小产权房558_blank class=infotextkey>原_blank class=infotextkey>get=_blank class=infotextkey>标题:海洋_blank class=infotextkey>get=_blank class=infotextkey>王:国众_blank class=infotextkey>get=_blank class=infotextkey>联_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>土_blank class=infotextkey>get=_blank class=infotextkey>地_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>估价_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>关于_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳证券_blank class=infotextkey>get=_blank class=infotextkey>交易所《_blank class=infotextkey>get=_blank class=infotextkey>关于对海洋_blank class=infotextkey>get=_blank class=infotextkey>王照明_blank class=infotextkey>get=_blank class=infotextkey>科技_blank class=infotextkey>get=_blank class=infotextkey>股份_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的_blank class=infotextkey>get=_blank class=infotextkey>重组问询函》之_blank class=infotextkey>get=_blank class=infotextkey>核查_blank class=infotextkey>get=_blank class=infotextkey>意见
_blank class=infotextkey>gn=center>
_blank class=infotextkey>gn="center">
国众_blank class=infotextkey>get=_blank class=infotextkey>联_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>土_blank class=infotextkey>get=_blank class=infotextkey>地_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>估价_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
_blank class=infotextkey>get=_blank class=infotextkey>关于_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳证券_blank class=infotextkey>get=_blank class=infotextkey>交易所
《_blank class=infotextkey>get=_blank class=infotextkey>关于对海洋_blank class=infotextkey>get=_blank class=infotextkey>王照明_blank class=infotextkey>get=_blank class=infotextkey>科技_blank class=infotextkey>get=_blank class=infotextkey>股份_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的_blank class=infotextkey>get=_blank class=infotextkey>重组问询函》
之
_blank class=infotextkey>get=_blank class=infotextkey>核查_blank class=infotextkey>get=_blank class=infotextkey>意见
国众_blank class=infotextkey>get=_blank class=infotextkey>联_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>土_blank class=infotextkey>get=_blank class=infotextkey>地_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>估价_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
二O一九年九月
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳证券_blank class=infotextkey>get=_blank class=infotextkey>交易所_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>小板_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>管理_blank class=infotextkey>部：
_blank class=infotextkey>get=_blank class=infotextkey>2019年9月_blank class=infotextkey>get=_blank class=infotextkey>20日，贵_blank class=infotextkey>部_blank class=infotextkey>get=_blank class=infotextkey>发_blank class=infotextkey>get=_blank class=infotextkey>布《_blank class=infotextkey>get=_blank class=infotextkey>关于对海洋_blank class=infotextkey>get=_blank class=infotextkey>王照明_blank class=infotextkey>get=_blank class=infotextkey>科技_blank class=infotextkey>get=_blank class=infotextkey>股份_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的_blank class=infotextkey>get=_blank class=infotextkey>重组问询
函》_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>小板_blank class=infotextkey>get=_blank class=infotextkey>重组问询函（需行_blank class=infotextkey>政_blank class=infotextkey>get=_blank class=infotextkey>许可）【_blank class=infotextkey>get=_blank class=infotextkey>2019】_blank class=infotextkey>第_blank class=infotextkey>36号（以_blank class=infotextkey>get=_blank class=infotextkey>下简称《问询函》）。国
众_blank class=infotextkey>get=_blank class=infotextkey>联_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>土_blank class=infotextkey>get=_blank class=infotextkey>地_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>估价_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>作为海洋_blank class=infotextkey>get=_blank class=infotextkey>王照明_blank class=infotextkey>get=_blank class=infotextkey>科技_blank class=infotextkey>get=_blank class=infotextkey>股份_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司本次_blank class=infotextkey>get=_blank class=infotextkey>重组的
_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>评估机构，对《问询函》_blank class=infotextkey>get=_blank class=infotextkey>进行了认_blank class=infotextkey>真_blank class=infotextkey>get=_blank class=infotextkey>研究和_blank class=infotextkey>get=_blank class=infotextkey>核查，并_blank class=infotextkey>get=_blank class=infotextkey>按照《问询函》的_blank class=infotextkey>get=_blank class=infotextkey>要求对所
_blank class=infotextkey>get=_blank class=infotextkey>涉及的_blank class=infotextkey>get=_blank class=infotextkey>事项_blank class=infotextkey>get=_blank class=infotextkey>发表了_blank class=infotextkey>get=_blank class=infotextkey>明确的_blank class=infotextkey>get=_blank class=infotextkey>专项_blank class=infotextkey>get=_blank class=infotextkey>核查_blank class=infotextkey>get=_blank class=infotextkey>意见，现提交贵_blank class=infotextkey>部，请予_blank class=infotextkey>get=_blank class=infotextkey>审核。
_blank class=infotextkey>get=_blank class=infotextkey>问题1、根据《_blank class=infotextkey>get=_blank class=infotextkey>报告书》，本次_blank class=infotextkey>get=_blank class=infotextkey>交易_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>评估机构_blank class=infotextkey>get=_blank class=infotextkey>采用_blank class=infotextkey>get=_blank class=infotextkey>资产基础法和_blank class=infotextkey>收益法两
种方法对明之辉_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>部_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>价值_blank class=infotextkey>get=_blank class=infotextkey>进行了_blank class=infotextkey>get=_blank class=infotextkey>评估，_blank class=infotextkey>get=_blank class=infotextkey>你_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>最终_blank class=infotextkey>get=_blank class=infotextkey>采用_blank class=infotextkey>收益法评_blank class=infotextkey>get=_blank class=infotextkey>估值_blank class=infotextkey>get=_blank class=infotextkey>作为_blank class=infotextkey>get=_blank class=infotextkey>评估
结论，评_blank class=infotextkey>get=_blank class=infotextkey>估值为5_blank class=infotextkey>3,_blank class=infotextkey>get=_blank class=infotextkey>249.68_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元，较净_blank class=infotextkey>get=_blank class=infotextkey>资产账_blank class=infotextkey>面值_blank class=infotextkey>增值157.66%。（1）请_blank class=infotextkey>get=_blank class=infotextkey>具_blank class=infotextkey>get=_blank class=infotextkey>体结_blank class=infotextkey>合
明之辉的核心_blank class=infotextkey>竞争力、_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>经营业绩、_blank class=infotextkey>get=_blank class=infotextkey>评估参数的_blank class=infotextkey>get=_blank class=infotextkey>选取及同类可比_blank class=infotextkey>get=_blank class=infotextkey>交易_blank class=infotextkey>get=_blank class=infotextkey>案例_blank class=infotextkey>get=_blank class=infotextkey>评估增
值_blank class=infotextkey>get=_blank class=infotextkey>情况等，说明_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>增值率较_blank class=infotextkey>get=_blank class=infotextkey>高的_blank class=infotextkey>原因及_blank class=infotextkey>合理性。（_blank class=infotextkey>get=_blank class=infotextkey>2）_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月_blank class=infotextkey>get=_blank class=infotextkey>25日，童莉和
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳市明之辉照明灯饰_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司分别将其持_blank class=infotextkey>get=_blank class=infotextkey>有的明之辉9._blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>38_blank class=infotextkey>3%和5.5617%的_blank class=infotextkey>get=_blank class=infotextkey>股权转
让给莱盟_blank class=infotextkey>get=_blank class=infotextkey>建设，对应的明之辉_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>部_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>估值分别为5,_blank class=infotextkey>118.0_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元、5,_blank class=infotextkey>394.0_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元。
_blank class=infotextkey>get=_blank class=infotextkey>2019年6月_blank class=infotextkey>get=_blank class=infotextkey>24日，朱恺将明之辉5%的_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>转让给莱盟_blank class=infotextkey>get=_blank class=infotextkey>建设，对应的明之辉_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>部股
权_blank class=infotextkey>get=_blank class=infotextkey>估值为5,_blank class=infotextkey>118_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元。以_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>两次_blank class=infotextkey>get=_blank class=infotextkey>交易_blank class=infotextkey>get=_blank class=infotextkey>中明之辉_blank class=infotextkey>get=_blank class=infotextkey>估值与本次_blank class=infotextkey>get=_blank class=infotextkey>交易差_blank class=infotextkey>get=_blank class=infotextkey>异较_blank class=infotextkey>get=_blank class=infotextkey>大。请_blank class=infotextkey>get=_blank class=infotextkey>具_blank class=infotextkey>get=_blank class=infotextkey>体结
_blank class=infotextkey>合前_blank class=infotextkey>get=_blank class=infotextkey>两次_blank class=infotextkey>get=_blank class=infotextkey>交易的_blank class=infotextkey>get=_blank class=infotextkey>背景、_blank class=infotextkey>get=_blank class=infotextkey>评估或_blank class=infotextkey>get=_blank class=infotextkey>估值_blank class=infotextkey>get=_blank class=infotextkey>情况，_blank class=infotextkey>以及明之辉_blank class=infotextkey>get=_blank class=infotextkey>经营状况的_blank class=infotextkey>get=_blank class=infotextkey>变化_blank class=infotextkey>get=_blank class=infotextkey>情况等，说明
_blank class=infotextkey>get=_blank class=infotextkey>短期内明之辉_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>估值_blank class=infotextkey>get=_blank class=infotextkey>出现_blank class=infotextkey>get=_blank class=infotextkey>大幅_blank class=infotextkey>get=_blank class=infotextkey>增长的_blank class=infotextkey>原因及_blank class=infotextkey>合理性。请独立_blank class=infotextkey>get=_blank class=infotextkey>财务顾问和_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>评估
机构对_blank class=infotextkey>get=_blank class=infotextkey>上述_blank class=infotextkey>get=_blank class=infotextkey>问题_blank class=infotextkey>get=_blank class=infotextkey>发表_blank class=infotextkey>get=_blank class=infotextkey>专业_blank class=infotextkey>get=_blank class=infotextkey>意见。
_blank class=infotextkey>11请_blank class=infotextkey>get=_blank class=infotextkey>具_blank class=infotextkey>get=_blank class=infotextkey>体结_blank class=infotextkey>合明之辉的核心_blank class=infotextkey>竞争力、_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>经营业绩、_blank class=infotextkey>get=_blank class=infotextkey>评估参数的_blank class=infotextkey>get=_blank class=infotextkey>选取及同类可比交
易_blank class=infotextkey>get=_blank class=infotextkey>案例_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>增值_blank class=infotextkey>get=_blank class=infotextkey>情况等，说明_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>增值率较_blank class=infotextkey>get=_blank class=infotextkey>高的_blank class=infotextkey>原因及_blank class=infotextkey>合理性。
_blank class=infotextkey>get=_blank class=infotextkey>回复：
在对_blank class=infotextkey>get=_blank class=infotextkey>企业_blank class=infotextkey>get=_blank class=infotextkey>价值_blank class=infotextkey>get=_blank class=infotextkey>评估方法的_blank class=infotextkey>get=_blank class=infotextkey>选取_blank class=infotextkey>get=_blank class=infotextkey>中，_blank class=infotextkey>get=_blank class=infotextkey>资产基础法_blank class=infotextkey>不包_blank class=infotextkey>get=_blank class=infotextkey>含_blank class=infotextkey>get=_blank class=infotextkey>企业所拥_blank class=infotextkey>get=_blank class=infotextkey>有的_blank class=infotextkey>get=_blank class=infotextkey>经营资质、行
业_blank class=infotextkey>竞争力、_blank class=infotextkey>get=_blank class=infotextkey>人力_blank class=infotextkey>get=_blank class=infotextkey>资源、_blank class=infotextkey>get=_blank class=infotextkey>客户_blank class=infotextkey>get=_blank class=infotextkey>关_blank class=infotextkey>get=_blank class=infotextkey>系等无形_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>价值，因此在_blank class=infotextkey>get=_blank class=infotextkey>企业_blank class=infotextkey>get=_blank class=infotextkey>价值_blank class=infotextkey>get=_blank class=infotextkey>评估过程，_blank class=infotextkey>如果_blank class=infotextkey>get=_blank class=infotextkey>公
司_blank class=infotextkey>get=_blank class=infotextkey>有正_blank class=infotextkey>get=_blank class=infotextkey>常_blank class=infotextkey>get=_blank class=infotextkey>经营利润，而且_blank class=infotextkey>get=_blank class=infotextkey>持续_blank class=infotextkey>get=_blank class=infotextkey>增长，_blank class=infotextkey>get=_blank class=infotextkey>一般_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>get=_blank class=infotextkey>选取_blank class=infotextkey>收益法的结论来反映_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司股_blank class=infotextkey>get=_blank class=infotextkey>东_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>部权
益的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>真实_blank class=infotextkey>get=_blank class=infotextkey>价值，这也是_blank class=infotextkey>get=_blank class=infotextkey>评估结论_blank class=infotextkey>增值的根本_blank class=infotextkey>原因。
_blank class=infotextkey>get=_blank class=infotextkey>下边对_blank class=infotextkey>收益法_blank class=infotextkey>get=_blank class=infotextkey>选取过程的依据_blank class=infotextkey>get=_blank class=infotextkey>要素，结_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>行业核心_blank class=infotextkey>竞争力、_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>经营业绩对比、
_blank class=infotextkey>get=_blank class=infotextkey>评估参数的_blank class=infotextkey>get=_blank class=infotextkey>选取依据等_blank class=infotextkey>get=_blank class=infotextkey>分析过程：
一、核心_blank class=infotextkey>竞争力
明之辉_blank class=infotextkey>get=_blank class=infotextkey>主要从事照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>施工、_blank class=infotextkey>get=_blank class=infotextkey>设计、维_blank class=infotextkey>get=_blank class=infotextkey>保_blank class=infotextkey>get=_blank class=infotextkey>业务及_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装饰_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>业务。明之辉_blank class=infotextkey>get=_blank class=infotextkey>系
_blank class=infotextkey>get=_blank class=infotextkey>高_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>技术_blank class=infotextkey>get=_blank class=infotextkey>企业，已取得_blank class=infotextkey>get=_blank class=infotextkey>我国照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>行业和_blank class=infotextkey>get=_blank class=infotextkey>建筑_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装饰_blank class=infotextkey>get=_blank class=infotextkey>行业的《照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>get=_blank class=infotextkey>专项
甲级》、《_blank class=infotextkey>get=_blank class=infotextkey>城市及_blank class=infotextkey>道路照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>专业承包一级》、《_blank class=infotextkey>get=_blank class=infotextkey>建筑_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装饰_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>专业承包一
级》、《_blank class=infotextkey>get=_blank class=infotextkey>建筑_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装饰_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>get=_blank class=infotextkey>专项甲级》等四项资质，拥_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>领先的照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>施工能
力和_blank class=infotextkey>get=_blank class=infotextkey>设计能力，曾_blank class=infotextkey>get=_blank class=infotextkey>多次_blank class=infotextkey>获得_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装饰_blank class=infotextkey>get=_blank class=infotextkey>行业颁发的《_blank class=infotextkey>get=_blank class=infotextkey>金鹏奖》、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳市_blank class=infotextkey>get=_blank class=infotextkey>城市照明学_blank class=infotextkey>get=_blank class=infotextkey>会
颁发的《_blank class=infotextkey>get=_blank class=infotextkey>深照奖_blank class=infotextkey>优秀照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>单位奖》等。
截至_blank class=infotextkey>get=_blank class=infotextkey>2019年6月，_blank class=infotextkey>get=_blank class=infotextkey>行业内_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时拥_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>“照明双甲_blank class=infotextkey>get=_blank class=infotextkey>”即《_blank class=infotextkey>get=_blank class=infotextkey>城市及_blank class=infotextkey>道路照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>专业承包
一级》资质与《照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>get=_blank class=infotextkey>专项甲级》资质的95 家_blank class=infotextkey>get=_blank class=infotextkey>企业_blank class=infotextkey>get=_blank class=infotextkey>中，_blank class=infotextkey>get=_blank class=infotextkey>华_blank class=infotextkey>get=_blank class=infotextkey>南_blank class=infotextkey>get=_blank class=infotextkey>29 家（均在广
_blank class=infotextkey>get=_blank class=infotextkey>东、其_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3 家），华_blank class=infotextkey>get=_blank class=infotextkey>东_blank class=infotextkey>39 家，_blank class=infotextkey>华北_blank class=infotextkey>11 家，华_blank class=infotextkey>get=_blank class=infotextkey>中8 家，西北_blank class=infotextkey>3 家，_blank class=infotextkey>get=_blank class=infotextkey>东北_blank class=infotextkey>get=_blank class=infotextkey>2 家，西
_blank class=infotextkey>get=_blank class=infotextkey>南_blank class=infotextkey>3 家。
（一）明之辉_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>地位
明之辉_blank class=infotextkey>get=_blank class=infotextkey>深耕于照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>多年，在_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>全国范围具_blank class=infotextkey>get=_blank class=infotextkey>有较_blank class=infotextkey>get=_blank class=infotextkey>高_blank class=infotextkey>get=_blank class=infotextkey>品牌和认知度，与_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>多家著
名_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>企业_blank class=infotextkey>get=_blank class=infotextkey>建立_blank class=infotextkey>get=_blank class=infotextkey>战略_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合作_blank class=infotextkey>get=_blank class=infotextkey>关_blank class=infotextkey>get=_blank class=infotextkey>系，为_blank class=infotextkey>get=_blank class=infotextkey>国内许_blank class=infotextkey>get=_blank class=infotextkey>多著名_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>商及_blank class=infotextkey>get=_blank class=infotextkey>企业_blank class=infotextkey>get=_blank class=infotextkey>集团_blank class=infotextkey>get=_blank class=infotextkey>提供照明_blank class=infotextkey>get=_blank class=infotextkey>工程服
务，如_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万达_blank class=infotextkey>get=_blank class=infotextkey>集团、_blank class=infotextkey>get=_blank class=infotextkey>华润_blank class=infotextkey>get=_blank class=infotextkey>置业、绿景_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产、_blank class=infotextkey>get=_blank class=infotextkey>绿_blank class=infotextkey>get=_blank class=infotextkey>地_blank class=infotextkey>控股_blank class=infotextkey>get=_blank class=infotextkey>集团等。
明之辉_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>不断拓展_blank class=infotextkey>get=_blank class=infotextkey>市_blank class=infotextkey>政_blank class=infotextkey>get=_blank class=infotextkey>项目_blank class=infotextkey>get=_blank class=infotextkey>业务，_blank class=infotextkey>近_blank class=infotextkey>get=_blank class=infotextkey>年来_blank class=infotextkey>get=_blank class=infotextkey>工程业绩极为显著，承揽了_blank class=infotextkey>get=_blank class=infotextkey>国内众_blank class=infotextkey>get=_blank class=infotextkey>多_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重_blank class=infotextkey>get=_blank class=infotextkey>大
_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>项目的_blank class=infotextkey>get=_blank class=infotextkey>设计与_blank class=infotextkey>get=_blank class=infotextkey>施工，_blank class=infotextkey>get=_blank class=infotextkey>参与_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳、_blank class=infotextkey>get=_blank class=infotextkey>青岛、_blank class=infotextkey>get=_blank class=infotextkey>长沙、_blank class=infotextkey>get=_blank class=infotextkey>长春、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重庆等_blank class=infotextkey>get=_blank class=infotextkey>国内许_blank class=infotextkey>get=_blank class=infotextkey>多省市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地方_blank class=infotextkey>政
府_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>大型_blank class=infotextkey>get=_blank class=infotextkey>市_blank class=infotextkey>政_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>项目，_blank class=infotextkey>get=_blank class=infotextkey>主要包括：
_blank class=infotextkey>get=_blank class=infotextkey>分类
_blank class=infotextkey>get=_blank class=infotextkey>具_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>产品和_blank class=infotextkey>get=_blank class=infotextkey>服务
_blank class=infotextkey>get=_blank class=infotextkey>案例
_blank class=infotextkey>get=_blank class=infotextkey>城市照
明_blank class=infotextkey>get=_blank class=infotextkey>工程
_blank class=infotextkey>get=_blank class=infotextkey>市_blank class=infotextkey>政照明亮
化_blank class=infotextkey>get=_blank class=infotextkey>工程
_blank class=infotextkey>道路、桥梁和_blank class=infotextkey>get=_blank class=infotextkey>市_blank class=infotextkey>政_blank class=infotextkey>get=_blank class=infotextkey>建筑等照明工
程的_blank class=infotextkey>get=_blank class=infotextkey>规划_blank class=infotextkey>get=_blank class=infotextkey>设计及_blank class=infotextkey>get=_blank class=infotextkey>施工
_blank class=infotextkey>get=_blank class=infotextkey>武汉军运_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重点_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>保障线路_blank class=infotextkey>get=_blank class=infotextkey>景观_blank class=infotextkey>get=_blank class=infotextkey>艺术照明
_blank class=infotextkey>get=_blank class=infotextkey>提升_blank class=infotextkey>get=_blank class=infotextkey>项目、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳市.fan_blank class=infotextkey>g558.com/futian/ tar_blank class=infotextkey>get=_blank class=infotextkey>福田区_blank class=infotextkey>get=_blank class=infotextkey>景观照明_blank class=infotextkey>get=_blank class=infotextkey>提升
_blank class=infotextkey>get=_blank class=infotextkey>工程、_blank class=infotextkey>get=_blank class=infotextkey>长沙三汊矶_blank class=infotextkey>get=_blank class=infotextkey>大桥及湘府路_blank class=infotextkey>get=_blank class=infotextkey>大桥夜
景亮化_blank class=infotextkey>get=_blank class=infotextkey>工程、_blank class=infotextkey>get=_blank class=infotextkey>洛阳市_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>get=_blank class=infotextkey>街跨洛河_blank class=infotextkey>get=_blank class=infotextkey>大桥泛
光照明_blank class=infotextkey>get=_blank class=infotextkey>工程
文旅照明亮
化_blank class=infotextkey>get=_blank class=infotextkey>工程
_blank class=infotextkey>get=_blank class=infotextkey>文化_blank class=infotextkey>get=_blank class=infotextkey>旅_blank class=infotextkey>get=_blank class=infotextkey>游_blank class=infotextkey>get=_blank class=infotextkey>景区、_blank class=infotextkey>get=_blank class=infotextkey>特色_blank class=infotextkey>get=_blank class=infotextkey>城市与_blank class=infotextkey>get=_blank class=infotextkey>特色
_blank class=infotextkey>get=_blank class=infotextkey>小镇照明_blank class=infotextkey>get=_blank class=infotextkey>工程的_blank class=infotextkey>get=_blank class=infotextkey>规划_blank class=infotextkey>get=_blank class=infotextkey>设计及_blank class=infotextkey>get=_blank class=infotextkey>施工
四_blank class=infotextkey>面山望乡台_blank class=infotextkey>get=_blank class=infotextkey>景区夜_blank class=infotextkey>get=_blank class=infotextkey>游_blank class=infotextkey>get=_blank class=infotextkey>项目、焦作云溪
谷夜_blank class=infotextkey>get=_blank class=infotextkey>游_blank class=infotextkey>get=_blank class=infotextkey>项目
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产照明亮
化_blank class=infotextkey>get=_blank class=infotextkey>工程
_blank class=infotextkey>get=_blank class=infotextkey>地标性_blank class=infotextkey>get=_blank class=infotextkey>建筑、_blank class=infotextkey>get=_blank class=infotextkey>办_blank class=infotextkey>get=_blank class=infotextkey>公_blank class=infotextkey>get=_blank class=infotextkey>楼、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>酒店_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公寓
照明_blank class=infotextkey>get=_blank class=infotextkey>工程的_blank class=infotextkey>get=_blank class=infotextkey>设计及_blank class=infotextkey>get=_blank class=infotextkey>施工
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳湾_blank class=infotextkey>get=_blank class=infotextkey>壹号_blank class=infotextkey>get=_blank class=infotextkey>广场_blank class=infotextkey>get=_blank class=infotextkey>南二期裙_blank class=infotextkey>get=_blank class=infotextkey>楼泛光照明工
程、_blank class=infotextkey>get=_blank class=infotextkey>长沙华远_blank class=infotextkey>get=_blank class=infotextkey>金外滩5 期泛光照明_blank class=infotextkey>get=_blank class=infotextkey>工程
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>工程
_blank class=infotextkey>get=_blank class=infotextkey>室内外_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装饰_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修及_blank class=infotextkey>get=_blank class=infotextkey>设计、机电设
备安_blank class=infotextkey>get=_blank class=infotextkey>装及维_blank class=infotextkey>get=_blank class=infotextkey>修
_blank class=infotextkey>get=_blank class=infotextkey>广州_blank class=infotextkey>get=_blank class=infotextkey>商_blank class=infotextkey>get=_blank class=infotextkey>学院_blank class=infotextkey>get=_blank class=infotextkey>学生_blank class=infotextkey>get=_blank class=infotextkey>宿舍_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>工程、绿景虹
湾_blank class=infotextkey>get=_blank class=infotextkey>花园
照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>设计、研发
照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>方案_blank class=infotextkey>get=_blank class=infotextkey>设计及_blank class=infotextkey>get=_blank class=infotextkey>施工图效果
_blank class=infotextkey>get=_blank class=infotextkey>设计
_blank class=infotextkey>get=_blank class=infotextkey>深_blank class=infotextkey>get=_blank class=infotextkey>南_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>大道_blank class=infotextkey>get=_blank class=infotextkey>沿线_blank class=infotextkey>get=_blank class=infotextkey>景观照明_blank class=infotextkey>get=_blank class=infotextkey>设计、葛洲坝枢
纽渲染照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>设计
路灯和_blank class=infotextkey>get=_blank class=infotextkey>景观灯具维_blank class=infotextkey>get=_blank class=infotextkey>保
已完工照明_blank class=infotextkey>get=_blank class=infotextkey>工程的维_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>维护
.fan_blank class=infotextkey>g558.com/futian/ tar_blank class=infotextkey>get=_blank class=infotextkey>福田路灯设施_blank class=infotextkey>get=_blank class=infotextkey>维护_blank class=infotextkey>get=_blank class=infotextkey>服务_blank class=infotextkey>get=_blank class=infotextkey>项目、郴州_blank class=infotextkey>get=_blank class=infotextkey>国际
_blank class=infotextkey>get=_blank class=infotextkey>会展_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中心_blank class=infotextkey>get=_blank class=infotextkey>楼宇亮化_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>维护
（二）_blank class=infotextkey>技术_blank class=infotextkey>get=_blank class=infotextkey>优势
1._blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面
明之辉拥_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>一个由资_blank class=infotextkey>get=_blank class=infotextkey>深照明_blank class=infotextkey>get=_blank class=infotextkey>设计师_blank class=infotextkey>组成的_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>部，_blank class=infotextkey>get=_blank class=infotextkey>具备_blank class=infotextkey>get=_blank class=infotextkey>国内_blank class=infotextkey>get=_blank class=infotextkey>领先的_blank class=infotextkey>get=_blank class=infotextkey>城市灯光_blank class=infotextkey>get=_blank class=infotextkey>规划
与_blank class=infotextkey>get=_blank class=infotextkey>景观照明_blank class=infotextkey>get=_blank class=infotextkey>设计、_blank class=infotextkey>get=_blank class=infotextkey>建筑_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装饰_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>get=_blank class=infotextkey>水平。一_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面为明之辉的照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>项目_blank class=infotextkey>get=_blank class=infotextkey>提供_blank class=infotextkey>get=_blank class=infotextkey>设计
_blank class=infotextkey>get=_blank class=infotextkey>方案，一_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面和_blank class=infotextkey>get=_blank class=infotextkey>国内_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>团队_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合作_blank class=infotextkey>get=_blank class=infotextkey>进行照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>深化_blank class=infotextkey>get=_blank class=infotextkey>设计；_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>部注_blank class=infotextkey>get=_blank class=infotextkey>重_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>get=_blank class=infotextkey>方案_blank class=infotextkey>get=_blank class=infotextkey>艺术
性，_blank class=infotextkey>get=_blank class=infotextkey>通过涵盖夜景照明、_blank class=infotextkey>get=_blank class=infotextkey>建筑_blank class=infotextkey>get=_blank class=infotextkey>景观、_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>get=_blank class=infotextkey>色彩、户外_blank class=infotextkey>get=_blank class=infotextkey>广告等核心_blank class=infotextkey>get=_blank class=infotextkey>要素，坚持以_blank class=infotextkey>get=_blank class=infotextkey>人为
本、追求_blank class=infotextkey>get=_blank class=infotextkey>空间元素与_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>环境_blank class=infotextkey>get=_blank class=infotextkey>艺术的和谐，擅长创造性的运用_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>get=_blank class=infotextkey>景观与灯光_blank class=infotextkey>get=_blank class=infotextkey>艺术技法，
_blank class=infotextkey>get=_blank class=infotextkey>提供_blank class=infotextkey>get=_blank class=infotextkey>创意性照明_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>get=_blank class=infotextkey>方案；_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时_blank class=infotextkey>get=_blank class=infotextkey>作为_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中心的_blank class=infotextkey>get=_blank class=infotextkey>支持_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>部门，也注_blank class=infotextkey>get=_blank class=infotextkey>重_blank class=infotextkey>get=_blank class=infotextkey>方案的_blank class=infotextkey>get=_blank class=infotextkey>实用性。
_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面
明之辉是_blank class=infotextkey>get=_blank class=infotextkey>国家_blank class=infotextkey>get=_blank class=infotextkey>高_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>技术_blank class=infotextkey>get=_blank class=infotextkey>企业，拥_blank class=infotextkey>get=_blank class=infotextkey>有照明_blank class=infotextkey>get=_blank class=infotextkey>工程所需的_blank class=infotextkey>get=_blank class=infotextkey>多种_blank class=infotextkey>get=_blank class=infotextkey>业务资质，_blank class=infotextkey>不仅拥_blank class=infotextkey>get=_blank class=infotextkey>有照明/
