决战棋牌

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                    1. 哔哩哔哩企业的现状与估值研究

                      摘 要: 2018年3月28日,哔哩哔哩正式在美国纳斯达克交易市场挂牌上市。为了对哔哩哔哩公司进行评估,本文采用自由现金流模型对哔哩哔哩进行估值,主要分为以下三个部分,第一个部分介绍行业背景情况,第二个部分介绍哔哩哔哩业务概述,第三个部分对哔哩哔哩进行估值。
                      阅读技巧Ctrl+D 收藏本篇文章

                        摘 要: 2018年3月28日,哔哩哔哩正式在美国纳斯达克交易市场挂牌上市。为了对哔哩哔哩公司进行评估,本文采用自由现金流模型对哔哩哔哩进行估值,主要分为以下三个部分,第一个部分介绍行业背景情况,第二个部分介绍哔哩哔哩业务概述,第三个部分对哔哩哔哩进行估值。

                        关键词: 自由现金流; 哔哩哔哩; 股票估值;

                        一、行业背景

                        GENJUAIRUIZIXUNBAOGAOHEFENXISHUJUKEYIKANDAO,BILIBILIDEYINGYESHOURUZHUYAOLAIYUANYUYIDONGYOUXI、ZHIBOHEGUANGGAOYEWUSANGEDAKUAI。YINCI,BENWENJIANGFENBIEJIESHAOZHEISANGEXINGYEDEQINGKUANG。

                        (一)广告行业

                        GENJUAIRUIZIXUNBAOGAO,ZHONGGUODEZAIXIANSHIPINSHICHANG2016NIANDADAORENMINBI621YIYUAN,YUJIDAO2021NIANDADAORENMINBI2,249YIYUAN,FUHENIANZENGZHANGLVWEI29.3%。2016NIANZHONGGUOZAIXIANSHIPINGUANGGAOSHICHANGDADAORENMINBI306YIYUAN,YUJIDAO2021NIANJIANGZENGZHANGZHIRENMINBI1,120YIYUAN,FUHENIANZENGZHANGLVWEI29.6%。

                        (二)移动游戏行业

                      决战棋牌   2014NIAN,ZHONGGUOCHUXIANLEYIDONGMANHEMANHUAWEIZHUTIDESHOUJIYOUXISHICHANG,RUYINYANGSHI、Fate/Grand OrderHEHonkai ImpactXILIE,BINGQIEZAIDAXINGNIANQINGYONGHUDEQIANGJINGXUQIUTUIDONGXIA,ZHENGTISHOUJIYOUXISHICHANGXIANZHECHAOYUEJICHU。GENJUAIRUIZIXUNBAOGAO,2016NIANZHONGGUOSHOUJIYOUXISHICHANGDADAORENMINBI1,023YIYUAN,YUJI2021NIANJIANGYI20.8%DEFUHENIANZENGZHANGLVJINYIBUZENGZHANGZHIRENMINBI2,633YIYUAN。DIYIDAIQINGNIANQUNTIDUIGAISHICHANGDEGONGXIANYEJIANGCONGGENJUAIRUIZIXUNBAOGAO,2014NIANWEI56.0%,2017NIANWEI63.8%,2020NIANWEI65.7%。QINGNIANYIDAIYONGHUPINGJUNMEITIANHUAZAISHOUJIYOUXISHANGDESHIJIANWEI0.9XIAOSHI。GENJUAIRUIZIXUNBAOGAO,DONGMANHEMANHUAZHUTISHOUJIYOUXIZHIFUYOUXIFEIYONGDENIANQINGQUNTIWANJIAZHAN80%YISHANG。

                        (三)直播行业

                        2016NIANZHONGGUODEZHIBOSHICHANGDADAORENMINBI233YIYUAN,YONGHUDADAO3.44YI,YUJIDAO2021NIANJIANGKUODAZHIRENMINBI1,137YIYUAN,FUHENIANZENGZHANGLVWEI37.4%。QIJINWEIZHI,ZHONGGUODETONGHUOPENGZHANGBINGWEIDUIBILIBILIDEJINGYINGYEJICHANSHENGZHONGDAYINGXIANG。GENJUZHONGGUOGUOJIATONGJIJUDESHUJU,2014NIAN、2015NIANHE2016NIAN12YUEXIAOFEIZHEJIAGEZHISHUTONGBIBIANHUAFENBIEWEI1.5%、1.6%HE2.1%。JINGUANGUOQUBILIBILIBINGWEISHOUDAOTONGHUOPENGZHANGDEZHONGDAYINGXIANG,DANRUGUOZHONGGUOWEILAIDETONGZHANGLVJIAOGAO,BILIBILIKENENGHUISHOUDAOYINGXIANG。

