{"id":718561,"date":"2026-02-08T08:41:34","date_gmt":"2026-02-08T00:41:34","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=718561"},"modified":"2026-02-08T08:41:34","modified_gmt":"2026-02-08T00:41:34","slug":"%e5%b9%b6%e8%b4%ad%e6%a1%88%e4%b8%ad%e7%9a%84%e5%8f%ae%e5%92%9a%e4%b9%b0%e8%8f%9c10%e4%ba%bf%e7%be%8e%e5%85%83%e6%98%af%e6%80%8e%e4%b9%88%e4%bc%b0%e5%87%ba%e6%9d%a5%e7%9a%84%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=718561","title":{"rendered":"\u5e76\u8d2d\u6848\u4e2d\u7684\u53ee\u549a\u4e70\u83dc10\u4ebf\u7f8e\u5143\u662f\u600e\u4e48\u4f30\u51fa\u6765\u7684\uff1f"},"content":{"rendered":"<blockquote>\n<p>\u6587 | \u4e00\u5343\u4e8c\u767e\u5b57<\/p>\n<\/blockquote>\n<p>\u65e2\u7136\uff0c\u62df\u5356\u7ed9\u7f8e\u56e2\u7684\u53ee\u549a\u4e70\u83dc\u662f<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e4%b8%8a%e5%b8%82%e5%85%ac%e5%8f%b8\" title=\"View all posts in \u4e0a\u5e02\u516c\u53f8\" target=\"_blank\" class=\"tag_link\">\u4e0a\u5e02\u516c\u53f8<\/a>\uff0c<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%b9%b6%e8%b4%ad\" title=\"View all posts in \u5e76\u8d2d\" target=\"_blank\" class=\"tag_link\">\u5e76\u8d2d<\/a>\u6848\u91cc\u76f4\u63a5\u62ff\u5e02\u503c\u505a\u53c2\u8003\u53bb\u62df\u5b9a<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%94%b6%e8%b4%ad\" title=\"View all posts in \u6536\u8d2d\" target=\"_blank\" class=\"tag_link\">\u6536\u8d2d<\/a>\u4ef7\u683c\u4e0d\u5c31\u884c\u4e86\u5417\uff1f\u73b0\u5b9e\u4e0d\u4f1a\u8fd9\u4e48\u505a\uff01\u56e0\u4e3a\u5e02\u503c\u672c\u8eab\u662f\u4e8c\u7ea7\u5e02\u573a\u5bf9\u516c\u53f8\u4ef7\u503c\u7684\u53cd\u6620\uff0c\u63ba\u6742\u4e86\u8fc7\u591a\u60c5\u7eea\u56e0\u7d20\u3001\u6295\u673a\u56e0\u7d20\uff0c\u591a\u5c11\u63a9\u76d6\u4e86\u771f\u5b9e\u7684\u7ecf\u8425\u4e0e\u507f\u503a\u80fd\u529b\u3002\u90a3\u8981\u600e\u4e48\u7b97\u5462\uff1f<\/p>\n<p>\u7f8e\u56e22\u67085\u65e5\u4e8e<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%b8%af%e4%ba%a4%e6%89%80\" title=\"View all posts in \u6e2f\u4ea4\u6240\" target=\"_blank\" class=\"tag_link\">\u6e2f\u4ea4\u6240<\/a>\u53d1\u5e03\u7684\u516c\u544a\u4e2d\u8be6\u7ec6\u62ab\u9732\u4e86\u8fd9\u6b21\u4ea4\u6613\u7684\u4f30\u503c\u65b9\u6cd5\u548c\u8fc7\u7a0b\uff0c\u53ef\u4ee5\u4ece\u4e2d\u770b\u5230\u7f8e\u56e2\u770b\u91cd\u4ec0\u4e48\uff1f\u662f\u4e0e\u54ea\u4e9b\u540c\u884c\u4e1a\u516c\u53f8\u8fdb\u884c\u5bf9\u6807\uff1f\u4e5f\u662f\u4e00\u4e2a\u5f88\u597d\u7684\u4f30\u503c\u5b66\u4e60\u673a\u4f1a\u3002<\/p>\n<p>\u7531\u4e8e\u53ee\u549a\u4e70\u83dc\u5df2\u7ecf\u53d6\u5f97\u4e86\u6bd4\u8f83\u7a33\u5b9a\u7684\u76c8\u5229\u80fd\u529b\uff0c\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u6536\u76ca\u3001\u5373EBITDA\u6301\u7eed\u4e3a\u6b63\uff0c\u6240\u4ee5\u7f8e\u56e2\u5728\u4f30\u503c\u65b9\u6cd5\u4e2d\u9009\u53d6\u4e86\u5e76\u8d2d\u6848\u4e2d\u666e\u904d\u9002\u7528\u7684EV\/EBITDA\u4e58\u6570\u4f30\u503c\u6cd5\u3002\u8be5\u65b9\u6cd5\u4e0e\u719f\u77e5\u7684P\/E\u5e02\u76c8\u7387\u6cd5\u903b\u8f91\u7c7b\u4f3c\uff0c\u4e5f\u662f\u627e\u51fa\u540c\u884c\u4e1a\u53ef\u53c2\u8003\u7684&ldquo;\u516c\u5141\u4e58\u6570&rdquo;\uff0c\u518d\u4e58\u4ee5\u5229\u6da6\u53cd\u63a8\u51fa\u4f30\u503c\u3002\u4e0d\u8fc7P\/E\u6cd5\u5ffd\u7565\u4e86\u516c\u53f8\u8d44\u672c\u7ed3\u6784\u5f71\u54cd\uff0cEV\/EBITDA\u6bd4P\/E\u66f4\u79d1\u5b66\u3001\u66f4\u8d34\u8fd1\u771f\u5b9e\u60c5\u51b5\u3002<\/p>\n<p>EV\u662f\u4f01\u4e1a\u4ef7\u503cEnterprise 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class=\"tag_link\">\u6295\u8d44<\/a>\u4eba\uff08\u5305\u62ec\u80a1\u4e1c\u548c\u503a\u6743\u4eba\uff09\u3001\u800c\u975e\u53ea\u662f\u80a1\u4e1c\u89d2\u5ea6\u51fa\u53d1\u8003\u8651\u7684\u3002<\/p>\n<p>EBITDA\u662f\u5728\u6263\u9664\u5229\u606f\u3001<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e7%a8%8e%e6%94%b6\" title=\"View all posts in \u7a0e\u6536\" target=\"_blank\" class=\"tag_link\">\u7a0e\u6536<\/a>\u3001\u6298\u65e7\u3001\u644a\u9500\u4e4b\u524d\u7684\u5229\u6da6\uff0c\u901a\u5e38\u6bd4\u80a1\u4e1c\u51c0\u5229\u6da6\u66f4\u9ad8\u3002\u5b83\u89c4\u907f\u4e86\u4e0d\u540c\u884c\u4e1a\u3001\u4e0d\u540c\u5e02\u573a\u3001\u4e0d\u540c\u4f01\u4e1a\u751f\u547d\u5468\u671f\u56e0\u6298\u65e7\u5dee\u5f02\u3001\u7a0e\u6536\u653f\u7b56\u5dee\u5f02\u6240\u4ea7\u751f\u7684\u5f71\u54cd\uff0c&ldquo;\u62c9\u5e73\u4e86&rdquo;\u4e13\u6ce8\u4e8e\u8003\u5bdf\u4f01\u4e1a\u6838\u5fc3\u4e1a\u52a1\u76c8\u5229\u80fd\u529b\u7684\u89c6\u89d2\u3002<\/p>\n<p>\u8bf4\u767d\u4e86\uff0cEV\/EBITDA\u53cd\u6620\u7684