_blank class=infotextkey>get=_blank class=infotextkey>建筑_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装饰_blank class=infotextkey>get=_blank class=infotextkey>两_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>领域_blank class=infotextkey>get=_blank class=infotextkey>“双甲_blank class=infotextkey>get=_blank class=infotextkey>”资质，还拥_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>建筑_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>智能化、机电_blank class=infotextkey>get=_blank class=infotextkey>设备安_blank class=infotextkey>get=_blank class=infotextkey>装、洁净净化三_blank class=infotextkey>get=_blank class=infotextkey>大
_blank class=infotextkey>get=_blank class=infotextkey>领域二级资质、钢结构、电力、安防、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>体育场馆_blank class=infotextkey>get=_blank class=infotextkey>专业_blank class=infotextkey>get=_blank class=infotextkey>施工资质，_blank class=infotextkey>get=_blank class=infotextkey>可以承接_blank class=infotextkey>get=_blank class=infotextkey>景观照明工
程、_blank class=infotextkey>get=_blank class=infotextkey>功能性照明_blank class=infotextkey>get=_blank class=infotextkey>工程、路灯维_blank class=infotextkey>get=_blank class=infotextkey>保等_blank class=infotextkey>get=_blank class=infotextkey>多种照明亮化_blank class=infotextkey>get=_blank class=infotextkey>项目。
（三）_blank class=infotextkey>get=_blank class=infotextkey>品牌_blank class=infotextkey>get=_blank class=infotextkey>优势
明之辉_blank class=infotextkey>get=_blank class=infotextkey>深耕照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>十余年，是_blank class=infotextkey>get=_blank class=infotextkey>国内_blank class=infotextkey>最早从事_blank class=infotextkey>get=_blank class=infotextkey>城市灯光_blank class=infotextkey>get=_blank class=infotextkey>设计与_blank class=infotextkey>get=_blank class=infotextkey>施工的_blank class=infotextkey>get=_blank class=infotextkey>专业工
程_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司之一。在_blank class=infotextkey>get=_blank class=infotextkey>长期的_blank class=infotextkey>get=_blank class=infotextkey>工程实践_blank class=infotextkey>get=_blank class=infotextkey>中培育了明之辉_blank class=infotextkey>优秀的_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>项目_blank class=infotextkey>get=_blank class=infotextkey>管理_blank class=infotextkey>团队，在_blank class=infotextkey>get=_blank class=infotextkey>规划设
计、_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>管理等_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面具_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>突出的_blank class=infotextkey>竞争_blank class=infotextkey>get=_blank class=infotextkey>优势。本着对_blank class=infotextkey>get=_blank class=infotextkey>社_blank class=infotextkey>get=_blank class=infotextkey>会负责、对_blank class=infotextkey>get=_blank class=infotextkey>行业负责、对_blank class=infotextkey>get=_blank class=infotextkey>品牌负
责的_blank class=infotextkey>get=_blank class=infotextkey>品质_blank class=infotextkey>get=_blank class=infotextkey>理念，经得起_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>时间检验的_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>质量，明之辉的_blank class=infotextkey>get=_blank class=infotextkey>工程管控力_blank class=infotextkey>get=_blank class=infotextkey>得到了_blank class=infotextkey>get=_blank class=infotextkey>客户的认
可。明之辉拥_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>武汉军运_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重点_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>保障线路_blank class=infotextkey>get=_blank class=infotextkey>景观_blank class=infotextkey>get=_blank class=infotextkey>艺术照明_blank class=infotextkey>get=_blank class=infotextkey>提升_blank class=infotextkey>get=_blank class=infotextkey>项目、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳市.fan_blank class=infotextkey>g558.com/futian/ tar_blank class=infotextkey>get=_blank class=infotextkey>福田区_blank class=infotextkey>get=_blank class=infotextkey>景观
照明_blank class=infotextkey>get=_blank class=infotextkey>提升_blank class=infotextkey>get=_blank class=infotextkey>工程、_blank class=infotextkey>get=_blank class=infotextkey>长沙三汊矶_blank class=infotextkey>get=_blank class=infotextkey>大桥及湘府路_blank class=infotextkey>get=_blank class=infotextkey>大桥夜景亮化_blank class=infotextkey>get=_blank class=infotextkey>工程、_blank class=infotextkey>get=_blank class=infotextkey>洛阳市_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>get=_blank class=infotextkey>街跨洛河_blank class=infotextkey>get=_blank class=infotextkey>大桥
泛光照明_blank class=infotextkey>get=_blank class=infotextkey>工程等_blank class=infotextkey>get=_blank class=infotextkey>多个精品_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>案例。
（四）_blank class=infotextkey>get=_blank class=infotextkey>质量_blank class=infotextkey>get=_blank class=infotextkey>控制_blank class=infotextkey>get=_blank class=infotextkey>优势
明之辉_blank class=infotextkey>get=_blank class=infotextkey>通过了ISO_blank class=infotextkey>get=_blank class=infotextkey>9001：_blank class=infotextkey>get=_blank class=infotextkey>2015_blank class=infotextkey>get=_blank class=infotextkey>质量_blank class=infotextkey>get=_blank class=infotextkey>管理_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>系认证，_blank class=infotextkey>get=_blank class=infotextkey>设计了一整套涵盖_blank class=infotextkey>get=_blank class=infotextkey>设计、_blank class=infotextkey>get=_blank class=infotextkey>施工
_blank class=infotextkey>get=_blank class=infotextkey>质量等的_blank class=infotextkey>get=_blank class=infotextkey>管理_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>系，在_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>项目招标、_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>组织_blank class=infotextkey>get=_blank class=infotextkey>管理、_blank class=infotextkey>get=_blank class=infotextkey>质量_blank class=infotextkey>get=_blank class=infotextkey>管理目标等_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面_blank class=infotextkey>get=_blank class=infotextkey>建立了一
套_blank class=infotextkey>get=_blank class=infotextkey>高效科学的管控_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>系，_blank class=infotextkey>get=_blank class=infotextkey>要求_blank class=infotextkey>get=_blank class=infotextkey>项目_blank class=infotextkey>团队严格执行_blank class=infotextkey>get=_blank class=infotextkey>工程投标_blank class=infotextkey>get=_blank class=infotextkey>预算_blank class=infotextkey>get=_blank class=infotextkey>审查、_blank class=infotextkey>get=_blank class=infotextkey>施工队伍_blank class=infotextkey>get=_blank class=infotextkey>培训和
考核、_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>组织_blank class=infotextkey>get=_blank class=infotextkey>方案编制、_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>get=_blank class=infotextkey>施工图_blank class=infotextkey>get=_blank class=infotextkey>会审、_blank class=infotextkey>get=_blank class=infotextkey>施工过程_blank class=infotextkey>get=_blank class=infotextkey>监管等_blank class=infotextkey>制度，确_blank class=infotextkey>get=_blank class=infotextkey>保所_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>项目均
能_blank class=infotextkey>get=_blank class=infotextkey>按照_blank class=infotextkey>get=_blank class=infotextkey>统一的_blank class=infotextkey>get=_blank class=infotextkey>质量_blank class=infotextkey>get=_blank class=infotextkey>规范_blank class=infotextkey>get=_blank class=infotextkey>控制和实施。
（五）_blank class=infotextkey>get=_blank class=infotextkey>管理及_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>人才_blank class=infotextkey>get=_blank class=infotextkey>优势
_blank class=infotextkey>近_blank class=infotextkey>get=_blank class=infotextkey>年来，明之辉_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>get=_blank class=infotextkey>创意_blank class=infotextkey>团队_blank class=infotextkey>get=_blank class=infotextkey>参与_blank class=infotextkey>get=_blank class=infotextkey>多个_blank class=infotextkey>get=_blank class=infotextkey>城市的灯光_blank class=infotextkey>get=_blank class=infotextkey>规划_blank class=infotextkey>get=_blank class=infotextkey>设计。在_blank class=infotextkey>get=_blank class=infotextkey>长期的_blank class=infotextkey>get=_blank class=infotextkey>工程实践
_blank class=infotextkey>get=_blank class=infotextkey>中培育了_blank class=infotextkey>优秀的_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>项目_blank class=infotextkey>get=_blank class=infotextkey>管理_blank class=infotextkey>团队。
（六）承接_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>中型_blank class=infotextkey>get=_blank class=infotextkey>项目的_blank class=infotextkey>get=_blank class=infotextkey>优势
明之辉_blank class=infotextkey>get=_blank class=infotextkey>具备照明_blank class=infotextkey>get=_blank class=infotextkey>工程跨_blank class=infotextkey>get=_blank class=infotextkey>地域复杂_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>环境的_blank class=infotextkey>get=_blank class=infotextkey>设计和_blank class=infotextkey>get=_blank class=infotextkey>施工经验，在_blank class=infotextkey>get=_blank class=infotextkey>多_blank class=infotextkey>个省市均_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>成功的
_blank class=infotextkey>get=_blank class=infotextkey>城市亮化、_blank class=infotextkey>get=_blank class=infotextkey>景观亮化_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>项目，并_blank class=infotextkey>get=_blank class=infotextkey>可以_blank class=infotextkey>get=_blank class=infotextkey>提供稳_blank class=infotextkey>_blank class=infotextkey>定的售后_blank class=infotextkey>get=_blank class=infotextkey>服务。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>大型_blank class=infotextkey>get=_blank class=infotextkey>工程的_blank class=infotextkey>get=_blank class=infotextkey>设计和_blank class=infotextkey>get=_blank class=infotextkey>施工
_blank class=infotextkey>技术复杂，对_blank class=infotextkey>get=_blank class=infotextkey>质量、_blank class=infotextkey>get=_blank class=infotextkey>品质、_blank class=infotextkey>get=_blank class=infotextkey>安_blank class=infotextkey>get=_blank class=infotextkey>全的_blank class=infotextkey>get=_blank class=infotextkey>要求_blank class=infotextkey>get=_blank class=infotextkey>高，对_blank class=infotextkey>get=_blank class=infotextkey>项目的_blank class=infotextkey>get=_blank class=infotextkey>管理_blank class=infotextkey>get=_blank class=infotextkey>要求_blank class=infotextkey>严谨，对_blank class=infotextkey>get=_blank class=infotextkey>人员的_blank class=infotextkey>get=_blank class=infotextkey>综_blank class=infotextkey>合素
质_blank class=infotextkey>get=_blank class=infotextkey>要求严格。明之辉_blank class=infotextkey>get=_blank class=infotextkey>系_blank class=infotextkey>get=_blank class=infotextkey>少数_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时拥_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>我国照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>“双甲_blank class=infotextkey>get=_blank class=infotextkey>”_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>最_blank class=infotextkey>get=_blank class=infotextkey>高等级资质的_blank class=infotextkey>get=_blank class=infotextkey>企业
之一，_blank class=infotextkey>get=_blank class=infotextkey>管理_blank class=infotextkey>团队具_blank class=infotextkey>get=_blank class=infotextkey>有丰富经验，在_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>多年的_blank class=infotextkey>get=_blank class=infotextkey>发展_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>完成了一_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>系列工期_blank class=infotextkey>get=_blank class=infotextkey>要求紧、_blank class=infotextkey>get=_blank class=infotextkey>质量_blank class=infotextkey>get=_blank class=infotextkey>要求
_blank class=infotextkey>get=_blank class=infotextkey>高、_blank class=infotextkey>技术和_blank class=infotextkey>get=_blank class=infotextkey>施工难度_blank class=infotextkey>get=_blank class=infotextkey>大的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>大型照明_blank class=infotextkey>get=_blank class=infotextkey>工程，积累了丰富的_blank class=infotextkey>get=_blank class=infotextkey>设计和_blank class=infotextkey>get=_blank class=infotextkey>施工经验，形_blank class=infotextkey>get=_blank class=infotextkey>成了明之
辉在_blank class=infotextkey>get=_blank class=infotextkey>行业内较_blank class=infotextkey>get=_blank class=infotextkey>高的_blank class=infotextkey>get=_blank class=infotextkey>品牌效应。明之辉_blank class=infotextkey>get=_blank class=infotextkey>具备_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时_blank class=infotextkey>get=_blank class=infotextkey>开展_blank class=infotextkey>get=_blank class=infotextkey>多项_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>大型_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>项目的能力和_blank class=infotextkey>get=_blank class=infotextkey>优势，
在_blank class=infotextkey>get=_blank class=infotextkey>国内_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>大型照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>项目_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>具备较_blank class=infotextkey>get=_blank class=infotextkey>强的_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>竞争力。
二、明之辉的_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>经营业绩
明之辉_blank class=infotextkey>近年_blank class=infotextkey>get=_blank class=infotextkey>主要_blank class=infotextkey>get=_blank class=infotextkey>经营_blank class=infotextkey>指标如_blank class=infotextkey>get=_blank class=infotextkey>下：
_blank class=infotextkey>单位：_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元
_blank class=infotextkey>get=_blank class=infotextkey>项目
_blank class=infotextkey>get=_blank class=infotextkey>2019年4月_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>30日/
_blank class=infotextkey>get=_blank class=infotextkey>2019年14月
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月_blank class=infotextkey>_blank class=infotextkey>31日
/_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月_blank class=infotextkey>_blank class=infotextkey>31日
/_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年度
_blank class=infotextkey>get=_blank class=infotextkey>资产总计
4_blank class=infotextkey>get=_blank class=infotextkey>2,481.78
41,_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>30.0_blank class=infotextkey>3
_blank class=infotextkey>3_blank class=infotextkey>3,76_blank class=infotextkey>3.8_blank class=infotextkey>get=_blank class=infotextkey>2
_blank class=infotextkey>get=_blank class=infotextkey>负债总计
_blank class=infotextkey>get=_blank class=infotextkey>21,814.9_blank class=infotextkey>get=_blank class=infotextkey>2
_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2,5_blank class=infotextkey>get=_blank class=infotextkey>24._blank class=infotextkey>get=_blank class=infotextkey>25
19,958.75
归属母_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的所_blank class=infotextkey>get=_blank class=infotextkey>有者权
益
_blank class=infotextkey>get=_blank class=infotextkey>20,_blank class=infotextkey>get=_blank class=infotextkey>666.86
18,705.78
_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3,_blank class=infotextkey>get=_blank class=infotextkey>805._blank class=infotextkey>08
营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
_blank class=infotextkey>11,795._blank class=infotextkey>08
_blank class=infotextkey>39,815.71
_blank class=infotextkey>get=_blank class=infotextkey>29,147.49
利润总额
_blank class=infotextkey>get=_blank class=infotextkey>2,_blank class=infotextkey>300.6_blank class=infotextkey>3
5,_blank class=infotextkey>get=_blank class=infotextkey>604._blank class=infotextkey>get=_blank class=infotextkey>24
4,_blank class=infotextkey>117._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3
净利润
1,961._blank class=infotextkey>get=_blank class=infotextkey>09
4,_blank class=infotextkey>get=_blank class=infotextkey>900.70
_blank class=infotextkey>3,548.97
归属母_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司股_blank class=infotextkey>get=_blank class=infotextkey>东的净利
润
1,961._blank class=infotextkey>get=_blank class=infotextkey>09
4,_blank class=infotextkey>get=_blank class=infotextkey>900.70
_blank class=infotextkey>3,548.97
_blank class=infotextkey>get=_blank class=infotextkey>经营_blank class=infotextkey>get=_blank class=infotextkey>活动产_blank class=infotextkey>get=_blank class=infotextkey>生的_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>流
量净额
4_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.00
8_blank class=infotextkey>37.71
_blank class=infotextkey>get=_blank class=infotextkey>2,0_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2.76
毛_blank class=infotextkey>get=_blank class=infotextkey>利率
_blank class=infotextkey>get=_blank class=infotextkey>28._blank class=infotextkey>get=_blank class=infotextkey>27%
_blank class=infotextkey>get=_blank class=infotextkey>24._blank class=infotextkey>get=_blank class=infotextkey>25%
_blank class=infotextkey>get=_blank class=infotextkey>26.57%
_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>负债率
5_blank class=infotextkey>get=_blank class=infotextkey>1._blank class=infotextkey>35%
54.6_blank class=infotextkey>3%
59._blank class=infotextkey>11%
根据_blank class=infotextkey>get=_blank class=infotextkey>上表所示，_blank class=infotextkey>get=_blank class=infotextkey>企业_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>经营业绩_blank class=infotextkey>get=_blank class=infotextkey>增长迅速。截至_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月_blank class=infotextkey>_blank class=infotextkey>31日明之辉股_blank class=infotextkey>get=_blank class=infotextkey>东
_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>部权益为18,705.78_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元，相比_blank class=infotextkey>get=_blank class=infotextkey>上年_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>35._blank class=infotextkey>get=_blank class=infotextkey>50%。_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度明之辉营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入为
_blank class=infotextkey>39,815.71_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元，相比_blank class=infotextkey>get=_blank class=infotextkey>上年_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>36._blank class=infotextkey>get=_blank class=infotextkey>60%；_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度明之辉净利润为4,_blank class=infotextkey>get=_blank class=infotextkey>900.70_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元，相
比_blank class=infotextkey>get=_blank class=infotextkey>上年_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>38._blank class=infotextkey>get=_blank class=infotextkey>09%。
根据_blank class=infotextkey>近_blank class=infotextkey>年的净_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>收益率_blank class=infotextkey>指标_blank class=infotextkey>get=_blank class=infotextkey>可以看出，明之辉_blank class=infotextkey>近年维持了较为优越的净_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>收
益率，反映了其较_blank class=infotextkey>get=_blank class=infotextkey>强的盈利能力，而_blank class=infotextkey>get=_blank class=infotextkey>我们在用_blank class=infotextkey>收益法_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>未来_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>流的_blank class=infotextkey>get=_blank class=infotextkey>评估过程_blank class=infotextkey>get=_blank class=infotextkey>中，
在_blank class=infotextkey>get=_blank class=infotextkey>企业_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>实现业绩的基础_blank class=infotextkey>get=_blank class=infotextkey>上，用稳健_blank class=infotextkey>get=_blank class=infotextkey>保守的_blank class=infotextkey>原则_blank class=infotextkey>get=_blank class=infotextkey>进行_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入、_blank class=infotextkey>get=_blank class=infotextkey>成本、净利润和_blank class=infotextkey>get=_blank class=infotextkey>增长预
测，确_blank class=infotextkey>get=_blank class=infotextkey>保_blank class=infotextkey>get=_blank class=infotextkey>评估结果的_blank class=infotextkey>get=_blank class=infotextkey>公允和_blank class=infotextkey>合理性。
三、_blank class=infotextkey>get=_blank class=infotextkey>评估参数的_blank class=infotextkey>get=_blank class=infotextkey>选取
（一）营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
明之辉_blank class=infotextkey>get=_blank class=infotextkey>2019年营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>主要依据_blank class=infotextkey>get=_blank class=infotextkey>企业_blank class=infotextkey>get=_blank class=infotextkey>在手订_blank class=infotextkey>单及_blank class=infotextkey>get=_blank class=infotextkey>中标_blank class=infotextkey>通知书_blank class=infotextkey>get=_blank class=infotextkey>进行_blank class=infotextkey>get=_blank class=infotextkey>预测，_blank class=infotextkey>get=_blank class=infotextkey>2019年
5_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月至_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>4年营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>通过_blank class=infotextkey>get=_blank class=infotextkey>预测各项_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入：
_blank class=infotextkey>单位：_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元
序号
_blank class=infotextkey>get=_blank class=infotextkey>项目
_blank class=infotextkey>get=_blank class=infotextkey>未来_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>2019年5_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月
_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>21_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>24_blank class=infotextkey>get=_blank class=infotextkey>年度
一
照明_blank class=infotextkey>get=_blank class=infotextkey>施工
_blank class=infotextkey>get=_blank class=infotextkey>29,9_blank class=infotextkey>get=_blank class=infotextkey>26.86
4_blank class=infotextkey>3,456.96
45,6_blank class=infotextkey>get=_blank class=infotextkey>29.81
47,455.00
48,878.65
49,856._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2
二
照明_blank class=infotextkey>get=_blank class=infotextkey>维护
758.77
_blank class=infotextkey>get=_blank class=infotextkey>99_blank class=infotextkey>3.66
1,0_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.46
1,04_blank class=infotextkey>3.87
1,064.75
1,_blank class=infotextkey>086.04
三
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>施工
44._blank class=infotextkey>get=_blank class=infotextkey>25
四
照明_blank class=infotextkey>get=_blank class=infotextkey>设计
_blank class=infotextkey>395.96
1,416.70
1,487.5_blank class=infotextkey>3
1,547.0_blank class=infotextkey>3
1,59_blank class=infotextkey>3.44
1,6_blank class=infotextkey>get=_blank class=infotextkey>25._blank class=infotextkey>31
_blank class=infotextkey>合计
_blank class=infotextkey>31,1_blank class=infotextkey>get=_blank class=infotextkey>25.8_blank class=infotextkey>3
45,867._blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>2
48,_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>30._blank class=infotextkey>get=_blank class=infotextkey>80
50,045.90
51,5_blank class=infotextkey>36.84
5_blank class=infotextkey>get=_blank class=infotextkey>2,567.58
_blank class=infotextkey>get=_blank class=infotextkey>增长率
7._blank class=infotextkey>get=_blank class=infotextkey>80%
6.86%
4.9_blank class=infotextkey>3%
_blank class=infotextkey>3.98%
_blank class=infotextkey>get=_blank class=infotextkey>2.98%
_blank class=infotextkey>get=_blank class=infotextkey>2.00%
1、_blank class=infotextkey>get=_blank class=infotextkey>2019年营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
明之辉_blank class=infotextkey>get=_blank class=infotextkey>2019年营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>通过_blank class=infotextkey>get=_blank class=infotextkey>在手订_blank class=infotextkey>单及_blank class=infotextkey>get=_blank class=infotextkey>中标_blank class=infotextkey>通知书_blank class=infotextkey>get=_blank class=infotextkey>进行_blank class=infotextkey>get=_blank class=infotextkey>预测，对明之辉_blank class=infotextkey>get=_blank class=infotextkey>主要依据
已签订尚在执_blank class=infotextkey>get=_blank class=infotextkey>行的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同_blank class=infotextkey>get=_blank class=infotextkey>预计_blank class=infotextkey>get=_blank class=infotextkey>实现的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入、已签订尚未执_blank class=infotextkey>get=_blank class=infotextkey>行的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同_blank class=infotextkey>get=_blank class=infotextkey>预计_blank class=infotextkey>get=_blank class=infotextkey>实现的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>进行
_blank class=infotextkey>get=_blank class=infotextkey>预测。根据_blank class=infotextkey>get=_blank class=infotextkey>业务进程，_blank class=infotextkey>get=_blank class=infotextkey>分析明之辉_blank class=infotextkey>get=_blank class=infotextkey>在手订_blank class=infotextkey>单在_blank class=infotextkey>get=_blank class=infotextkey>2019年_blank class=infotextkey>get=_blank class=infotextkey>能够_blank class=infotextkey>get=_blank class=infotextkey>完成的_blank class=infotextkey>比例，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>最终得出营业
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入，_blank class=infotextkey>get=_blank class=infotextkey>预测结果可靠性较_blank class=infotextkey>get=_blank class=infotextkey>高。
截至_blank class=infotextkey>get=_blank class=infotextkey>2019年9月_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3日，根据明之辉_blank class=infotextkey>get=_blank class=infotextkey>目前_blank class=infotextkey>get=_blank class=infotextkey>在手订_blank class=infotextkey>单（均已签订了_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同且已实
施了_blank class=infotextkey>get=_blank class=infotextkey>采购进场_blank class=infotextkey>get=_blank class=infotextkey>行为）_blank class=infotextkey>get=_blank class=infotextkey>预测的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>情况如_blank class=infotextkey>get=_blank class=infotextkey>下：
_blank class=infotextkey>单位：_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元
序号
_blank class=infotextkey>get=_blank class=infotextkey>项目
_blank class=infotextkey>get=_blank class=infotextkey>在手订_blank class=infotextkey>单
_blank class=infotextkey>get=_blank class=infotextkey>2019年_blank class=infotextkey>get=_blank class=infotextkey>预计可_blank class=infotextkey>get=_blank class=infotextkey>实现_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
1
照明_blank class=infotextkey>get=_blank class=infotextkey>施工
已_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>项目
_blank class=infotextkey>get=_blank class=infotextkey>24,906.86
8,0_blank class=infotextkey>30._blank class=infotextkey>get=_blank class=infotextkey>28
已签_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同尚未_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>项目
44,197.97
_blank class=infotextkey>get=_blank class=infotextkey>21,896.57
_blank class=infotextkey>get=_blank class=infotextkey>小计
69,_blank class=infotextkey>get=_blank class=infotextkey>104.8_blank class=infotextkey>3
_blank class=infotextkey>get=_blank class=infotextkey>29,9_blank class=infotextkey>get=_blank class=infotextkey>26.85
_blank class=infotextkey>get=_blank class=infotextkey>2
照明_blank class=infotextkey>get=_blank class=infotextkey>维护
已_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>项目
8_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>2.55
5_blank class=infotextkey>31.49
已签_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同尚未_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>项目
_blank class=infotextkey>get=_blank class=infotextkey>247.74
_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>27._blank class=infotextkey>get=_blank class=infotextkey>28
_blank class=infotextkey>get=_blank class=infotextkey>小计
1,0_blank class=infotextkey>get=_blank class=infotextkey>80._blank class=infotextkey>get=_blank class=infotextkey>29
758.77
_blank class=infotextkey>3
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>施工
已_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>项目
1_blank class=infotextkey>get=_blank class=infotextkey>28._blank class=infotextkey>get=_blank class=infotextkey>80
44._blank class=infotextkey>get=_blank class=infotextkey>25
已签_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同尚未_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>项目
_blank class=infotextkey>get=_blank class=infotextkey>小计
1_blank class=infotextkey>get=_blank class=infotextkey>28.8
44._blank class=infotextkey>get=_blank class=infotextkey>25
4
照明_blank class=infotextkey>get=_blank class=infotextkey>设计
已_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>项目
144.95
9_blank class=infotextkey>3.76
已签_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同尚未_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>项目
504._blank class=infotextkey>get=_blank class=infotextkey>264
_blank class=infotextkey>30_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>get=_blank class=infotextkey>2
_blank class=infotextkey>get=_blank class=infotextkey>小计
649._blank class=infotextkey>get=_blank class=infotextkey>214
_blank class=infotextkey>395.96
_blank class=infotextkey>合计
70,96_blank class=infotextkey>3._blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3
_blank class=infotextkey>31,1_blank class=infotextkey>get=_blank class=infotextkey>25.8_blank class=infotextkey>3
备注：_blank class=infotextkey>get=_blank class=infotextkey>上表以_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>基准日_blank class=infotextkey>get=_blank class=infotextkey>作为_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>项目的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>时间节点。
如_blank class=infotextkey>get=_blank class=infotextkey>上表所示，截至_blank class=infotextkey>get=_blank class=infotextkey>2019年9月_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3日，明之辉_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>在手订_blank class=infotextkey>单_blank class=infotextkey>合计_blank class=infotextkey>get=_blank class=infotextkey>金额70,96_blank class=infotextkey>3._blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>万
元，其_blank class=infotextkey>get=_blank class=infotextkey>中已_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同订_blank class=infotextkey>单_blank class=infotextkey>get=_blank class=infotextkey>26,0_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.16_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元，已签订_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同尚未_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同订_blank class=infotextkey>单44,949.97_blank class=infotextkey>get=_blank class=infotextkey>万
元，其_blank class=infotextkey>get=_blank class=infotextkey>中支撑_blank class=infotextkey>get=_blank class=infotextkey>2019年5_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月的_blank class=infotextkey>get=_blank class=infotextkey>预计_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入（_blank class=infotextkey>get=_blank class=infotextkey>含已_blank class=infotextkey>get=_blank class=infotextkey>实现的_blank class=infotextkey>部分）已达_blank class=infotextkey>31,1_blank class=infotextkey>get=_blank class=infotextkey>25.8_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元，占
_blank class=infotextkey>get=_blank class=infotextkey>2019年_blank class=infotextkey>get=_blank class=infotextkey>预计总_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入的_blank class=infotextkey>get=_blank class=infotextkey>100.00%，_blank class=infotextkey>get=_blank class=infotextkey>2019年营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>预测的确_blank class=infotextkey>定性相对较_blank class=infotextkey>get=_blank class=infotextkey>高，_blank class=infotextkey>get=_blank class=infotextkey>2019年业绩
承诺_blank class=infotextkey>get=_blank class=infotextkey>具备较强可_blank class=infotextkey>get=_blank class=infotextkey>实现性，_blank class=infotextkey>get=_blank class=infotextkey>剩余未_blank class=infotextkey>get=_blank class=infotextkey>实现_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>部分订_blank class=infotextkey>单将滚存_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>20年_blank class=infotextkey>get=_blank class=infotextkey>实现，_blank class=infotextkey>get=_blank class=infotextkey>预计可_blank class=infotextkey>get=_blank class=infotextkey>实现营业
