上海贝岭：深圳市锐能微科技有限公司商誉减值测试评估报告【东洲评报字【2023】第0041号】

企业名称：深圳市锐能微科技有限公司金额单位:人民币万元账面值评估值评估增减值增减值率(%)ABC=B-AD=C/A*100%非流动资产1 其中：可供出售金融资产20.00持有至到期投资30.00债权投资40.00其他债权投资50.00长期应收款60.00长期股权投资70.00其他权益工具投资80.00其他非流动金融资产90.00投资性房地产100.00固定资产11192.32在建工程1280.71生产性生物资产130.00油气资产140.00使用权资产15186.23无形资产1660.07开发支出170.00商誉180.00长期待摊费用1911.56递延所得税资产200.00其他非流动资产210.00资产组账面值22530.8848,000.0047,469.128,941.59评估机构：上海东洲资产评估有限公司项目负责人：谢立斌法定代表人：王小敏签字评估师：谢立斌 李园园
			资产组项目	序号

1可供出售金融资产2持有至到期投资3债权投资4其他债权投资5长期应收款6长期股权投资7其他权益工具投资8其他非流动金融资产9投资性房地产10固定资产56.3856.38192.32192.3211在建工程17.2817.2880.7180.7112生产性生物资产13油气资产14使用权资产366.81366.81186.23186.2315无形资产64.4064.4060.0760.0716开发支出17商誉18长期待摊费用11.5611.5619递延所得税资产39.2439.2413.4913.4920其他非流动资产5,308.495,308.49514.22514.2221非流动资产合计5,852.615,347.73504.871,058.59527.71530.88
				序号	项目\年份	2021年12月31日	2022年12月31日

增长率73.89%36.19%5.28%-23.50%-14.50%-2.00%0.00%0.00%0.00%销售单价元/个5.496.017.676.525.875.755.755.755.75增长率-6.22%9.53%27.54%-15.00%-10.00%-2.00%0.00%0.00%0.00%销售数量万个506.60629.92520.00468.00444.60444.60444.60444.60444.60增长率85.42%24.34%-17.45%-10.00%-5.00%0.00%0.00%0.00%0.00%IV国网新标准(IR46）单相-单相计量-RN8209/2025万元25.5946.085,956.736,422.168,986.9011,060.8012,443.4013,134.7013,134.7013,134.70增长率80.04%12827.14%7.81%39.94%23.08%12.50%5.56%0.00%销售单价元/个8.007.997.367.146.916.916.916.916.91增长率-0.15%-7.88%-3.00%-3.12%0.00%0.00%0.00%0.00%销售数量万个3.205.77809.73900.001,300.001,600.001,800.001,900.001,900.00增长率80.31%13933.46%11.15%44.44%23.08%12.50%5.56%0.00%V国网新标准(IR46）三相-三相计量-RNX302万元121.07757.103,480.295,063.826,015.826,918.207,610.027,990.527,990.527,990.52增长率525.35%359.69%45.50%18.80%15.00%10.00%5.00%0.00%销售单价元/个13.0212.797.257.036.966.966.966.966.96增长率-1.74%-43.33%-3.00%-1.00%0.00%0.00%0.00%0.00%销售数量万个9.3059.19480.10720.16864.19993.821,093.201,147.861,147.86增长率536.45%711.12%50.00%20.00%15.00%10.00%5.00%0.00%VI出口及其他市场单相-SOC-RN821X(新)万元4,205.987,212.729,610.097,760.146,634.926,303.185,988.025,688.625,688.625,688.62增长率-12.87%71.49%33.24%-19.25%-14.50%-5.00%-5.00%-5.00%0.00%销售单价元/个4.495.466.846.506.185.875.575.295.29增长率2.23%21.59%25.34%-5.00%-5.00%-5.00%-5.00%-5.00%0.00%销售数量万个936.751,321.151,404.401,193.741,074.371,074.371,074.371,074.371,074.37增长率-14.77%41.04%6.30%-15.00%-10.00%0.00%0.00%0.00%0.00%其他业务收入分析1产品贸易/技术开发万元37.3610.218.330.000.000.000.000.000.00年增长率-19.26%-72.68%-18.35%

