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1、?2013?http:/? Contents?1 Chapter 1?2 Point 1?2 Point 2?6 Point 3?7 Chapter 2?10 Point 1?10 Point 2?11 Point 3?12 Point 4?14 Point 5?15 Point 6?16 Part 1?16 Part 2?17 Part 3?18 Part 4?19 Part 5?20 Part 6?21 Part 7?21? Part 8?22 Part 9?23 Point 7?23 Part 1?23 Part 2?26 Part 3?27 Part 4?28 Part 5?30 Pa
2、rt 6?33 Point 8?34 Chapter 3?36 Point 1 PE?36 Part 1?36 Part 2?37 Point 2 VC?39 Point 3 BANK?44 Part 1?44 Part2?48 Part3?48 Part4?49 Part5?50? Part6?52 Chapter4?54 Point 1?54 Point 2?56 Part 1?56 Part 2?FCFF?58 Part 3?FCFE?62 Part 4?DDM?62 Part 5?63 Part 6?P/E?64 Point 3?65 Chapter 5?66 Chapter 6?76
3、 Point 1?76 Point 2?78 Part 1?78 Part 2?79 Part 3?81 Part 4?83? Part 5?84 Part 6?85 Part 7?86 Point 3?88 Point 4?89 Point 5?90 Part 1?!?Part 2?!?Part 3?!?Part 4?!?Part 5?!?Point 6?92? Chapter 1 Chapter 1? 1 Chinacir All Rights Reserved?(Business Plan? 2 Chinacir All Rights Reserved Chapter 1?Point 1
4、?-? 3 Chinacir All Rights Reserved?-?-? 4 Chinacir All Rights Reserved?-?-? 5 Chinacir All Rights Reserved?-?-? 6 Chinacir All Rights Reserved?Point 2? 7 Chinacir All Rights Reserved?Point 3?Executive Summary?General Introduction,Vision&Mission Statement?Market Analysis&Competition Analysis?Team Int
5、roduction?Product&Service Description,Business Model and Revenue Model?Business Develop Strategy? 8 Chinacir All Rights Reserved?Financing Plan?Financial Projections?(Risks&Opportunities)? 9 Chinacir All Rights Reserved Chapter Chapter 22? 10 Chinacir All Rights Reserved Chapter 2?Point 1?1?2?3?1?2?
6、3?1?2?S e g me n t a t i o n(?)Ta r g e t i n g(?)P o s i t i o n i n g(?)P r i c e(?)P r o mo t i o n(?)P l a c e(?)P r o d u c t(?)?I P OMBOTr a n s f e r? 11 Chinacir All Rights Reserved Point 2?商业 投资项目定位产品服务定位投资方向定位研究对象定位资源支撑体系质量控制体系技术支撑体系市场消化体系商业投资项目能力分析上游掌控能力技术生产能力组织管理能力财务支撑能力技术创新能力市场接受能力市场服务能
7、力商业投资项目逻辑分析 模式可行性政策可行性市场容纳可行性风险规避可行性持续经营可行性技术可行性资源支撑可行性商业投资项目经济测算项目建设内容总投资构成用资计划成本构成分析收入构成分析模块化测算获利能力评价商业投资项目分析结论? 12 Chinacir All Rights Reserved Point 3? 13 Chinacir All Rights Reserved? 14 Chinacir All Rights Reserved Point 4? 15 Chinacir All Rights Reserved Point 5? 16 Chinacir All Rights Reserv
8、ed Point 6?Part 1? 17 Chinacir All Rights Reserved Part 2? 18 Chinacir All Rights Reserved Part 3? 19 Chinacir All Rights Reserved Part 4? 20 Chinacir All Rights Reserved Part 5? 21 Chinacir All Rights Reserved Part 6?Part 7? 22 Chinacir All Rights Reserved Part 8? 23 Chinacir All Rights Reserved Pa
9、rt 9?Point 7?Part 1?1.1? 24 Chinacir All Rights Reserved 1.1.1?1.1.2?/?1.1.3?/?1.1.4?1.2? 25 Chinacir All Rights Reserved?1.2.1?/?1.2.2?1.3?1.3.1?1.3.2?1.4?1.4.1?1.4.2?/?1.4.3?/? 26 Chinacir All Rights Reserved?Part 2?2.1?/?2.2?/? 27 Chinacir All Rights Reserved 2.3?/?/?2.4?2.5?/?/?Part 3?3.1?3.2?3.