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入18,8_blank class=infotextkey>get=_blank class=infotextkey>25.55_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元，占_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>20年_blank class=infotextkey>get=_blank class=infotextkey>预计总_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入45,867._blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元的41%。
_blank class=infotextkey>get=_blank class=infotextkey>2、_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>20年至_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>4年营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
明之辉_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>20年至_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>4年营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入的_blank class=infotextkey>get=_blank class=infotextkey>预测，是_blank class=infotextkey>get=_blank class=infotextkey>通过_blank class=infotextkey>get=_blank class=infotextkey>分析各项_blank class=infotextkey>get=_blank class=infotextkey>业务的_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>增长速
度、_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>增长速度，_blank class=infotextkey>get=_blank class=infotextkey>预测各项_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入的_blank class=infotextkey>get=_blank class=infotextkey>增长速度，从而_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>最终确_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>未来_blank class=infotextkey>get=_blank class=infotextkey>年度营业_blank class=infotextkey>收
入。
（1）_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>年度_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入变动
从_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>年度_blank class=infotextkey>get=_blank class=infotextkey>财务_blank class=infotextkey>get=_blank class=infotextkey>数据来看，明之辉的营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>201_blank class=infotextkey>get=_blank class=infotextkey>6年营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入为18,877._blank class=infotextkey>get=_blank class=infotextkey>99_blank class=infotextkey>get=_blank class=infotextkey>万
元，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年为_blank class=infotextkey>get=_blank class=infotextkey>29,147.49_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元，到_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>增长到_blank class=infotextkey>39,_blank class=infotextkey>get=_blank class=infotextkey>297.96_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元，_blank class=infotextkey>get=_blank class=infotextkey>年度_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入复
_blank class=infotextkey>合_blank class=infotextkey>增值率为44._blank class=infotextkey>get=_blank class=infotextkey>28%，详见_blank class=infotextkey>get=_blank class=infotextkey>下表：
_blank class=infotextkey>单位：_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元
_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年度
_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>2019年14月
营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
_blank class=infotextkey>get=_blank class=infotextkey>29,147.49
_blank class=infotextkey>39,_blank class=infotextkey>get=_blank class=infotextkey>297.96
_blank class=infotextkey>11,795._blank class=infotextkey>08
_blank class=infotextkey>get=_blank class=infotextkey>增长率
54.40%
_blank class=infotextkey>34.8_blank class=infotextkey>get=_blank class=infotextkey>2%
— —
与同_blank class=infotextkey>get=_blank class=infotextkey>行业的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>增长率相比，明之辉的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>增长率_blank class=infotextkey>get=_blank class=infotextkey>低于_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>平均_blank class=infotextkey>get=_blank class=infotextkey>水平，
_blank class=infotextkey>get=_blank class=infotextkey>低于名家汇、豪尔赛、罗曼照明等，_blank class=infotextkey>get=_blank class=infotextkey>高于_blank class=infotextkey>get=_blank class=infotextkey>北京_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>时空，处于_blank class=infotextkey>合理区间内，各_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>增长率如_blank class=infotextkey>get=_blank class=infotextkey>下表所示：
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司名称
_blank class=infotextkey>get=_blank class=infotextkey>2018 _blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017 _blank class=infotextkey>get=_blank class=infotextkey>年度
名家汇
91.61%
64.0_blank class=infotextkey>get=_blank class=infotextkey>2%
_blank class=infotextkey>get=_blank class=infotextkey>奥拓电_blank class=infotextkey>get=_blank class=infotextkey>子
51.1_blank class=infotextkey>get=_blank class=infotextkey>2%
1_blank class=infotextkey>get=_blank class=infotextkey>27.78%
_blank class=infotextkey>get=_blank class=infotextkey>北京_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>时空
_blank class=infotextkey>30.7_blank class=infotextkey>get=_blank class=infotextkey>2%
47.55%
罗曼照明
76.64%
77.59%
豪尔赛
89.79%
7_blank class=infotextkey>get=_blank class=infotextkey>2.96%
_blank class=infotextkey>get=_blank class=infotextkey>平均
67.98%
77.98%
注：_blank class=infotextkey>get=_blank class=infotextkey>数据来源于_blank class=infotextkey>get=_blank class=infotextkey>上述_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的年报或招股说明书。
（_blank class=infotextkey>get=_blank class=infotextkey>2）_blank class=infotextkey>get=_blank class=infotextkey>研究机构统计_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入变动
根据_blank class=infotextkey>get=_blank class=infotextkey>高工产研LED_blank class=infotextkey>get=_blank class=infotextkey>研究所的统计及_blank class=infotextkey>get=_blank class=infotextkey>预测：_blank class=infotextkey>get=_blank class=infotextkey>201_blank class=infotextkey>get=_blank class=infotextkey>6年_blank class=infotextkey>get=_blank class=infotextkey>全球_blank class=infotextkey>get=_blank class=infotextkey>景观亮化_blank class=infotextkey>get=_blank class=infotextkey>市场达到_blank class=infotextkey>get=_blank class=infotextkey>2,450.00
_blank class=infotextkey>get=_blank class=infotextkey>亿元，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年达到_blank class=infotextkey>get=_blank class=infotextkey>2,744.00_blank class=infotextkey>get=_blank class=infotextkey>亿元，同比_blank class=infotextkey>get=_blank class=infotextkey>增长1_blank class=infotextkey>get=_blank class=infotextkey>2.00%。_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国已经_blank class=infotextkey>get=_blank class=infotextkey>成为_blank class=infotextkey>get=_blank class=infotextkey>全球_blank class=infotextkey>get=_blank class=infotextkey>大的_blank class=infotextkey>get=_blank class=infotextkey>景观
照明_blank class=infotextkey>get=_blank class=infotextkey>市场，_blank class=infotextkey>get=_blank class=infotextkey>我国_blank class=infotextkey>get=_blank class=infotextkey>景观照明_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>规模从_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>10年的_blank class=infotextkey>get=_blank class=infotextkey>207.00_blank class=infotextkey>get=_blank class=infotextkey>亿元_blank class=infotextkey>get=_blank class=infotextkey>增长至_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年的796._blank class=infotextkey>11亿
元，期间年均复_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>增长率达_blank class=infotextkey>get=_blank class=infotextkey>21._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2%。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年详见_blank class=infotextkey>get=_blank class=infotextkey>下表_blank class=infotextkey>gLII_blank class=infotextkey>get=_blank class=infotextkey>数据：
_blank class=infotextkey>单位：_blank class=infotextkey>get=_blank class=infotextkey>亿元
名称
机构_blank class=infotextkey>get=_blank class=infotextkey>介绍
_blank class=infotextkey>get=_blank class=infotextkey>研究_blank class=infotextkey>get=_blank class=infotextkey>报告
_blank class=infotextkey>get=_blank class=infotextkey>2016 年
度产值
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017 年
度产值
_blank class=infotextkey>get=_blank class=infotextkey>2018 年
度产值
CSA
_blank class=infotextkey>get=_blank class=infotextkey>成立于_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2004 年，是为半导_blank class=infotextkey>get=_blank class=infotextkey>体照明等_blank class=infotextkey>get=_blank class=infotextkey>战略
性_blank class=infotextkey>get=_blank class=infotextkey>新兴_blank class=infotextkey>get=_blank class=infotextkey>产业_blank class=infotextkey>get=_blank class=infotextkey>提供_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>get=_blank class=infotextkey>方位_blank class=infotextkey>get=_blank class=infotextkey>创_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>get=_blank class=infotextkey>服务的_blank class=infotextkey>get=_blank class=infotextkey>新型
_blank class=infotextkey>get=_blank class=infotextkey>组织。出具的相关_blank class=infotextkey>get=_blank class=infotextkey>报告将半导_blank class=infotextkey>get=_blank class=infotextkey>体应用领
域分为通用照明、_blank class=infotextkey>get=_blank class=infotextkey>景观照明、_blank class=infotextkey>get=_blank class=infotextkey>显示屏、
_blank class=infotextkey>get=_blank class=infotextkey>汽车照明、背光应用、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>信号及指示和其
他应用。
《_blank class=infotextkey>get=_blank class=infotextkey>2016 年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国半导_blank class=infotextkey>get=_blank class=infotextkey>体照明_blank class=infotextkey>get=_blank class=infotextkey>产业发
展_blank class=infotextkey>get=_blank class=infotextkey>白皮书》、《_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017 年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国半导
_blank class=infotextkey>get=_blank class=infotextkey>体照明_blank class=infotextkey>get=_blank class=infotextkey>产业_blank class=infotextkey>get=_blank class=infotextkey>发展蓝皮书》、
《_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国半导_blank class=infotextkey>get=_blank class=infotextkey>体照明_blank class=infotextkey>get=_blank class=infotextkey>产业发
展蓝皮书》
578.61
_blank class=infotextkey>get=_blank class=infotextkey>798.70
1,007.00
_blank class=infotextkey>get=_blank class=infotextkey>增长率
— —
_blank class=infotextkey>38.04%
_blank class=infotextkey>get=_blank class=infotextkey>26._blank class=infotextkey>08%
_blank class=infotextkey>gLII
_blank class=infotextkey>get=_blank class=infotextkey>成立于_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2006 年，专注于_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国_blank class=infotextkey>get=_blank class=infotextkey>战略性_blank class=infotextkey>get=_blank class=infotextkey>新兴
_blank class=infotextkey>get=_blank class=infotextkey>产业的_blank class=infotextkey>get=_blank class=infotextkey>产业_blank class=infotextkey>get=_blank class=infotextkey>研究咨询机构。旗_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>有锂
电、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>电动车、LED、机器_blank class=infotextkey>get=_blank class=infotextkey>人、_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>材料、_blank class=infotextkey>get=_blank class=infotextkey>智
能_blank class=infotextkey>get=_blank class=infotextkey>汽车_blank class=infotextkey>get=_blank class=infotextkey>研究所。
《_blank class=infotextkey>get=_blank class=infotextkey>2018 _blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国LED_blank class=infotextkey>get=_blank class=infotextkey>景观亮化_blank class=infotextkey>get=_blank class=infotextkey>行业调
研_blank class=infotextkey>get=_blank class=infotextkey>报告》
5_blank class=infotextkey>get=_blank class=infotextkey>60.00
6_blank class=infotextkey>get=_blank class=infotextkey>80.00
7_blank class=infotextkey>get=_blank class=infotextkey>80.00
_blank class=infotextkey>get=_blank class=infotextkey>增长率
— —
_blank class=infotextkey>get=_blank class=infotextkey>21.4_blank class=infotextkey>3%
14.71%
_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>商产
业_blank class=infotextkey>get=_blank class=infotextkey>研究
院
_blank class=infotextkey>get=_blank class=infotextkey>商情_blank class=infotextkey>get=_blank class=infotextkey>数据（8_blank class=infotextkey>38497）_blank class=infotextkey>get=_blank class=infotextkey>下属_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>研究院，_blank class=infotextkey>get=_blank class=infotextkey>研究
_blank class=infotextkey>get=_blank class=infotextkey>领域_blank class=infotextkey>get=_blank class=infotextkey>覆盖_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>中各个_blank class=infotextkey>get=_blank class=infotextkey>行业，_blank class=infotextkey>get=_blank class=infotextkey>系_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>第一
家拥_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>自主_blank class=infotextkey>get=_blank class=infotextkey>知识_blank class=infotextkey>get=_blank class=infotextkey>产权_blank class=infotextkey>get=_blank class=infotextkey>数据_blank class=infotextkey>get=_blank class=infotextkey>库和_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>第一家开
拓细分_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>研究的_blank class=infotextkey>get=_blank class=infotextkey>产业_blank class=infotextkey>get=_blank class=infotextkey>研究机构。
《_blank class=infotextkey>get=_blank class=infotextkey>2019_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>24 年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国照明_blank class=infotextkey>get=_blank class=infotextkey>工程行
业_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>前景及_blank class=infotextkey>get=_blank class=infotextkey>投资_blank class=infotextkey>get=_blank class=infotextkey>机_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>get=_blank class=infotextkey>研究报
告》、《三_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>有利因素助推_blank class=infotextkey>get=_blank class=infotextkey>景观
照明_blank class=infotextkey>get=_blank class=infotextkey>行业将达千亿_blank class=infotextkey>get=_blank class=infotextkey>规模》
578._blank class=infotextkey>get=_blank class=infotextkey>60
796._blank class=infotextkey>get=_blank class=infotextkey>10
9_blank class=infotextkey>35.70
_blank class=infotextkey>get=_blank class=infotextkey>增长率
— —
_blank class=infotextkey>37.59%
17.54%
注：_blank class=infotextkey>get=_blank class=infotextkey>数据来源于_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上海罗曼照明_blank class=infotextkey>get=_blank class=infotextkey>申报IPO_blank class=infotextkey>时的招股说明书。
（_blank class=infotextkey>3）_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>全国照明_blank class=infotextkey>get=_blank class=infotextkey>工程招标_blank class=infotextkey>get=_blank class=infotextkey>项目_blank class=infotextkey>get=_blank class=infotextkey>数据变动
根据_blank class=infotextkey>get=_blank class=infotextkey>“_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国照明学_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>get=_blank class=infotextkey>”于_blank class=infotextkey>get=_blank class=infotextkey>2019年_blank class=infotextkey>3月_blank class=infotextkey>get=_blank class=infotextkey>发_blank class=infotextkey>get=_blank class=infotextkey>布的《_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>全国照明_blank class=infotextkey>get=_blank class=infotextkey>工程招标_blank class=infotextkey>get=_blank class=infotextkey>项目_blank class=infotextkey>get=_blank class=infotextkey>数据统计
_blank class=infotextkey>get=_blank class=infotextkey>报告_blank class=infotextkey>get=_blank class=infotextkey>出炉》：为了_blank class=infotextkey>get=_blank class=infotextkey>更加直观的_blank class=infotextkey>get=_blank class=infotextkey>了解_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>全国照明_blank class=infotextkey>get=_blank class=infotextkey>工程的_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>情况，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国照明网_blank class=infotextkey>get=_blank class=infotextkey>联_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国采
招网_blank class=infotextkey>get=_blank class=infotextkey>进行了_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>全国照明_blank class=infotextkey>get=_blank class=infotextkey>工程招标_blank class=infotextkey>get=_blank class=infotextkey>项目的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>数据统计(_blank class=infotextkey>不包括_blank class=infotextkey>港澳台)，以亮化工
程、_blank class=infotextkey>get=_blank class=infotextkey>景观照明、_blank class=infotextkey>道路照明、LED路灯四个关键词对_blank class=infotextkey>get=_blank class=infotextkey>发_blank class=infotextkey>get=_blank class=infotextkey>布的招标_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>信息_blank class=infotextkey>get=_blank class=infotextkey>进行了检索统计，
形_blank class=infotextkey>get=_blank class=infotextkey>成了统计_blank class=infotextkey>get=_blank class=infotextkey>报告，其_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>201_blank class=infotextkey>get=_blank class=infotextkey>6年、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年亮化及_blank class=infotextkey>get=_blank class=infotextkey>景观照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>中标数量_blank class=infotextkey>get=_blank class=infotextkey>情况
如_blank class=infotextkey>get=_blank class=infotextkey>下表所示：
_blank class=infotextkey>get=_blank class=infotextkey>项目
_blank class=infotextkey>get=_blank class=infotextkey>2016_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年度
_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度
数量（个）
数量（个）
_blank class=infotextkey>get=_blank class=infotextkey>增长率
数量（个）
_blank class=infotextkey>get=_blank class=infotextkey>增长率
亮化_blank class=infotextkey>get=_blank class=infotextkey>工程
7,188.00
_blank class=infotextkey>get=_blank class=infotextkey>10,_blank class=infotextkey>get=_blank class=infotextkey>261.00
4_blank class=infotextkey>get=_blank class=infotextkey>2.75%
_blank class=infotextkey>11,_blank class=infotextkey>396.00
_blank class=infotextkey>11.06%
_blank class=infotextkey>get=_blank class=infotextkey>景观照明_blank class=infotextkey>get=_blank class=infotextkey>工程
_blank class=infotextkey>3,_blank class=infotextkey>get=_blank class=infotextkey>217.00
4,507.00
40._blank class=infotextkey>get=_blank class=infotextkey>10%
4,87_blank class=infotextkey>3.00
8.1_blank class=infotextkey>get=_blank class=infotextkey>2%
_blank class=infotextkey>get=_blank class=infotextkey>平均
5,_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>2.50
7,_blank class=infotextkey>384.00
41.9_blank class=infotextkey>3%
8,_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>34.50
_blank class=infotextkey>get=_blank class=infotextkey>10.16%
综_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>分析，_blank class=infotextkey>get=_blank class=infotextkey>2016_blank class=infotextkey>get=_blank class=infotextkey>年度至_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度，随着各_blank class=infotextkey>get=_blank class=infotextkey>地_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策的_blank class=infotextkey>get=_blank class=infotextkey>推动，夜_blank class=infotextkey>get=_blank class=infotextkey>游_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济的_blank class=infotextkey>get=_blank class=infotextkey>促进，_blank class=infotextkey>get=_blank class=infotextkey>全
国照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>规模_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>不断_blank class=infotextkey>get=_blank class=infotextkey>提升，以_blank class=infotextkey>get=_blank class=infotextkey>景观照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>最为_blank class=infotextkey>get=_blank class=infotextkey>突出，在_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年和_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>提升
幅度较_blank class=infotextkey>get=_blank class=infotextkey>大，呈现骤增之势，但在_blank class=infotextkey>get=_blank class=infotextkey>金额及数量_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>增长额及_blank class=infotextkey>get=_blank class=infotextkey>中标数量_blank class=infotextkey>get=_blank class=infotextkey>增长
均_blank class=infotextkey>get=_blank class=infotextkey>低于_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年度；明之辉营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>增长略_blank class=infotextkey>get=_blank class=infotextkey>高于_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>增长幅度，_blank class=infotextkey>get=_blank class=infotextkey>主要是_blank class=infotextkey>get=_blank class=infotextkey>由于照明_blank class=infotextkey>get=_blank class=infotextkey>工程行
_blank class=infotextkey>get=_blank class=infotextkey>业内_blank class=infotextkey>get=_blank class=infotextkey>企业数量众_blank class=infotextkey>get=_blank class=infotextkey>多，但_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时_blank class=infotextkey>get=_blank class=infotextkey>具备双甲资质的_blank class=infotextkey>get=_blank class=infotextkey>企业较_blank class=infotextkey>get=_blank class=infotextkey>少，根据_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国照明学_blank class=infotextkey>get=_blank class=infotextkey>会统计，截至
_blank class=infotextkey>get=_blank class=infotextkey>2019年6月，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>全国拥_blank class=infotextkey>get=_blank class=infotextkey>有《照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>get=_blank class=infotextkey>专项甲级》资质的_blank class=infotextkey>get=_blank class=infotextkey>企业达到_blank class=infotextkey>get=_blank class=infotextkey>105家，拥_blank class=infotextkey>get=_blank class=infotextkey>有《城
市及_blank class=infotextkey>道路_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>专业承包一级》资质的_blank class=infotextkey>get=_blank class=infotextkey>企业_blank class=infotextkey>get=_blank class=infotextkey>有450家，_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时拥_blank class=infotextkey>get=_blank class=infotextkey>有该两项资质的_blank class=infotextkey>get=_blank class=infotextkey>企业达到
95家，明之辉是_blank class=infotextkey>get=_blank class=infotextkey>国内_blank class=infotextkey>get=_blank class=infotextkey>少数_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时拥_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>我国照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>“双甲_blank class=infotextkey>get=_blank class=infotextkey>”_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>最_blank class=infotextkey>get=_blank class=infotextkey>高等级资质的_blank class=infotextkey>get=_blank class=infotextkey>企业之
一，因此营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>get=_blank class=infotextkey>高于_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>平均_blank class=infotextkey>get=_blank class=infotextkey>水平。
（4） 明之辉_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>20年及以后_blank class=infotextkey>get=_blank class=infotextkey>年度_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入变动
根据_blank class=infotextkey>get=_blank class=infotextkey>国家统计局_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公_blank class=infotextkey>get=_blank class=infotextkey>布的_blank class=infotextkey>get=_blank class=infotextkey>2019年16月_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>全国固_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>投资_blank class=infotextkey>get=_blank class=infotextkey>数据，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>全国固_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>投资
（_blank class=infotextkey>不_blank class=infotextkey>get=_blank class=infotextkey>含_blank class=infotextkey>农户）_blank class=infotextkey>get=_blank class=infotextkey>29.91_blank class=infotextkey>get=_blank class=infotextkey>万_blank class=infotextkey>get=_blank class=infotextkey>亿元，同比_blank class=infotextkey>get=_blank class=infotextkey>增长5.8%，_blank class=infotextkey>get=_blank class=infotextkey>增速比15月份提_blank class=infotextkey>get=_blank class=infotextkey>高0._blank class=infotextkey>get=_blank class=infotextkey>2个_blank class=infotextkey>百分点。_blank class=infotextkey>get=_blank class=infotextkey>2019
年16月_blank class=infotextkey>get=_blank class=infotextkey>国内生产总值同比_blank class=infotextkey>get=_blank class=infotextkey>增长6._blank class=infotextkey>30%；
综_blank class=infotextkey>get=_blank class=infotextkey>上所述，从_blank class=infotextkey>get=_blank class=infotextkey>未来_blank class=infotextkey>get=_blank class=infotextkey>预测来看，明之辉_blank class=infotextkey>get=_blank class=infotextkey>2019年营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>部根据其持_blank class=infotextkey>get=_blank class=infotextkey>有的_blank class=infotextkey>get=_blank class=infotextkey>在手订_blank class=infotextkey>单
_blank class=infotextkey>get=_blank class=infotextkey>进行_blank class=infotextkey>get=_blank class=infotextkey>预测，_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>20年_blank class=infotextkey>get=_blank class=infotextkey>预测的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>最_blank class=infotextkey>get=_blank class=infotextkey>高_blank class=infotextkey>get=_blank class=infotextkey>增长率为6._blank class=infotextkey>30%，在此基础_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>增长率逐年_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降，_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>年度_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>增长率与_blank class=infotextkey>get=_blank class=infotextkey>2019年_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>全国固_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>投资与_blank class=infotextkey>get=_blank class=infotextkey>国内生产总值_blank class=infotextkey>增值基本持
平，_blank class=infotextkey>get=_blank class=infotextkey>低于_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>全国照明_blank class=infotextkey>get=_blank class=infotextkey>工程招标_blank class=infotextkey>get=_blank class=infotextkey>项目_blank class=infotextkey>get=_blank class=infotextkey>平均_blank class=infotextkey>get=_blank class=infotextkey>增长率_blank class=infotextkey>get=_blank class=infotextkey>10.16%，_blank class=infotextkey>get=_blank class=infotextkey>低于_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度平
均_blank class=infotextkey>get=_blank class=infotextkey>增长率19.69%，_blank class=infotextkey>get=_blank class=infotextkey>低于明之辉_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度_blank class=infotextkey>get=_blank class=infotextkey>平均_blank class=infotextkey>get=_blank class=infotextkey>增长率_blank class=infotextkey>39.5_blank class=infotextkey>3%，因此_blank class=infotextkey>get=_blank class=infotextkey>未来_blank class=infotextkey>get=_blank class=infotextkey>预测的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入增
长率稳健、_blank class=infotextkey>get=_blank class=infotextkey>保守，处于_blank class=infotextkey>合理_blank class=infotextkey>get=_blank class=infotextkey>水平。
（二）营业_blank class=infotextkey>get=_blank class=infotextkey>成本
明之辉_blank class=infotextkey>get=_blank class=infotextkey>未来_blank class=infotextkey>get=_blank class=infotextkey>年度的营业_blank class=infotextkey>get=_blank class=infotextkey>成本_blank class=infotextkey>get=_blank class=infotextkey>预测根据营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入口径可分为照明_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>成本、照明维
护_blank class=infotextkey>get=_blank class=infotextkey>成本、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>成本、_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>get=_blank class=infotextkey>成本、_blank class=infotextkey>get=_blank class=infotextkey>其他等，可细分为_blank class=infotextkey>材料_blank class=infotextkey>get=_blank class=infotextkey>费用、_blank class=infotextkey>劳务_blank class=infotextkey>get=_blank class=infotextkey>成本、间接费
用等。
经_blank class=infotextkey>get=_blank class=infotextkey>分析，明之辉经_blank class=infotextkey>get=_blank class=infotextkey>审计的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>最_blank class=infotextkey>近两年一期各类_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>成本占总_blank class=infotextkey>get=_blank class=infotextkey>成本的_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>年度_blank class=infotextkey>比例如
_blank class=infotextkey>get=_blank class=infotextkey>下表所示：
_blank class=infotextkey>get=_blank class=infotextkey>项目名称
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年度
_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>2019年1至4月
照明_blank class=infotextkey>get=_blank class=infotextkey>施工
87.98%
89.15%
9_blank class=infotextkey>get=_blank class=infotextkey>1._blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>2%
照明_blank class=infotextkey>get=_blank class=infotextkey>维护
_blank class=infotextkey>get=_blank class=infotextkey>2.8_blank class=infotextkey>get=_blank class=infotextkey>2%
1.95%
_blank class=infotextkey>get=_blank class=infotextkey>2.87%
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>施工
5.77%
_blank class=infotextkey>get=_blank class=infotextkey>2.79%
0.87%
_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>get=_blank class=infotextkey>成本
_blank class=infotextkey>3.44%
6._blank class=infotextkey>11%
4.9_blank class=infotextkey>3%
经_blank class=infotextkey>get=_blank class=infotextkey>分析，_blank class=infotextkey>get=_blank class=infotextkey>大朗，_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>年度照明_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>成本比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重_blank class=infotextkey>get=_blank class=infotextkey>大幅_blank class=infotextkey>get=_blank class=infotextkey>上升，照明_blank class=infotextkey>get=_blank class=infotextkey>维护_blank class=infotextkey>get=_blank class=infotextkey>成本、_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>get=_blank class=infotextkey>成本比_blank class=infotextkey>get=_blank class=infotextkey>重基
本维持_blank class=infotextkey>不变，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>成本比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重_blank class=infotextkey>get=_blank class=infotextkey>大幅减_blank class=infotextkey>get=_blank class=infotextkey>少。
_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>年度各类_blank class=infotextkey>get=_blank class=infotextkey>业务的毛_blank class=infotextkey>get=_blank class=infotextkey>利率如_blank class=infotextkey>get=_blank class=infotextkey>下表所示：
_blank class=infotextkey>get=_blank class=infotextkey>项目名称
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年度
_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>2019年1至4月
照明_blank class=infotextkey>get=_blank class=infotextkey>施工
_blank class=infotextkey>get=_blank class=infotextkey>29.84%
_blank class=infotextkey>get=_blank class=infotextkey>25._blank class=infotextkey>get=_blank class=infotextkey>29%
_blank class=infotextkey>get=_blank class=infotextkey>27._blank class=infotextkey>get=_blank class=infotextkey>80%
照明_blank class=infotextkey>get=_blank class=infotextkey>维护
_blank class=infotextkey>get=_blank class=infotextkey>24.56%
_blank class=infotextkey>get=_blank class=infotextkey>20.06%
_blank class=infotextkey>38._blank class=infotextkey>11%
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>施工
9.18%
8.17%
_blank class=infotextkey>get=_blank class=infotextkey>10.5_blank class=infotextkey>3%
照明_blank class=infotextkey>get=_blank class=infotextkey>设计
47.89%
_blank class=infotextkey>38.5_blank class=infotextkey>3%
5_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>get=_blank class=infotextkey>60%
_blank class=infotextkey>get=_blank class=infotextkey>综_blank class=infotextkey>合毛_blank class=infotextkey>get=_blank class=infotextkey>利率
_blank class=infotextkey>get=_blank class=infotextkey>26.57%
_blank class=infotextkey>get=_blank class=infotextkey>24._blank class=infotextkey>get=_blank class=infotextkey>25%
_blank class=infotextkey>get=_blank class=infotextkey>28._blank class=infotextkey>get=_blank class=infotextkey>27%