2020A2021A2022A2023202420252026202720282029年以后营业成本合计万元11,569.9316,039.7222,017.5222,935.7123,349.9825,125.6926,409.7227,180.4827,180.4827,180.48综合毛利率30.38%36.90%41.42%31.66%32.96%32.03%31.51%31.08%31.08%31.08%1其中：主营业务成本万元11,569.9316,029.4622,009.6122,935.7123,349.9825,125.6926,409.7227,180.4827,180.4827,180.48毛利率30.23%36.92%41.43%31.66%32.96%32.03%31.51%31.08%31.08%31.08%2其他业务成本万元0.0010.267.910.000.000.000.000.000.000.00毛利率100.00%-0.56%主营成本分析I国网现行标准单相-单相计量-RN8209万元3,427.255,371.475,489.795,525.004,840.424,686.754,533.094,533.094,533.094,533.09增长率-16.02%56.73%2.20%0.64%-12.39%-3.17%-3.28%0.00%0.00%成本单价元/个0.630.780.710.850.770.770.770.770.77增长率8.72%22.93%-8.95%19.69%-9.61%0.00%0.00%0.00%0.00%销售数量万个5,401.50 6,886.50 7,730.24 6,500.00 6,300.00 6,100.00 5,900.00 5,900.00 5,900.00 增长率-22.76%27.49%12.25%-15.91%-3.08%-3.17%-3.28%0.00%0.00%II国网现行标准三相-三相计量-RN830X万元2,233.813,216.601,652.481,444.151,264.151,200.941,260.991,324.041,324.041,324.04增长率24.24%44.00%-48.63%-12.61%-12.46%-5.00%5.00%5.00%0.00%成本单价元/个2.53 2.85 3.11 3.203.113.113.113.113.11增长率9.87%12.57%9.21%2.81%-2.74%0.00%0.00%0.00%0.00%销售数量万个882.301,128.63530.94451.30406.17385.86405.15425.41425.41增长率13.08%27.92%-52.96%-15.00%-10.00%-5.00%5.00%5.00%0.00%III国网现行标准三相-MCU-RN831X万元2,122.552,387.402,444.052,293.202,089.662,089.662,089.662,089.662,089.662,089.66增长率76.08%12.48%2.37%-6.17%-8.88%0.00%0.00%0.00%0.00%成本单价元/个4.193.794.704.904.704.704.704.704.70增长率-5.04%-9.54%24.01%4.25%-4.08%0.00%0.00%0.00%0.00%销售数量万个506.60629.92520.00468.00444.60444.60444.60444.60444.60增长率85.42%24.34%-17.45%-10.00%-5.00%0.00%0.00%0.00%0.00%IV国网新标准(IR46）单相-单相计量-RN8209/2025万元16.4829.803,670.144,680.006,500.008,000.009,000.009,500.009,500.009,500.00增长率80.84%12215.07%27.52%38.89%23.08%12.50%5.56%0.00%成本单价元/个5.155.174.535.205.005.005.005.005.00增长率0.30%-12.24%14.73%-3.85%0.00%0.00%0.00%0.00%销售数量万个3.205.77809.73900.001,300.001,600.001,800.001,900.001,900.00增长率80.31%13933.46%11.15%44.44%23.08%12.50%5.56%0.00%V国网新标准(IR46）三相-三相计量-RNX302万元58.41479.441,740.713,024.663,283.913,776.504,154.154,361.864,361.864,361.86增长率720.76%263.07%73.76%8.57%15.00%10.00%5.00%0.00%成本单价元/个6.288.103.634.203.803.803.803.803.80增长率28.96%-55.24%15.84%-9.52%0.00%0.00%0.00%0.00%销售数量万个9.3059.19480.10720.16864.19993.821,093.201,147.861,147.86增长率536.45%711.12%50.00%20.00%15.00%10.00%5.00%0.00%VI出口及其他市场单相-SOC-RN821X(新)万元3,711.434,544.767,012.435,968.705,371.835,371.835,371.835,371.835,371.835,371.83增长率-13.05%22.45%54.30%-14.88%-10.00%0.00%0.00%0.00%0.00%成本单价元/个3.96 3.44 4.99 5.005.005.005.005.005.00增长率2.02%-13.18%45.15%0.14%0.00%0.00%0.00%0.00%0.00%销售数量万个936.751,321.151,404.401,193.741,074.371,074.371,074.371,074.371,074.37增长率-14.77%41.04%6.30%-15.00%-10.00%0.00%0.00%0.00%0.00%其他业务成本分析1产品贸易/技术开发万元0.0010.267.910.000.000.000.000.000.000.00收入占比0.00%100.56%94.90%94.90%94.90%94.90%94.90%94.90%94.90%