10、3?3?3.4?3.5?3.6? 28 Chinacir All Rights Reserved Part 4?4.1?4.2?4.3?1?2?3?4.4?1?2?3?4.5?(Finance Status)? 29 Chinacir All Rights Reserved 4.5.1?4.5.2?1?2?3?4?5?4.5.3?1?2?3?4? 30 Chinacir All Rights Reserved Part 5?5.1?5.2?5.3?1?2?3?4?5? 31 Chinacir All Rights Reserved 5.4?&?1?1?2?2 3?3 4?4 5?5 6?1 7
11、?2 8?3 5.5?1?1? 32 Chinacir All Rights Reserved 2?2 3?3 4?4 5?5 6?1 7?2 8?3 5.6?5.7?5.8?1?1 2?2 3?3? 33 Chinacir All Rights Reserved 4?4 5?5 6?6 Part 6?6.1?6.2?6.3?6.4?6.5?/?6.6?6.7?6.8?6.9? 34 Chinacir All Rights Reserved Point 8? 35 Chinacir All Rights Reserved Chapter Chapter 3 3?PEPE?VCVC?BANKBA
12、NK? 36 Chinacir All Rights Reserved Chapter 3?PE?VC?BANK?Point 1 PE?Part 1?1?2?1?2?3?1?2? 37 Chinacir All Rights Reserved 3?4?1?2?3?/?1?2?3?4?1?2?Part 2? 38 Chinacir All Rights Reserved? 39 Chinacir All Rights Reserved?35?50?Point 2 VC?1.? 40 Chinacir All Rights Reserved (1)?(2)?(3)?(?)?1000?90%?50%
13、?1%? 41 Chinacir All Rights Reserved? 42 Chinacir All Rights Reserved 2.?(1)?10%?15%?(2)?15%?20%?(3)?25%?30%?(4)? 43 Chinacir All Rights Reserved?15%?25%? 44 Chinacir All Rights Reserved Point 3 BANK?BANK?BANK?BANK?Part 1? 45 Chinacir All Rights Reserved? 46 Chinacir All Rights Reserved?*?=?/?100%*?
14、=?/?+?/2*?=?/?+?/2*?=?/?*?=?+?/2*?=?/?*?=?-?*?=?+?/2? 47 Chinacir All Rights Reserved?*?=?/?100%*?*?=?/?100%?*?=?/?100%*?=?-?/?100%*?=?/?100%*?=?/?100%?*?=?X?/?100%*?=?X?/?100%? 48 Chinacir All Rights Reserved *?=?X?/?100%*?=?X?/?100%Part2?Part3? 49 Chinacir All Rights Reserved?Part4?*?=?+?=?+?+?+?1
15、.? 50 Chinacir All Rights Reserved 2.?3.?Part5? 51 Chinacir All Rights Reserved?*?=?/?100%*?=?/?100%*?=?/?100%*?FIRR?CI-CO?t?1+FIRR?-t=0 FIRR?CI?CO?CI-CO?t?t?n? 52 Chinacir All Rights Reserved Part6?1.?2.? 53 Chinacir All Rights Reserved Chapter Chapter 4 4?BANKBANK? 54 Chinacir All Rights Reserved
16、Chapter4?Point 1?+?+?=?+? 55 Chinacir All Rights Reserved? 56 Chinacir All Rights Reserved Point 2?Part 1?DCF? 57 Chinacir All Rights Reserved?g?WACC?Enterprise value?FCFF?EVA?Equity value?FCFE?DDM? 58 Chinacir All Rights Reserved Part 2?FCFF?=?+?-?FCFFFCFF?=NOPLAT+?-?=?IC-?IC=?+?=WC+Capex? 59 China
17、cir All Rights Reserved?WC?=?-?WC?=?-?=?-?-?-?-?Capex?=?&?&?+?D&A?FCFF?WACC?WACC?WACC=Kd*WACC=Kd*?11?tt?*D/(D+E)*D/(D+E)?Ke*E/(D+E)Ke*E/(D+E)KdKd?KeKe?CAPM?FCFF=EBIT*（1-t）+D&A-WC Capex =NOPLAT*(1-IR)? 60 Chinacir All Rights Reserved D?E?1?2?3?CAPMCAPM?KeKe Ke=?Rf?+?*?ERP?Rf?10?Bloomberg?24?Wind? 61
18、Chinacir All Rights Reserved?t=0.35+0.65*?t-1?1,0.35?0.65?1.?2.?3.? 62 Chinacir All Rights Reserved?Part 3?FCFE?FCFE?=FCFF-I*?1-t?+?Net borrowing?Net borrowing?=?-?Part 4?DDM?DDM? 63 Chinacir All Rights Reserved Part 5?EV/EBITDA EV=EBITDA?*(EV/EBITDA)?EV/EBIT EV=EBIT?*(EV/EBIT)? 64 Chinacir All Righ