经_blank class=infotextkey>get=_blank class=infotextkey>分析，_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>年度各类_blank class=infotextkey>get=_blank class=infotextkey>业务毛_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>小幅度变动，照明_blank class=infotextkey>get=_blank class=infotextkey>施工维持在_blank class=infotextkey>get=_blank class=infotextkey>25%_blank class=infotextkey>get=_blank class=infotextkey>29%，_blank class=infotextkey>get=_blank class=infotextkey>设计
_blank class=infotextkey>get=_blank class=infotextkey>成本、照明_blank class=infotextkey>get=_blank class=infotextkey>维护_blank class=infotextkey>get=_blank class=infotextkey>成本毛_blank class=infotextkey>get=_blank class=infotextkey>利率变动较_blank class=infotextkey>get=_blank class=infotextkey>大，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>成本基本稳_blank class=infotextkey>定。
_blank class=infotextkey>get=_blank class=infotextkey>未来_blank class=infotextkey>get=_blank class=infotextkey>年度毛_blank class=infotextkey>get=_blank class=infotextkey>利率，参考照明_blank class=infotextkey>get=_blank class=infotextkey>施工、照明_blank class=infotextkey>get=_blank class=infotextkey>维护、_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>get=_blank class=infotextkey>成本三_blank class=infotextkey>get=_blank class=infotextkey>大类_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>水平_blank class=infotextkey>get=_blank class=infotextkey>综_blank class=infotextkey>合
_blank class=infotextkey>get=_blank class=infotextkey>预测，_blank class=infotextkey>get=_blank class=infotextkey>通过_blank class=infotextkey>get=_blank class=infotextkey>成本率来_blank class=infotextkey>get=_blank class=infotextkey>预测_blank class=infotextkey>get=_blank class=infotextkey>未来_blank class=infotextkey>get=_blank class=infotextkey>年度营业_blank class=infotextkey>get=_blank class=infotextkey>成本。_blank class=infotextkey>get=_blank class=infotextkey>考虑到_blank class=infotextkey>get=_blank class=infotextkey>未来_blank class=infotextkey>get=_blank class=infotextkey>企业_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>规模扩_blank class=infotextkey>get=_blank class=infotextkey>大、_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>get=_blank class=infotextkey>业务
_blank class=infotextkey>get=_blank class=infotextkey>开展和_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>竞争的加剧，_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>get=_blank class=infotextkey>带来一_blank class=infotextkey>_blank class=infotextkey>定的_blank class=infotextkey>不确_blank class=infotextkey>定性，从_blank class=infotextkey>get=_blank class=infotextkey>谨慎_blank class=infotextkey>原则_blank class=infotextkey>get=_blank class=infotextkey>出发，营业_blank class=infotextkey>get=_blank class=infotextkey>成本率逐年
_blank class=infotextkey>get=_blank class=infotextkey>有一_blank class=infotextkey>定程度的_blank class=infotextkey>get=_blank class=infotextkey>增长，毛_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>有一_blank class=infotextkey>定程度的_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降。营业_blank class=infotextkey>get=_blank class=infotextkey>成本_blank class=infotextkey>get=_blank class=infotextkey>预测结果如_blank class=infotextkey>get=_blank class=infotextkey>下：
_blank class=infotextkey>单位：_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元
_blank class=infotextkey>get=_blank class=infotextkey>项目
_blank class=infotextkey>get=_blank class=infotextkey>2019年5至_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月
_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>21_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>24_blank class=infotextkey>get=_blank class=infotextkey>年度
照明_blank class=infotextkey>get=_blank class=infotextkey>施工
_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2,_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>80.47
_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>2,6_blank class=infotextkey>36.61
_blank class=infotextkey>34,_blank class=infotextkey>get=_blank class=infotextkey>268.44
_blank class=infotextkey>35,6_blank class=infotextkey>39.18
_blank class=infotextkey>36,7_blank class=infotextkey>08._blank class=infotextkey>36
_blank class=infotextkey>37,44_blank class=infotextkey>get=_blank class=infotextkey>2.5_blank class=infotextkey>get=_blank class=infotextkey>2
照明_blank class=infotextkey>get=_blank class=infotextkey>维护
491.41
75_blank class=infotextkey>get=_blank class=infotextkey>8._blank class=infotextkey>get=_blank class=infotextkey>10
77_blank class=infotextkey>3._blank class=infotextkey>get=_blank class=infotextkey>21
796.41
81_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>34
8_blank class=infotextkey>get=_blank class=infotextkey>28.58
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>施工
4_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2
_blank class=infotextkey>get=_blank class=infotextkey>设计_blank class=infotextkey>get=_blank class=infotextkey>成本
_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2.87
816.87
887.46
95_blank class=infotextkey>3.90
1,014._blank class=infotextkey>39
1,067.18
营业_blank class=infotextkey>get=_blank class=infotextkey>成本_blank class=infotextkey>get=_blank class=infotextkey>小计
_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3,_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>36.97
_blank class=infotextkey>34,_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>11.58
_blank class=infotextkey>35,9_blank class=infotextkey>get=_blank class=infotextkey>29.1_blank class=infotextkey>get=_blank class=infotextkey>2
_blank class=infotextkey>37,_blank class=infotextkey>389.49
_blank class=infotextkey>38,5_blank class=infotextkey>35._blank class=infotextkey>08
_blank class=infotextkey>39,_blank class=infotextkey>3_blank class=infotextkey>38._blank class=infotextkey>get=_blank class=infotextkey>29
毛_blank class=infotextkey>get=_blank class=infotextkey>利率
_blank class=infotextkey>get=_blank class=infotextkey>25.67%
_blank class=infotextkey>get=_blank class=infotextkey>25.41%
_blank class=infotextkey>get=_blank class=infotextkey>25._blank class=infotextkey>35%
_blank class=infotextkey>get=_blank class=infotextkey>25._blank class=infotextkey>get=_blank class=infotextkey>29%
_blank class=infotextkey>get=_blank class=infotextkey>25._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3%
_blank class=infotextkey>get=_blank class=infotextkey>25.17%
1、明之辉与同_blank class=infotextkey>get=_blank class=infotextkey>行业可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的毛_blank class=infotextkey>get=_blank class=infotextkey>利率对比_blank class=infotextkey>get=_blank class=infotextkey>分析
明之辉同_blank class=infotextkey>get=_blank class=infotextkey>行业可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>报告_blank class=infotextkey>get=_blank class=infotextkey>期内照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>业务毛_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>情况如_blank class=infotextkey>get=_blank class=infotextkey>下：
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司名称
_blank class=infotextkey>get=_blank class=infotextkey>2018 _blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017 _blank class=infotextkey>get=_blank class=infotextkey>年度
名家汇
5_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3%
5_blank class=infotextkey>3._blank class=infotextkey>08%
_blank class=infotextkey>get=_blank class=infotextkey>奥拓电_blank class=infotextkey>get=_blank class=infotextkey>子
_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3._blank class=infotextkey>11%
_blank class=infotextkey>30.51%
罗曼照明
_blank class=infotextkey>39.98%
49.40%
豪尔赛
_blank class=infotextkey>37.9_blank class=infotextkey>3%
_blank class=infotextkey>38.89%
_blank class=infotextkey>get=_blank class=infotextkey>北京_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>时空
_blank class=infotextkey>38.47%
_blank class=infotextkey>31.69%
_blank class=infotextkey>get=_blank class=infotextkey>平均
_blank class=infotextkey>38._blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>2%
40.71%
明之辉
_blank class=infotextkey>get=_blank class=infotextkey>25._blank class=infotextkey>get=_blank class=infotextkey>26%
_blank class=infotextkey>get=_blank class=infotextkey>29.84%
注1：_blank class=infotextkey>get=_blank class=infotextkey>奥拓电_blank class=infotextkey>get=_blank class=infotextkey>子的毛_blank class=infotextkey>get=_blank class=infotextkey>利率来源于_blank class=infotextkey>get=_blank class=infotextkey>公告披露_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>智能_blank class=infotextkey>get=_blank class=infotextkey>景观亮化_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>业务
注_blank class=infotextkey>get=_blank class=infotextkey>2：罗曼照明、_blank class=infotextkey>get=_blank class=infotextkey>北京_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>时空的毛_blank class=infotextkey>get=_blank class=infotextkey>利率来源于各_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司已披露的招股说明书（_blank class=infotextkey>get=_blank class=infotextkey>申报稿）。
_blank class=infotextkey>get=_blank class=infotextkey>通过_blank class=infotextkey>get=_blank class=infotextkey>比较，明之辉与_blank class=infotextkey>get=_blank class=infotextkey>奥拓电_blank class=infotextkey>get=_blank class=infotextkey>子_blank class=infotextkey>get=_blank class=infotextkey>景观亮化_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>业务的毛_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>水平和变动_blank class=infotextkey>get=_blank class=infotextkey>趋势_blank class=infotextkey>最为接
_blank class=infotextkey>近。_blank class=infotextkey>get=_blank class=infotextkey>行业内名家汇和罗曼照明毛_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>高于明之辉_blank class=infotextkey>get=_blank class=infotextkey>主要_blank class=infotextkey>get=_blank class=infotextkey>系其_blank class=infotextkey>get=_blank class=infotextkey>项目_blank class=infotextkey>get=_blank class=infotextkey>客户基本为_blank class=infotextkey>get=_blank class=infotextkey>市_blank class=infotextkey>政类_blank class=infotextkey>单
位，_blank class=infotextkey>get=_blank class=infotextkey>市_blank class=infotextkey>政类_blank class=infotextkey>get=_blank class=infotextkey>项目通_blank class=infotextkey>get=_blank class=infotextkey>常_blank class=infotextkey>get=_blank class=infotextkey>回款周期较长，但毛_blank class=infotextkey>get=_blank class=infotextkey>利率较_blank class=infotextkey>get=_blank class=infotextkey>高；豪尔赛和_blank class=infotextkey>get=_blank class=infotextkey>北京_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>时空的毛_blank class=infotextkey>get=_blank class=infotextkey>利率水
平_blank class=infotextkey>get=_blank class=infotextkey>高于明之辉，_blank class=infotextkey>get=_blank class=infotextkey>主要_blank class=infotextkey>get=_blank class=infotextkey>系其_blank class=infotextkey>get=_blank class=infotextkey>项目类型_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>部分为毛_blank class=infotextkey>get=_blank class=infotextkey>利率较_blank class=infotextkey>get=_blank class=infotextkey>高的文旅_blank class=infotextkey>get=_blank class=infotextkey>景观照明和_blank class=infotextkey>get=_blank class=infotextkey>超_blank class=infotextkey>get=_blank class=infotextkey>高标志性
_blank class=infotextkey>get=_blank class=infotextkey>景观照明_blank class=infotextkey>get=_blank class=infotextkey>工程，因此明之辉毛_blank class=infotextkey>get=_blank class=infotextkey>利率与同_blank class=infotextkey>get=_blank class=infotextkey>行业可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>不_blank class=infotextkey>get=_blank class=infotextkey>存在_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重_blank class=infotextkey>get=_blank class=infotextkey>大差_blank class=infotextkey>get=_blank class=infotextkey>异。
_blank class=infotextkey>get=_blank class=infotextkey>2、明之辉与同_blank class=infotextkey>get=_blank class=infotextkey>行业可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的毛_blank class=infotextkey>get=_blank class=infotextkey>利率差_blank class=infotextkey>get=_blank class=infotextkey>异的_blank class=infotextkey>原因
（1）明之辉的照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>业务以_blank class=infotextkey>get=_blank class=infotextkey>功能照明_blank class=infotextkey>get=_blank class=infotextkey>工程和_blank class=infotextkey>get=_blank class=infotextkey>常规_blank class=infotextkey>get=_blank class=infotextkey>景观照明_blank class=infotextkey>get=_blank class=infotextkey>工程为主，文旅类的
照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>占比较低
以_blank class=infotextkey>get=_blank class=infotextkey>工程类型划分，明之辉照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>业务以_blank class=infotextkey>get=_blank class=infotextkey>功能照明_blank class=infotextkey>get=_blank class=infotextkey>工程和_blank class=infotextkey>get=_blank class=infotextkey>常规_blank class=infotextkey>get=_blank class=infotextkey>景观照明_blank class=infotextkey>get=_blank class=infotextkey>工程为
主，文旅_blank class=infotextkey>get=_blank class=infotextkey>景观的照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>业务在_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度_blank class=infotextkey>get=_blank class=infotextkey>实现_blank class=infotextkey>get=_blank class=infotextkey>突破，但占_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>比例_blank class=infotextkey>不足
5%。
明之辉的同_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>北京_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>时空和豪尔赛在文旅_blank class=infotextkey>get=_blank class=infotextkey>景观照明的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>占比较_blank class=infotextkey>get=_blank class=infotextkey>高，文旅
_blank class=infotextkey>get=_blank class=infotextkey>景观_blank class=infotextkey>get=_blank class=infotextkey>工程的_blank class=infotextkey>get=_blank class=infotextkey>由于_blank class=infotextkey>get=_blank class=infotextkey>设计具_blank class=infotextkey>get=_blank class=infotextkey>有独特性，_blank class=infotextkey>get=_blank class=infotextkey>施工的难度和_blank class=infotextkey>定制化程度较_blank class=infotextkey>get=_blank class=infotextkey>高，毛_blank class=infotextkey>get=_blank class=infotextkey>利率相对_blank class=infotextkey>get=_blank class=infotextkey>功能/_blank class=infotextkey>get=_blank class=infotextkey>常
规_blank class=infotextkey>get=_blank class=infotextkey>景观照明_blank class=infotextkey>get=_blank class=infotextkey>工程的毛_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>水平较_blank class=infotextkey>get=_blank class=infotextkey>高。明之辉与同_blank class=infotextkey>get=_blank class=infotextkey>行业可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>按照明_blank class=infotextkey>get=_blank class=infotextkey>工程类别_blank class=infotextkey>get=_blank class=infotextkey>比较的
_blank class=infotextkey>get=_blank class=infotextkey>具_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>情况如_blank class=infotextkey>get=_blank class=infotextkey>下：
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司名称
_blank class=infotextkey>get=_blank class=infotextkey>项目
_blank class=infotextkey>get=_blank class=infotextkey>2018 _blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017 _blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>占比
毛_blank class=infotextkey>get=_blank class=infotextkey>利率
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>占比
毛_blank class=infotextkey>get=_blank class=infotextkey>利率
_blank class=infotextkey>get=_blank class=infotextkey>北京_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>时空
_blank class=infotextkey>get=_blank class=infotextkey>功能照明_blank class=infotextkey>get=_blank class=infotextkey>工程
0.81%
_blank class=infotextkey>get=_blank class=infotextkey>26._blank class=infotextkey>get=_blank class=infotextkey>60%
_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>get=_blank class=infotextkey>09%
_blank class=infotextkey>31.98%
_blank class=infotextkey>get=_blank class=infotextkey>景观照明
96.7_blank class=infotextkey>get=_blank class=infotextkey>2%
_blank class=infotextkey>38.57%
89.0_blank class=infotextkey>get=_blank class=infotextkey>2%
_blank class=infotextkey>31.69%
文旅灯光
86._blank class=infotextkey>35%
40.00%
58.5_blank class=infotextkey>get=_blank class=infotextkey>2%
_blank class=infotextkey>36._blank class=infotextkey>get=_blank class=infotextkey>26%
_blank class=infotextkey>get=_blank class=infotextkey>常规_blank class=infotextkey>get=_blank class=infotextkey>景观照明
_blank class=infotextkey>get=_blank class=infotextkey>10._blank class=infotextkey>37%
_blank class=infotextkey>get=_blank class=infotextkey>26.68%
_blank class=infotextkey>30._blank class=infotextkey>get=_blank class=infotextkey>50%
_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2.90%
豪尔赛
_blank class=infotextkey>get=_blank class=infotextkey>功能照明_blank class=infotextkey>get=_blank class=infotextkey>工程
0._blank class=infotextkey>08%
_blank class=infotextkey>36.66%
_blank class=infotextkey>3._blank class=infotextkey>get=_blank class=infotextkey>10%
_blank class=infotextkey>get=_blank class=infotextkey>28.91%
_blank class=infotextkey>get=_blank class=infotextkey>景观照明
97._blank class=infotextkey>39%
_blank class=infotextkey>37.9_blank class=infotextkey>3%
9_blank class=infotextkey>3._blank class=infotextkey>39%
_blank class=infotextkey>39._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2%
标志性/_blank class=infotextkey>get=_blank class=infotextkey>超_blank class=infotextkey>get=_blank class=infotextkey>高_blank class=infotextkey>get=_blank class=infotextkey>建筑
48._blank class=infotextkey>get=_blank class=infotextkey>26%
_blank class=infotextkey>36.75%
44.54%
_blank class=infotextkey>34.40%
文旅灯光
47._blank class=infotextkey>11%
_blank class=infotextkey>39._blank class=infotextkey>get=_blank class=infotextkey>29%
4_blank class=infotextkey>get=_blank class=infotextkey>2.7_blank class=infotextkey>3%
45._blank class=infotextkey>get=_blank class=infotextkey>26%
_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>get=_blank class=infotextkey>空间照明
_blank class=infotextkey>get=_blank class=infotextkey>2.0_blank class=infotextkey>get=_blank class=infotextkey>2%
_blank class=infotextkey>34.46%
6._blank class=infotextkey>11%
_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>2.07%
明之辉
照明_blank class=infotextkey>get=_blank class=infotextkey>工程
85._blank class=infotextkey>30%
_blank class=infotextkey>get=_blank class=infotextkey>25._blank class=infotextkey>get=_blank class=infotextkey>26%
77._blank class=infotextkey>get=_blank class=infotextkey>60%
_blank class=infotextkey>get=_blank class=infotextkey>29.84%
如_blank class=infotextkey>get=_blank class=infotextkey>上表所示，明之辉的_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>主要_blank class=infotextkey>get=_blank class=infotextkey>集_blank class=infotextkey>get=_blank class=infotextkey>中在_blank class=infotextkey>get=_blank class=infotextkey>功能照明_blank class=infotextkey>get=_blank class=infotextkey>工程和_blank class=infotextkey>get=_blank class=infotextkey>常规_blank class=infotextkey>get=_blank class=infotextkey>景观照明_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面，明之
辉的毛_blank class=infotextkey>get=_blank class=infotextkey>利率与同_blank class=infotextkey>get=_blank class=infotextkey>行业可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>北京_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>时空、豪尔赛的_blank class=infotextkey>get=_blank class=infotextkey>功能照明_blank class=infotextkey>get=_blank class=infotextkey>工程和_blank class=infotextkey>get=_blank class=infotextkey>常规_blank class=infotextkey>get=_blank class=infotextkey>景观照明/城
市_blank class=infotextkey>get=_blank class=infotextkey>空间照明的毛_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>比较接_blank class=infotextkey>近，_blank class=infotextkey>不_blank class=infotextkey>get=_blank class=infotextkey>存在_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重_blank class=infotextkey>get=_blank class=infotextkey>大差_blank class=infotextkey>get=_blank class=infotextkey>异。
（_blank class=infotextkey>get=_blank class=infotextkey>2）明之辉的_blank class=infotextkey>get=_blank class=infotextkey>规模效应尚未_blank class=infotextkey>get=_blank class=infotextkey>体现
_blank class=infotextkey>get=_blank class=infotextkey>按照营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>规模而言，明之辉较同_blank class=infotextkey>get=_blank class=infotextkey>行业可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入尚处于较低_blank class=infotextkey>get=_blank class=infotextkey>水平，_blank class=infotextkey>get=_blank class=infotextkey>规模
效应尚未_blank class=infotextkey>get=_blank class=infotextkey>体现，与同_blank class=infotextkey>get=_blank class=infotextkey>行业可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司相比，其营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入的对比_blank class=infotextkey>get=_blank class=infotextkey>情况如_blank class=infotextkey>get=_blank class=infotextkey>下：
_blank class=infotextkey>单位：_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司名称
_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年度
营业总_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
毛_blank class=infotextkey>get=_blank class=infotextkey>利率
营业总_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
毛_blank class=infotextkey>get=_blank class=infotextkey>利率
名家汇
_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>30,669.57
5_blank class=infotextkey>get=_blank class=infotextkey>2.8_blank class=infotextkey>3%
68,196.00
5_blank class=infotextkey>get=_blank class=infotextkey>2.81%
_blank class=infotextkey>get=_blank class=infotextkey>奥拓电_blank class=infotextkey>get=_blank class=infotextkey>子
157,_blank class=infotextkey>3_blank class=infotextkey>37._blank class=infotextkey>get=_blank class=infotextkey>24
_blank class=infotextkey>39.76%
_blank class=infotextkey>get=_blank class=infotextkey>104,_blank class=infotextkey>11_blank class=infotextkey>get=_blank class=infotextkey>2.40
_blank class=infotextkey>3_blank class=infotextkey>3.5_blank class=infotextkey>get=_blank class=infotextkey>2%
罗曼照明
61,167._blank class=infotextkey>36
40.8_blank class=infotextkey>3%
_blank class=infotextkey>34,6_blank class=infotextkey>get=_blank class=infotextkey>27._blank class=infotextkey>30
49.18%
豪尔赛
9_blank class=infotextkey>get=_blank class=infotextkey>2,191.5_blank class=infotextkey>get=_blank class=infotextkey>2
_blank class=infotextkey>38.17%
48,575.77
_blank class=infotextkey>39.41%
_blank class=infotextkey>get=_blank class=infotextkey>北京_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>时空
_blank class=infotextkey>115,94_blank class=infotextkey>3.15
_blank class=infotextkey>38.97%
88,694.78
_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>get=_blank class=infotextkey>26%
明之辉
_blank class=infotextkey>39,815.71
_blank class=infotextkey>get=_blank class=infotextkey>24._blank class=infotextkey>get=_blank class=infotextkey>25%
_blank class=infotextkey>get=_blank class=infotextkey>29,147.49
_blank class=infotextkey>get=_blank class=infotextkey>26.57%
明之辉与同_blank class=infotextkey>get=_blank class=infotextkey>行业可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司相比营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>水平较低，毛_blank class=infotextkey>get=_blank class=infotextkey>利率亦较低。
（_blank class=infotextkey>3）明之辉取得照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>“双甲_blank class=infotextkey>get=_blank class=infotextkey>”资质_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>时间较晚
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年度，明之辉以_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>项目为主，_blank class=infotextkey>get=_blank class=infotextkey>项目_blank class=infotextkey>get=_blank class=infotextkey>规模相对较_blank class=infotextkey>get=_blank class=infotextkey>小，毛_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>水平处于_blank class=infotextkey>get=_blank class=infotextkey>中等水
平。_blank class=infotextkey>get=_blank class=infotextkey>由于_blank class=infotextkey>get=_blank class=infotextkey>市_blank class=infotextkey>政_blank class=infotextkey>get=_blank class=infotextkey>工程类_blank class=infotextkey>get=_blank class=infotextkey>项目相对_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>商业类_blank class=infotextkey>get=_blank class=infotextkey>项目具_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>规模更_blank class=infotextkey>get=_blank class=infotextkey>大、_blank class=infotextkey>get=_blank class=infotextkey>回_blank class=infotextkey>收_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>时间更长的_blank class=infotextkey>get=_blank class=infotextkey>经营_blank class=infotextkey>get=_blank class=infotextkey>特点，
_blank class=infotextkey>get=_blank class=infotextkey>要求的_blank class=infotextkey>get=_blank class=infotextkey>回报率也较_blank class=infotextkey>get=_blank class=infotextkey>一般_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>商业类_blank class=infotextkey>get=_blank class=infotextkey>高，因此毛_blank class=infotextkey>get=_blank class=infotextkey>利率显著_blank class=infotextkey>get=_blank class=infotextkey>高于_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>商业类_blank class=infotextkey>get=_blank class=infotextkey>项目。
综_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>分析，明之辉_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>施工毛_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>低于同_blank class=infotextkey>get=_blank class=infotextkey>行业可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的_blank class=infotextkey>get=_blank class=infotextkey>主要_blank class=infotextkey>原因是其从事的工
程类别_blank class=infotextkey>不同、取得照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>“双甲_blank class=infotextkey>get=_blank class=infotextkey>”资质_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>时间较晚和_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>规模效应尚未_blank class=infotextkey>get=_blank class=infotextkey>体现_blank class=infotextkey>get=_blank class=infotextkey>综_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>影响
所致，因此，整_blank class=infotextkey>get=_blank class=infotextkey>体而言，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>综_blank class=infotextkey>合毛_blank class=infotextkey>get=_blank class=infotextkey>利率与同_blank class=infotextkey>get=_blank class=infotextkey>行业可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司毛_blank class=infotextkey>get=_blank class=infotextkey>利率变动区间内，处于
_blank class=infotextkey>合理_blank class=infotextkey>get=_blank class=infotextkey>水平。
（三）净利润
_blank class=infotextkey>get=_blank class=infotextkey>未来_blank class=infotextkey>get=_blank class=infotextkey>年度净利润的_blank class=infotextkey>get=_blank class=infotextkey>预测如_blank class=infotextkey>get=_blank class=infotextkey>下：
_blank class=infotextkey>单位：_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元
_blank class=infotextkey>get=_blank class=infotextkey>项目
_blank class=infotextkey>get=_blank class=infotextkey>预测年期
_blank class=infotextkey>get=_blank class=infotextkey>2019年5_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月
_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>21_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>24_blank class=infotextkey>get=_blank class=infotextkey>年度
营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
_blank class=infotextkey>31,1_blank class=infotextkey>get=_blank class=infotextkey>25.8_blank class=infotextkey>3
45,867._blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>2
48,_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>30._blank class=infotextkey>get=_blank class=infotextkey>80
50,045.90
51,5_blank class=infotextkey>36.84
5_blank class=infotextkey>get=_blank class=infotextkey>2,567.58
营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>增长率
7._blank class=infotextkey>get=_blank class=infotextkey>80%
6.86%
4.9_blank class=infotextkey>3%
_blank class=infotextkey>3.98%
_blank class=infotextkey>get=_blank class=infotextkey>2.98%
_blank class=infotextkey>get=_blank class=infotextkey>2.00%
营业_blank class=infotextkey>get=_blank class=infotextkey>成本
_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3,_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>36.97
_blank class=infotextkey>34,_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>11.58
_blank class=infotextkey>35,9_blank class=infotextkey>get=_blank class=infotextkey>29.1_blank class=infotextkey>get=_blank class=infotextkey>2
_blank class=infotextkey>37,_blank class=infotextkey>389.49
_blank class=infotextkey>38,5_blank class=infotextkey>35._blank class=infotextkey>08
_blank class=infotextkey>39,_blank class=infotextkey>3_blank class=infotextkey>38._blank class=infotextkey>get=_blank class=infotextkey>29
营业_blank class=infotextkey>get=_blank class=infotextkey>成本/营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
74._blank class=infotextkey>3_blank class=infotextkey>3%
74.59%
74.65%
74.71%
74.77%
74.8_blank class=infotextkey>3%
毛_blank class=infotextkey>get=_blank class=infotextkey>利率
_blank class=infotextkey>get=_blank class=infotextkey>25.67%
_blank class=infotextkey>get=_blank class=infotextkey>25.41%
_blank class=infotextkey>get=_blank class=infotextkey>25._blank class=infotextkey>35%
_blank class=infotextkey>get=_blank class=infotextkey>25._blank class=infotextkey>get=_blank class=infotextkey>29%
_blank class=infotextkey>get=_blank class=infotextkey>25._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3%
_blank class=infotextkey>get=_blank class=infotextkey>25.17%
税_blank class=infotextkey>get=_blank class=infotextkey>金及附加
97.70
154.1_blank class=infotextkey>get=_blank class=infotextkey>2
1_blank class=infotextkey>get=_blank class=infotextkey>60.75
166._blank class=infotextkey>get=_blank class=infotextkey>09
169.9_blank class=infotextkey>get=_blank class=infotextkey>2
17_blank class=infotextkey>get=_blank class=infotextkey>2.14
税_blank class=infotextkey>get=_blank class=infotextkey>金及附加/营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
0._blank class=infotextkey>31%
0._blank class=infotextkey>34%
0._blank class=infotextkey>3_blank class=infotextkey>3%
0._blank class=infotextkey>3_blank class=infotextkey>3%
0._blank class=infotextkey>3_blank class=infotextkey>3%
0._blank class=infotextkey>3_blank class=infotextkey>3%
_blank class=infotextkey>get=_blank class=infotextkey>销售_blank class=infotextkey>get=_blank class=infotextkey>费用
640.16
707.87
74_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>get=_blank class=infotextkey>80
77_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>36
795._blank class=infotextkey>37
8_blank class=infotextkey>11._blank class=infotextkey>get=_blank class=infotextkey>27
_blank class=infotextkey>get=_blank class=infotextkey>销售_blank class=infotextkey>get=_blank class=infotextkey>费用/营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
_blank class=infotextkey>get=_blank class=infotextkey>2.06%
1.54%
1.54%
1.54%
1.54%
1.54%
_blank class=infotextkey>get=_blank class=infotextkey>管理_blank class=infotextkey>get=_blank class=infotextkey>费用
1,544.7_blank class=infotextkey>3
1,_blank class=infotextkey>30_blank class=infotextkey>3.86
1,_blank class=infotextkey>368._blank class=infotextkey>36
1,4_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>2.85
1,496.9_blank class=infotextkey>get=_blank class=infotextkey>2
1,5_blank class=infotextkey>get=_blank class=infotextkey>60.46
_blank class=infotextkey>get=_blank class=infotextkey>管理_blank class=infotextkey>get=_blank class=infotextkey>费用/营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
4.96%
_blank class=infotextkey>get=_blank class=infotextkey>2.84%
_blank class=infotextkey>get=_blank class=infotextkey>2.84%
_blank class=infotextkey>get=_blank class=infotextkey>2.86%
_blank class=infotextkey>get=_blank class=infotextkey>2.90%
_blank class=infotextkey>get=_blank class=infotextkey>2.97%
研发_blank class=infotextkey>get=_blank class=infotextkey>费用
1,597.44