税金及附加万元69.20167.82226.82178.43191.78198.20203.83205.86205.86205.86税金及附加率0.42%0.66%0.60%0.53%0.55%0.54%0.53%0.52%0.52%0.52%1其中：城建税7%33.9389.02118.4092.3699.71102.71105.43106.31106.312教育费附加3%14.5438.1550.7439.5842.7344.0245.1945.5645.563地方教育费附加2%9.6925.4333.8326.3928.4929.3530.1230.3730.374印花税等万元11.0415.2123.8520.1020.8522.1323.0923.6123.61占主营业务收入比0.07%0.06%0.06%0.06%0.06%0.06%0.06%0.06%0.06%I增值税-销项税万元0.004,363.204,527.654,805.275,012.815,127.175,127.171销售收入万元33,563.0734,828.0936,963.6038,560.0839,439.7939,439.79销项税13%4,363.204,527.654,805.275,012.815,127.175,127.17II增值税-进项税税万元0.003,043.713,103.293,338.013,506.613,608.463,608.461销售成本-产品万元22,935.7123,349.9825,125.6926,409.7227,180.4827,180.48进项税13%2,981.643,035.503,266.343,433.263,533.463,533.462房屋租赁费万元38.85116.56143.90143.90151.09151.09进项税5%1.945.837.197.197.557.553办公费万元25.9326.4526.9827.5227.5327.53进项税13%3.373.443.513.583.583.584差旅费万元34.5935.8838.0339.6540.5340.53进项税9%3.113.233.423.573.653.655交通费万元0.060.060.060.060.060.06进项税3%0.000.000.000.000.000.006运费万元0.000.000.000.000.000.00进项税9%0.000.000.000.000.000.007低值易耗品万元4.354.354.354.354.354.35进项税13%0.570.570.570.570.570.578咨询顾问费万元6.0411.0416.0421.0421.0421.04进项税6%0.360.660.961.261.261.269研发材料及其他万元356.44369.87392.55409.51418.85418.85进项税13%46.3448.0851.0353.2454.4554.4510新增的设备抵扣万元69.5069.5252.1434.7634.7634.76进项税13%4.174.173.132.092.092.0911新增的软件抵扣万元36.7430.1830.8730.8730.8730.87进项税6%2.201.811.851.851.851.85III应交增值税万元0.000.000.001,319.491,424.361,467.261,506.201,518.711,518.71

