????A?¡ä¼°?¼ç???????ï¼?å¤??½ä?ä¼°å?¼æ??????ä½?????ä»??2013å¹´è?³ä?ï¼?A?¡ä?å¸?å¤??½ä???æ°?ä¼???ä¼°å?¼å?????å¸??ºæ?´ä?ä¼°å?¼æ°´å¹³è?è¡?æ¯?è¾?ï¼?????023å¹???17?¥ï?ä¸???½ä???ä¸??å¤????ä¸??æ°?ä¼???ä¸???¨æ????PBï¼?LFï¼?????¸º1.21x??1.04x??3.01x??1.63xï¼????²å??ä½??°æ°´å¹³å????¸º14.06ï¼???15.04ï¼???28.52ï¼???26.37ï¼?????»¥???ºï?ä¸?å¸???å¤??½ä???ä¼°å?¼æ°´å¹³æ???¾ä?äº??¨å??ºå¹³??ä¼°å?¼ï??´æ??¤§å¹?ä½?äº?ä¸?å¸?æ°?ä¼???ä¼°å?¼ã??

?????½ä???å¸??¨å???±ä?ä¸??????????µä¿¡???½æ?ç­??³é???ä¸?ï¼??³ç³»?°å?æ°?è¡£é?ä½?è¡?ï¼???¡®ä¿??½å?ç»?æµ?å®??¨å??ç§???è¿?æ­¥ç????è¦?????ï¼??¨è????äº?èµ?????ºä????å¾???ä¸??½å??ºç?¹è?²ç??ä¸??½ç?¹è?²ä¼°?¼ä?ç³»ä?ï¼??½æ?????ºç?³å????????è¿??¥ä»·?¼é??ä¼°ã??

????

????ä»??µå???¿å???¥ç??ï¼??¶è?产å?¨ä?级å??ºè??¸å?ä½?ä¼°ã????ä»?????µè?½æ?èµ?产å?¨ä?级å??ºä?äº?级å??ºç??ä»·æ?¼æ°´å¹³è?è¡?对æ?ï¼?以水?µè?产为ä¾?ï¼?2019å¹???ï¼????½æ°´?µå?????ä¸?å­????¸é??ä¸?????3ï¼??¡æ??è½??äº?å®?ï¼???交价?¼ä¸º61.17亿å??ï¼?对å?èµ?äº?Bè¾¾å??.67??ï¼???????022å¹???17?¥ï??¿æ??µå???????½æ°´?µã??å·????½æ??¨ä?级å??ºç??PB????¸º2.74??2.41??1.88??ï¼????¾ä?äº?ä¸?级å??ºä»·?¼æ°´å¹³ã??

????

????1.2.2.???¥ç??稳å???ä¼?è´¨è?产æ????å¸??ºé????ï¼??¸ç?µè?产估?¼æ????ä¿??

????é«?è´¨é????å±??ºè?ä¸?ï¼?稳å??§å¼º??ä¼?è´¨è?产æ????å¸??ºé??????ä¸??¹é???ä¸??½ç?æµ?ä»?é«???å¢??¿é?¶æ?è½???é«?è´¨é????å±??¶æ?ï¼??¸æ?è¡?ä¸????å¤???å¤?????ç»??¥ä?绩ä???????ä¼?ä¸?ï¼?ä¸?绩稳å®??§ä???å±?ç¡???§æ?´å¼º??ä¼?ä¸?ä¼°å?¼æ????å¾??°æ????ï¼??þ???¹é???èµ?????ºæ??èµ???è¶???表ç?°å?ºæ?ºæ????è¶??¿ï????ºæ????èµ???å°¤å?¶æ??¸­?¿æ???ºæ????èµ????·æ???¿æ????èµ???念ï?è·µè?ä»·å?¼æ??èµ?ï¼??¶é??¼ä?稳å??§å¼º??ä¼?è´¨è?产æ?´ä¸º?¹é????ä¼´é??è¿???å¸??ºå?ä¸??½ç?¹è?²ä¼°?¼ä?ç³»ç??解é??步深?¥ï?è¿?ä¸?è¶??¿è¡¨?°å??´å?????¾ã??

????

????æ°´ç?µä??¸ç?µè?产ç???©è?ä¼?ä¸?稳å??§æ?´å¼ºï¼?ä½?????è¢??¸å?ä½?ä¼°ã??对æ???ç±»ç?µå????ç§?ï¼????µè?产ç???©æ°´å¹³å???³ä??¤ç????è´??????????绿ç?µç???©å?????¶è?æº???ç´?å½±å??è¾?大ï???æ°´ç?µä??¸ç?µè?产ç???©æ°´å¹³ç¨³å®?ï¼?ç»??¥é??©è?å°?????ä»?ä¼°å?¼æ°´å¹³æ?¥ç??ï¼?????023å¹???17?¥ï?ä¸?å¾????µã???¸ç?µã??绿ç?µå??æ°´ç?µæ???°ç??PBï¼?LFï¼?ä¼°å?¼å????¸º1.51xï¼?1.84xï¼?2.14x??2.18xï¼???»¥???ºï??½ç?¶æ?¸ç?µã??æ°´ç?µè?产å??å±?äº??°é??æµ?稳å???è¿??¥è?产ï?ä½??¸ç?µè?产价?¼è????¾ä?ä¼°ã??

????

????1.3.??èµ?建è?

?????µå??è¡?ä¸?ä½?为å?½æ?ç»?æµ??ºç??§äº§ä¸?ï¼??¶æ?¿å???????¸ä»¥å¤??½ä?为主ï¼??µç?建è???è¿??¥å?è¡?è¡??¿è????¶ï????¥é?¨æ?è¾?é«????¨ä¸­?½ç?¹è?²ä¼°?¼ä?ç³»ä?ï¼?此类?½æ?????ºç?³å????èµ?产估?¼æ°´å¹³æ????å¾??°ä¿®å¤??????¶ï??¨é?è´¨é????å±????ºè?ä¸?ï¼????¥ç??稳å???ä¼?è´¨è?产æ???????°å??ºé????ï¼???对æ???ç±»å???µå??èµ?产ï?æ°´ç?µä??¸ç?µç?????©ç¨³å®??§å°¤ä¸ºç??ºï?ä½?ä»?ä¼°å?¼æ°´å¹³æ?¥ç??ï¼??¸ç?µè?产价?¼å??¨æ???¾ä?ä¼°ï??¶ä¼°?¼æ????å¾??°æ???????·ä??????¹é????¸ç?µå???¸å»ºè®??³æ³¨??ä¸??½æ?¸ç?µã????ä¸??½å¹¿?¸ã??ï¼?æ°´ç?µå???¸å»ºè®??³æ³¨???¿æ??µå?????????½æ°´?µã????å·????½æ???ï¼????µå???¸å»ºè®??³æ³¨?????½å?½é????????æ¶þ>?µå?????????µå?½é???????½ç?µç?µå????ï¼??°è?½æ????µå???¸å»ºè®??³æ³¨??ä¸?峡è?½æ?????é¾?æº??µå????????å¼??°è?½ã????