344369369369396396396425425425
2.111923347842234223
2.21191425875797979838383878787919191
2.31335537777838383909090979797105105105
2.42913117168168182182182197197197212212212229229229
31729000000000-71343343371371371
4(1-2)6915-3478-4223-422376011001083117211721172126912691269137213721372148514851485
5-3478-7701-11923-11163-10063-8979-7807-6635-5462-4194-2925-1657-28410882461394654306915
65186-3478-4223-422376011001083117211721172126912691269144410291029111411141114
7-3478-7701-11923-11163-10063-8979-7807-6635-5462-4194-2925-1657-2138161846295940735186
irr5.16%4.23%
npv($701.02)($2,552.53)
-1.207072978711.7-1.147660603712.87
30000
360006000
201020112012
12430
1.12790/24302430
211651165
2.14200075/315
2.2105600.13%14
2.3105600.05%5
2.44200028
2.5105603.55%375
2.64200030/126
2.7420006/25
2.8420001.5/6
2.94200050210
2.1030
2.11420001250
31056052805280
3.1360002500/9000
360001500/5400
3.1.236000700/2520
3.1.336000300/1080
3.260002600/1560
4/610
3.3.14200020/84
3.3.2420005/21
3.3.342000400
3.3.44200025/105
6105601%10652.852.8
7118312%237797979
9120673%362121121121
14859
10
14859379555325532
3537.9585411429
8%
20132014201520162017201820192020202120222023202420252026
/4545454949495252525757576161
1600024000270002700027000270002700027000270002700027000270002700027000
8641296145815751575157517011701170118371837183719841984
600020132014201520162017201820192020202120222023202420252026
/60606064.864.864.87070707676768282
432432432467467467504504504544544544588588
npv13041
2010201120122013201420152016201720182019202020212022
1200320001296172818902041204120412204220422042381
200000000000
5%2.100000000000
7%2.200000000000
3%2.300000000000
12%360139525761616166666671
4194311257167618331980198019802138213821382309
2010201120122013201420152016201720182019202020212022
1194311257167618331980198019802138213821382309
214859379555325532
374542587579797983838387
43827-3795-5532-55321216161817581901190119012056205620562223
5-80841-3795-9327-14859-13644-12026-10267-8366-6465-4563-2508-45216043827
6957957
72870-3795-5532-55321216161817581901190119012056205620561266
8-81797-3795-9327-14859-13644-12026-10267-8366-6465-4563-2508-45216042870
9127127
102744-3795-5532-55321216161817581901190119012056205620561139
11-81924-3795-9327-14859-13644-12026-10267-8366-6465-4563-2508-45216042744
2010201120122013201420152016201720182019202020212022
1200320001296172818902041204120412204220422042381
1.1200320001296172818902041204120412204220422042381
21620537955532553280110132140140140149149149158
2.114859379555325532
2.274542587579797983838387
2.300000000000
2.460139525761616166666671
3957000000000957
4(1-2)3827-3795-5532-55321216161817581901190119012056205620562223
5-3795-9327-14859-13644-12026-10267-8366-6465-4563-2508-45216043827
62870-3795-5532-55321216161817581901190119012056205620561266
7-3795-9327-14859-13644-12026-10267-8366-6465-4563-2508-45216042870
irr3.51%2.78%
npv($2,990.22)($3,342.01)
0.721700780611.71.267086911912.87
40000
460006000
201020112012
12430
1.12790/24302430
214351435
2.15200075/390
2.2130600.13%17
2.3130600.05%7
2.452000210
2.5130603.55%464
2.65200030/156
2.7520006/31
2.8520001.5/8
2.95200050260
2.1030
2.11520001262
31306065306530
3.1460002500/11500
460001500/6900
3.1.246000700/3220
3.1.346000300/1380
3.260002600/1560
4/660
3.3.15200020/104
3.3.2520005/26
3.3.352000400
3.3.45200025/130
6130601%13165.365.3
7146262%293989898
9149183%448149149149
17796
10
17796411268426842
4237.0452911429
8%
20132014201520162017201820192020202120222023202420252026
/4545454949495252525757576161
1600024000320003600036000360003600036000360003600036000360003600036000
8641296172821002100210022672267226724492449244926452645
600020132014201520162017201820192020202120222023202420252026
/60606064.864.864.87070707676768282
432432432467467467504504504544544544588588
npv15533
2010201120122013201420152016201720182019202020212022
1241890001296172821602566256625662771277127712993
200000000000
5%2.100000000000
7%2.200000000000
3%2.300000000000
12%300000000000
4241891296172821602566256625662771277127712993
2010201120122013201420152016201720182019202020212022
1241891296172821602566256625662771277127712993
217796411268426842
374542587579797983838387
45649-4112-6842-68421254167020852487248724872689268926892906
5-94682-4112-10954-17796-16541-14871-12786-10299-7811-5324-26355427435649
614121412
74237-4112-6842-68421254167020852487248724872689268926891494
8-96095-4112-10954-17796-16541-14871-12786-10299-7811-5324-26355427434237