收益法计算表 DCF_7销售费用分析预测表
			销售费用107.78348.59381.18240.85256.49265.48277.04287.20287.20287.20占营业收入比例0.66%1.37%1.01%0.72%0.74%0.72%0.72%0.73%0.73%0.73%1折旧费0.060.082.022.022.022.022.022.022.022年度奖金172.26115.9146.8152.1249.0548.7647.4947.493工资及劳务费、福利费69.13126.91190.31142.59151.15160.22169.83180.02180.02销售人员数量3.005.005.005.005.005.005.005.005.00平均薪酬成本23.0425.3826.9028.5230.2332.0433.9736.0036.00增长率7.60%10.15%6.00%6.00%6.00%6.00%6.00%6.00%4办公费1.140.530.610.620.630.650.660.670.67增长率81.69%-53.69%15.77%2.00%2.00%2.00%2.00%2.00%5差旅费2.084.9418.2733.5634.8336.9638.5639.4439.44占主营收入比例0.01%0.02%0.05%0.10%0.10%0.10%0.10%0.10%0.10%6交通费0.570.540.060.060.060.060.060.060.06占主营收入比例0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%7业务费13.6918.7411.009.8310.2010.8211.2911.5511.55占主营收入比例0.08%0.07%0.03%0.03%0.03%0.03%0.03%0.03%0.03%8通信费0.430.500.793.363.483.703.863.943.94占主营收入比例0.00%0.00%0.00%0.01%0.01%0.01%0.01%0.01%0.01%9运费20.680.000.000.000.000.000.000.000.00占主营收入比例0.12%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%10股权激励费0.0024.1141.830.000.000.000.000.000.00增加额0.0024.1117.72(41.83)0.000.000.000.000.0011其他费用0.000.000.362.002.002.002.002.002.00增加额(0.55)(0.00)0.361.640.000.000.000.000.00

收益法计算表 DCF_8管理费用分析预测表
			管理费用347.89602.59645.29552.73567.31593.17622.07624.23624.23624.23占营业收入比例2.08%2.12%1.72%1.65%1.63%1.60%1.61%1.58%1.58%1.58%1使用权资产折旧0.0062.8838.6453.098.271.360.000.000.002折旧费用1.490.900.860.860.860.860.860.860.863摊销费用0.020.020.000.000.000.000.000.000.004年度奖金151.72178.0471.9080.0575.3574.8974.8974.895职工薪酬、奖金及福利费245.36308.49352.24373.28395.68419.42444.58444.58444.58管理人员数量121314141414141414平均薪酬成本20.4523.7325.1526.6628.2629.9631.7631.7631.76环比增长率61.96%16.06%6.00%6.00%6.00%6.00%6.00%6.00%6办公费6.3929.5624.8125.3125.8226.3326.8626.8626.86增长率362.36%-16.06%2.00%2.00%2.00%2.00%2.00%7房屋租赁费56.925.256.3411.6634.9743.1743.1745.3345.33增长率-29.74%-90.78%0.00%83.76%0.00%0.00%5.00%8差旅费2.537.901.011.031.051.071.091.091.09增长率-6.37%212.73%-87.21%2.00%2.00%2.00%2.00%2.00%9业务费6.268.030.210.210.220.220.220.220.22增长率-36.34%28.38%-97.42%2.00%2.00%2.00%2.00%2.00%10低值易耗品3.255.654.354.354.354.354.354.354.35增加额1.222.39-1.300.000.000.000.000.000.0011咨询顾问费2.033.211.046.0411.0416.0421.0421.0421.04增加额2.031.18-2.165.005.005.005.000.000.0012股权激励费0.0016.6928.960.000.000.000.000.000.00增加额16.6912.270.000.000.000.000.000.0013其他费用23.642.308.785.005.005.005.005.005.00增加额4.12(21.34)6.48(3.78)0.000.000.000.000.00

收益法计算表 DCF_9研发费用分析预测表
			研发费用1,590.013,164.274,845.593,435.683,597.834,637.434,864.034,866.384,866.384,866.38占营业收入比例9.57%12.45%12.89%10.24%10.33%12.55%12.61%12.34%12.34%12.34%1使用权资产折旧0.00146.72112.97123.8819.303.160.000.000.002折旧费用20.0314.5513.6313.6313.6313.6313.6313.6313.633摊销费用8.339.0113.3113.3113.3113.3113.3113.3113.314年度奖金812.391,191.83481.29535.89504.38501.34488.29488.295工资福利费1,243.311,659.482,591.712,380.322,523.143,566.043,780.013,780.013,780.01研发人员数量404755606080808080平均薪酬成本31.0835.3137.4339.6742.0544.5847.2547.2547.25环比增长率-0.92%13.59%6.00%6.00%6.00%6.00%6.00%6.00%6房屋租赁费136.4216.1514.8027.2081.59100.73100.73105.77105.77环比增长率-4.56%-88.16%-8.33%83.76%0.00%0.00%0.00%5.00%0.00%7股权激励费158.17 274.45 - - - - - - 增加额8研发材料及其他181.92347.81632.89396.04410.97436.17455.01465.39465.39占营业收入比例1.09%1.37%1.68%1.18%1.18%1.18%1.18%1.18%1.18%