                        二、企业现状

                        (一)哔哩哔哩为中国年轻一代提供在线娱乐的标志性品牌

                        根据Quest Mobile的数据,哔哩哔哩在2017年第三季度的在线视频平台每台设备每月平均花费的时间和每台设备的月平均访问量排名第一。2017年9月,哔哩哔哩的用户每台设备每月平均花费的时间为496.6分钟,根据相同的来源,每台设备的月平均访问次数为64.4次。2018年,用户花在手机移动客户端的平均每日活动时间约为78.4分钟,

                      哔哩哔哩企业的现状与估值研究

                        (二)快速增长的用户群

                      决战棋牌   GENJUQuest Mobile,JIEZHI2017NIAN9YUE30RI,BILIBILIDAYUE83%DEYONGHUSHINIANQINGQUNTI。ZAI2017NIANDISANJIDU,BILIBILIPINGJUNYOU7390WANYUEHUOYUEYONGHU,BI2016NIANTONGQIZENGZHANG56.7%。JIEZHI2018NIAN12YUE31RI,BILIBILIYOUCHAOGUO4530WANGEZHENGSHICHENGYUAN,2017NIANJINWEI3160WAN。2018NIAN1YUE,BILIBILITUICHULEFUFEIHUIYUANJIHUA,JIEZHI2018NIAN12YUE31RI,YIJINGYONGYOU360WANMINGYOUXIAOFUFEIHUIYUAN。2018NIAN,BILIBILIPINGJUNMEIYUEYOU2420WANYONGHUCANYUSHEJIAOHUODONG,MEIYUECHANSHENG7.667YICIHUDONG。DUIYU2017NIANMEIYUEFANGWENBILIBILIPINGTAIDEHUIYUAN,2018NIAN12GEYUEDELIUCUNLVZAI83.9%YISHANG。

                        (三)不断增长的创意内容供应

                        BILIBILIZAI2017NIANDISANJIDUYONGYOUYUE748,000MINGHUOYUENEIRONGCHUANGZUOZHE,BINGSHOUDAOYUE320WANCISHIPINTIJIAO,FENBIEBI2016NIANTONGQIZENGJIALE109%HE139%。2018NIANSIJIDUPINGJUNXINZENGSHIPINTIJIAOYIJINGSHANGSHENGZHI75600GE。18NIANSIJIDUDESHIPINRIJUNLIULANLIANGWEI4.359YICI,ER17NIANTONGQIDERIJUNLIULANLIANGJINWEI2.108YICI。JIEZHI2018NIAN12YUE31RI,YIJINGFABULE25BUYUANCHUANGJILUPIAN、ZONGYIJIEMU。

                        (四)蓬勃发展的生态系统推动了强大的货币化潜力

                        ZUICHU,BILIBILIZHUYAOTONGGUOZAIYINGYONGNEIGOUMAIXIAOSHOUXUNISHANGPINLAITONGGUOSHOUJIYOUXIHUOLI。2017NIANDISANJIDU,BILIBILIMEIYUEHUOYUEDEYOUXIYONGHUSHUCHAOGUO1000WAN,CHAOGUO2016NIANTONGQIHUOYUEYONGHUQUNDESIBEI。BILIBILIZUIJINYEKAISHITONGGUOGUANGGAOHEZHIBOJINXINGHUOBIHUA。2017NIANQIAN9GEYUEBILIBILIDEPINGJUNMEIYUEFUFEIYONGHUSHUJIEJIN100WAN,BI2016NIANTONGQIZENGZHANG253%。2018NIAN12YUEYUWANGYIGUANLIANGONGSIDACHENGGUANLIANXIEYI,SHOUGOUWANGYIMANHUAYEWU。2018NIAN12YUEZENGCHIMaoer LncDEGUFEN,KUODAYOUSHENGDUWUFUWUFANWEI。