9149149
104088-4112-6842-68421254167020852487248724872689268926891345
11-96244-4112-10954-17796-16541-14871-12786-10299-7811-5324-26355427434088
2010201120122013201420152016201720182019202020212022
1241890001296172821602566256625662771277127712993
1.1241890001296172821602566256625662771277127712993
21854041126842684242587579797983838387
2.117796411268426842
2.274542587579797983838387
2.300000000000
2.400000000000
314120000000001412
4(1-2)5649-4112-6842-68421254167020852487248724872689268926892906
5-4112-10954-17796-16541-14871-12786-10299-7811-5324-26355427435649
64237-4112-6842-68421254167020852487248724872689268926891494
7-4112-10954-17796-16541-14871-12786-10299-7811-5324-26355427434237
irr4.17%3.32%
npv($3,157.04)($3,676.34)
0.943701953911.71.835729904412.87
50000
560006000
201020112012
12430
1.12790/24302430
217051705
2.16200075/465
2.2155600.13%20
2.3155600.05%8
2.462000212
2.5155603.55%552
2.66200030/186
2.7620006/37
2.8620001.5/9
2.96200050310
2.1030
2.11620001274
31556077807780
3.1560002500/14000
560001500/8400
3.1.256000700/3920
3.1.356000300/1680
3.260002600/1560
4/710
3.3.16200020/124
3.3.2620005/31
3.3.362000400
3.3.46200025/155
6155601%15677.877.8
7174202%348116116116
9177693%533178178178
20732
10
20732442981528152
4936.1320411429
8%
20132014201520162017201820192020202120222023202420252026
/4545454949495252525757576161
1600024000320004000045000450004500045000450004500045000450004500045000
8641296172823332333233328342834283430613061306133063306
600020132014201520162017201820192020202120222023202420252026
/60606064.864.864.87070707676768282
432432432467467467504504504544544544588588
npv17214
2010201120122013201420152016201720182019202020212022
1272020001296172821602799279927993338333833383605
200000000000
5%2.100000000000
7%2.200000000000
3%2.300000000000
12%300000000000
4272021296172821602799279927993338333833383605
2010201120122013201420152016201720182019202020212022
1272021296172821602799279927993338333833383605
220732442981528152
374542587579797983838387
45726-4429-8152-81521254167020852721272127213256325632563519
5-119010-4429-12580-20732-19477-17808-15722-13002-10281-7560-4304-104922075726
614311431
74294-4429-8152-81521254167020852721272127213256325632562087
8-120442-4429-12580-20732-19477-17808-15722-13002-10281-7560-4304-104922074294
9209209
104086-4429-8152-81521254167020852721272127213256325632561878
11-120650-4429-12580-20732-19477-17808-15722-13002-10281-7560-4304-104922074086
2010201120122013201420152016201720182019202020212022
1272020001296172821602799279927993338333833383605
1.1272020001296172821602799279927993338333833383605
22147644298152815242587579797983838387
2.120732442981528152
2.274542587579797983838387
2.300000000000
2.400000000000
314310000000001431
4(1-2)5726-4429-8152-81521254167020852721272127213256325632563519
5-4429-12580-20732-19477-17808-15722-13002-10281-7560-4304-104922075726
64294-4429-8152-81521254167020852721272127213256325632562087
7-4429-12580-20732-19477-17808-15722-13002-10281-7560-4304-104922074294
irr3.58%2.83%
npv($4,278.12)($4,804.46)
0.627255311211.71.057434142212.87
60000
660006000
201020112012
12430
1.12790/24302430
219741974
2.17200075/540
2.2180600.13%23
2.3180600.05%9
2.472000214
2.5180603.55%641
2.67200030/216
2.7720006/43
2.8720001.5/11
2.97200050360
2.1030
2.11720001286
31806090309030
3.1660002500/16500
660001500/9900
3.1.266000700/4620
3.1.366000300/1980
3.260002600/1560
4/760
3.3.17200020/144
3.3.2720005/36
3.3.372000400
3.3.47200025/180
6180601%18190.390.3
7202152%404135135135
9206193%619206206206
23668
10
23668474594619461
5635.2187911429
8%
20132014201520162017201820192020202120222023202420252026
/4545454949495252525757576161
1600024000320004000048000540005400054000540005400054000540005400054000
8641296172823332333233334013401340136733673367339673967
600020132014201520162017201820192020202120222023202420252026
/60606064.864.864.87070707676768282
432432432467467467504504504544544544588588
npv18418
2010201120122013201420152016201720182019202020212022
1295150001296172821602799279927993905390539054218
200000000000
5%2.100000000000
7%2.200000000000
3%2.300000000000
12%300000000000
4295151296172821602799279927993905390539054218
2010201120122013201420152016201720182019202020212022
1295151296172821602799279927993905390539054218
223668474594619461
374542587579797983838387
45102-4745-9461-94611254167020852721272127213823382338234131
5-147537-4745-14207-23668-22413-20744-18659-15938-13217-10496-6674-28519725102