1一、营业总收入16,619.2925,420.1337,584.1033,563.0734,828.0936,963.6038,560.0839,439.7939,439.7939,439.792其中：主营业务收入16,581.9325,409.9237,575.7733,563.0734,828.0936,963.6038,560.0839,439.7939,439.7939,439.793其他业务收入37.3610.218.334减：营业成本11,569.9316,039.7222,017.5222,935.7123,349.9825,125.6926,409.7227,180.4827,180.4827,180.485其中：主营业务成本11,569.9316,029.4622,009.6122,935.7123,349.9825,125.6926,409.7227,180.4827,180.4827,180.486其他业务成本10.267.917税金及附加69.20167.82226.82178.43191.78198.20203.83205.86205.86205.868销售费用107.78348.59381.18240.85256.49265.48277.04287.20287.20287.209管理费用347.89602.59645.29552.73567.31593.17622.07624.23624.23624.2310研发费用1,590.013,164.274,845.593,435.683,597.834,637.434,864.034,866.384,866.384,866.3811其他收益495.491,103.181,814.70833.38914.31932.53950.94954.13954.13954.1312二、息税前利润EBIT2,934.485,097.149,467.717,053.067,779.037,076.157,134.327,229.767,229.767,229.7613减：少数股东的EBIT14三、归母息税前利润EBIT2,934.485,097.149,467.717,053.067,779.037,076.157,134.327,229.767,229.767,229.76年增长率73.7%85.7%-25.5%10.3%-9.0%0.8%1.3%

共19页 第13页

9账面净值率18.3%46.1%54.4%62.8%66.9%66.9%66.9%66.9%66.9%其他长期资产的资本性支出计算表1其他长期资产的原值236.59254.96254.96261.52261.52261.52261.52261.52261.522其中：房产装修14.6714.6714.6714.6714.6714.6714.6714.673土地部分0.000.000.000.000.000.000.000.004技术其他236.59240.29240.29246.85246.85246.85246.85246.85246.85