                        (五)手机游戏

                      决战棋牌   2017NIANDISANJIDUJIYUSHIPINGUANKANDEYOUXISHIBILIBILIPINGTAISHANGGUIMODIERDA、ZUISHOUHUANYINGDEYOUXILEIXING。ZI2017NIAN1YUEQI,BILIBILIGONGTUICHULE31KUANSHOUJIYOUXI,JIEZHI2018NIAN12YUE31RI,YUNYINGLE11KUANDUJIAFAXINGDESHOUJIYOUXI,300DUOKUANHEZUOYUNYINGDESHOUJIYOUXI。

                        三、企业估值

                        (一)步骤一:评估公司现行状况

                      决战棋牌   GENJUBILIBILIZAI2018NIAN1YUE26RITIJIAOJIMEIGUOZHENGQUANJIAOYIWEIYUANHUIDEZHAOGUSHUOMINGSHU,YOUYUBILIBILISHANGYICAIWUNIANDUSHOURUBUDAO10.7YIMEIYUAN,YINCIBILIBILISHIYIJIAXINXINGCHENGZHANGXINGGONGSI。BILIBILICHUYUYEWUDEZAOQIJIEDUAN,YINGLIMOSHIZHENGZAIBUDUANFAZHAN。BILIBILIZHUYAOTONGGUOWEIYONGHUTIGONGYOUJIAZHIDENEIRONG(RUSHOUJIYOUXIHEZHIBO)LAICHUANGZAOSHOURU。BILIBILIHAITONGGUOGUANGGAOHEQITAFUWUCHANSHENGSHOURU。ZUOWEIBZHANMUQIANDEZHUYINGSHOUYEWU,YOUXIYEWUSHOURUZAI2018NIANSIJIDUSHIXIANWENJIANTONGBIZENGZHANGDETONGSHI,FEIYOUXIYEWUSHOURUZHANBICONG2017NIANTONGQIDE16%SHANGSHENGZHI38%,TUIDONGBILIBILIYINGSHOUJIEGOUJINYIBUYOUHUA。

                        BILIBILIZHUCEDIWEIKAIMANQUNDAO。MUQIANGENJULIRUN、SHOURU、SHOUYIHUOSHENGZHIDUIGERENHUOGONGSIZHENGSHUI,DUIYICHANSHUIHUOYICHANSHUIDEXINGZHIBUZHENGSHUI。YOUYUKAIMANQUNDAOZHENGFUZHIDUILIANGONGSISHOUQUYIDINGDEGUANLIFEI,QIYUMEIYOURENHESHUISHOU,YINCICHULEKENENGSHIYONGYUZAIKAIMANQUNDAOZHIXINGHUOZAIKAIMANQUNDAOGUANXIAFANWEINEIZHIXINGDEWENSHUDEYINHUASHUIWAI,KAIMANQUNDAOZHENGFUZHENGSHOUDEQITASHUIXIANGBINGBUZHONGYAO。

                        2018年12月1日,恒大集团首席经济学决战棋牌家兼恒大经济研究院院长任泽平明预言2027年前后,中国有望取代美国成为世界第一大经济体,因此本文选取2027年作为终端年份。

                        (二)步骤二:估算销售额增长率

                      决战棋牌   WOMENGUANCHADAO,BILIBILIGONGSIZAI2015NIANYINGYESHOURUZHIYOU1.31YIRENMINBI,JINGGUO2016NIAN、2017NIAN299%HE371%DEZENGZHANG,2018NIANDEYINGYESHOURUWEI41.2893YIRENMINBI。BILIBILIZHILIYUSHOUJIYOUXIKAIFA、SHIPINFABUHEZHIBODENGYULEFUWU,XINGYEQIANZAISHICHANGJUDA,WOMENYUJITAZAIWEILAINENGGOUJIXUBAOCHIQIANGJINGDEZENGZHANGSHITOU。WOMENYUQI9NIANHOU,QIYINGYESHOURUDEZENGZHANGLVHUIZHUJIANXIANXINGXIAJIANGZHIXINCHANGTAIXIAGUOJIAGDPDEZENGZHANGSHUIPING,JI6%。TONGJIQICONG2019NIANZHI2027NIANMEIYINIANDEYUQIXIAOSHOUEZENGZHANGLVHEXIAOSHOUE。

                        WOMENYUCEZAI2027NIANYINGYESHOURUNENGGOUDADAO304.8199YIYUANRENMINBI,DANSHIBILIBILIRENGRANSHUYUZHONGXIAOGUIMODEQIYE。XIANGDUIQUANQIUFANWEINEITONGXINGYEDEDAXINGQIYE,Face BookHEGoogleDEYINGYESHOURUZAI2018NIANJIUYIJINGDADAO3832.2736YIYUANHE9390.1616YIYUANRENMINBI。ZAIZHONGGUO,BAIDUDEYINGYESHOURUZAI2018NIANYEYIJINGDADAOLE1022.77YIYUANRENMINBI。