612761276
73827-4745-9461-94611254167020852721272127213823382338232855
8-148813-4745-14207-23668-22413-20744-18659-15938-13217-10496-6674-28519723827
9286286
103541-4745-9461-94611254167020852721272127213823382338232570
11-149099-4745-14207-23668-22413-20744-18659-15938-13217-10496-6674-28519723541
2010201120122013201420152016201720182019202020212022
1295150001296172821602799279927993905390539054218
1.1295150001296172821602799279927993905390539054218
22441347459461946142587579797983838387
2.123668474594619461
2.274542587579797983838387
2.300000000000
2.400000000000
312760000000001276
4(1-2)5102-4745-9461-94611254167020852721272127213823382338234131
5-4745-14207-23668-22413-20744-18659-15938-13217-10496-6674-28519725102
63827-4745-9461-94611254167020852721272127213823382338232855
7-4745-14207-23668-22413-20744-18659-15938-13217-10496-6674-28519723827
irr2.78%2.17%
npv($5,778.06)($6,247.10)
0.235190284611.70.340262526312.87
Sheet5
25.16%
36.25%
46.53%
56.33%
65.98%
Sheet5
%
-
Part4
-
12001500:1100200;220030%
-
:1;23
-
5A
-
()
(m)8006000(-/() -320200120-51---10- -+-
-
/2502500/2001200//1001100250012500/600160060016005001500100011000
-
1.120 2.320B
180092.5546000140000260006000
-
Part5
-
2010201120122013
201020112012201320142015201620172018201920202021202220232024202520262027
-
127246,000 2.1400002.260003600042.55530
-
[2002]1020021980 2006[1999]12831999
-
12430214353130604660513162937448817796
-
45//8%16000800090%60//8%18
-
20132014201520162017201820192020/45454549 49 49 52 52 16000 24000 32000 36000 36000 36000 36000 36000 864129617282100 2100 2100 2267 2267 /60606064.864.864.870 70 432432432467467467504 504
2021202220232024202520262027/52 57 57 57 61 61 61 36000 36000 36000 36000 36000 36000 36000 2267 2449 2449 2449 2645 2645 2645 /70 76 76 76 82 82 82 504 544 544 544 588 588 588
-
201320142015201620172018201913987312961728216025662566256627712219371951191411411411522.1199465861081281281281392.2140568999102.3602334444347851562072593083083083334328951069142617822117211721172286
2020202120222023202420252026202712771277129932993299332333233323321521521651651651781781782.11391391501501501621621622.210101010101111112.3444445553333333359359359388388388422862286246924692469266726672667
-
2010201120122013201420152016201720182019202020212022202320242025202620271328951069142617822117211721172286228622862469246924692667266726672177964112 6842 6842 3119142 58 75 79 79 79 83 83 83 87 87 87 91 91 91 413909-4112 -6842 -6842 1028 1367 1707 2038 2038 2038 2204 2204 2204 2383 2383 2383 2576 2576 2576 571688-4112 -10954 -17796 -16768 -15401 -13693 -11655 -9617 -7578 -5374 -3170 -967 1416 3799 6181 8757 11333 13909 63477354596596644644644710432-4112 -6842 -6842 1028 1367 1707 2038 2038 2038 2204 2204 2204 2029 1787 1787 1932 1932 1932 883037-4112 -10954 -17796 -16768 -15401 -13693 -11655 -9617 -7578 -5374 -3170 -967 1062 2849 4636 6568 8500 10432 91140203 179 179 193 193 193 109292-4112 -6842 -6842 1028 1367 1707 2038 2038 2038 2204 2204 2204 1826 1608 1608 1739 1739 1739 1187022-4112 -10954 -17796 -16768 -15401 -13693 -11655 -9617 -7578 -5374 -3170 -967 859 2467 4076 5814 7553 9292
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2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 39873 0 0 0 1296 1728 2160 2566 2566 2566 2771 2771 2771 2993 2993 2993 3233 3233 3233 1.1 39873 0 0 0 1296 1728 2160 2566 2566 2566 2771 2771 2771 2993 2993 2993 3233 3233 3233 2 25964 4112 6842 6842 268 361 453 528 528 528 568 568 568 610 610 610 657 657 657 2.1 17796 4112 6842 6842 2.2 1191 42 58 75 79 79 79 83 83 83 87 87 87 91 91 91 2.3 2193 71 95 119 141 141 141 152 152 152 165 165 165 178 178 178 2.4 4785 156 207 259 308 308 308 333 333 333 359 359 359 388 388 388 33477 0 0 0 0 0 0 0 0 0 354 596 596 644 644 644 4 (1-2)13909 -4112 -6842 -6842 1028 1367 1707 2038 2038 2038 2204 2204 2204 2383 2383 2383 2576 2576 2576 5 -4112 -10954 -17796 -16768 -15401 -13693 -11655 -9617 -7578 -5374 -3170 -967 1416 3799 6181 8757 11333 13909 6 10432 -4112 -6842 -6842 1028 1367 1707 2038 2038 2038 2204 2204 2204 2029 1787 1787 1932 1932 1932 7 -4112 -10954 -17796 -16768 -15401 -13693 -11655 -9617 -7578 -5374 -3170 -967 1062 2849 4636 6568 8500 10432
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6.53%()5.42%-165912
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15206.53%8.79%5.42%7.55%-165911551212
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THANKS!
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