1,74_blank class=infotextkey>3._blank class=infotextkey>get=_blank class=infotextkey>26
1,8_blank class=infotextkey>30._blank class=infotextkey>30
1,9_blank class=infotextkey>get=_blank class=infotextkey>21.05
_blank class=infotextkey>get=_blank class=infotextkey>2,015.61
_blank class=infotextkey>get=_blank class=infotextkey>2,_blank class=infotextkey>114.15
研发_blank class=infotextkey>get=_blank class=infotextkey>费用/营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
5._blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3%
_blank class=infotextkey>3._blank class=infotextkey>get=_blank class=infotextkey>80%
_blank class=infotextkey>3._blank class=infotextkey>get=_blank class=infotextkey>80%
_blank class=infotextkey>3.84%
_blank class=infotextkey>3.91%
4.0_blank class=infotextkey>get=_blank class=infotextkey>2%
_blank class=infotextkey>get=_blank class=infotextkey>财务_blank class=infotextkey>get=_blank class=infotextkey>费用
_blank class=infotextkey>get=_blank class=infotextkey>25.91
_blank class=infotextkey>37.01
_blank class=infotextkey>37._blank class=infotextkey>get=_blank class=infotextkey>24
_blank class=infotextkey>37.4_blank class=infotextkey>3
_blank class=infotextkey>37.58
_blank class=infotextkey>37.68
_blank class=infotextkey>get=_blank class=infotextkey>财务_blank class=infotextkey>get=_blank class=infotextkey>费用/营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
0._blank class=infotextkey>08%
0._blank class=infotextkey>08%
0._blank class=infotextkey>08%
0.07%
0.07%
0.07%
营业利润
_blank class=infotextkey>3,5_blank class=infotextkey>get=_blank class=infotextkey>24.05
7,_blank class=infotextkey>11_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>39
7,4_blank class=infotextkey>35.5_blank class=infotextkey>3
7,674._blank class=infotextkey>get=_blank class=infotextkey>99
7,815._blank class=infotextkey>31
7,849.1_blank class=infotextkey>get=_blank class=infotextkey>2
营业利润/营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
1_blank class=infotextkey>get=_blank class=infotextkey>1._blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>2%
15.51%
15.45%
15._blank class=infotextkey>34%
15.16%
14.9_blank class=infotextkey>3%
利润总额
_blank class=infotextkey>3,5_blank class=infotextkey>get=_blank class=infotextkey>24.05
7,_blank class=infotextkey>11_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>38
7,4_blank class=infotextkey>35.5_blank class=infotextkey>3
7,675.00
7,815._blank class=infotextkey>30
7,849._blank class=infotextkey>11
所得税_blank class=infotextkey>get=_blank class=infotextkey>费用
557.58
966.85
1,078.91
1,_blank class=infotextkey>11_blank class=infotextkey>get=_blank class=infotextkey>2.0_blank class=infotextkey>3
1,1_blank class=infotextkey>get=_blank class=infotextkey>29._blank class=infotextkey>11
1,1_blank class=infotextkey>get=_blank class=infotextkey>28.95
净利润
_blank class=infotextkey>get=_blank class=infotextkey>2,966.47
6,145.5_blank class=infotextkey>3
6,_blank class=infotextkey>356.6_blank class=infotextkey>get=_blank class=infotextkey>2
6,56_blank class=infotextkey>get=_blank class=infotextkey>2.96
6,686.19
6,7_blank class=infotextkey>get=_blank class=infotextkey>20.16
净利润/营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
9.5_blank class=infotextkey>3%
_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.40%
_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3._blank class=infotextkey>get=_blank class=infotextkey>21%
_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3._blank class=infotextkey>11%
1_blank class=infotextkey>get=_blank class=infotextkey>2.97%
1_blank class=infotextkey>get=_blank class=infotextkey>2.78%
注：_blank class=infotextkey>get=_blank class=infotextkey>2019_blank class=infotextkey>get=_blank class=infotextkey>年度营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>增长率为_blank class=infotextkey>get=_blank class=infotextkey>全年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>增长率。
与_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>年度相比，_blank class=infotextkey>get=_blank class=infotextkey>预测_blank class=infotextkey>get=_blank class=infotextkey>年度与扣非后_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年、_blank class=infotextkey>get=_blank class=infotextkey>2019年14月的净利润
率分别为1_blank class=infotextkey>get=_blank class=infotextkey>2.98%、1_blank class=infotextkey>get=_blank class=infotextkey>2.8_blank class=infotextkey>3%、15.90%相比，_blank class=infotextkey>get=_blank class=infotextkey>总_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>水平_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>保持一致，并_blank class=infotextkey>get=_blank class=infotextkey>保持_blank class=infotextkey>get=_blank class=infotextkey>小幅度的_blank class=infotextkey>get=_blank class=infotextkey>下
_blank class=infotextkey>get=_blank class=infotextkey>降。
与同_blank class=infotextkey>get=_blank class=infotextkey>行业的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司净利润率相比，明之辉的净_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>低于_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>平均_blank class=infotextkey>get=_blank class=infotextkey>水平，各_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司利润率如_blank class=infotextkey>get=_blank class=infotextkey>下表所示：
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司名称
_blank class=infotextkey>get=_blank class=infotextkey>2016 _blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017 _blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>2018 _blank class=infotextkey>get=_blank class=infotextkey>年度
名家汇
_blank class=infotextkey>get=_blank class=infotextkey>24.18%
_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>5._blank class=infotextkey>3_blank class=infotextkey>3%
_blank class=infotextkey>get=_blank class=infotextkey>26._blank class=infotextkey>3_blank class=infotextkey>3%
_blank class=infotextkey>get=_blank class=infotextkey>奥拓电_blank class=infotextkey>get=_blank class=infotextkey>子
19._blank class=infotextkey>get=_blank class=infotextkey>09%
1_blank class=infotextkey>get=_blank class=infotextkey>2.6_blank class=infotextkey>get=_blank class=infotextkey>2%
_blank class=infotextkey>11.71%
_blank class=infotextkey>get=_blank class=infotextkey>北京_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>时空
_blank class=infotextkey>3.66%
15._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2%
4.66%
罗曼照明
16._blank class=infotextkey>get=_blank class=infotextkey>99%
_blank class=infotextkey>get=_blank class=infotextkey>24.14%
19.6_blank class=infotextkey>3%
豪尔赛
5.70%
16.9_blank class=infotextkey>3%
18.5_blank class=infotextkey>3%
_blank class=infotextkey>get=_blank class=infotextkey>平均
_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.9_blank class=infotextkey>get=_blank class=infotextkey>2%
18.85%
16.17%
注：_blank class=infotextkey>get=_blank class=infotextkey>数据来源于_blank class=infotextkey>get=_blank class=infotextkey>上述_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的年报或招股说明书。
综_blank class=infotextkey>get=_blank class=infotextkey>上所述，明之辉净利润率_blank class=infotextkey>get=_blank class=infotextkey>预测_blank class=infotextkey>get=_blank class=infotextkey>无论与_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>年度相比，_blank class=infotextkey>get=_blank class=infotextkey>还是与同_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司相
比，_blank class=infotextkey>get=_blank class=infotextkey>预测过程_blank class=infotextkey>get=_blank class=infotextkey>谨慎，_blank class=infotextkey>get=_blank class=infotextkey>预测结果_blank class=infotextkey>合理。
（四）折现率
折现率是_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>流量_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险的函数，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险越_blank class=infotextkey>get=_blank class=infotextkey>大则折现率越_blank class=infotextkey>get=_blank class=infotextkey>大，因此折现率要与_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>流
量匹配。确_blank class=infotextkey>定折现率_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>多种方法和途径，_blank class=infotextkey>get=_blank class=infotextkey>按照_blank class=infotextkey>收益额与折现率口径一致的_blank class=infotextkey>原则，本次
_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>收益额口径为_blank class=infotextkey>get=_blank class=infotextkey>企业自由_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>流，则折现率_blank class=infotextkey>get=_blank class=infotextkey>采用加权_blank class=infotextkey>get=_blank class=infotextkey>平均资本_blank class=infotextkey>get=_blank class=infotextkey>成本。
计算_blank class=infotextkey>get=_blank class=infotextkey>公式：
WACC＝（Re×We）＋〔Rd×（1－T）×Wd〕
其_blank class=infotextkey>get=_blank class=infotextkey>中：Re为_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司普通权益资本_blank class=infotextkey>get=_blank class=infotextkey>成本
Rd为_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>债务资本_blank class=infotextkey>get=_blank class=infotextkey>成本
We为权益资本在资本结构_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中的百分比
Wd为_blank class=infotextkey>债务资本在资本结构_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中的百分比
T为_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>有效的所得税税率
本次_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>采用资本_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>_blank class=infotextkey>定价_blank class=infotextkey>get=_blank class=infotextkey>修正模型（CAPM），来确_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司普通权益资本_blank class=infotextkey>get=_blank class=infotextkey>成本
Re，计算_blank class=infotextkey>get=_blank class=infotextkey>公式为：
Re＝Rf＋β×（Rm－Rf）＋Rc
其_blank class=infotextkey>get=_blank class=infotextkey>中：Rf为现行无_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险报酬率；
β为_blank class=infotextkey>get=_blank class=infotextkey>企业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>系统_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险_blank class=infotextkey>get=_blank class=infotextkey>系数；
Rm为_blank class=infotextkey>get=_blank class=infotextkey>市场期望报酬率_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>平均值；
（Rm－Rf）为_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险溢价；
Rc为_blank class=infotextkey>get=_blank class=infotextkey>企业特_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险_blank class=infotextkey>get=_blank class=infotextkey>调整_blank class=infotextkey>get=_blank class=infotextkey>系数。
模型_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>有关参数的_blank class=infotextkey>get=_blank class=infotextkey>选取过程
1.无_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险_blank class=infotextkey>get=_blank class=infotextkey>利率Rf的确_blank class=infotextkey>定
无_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险报酬率是对_blank class=infotextkey>get=_blank class=infotextkey>资_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>时间_blank class=infotextkey>get=_blank class=infotextkey>价值的_blank class=infotextkey>get=_blank class=infotextkey>补偿，这种_blank class=infotextkey>get=_blank class=infotextkey>补偿分两个_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面，一_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面是在无通
货膨胀、无_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险_blank class=infotextkey>get=_blank class=infotextkey>情况_blank class=infotextkey>get=_blank class=infotextkey>下的_blank class=infotextkey>get=_blank class=infotextkey>平均利润率，是_blank class=infotextkey>get=_blank class=infotextkey>转让_blank class=infotextkey>get=_blank class=infotextkey>资_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>使用权的报酬；另一_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面是通货膨
胀附加率，是对因通货膨胀_blank class=infotextkey>get=_blank class=infotextkey>造成_blank class=infotextkey>get=_blank class=infotextkey>购买力_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降的_blank class=infotextkey>get=_blank class=infotextkey>补偿。_blank class=infotextkey>get=_blank class=infotextkey>它们_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>共同_blank class=infotextkey>get=_blank class=infotextkey>构成无_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险_blank class=infotextkey>get=_blank class=infotextkey>利率。根据
Wind _blank class=infotextkey>get=_blank class=infotextkey>资讯_blank class=infotextkey>查询_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>基准日_blank class=infotextkey>get=_blank class=infotextkey>中债国债_blank class=infotextkey>get=_blank class=infotextkey>到期_blank class=infotextkey>收益率（_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>10年期）确_blank class=infotextkey>定，因此本次无_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险报
酬率Rf 取_blank class=infotextkey>3._blank class=infotextkey>39%。
_blank class=infotextkey>get=_blank class=infotextkey>2.权益_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>系统_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险_blank class=infotextkey>get=_blank class=infotextkey>系数β的确_blank class=infotextkey>定
_blank class=infotextkey>get=_blank class=infotextkey>所谓_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险_blank class=infotextkey>get=_blank class=infotextkey>系数（Beta: β）指用以衡量_blank class=infotextkey>get=_blank class=infotextkey>一种证券或_blank class=infotextkey>get=_blank class=infotextkey>一个_blank class=infotextkey>get=_blank class=infotextkey>投资证券组_blank class=infotextkey>合相对_blank class=infotextkey>get=_blank class=infotextkey>总_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>市场
的_blank class=infotextkey>get=_blank class=infotextkey>波动性的_blank class=infotextkey>get=_blank class=infotextkey>一种证券_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>系统性_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险的_blank class=infotextkey>get=_blank class=infotextkey>评估工具，通_blank class=infotextkey>get=_blank class=infotextkey>常用β_blank class=infotextkey>get=_blank class=infotextkey>系数反映了个股对_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>变化的
敏感性。在计算β_blank class=infotextkey>get=_blank class=infotextkey>系数_blank class=infotextkey>时通_blank class=infotextkey>get=_blank class=infotextkey>常_blank class=infotextkey>get=_blank class=infotextkey>涉及统计期间、统计周期和相对_blank class=infotextkey>get=_blank class=infotextkey>指数三个_blank class=infotextkey>指标，本次在
计算β_blank class=infotextkey>get=_blank class=infotextkey>系数_blank class=infotextkey>时_blank class=infotextkey>get=_blank class=infotextkey>采用_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>基准日前_blank class=infotextkey>get=_blank class=infotextkey>60个月_blank class=infotextkey>get=_blank class=infotextkey>作为统计期间，统计间隔周期为月度，相对指
数为沪_blank class=infotextkey>get=_blank class=infotextkey>深_blank class=infotextkey>300_blank class=infotextkey>get=_blank class=infotextkey>指数。
对比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的_blank class=infotextkey>get=_blank class=infotextkey>选取：
_blank class=infotextkey>get=_blank class=infotextkey>由于本次_blank class=infotextkey>get=_blank class=infotextkey>评估的被_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>企业为盈利_blank class=infotextkey>get=_blank class=infotextkey>企业，并且在_blank class=infotextkey>get=_blank class=infotextkey>基准日前_blank class=infotextkey>get=_blank class=infotextkey>三年_blank class=infotextkey>get=_blank class=infotextkey>连续盈利，因此在
本次_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>中，_blank class=infotextkey>get=_blank class=infotextkey>我们初步_blank class=infotextkey>get=_blank class=infotextkey>采用以_blank class=infotextkey>get=_blank class=infotextkey>下基本_blank class=infotextkey>get=_blank class=infotextkey>标准_blank class=infotextkey>get=_blank class=infotextkey>作为筛_blank class=infotextkey>get=_blank class=infotextkey>选对比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>选择_blank class=infotextkey>get=_blank class=infotextkey>标准：
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>第一、对比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>近_blank class=infotextkey>get=_blank class=infotextkey>三年_blank class=infotextkey>get=_blank class=infotextkey>经营为盈利_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司；
_blank class=infotextkey>第二、对比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>必须为至_blank class=infotextkey>get=_blank class=infotextkey>少_blank class=infotextkey>get=_blank class=infotextkey>有两年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>历史；
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>第三、对比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司和目标_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>一样只_blank class=infotextkey>get=_blank class=infotextkey>发行_blank class=infotextkey>get=_blank class=infotextkey>人民币A股；
_blank class=infotextkey>第四、对比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司和目标_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司处于相同或相似_blank class=infotextkey>get=_blank class=infotextkey>行业、主营_blank class=infotextkey>get=_blank class=infotextkey>业务相同或相似，并且从
事该_blank class=infotextkey>get=_blank class=infotextkey>业务的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>时间_blank class=infotextkey>不_blank class=infotextkey>get=_blank class=infotextkey>少于_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>4个月；
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>第五、_blank class=infotextkey>get=_blank class=infotextkey>规模_blank class=infotextkey>get=_blank class=infotextkey>相当。目标_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司与可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>小_blank class=infotextkey>get=_blank class=infotextkey>相当；
_blank class=infotextkey>第六、成长性_blank class=infotextkey>get=_blank class=infotextkey>相当。目标_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司与可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>未来成长性_blank class=infotextkey>get=_blank class=infotextkey>相当；
_blank class=infotextkey>第七、其它_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面（如：_blank class=infotextkey>get=_blank class=infotextkey>产品结构、品种，_blank class=infotextkey>get=_blank class=infotextkey>供应_blank class=infotextkey>渠道/_blank class=infotextkey>get=_blank class=infotextkey>销售_blank class=infotextkey>渠道等）相似；
_blank class=infotextkey>第_blank class=infotextkey>get=_blank class=infotextkey>八、对比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>股票与_blank class=infotextkey>get=_blank class=infotextkey>选_blank class=infotextkey>_blank class=infotextkey>定的_blank class=infotextkey>get=_blank class=infotextkey>股票_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>指标_blank class=infotextkey>get=_blank class=infotextkey>指数的t相关性检验要_blank class=infotextkey>get=_blank class=infotextkey>通过。
宏观而言，根据_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国证监_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>get=_blank class=infotextkey>发_blank class=infotextkey>get=_blank class=infotextkey>布的《_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>分类指引》（_blank class=infotextkey>get=_blank class=infotextkey>201_blank class=infotextkey>get=_blank class=infotextkey>2版）及被评
估_blank class=infotextkey>单位的_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>特点，_blank class=infotextkey>get=_blank class=infotextkey>选取_blank class=infotextkey>get=_blank class=infotextkey>十三家_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司：名家汇、_blank class=infotextkey>get=_blank class=infotextkey>奥拓电_blank class=infotextkey>get=_blank class=infotextkey>子、宝鹰_blank class=infotextkey>get=_blank class=infotextkey>股份、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>东易日
盛、弘_blank class=infotextkey>get=_blank class=infotextkey>高_blank class=infotextkey>get=_blank class=infotextkey>创意、_blank class=infotextkey>get=_blank class=infotextkey>洪涛_blank class=infotextkey>get=_blank class=infotextkey>股份、江河_blank class=infotextkey>get=_blank class=infotextkey>集团、_blank class=infotextkey>get=_blank class=infotextkey>金螳螂、柯利达、奇_blank class=infotextkey>get=_blank class=infotextkey>信_blank class=infotextkey>get=_blank class=infotextkey>股份、_blank class=infotextkey>get=_blank class=infotextkey>全筑_blank class=infotextkey>get=_blank class=infotextkey>股份、亚厦
_blank class=infotextkey>get=_blank class=infotextkey>股份、广田_blank class=infotextkey>get=_blank class=infotextkey>集团，无_blank class=infotextkey>get=_blank class=infotextkey>财务杠杆贝塔值为：
对比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司名称
_blank class=infotextkey>get=_blank class=infotextkey>股票_blank class=infotextkey>get=_blank class=infotextkey>代码
无_blank class=infotextkey>get=_blank class=infotextkey>财务杠杆的贝塔（βU）
名家汇
_blank class=infotextkey>300506.SZ
1._blank class=infotextkey>get=_blank class=infotextkey>2559
_blank class=infotextkey>get=_blank class=infotextkey>奥拓电_blank class=infotextkey>get=_blank class=infotextkey>子
00_blank class=infotextkey>get=_blank class=infotextkey>2587.SZ
1.1540
宝鹰_blank class=infotextkey>get=_blank class=infotextkey>股份
00_blank class=infotextkey>get=_blank class=infotextkey>2047.SZ
0.5_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>29
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>东易_blank class=infotextkey>get=_blank class=infotextkey>日盛
00_blank class=infotextkey>get=_blank class=infotextkey>27_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.SZ
1.159_blank class=infotextkey>get=_blank class=infotextkey>2
弘_blank class=infotextkey>get=_blank class=infotextkey>高_blank class=infotextkey>get=_blank class=infotextkey>创意
00_blank class=infotextkey>get=_blank class=infotextkey>2504.SZ
0._blank class=infotextkey>get=_blank class=infotextkey>9981
_blank class=infotextkey>get=_blank class=infotextkey>洪涛_blank class=infotextkey>get=_blank class=infotextkey>股份
00_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>25.SZ
0.5714
江河_blank class=infotextkey>get=_blank class=infotextkey>集团
_blank class=infotextkey>get=_blank class=infotextkey>601886.SH
0.5058
_blank class=infotextkey>get=_blank class=infotextkey>金螳螂
00_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>081.SZ
1.4188
柯利达
_blank class=infotextkey>get=_blank class=infotextkey>60_blank class=infotextkey>38_blank class=infotextkey>get=_blank class=infotextkey>28.SH
0.788_blank class=infotextkey>get=_blank class=infotextkey>2
奇_blank class=infotextkey>get=_blank class=infotextkey>信_blank class=infotextkey>get=_blank class=infotextkey>股份
00_blank class=infotextkey>get=_blank class=infotextkey>2781.SZ
0.6_blank class=infotextkey>300
_blank class=infotextkey>get=_blank class=infotextkey>全筑_blank class=infotextkey>get=_blank class=infotextkey>股份
_blank class=infotextkey>get=_blank class=infotextkey>60_blank class=infotextkey>30_blank class=infotextkey>30.SH
0.747_blank class=infotextkey>get=_blank class=infotextkey>2
亚厦_blank class=infotextkey>get=_blank class=infotextkey>股份
00_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>375.SZ
0.7_blank class=infotextkey>get=_blank class=infotextkey>99_blank class=infotextkey>3
广田_blank class=infotextkey>get=_blank class=infotextkey>集团
00_blank class=infotextkey>get=_blank class=infotextkey>248_blank class=infotextkey>get=_blank class=infotextkey>2.SZ
0.5881
对比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>平均值(算术_blank class=infotextkey>get=_blank class=infotextkey>平均值)
0.8576
将对比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的βu 计算出来后，取其_blank class=infotextkey>get=_blank class=infotextkey>平均值0.8576_blank class=infotextkey>get=_blank class=infotextkey>作为被_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>单位的βu。本次评
估_blank class=infotextkey>get=_blank class=infotextkey>我们_blank class=infotextkey>get=_blank class=infotextkey>采用_blank class=infotextkey>get=_blank class=infotextkey>企业自_blank class=infotextkey>get=_blank class=infotextkey>身的资本结构_blank class=infotextkey>get=_blank class=infotextkey>作为本次_blank class=infotextkey>get=_blank class=infotextkey>评估的被_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>企业的资本结构比率。
_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>基准日，被_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>单位所得税率为15%，则_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>财务杠杆的β为：
β＝βu×[1＋D/E×（1－T）]
经计算_blank class=infotextkey>get=_blank class=infotextkey>预测期_blank class=infotextkey>get=_blank class=infotextkey>年度权益_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>系统_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险_blank class=infotextkey>get=_blank class=infotextkey>系数为：
β＝[1+（1T）×D/E]×βU
＝[1+（_blank class=infotextkey>115%）×1.01%]×0.8576
＝0.8650
_blank class=infotextkey>3._blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>超额_blank class=infotextkey>收益率ERP的确_blank class=infotextkey>定
_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险溢价（MRP)，也称_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险溢价（ERP)，是对于_blank class=infotextkey>get=_blank class=infotextkey>一个充分_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险分散的
_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>投资组_blank class=infotextkey>合，_blank class=infotextkey>get=_blank class=infotextkey>投资者所_blank class=infotextkey>get=_blank class=infotextkey>要求的_blank class=infotextkey>get=_blank class=infotextkey>高于无_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险_blank class=infotextkey>收益率的_blank class=infotextkey>get=_blank class=infotextkey>回报率。_blank class=infotextkey>get=_blank class=infotextkey>由于_blank class=infotextkey>get=_blank class=infotextkey>我国证券_blank class=infotextkey>get=_blank class=infotextkey>市场是一
个_blank class=infotextkey>get=_blank class=infotextkey>新兴而且相对封闭的_blank class=infotextkey>get=_blank class=infotextkey>市场，_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>数据较短、_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>波动幅度很_blank class=infotextkey>get=_blank class=infotextkey>大，_blank class=infotextkey>get=_blank class=infotextkey>存在较_blank class=infotextkey>get=_blank class=infotextkey>多非理性因
素，并且_blank class=infotextkey>get=_blank class=infotextkey>存在_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>大量非_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>流通股，_blank class=infotextkey>get=_blank class=infotextkey>再加_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>我国对资本_blank class=infotextkey>get=_blank class=infotextkey>项目_blank class=infotextkey>get=_blank class=infotextkey>下的_blank class=infotextkey>get=_blank class=infotextkey>外汇_blank class=infotextkey>get=_blank class=infotextkey>流动仍实行较严格的管
制，因此，直接_blank class=infotextkey>get=_blank class=infotextkey>采用_blank class=infotextkey>get=_blank class=infotextkey>我国证券_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>数据得出的_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险溢价_blank class=infotextkey>get=_blank class=infotextkey>有一_blank class=infotextkey>_blank class=infotextkey>定的局_blank class=infotextkey>get=_blank class=infotextkey>限性。而
以_blank class=infotextkey>get=_blank class=infotextkey>美国证券_blank class=infotextkey>get=_blank class=infotextkey>市场为_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>代表的成熟证券_blank class=infotextkey>get=_blank class=infotextkey>市场，_blank class=infotextkey>get=_blank class=infotextkey>由于_blank class=infotextkey>get=_blank class=infotextkey>有较长的_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>数据，且_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>有效性较
强，_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>总_blank class=infotextkey>get=_blank class=infotextkey>体的_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险溢价_blank class=infotextkey>get=_blank class=infotextkey>可以直接_blank class=infotextkey>get=_blank class=infotextkey>通过_blank class=infotextkey>get=_blank class=infotextkey>分析_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>数据_blank class=infotextkey>get=_blank class=infotextkey>得到。_blank class=infotextkey>get=_blank class=infotextkey>国际_blank class=infotextkey>get=_blank class=infotextkey>上对_blank class=infotextkey>get=_blank class=infotextkey>新兴_blank class=infotextkey>get=_blank class=infotextkey>市场的
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险溢价通_blank class=infotextkey>get=_blank class=infotextkey>常_blank class=infotextkey>get=_blank class=infotextkey>采用成熟_blank class=infotextkey>get=_blank class=infotextkey>市场的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险溢价_blank class=infotextkey>get=_blank class=infotextkey>进行_blank class=infotextkey>get=_blank class=infotextkey>调整确_blank class=infotextkey>定（以_blank class=infotextkey>get=_blank class=infotextkey>美国_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>金融学家Aswath
Damodaran为_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>代表的_blank class=infotextkey>get=_blank class=infotextkey>观点），_blank class=infotextkey>get=_blank class=infotextkey>公式如_blank class=infotextkey>get=_blank class=infotextkey>下：
_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险溢价=成熟_blank class=infotextkey>get=_blank class=infotextkey>股票_blank class=infotextkey>get=_blank class=infotextkey>市场的_blank class=infotextkey>get=_blank class=infotextkey>长期_blank class=infotextkey>get=_blank class=infotextkey>平均_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险溢价+_blank class=infotextkey>get=_blank class=infotextkey>国家_blank class=infotextkey>get=_blank class=infotextkey>补偿额
=成熟_blank class=infotextkey>get=_blank class=infotextkey>股票_blank class=infotextkey>get=_blank class=infotextkey>市场的_blank class=infotextkey>get=_blank class=infotextkey>长期_blank class=infotextkey>get=_blank class=infotextkey>平均_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险溢价+_blank class=infotextkey>get=_blank class=infotextkey>国家_blank class=infotextkey>get=_blank class=infotextkey>违约_blank class=infotextkey>get=_blank class=infotextkey>补偿额×(σ_blank class=infotextkey>get=_blank class=infotextkey>股票/σ国债)
式_blank class=infotextkey>get=_blank class=infotextkey>中：成熟_blank class=infotextkey>get=_blank class=infotextkey>股票_blank class=infotextkey>get=_blank class=infotextkey>市场的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险溢价，AswathDamodaran _blank class=infotextkey>get=_blank class=infotextkey>采用 19_blank class=infotextkey>get=_blank class=infotextkey>28 年至_blank class=infotextkey>get=_blank class=infotextkey>今_blank class=infotextkey>get=_blank class=infotextkey>美国_blank class=infotextkey>get=_blank class=infotextkey>股票市
场_blank class=infotextkey>get=_blank class=infotextkey>标准普尔 500 _blank class=infotextkey>get=_blank class=infotextkey>指数和国债_blank class=infotextkey>收益率_blank class=infotextkey>get=_blank class=infotextkey>数据，计算_blank class=infotextkey>get=_blank class=infotextkey>得到成熟_blank class=infotextkey>get=_blank class=infotextkey>股票_blank class=infotextkey>get=_blank class=infotextkey>市场的_blank class=infotextkey>get=_blank class=infotextkey>长期_blank class=infotextkey>get=_blank class=infotextkey>平均_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险溢价
6._blank class=infotextkey>get=_blank class=infotextkey>26%；
_blank class=infotextkey>get=_blank class=infotextkey>国家_blank class=infotextkey>get=_blank class=infotextkey>违约_blank class=infotextkey>get=_blank class=infotextkey>补偿额：根据_blank class=infotextkey>get=_blank class=infotextkey>国家_blank class=infotextkey>债务评级机构Moody’s Investors Service对_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国的_blank class=infotextkey>债务
评级为A1，转换为_blank class=infotextkey>get=_blank class=infotextkey>国家_blank class=infotextkey>get=_blank class=infotextkey>违约_blank class=infotextkey>get=_blank class=infotextkey>补偿额为0.79%；
_blank class=infotextkey>get=_blank class=infotextkey>股票/σ国债：以_blank class=infotextkey>get=_blank class=infotextkey>全球_blank class=infotextkey>get=_blank class=infotextkey>平均的_blank class=infotextkey>get=_blank class=infotextkey>股票_blank class=infotextkey>get=_blank class=infotextkey>市场相对于债券的_blank class=infotextkey>收益率_blank class=infotextkey>get=_blank class=infotextkey>标准差的_blank class=infotextkey>get=_blank class=infotextkey>平均值1._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3来
