{"id":784347,"date":"2026-05-21T23:13:15","date_gmt":"2026-05-21T15:13:15","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=784347"},"modified":"2026-05-21T23:13:15","modified_gmt":"2026-05-21T15:13:15","slug":"%e5%85%a8%e6%96%87%e8%94%9a%e6%9d%a5q1%e4%b8%9a%e7%bb%a9%e4%bc%9a%e5%ae%9e%e5%bd%95%ef%bc%9a%e6%9d%90%e6%96%99%e6%b6%a8%e4%bb%b7%e5%af%bc%e8%87%b4%e5%8d%95%e8%bd%a6%e6%88%90%e6%9c%ac%e4%b8%8a","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=784347","title":{"rendered":"\u5168\u6587|\u851a\u6765Q1\u4e1a\u7ee9\u4f1a\u5b9e\u5f55\uff1a\u6750\u6599\u6da8\u4ef7\u5bfc\u81f4\u5355\u8f66\u6210\u672c\u4e0a\u6da81\u4e07\u5143 \u5c06\u7ef4\u6301\u4ef7\u683c\u7a33\u5b9a"},"content":{"rendered":"<p><a href=\"https:\/\/finance.sina.com.cn\/zt_d\/subject-1776083800\" target=\"_blank\" 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class=\"tag_link\">\u98ce\u9669<\/a>\u8fd8\u6ca1\u6709\u5b8c\u5168\u663e\u73b0\uff0c\u56e0\u4e3a\u6211\u4eec\u8fd8\u6709\u4e00\u90e8\u5206\u7684\u6750\u6599\u5e93\u5b58\u6765\u62b5\u6d88\u8fd9\u6837\u7684\u4e0a\u6da8\u98ce\u9669\u3002\u5f53\u7136\u6211\u4eec\u4ece\u4e8c\u5b63\u5ea6\u548c\u5168\u5e74\u6765\u770b\uff0c\u5176\u5b9e\u4ece\u4eca\u5e74\u5e74\u521d\u5f00\u59cb\u7684\u5927\u5b97\u6750\u6599\u6da8\u4ef7\uff0c\u5e26\u6765\u7684\u6210\u672c\u538b\u529b\u8fd8\u662f\u975e\u5e38\u5927\uff0c\u8fd9\u91cc\u9762\u5305\u62ec\u5185\u5b58\u4ef7\u683c\u7684\u4e0a\u6da8\uff0c\u4ee5\u53ca\u7535\u6c60\u4e3b\u8981\u539f\u6750\u6599\u78b3\u9178\u9502\u3001\u954d\u3001\u94b4\u3001\u9530\u4ef7\u683c\u7684\u4e0a\u6da8\uff0c\u4ee5\u53ca\u6574\u8f66\u4f1a\u7528\u5230\u7684\u6bd4\u8f83\u591a\u7684<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e9%93%9c\" title=\"View all posts in \u94dc\" target=\"_blank\" class=\"tag_link\">\u94dc<\/a>\u548c\u94dd\uff0c\u5176\u5b9e\u90fd\u4f1a\u6216\u591a\u6216\u5c11\u4e0a\u6da8\u3002<\/p>\n<p>\u7efc\u5408\u6765\u770b\uff0c\u5e73\u5747\u4e0b\u6765\u6bcf\u4e00\u53f0\u8f66\u7684\u6210\u672c\u538b\u529b\u5176\u5b9e\u8d85\u8fc7 1 \u4e07\u5143\u90a3\u5f53\u7136\u4ece\u6211\u4eec\u6574\u4e2a\u516c\u53f8\u6765\u8bb2\uff0c\u6211\u4eec\u8fd8\u662f\u76ee\u6807\u5e0c\u671b\u80fd\u591f\u628a\u6574\u8f66\u7efc\u5408\u6bdb\u5229\u7ef4\u6301\u5728 