                        (三)步骤三:估算可持续经营利润率

                        FENXIKANDAO,BILIBILIGONGSIZI2015NIANLAIYINGYELIRUNYIZHICHUYUKUISUNZHUANGTAI,2018NIANYINGYELIRUNLVWEI-17.66%。YOUYUBILIBILIGONGSISHIYIGEXINXINGCHENGZHANGXINGGONGSI,CHUZAIYIGEXINXINGCHENGZHANGXINGXINGYE,YINCIQIZAIKAITUOYEWUZHONGZAOCHENGFUDELIRUNLVYEKEYILIJIE。WEILEGUJIBILIBILIJINRUWENDINGZHUANGTAIHOUDEJINGYINGLIRUNLV,WOMENKAOCHALEMEIGUOSHICHANG(11JIA)HEHUSHENGUSHI(10JIA)TONGXINGYEGONGSIZAI2016~2018NIANDEYINGYELIRUNLV。WOMENZAIZHENGLISHUJUHOUFAXIAN,18NIANMEIGUOSHICHANGHEHUSHENSHICHANGYINGYELIRUNLVDEZHONGWEIZHIFENBIEWEI13.47%HE12.57%。YOUYUBILIBILISHIZAIZHONGGUOJINGYINGDANSHISHIZAIMEIGUOSHANGSHIDEQIYE,YINCIWOMENCAIQULIANGGESHICHANGDEJUNZHI———13.02%ZUOWEIWOMENZHONGDUANNIANFENDEMUBIAOLIRUNLV。

                        JIASHESUIZHEYINGYEGUIMODEBUDUANKUODA,YINGYELIRUNLVYEHUISUIZHIZHUJIANSHANGSHENG,TONGJIWOMENDUIYUYINGYELIRUNLVHEYINGYESHOURUDEYUCEZHI。WOMENCONGZHONGKEYIFAXIAN,YINGYELIRUNDEKUISUNJINLIANGNIANHUIJINYIBUJIADA,YIZHIDAO2024NIANKAISHICAIZHUANERWEIZHENG。

                        ZAISHUIWUFANGMIAN,YOUYUBILIBILIDEZHUCEDIWEIKAIMANQUNDAO,YINCISUODESHUIZHIBAOHANLEGUANXIAFANWEINEIZHIXINGDEWENSHUDEYINHUASHUI。WOMENJIASHESUODESHUI、LIXI、ZHEJIUYUTANXIAODOUXIANXINGDESHANGSHENG,JIUKEYIGUSUANCHUWEILAI9NIANDEXISHUIQIANLIRUNEBIT、SHUIHOUJINGYINGXINGSHOURUEBIT(1-t)HEZUOWEIGUANJIANCAIWUZHIBIAODEEBITDA。

                        (四)步骤四:估算再投资率

                      决战棋牌   BANSUIZHEZENGZHANG,BILIBILIGONGSIXUYAOJUEDEZAITOUZI。WEILEGUSUANZAITOUZI,XUYAOSHIYONG“XIAOSHOUE-ZIBEN”BILV。YOUYUBILIBILICAIWUSHUJUDEJUXIAN,TONGGUOGUANCHAXINGYESHUJULAIXUANDINGXIAOSHOUE-ZIBENBILV。BENWENLIYONGFUZHAIHEGUQUANZHANGMIANJIAZHI、ZIBENHUAYANFAZHICHU、XIANJINJISUANCHUTOURUZIBEN,JIEHEYINGYESHOURUDEDAOLEMEIGUOSHICHANG(11JIA)HEHUSHENGUSHI(10JIA)TONGXINGYEGONGSIZAI2018NIANDEXIAOSHOUEZIBENBILV。YOUYUBILIBILISHIYIJIAGUONEIGONGSI,YINCIBENWENCAIYONGHUSHENGUSHIZHONGWEIZHI1.68ZUOWEIZHONGDUANNIANFENDEXIAOSHOUE-ZIBENBILV,BINGQIEYINWEISHOURUZHUANGKUANGZHUJIANBIANHAO,XIAOSHOUE-ZIBENBILVYEZHUJIANXIANXINGSHANGSHENG。ZHEIYIWEIZHE,XIANGYAOYINGYESHOURUZENGJIA1.68RENMINBI,JIUBIXUZHUIJIATOUZI1RENMINBI,FENXIBILIBILIZAIMEIYINIANDEYUCEZAITOUZIE。