企业资本性支出总计

其中：房屋建筑类资本性支出小计

设备类的资本性支出小计

其他长期资产的资本支出小计

在建工程-土建类期末账面值

当期产能扩张新增建筑物的资本投入

当期结转固定资产而减少额（假设期末结转）

在建工程-设备类期末账面值

当期产能扩张需新增设备类的资本投入

当期结转固定资产而减少额（假设期末结转）

折旧资金用于维护的比例

因保持永续经营而维护资金投入

共19页 第14页

底稿名称：DCF-11折旧摊销和资本性支出计算表企业名称：深圳市锐能微科技有限公司评估基准日：2022/12/31单位：万元

2021A2022A2023202420252026202720282029年以后

50.006.560.000.000.000.000.000.006其中：房产装修0.000.000.000.000.000.007土地部分0.000.000.000.000.000.008技术其他6.560.000.000.000.000.000.009当期摊销总额9.0313.3130.1830.1830.8730.8730.8730.8730.8710其中：房屋装修33.114.894.894.894.894.894.894.8911100.0%100.0%100.0%100.0%100.0%100.0%100.0%12土地部分500.000.000.000.000.000.000.0013100.0%100.0%100.0%100.0%100.0%100.0%100.0%14技术其他109.0310.1925.2925.2925.9825.9825.9825.9825.9815100.0%100.0%100.0%100.0%100.0%100.0%100.0%1630.1830.1830.8730.8730.8730.8730.871折旧总额225.14170.86211.7362.3339.2834.7634.7634.7634.762其中：营业成本列支0.002.7318.2318.2418.2418.2418.2418.2418.243销售费用列支0.082.022.022.022.022.022.022.022.024管理费用列支63.7839.5053.969.132.220.860.860.860.865研发费用列支161.27126.61137.5132.9316.8013.6313.6313.6313.631摊销总额9.0313.3130.1830.1830.8730.8730.8730.8730.872其中：营业成本列支0.000.0016.8716.8717.5617.5617.5617.5617.563销售费用列支0.000.000.000.000.000.000.000.000.004管理费用列支0.020.000.000.000.000.000.000.000.005研发费用列支9.0113.3113.3113.3113.3113.3113.3113.3113.31

因产能扩张需新增的长期资产投入

摊销资金用于维护的比例

摊销资金用于维护的比例

摊销资金用于维护的比例

因保持永续经营而维护资金投入

月付现支出的计算主要费用项目20,322.9928,116.3927,343.4027,963.3730,819.9832,376.7033,164.1633,164.1633,164.161其中：营业成本16,039.7222,017.5222,935.7123,349.9825,125.6926,409.7227,180.4827,180.4827,180.482税金及附加167.82226.82178.43191.78198.20203.83205.86205.86205.863销售费用348.59381.18240.85256.49265.48277.04287.20287.20287.204管理费用602.59645.29552.73567.31593.17622.07624.23624.23624.235研发费用3,164.274,845.593,435.683,597.834,637.434,864.034,866.384,866.384,866.388减：无需现金支付的费用234.17184.17241.9192.5170.1565.6365.6365.6365.639其中：折旧225.14170.86211.7362.3339.2834.7634.7634.7634.7610摊销9.0313.3130.1830.1830.8730.8730.8730.8730.8711合计20,088.8327,932.2327,101.4927,870.8730,749.8232,311.0733,098.5333,098.5333,098.53

1应收票据19.1026.5027.32是26.502应收账款8.4010.4311.33是10.433应收款项融资9.3015.5814.58是15.584预付款项22.5043.4836.15是43.485经营性其他应收款339.30569.35533.34是569.356存货5.602.533.81是2.537合同资产508.30751.61751.61是751.618其他的经营性资产0.000.000.00否9应付票据0.000.000.00是0.0010应付账款10.605.447.91是5.4411预收款项0.000.000.00是0.0012合同负债114.30243.03199.36是243.0313应付职工薪酬2,768.003,729.933,764.99是3,729.9314应交税费77.60186.71142.13是186.7115经营性其他应付款581.10815.46806.50是815.4616其他的经营性负债0.000.000.00否