计算，则：
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国的_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险溢价（MRP)=6._blank class=infotextkey>get=_blank class=infotextkey>26%+0.79%×1._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3=7._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3%。
因此本次_blank class=infotextkey>get=_blank class=infotextkey>评估根据_blank class=infotextkey>get=_blank class=infotextkey>上述测算_blank class=infotextkey>思路和_blank class=infotextkey>get=_blank class=infotextkey>公式计算确_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险溢价（MRP)为7._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3%。
4._blank class=infotextkey>get=_blank class=infotextkey>企业特_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险_blank class=infotextkey>get=_blank class=infotextkey>调整_blank class=infotextkey>get=_blank class=infotextkey>系数的确_blank class=infotextkey>定
本次_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>考虑到_blank class=infotextkey>get=_blank class=infotextkey>评估对象在_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的_blank class=infotextkey>get=_blank class=infotextkey>融资_blank class=infotextkey>get=_blank class=infotextkey>条件、资本_blank class=infotextkey>get=_blank class=infotextkey>流动性_blank class=infotextkey>以及_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的_blank class=infotextkey>get=_blank class=infotextkey>治理结构等
_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面与可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的差_blank class=infotextkey>get=_blank class=infotextkey>异性所可能产_blank class=infotextkey>get=_blank class=infotextkey>生的特性个_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险。
序号
叠加_blank class=infotextkey>get=_blank class=infotextkey>内容
说明
取值（%）
1
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险
受宏观_blank class=infotextkey>get=_blank class=infotextkey>调控和_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策的_blank class=infotextkey>get=_blank class=infotextkey>影响较_blank class=infotextkey>get=_blank class=infotextkey>大
1.5
_blank class=infotextkey>get=_blank class=infotextkey>2
_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>环境_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险
_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济_blank class=infotextkey>get=_blank class=infotextkey>形势对_blank class=infotextkey>get=_blank class=infotextkey>行业的_blank class=infotextkey>get=_blank class=infotextkey>影响较_blank class=infotextkey>get=_blank class=infotextkey>大
1.5
_blank class=infotextkey>3
_blank class=infotextkey>get=_blank class=infotextkey>财务_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险
_blank class=infotextkey>get=_blank class=infotextkey>企业的_blank class=infotextkey>get=_blank class=infotextkey>经营_blank class=infotextkey>get=_blank class=infotextkey>情况_blank class=infotextkey>get=_blank class=infotextkey>较好，_blank class=infotextkey>get=_blank class=infotextkey>财务_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险_blank class=infotextkey>get=_blank class=infotextkey>一般
0.5
4
_blank class=infotextkey>get=_blank class=infotextkey>经营_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险
_blank class=infotextkey>get=_blank class=infotextkey>企业处在稳_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>发展_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>时期，_blank class=infotextkey>get=_blank class=infotextkey>经营_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险相对较_blank class=infotextkey>get=_blank class=infotextkey>小
0.5
_blank class=infotextkey>合计
4.00
因此，被_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>单位特性_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险_blank class=infotextkey>get=_blank class=infotextkey>调整_blank class=infotextkey>get=_blank class=infotextkey>系数Rc=4.00%。
5.权益资本_blank class=infotextkey>get=_blank class=infotextkey>成本的确_blank class=infotextkey>定：
Re＝Rf＋β×（Rm－Rf）＋Rc
＝_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.64%
6.债权期望_blank class=infotextkey>get=_blank class=infotextkey>回报率的确_blank class=infotextkey>定
本次_blank class=infotextkey>get=_blank class=infotextkey>按评估_blank class=infotextkey>get=_blank class=infotextkey>基准日，被_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>单位实际_blank class=infotextkey>get=_blank class=infotextkey>付息_blank class=infotextkey>债务确_blank class=infotextkey>定债权期望_blank class=infotextkey>get=_blank class=infotextkey>回报率为6._blank class=infotextkey>get=_blank class=infotextkey>24%。
7.WACC的确_blank class=infotextkey>定
以目标_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司自_blank class=infotextkey>get=_blank class=infotextkey>身的资本结构，确_blank class=infotextkey>定D/（E+D）
WACC＝（Re×We）＋〔Rd×（1－T）×Wd〕
＝_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.56%
8.折现率的确_blank class=infotextkey>定
根据_blank class=infotextkey>get=_blank class=infotextkey>上述_blank class=infotextkey>指标、_blank class=infotextkey>get=_blank class=infotextkey>系数_blank class=infotextkey>get=_blank class=infotextkey>利用WACC计算_blank class=infotextkey>get=_blank class=infotextkey>公式确_blank class=infotextkey>定被_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>单位的加权_blank class=infotextkey>get=_blank class=infotextkey>平均资本_blank class=infotextkey>get=_blank class=infotextkey>成本为
_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.56%。
为_blank class=infotextkey>get=_blank class=infotextkey>验证折现率计算结果的_blank class=infotextkey>合理性，以明之辉所属_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>建筑_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装饰和_blank class=infotextkey>get=_blank class=infotextkey>其他_blank class=infotextkey>get=_blank class=infotextkey>建筑业为_blank class=infotextkey>get=_blank class=infotextkey>选
取_blank class=infotextkey>get=_blank class=infotextkey>标准，_blank class=infotextkey>get=_blank class=infotextkey>选取了_blank class=infotextkey>近_blank class=infotextkey>get=_blank class=infotextkey>年来_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国A股_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>中被并购方与明之辉具_blank class=infotextkey>get=_blank class=infotextkey>有一_blank class=infotextkey>定可比性的并购案
例，对本次_blank class=infotextkey>get=_blank class=infotextkey>交易作价的_blank class=infotextkey>get=_blank class=infotextkey>公允性进一步_blank class=infotextkey>get=_blank class=infotextkey>分析如_blank class=infotextkey>get=_blank class=infotextkey>下：
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
标的_blank class=infotextkey>get=_blank class=infotextkey>股权
_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>基准日
_blank class=infotextkey>get=_blank class=infotextkey>股权资本_blank class=infotextkey>get=_blank class=infotextkey>成本
折现率
利亚德
_blank class=infotextkey>get=_blank class=infotextkey>四川普瑞照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
_blank class=infotextkey>get=_blank class=infotextkey>20167_blank class=infotextkey>31
_blank class=infotextkey>11.15%
_blank class=infotextkey>11._blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3%
利亚德
_blank class=infotextkey>get=_blank class=infotextkey>西安_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万科_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>时_blank class=infotextkey>get=_blank class=infotextkey>代_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>系统_blank class=infotextkey>get=_blank class=infotextkey>集成_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
_blank class=infotextkey>get=_blank class=infotextkey>20167_blank class=infotextkey>31
_blank class=infotextkey>11.14%
_blank class=infotextkey>11.14%
_blank class=infotextkey>get=_blank class=infotextkey>奥拓电_blank class=infotextkey>get=_blank class=infotextkey>子
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳市千百辉照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
_blank class=infotextkey>get=_blank class=infotextkey>2016_blank class=infotextkey>3_blank class=infotextkey>31
14.00%
创兴_blank class=infotextkey>get=_blank class=infotextkey>资源
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上海_blank class=infotextkey>get=_blank class=infotextkey>东江_blank class=infotextkey>get=_blank class=infotextkey>建筑_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装饰_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
_blank class=infotextkey>get=_blank class=infotextkey>20181_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>31
15._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2%
1_blank class=infotextkey>get=_blank class=infotextkey>2.01%
京蓝_blank class=infotextkey>get=_blank class=infotextkey>科技
_blank class=infotextkey>get=_blank class=infotextkey>天津市北方_blank class=infotextkey>创业_blank class=infotextkey>get=_blank class=infotextkey>园林_blank class=infotextkey>get=_blank class=infotextkey>股份_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
_blank class=infotextkey>get=_blank class=infotextkey>20169_blank class=infotextkey>30
_blank class=infotextkey>get=_blank class=infotextkey>10.00%
_blank class=infotextkey>get=_blank class=infotextkey>10.00%
_blank class=infotextkey>get=_blank class=infotextkey>平均值
_blank class=infotextkey>11.88%
_blank class=infotextkey>11.66%
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>最_blank class=infotextkey>get=_blank class=infotextkey>大值
15._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2%
14.00%
_blank class=infotextkey>最_blank class=infotextkey>get=_blank class=infotextkey>小值
_blank class=infotextkey>get=_blank class=infotextkey>10.00%
_blank class=infotextkey>get=_blank class=infotextkey>10.00%
_blank class=infotextkey>get=_blank class=infotextkey>中位值
_blank class=infotextkey>11.15%
_blank class=infotextkey>11.14%
海洋_blank class=infotextkey>get=_blank class=infotextkey>王
明之辉
_blank class=infotextkey>get=_blank class=infotextkey>20194_blank class=infotextkey>30
_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.64%
_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.56%
_blank class=infotextkey>get=_blank class=infotextkey>资料来源：_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>公告
由_blank class=infotextkey>get=_blank class=infotextkey>上表可知，可比_blank class=infotextkey>get=_blank class=infotextkey>交易_blank class=infotextkey>get=_blank class=infotextkey>案例_blank class=infotextkey>get=_blank class=infotextkey>平均值_blank class=infotextkey>11.66%，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>最_blank class=infotextkey>get=_blank class=infotextkey>大值14.00%，_blank class=infotextkey>最_blank class=infotextkey>get=_blank class=infotextkey>小值为_blank class=infotextkey>get=_blank class=infotextkey>10.00%，
_blank class=infotextkey>get=_blank class=infotextkey>中位数为_blank class=infotextkey>11.14%。本次_blank class=infotextkey>get=_blank class=infotextkey>交易被_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>单位折现率为_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.56%，_blank class=infotextkey>get=_blank class=infotextkey>高于_blank class=infotextkey>get=_blank class=infotextkey>交易_blank class=infotextkey>get=_blank class=infotextkey>案例_blank class=infotextkey>get=_blank class=infotextkey>评估折现率
_blank class=infotextkey>get=_blank class=infotextkey>中位数及_blank class=infotextkey>get=_blank class=infotextkey>平均值，与_blank class=infotextkey>get=_blank class=infotextkey>上述可比_blank class=infotextkey>get=_blank class=infotextkey>交易_blank class=infotextkey>get=_blank class=infotextkey>案例相比，本次_blank class=infotextkey>get=_blank class=infotextkey>交易被_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>单位折现率_blank class=infotextkey>位于_blank class=infotextkey>合理区
间内，因此本次_blank class=infotextkey>get=_blank class=infotextkey>交易明之辉_blank class=infotextkey>get=_blank class=infotextkey>评估折现率较为_blank class=infotextkey>get=_blank class=infotextkey>谨慎_blank class=infotextkey>合理。
四、同类可比_blank class=infotextkey>get=_blank class=infotextkey>交易_blank class=infotextkey>get=_blank class=infotextkey>案例_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>增值_blank class=infotextkey>get=_blank class=infotextkey>情况
（一）可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>估值_blank class=infotextkey>get=_blank class=infotextkey>比较_blank class=infotextkey>get=_blank class=infotextkey>情况
根据_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国证监_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>get=_blank class=infotextkey>发_blank class=infotextkey>get=_blank class=infotextkey>布的《_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>分类指引》（_blank class=infotextkey>get=_blank class=infotextkey>201_blank class=infotextkey>get=_blank class=infotextkey>2年_blank class=infotextkey>get=_blank class=infotextkey>修订）_blank class=infotextkey>get=_blank class=infotextkey>行业目录及分
类_blank class=infotextkey>原则，明之辉所处照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>行业属于_blank class=infotextkey>get=_blank class=infotextkey>“E50_blank class=infotextkey>get=_blank class=infotextkey>建筑_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装饰和_blank class=infotextkey>get=_blank class=infotextkey>其他_blank class=infotextkey>get=_blank class=infotextkey>建筑业_blank class=infotextkey>get=_blank class=infotextkey>”；根据《国民经
_blank class=infotextkey>济_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>分类》（_blank class=infotextkey>gB/T4754_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017），明之辉所处_blank class=infotextkey>get=_blank class=infotextkey>行业属于_blank class=infotextkey>get=_blank class=infotextkey>“E50_blank class=infotextkey>get=_blank class=infotextkey>建筑_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装饰和_blank class=infotextkey>get=_blank class=infotextkey>其他_blank class=infotextkey>get=_blank class=infotextkey>建筑
业_blank class=infotextkey>get=_blank class=infotextkey>”。
因此，分别_blank class=infotextkey>get=_blank class=infotextkey>选取_blank class=infotextkey>get=_blank class=infotextkey>上述_blank class=infotextkey>get=_blank class=infotextkey>行业内_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>作为_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>比较_blank class=infotextkey>get=_blank class=infotextkey>基准，本次_blank class=infotextkey>get=_blank class=infotextkey>具_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>估值_blank class=infotextkey>get=_blank class=infotextkey>情况如
_blank class=infotextkey>get=_blank class=infotextkey>下：
证券_blank class=infotextkey>get=_blank class=infotextkey>代码
证券简称
市盈率
市净率
_blank class=infotextkey>300506.SZ
名家汇
19.58
_blank class=infotextkey>3._blank class=infotextkey>get=_blank class=infotextkey>29
00_blank class=infotextkey>get=_blank class=infotextkey>2587.SZ
_blank class=infotextkey>get=_blank class=infotextkey>奥拓电_blank class=infotextkey>get=_blank class=infotextkey>子
_blank class=infotextkey>get=_blank class=infotextkey>21._blank class=infotextkey>get=_blank class=infotextkey>27
_blank class=infotextkey>3.01
00_blank class=infotextkey>get=_blank class=infotextkey>2047.SZ
宝鹰_blank class=infotextkey>get=_blank class=infotextkey>股份
_blank class=infotextkey>31._blank class=infotextkey>get=_blank class=infotextkey>28
_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>get=_blank class=infotextkey>26
00_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>081.SZ
_blank class=infotextkey>get=_blank class=infotextkey>金螳螂
_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.46
_blank class=infotextkey>get=_blank class=infotextkey>2.16
00_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>375.SZ
亚厦_blank class=infotextkey>get=_blank class=infotextkey>股份
_blank class=infotextkey>get=_blank class=infotextkey>21.87
1.0_blank class=infotextkey>get=_blank class=infotextkey>2
00_blank class=infotextkey>get=_blank class=infotextkey>248_blank class=infotextkey>get=_blank class=infotextkey>2.SZ
广田_blank class=infotextkey>get=_blank class=infotextkey>集团
_blank class=infotextkey>get=_blank class=infotextkey>25._blank class=infotextkey>get=_blank class=infotextkey>28
1._blank class=infotextkey>get=_blank class=infotextkey>27
00_blank class=infotextkey>get=_blank class=infotextkey>27_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.SZ
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>东易_blank class=infotextkey>get=_blank class=infotextkey>日盛
19.16
4.06
00_blank class=infotextkey>get=_blank class=infotextkey>2781.SZ
奇_blank class=infotextkey>get=_blank class=infotextkey>信_blank class=infotextkey>get=_blank class=infotextkey>股份
_blank class=infotextkey>get=_blank class=infotextkey>21.76
1.91
_blank class=infotextkey>get=_blank class=infotextkey>601886.SH
江河_blank class=infotextkey>get=_blank class=infotextkey>集团
17._blank class=infotextkey>35
_blank class=infotextkey>get=_blank class=infotextkey>1._blank class=infotextkey>39
_blank class=infotextkey>get=_blank class=infotextkey>60_blank class=infotextkey>30_blank class=infotextkey>30.SH
_blank class=infotextkey>get=_blank class=infotextkey>全筑_blank class=infotextkey>get=_blank class=infotextkey>股份
15._blank class=infotextkey>get=_blank class=infotextkey>09
_blank class=infotextkey>get=_blank class=infotextkey>2.16
_blank class=infotextkey>get=_blank class=infotextkey>60_blank class=infotextkey>38_blank class=infotextkey>get=_blank class=infotextkey>28.SH
柯利达
78.68
4.14
_blank class=infotextkey>get=_blank class=infotextkey>平均值
_blank class=infotextkey>get=_blank class=infotextkey>25.89
_blank class=infotextkey>get=_blank class=infotextkey>2.4_blank class=infotextkey>get=_blank class=infotextkey>2
明之辉
_blank class=infotextkey>get=_blank class=infotextkey>10.87
_blank class=infotextkey>get=_blank class=infotextkey>2.58
注1：可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的市盈率=_blank class=infotextkey>get=_blank class=infotextkey>2019年4月_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>30日市值/ _blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年年报_blank class=infotextkey>get=_blank class=infotextkey>中归属于母_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的净利润；明之辉
市盈率=明之辉_blank class=infotextkey>get=_blank class=infotextkey>交易_blank class=infotextkey>get=_blank class=infotextkey>估值/明之辉_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度归属于母_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司股_blank class=infotextkey>get=_blank class=infotextkey>东净利润；
注_blank class=infotextkey>get=_blank class=infotextkey>2：可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的市净率=_blank class=infotextkey>get=_blank class=infotextkey>2019年4月_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>30日市值/ _blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年年报_blank class=infotextkey>get=_blank class=infotextkey>中归属于母_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的所_blank class=infotextkey>get=_blank class=infotextkey>有者权益；明
之辉市盈率=明之辉_blank class=infotextkey>get=_blank class=infotextkey>交易_blank class=infotextkey>get=_blank class=infotextkey>估值/标的_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>基准日归属于母_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司所_blank class=infotextkey>get=_blank class=infotextkey>有者权益
本次_blank class=infotextkey>get=_blank class=infotextkey>交易_blank class=infotextkey>get=_blank class=infotextkey>中，明之辉市盈率为_blank class=infotextkey>get=_blank class=infotextkey>10.87倍，_blank class=infotextkey>get=_blank class=infotextkey>低于同_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>25.89倍的_blank class=infotextkey>get=_blank class=infotextkey>平均市盈
率，以市盈率_blank class=infotextkey>指标衡量，本次_blank class=infotextkey>get=_blank class=infotextkey>交易的_blank class=infotextkey>get=_blank class=infotextkey>价格_blank class=infotextkey>get=_blank class=infotextkey>有利于_blank class=infotextkey>get=_blank class=infotextkey>保护_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司股_blank class=infotextkey>get=_blank class=infotextkey>东_blank class=infotextkey>get=_blank class=infotextkey>利益。明之辉市净
率为_blank class=infotextkey>get=_blank class=infotextkey>2.58倍，略_blank class=infotextkey>get=_blank class=infotextkey>高于同_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的_blank class=infotextkey>get=_blank class=infotextkey>平均市净率_blank class=infotextkey>get=_blank class=infotextkey>2.4_blank class=infotextkey>get=_blank class=infotextkey>2倍，_blank class=infotextkey>get=_blank class=infotextkey>主要_blank class=infotextkey>原因是相对可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司而言，明之辉未_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公开_blank class=infotextkey>get=_blank class=infotextkey>进行_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>融资充实净_blank class=infotextkey>get=_blank class=infotextkey>资产。
（二）同类可比_blank class=infotextkey>get=_blank class=infotextkey>交易_blank class=infotextkey>get=_blank class=infotextkey>案例_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>增值_blank class=infotextkey>get=_blank class=infotextkey>情况
以明之辉所处照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>行业为_blank class=infotextkey>get=_blank class=infotextkey>选取_blank class=infotextkey>get=_blank class=infotextkey>标准，_blank class=infotextkey>get=_blank class=infotextkey>选取_blank class=infotextkey>近_blank class=infotextkey>get=_blank class=infotextkey>年来_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国A股_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>中被并购方与
明之辉具_blank class=infotextkey>get=_blank class=infotextkey>有一_blank class=infotextkey>定可比性的并购_blank class=infotextkey>get=_blank class=infotextkey>案例，对本次_blank class=infotextkey>get=_blank class=infotextkey>交易作价的_blank class=infotextkey>get=_blank class=infotextkey>公允性进一步_blank class=infotextkey>get=_blank class=infotextkey>分析如_blank class=infotextkey>get=_blank class=infotextkey>下：
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
标的_blank class=infotextkey>get=_blank class=infotextkey>股权
_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>基准日
标的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>估值（_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元）
市盈率
市净率
进展
_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>增值率
名家汇
永麒照明 55%_blank class=infotextkey>get=_blank class=infotextkey>股权
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月_blank class=infotextkey>_blank class=infotextkey>31日
45,041.05
_blank class=infotextkey>get=_blank class=infotextkey>10._blank class=infotextkey>38
7.04
_blank class=infotextkey>get=_blank class=infotextkey>完成
_blank class=infotextkey>get=_blank class=infotextkey>604._blank class=infotextkey>get=_blank class=infotextkey>21%
利亚德
普瑞照明_blank class=infotextkey>get=_blank class=infotextkey>100%_blank class=infotextkey>get=_blank class=infotextkey>股权
_blank class=infotextkey>get=_blank class=infotextkey>201_blank class=infotextkey>get=_blank class=infotextkey>6年_blank class=infotextkey>get=_blank class=infotextkey>7月_blank class=infotextkey>_blank class=infotextkey>31日
1_blank class=infotextkey>get=_blank class=infotextkey>2,5_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>2.77
17.8_blank class=infotextkey>3
4.14
_blank class=infotextkey>get=_blank class=infotextkey>完成
_blank class=infotextkey>get=_blank class=infotextkey>271._blank class=infotextkey>get=_blank class=infotextkey>10%
利亚德
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万科_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>时_blank class=infotextkey>get=_blank class=infotextkey>代_blank class=infotextkey>get=_blank class=infotextkey>100%_blank class=infotextkey>get=_blank class=infotextkey>股权
_blank class=infotextkey>get=_blank class=infotextkey>201_blank class=infotextkey>get=_blank class=infotextkey>6年_blank class=infotextkey>get=_blank class=infotextkey>7月_blank class=infotextkey>_blank class=infotextkey>31日
18,5_blank class=infotextkey>get=_blank class=infotextkey>10.00
_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>2.76
6.6_blank class=infotextkey>get=_blank class=infotextkey>2
_blank class=infotextkey>get=_blank class=infotextkey>完成
416.94%
洲明_blank class=infotextkey>get=_blank class=infotextkey>科技
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>清华康利_blank class=infotextkey>get=_blank class=infotextkey>100%_blank class=infotextkey>get=_blank class=infotextkey>股权
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年_blank class=infotextkey>get=_blank class=infotextkey>7月_blank class=infotextkey>_blank class=infotextkey>31日
_blank class=infotextkey>get=_blank class=infotextkey>27,486._blank class=infotextkey>get=_blank class=infotextkey>10
_blank class=infotextkey>30.04
5.9_blank class=infotextkey>3
_blank class=infotextkey>get=_blank class=infotextkey>完成
45_blank class=infotextkey>3.66%
_blank class=infotextkey>get=_blank class=infotextkey>奥拓电_blank class=infotextkey>get=_blank class=infotextkey>子
千百辉_blank class=infotextkey>get=_blank class=infotextkey>100%_blank class=infotextkey>get=_blank class=infotextkey>股权
_blank class=infotextkey>get=_blank class=infotextkey>201_blank class=infotextkey>get=_blank class=infotextkey>6年_blank class=infotextkey>3月_blank class=infotextkey>_blank class=infotextkey>31日
_blank class=infotextkey>30,000.00
17._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2
_blank class=infotextkey>3._blank class=infotextkey>get=_blank class=infotextkey>25
_blank class=infotextkey>get=_blank class=infotextkey>完成
_blank class=infotextkey>get=_blank class=infotextkey>215.87%
名家汇
永麒照明45%_blank class=infotextkey>get=_blank class=infotextkey>股权
_blank class=infotextkey>get=_blank class=infotextkey>2019年_blank class=infotextkey>3月_blank class=infotextkey>_blank class=infotextkey>31日
_blank class=infotextkey>get=_blank class=infotextkey>10_blank class=infotextkey>3,500.00
8.96
5.48
预案
447.75%
_blank class=infotextkey>get=_blank class=infotextkey>平均值
19.5_blank class=infotextkey>3
5.41
401.59%
海洋_blank class=infotextkey>get=_blank class=infotextkey>王
明之辉51%_blank class=infotextkey>get=_blank class=infotextkey>股权
_blank class=infotextkey>get=_blank class=infotextkey>2019年4月_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>30日
5_blank class=infotextkey>3,_blank class=infotextkey>get=_blank class=infotextkey>249.68
_blank class=infotextkey>get=_blank class=infotextkey>10.87
_blank class=infotextkey>get=_blank class=infotextkey>2.58
_blank class=infotextkey>get=_blank class=infotextkey>进行_blank class=infotextkey>get=_blank class=infotextkey>中
157.66%
注1：市盈率=标的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>估值/标的_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>基准日前一年（以年末为_blank class=infotextkey>get=_blank class=infotextkey>基准日的，则_blank class=infotextkey>get=_blank class=infotextkey>选取当_blank class=infotextkey>年的归属
于母_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司所_blank class=infotextkey>get=_blank class=infotextkey>有者净利润）归属于母_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司所_blank class=infotextkey>get=_blank class=infotextkey>有者净利润；
注_blank class=infotextkey>get=_blank class=infotextkey>2：市净率=标的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>估值/标的_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>基准日归属于母_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司所_blank class=infotextkey>get=_blank class=infotextkey>有者权益。
由_blank class=infotextkey>get=_blank class=infotextkey>上表可知，本次可比_blank class=infotextkey>get=_blank class=infotextkey>交易_blank class=infotextkey>get=_blank class=infotextkey>案例市盈率_blank class=infotextkey>get=_blank class=infotextkey>平均值为19.5_blank class=infotextkey>3，市净率_blank class=infotextkey>get=_blank class=infotextkey>平均值为5.41，_blank class=infotextkey>get=_blank class=infotextkey>大朗，评
估_blank class=infotextkey>增值率平_blank class=infotextkey>get=_blank class=infotextkey>均为401.59%，本次可比_blank class=infotextkey>get=_blank class=infotextkey>交易_blank class=infotextkey>get=_blank class=infotextkey>案例_blank class=infotextkey>get=_blank class=infotextkey>资产市盈率为_blank class=infotextkey>get=_blank class=infotextkey>10.87，市净率为_blank class=infotextkey>get=_blank class=infotextkey>2.58，评
估_blank class=infotextkey>增值率为157.66%，与可比_blank class=infotextkey>get=_blank class=infotextkey>交易_blank class=infotextkey>get=_blank class=infotextkey>案例相比，本次_blank class=infotextkey>get=_blank class=infotextkey>交易的_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>增值率_blank class=infotextkey>get=_blank class=infotextkey>低于可比_blank class=infotextkey>get=_blank class=infotextkey>交易案
例的_blank class=infotextkey>get=_blank class=infotextkey>平均_blank class=infotextkey>get=_blank class=infotextkey>水平，明之辉按_blank class=infotextkey>收益法_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>增值率_blank class=infotextkey>get=_blank class=infotextkey>水平具_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>合理性，_blank class=infotextkey>get=_blank class=infotextkey>采用_blank class=infotextkey>收益法_blank class=infotextkey>get=_blank class=infotextkey>评估结果能
更客观、_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>面的反映明之辉的_blank class=infotextkey>get=_blank class=infotextkey>企业整_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>价值，因此，明之辉_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>价值较账_blank class=infotextkey>面净_blank class=infotextkey>get=_blank class=infotextkey>资产存
在较_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>增值具_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>合理性。
1_blank class=infotextkey>get=_blank class=infotextkey>2 _blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月_blank class=infotextkey>get=_blank class=infotextkey>25日，童莉和_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳市明之辉照明灯饰_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司分别将其持_blank class=infotextkey>get=_blank class=infotextkey>有的
明之辉9._blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>38_blank class=infotextkey>3%和5.5617%的_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>转让给莱盟_blank class=infotextkey>get=_blank class=infotextkey>建设，对应的明之辉_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>部_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>估值分别
为5,_blank class=infotextkey>118.0_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元、5,_blank class=infotextkey>394.0_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元。_blank class=infotextkey>get=_blank class=infotextkey>2019年6月_blank class=infotextkey>get=_blank class=infotextkey>24日，朱恺将明之辉5%的_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>转让
给莱盟_blank class=infotextkey>get=_blank class=infotextkey>建设，对应的明之辉_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>部_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>估值为5,_blank class=infotextkey>118_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元。以_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>两次_blank class=infotextkey>get=_blank class=infotextkey>交易_blank class=infotextkey>get=_blank class=infotextkey>中明之辉_blank class=infotextkey>get=_blank class=infotextkey>估值
与本次_blank class=infotextkey>get=_blank class=infotextkey>交易差_blank class=infotextkey>get=_blank class=infotextkey>异较_blank class=infotextkey>get=_blank class=infotextkey>大。请_blank class=infotextkey>get=_blank class=infotextkey>具_blank class=infotextkey>get=_blank class=infotextkey>体结_blank class=infotextkey>合前_blank class=infotextkey>get=_blank class=infotextkey>两次_blank class=infotextkey>get=_blank class=infotextkey>交易的_blank class=infotextkey>get=_blank class=infotextkey>背景、_blank class=infotextkey>get=_blank class=infotextkey>评估或_blank class=infotextkey>get=_blank class=infotextkey>估值_blank class=infotextkey>get=_blank class=infotextkey>情况，_blank class=infotextkey>以及明之辉