\u662f\u6536\u8d2d\u4e00\u5bb6\u516c\u53f8\u540e\u9700\u8981\u591a\u5c11\u5e74\u7684EBITDA\u5229\u6da6\u624d\u80fd\u8ba9\u6536\u8d2d\u65b9\u56de\u672c\uff1f\u4e58\u6570\u8d8a\u5927\uff0c\u8bf4\u660e\u56de\u672c\u5468\u671f\u8d8a\u957f\uff0c\u652f\u4ed8\u7684\u6ea2\u4ef7\u4e5f\u8d8a\u9ad8\u3002\u8fd9\u4e2a\u4e58\u6570\u5c31\u662f\u4f30\u503c\u65f6\u5bfb\u627e\u7684\u6838\u5fc3\u70b9\u3002\u6211\u4eec\u6765\u770b\u4e00\u4e0b\u7f8e\u56e2\u516c\u544a\u4e2d\u90fd\u627e\u4e86\u54ea\u4e9b\u4f01\u4e1a\u8fdb\u884c\u5bf9\u6807\u3002<\/p>\n<p><img src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/02\/9ae637d5edeb31d72db15cb71f7310fb_1770511351.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/720x499\/gravity\/center\/crop\/!720x499&ext=.jpeg\" alt=\"\u5e76\u8d2d\u6848\u4e2d\u7684\u53ee\u549a\u4e70\u83dc10\u4ebf\u7f8e\u5143\u662f\u600e\u4e48\u4f30\u51fa\u6765\u7684\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto\" 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href=\"https:\/\/www.alphaseek.cn\/?tag=%e4%b8%8a%e5%b8%82\" title=\"View all posts in \u4e0a\u5e02\" target=\"_blank\" class=\"tag_link\">\u4e0a\u5e02<\/a>\u516c\u53f8\u3002\u4f30\u503c\u8005\u6700\u540e\u627e\u4e86\u4e00\u4e2a\u4e2d\u4f4d\u65708.67x\uff0c\u6765\u63a8\u7b97\u53ee\u549a\u4e70\u83dc\u5168\u90e8\u80a1\u6743\u7684\u5e02\u573a\u516c\u5141\u4ef7\u503c\uff0c\u8ba1\u7b97\u8fc7\u7a0b\u5982\u4e0b\u8868\uff1a<\/p>\n<p><img src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/02\/e317b4d7882ab1341e3bce898c5e1107_1770511351.jpeg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/720x582\/gravity\/center\/crop\/!720x582&ext=.jpeg\" alt=\"\u5e76\u8d2d\u6848\u4e2d\u7684\u53ee\u549a\u4e70\u83dc10\u4ebf\u7f8e\u5143\u662f\u600e\u4e48\u4f30\u51fa\u6765\u7684\uff1f\" style=\"display:block; margin-left:auto; margin-right:auto\" 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href=\"https:\/\/www.alphaseek.cn\/?tag=%e4%ba%ba%e6%b0%91%e5%b8%81\" title=\"View all posts in \u4eba\u6c11\u5e01\" target=\"_blank\" class=\"tag_link\">\u4eba\u6c11\u5e01<\/a>\uff0c\u7b97\u662f\u4e00\u7b14\u5212\u7b97\u7684\u4e70\u5356\u3002<\/p>\n<p>\u6362\u4e2a\u89c6\u89d2\uff0c\u5982\u679c\u4ece\u5168\u7403\u5e02\u573a\u8303\u56f4\u5bfb\u627e\u5bf9\u6807\u7269\uff0c\u76ee\u524d\u5317\u7f8e\u6700\u5927\u7684\u751f\u9c9c\u6742\u98df\u914d\u9001\u4e0a\u5e02\u516c\u53f8Instacart\u53ef\u88ab\u9009\u4e2d\u5206\u6790\u3002Instacart\u5f53\u524d\u5e02\u503c\u7ea695\u4ebf\u7f8e\u5143\uff0c\u5e74\u6536\u5165\u8d85\u8fc736\u4ebf\u7f8e\u5143\uff0c\u603b\u8d1f\u503a\u7ea63700\u4e07\u7f8e\u5143\uff0c\u73b0\u91d1\u53ca\u7b49\u4ef7\u7269\u670917.3\u4ebf\u7f8e\u5143\uff0c\u4f01\u4e1a\u4ef7\u503cEV\u5927\u7ea6\u662f80\u4ebf\u7f8e\u5143\uff0c\u8fde\u7eed12\u4e2a\u6708EBITDA\u4e3a5.88\u4ebf\u7f8e\u5143\uff0c\u8ba1\u7b97EV\/EBITDA\u4e58\u6570\u4e3a13.6x\u3002<\/p>\n<p>\u6309\u5f53\u524d<a 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class=\"tag_link\">\u6c47\u7387<\/a>\u6298\u7b97\uff0cInstacart\u5e74\u6536\u5165\u89c4\u6a21\u4e0e\u53ee\u549a\u4e70\u83dc\u5dee\u4e0d\u591a\uff0c\u4f46\u5229\u6da6\u65b9\u9762\u5dee\u8ddd\u5f88\u5927\uff0c\u53ee\u549a\u4e70\u83dc\u8fde\u7eed12\u4e2a\u6708EBITDA\u5229\u6da6\u4e3a3.92\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u7ea6\u54085600\u4e07\u7f8e\u5143\uff0c\u57fa\u672c\u4e0a\u662f10\u500d\u7684\u5dee\u8ddd\u3002\u8fd9\u5e94\u8be5\u4e5f\u662fInstacart\u5e02\u503c\u8fdc\u9ad8\u4e8e\u53ee\u549a\u4e70\u83dc\uff08\u7ea66\u4ebf-7\u4ebf\u7f8e\u5143\uff09\u7684\u539f\u56e0\u4e4b\u4e00\uff0c\u800c\u4e14\u56fd\u5185\u5e02\u573a\u8fd9\u4e2a\u9886\u57df\u7ade\u4e89\u8fc7\u4e8e\u6fc0\u70c8\uff0c\u884c\u4e1a\u5229\u6da6\u88ab\u8fc7\u5feb\u6d88\u8017\u3002\u50cf\u53ee\u549a\u4e70\u83dc\u5e74\u6bdb\u5229\u7387\u572830%\u4e0a\u4e0b\uff0c\u5728\u4e1a\u5185\u5df2\u7ecf\u7b97\u9ad8\u7684\u4e86\uff0c\u9ad8\u4e8e\u5927\u5356\u573a\u7c7b\uff1b\u4ee5\u8f7b\u8d44\u4ea7\u3001\u975e\u81ea\u8425\u4e3a\u6a21\u5f0f\u7684Instacart\u6bdb\u5229\u7387\u662f80%\u3002<\/p>\n<p>\u800c\u7f8e\u56e2\u73b0\u5728\u6070\u6070\u9700\u8981\u7684\u662f\u4ee5\u91cd\u8d44\u4ea7\u3001\u81ea\u8425\u6a21\u5f0f\u4e3a\u4ee3\u8868\u7684\u53ee\u549a\u4e70\u83dc\u6240\u7ecf\u8425\u7684\u4f9b\u5e94\u94fe\u7f51\u7edc\u3002\u6881\u660c\u9716\u5728\u5458\u5de5\u4fe1\u4e2d\u8bf4\uff0c\u8fd9\u4e2a\u4f9b\u5e94\u94fe\u4f53\u7cfb\u5305\u62ec12\u5bb6\u81ea\u8425\u5de5\u5382\u30012\u5bb6\u81ea\u8425\u519c\u573a\uff0c\u80fd\u5b9e\u73b085%\u4ee5\u4e0a\u751f\u9c9c\u6e90\u5934\u76f4\u91c7