项目名称 \ 年份

项目名称 \ 年份

周转率备选

备注

应收票据周转率=主营业务收入/应收票据

应收账款周转率=主营业务收入/应收账款

应收款项融资周转率=主营业务收入/应收款项融资

预付账款周转率=主营业务成本/预付账款

默认为否，建议分析评估，可以采用固定增长额、增长率等测算，而不采用周转率。

存货周转率=主营业务成本/经营性存货

合同资产周转率=主营业务收入/合同资产

其他的经营性资产周转率=营业收入/其他的经营性资产

应付票据周转率=主营业务成本/应付票据

应付账款周转率=主营业务成本/应付账款

预收账款周转率=主营业务收入/预收账款

合同负债周转率=主营业务成本/合同负债

应付职工薪酬周转率=主营业务成本/应付职工薪酬

应缴税费周转率=营业收入/期末应缴税费

默认为否，建议分析评估，可以采用固定增长额、增长率等测算，而不采用周转率。

其他的经营性负债周转率=营业成本/其他的经营性负债

一、营业总收入33,563.0734,828.0936,963.6038,560.0839,439.7939,439.7939,439.79其中：主营业务收入33,563.0734,828.0936,963.6038,560.0839,439.7939,439.7939,439.79其他业务收入0.000.000.000.000.000.000.00减：营业成本22,935.7123,349.9825,125.6926,409.7227,180.4827,180.4827,180.48其中：主营业务成本22,935.7123,349.9825,125.6926,409.7227,180.4827,180.4827,180.48其他业务成本0.000.000.000.000.000.000.00税金及附加178.43191.78198.20203.83205.86205.86205.86销售费用240.85256.49265.48277.04287.20287.20287.20管理费用552.73567.31593.17622.07624.23624.23624.23研发费用3,435.683,597.834,637.434,864.034,866.384,866.384,866.38二、息税前利润EBIT7,053.067,779.037,076.157,134.327,229.767,229.767,229.76减：少数股东的EBIT0.000.000.000.000.000.000.00三、归母息税前利润EBIT7,053.067,779.037,076.157,134.327,229.767,229.767,229.76 加：折旧和摊销241.9192.5170.1565.6365.6365.6365.63 减：资本性支出106.2499.7083.0165.6365.6365.6365.63 减：营运资本增加-621.64402.851,062.58734.98413.670.000.00四、归母息税前现金流7,810.377,368.996,000.716,399.346,816.097,229.767,229.76

14.1
					其中：已实现母公司税后息前利润

15 加：折旧和摊销241.9192.5170.1565.6365.6365.6365.6316 减：资本性支出106.2499.7083.0165.6365.6365.6365.6317 减：营运资本增加-642.03414.571,052.40739.14417.910.000.00

归母税后息前现金流7,114.866,543.135,405.425,803.906,205.966,623.876,623.87

21
				利用中国证券市场指数的历史风险溢价数据计算市场风险溢价
				全国银行间同业拆借中心公布的贷款市场报价利率（LPR）-5年期贷款利率
				息税前收益现值合计 63,000.00				请在C5单元格人工输入折现率，当C18=C19单元格数据时，J5单元格会显示正确，即为税前折现率

一、营业总收入33,563.0734,828.0936,963.6038,560.0839,439.7939,439.7939,439.79其中：主营业务收入33,563.0734,828.0936,963.6038,560.0839,439.7939,439.7939,439.79其他业务收入0.000.000.000.000.000.000.00减：营业成本22,935.7123,349.9825,125.6926,409.7227,180.4827,180.4827,180.48其中：主营业务成本22,935.7123,349.9825,125.6926,409.7227,180.4827,180.4827,180.48其他业务成本0.000.000.000.000.000.000.00税金及附加178.43191.78198.20203.83205.86205.86205.86销售费用240.85256.49265.48277.04287.20287.20287.20管理费用552.73567.31593.17622.07624.23624.23624.23研发费用3,435.683,597.834,637.434,864.034,866.384,866.384,866.38二、息税前利润EBIT7,053.067,779.037,076.157,134.327,229.767,229.767,229.76减：少数股东的EBIT0.000.000.000.000.000.000.00三、归母息税前利润EBIT7,053.067,779.037,076.157,134.327,229.767,229.767,229.76 加：折旧和摊销241.9192.5170.1565.6365.6365.6365.63 减：资本性支出106.2499.7083.0165.6365.6365.6365.63 减：营运资本增加-621.64402.851,062.58734.98413.670.000.00四、归母息税前现金流7,810.377,368.996,000.716,399.346,816.097,229.767,229.76税前折现率12.00%12.00%12.00%12.00%12.00%12.00%12.00%折现期（月）6.018.0030.0042.0054.0066.00折现系数0.94490.84370.75330.67260.60050.53624.4683五、收益现值7,380.026,217.224,520.334,304.204,093.063,876.6032,304.7462,696.17减：期初营运资金净额14,650.7848,045.3948,000.00
			经营性资产组价值（含期初营运资金）
			预期收益现值扣减后期初营运资金后评估值
			含商誉资产组可回收价值