                      决战棋牌   WOMENLIYONGBILIBILILINIANNIANBAOSHUJUJISUANCHUTOURUZIBEN,ZAIGENJUYUCEDEYINGYESHOURUHEXIAOSHOUE-ZIBENBILVJISUANCHUZAITOUZIE,ZHUNIANLEIJIADAOTOURUZIBENZHONG。WOMENJIEHEJISUANDEDAODEEBIT(1-t),JIUKEYIJISUANCHUWEILAI9NIANDEYUJIZIBENBAOCHOULV,KEYIGUANCHADAOZIBENBAOCHOULVZENGSUZHUJIANFANGHUAN。

                        ZUIHOUZAIJIANGSHUIHOUJINGYINGXINGSHOURUHEZAITOUZIXIANGJIEHE,JIUKEYIDEDAOWEILAIJIUNIANMEIYINIANDEZIYOUXIANJINLIU。ZAIWEILAI7NIAN,GONGSIDEZIYOUXIANJINLIURENGRANWEIFUZHI,ZHIDAO2026NIANCAIHUIZHUANWEIZHENGZHI,ZAICIQIJIANBILIBILIXUYAO261.8879YIRENMINBIDEXINZIBEN。

                        (五)步骤五:估算风险参数和贴现率

                      决战棋牌   WUYONGZHIYI,BILIBILIMUQIANMIANLINZHEJUDADEFENGXIANERQIECHUZAIJINGYINGKUISUNDEZHUANGTAI,DANSHIRENGSHIGUONEIZUIZHIMINGDESHIPINWANGZHAN。GENJUwindSHUJUWOMENKEYIDEDAOBILIBILIJIN100ZHOUDEβZHIWEI1.52。WOMENJIASHE4NIANNEIBILIBILIDEFENGXIANMEIYOUCHUXIANZHONGDABIANHUA,YINCIβZHIBAOCHIBUBIAN。2023HOUQIYEJINGYINGLIRUNZHUANERWEIZHENG,YINCIQIYEFENGXIANZHUJIANXIAJIANG,βZHIYEZHUJIANXIAJIANG。YOUYUBILIBILIZAIMEIGUONASIDAKESHANGSHI,SHOUDAODESHICHANGFENGXIANZHUYAOHAISHIMEIGUOGUSHIDEFENGXIAN,YINCIWOMENYIMEIGUOGUSHIβZHIDEZHONGWEIZHI1.19ZUOWEIZHONGDUANNIANFENDEβZHI,BINGZHUNIANXIAJIANG。JIEHECAITONGZHENGQUANZAI2019NIAN3YUEWEIMAOYANYULEGUJIAGUOCHENGZHONGSHIYONGDEWUFENGXIANBAOCHOULV3%HEFENGXIANBUCHANGLV8%,WOMENJISUANDEDAOWEILAI9NIANDEGUQUANCHENGBEN。

                        YOUYUBILIBILISHANGWEIHUODEXINYONGPINGJI,YINCIZHAIWUCHENGBENDEGUJIYECUNZAIYIDINGDEKUNNAN。BILIBILIHEMAOYANYULEDOUSHUYUXINXINGCHENGZHANGGONGSI,HUODEXINYONGPINGJIDESHUIPINGYINGGAIMEIYOUJIAODACHAJU,YINCIWOMENCANKAOCAITONGZHENGQUANZAI2019NIAN3YUEWEIMAOYANYULEGUJIAGUOCHENGZHONGSHIYONGDEZHAIWUCHENGBEN4.68%。YOUYUBILIBILIBUXUYAOJIAONASUODESHUI,YINCIQIZHAIWUJIANMIANSHUIWUDENENGLIYEBUXUYAOKAOLV。

                      决战棋牌   WOMENTONGGUOBILIBILILINIANCAIBAOJISUANCHU2015~2018NIANDEZHAIWUBILV。YOUYUBILIBILISHIYIJIAZAIMEIGUOSHANGSHIDEZHONGGUOHULIANWANGQIYE,YINCIWOMENCANKAOTONGYANGZAIMEIGUOSHANGSHIDEZHONGGUOHULIANWANGQIYE———BAIDU、WANGYI,TAMEN2018NIANDEZHAIWUBILVJUNWEI69%ZUOYOU,YINCIWOMENCAIYONG69%ZUOWEIZHONGDUANNIANFENDEZHAIWUBILV,BINGQIEZHUNIANXIANXINGSHANGSHENG。