\u3002\u5bf9\u4e8e\u5df2\u628a\u751f\u9c9c\u4e1a\u52a1\u91cd\u5fc3\u653e\u5728\u5c0f\u8c61\u8d85\u5e02\u3001\u5e76\u6253\u7b97\u6269\u5145\u81ea\u6709\u54c1\u724c\u5360\u6bd4\u7684\u7f8e\u56e2\uff0c\u6b64\u6b21\u5e76\u8d2d\u9884\u8ba1\u662f\u4e00\u4e2a\u6709\u76ca\u7684\u8865\u5145\uff0c\u5bf9\u63d0\u5347\u5c0f\u8c61\u8d85\u5e02\u7684\u5546\u54c1\u529b\u3001\u7279\u522b\u662f\u81ea\u6709\u54c1\u724c\u5546\u54c1\u6709\u6240\u5e2e\u52a9\u3002<\/p>\n<p>\u6309\u533a\u57df\u770b\uff0c\u534e\u4e1c\u96f6\u552e\u662f\u4e00\u4e2a\u7ade\u4e89\u975e\u5e38\u6fc0\u70c8\u3001\u540c\u65f6\u6d88\u8d39\u5bb9\u91cf\u4e5f\u5f88\u5927\u7684\u5e02\u573a\uff0c\u5176\u4e30\u5bcc\u7684\u4f9b\u7ed9\u6d88\u8d39\u5c42\u7ea7\u80fd\u540c\u65f6\u5bb9\u7eb3\u7ebf\u4e0a\u7ebf\u4e0b\u5404\u79cd\u96f6\u552e\u4e1a\u6001\u6210\u957f\u3002\u4ee5\u5fb7\u56fd\u5ec9\u4ef7\u8d85\u5e02\u5965\u4e50\u5947\u4e3a\u4f8b\uff0c\u5176\u5177\u6709\u5bb6\u65cf\u4f20\u7edf\u7684\u81ea\u6709\u54c1\u724c\u6218\u7565\u5728\u4e0a\u6d77\u8bd5\u6c34\u6570\u5e74\u540e\uff0c\u5f62\u6210\u4e86\u4e00\u4e2a\u8f83\u7a33\u5b9a\u7684\u4f9b\u5e94\u94fe\u4f53\u7cfb\uff0c\u7ec8\u4e8e\u5728\u53bb\u5e74\u8d70\u51fa\u4e0a\u6d77\uff0c\u5230\u6c5f\u82cf\u591a\u5730\u5f00\u5e97\u3002<\/p>\n<p>\u76ee\u524d<a 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class=\"tag_link\">\u963f\u91cc\u5df4\u5df4<\/a>\u90fd\u5728\u4e89\u62a2\u4e0a\u6d77\u7ebf\u4e0b\u751f\u9c9c\u7684\u8eab\u4f4d\u3002\u8fd8\u8bb0\u5f97\u5417\uff1f\u6b64\u524d\u76d2\u9a6c\u4e0e\u5c71\u59c6\u4f1a\u5458\u5e97\u66fe\u53cd\u590d\u9488\u5bf9\u4e00\u6b3e\u81ea\u5236\u69b4\u83b2\u86cb\u7cd5\u6253\u4ef7\u683c\u6218\uff0c\u81ea\u6709\u54c1\u724c\u7ade\u4e89\u5df2\u6e17\u900f\u81f3\u5355\u54c1\u7ea7\u3002\u9762\u5bf9\u8fd9\u4e2a&ldquo;\u7ec6\u9897\u7c92\u5ea6&rdquo;\u7684\u5e02\u573a\uff0c\u7f8e\u56e2\u5c0f\u8c61\u8d85\u5e02\u7740\u5b9e\u9700\u8981\u53ee\u549a\u4e70\u83dc\u5728\u4e0a\u6d77\u7684\u57fa\u672c\u76d8\uff0c\u81ea\u6709\u54c1\u724c\u6216\u5c06\u662f\u5176\u672a\u6765\u5dee\u5f02\u5316\u7ade\u4e89\u7684\u7126\u70b9\u3002<\/p>\n<p>(\u6765\u6e90\uff1a\u949b\u5a92\u4f53)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6587 | \u4e00\u5343\u4e8c\u767e\u5b57 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