_blank class=infotextkey>get=_blank class=infotextkey>经营状况的_blank class=infotextkey>get=_blank class=infotextkey>变化_blank class=infotextkey>get=_blank class=infotextkey>情况等，说明_blank class=infotextkey>get=_blank class=infotextkey>短期内明之辉_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>估值_blank class=infotextkey>get=_blank class=infotextkey>出现_blank class=infotextkey>get=_blank class=infotextkey>大幅_blank class=infotextkey>get=_blank class=infotextkey>增长的_blank class=infotextkey>原因及_blank class=infotextkey>合理性。
_blank class=infotextkey>get=_blank class=infotextkey>回复：
一、明之辉_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>转让_blank class=infotextkey>get=_blank class=infotextkey>背景
明之辉历次_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>转让_blank class=infotextkey>get=_blank class=infotextkey>情况如_blank class=infotextkey>get=_blank class=infotextkey>下：
序号
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>时间
_blank class=infotextkey>get=_blank class=infotextkey>转让方
受让方
_blank class=infotextkey>get=_blank class=infotextkey>转让_blank class=infotextkey>get=_blank class=infotextkey>价格
（_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元）
折算明之辉_blank class=infotextkey>get=_blank class=infotextkey>100%_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>价值（_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元）
1
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月_blank class=infotextkey>get=_blank class=infotextkey>25日
童莉
莱盟_blank class=infotextkey>get=_blank class=infotextkey>建设
467.70
5,_blank class=infotextkey>118.00
_blank class=infotextkey>get=_blank class=infotextkey>2
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月_blank class=infotextkey>get=_blank class=infotextkey>25日
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳市明之辉照明灯饰_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
莱盟_blank class=infotextkey>get=_blank class=infotextkey>建设
_blank class=infotextkey>300.00
5,_blank class=infotextkey>118.00
_blank class=infotextkey>3
_blank class=infotextkey>get=_blank class=infotextkey>2019年6月_blank class=infotextkey>get=_blank class=infotextkey>24日
朱恺
莱盟_blank class=infotextkey>get=_blank class=infotextkey>建设
_blank class=infotextkey>get=_blank class=infotextkey>255.90
5,_blank class=infotextkey>118.00
注：_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月_blank class=infotextkey>get=_blank class=infotextkey>25日，童莉和_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳市明之辉照明灯饰_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司分别将其持_blank class=infotextkey>get=_blank class=infotextkey>有的明之辉9._blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>38_blank class=infotextkey>3%和
5.8617%的_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>转让给莱盟_blank class=infotextkey>get=_blank class=infotextkey>建设，对应的明之辉_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>部_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>估值_blank class=infotextkey>get=_blank class=infotextkey>均为5,_blank class=infotextkey>118.00_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月_blank class=infotextkey>get=_blank class=infotextkey>25日、_blank class=infotextkey>get=_blank class=infotextkey>2019年6月_blank class=infotextkey>get=_blank class=infotextkey>24日_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>转让_blank class=infotextkey>get=_blank class=infotextkey>主要为明之辉拟将莱盟_blank class=infotextkey>get=_blank class=infotextkey>建设_blank class=infotextkey>get=_blank class=infotextkey>作为
_blank class=infotextkey>get=_blank class=infotextkey>员工持股_blank class=infotextkey>get=_blank class=infotextkey>平台，_blank class=infotextkey>get=_blank class=infotextkey>上述_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>转让是为筹建持股_blank class=infotextkey>get=_blank class=infotextkey>平台而_blank class=infotextkey>get=_blank class=infotextkey>进行的，_blank class=infotextkey>get=_blank class=infotextkey>由于_blank class=infotextkey>get=_blank class=infotextkey>上述_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>转让_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>时间间
隔较短，明之辉_blank class=infotextkey>get=_blank class=infotextkey>经营状况未_blank class=infotextkey>get=_blank class=infotextkey>发生较_blank class=infotextkey>get=_blank class=infotextkey>大变动。
二、_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>转让与本次_blank class=infotextkey>get=_blank class=infotextkey>交易_blank class=infotextkey>get=_blank class=infotextkey>估值差_blank class=infotextkey>get=_blank class=infotextkey>异_blank class=infotextkey>原因
本次_blank class=infotextkey>get=_blank class=infotextkey>交易明之辉_blank class=infotextkey>get=_blank class=infotextkey>100%_blank class=infotextkey>get=_blank class=infotextkey>股权的_blank class=infotextkey>get=_blank class=infotextkey>交易作价为5_blank class=infotextkey>3,_blank class=infotextkey>get=_blank class=infotextkey>249.68_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元，折_blank class=infotextkey>合为_blank class=infotextkey>get=_blank class=infotextkey>10.40元/_blank class=infotextkey>get=_blank class=infotextkey>每实缴
资本，与_blank class=infotextkey>get=_blank class=infotextkey>上述三次_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>转让_blank class=infotextkey>get=_blank class=infotextkey>价值_blank class=infotextkey>get=_blank class=infotextkey>存在较_blank class=infotextkey>get=_blank class=infotextkey>大的差_blank class=infotextkey>get=_blank class=infotextkey>异，_blank class=infotextkey>get=_blank class=infotextkey>主要是：
（一）对象_blank class=infotextkey>不同：_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月_blank class=infotextkey>get=_blank class=infotextkey>25日、_blank class=infotextkey>get=_blank class=infotextkey>2019年6月_blank class=infotextkey>get=_blank class=infotextkey>24日_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>转让均_blank class=infotextkey>get=_blank class=infotextkey>系同一_blank class=infotextkey>get=_blank class=infotextkey>控制
_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>转让，因此_blank class=infotextkey>get=_blank class=infotextkey>转让_blank class=infotextkey>时以注册资本作价，_blank class=infotextkey>get=_blank class=infotextkey>转让_blank class=infotextkey>get=_blank class=infotextkey>价格为1元/_blank class=infotextkey>get=_blank class=infotextkey>每实缴资本；
（二）目的_blank class=infotextkey>不同：_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月_blank class=infotextkey>get=_blank class=infotextkey>25日、_blank class=infotextkey>get=_blank class=infotextkey>2019年6月_blank class=infotextkey>get=_blank class=infotextkey>24日_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>转让是为将莱盟建
设_blank class=infotextkey>get=_blank class=infotextkey>作为_blank class=infotextkey>get=_blank class=infotextkey>员工持股_blank class=infotextkey>get=_blank class=infotextkey>平台，本次_blank class=infotextkey>get=_blank class=infotextkey>交易目的是引进_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>投资而优化明之辉_blank class=infotextkey>get=_blank class=infotextkey>股权架构。
综_blank class=infotextkey>get=_blank class=infotextkey>上所述，明之辉_blank class=infotextkey>get=_blank class=infotextkey>股权历次_blank class=infotextkey>get=_blank class=infotextkey>股权_blank class=infotextkey>get=_blank class=infotextkey>转让_blank class=infotextkey>get=_blank class=infotextkey>价值_blank class=infotextkey>get=_blank class=infotextkey>出现较_blank class=infotextkey>get=_blank class=infotextkey>大差_blank class=infotextkey>get=_blank class=infotextkey>异是_blank class=infotextkey>合理的。
_blank class=infotextkey>get=_blank class=infotextkey>问题_blank class=infotextkey>3、根据《_blank class=infotextkey>get=_blank class=infotextkey>报告书》，_blank class=infotextkey>get=_blank class=infotextkey>补偿义务_blank class=infotextkey>get=_blank class=infotextkey>人承诺明之辉在_blank class=infotextkey>get=_blank class=infotextkey>2019年至_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>21年期间各年
度_blank class=infotextkey>get=_blank class=infotextkey>实现的_blank class=infotextkey>合并报表_blank class=infotextkey>get=_blank class=infotextkey>中归属于母_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司股_blank class=infotextkey>get=_blank class=infotextkey>东的净利润（扣除非经_blank class=infotextkey>get=_blank class=infotextkey>常性损益前后孰低）分
别_blank class=infotextkey>不_blank class=infotextkey>get=_blank class=infotextkey>低于5,_blank class=infotextkey>get=_blank class=infotextkey>600_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元、6,_blank class=infotextkey>get=_blank class=infotextkey>100_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元、6,400_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元，_blank class=infotextkey>get=_blank class=infotextkey>三年_blank class=infotextkey>get=_blank class=infotextkey>累计_blank class=infotextkey>不_blank class=infotextkey>get=_blank class=infotextkey>低于18,_blank class=infotextkey>get=_blank class=infotextkey>100_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元。请
_blank class=infotextkey>get=_blank class=infotextkey>具_blank class=infotextkey>get=_blank class=infotextkey>体结_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>发展_blank class=infotextkey>get=_blank class=infotextkey>情况、明之辉_blank class=infotextkey>get=_blank class=infotextkey>报告_blank class=infotextkey>get=_blank class=infotextkey>期内的业绩_blank class=infotextkey>get=_blank class=infotextkey>情况、_blank class=infotextkey>get=_blank class=infotextkey>在手订_blank class=infotextkey>单_blank class=infotextkey>get=_blank class=infotextkey>情况等，说明明之
辉业绩承诺的可_blank class=infotextkey>get=_blank class=infotextkey>实现性。并请结_blank class=infotextkey>合各期_blank class=infotextkey>get=_blank class=infotextkey>股份解锁安排，说明_blank class=infotextkey>get=_blank class=infotextkey>股份锁_blank class=infotextkey>定承诺的_blank class=infotextkey>合理
性，能否_blank class=infotextkey>get=_blank class=infotextkey>覆盖或_blank class=infotextkey>get=_blank class=infotextkey>保证业绩承诺的_blank class=infotextkey>get=_blank class=infotextkey>实现，_blank class=infotextkey>以及_blank class=infotextkey>get=_blank class=infotextkey>交易对手方为_blank class=infotextkey>get=_blank class=infotextkey>保证_blank class=infotextkey>get=_blank class=infotextkey>实现业绩承诺拟采取
的_blank class=infotextkey>get=_blank class=infotextkey>具_blank class=infotextkey>get=_blank class=infotextkey>体措施。
_blank class=infotextkey>get=_blank class=infotextkey>回复：
一、明之辉业绩承诺的可_blank class=infotextkey>get=_blank class=infotextkey>实现性_blank class=infotextkey>get=_blank class=infotextkey>分析
（一）明之辉所处_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>发展
_blank class=infotextkey>get=_blank class=infotextkey>“_blank class=infotextkey>get=_blank class=infotextkey>十二五_blank class=infotextkey>get=_blank class=infotextkey>”以来，_blank class=infotextkey>get=_blank class=infotextkey>国家提倡和_blank class=infotextkey>鼓励的美丽_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>智慧_blank class=infotextkey>get=_blank class=infotextkey>城市、_blank class=infotextkey>get=_blank class=infotextkey>绿色照明、夜_blank class=infotextkey>get=_blank class=infotextkey>游_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济
等_blank class=infotextkey>get=_blank class=infotextkey>理念_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>不断_blank class=infotextkey>get=_blank class=infotextkey>深入_blank class=infotextkey>get=_blank class=infotextkey>人心，_blank class=infotextkey>get=_blank class=infotextkey>采用节能、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>环_blank class=infotextkey>get=_blank class=infotextkey>保、_blank class=infotextkey>get=_blank class=infotextkey>高效的LED 灯具，_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时运用激光、_blank class=infotextkey>get=_blank class=infotextkey>全息、投
影、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>智能_blank class=infotextkey>get=_blank class=infotextkey>控制、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>数据等_blank class=infotextkey>get=_blank class=infotextkey>新一_blank class=infotextkey>get=_blank class=infotextkey>代_blank class=infotextkey>技术，因_blank class=infotextkey>get=_blank class=infotextkey>地制宜的结_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>城市的_blank class=infotextkey>get=_blank class=infotextkey>文化底蕴和_blank class=infotextkey>get=_blank class=infotextkey>特色、塑造
_blank class=infotextkey>get=_blank class=infotextkey>城市独特的夜景_blank class=infotextkey>get=_blank class=infotextkey>文化，_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时_blank class=infotextkey>get=_blank class=infotextkey>处理好_blank class=infotextkey>get=_blank class=infotextkey>功能照明和_blank class=infotextkey>get=_blank class=infotextkey>景观照明、日景和夜景、整_blank class=infotextkey>get=_blank class=infotextkey>体和局_blank class=infotextkey>部、
光和影、明和暗、白光和彩光、_blank class=infotextkey>get=_blank class=infotextkey>传统和_blank class=infotextkey>get=_blank class=infotextkey>创_blank class=infotextkey>get=_blank class=infotextkey>新、照明_blank class=infotextkey>get=_blank class=infotextkey>建设和节能_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>环_blank class=infotextkey>get=_blank class=infotextkey>保、_blank class=infotextkey>get=_blank class=infotextkey>投资与_blank class=infotextkey>get=_blank class=infotextkey>管理、_blank class=infotextkey>get=_blank class=infotextkey>高
_blank class=infotextkey>get=_blank class=infotextkey>科技和_blank class=infotextkey>get=_blank class=infotextkey>常规_blank class=infotextkey>技术的应用、_blank class=infotextkey>get=_blank class=infotextkey>规划_blank class=infotextkey>get=_blank class=infotextkey>设计和_blank class=infotextkey>get=_blank class=infotextkey>工程实施等_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面的_blank class=infotextkey>get=_blank class=infotextkey>关_blank class=infotextkey>get=_blank class=infotextkey>系，使得_blank class=infotextkey>get=_blank class=infotextkey>景观照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>行业
_blank class=infotextkey>get=_blank class=infotextkey>进入_blank class=infotextkey>get=_blank class=infotextkey>跨越式_blank class=infotextkey>get=_blank class=infotextkey>发展_blank class=infotextkey>get=_blank class=infotextkey>阶段。
受益于_blank class=infotextkey>get=_blank class=infotextkey>全球各个_blank class=infotextkey>get=_blank class=infotextkey>国家或_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地区_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策_blank class=infotextkey>推广_blank class=infotextkey>get=_blank class=infotextkey>支持，_blank class=infotextkey>get=_blank class=infotextkey>景观亮化_blank class=infotextkey>get=_blank class=infotextkey>市场渗透率_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>不断提_blank class=infotextkey>get=_blank class=infotextkey>高，据数
据_blank class=infotextkey>get=_blank class=infotextkey>显示，_blank class=infotextkey>get=_blank class=infotextkey>201_blank class=infotextkey>get=_blank class=infotextkey>6年_blank class=infotextkey>get=_blank class=infotextkey>全球_blank class=infotextkey>get=_blank class=infotextkey>景观亮化_blank class=infotextkey>get=_blank class=infotextkey>市场达到_blank class=infotextkey>get=_blank class=infotextkey>24_blank class=infotextkey>get=_blank class=infotextkey>50亿元，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年达到_blank class=infotextkey>get=_blank class=infotextkey>2744_blank class=infotextkey>get=_blank class=infotextkey>亿元，_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国
_blank class=infotextkey>get=_blank class=infotextkey>已成_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>最_blank class=infotextkey>get=_blank class=infotextkey>大的_blank class=infotextkey>get=_blank class=infotextkey>景观照明_blank class=infotextkey>get=_blank class=infotextkey>市场，_blank class=infotextkey>get=_blank class=infotextkey>景观照明_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>规模从_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3_blank class=infotextkey>年的416_blank class=infotextkey>get=_blank class=infotextkey>亿元_blank class=infotextkey>get=_blank class=infotextkey>增长至_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年的
796_blank class=infotextkey>get=_blank class=infotextkey>亿元，期间年均复_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>增长率达_blank class=infotextkey>get=_blank class=infotextkey>21._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2%。_blank class=infotextkey>get=_blank class=infotextkey>预计_blank class=infotextkey>get=_blank class=infotextkey>2019年_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>规模将_blank class=infotextkey>get=_blank class=infotextkey>超_blank class=infotextkey>get=_blank class=infotextkey>1000_blank class=infotextkey>get=_blank class=infotextkey>亿元。
1._blank class=infotextkey>get=_blank class=infotextkey>国家_blank class=infotextkey>get=_blank class=infotextkey>产业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策的扶持
_blank class=infotextkey>近_blank class=infotextkey>get=_blank class=infotextkey>年来，_blank class=infotextkey>get=_blank class=infotextkey>国务院、_blank class=infotextkey>get=_blank class=infotextkey>住_blank class=infotextkey>get=_blank class=infotextkey>建_blank class=infotextkey>部门等制_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>发_blank class=infotextkey>get=_blank class=infotextkey>布了《节能_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>长期_blank class=infotextkey>get=_blank class=infotextkey>专项_blank class=infotextkey>get=_blank class=infotextkey>规划》、《_blank class=infotextkey>get=_blank class=infotextkey>“_blank class=infotextkey>get=_blank class=infotextkey>十三
五_blank class=infotextkey>get=_blank class=infotextkey>”_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>get=_blank class=infotextkey>绿色照明_blank class=infotextkey>get=_blank class=infotextkey>规划纲要》、《半导_blank class=infotextkey>get=_blank class=infotextkey>体照明_blank class=infotextkey>get=_blank class=infotextkey>科技_blank class=infotextkey>get=_blank class=infotextkey>发展_blank class=infotextkey>get=_blank class=infotextkey>“_blank class=infotextkey>get=_blank class=infotextkey>十三五_blank class=infotextkey>get=_blank class=infotextkey>”_blank class=infotextkey>get=_blank class=infotextkey>专项_blank class=infotextkey>get=_blank class=infotextkey>规划》、
《_blank class=infotextkey>get=_blank class=infotextkey>“_blank class=infotextkey>get=_blank class=infotextkey>十三五_blank class=infotextkey>get=_blank class=infotextkey>”节能_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>环_blank class=infotextkey>get=_blank class=infotextkey>保_blank class=infotextkey>get=_blank class=infotextkey>产业_blank class=infotextkey>get=_blank class=infotextkey>发展_blank class=infotextkey>get=_blank class=infotextkey>规划》、《_blank class=infotextkey>get=_blank class=infotextkey>关于进一步_blank class=infotextkey>get=_blank class=infotextkey>激发_blank class=infotextkey>get=_blank class=infotextkey>文化和_blank class=infotextkey>get=_blank class=infotextkey>旅_blank class=infotextkey>get=_blank class=infotextkey>游_blank class=infotextkey>get=_blank class=infotextkey>消费_blank class=infotextkey>get=_blank class=infotextkey>潜力的意
见》和_blank class=infotextkey>get=_blank class=infotextkey>“_blank class=infotextkey>get=_blank class=infotextkey>十城_blank class=infotextkey>get=_blank class=infotextkey>万盏_blank class=infotextkey>get=_blank class=infotextkey>”_blank class=infotextkey>计划等_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策文件，_blank class=infotextkey>get=_blank class=infotextkey>大力扶持照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>发展。为落实_blank class=infotextkey>get=_blank class=infotextkey>国家节能
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>环_blank class=infotextkey>get=_blank class=infotextkey>保的_blank class=infotextkey>get=_blank class=infotextkey>发展_blank class=infotextkey>get=_blank class=infotextkey>战略，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>全国各_blank class=infotextkey>get=_blank class=infotextkey>地加_blank class=infotextkey>get=_blank class=infotextkey>大了对照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>发展的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策_blank class=infotextkey>get=_blank class=infotextkey>引导和_blank class=infotextkey>get=_blank class=infotextkey>资_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>支持。_blank class=infotextkey>get=_blank class=infotextkey>产业
扶持_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策的推行，_blank class=infotextkey>get=_blank class=infotextkey>大力_blank class=infotextkey>get=_blank class=infotextkey>发展夜间文旅_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济，是_blank class=infotextkey>get=_blank class=infotextkey>工程照明_blank class=infotextkey>get=_blank class=infotextkey>行业的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>发展_blank class=infotextkey>get=_blank class=infotextkey>机遇。
_blank class=infotextkey>get=_blank class=infotextkey>2、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>城镇化进程的_blank class=infotextkey>get=_blank class=infotextkey>推动为照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>发展_blank class=infotextkey>get=_blank class=infotextkey>提供_blank class=infotextkey>get=_blank class=infotextkey>动力
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>城镇化的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>不断_blank class=infotextkey>get=_blank class=infotextkey>推进为照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>提供_blank class=infotextkey>最_blank class=infotextkey>原始驱_blank class=infotextkey>get=_blank class=infotextkey>动力，_blank class=infotextkey>get=_blank class=infotextkey>我国_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>城镇化率自从1978_blank class=infotextkey>年的
17.90%跃_blank class=infotextkey>get=_blank class=infotextkey>升至_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017 _blank class=infotextkey>年的58.5_blank class=infotextkey>get=_blank class=infotextkey>2%，但是_blank class=infotextkey>get=_blank class=infotextkey>距离发达_blank class=infotextkey>get=_blank class=infotextkey>国家_blank class=infotextkey>get=_blank class=infotextkey>80%的_blank class=infotextkey>get=_blank class=infotextkey>平均_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>城镇化率仍_blank class=infotextkey>get=_blank class=infotextkey>有较_blank class=infotextkey>get=_blank class=infotextkey>大差
距，_blank class=infotextkey>get=_blank class=infotextkey>未来_blank class=infotextkey>get=_blank class=infotextkey>我国_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>城镇化率_blank class=infotextkey>get=_blank class=infotextkey>有较_blank class=infotextkey>get=_blank class=infotextkey>大可能_blank class=infotextkey>继续_blank class=infotextkey>get=_blank class=infotextkey>保持稳_blank class=infotextkey>_blank class=infotextkey>定的_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>get=_blank class=infotextkey>趋势。随着_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>代化_blank class=infotextkey>get=_blank class=infotextkey>建设的
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>不断_blank class=infotextkey>get=_blank class=infotextkey>推进，各_blank class=infotextkey>get=_blank class=infotextkey>地_blank class=infotextkey>get=_blank class=infotextkey>城市对_blank class=infotextkey>get=_blank class=infotextkey>城市夜景的认识_blank class=infotextkey>get=_blank class=infotextkey>有了质的_blank class=infotextkey>get=_blank class=infotextkey>提升，_blank class=infotextkey>get=_blank class=infotextkey>通过_blank class=infotextkey>不同程度的夜景照明_blank class=infotextkey>get=_blank class=infotextkey>建设
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>改造，努力_blank class=infotextkey>get=_blank class=infotextkey>打造具_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>get=_blank class=infotextkey>特色的光_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>环境，以提_blank class=infotextkey>get=_blank class=infotextkey>高_blank class=infotextkey>get=_blank class=infotextkey>城市形象与品味。随着_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>城镇化的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>不断
_blank class=infotextkey>get=_blank class=infotextkey>推进，_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>get=_blank class=infotextkey>居民对于照明的_blank class=infotextkey>get=_blank class=infotextkey>需求已经从_blank class=infotextkey>最初的_blank class=infotextkey>get=_blank class=infotextkey>“亮_blank class=infotextkey>get=_blank class=infotextkey>起来_blank class=infotextkey>get=_blank class=infotextkey>”_blank class=infotextkey>get=_blank class=infotextkey>升级到_blank class=infotextkey>get=_blank class=infotextkey>“美_blank class=infotextkey>get=_blank class=infotextkey>起来_blank class=infotextkey>get=_blank class=infotextkey>”。
根据_blank class=infotextkey>get=_blank class=infotextkey>高工产研LED _blank class=infotextkey>get=_blank class=infotextkey>研究所(_blank class=infotextkey>g_blank class=infotextkey>gII)_blank class=infotextkey>get=_blank class=infotextkey>数据的_blank class=infotextkey>get=_blank class=infotextkey>数据_blank class=infotextkey>get=_blank class=infotextkey>显示，_blank class=infotextkey>get=_blank class=infotextkey>2018 年_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中国户外照明_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>规模
为950 _blank class=infotextkey>get=_blank class=infotextkey>亿元，其_blank class=infotextkey>get=_blank class=infotextkey>中LED _blank class=infotextkey>get=_blank class=infotextkey>景观亮化_blank class=infotextkey>get=_blank class=infotextkey>市场_blank class=infotextkey>get=_blank class=infotextkey>规模_blank class=infotextkey>get=_blank class=infotextkey>高达7_blank class=infotextkey>get=_blank class=infotextkey>80 _blank class=infotextkey>get=_blank class=infotextkey>亿元_blank class=infotextkey>get=_blank class=infotextkey>增速约15%。在_blank class=infotextkey>get=_blank class=infotextkey>新型_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>城镇化、
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>智慧_blank class=infotextkey>get=_blank class=infotextkey>城市、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>智能照明、5_blank class=infotextkey>g 等_blank class=infotextkey>get=_blank class=infotextkey>多因素_blank class=infotextkey>get=_blank class=infotextkey>驱动，_blank class=infotextkey>以及_blank class=infotextkey>get=_blank class=infotextkey>景观照明_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>项目的_blank class=infotextkey>get=_blank class=infotextkey>升级_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>改造_blank class=infotextkey>get=_blank class=infotextkey>需求_blank class=infotextkey>get=_blank class=infotextkey>提升
_blank class=infotextkey>get=_blank class=infotextkey>下，_blank class=infotextkey>get=_blank class=infotextkey>预计_blank class=infotextkey>get=_blank class=infotextkey>十三五期间仍能_blank class=infotextkey>get=_blank class=infotextkey>保持_blank class=infotextkey>get=_blank class=infotextkey>10%以_blank class=infotextkey>get=_blank class=infotextkey>上的_blank class=infotextkey>get=_blank class=infotextkey>增速，至_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>20 年_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>规模达到_blank class=infotextkey>近千_blank class=infotextkey>get=_blank class=infotextkey>亿元，景
观照明仍将_blank class=infotextkey>get=_blank class=infotextkey>保持快速_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>get=_blank class=infotextkey>趋势。
_blank class=infotextkey>3、夜_blank class=infotextkey>get=_blank class=infotextkey>游_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济_blank class=infotextkey>get=_blank class=infotextkey>潜力巨_blank class=infotextkey>get=_blank class=infotextkey>大，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地方_blank class=infotextkey>get=_blank class=infotextkey>投资_blank class=infotextkey>get=_blank class=infotextkey>动力_blank class=infotextkey>get=_blank class=infotextkey>充足
随着_blank class=infotextkey>get=_blank class=infotextkey>城市化率的_blank class=infotextkey>get=_blank class=infotextkey>提升和_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入的_blank class=infotextkey>get=_blank class=infotextkey>增长，_blank class=infotextkey>get=_blank class=infotextkey>人们的_blank class=infotextkey>get=_blank class=infotextkey>生活规律_blank class=infotextkey>get=_blank class=infotextkey>发生了巨_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>改变，夜晚
的休闲_blank class=infotextkey>get=_blank class=infotextkey>活动、_blank class=infotextkey>get=_blank class=infotextkey>文化娱_blank class=infotextkey>get=_blank class=infotextkey>乐、交际应酬_blank class=infotextkey>get=_blank class=infotextkey>成为_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>代_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>get=_blank class=infotextkey>人缓解_blank class=infotextkey>get=_blank class=infotextkey>压力、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>改善_blank class=infotextkey>get=_blank class=infotextkey>生活的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重要_blank class=infotextkey>get=_blank class=infotextkey>方式，
因此夜间_blank class=infotextkey>get=_blank class=infotextkey>消费所占的比_blank class=infotextkey>get=_blank class=infotextkey>重也越来越_blank class=infotextkey>get=_blank class=infotextkey>高。根据_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>get=_blank class=infotextkey>居民_blank class=infotextkey>get=_blank class=infotextkey>消费习惯_blank class=infotextkey>get=_blank class=infotextkey>调查_blank class=infotextkey>get=_blank class=infotextkey>发现，_blank class=infotextkey>get=_blank class=infotextkey>目前_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>60%
的_blank class=infotextkey>get=_blank class=infotextkey>消费_blank class=infotextkey>get=_blank class=infotextkey>发生在夜间，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>大型_blank class=infotextkey>get=_blank class=infotextkey>商场_blank class=infotextkey>get=_blank class=infotextkey>每天18 _blank class=infotextkey>时至_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2 _blank class=infotextkey>时的_blank class=infotextkey>get=_blank class=infotextkey>销售额_blank class=infotextkey>get=_blank class=infotextkey>占比_blank class=infotextkey>get=_blank class=infotextkey>超过_blank class=infotextkey>get=_blank class=infotextkey>全天_blank class=infotextkey>get=_blank class=infotextkey>销售额的
_blank class=infotextkey>get=_blank class=infotextkey>50%。_blank class=infotextkey>get=_blank class=infotextkey>城市夜_blank class=infotextkey>get=_blank class=infotextkey>游_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济已经_blank class=infotextkey>get=_blank class=infotextkey>成为了_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>get=_blank class=infotextkey>建设_blank class=infotextkey>get=_blank class=infotextkey>发展的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重要分支方向，_blank class=infotextkey>get=_blank class=infotextkey>成为拓展_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>get=_blank class=infotextkey>产业消
费_blank class=infotextkey>渠道、_blank class=infotextkey>get=_blank class=infotextkey>提升_blank class=infotextkey>get=_blank class=infotextkey>居民_blank class=infotextkey>get=_blank class=infotextkey>消费_blank class=infotextkey>get=_blank class=infotextkey>生活_blank class=infotextkey>get=_blank class=infotextkey>品质的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重要途径，_blank class=infotextkey>get=_blank class=infotextkey>能够_blank class=infotextkey>get=_blank class=infotextkey>有效_blank class=infotextkey>get=_blank class=infotextkey>促进_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济_blank class=infotextkey>get=_blank class=infotextkey>持续_blank class=infotextkey>get=_blank class=infotextkey>增长。
夜_blank class=infotextkey>get=_blank class=infotextkey>游_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济效益可观、_blank class=infotextkey>get=_blank class=infotextkey>潜力巨_blank class=infotextkey>get=_blank class=infotextkey>大，引起_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地方_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政府_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重视，_blank class=infotextkey>get=_blank class=infotextkey>投资_blank class=infotextkey>get=_blank class=infotextkey>意愿加强。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政府为_blank class=infotextkey>get=_blank class=infotextkey>景观