                        WOMENJIEHEGUQUANCHENGBEN、ZHAIQUANCHENGBENHEZHAIWUBILV,JIUKEYIJISUANCHUWEILAI9NIANDEPINGJUNZIBENCHENGBEN。WOMENYUCE,ZAI9NIANHOUBILIBILIDEZIBENCHENGBENHUIDADAO7%ZUOYOUDEWENDINGXINGSHUIPING。

                        (六)步骤六:估算公司价值

                        WEILEGUSUANBILIBILIDEGONGSIJIAZHI,WOMENXIANLIYONGLEIJIZIBENCHENGBENDUIGUSUANDEZIYOUXIANJINLIUJINXINGTIEXIAN,DEDAODELINIANZIYOUXIANJINLIUDEXIANZHIZONGHEWEI-132.9323YIRENMINBI。

                      决战棋牌   WEILEGUSUANBILIBILIDEZIBENBAOCHOULV,WOMENLIYONGSHUIHOUJINGYINGLIRUNLVHEZIBENZHOUZHUANLVLAIJINXINGGUJI。WOMENYUNYONGHUOBIZIJIN、DUANQITOUZI、YINGSHOUPIAOJUYUZHANGQIFUZHAIDEBIZHIKEYIJISUANCHUYUJIDEZIBENZHOUZHUANLV,CHENGYUJIDESHUIHOUJINGYINGLIRUNLV,JIUKEYIDEDAOZIBENBAOCHOULV。GENJUYUCEDEJIEGUO,WOMENYUCEWENDINGQIZIBENBAOCHOULVROCWEI30%。

                        YOUCIKEYIJIEHEZIBENCHENGBEN,JISUANCHUWENDINGQIDEZAITOUZILVWEIWENDINGZENGZHANGLVHEWENDINGQIROCDEBIZHI,JISUANJIEGUOWEI16.67%。

                      决战棋牌   YUNYONG2027NIANDEJINGYINGXINGSHOURU,WOMENKEYIJISUANCHUZHONGDUANNIANFENDEQIYEJIAZHI。

                      决战棋牌   ZAILIYONGLEIJIZIBENCHENGBENDUIJISUANCHULAIDEZHONGDUANJIAZHIJINXINGTIEXIAN,ZAIJIADAOWEILAI9NIANZIYOUXIANJINLIUXIANZHISHANG,WOMENJIUKEYIDEDAOGONGSIDEJINGYINGXINGZICHANJIAZHIWEI396.1466YIRENMINBI,ZAIJIASHANG2018NIANDEHUOBIZIJIN35.4YI,JIUKEYIDEDAOGONGSIJIAZHIWEI431.5469YIYUANRENMINBI。

                        (七)步骤七:估算股权价值和每股价值

                        WEILECONGGONGSIJIAZHIDEDAOMEIGUJIAZHI,WOMENSHOUXIANJIANQUZHAIQUAN,KEYIDEDAOGUQUANJIAZHIWEI398.5586YIRENMINBI。GENJU2018NIANBILIBILINIANBAO,WOMENKEYIDEDAOGONGSIGONGYOUYIFAXINGPUTONGGU311687889GU,BINGQIEBUCUNZAIWEISHISHIQIQUAN。YINCI,WOMENKEYIZHIJIESHIYONGGUQUANJIAZHIHEPUTONGGUSHULIANGJISUANDEDAOGUJIDEMEIGUGUJIAWEI127.87YUAN/GU;JIEHEMUQIAN6.8717DERENMINBIHUILV,WOMENKEYIDEDAOGUJIDEMEIGUGUJIAWEI18.61MEIYUAN/GU;JIEHEMUQIANSHIJIAWEI16.34MEIYUAN/GU,SHICHANGDUIYUBILIBILIGUPIAODEGUJIALVEWEIPIANDI。

                        梁涵书.基于自由现金流模型的哔哩哔哩股票估值案例分析[J].商讯,2020(04):3-5. 转载请注明来源。原文地址:http://gxkelong.com/html/zhlw/20200316/8285380.html   

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