19、ts Reserved P/E E=E?*(P/E)?P/B E=E?*(P/B)?Part 6?P/E?P/E?1?2?3?9?5000? 65 Chinacir All Rights Reserved?C1 C2 C3 C4 C5 C6 C7 C8 C9?16.7 12.3 15.0 16.5 28.6 14.4 50.5 17.8 15.1 9?20.77?C5?C7?C5?C7?7?15.40?15.40?5000?15.40=77000?Point 3?,? 66 Chinacir All Rights Reserved?FCFF?FCFE?DDM?EV/EBITDA?EV/EBIT
20、?P/E?P/B?Chapter 5? 67 Chinacir All Rights Reserved AAA公司 电网监控系统设备项目 融资商业计划书融资商业计划书?AAAAAA?北京华经纵横咨询有限公司北京华经纵横咨询有限公司 编制时间：二编制时间：二一三年一三年? 68 Chinacir All Rights Reserved 保密提示 本信息简介是由 AAA 公司（以下简称“本公司”）准备和提供，仅用于帮助潜在投资者在对本信息简介中所描述的 AAA 公司引入投资者的交易进行决策时使用，因此要求本信息简介使用方严格履行保密义务。本信息简介并非构成一份出售或购买本次交易中的任何标的的要约。
21、在目前 AAA公司所知的范围内，本信息简介中关于本次交易主体内部的信息与事实相符，不存在重大的遗漏。本信息简介中关于市场分析的信息是根据可靠信息来源编写，然而，这并不意味着 AAA 公司对本信息简介所包含的任何信息作出保证或承诺。因此，建议本信息简介的使用方进行其认为必要的审慎性调查或其他研究并向相关专家和顾问进行咨询，以便对本次交易主体的内部信息或此信息简介的准确性及可能的遗漏做出独立的判断。本信息简介是对本次交易主体信息的简介，并不一定十分完备。如有需要，AAA 公司的代表将很愿意同已经参阅本信息简介并拟进一步考虑投资意向的潜在投资者进行讨论，并在合理及可能的范围内提供其他相关信息。本信息
22、简介中的信息可能会不经事先通知而被补充或修改。无论何时提供本信息简介都不表示信息简介中的信息在提供后的任何时间或任何情况下都准确。未经本公司正式许可，任何个人或单位都没有权利向第三方提供关于本信息简介中的任何内容或发表任何关于本次交易的意见。不论是 AAA 公司还是 AAA公司的股东、管理人员、非管理人员代表或顾问等，都没有对提供给潜在投资者的本信息简介中的任何信息或其他信息（无论是书面形式还是口头形式）的准确性和完整性发表任何意见或作出任何保证。此外，不管是 AAA 公司还是 AAA 公司的股东，管理人员，非管理人员代表，或顾问等，都没有对本次交易所适用的法律条款和权限等发表任何意见。任何潜
23、在投资者都应该向其顾问咨询与本次交易相关的法律、税务、经营、财务和其他方面的事宜。潜在投资者在收到本信息简介时，不仅应该同意和承认前述事项，还应该同意和承认：1.潜在投资者在有关本信息简介所包含信息的准确性和完整性的调查中，将不会完全依赖 AAA 公司的股东、管理人员、非管理人员代表或顾问等对本信息简介中的信息所作出的调查结果；2.潜在投资者将会依据自身对 AAA 公司及本次交易的调查，就相关的价值、风险因素或其他事宜，向自身认为合适的法律、税务、财务或其他方面的专业顾问咨询，并进行与本次交易相关的独立调查和决策来对本次交易进行判断。潜在投资者如果对本次交易没有兴趣，请尽快将本信息简介返还给
24、AAA公司。? 69 Chinacir All Rights Reserved?100?2016?IPO?1.?2.?3.?1.?2.? 70 Chinacir All Rights Reserved?1.?2.?3.?4.?1.?2.?1.?2.?3.?4.? 71 Chinacir All Rights Reserved 5.?1.?2.?3.?4.?1.?2.?1.?2.?3.?4.?5.?6.? 72 Chinacir All Rights Reserved 7.?8.?1.?2.?3.?1.?2.?1.?2.?3.?4.?5.?1.?2.? 73 Chinacir All Right
25、s Reserved?1.?2.?1?2?1.?2.?1.? 74 Chinacir All Rights Reserved 2.?1.?2.? 75 Chinacir All Rights Reserved Chapter Chapter 6 6? 76 Chinacir All Rights Reserved Chapter 6?Point 1?2003? 77 Chinacir All Rights Reserved? 78 Chinacir All Rights Reserved Point 2?Part 1? 79 Chinacir All Rights Reserved Part
26、2? 80 Chinacir All Rights Reserved?+?VIP? 81 Chinacir All Rights Reserved Part 3?9? 82 Chinacir All Rights Reserved?8?GSPV? 83 Chinacir All Rights Reserved Part 4? 84 Chinacir All Rights Reserved Part 5? 85 Chinacir All Rights Reserved Part 6? 86 Chinacir All Rights Reserved?Part 7? 87 Chinacir All Rights Reserved? 88 Chinacir All Rights Reserved Point 3?100?60?20?20?-?MBA?-? 89 Chinacir All Rights Reserved Point 4?