照明设置专款_blank class=infotextkey>get=_blank class=infotextkey>专项，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>济_blank class=infotextkey>get=_blank class=infotextkey>南、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳、_blank class=infotextkey>get=_blank class=infotextkey>青岛、_blank class=infotextkey>get=_blank class=infotextkey>杭州等_blank class=infotextkey>get=_blank class=infotextkey>地还对_blank class=infotextkey>get=_blank class=infotextkey>景观照明后期的电费或_blank class=infotextkey>get=_blank class=infotextkey>维护费
用实施_blank class=infotextkey>get=_blank class=infotextkey>补贴。诸如茅台镇_blank class=infotextkey>get=_blank class=infotextkey>酒_blank class=infotextkey>get=_blank class=infotextkey>文化夜景_blank class=infotextkey>get=_blank class=infotextkey>旅_blank class=infotextkey>get=_blank class=infotextkey>游、_blank class=infotextkey>get=_blank class=infotextkey>乐山三江夜_blank class=infotextkey>get=_blank class=infotextkey>游、遵义城夜_blank class=infotextkey>get=_blank class=infotextkey>游_blank class=infotextkey>get=_blank class=infotextkey>综_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>体等，
_blank class=infotextkey>get=_blank class=infotextkey>“夜景_blank class=infotextkey>get=_blank class=infotextkey>旅_blank class=infotextkey>get=_blank class=infotextkey>游_blank class=infotextkey>get=_blank class=infotextkey>”_blank class=infotextkey>get=_blank class=infotextkey>带来的夜_blank class=infotextkey>get=_blank class=infotextkey>游_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济_blank class=infotextkey>收益，已经_blank class=infotextkey>get=_blank class=infotextkey>成为各_blank class=infotextkey>get=_blank class=infotextkey>旅_blank class=infotextkey>get=_blank class=infotextkey>游_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>get=_blank class=infotextkey>经_blank class=infotextkey>济_blank class=infotextkey>get=_blank class=infotextkey>发展的_blank class=infotextkey>get=_blank class=infotextkey>新_blank class=infotextkey>get=_blank class=infotextkey>动力。
4、_blank class=infotextkey>get=_blank class=infotextkey>国家_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>大型_blank class=infotextkey>get=_blank class=infotextkey>活动_blank class=infotextkey>get=_blank class=infotextkey>提供_blank class=infotextkey>get=_blank class=infotextkey>景观照明_blank class=infotextkey>get=_blank class=infotextkey>需求
_blank class=infotextkey>近_blank class=infotextkey>get=_blank class=infotextkey>年来，对于_blank class=infotextkey>get=_blank class=infotextkey>即将_blank class=infotextkey>get=_blank class=infotextkey>举办_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>大型_blank class=infotextkey>get=_blank class=infotextkey>活动的_blank class=infotextkey>get=_blank class=infotextkey>城市而言，夜景的_blank class=infotextkey>点亮必_blank class=infotextkey>不可_blank class=infotextkey>get=_blank class=infotextkey>少，夜景照明_blank class=infotextkey>不
仅可起到渲染_blank class=infotextkey>get=_blank class=infotextkey>活动氛围的效果，也能进一步_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>改善_blank class=infotextkey>get=_blank class=infotextkey>居民夜间_blank class=infotextkey>get=_blank class=infotextkey>生活_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>环境，_blank class=infotextkey>get=_blank class=infotextkey>提升_blank class=infotextkey>get=_blank class=infotextkey>城市形象。
_blank class=infotextkey>g_blank class=infotextkey>get=_blank class=infotextkey>20 _blank class=infotextkey>get=_blank class=infotextkey>就是_blank class=infotextkey>get=_blank class=infotextkey>一个典型的_blank class=infotextkey>get=_blank class=infotextkey>案例，_blank class=infotextkey>g_blank class=infotextkey>get=_blank class=infotextkey>20 晚_blank class=infotextkey>get=_blank class=infotextkey>会在_blank class=infotextkey>get=_blank class=infotextkey>西湖_blank class=infotextkey>get=_blank class=infotextkey>盛_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>举行，灯光、音_blank class=infotextkey>get=_blank class=infotextkey>乐、表_blank class=infotextkey>演与_blank class=infotextkey>get=_blank class=infotextkey>西湖美景
和_blank class=infotextkey>get=_blank class=infotextkey>杭州_blank class=infotextkey>get=_blank class=infotextkey>文化底蕴完美融_blank class=infotextkey>合，为外宾呈现出美轮美奂的晚_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>get=_blank class=infotextkey>场景；为_blank class=infotextkey>get=_blank class=infotextkey>迎接_blank class=infotextkey>g_blank class=infotextkey>get=_blank class=infotextkey>20 峰_blank class=infotextkey>get=_blank class=infotextkey>会，杭
州实施了_blank class=infotextkey>get=_blank class=infotextkey>西湖_blank class=infotextkey>get=_blank class=infotextkey>景观照明_blank class=infotextkey>get=_blank class=infotextkey>工程的_blank class=infotextkey>get=_blank class=infotextkey>提升、_blank class=infotextkey>get=_blank class=infotextkey>运河_blank class=infotextkey>get=_blank class=infotextkey>景观亮化_blank class=infotextkey>get=_blank class=infotextkey>工程的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>改造、_blank class=infotextkey>get=_blank class=infotextkey>打造了钱塘江_blank class=infotextkey>get=_blank class=infotextkey>两岸的
夜景亮化_blank class=infotextkey>get=_blank class=infotextkey>工程，_blank class=infotextkey>get=_blank class=infotextkey>凸显照明_blank class=infotextkey>get=_blank class=infotextkey>科技对_blank class=infotextkey>get=_blank class=infotextkey>城市形象的巨_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>提升作用。在_blank class=infotextkey>get=_blank class=infotextkey>我国_blank class=infotextkey>get=_blank class=infotextkey>举办的_blank class=infotextkey>get=_blank class=infotextkey>世界级展
_blank class=infotextkey>get=_blank class=infotextkey>会、_blank class=infotextkey>get=_blank class=infotextkey>论坛和_blank class=infotextkey>get=_blank class=infotextkey>活动、_blank class=infotextkey>get=_blank class=infotextkey>国家和_blank class=infotextkey>get=_blank class=infotextkey>城市的周年庆祝_blank class=infotextkey>get=_blank class=infotextkey>活动。
（二）明之辉_blank class=infotextkey>get=_blank class=infotextkey>报告_blank class=infotextkey>get=_blank class=infotextkey>期内的业绩_blank class=infotextkey>get=_blank class=infotextkey>情况
明之辉_blank class=infotextkey>近年_blank class=infotextkey>get=_blank class=infotextkey>主要_blank class=infotextkey>get=_blank class=infotextkey>经营_blank class=infotextkey>指标如_blank class=infotextkey>get=_blank class=infotextkey>下：
_blank class=infotextkey>单位：_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元
_blank class=infotextkey>get=_blank class=infotextkey>项目
_blank class=infotextkey>get=_blank class=infotextkey>2019年4月_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>30日/_blank class=infotextkey>get=_blank class=infotextkey>2019
年14月
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月_blank class=infotextkey>_blank class=infotextkey>31日
/_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月_blank class=infotextkey>_blank class=infotextkey>31日
/_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年度
_blank class=infotextkey>get=_blank class=infotextkey>资产总计
4_blank class=infotextkey>get=_blank class=infotextkey>2,481.78
41,_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>30.0_blank class=infotextkey>3
_blank class=infotextkey>3_blank class=infotextkey>3,76_blank class=infotextkey>3.8_blank class=infotextkey>get=_blank class=infotextkey>2
_blank class=infotextkey>get=_blank class=infotextkey>负债总计
_blank class=infotextkey>get=_blank class=infotextkey>21,814.9_blank class=infotextkey>get=_blank class=infotextkey>2
_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2,5_blank class=infotextkey>get=_blank class=infotextkey>24._blank class=infotextkey>get=_blank class=infotextkey>25
19,958.75
归属母_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的所_blank class=infotextkey>get=_blank class=infotextkey>有者权
益
_blank class=infotextkey>get=_blank class=infotextkey>20,_blank class=infotextkey>get=_blank class=infotextkey>666.86
18,705.78
_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3,_blank class=infotextkey>get=_blank class=infotextkey>805._blank class=infotextkey>08
营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
_blank class=infotextkey>11,795._blank class=infotextkey>08
_blank class=infotextkey>39,815.71
_blank class=infotextkey>get=_blank class=infotextkey>29,147.49
利润总额
_blank class=infotextkey>get=_blank class=infotextkey>2,_blank class=infotextkey>300.6_blank class=infotextkey>3
5,_blank class=infotextkey>get=_blank class=infotextkey>604._blank class=infotextkey>get=_blank class=infotextkey>24
4,_blank class=infotextkey>117._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3
净利润
1,961._blank class=infotextkey>get=_blank class=infotextkey>09
4,_blank class=infotextkey>get=_blank class=infotextkey>900.70
_blank class=infotextkey>3,548.97
归属母_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司股_blank class=infotextkey>get=_blank class=infotextkey>东的净利
润
1,961._blank class=infotextkey>get=_blank class=infotextkey>09
4,_blank class=infotextkey>get=_blank class=infotextkey>900.70
_blank class=infotextkey>3,548.97
_blank class=infotextkey>get=_blank class=infotextkey>经营_blank class=infotextkey>get=_blank class=infotextkey>活动产_blank class=infotextkey>get=_blank class=infotextkey>生的_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>流
量净额
4_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.00
8_blank class=infotextkey>37.71
_blank class=infotextkey>get=_blank class=infotextkey>2,0_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2.76
毛_blank class=infotextkey>get=_blank class=infotextkey>利率
_blank class=infotextkey>get=_blank class=infotextkey>28._blank class=infotextkey>get=_blank class=infotextkey>27%
_blank class=infotextkey>get=_blank class=infotextkey>24._blank class=infotextkey>get=_blank class=infotextkey>25%
_blank class=infotextkey>get=_blank class=infotextkey>26.57%
_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>负债率
5_blank class=infotextkey>get=_blank class=infotextkey>1._blank class=infotextkey>35%
54.6_blank class=infotextkey>3%
59._blank class=infotextkey>11%
根据_blank class=infotextkey>get=_blank class=infotextkey>上表所示，_blank class=infotextkey>get=_blank class=infotextkey>企业_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>经营业绩_blank class=infotextkey>get=_blank class=infotextkey>增长迅速。截至_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月_blank class=infotextkey>_blank class=infotextkey>31日明之辉股_blank class=infotextkey>get=_blank class=infotextkey>东
_blank class=infotextkey>get=_blank class=infotextkey>全_blank class=infotextkey>部权益为18,705.78_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元，相比_blank class=infotextkey>get=_blank class=infotextkey>上年_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>35._blank class=infotextkey>get=_blank class=infotextkey>50%。_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度明之辉营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入为
_blank class=infotextkey>39,815.71_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元，相比_blank class=infotextkey>get=_blank class=infotextkey>上年_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>36._blank class=infotextkey>get=_blank class=infotextkey>60%；_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度明之辉净利润为4,_blank class=infotextkey>get=_blank class=infotextkey>900.70_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元，相
比_blank class=infotextkey>get=_blank class=infotextkey>上年_blank class=infotextkey>get=_blank class=infotextkey>增长_blank class=infotextkey>38._blank class=infotextkey>get=_blank class=infotextkey>09%。
由_blank class=infotextkey>get=_blank class=infotextkey>上表可知，_blank class=infotextkey>近年明之辉_blank class=infotextkey>get=_blank class=infotextkey>经营业绩_blank class=infotextkey>get=_blank class=infotextkey>持续_blank class=infotextkey>get=_blank class=infotextkey>上升，已_blank class=infotextkey>get=_blank class=infotextkey>实现业绩_blank class=infotextkey>get=_blank class=infotextkey>情况_blank class=infotextkey>get=_blank class=infotextkey>良好。明之辉所处
_blank class=infotextkey>get=_blank class=infotextkey>行业的快速、稳_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>发展_blank class=infotextkey>以及自_blank class=infotextkey>get=_blank class=infotextkey>身_blank class=infotextkey>get=_blank class=infotextkey>业务的_blank class=infotextkey>get=_blank class=infotextkey>持续稳_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>开展是明之辉_blank class=infotextkey>get=_blank class=infotextkey>未来_blank class=infotextkey>收益快速_blank class=infotextkey>get=_blank class=infotextkey>增长的_blank class=infotextkey>get=_blank class=infotextkey>重
要_blank class=infotextkey>get=_blank class=infotextkey>保证，因此明之辉业绩承诺具_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>合理性和可_blank class=infotextkey>get=_blank class=infotextkey>实现性。
（三）_blank class=infotextkey>get=_blank class=infotextkey>在手订_blank class=infotextkey>单_blank class=infotextkey>get=_blank class=infotextkey>情况
1、_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>年度_blank class=infotextkey>get=_blank class=infotextkey>客户_blank class=infotextkey>get=_blank class=infotextkey>分析
根据明之辉经_blank class=infotextkey>get=_blank class=infotextkey>审计_blank class=infotextkey>近几年_blank class=infotextkey>get=_blank class=infotextkey>财务_blank class=infotextkey>get=_blank class=infotextkey>数据前五_blank class=infotextkey>get=_blank class=infotextkey>大应_blank class=infotextkey>收账款_blank class=infotextkey>get=_blank class=infotextkey>客户_blank class=infotextkey>get=_blank class=infotextkey>构成_blank class=infotextkey>get=_blank class=infotextkey>情况如_blank class=infotextkey>get=_blank class=infotextkey>下：
_blank class=infotextkey>单位：_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元
序号
_blank class=infotextkey>get=_blank class=infotextkey>客户名称
_blank class=infotextkey>get=_blank class=infotextkey>2019年14月
_blank class=infotextkey>get=_blank class=infotextkey>金额
_blank class=infotextkey>get=_blank class=infotextkey>占比
1
_blank class=infotextkey>get=_blank class=infotextkey>武汉市_blank class=infotextkey>get=_blank class=infotextkey>东_blank class=infotextkey>get=_blank class=infotextkey>西湖区_blank class=infotextkey>get=_blank class=infotextkey>城乡_blank class=infotextkey>get=_blank class=infotextkey>建设局
_blank class=infotextkey>3,_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>200.05
_blank class=infotextkey>get=_blank class=infotextkey>27._blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3%
_blank class=infotextkey>get=_blank class=infotextkey>2
_blank class=infotextkey>get=_blank class=infotextkey>青岛市崂_blank class=infotextkey>get=_blank class=infotextkey>山区_blank class=infotextkey>get=_blank class=infotextkey>环卫_blank class=infotextkey>get=_blank class=infotextkey>园林总_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
1,_blank class=infotextkey>get=_blank class=infotextkey>254.55
_blank class=infotextkey>get=_blank class=infotextkey>10.64%
_blank class=infotextkey>3
阜阳市路灯_blank class=infotextkey>get=_blank class=infotextkey>管理处
1,_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>29.90
_blank class=infotextkey>get=_blank class=infotextkey>10.4_blank class=infotextkey>3%
4
_blank class=infotextkey>get=_blank class=infotextkey>山西省工业_blank class=infotextkey>get=_blank class=infotextkey>设备安_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>集团_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
845.45
7.17%
5
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重庆市_blank class=infotextkey>get=_blank class=infotextkey>万州_blank class=infotextkey>get=_blank class=infotextkey>江_blank class=infotextkey>get=_blank class=infotextkey>南_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>新区_blank class=infotextkey>get=_blank class=infotextkey>市_blank class=infotextkey>政_blank class=infotextkey>get=_blank class=infotextkey>管理_blank class=infotextkey>get=_blank class=infotextkey>办_blank class=infotextkey>get=_blank class=infotextkey>公室
57_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>38
4.85%
_blank class=infotextkey>合计
7,_blank class=infotextkey>get=_blank class=infotextkey>10_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>3_blank class=infotextkey>3
_blank class=infotextkey>get=_blank class=infotextkey>60._blank class=infotextkey>get=_blank class=infotextkey>21%
序号
_blank class=infotextkey>get=_blank class=infotextkey>客户名称
_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年度
_blank class=infotextkey>get=_blank class=infotextkey>金额
_blank class=infotextkey>get=_blank class=infotextkey>占比
1
_blank class=infotextkey>get=_blank class=infotextkey>华润（_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳）_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
_blank class=infotextkey>3,181.96
7._blank class=infotextkey>get=_blank class=infotextkey>99%
_blank class=infotextkey>get=_blank class=infotextkey>2
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳市.fan_blank class=infotextkey>g558.com/futian/ tar_blank class=infotextkey>get=_blank class=infotextkey>福田区_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>get=_blank class=infotextkey>管理局
_blank class=infotextkey>3,0_blank class=infotextkey>39.17
7.6_blank class=infotextkey>3%
_blank class=infotextkey>3
乳源瑶族自治县_blank class=infotextkey>get=_blank class=infotextkey>市_blank class=infotextkey>政_blank class=infotextkey>get=_blank class=infotextkey>管理_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中心
_blank class=infotextkey>get=_blank class=infotextkey>2,_blank class=infotextkey>356.67
5.9_blank class=infotextkey>get=_blank class=infotextkey>2%
4
_blank class=infotextkey>get=_blank class=infotextkey>东台市_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>get=_blank class=infotextkey>管理局
1,_blank class=infotextkey>get=_blank class=infotextkey>996.97
5.0_blank class=infotextkey>get=_blank class=infotextkey>2%
5
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>重庆市四_blank class=infotextkey>面山_blank class=infotextkey>get=_blank class=infotextkey>旅_blank class=infotextkey>get=_blank class=infotextkey>游_blank class=infotextkey>get=_blank class=infotextkey>投资_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
1,_blank class=infotextkey>get=_blank class=infotextkey>804.65
4.5_blank class=infotextkey>3%
_blank class=infotextkey>合计
1_blank class=infotextkey>get=_blank class=infotextkey>2,_blank class=infotextkey>379.4_blank class=infotextkey>get=_blank class=infotextkey>2
_blank class=infotextkey>31._blank class=infotextkey>get=_blank class=infotextkey>09%
序号
_blank class=infotextkey>get=_blank class=infotextkey>客户名称
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年度
_blank class=infotextkey>get=_blank class=infotextkey>金额
_blank class=infotextkey>get=_blank class=infotextkey>占比
1
_blank class=infotextkey>邵阳市_blank class=infotextkey>get=_blank class=infotextkey>城市路灯_blank class=infotextkey>get=_blank class=infotextkey>管理所
_blank class=infotextkey>get=_blank class=infotextkey>2,195.04
7.5_blank class=infotextkey>3%
_blank class=infotextkey>get=_blank class=infotextkey>2
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳市绿景_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>开发_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
_blank class=infotextkey>get=_blank class=infotextkey>2,_blank class=infotextkey>get=_blank class=infotextkey>098.64
7._blank class=infotextkey>get=_blank class=infotextkey>20%
_blank class=infotextkey>3
_blank class=infotextkey>get=_blank class=infotextkey>长春市_blank class=infotextkey>get=_blank class=infotextkey>城市_blank class=infotextkey>get=_blank class=infotextkey>发展_blank class=infotextkey>get=_blank class=infotextkey>投资_blank class=infotextkey>控股（_blank class=infotextkey>get=_blank class=infotextkey>集团）_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
1,464.88
5.0_blank class=infotextkey>3%
4
_blank class=infotextkey>get=_blank class=infotextkey>广州易初莲花连锁_blank class=infotextkey>get=_blank class=infotextkey>超市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
1,_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>31._blank class=infotextkey>get=_blank class=infotextkey>25
4._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2%
5
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳市灯光_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>环境_blank class=infotextkey>get=_blank class=infotextkey>管理_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>中心
1,0_blank class=infotextkey>get=_blank class=infotextkey>27.78
_blank class=infotextkey>3.5_blank class=infotextkey>3%
_blank class=infotextkey>合计
8,017.58
_blank class=infotextkey>get=_blank class=infotextkey>27.51%
明之辉的_blank class=infotextkey>get=_blank class=infotextkey>客户结构以_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>商业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产类_blank class=infotextkey>get=_blank class=infotextkey>客户为主。随着承接的_blank class=infotextkey>get=_blank class=infotextkey>市_blank class=infotextkey>政照明_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>项目_blank class=infotextkey>get=_blank class=infotextkey>占比逐
年增加，_blank class=infotextkey>get=_blank class=infotextkey>市_blank class=infotextkey>政类_blank class=infotextkey>get=_blank class=infotextkey>客户_blank class=infotextkey>get=_blank class=infotextkey>占比_blank class=infotextkey>get=_blank class=infotextkey>有所_blank class=infotextkey>get=_blank class=infotextkey>提升。_blank class=infotextkey>get=_blank class=infotextkey>目前明之辉_blank class=infotextkey>get=_blank class=infotextkey>客户_blank class=infotextkey>get=_blank class=infotextkey>主要为_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政府机构、国_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>基础设施
_blank class=infotextkey>get=_blank class=infotextkey>建设_blank class=infotextkey>get=_blank class=infotextkey>投资主_blank class=infotextkey>get=_blank class=infotextkey>体、_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>get=_blank class=infotextkey>中型_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>企业等，_blank class=infotextkey>get=_blank class=infotextkey>资_blank class=infotextkey>get=_blank class=infotextkey>金实力较强、_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>信用等级_blank class=infotextkey>get=_blank class=infotextkey>良好，_blank class=infotextkey>get=_blank class=infotextkey>回款_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>风险较
低。
_blank class=infotextkey>get=_blank class=infotextkey>2、已签订的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同_blank class=infotextkey>get=_blank class=infotextkey>情况
截至_blank class=infotextkey>get=_blank class=infotextkey>2019年9月_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3日，明之辉已签_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同、尚未完工订_blank class=infotextkey>单如_blank class=infotextkey>get=_blank class=infotextkey>下：
_blank class=infotextkey>单位：_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元
序号
_blank class=infotextkey>get=_blank class=infotextkey>项目
_blank class=infotextkey>get=_blank class=infotextkey>在手订_blank class=infotextkey>单
_blank class=infotextkey>get=_blank class=infotextkey>预计可_blank class=infotextkey>get=_blank class=infotextkey>实现_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入
1
照明_blank class=infotextkey>get=_blank class=infotextkey>施工
已_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>项目
_blank class=infotextkey>get=_blank class=infotextkey>24,906.86
8,0_blank class=infotextkey>30._blank class=infotextkey>get=_blank class=infotextkey>28
已签_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同尚未_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>项目
44,197.97
_blank class=infotextkey>get=_blank class=infotextkey>21,896.57
_blank class=infotextkey>get=_blank class=infotextkey>小计
69,_blank class=infotextkey>get=_blank class=infotextkey>104.8_blank class=infotextkey>3
_blank class=infotextkey>get=_blank class=infotextkey>29,9_blank class=infotextkey>get=_blank class=infotextkey>26.85
_blank class=infotextkey>get=_blank class=infotextkey>2
照明_blank class=infotextkey>get=_blank class=infotextkey>维护
已_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>项目
8_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>2.55
5_blank class=infotextkey>31.49
已签_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同尚未_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>项目
_blank class=infotextkey>get=_blank class=infotextkey>247.74
_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>27._blank class=infotextkey>get=_blank class=infotextkey>28
_blank class=infotextkey>get=_blank class=infotextkey>小计
1,0_blank class=infotextkey>get=_blank class=infotextkey>80._blank class=infotextkey>get=_blank class=infotextkey>29
758.77
_blank class=infotextkey>3
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>装_blank class=infotextkey>get=_blank class=infotextkey>修_blank class=infotextkey>get=_blank class=infotextkey>施工
已_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>项目
1_blank class=infotextkey>get=_blank class=infotextkey>28._blank class=infotextkey>get=_blank class=infotextkey>80
44._blank class=infotextkey>get=_blank class=infotextkey>25
已签_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同尚未_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>项目
_blank class=infotextkey>get=_blank class=infotextkey>小计
1_blank class=infotextkey>get=_blank class=infotextkey>28.8
44._blank class=infotextkey>get=_blank class=infotextkey>25
4
照明_blank class=infotextkey>get=_blank class=infotextkey>设计
已_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>项目
144.95
9_blank class=infotextkey>3.76
已签_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同尚未_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>项目
504._blank class=infotextkey>get=_blank class=infotextkey>264
_blank class=infotextkey>30_blank class=infotextkey>get=_blank class=infotextkey>2._blank class=infotextkey>get=_blank class=infotextkey>2
_blank class=infotextkey>get=_blank class=infotextkey>小计
649._blank class=infotextkey>get=_blank class=infotextkey>214
_blank class=infotextkey>395.96
_blank class=infotextkey>合计
70,96_blank class=infotextkey>3._blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3
_blank class=infotextkey>31,1_blank class=infotextkey>get=_blank class=infotextkey>25.8_blank class=infotextkey>3
如_blank class=infotextkey>get=_blank class=infotextkey>上表所示，截至_blank class=infotextkey>get=_blank class=infotextkey>2019年9月_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>3日，明之辉_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>在手订_blank class=infotextkey>单_blank class=infotextkey>合计_blank class=infotextkey>get=_blank class=infotextkey>金额70,96_blank class=infotextkey>3._blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>万
元，其_blank class=infotextkey>get=_blank class=infotextkey>中已_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同订_blank class=infotextkey>单_blank class=infotextkey>get=_blank class=infotextkey>26,0_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.16_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元，已签订_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同尚未_blank class=infotextkey>get=_blank class=infotextkey>施工_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同订_blank class=infotextkey>单44,949.97_blank class=infotextkey>get=_blank class=infotextkey>万
元，其_blank class=infotextkey>get=_blank class=infotextkey>中支撑_blank class=infotextkey>get=_blank class=infotextkey>2019年5_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>2月的_blank class=infotextkey>get=_blank class=infotextkey>预计_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入（_blank class=infotextkey>get=_blank class=infotextkey>含已_blank class=infotextkey>get=_blank class=infotextkey>实现的_blank class=infotextkey>部分）已达_blank class=infotextkey>31,1_blank class=infotextkey>get=_blank class=infotextkey>25.8_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元，占
_blank class=infotextkey>get=_blank class=infotextkey>2019年_blank class=infotextkey>get=_blank class=infotextkey>预计总_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入的_blank class=infotextkey>get=_blank class=infotextkey>100.00%，_blank class=infotextkey>get=_blank class=infotextkey>2019年营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>预测的确_blank class=infotextkey>定性相对较_blank class=infotextkey>get=_blank class=infotextkey>高，_blank class=infotextkey>get=_blank class=infotextkey>2019年业绩
承诺_blank class=infotextkey>get=_blank class=infotextkey>具备较强可_blank class=infotextkey>get=_blank class=infotextkey>实现性，_blank class=infotextkey>get=_blank class=infotextkey>剩余未_blank class=infotextkey>get=_blank class=infotextkey>实现_blank class=infotextkey>get=_blank class=infotextkey>大_blank class=infotextkey>部分订_blank class=infotextkey>单将滚存_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>20年_blank class=infotextkey>get=_blank class=infotextkey>实现，_blank class=infotextkey>get=_blank class=infotextkey>预计可_blank class=infotextkey>get=_blank class=infotextkey>实现营业
_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入18,8_blank class=infotextkey>get=_blank class=infotextkey>25.55_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元，占_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>20年_blank class=infotextkey>get=_blank class=infotextkey>预计总_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入45,867._blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>万元的41%，_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时，基于_blank class=infotextkey>get=_blank class=infotextkey>行业特
点，明之辉_blank class=infotextkey>get=_blank class=infotextkey>工程_blank class=infotextkey>get=_blank class=infotextkey>项目历来_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>季节性_blank class=infotextkey>特征，_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>半年_blank class=infotextkey>get=_blank class=infotextkey>明显优于_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年，结_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>上述因素可推
断_blank class=infotextkey>get=_blank class=infotextkey>2019年及以后_blank class=infotextkey>get=_blank class=infotextkey>年度_blank class=infotextkey>get=_blank class=infotextkey>预测业绩的可_blank class=infotextkey>get=_blank class=infotextkey>实现性较_blank class=infotextkey>get=_blank class=infotextkey>大。
综_blank class=infotextkey>get=_blank class=infotextkey>上所述，结_blank class=infotextkey>合_blank class=infotextkey>历史_blank class=infotextkey>get=_blank class=infotextkey>经营业绩、已签订的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>合同_blank class=infotextkey>get=_blank class=infotextkey>情况，明之辉的业绩承诺_blank class=infotextkey>get=_blank class=infotextkey>具备可实
现性。
（以_blank class=infotextkey>get=_blank class=infotextkey>下无正文，为《国众_blank class=infotextkey>get=_blank class=infotextkey>联_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>土_blank class=infotextkey>get=_blank class=infotextkey>地_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>估价_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>关于_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>深圳证券_blank class=infotextkey>get=_blank class=infotextkey>交易
所》之_blank class=infotextkey>get=_blank class=infotextkey>核查_blank class=infotextkey>get=_blank class=infotextkey>意见的_blank class=infotextkey>get=_blank class=infotextkey>签署页）
国众_blank class=infotextkey>get=_blank class=infotextkey>联_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>评估_blank class=infotextkey>get=_blank class=infotextkey>土_blank class=infotextkey>get=_blank class=infotextkey>地_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>房_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>估价_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司
年 月 日