17%~18%\uff0c\u90a3\u8fd9\u91cc\u9762\u6211\u4eec\u4f1a\u6709\u4ee5\u4e0b\u5de5\u4f5c\uff1a\u5c31\u662f\u521a\u521a\u4ecb\u7ecd\u7684\u9ad8\u4ef7\u683c\u3001\u9ad8\u6bdb\u5229\u8f66\u578b ES8\u3001ES9 \u5728\u6574\u4e2a\u9500\u552e\u91cc\u9762\u7684\u5360\u6bd4\u8fd8\u662f\u4f1a\u4fdd\u6301\u6bd4\u8f83\u9ad8\u7684\u6c34\u5e73\uff0c\u5e26\u6765\u6bd4\u8f83\u9ad8\u7684\u6bdb\u5229\u8d21\u732e\u3002\u7b2c\u4e8c\u4e2a\u5c31\u662f\u5176\u4ed6\u8f66\u578b\u6211\u4eec\u4e5f\u4f1a\u786e\u4fdd\u4fc3\u9500\u653f\u7b56\u7684\u7a33\u5b9a\uff0c\u6211\u4eec\u4e0d\u4f1a\u7b80\u5355\u53bb\u505a\u4ee5\u4ef7\u6362\u91cf\u7684\u5de5\u4f5c\u3002\u7b2c\u4e09\u4e2a\u65b9\u9762\u6211\u4eec\u4e5f\u4f1a\u6301\u7eed\u534f\u540c\u4f9b\u5e94\u94fe\u5408\u4f5c\u4f19\u4f34\uff0c\u91c7\u53d6\u5305\u62ec\u5de5\u7a0b\u4f18\u5316\u3001\u6548\u7387\u63d0\u5347\u3001\u5546\u52a1\u8c08\u5224\u7b49\u5404\u79cd\u65b9\u5f0f\u6765\u5bf9\u51b2\u521a\u521a\u8bb2\u7684\u5404\u79cd\u6210\u672c\u4e0a\u6da8\u5e26\u6765\u7684\u5f71\u54cd\u3002\u6240\u4ee5\u603b\u4f53\u6765\u8bf4\u6211\u4eec\u6574\u4e2a Q2 \u548c\u5168\u5e74\u7684\u76ee\u6807\u8fd8\u662f\u8981\u5b9e\u73b0 17%~18% \u7684\u7efc\u5408\u6574\u8f66\u6bdb\u5229\u7387<\/p>\n<p><strong><a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%91%a9%e6%a0%b9%e5%a3%ab%e4%b8%b9%e5%88%a9\" title=\"View all posts in \u6469\u6839\u58eb\u4e39\u5229\" target=\"_blank\" class=\"tag_link\">\u6469\u6839\u58eb\u4e39\u5229<\/a>\u5206\u6790\u5e08Tim Hsiao\uff1a<\/strong>\u611f\u8c22\u7ba1\u7406\u5c42\uff0c\u606d\u559c\u5b63\u5ea6\u4e1a\u7ee9\u7a33\u5065\u3002\u6211\u6709\u4e24\u4e2a\u95ee\u9898\uff1a\u7b2c\u4e00\uff0c\u6211\u4eec\u6ce8\u610f\u5230 8 \u7cfb\u30019 \u7cfb SUV \u4eca\u5e74\u9500\u91cf\u9884\u8ba1\u540c\u6bd4\u589e\u957f\u4e09\u500d\u4ee5\u4e0a\uff0c\u800c\u5176\u4ed6\u8f66\u578b\u53ef\u80fd\u540c\u6bd4\u4e0b\u6ed1\u7ea6 20%\u3002\u5728\u5168\u5e74 40%-50% \u9500\u91cf\u6307\u5f15\u4e0b\uff0c8\u30019 \u7cfb\u589e\u957f\u5b8c\u5168\u91ca\u653e\u540e\uff0c\u851a\u6765\u8ba1\u5212\u5982\u4f55\u63d0\u632f 5\u30016\u30017 \u7cfb\u7b49\u8f66\u578b\u7684\u589e\u957f\uff1f\u8fd9\u4e9b\u8f66\u578b\u9762\u4e34\u7684\u5e02\u573a\u7ade\u4e89\u66f4\u5927\u3002<\/p>\n<p>\u7b2c\u4e8c\uff0c\u851a\u6765\u5df2\u8fde\u7eed\u4e24\u4e2a\u5b63\u5ea6\u5b9e\u73b0\u975e GAAP \u76c8\u5229\uff0c2026 \u5e74\u80fd\u5426\u6301\u7eed\u4fdd\u6301\u5b63\u5ea6\u975e GAAP \u76c8\u5229\uff1f\u5f53\u524d\u7814\u53d1\u8d39\u7528\u5b63\u5ea6 200-250 \u4ebf\u5143\u3001SGA \u8d39\u7528\u5360\u6bd4\u4f4e\u4e8e 10% \u662f\u5426\u8db3\u591f\u652f\u6491\u4e1a\u52a1\u589e\u957f\uff1f\u4e0b\u4e00\u8f6e\u7814\u53d1\u6295\u5165\u5468\u671f\u9884\u8ba1\u4f55\u65f6\u5f00\u59cb\uff1f<\/p>\n<p><strong>\u674e\u658c\uff1a<\/strong>\u597d\uff0c\u8c22\u8c22 Tim\u3002\u5bf9\uff0c\u4eca\u5e74\u6211\u4eec\u7684\u6574\u4e2a\u589e\u957f\uff0c\u8fd9\u91cc\u4e5f\u770b\u5230\u4e86\u6211\u4eec\u4ece\u65b0\u4ea7\u54c1\uff0c\u7279\u522b\u662f\u9ad8\u4ef7\u7684\u65b0\u4ea7\u54c1\uff0c\u5bf9\u5168\u5e74\u7684\u589e\u957f\u3001\u9500\u91cf\u7684\u589e\u957f\u4ee5\u53ca\u6bdb\u5229\u7684\u589e\u957f\u652f\u6491\u90fd\u975e\u5e38\u597d\uff0c\u6211\u4eec\u90fd\u662f\u975e\u5e38\u6709\u4fe1\u5fc3\u7684\u3002\u5f53\u7136\u6211\u4eec\u8fd8\u6709 ES8 \u7684\u4e94\u5ea7\u7248\uff0c\u50cf\u9a6c\u4e0a\u4ea4\u4ed8\u7684 ES9\uff0c\u6211\u4eec\u73b0\u5728\u7684 ES8 \u8fd8\u662f\u4fdd\u6301\u7740\u975e\u5e38\u7a33\u5065\u7684\u9500\u91cf\uff0c\u90a3\u4e48 L90 \u548c L80\uff0c\u6211\u4eec\u76f8\u4fe1\u5728 20 \u5230 30 \u4e07\u7684\u5e02\u573a\u4e5f\u4f1a\u7ee7\u7eed\u4fdd\u6301\u9886\u5148\u7684\u5e02\u573a\u4efd\u989d\uff0c\u90a3\u4e48\u4ece\u660e\u5e74\u5f00\u59cb\u6211\u4eec\u4f1a\u8fdb\u5165\u5230\u4e00\u4e2a\u65b0\u7684\u4ea7\u54c1\u5468\u671f\uff0cET5T\u3001ES6\u3001EC6 \u540e\u7eed\u90fd\u4f1a\u8fdb\u884c\u8fed\u4ee3\uff0c\u57fa\u4e8e\u6211\u4eec\u6700\u65b0\u7684\u667a\u80fd\u5e73\u53f0\u3002<\/p>\n<p>\u4ece\u4e50\u9053\u7684\u89d2\u5ea6\u6765\u8bb2\uff0c\u6211\u4eec\u4e5f\u4f1a\u6709\u65b0\u7684\u4ea7\u54c1\u8ba1\u5212\uff0c\u6240\u4ee5\u73b0\u5728\u6211\u4eec\u603b\u4f53\u7684<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e7%ad%96%e7%95%a5\" title=\"View all posts in \u7b56\u7565\" target=\"_blank\" class=\"tag_link\">\u7b56\u7565<\/a>\u5c31\u662f\u6bcf\u5e74\u5927\u4f53\u4e0a\u4f1a\u6709 3 \u5230 5 \u6b3e\u6bd4\u8f83\u65b0\u7684\u4ea7\u54c1\u63a8\u5411\u5e02\u573a\uff0c\u5f53\u7136\u6211\u4eec\u5e76\u4e0d\u4f1a\u53bb\u8ffd\u6c42\u7edd\u5bf9\u7684\u65b0\u8f66\u6570\u91cf\uff0c\u6211\u4eec\u8fd8\u662f\u4fdd\u8bc1\u6bcf\u4e00\u6b3e\u8f66\u578b\u5728\u7ec6\u5206\u5e02\u573a\u90fd\u80fd\u591f\u6709\u9886\u5148\u7684\u4efd\u989d\u3002<\/p>\n<p>\u6211\u4eec\u76f8\u4fe1\u73b0\u5728\u7684\u4ea7\u54c1\u89c4\u5212\u662f\u80fd\u591f\u652f\u6491\u516c\u53f8\u5728\u5e02\u573a\u4e0a\u7684\u7ade\u4e89\u529b\uff0c\u4eca\u5e74 1 \u5230 4 \u6708\u4efd\uff0c\u851a\u6765\u516c\u53f8\u73b0\u6709\u7684\u8fd9\u4e9b\u4ea7\u54c1\uff0c\u5728\u4e0a\u6d77\u6240\u6709<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%b1%bd%e8%bd%a6\" title=\"View all posts in \u6c7d\u8f66\" target=\"_blank\" class=\"tag_link\">\u6c7d\u8f66<\/a>\u516c\u53f8\u91cc\u9500\u91cf\u4f4d\u5c45\u7b2c\u4e00\u4f4d\uff0c\u5360\u6574\u4e2a\u4e0a\u6d77\u4e58\u7528\u8f66\u5e02\u573a 8% \u7684\u4efd\u989d\uff0c\u6240\u4ee5\u6211\u4eec\u975e\u5e38\u6709\u4fe1\u5fc3\uff0c\u73b0\u6709\u4ea7\u54c1\u968f\u7740\u6e20\u9053\u8fdb\u4e00\u6b65\u8986\u76d6\u3001\u6362\u7535\u7f51\u7edc\u8fdb\u4e00\u6b65\u6269\u5c55\uff0c\u968f\u7740\u4e09\u56db\u7ebf\u57ce\u5e02\u3001\u56db\u4e94\u7ebf\u57ce\u5e02\u7528\u6237\u5f00\u59cb\u8d8a\u6765\u8d8a\u63a5\u53d7\u7eaf\u7535\u4ea7\u54c1\uff0c\u6211\u4eec\u73b0\u6709\u7684\u4ea7\u54c1\u5e8f\u5217\uff0c\u5305\u62ec\u63a5\u4e0b\u6765\u7684\u4ea7\u54c1\u80fd\u591f\u8ba9\u516c\u53f8\u5728\u4e2d\u56fd\u4e58\u7528\u8f66\u5e02\u573a\u83b7\u5f97\u663e\u8457\u7684\u4efd\u989d\u3002<\/p>\n<p><strong>\u66f2\u7389\uff1a<\/strong>\u6211\u4eec\u4ece\u76ee\u6807\u4e0a\u6765\u8bb2\uff0c2026 \u5e74\u6211\u4eec\u8fd8\u662f\u7ef4\u6301\u5168\u5e74\u975e GAAP \u8fd0\u8425\u5229\u6da6\u76c8\u5229\u7684\u76ee\u6807\u3002\u6240\u4ee5\u5177\u4f53\u5230\u4f60\u521a\u521a\u8bb2\u7684 OPEX \u6307\u5f15\uff0c\u6211\u4eec\u5148\u770b\u7814\u53d1\u8d39\u7528\uff0c\u6211\u4eec\u4f9d\u7136\u7ef4\u6301\u5b63\u5ea6 20~25 \u4ebf\u975e GAAP \u6280\u672f\u7814\u53d1\u8d39\u7528\u7684\u6307\u5f15\u3002<\/p>\n<p>\u5f53\u7136\u6211\u4eec\u89c9\u5f97\u8fd9\u6837\u7684\u6295\u5165\u9996\u5148\u80fd\u591f\u786e\u4fdd\u6211\u4eec\u5728\u5173\u952e\u6280\u672f\u9886\u57df\u7684\u6295\u5165\uff0c\u8ba9\u516c\u53f8\u5728<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e8%8a%af%e7%89%87\" title=\"View all posts in \u82af\u7247\" target=\"_blank\" class=\"tag_link\">\u82af\u7247<\/a>\u3001\u5e95\u5c42\u64cd\u4f5c\u7cfb\u7edf\u7b49\u65b9\u9762\u4fdd\u6301\u6838\u5fc3\u6280\u672f\u7ade\u4e89\u529b\uff0c\u8fd9\u6837\u7684\u6295\u5165\u4e5f\u80fd\u591f\u4fdd\u8bc1\u6211\u4eec\u6bcf\u5e74\u90fd\u4f1a\u6709\u76f8\u5e94\u6709\u7ade\u4e89\u529b\u7684\u4ea7\u54c1\u6295\u653e\u3002\u521a\u521a\u5a01\u5ec9\uff08\u674e\u658c\uff09\u7ed9\u5927\u5bb6\u4ecb\u7ecd\uff0c\u53e6\u5916 20~25 \u4ebf\uff0c\u6211\u4eec\u5728\u63d0\u6548\u65b9\u9762\u505a\u4e86\u5f88\u591a\u5de5\u4f5c\uff0c\u4ece\u53bb\u5e74\u5f00\u59cb\u5b9e\u65bd CPU \u673a\u5236\u4ee5\u540e\uff0c\u6211\u4eec\u662f\u7528\u66f4\u5c11\u7684\u94b1\u505a\u4e86\u66f4\u591a\u7684\u4e8b\u60c5\u3002\u4ece\u7b49\u6548\u6548\u679c\u6765\u8bb2\uff0c\u6211\u4eec\u89c9\u5f97\u73b0\u5728 20 \u4ebf\u7684\u6295\u5165\u6210\u679c\u548c\u4ee5\u524d 30 \u5230 35 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\u7684\u76ee\u6807\uff0c\u4f46\u662f\u4ece\u5b63\u5ea6\u6765\u770b\u786e\u5b9e\u4f1a\u6709\u6ce2\u52a8\uff0c\u6bd4\u5982\u8bf4\u4e8c\u5b63\u5ea6\uff0c\u4eca\u5e74\u4e3b\u8981\u65b0\u8f66\u578b\u53d1\u5e03\u548c\u8425\u9500\u6d3b\u52a8\u90fd\u5728\u4e8c\u5b63\u5ea6\uff0c\u6240\u4ee5\u4e8c\u5b63\u5ea6\u4ece\u7edd\u5bf9\u91d1\u989d\u6765\u8bb2\uff0c\u5c24\u5176\u662f\u9500\u552e\u8d39\u7528\u4f1a\u6bd4\u4e00\u5b63\u5ea6\u6709\u6bd4\u8f83\u5927\u7684\u4e0a\u6da8\uff0c\u5f53\u7136\u4e09\u5230\u56db\u5b63\u5ea6\uff0c\u65b0\u4ea7\u54c1\u4e0a\u5e02\u6d3b\u52a8\u57fa\u672c\u7ed3\u675f\u3001\u6bd4\u8f83\u5c11\uff0c\u6240\u4ee5\u4e09\u56db\u5b63\u5ea6\u7edd\u5bf9\u91d1\u989d\u4f1a\u4e0b\u964d\uff0c\u5b63\u5ea6\u4e4b\u95f4\u4f1a\u6709\u8fd9\u6837\u7684\u6ce2\u52a8\u3002<\/p>\n<p><strong>\u745e\u94f6\u96c6\u56e2\u5206\u6790\u5e08Paul Gong\uff1a<\/strong>\u611f\u8c22\u7ba1\u7406\u5c42\uff0c\u606d\u559c\u672c\u5b63\u5ea6\u4e1a\u7ee9\u5f3a\u52b2\u3002\u6211\u6709\u4e24\u4e2a\u95ee\u9898\uff1a\u7b2c\u4e00\uff0c\u5173\u4e8e\u5927\u578b SUV \u7ec6\u5206\u5e02\u573a\u7684\u7ade\u4e89\uff0cES8 \u81ea\u53bb\u5e74\u4e0b\u534a\u5e74\u4ee5\u6765\u7684\u6210\u529f\u5438\u5f15\u4e86\u7ade\u4e89\u5bf9\u624b\u63a8\u51fa\u5927\u578b SUV\uff0c\u5317\u4eac\u8f66\u5c55\u4e0d\u5c11\u8f66\u578b\u5b9a\u4ef7\u975e\u5e38\u6fc0\u8fdb\u3002\u4f5c\u4e3a\u9ad8\u7aef\u5927\u578b SUV \u9500\u91cf\u51a0\u519b\uff0c\u851a\u6765\u5982\u4f55\u770b\u5f85\u8be5\u7ec6\u5206\u5e02\u573a\u7ade\u4e89\uff1f\u851a\u6765\u7684\u58c1\u5792\u662f\u4ec0\u4e48\uff1f\u5982\u4f55\u4fdd\u6301\u9886\u5148\uff1f<\/p>\n<p>\u7b2c\u4e8c\uff0c\u5728\u539f\u6750\u6599\u6210\u672c\u4e0a\u6da8\u7684\u6311\u6218\u4e0b\uff0c\u521a\u521a\u63d0\u5230<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%8d%95%e8%bd%a6\" title=\"View all posts in \u5355\u8f66\" target=\"_blank\" class=\"tag_link\">\u5355\u8f66<\/a>\u6210\u672c\u4e0a\u6da8\u7ea6 1 \u4e07\u5143\u751a\u81f3\u66f4\u591a\uff0c\u8fd9\u5bf9\u5b9a\u4ef7\u66f4\u4f4e\u7684\u7ade\u4e89\u5bf9\u624b\u6311\u6218\u66f4\u5927\u3002\u5728\u5f53\u524d\u7ade\u4e89\u4e0e\u6210\u672c\u538b\u529b\u4e0b\uff0c\u884c\u4e1a\u662f\u5426\u6709\u673a\u4f1a\u7f29\u51cf\u6298\u6263\u3001\u5b9e\u73b0\u95f4\u63a5\u6da8\u4ef7\uff1f<\/p>\n<p><strong>\u674e\u658c\uff1a<\/strong>\u597d\uff0c\u8c22\u8c22 Paul\uff0c\u786e\u5b9e ES8 \u521b\u9020\u4e86\u975e\u5e38\u591a\u7684\u8bb0\u5f55\uff0c\u6211\u4eec\u7528 215 \u5929\u5c31\u5b8c\u6210\u4e86 10 \u4e07\u53f0\u7684\u4ea4\u4ed8\uff0c40 \u4e07\u4ee5\u4e0a\u4e2d\u56fd\u54c1\u724c\u5355\u6b3e\u8f66\u578b\u6700\u5feb\u4ea4\u4ed8\u8bb0\u5f55\uff0c\u800c\u4e14\u6211\u4eec\u5df2\u7ecf\u8fde\u7eed\u4e94\u4e2a\u6708\u5728 40 \u4e07\u4ee5\u4e0a\u8f66\u578b\u548c\u5927\u578b SUV \u5e02\u573a\u83b7\u5f97\u9500\u91cf\u51a0\u519b\uff0c\u4e0d\u5206<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e8%83%bd%e6%ba%90\" title=\"View all posts in \u80fd\u6e90\" target=\"_blank\" class=\"tag_link\">\u80fd\u6e90<\/a>\u5f62\u5f0f\uff0c\u786e\u786e\u5b9e\u5b9e\u975e\u5e38\u6210\u529f\u3002<\/p>\n<p>40 \u4e07\u4ee5\u4e0a\u5927\u4e09\u6392 SUV \u91cc\u9762\uff0c\u6211\u4eec\u5927\u6982\u5360\u4e86\u4e00\u534a\u6bd4\u4f8b\uff0c49.7%\uff0c\u6211\u60f3\u8fd9\u4e2a\u6210\u529f\u4f53\u73b0\u4e86\u851a\u6765 11 \u5e74\u6301\u7eed\u8fdb\u884c\u4f53\u7cfb\u80fd\u529b\u5efa\u8bbe\u7684\u4f18\u52bf\uff0c\u73b0\u5728\u5168\u9762\u901a\u8fc7 ES8 \u8fd9\u4e2a\u4ea7\u54c1\u53cd\u6620\u51fa\u6765\u3002\u8fd9\u4e2a\u4f53\u7cfb\u5305\u62ec\u6211\u4eec 12 \u5168\u6808\u6280\u672f\u7814\u53d1\u80fd\u529b\uff0c\u8fd8\u6709<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%88%9b%e6%96%b0\" title=\"View all posts in \u521b\u65b0\" target=\"_blank\" class=\"tag_link\">\u521b\u65b0<\/a>\u4f9b\u5e94\u94fe\uff0c\u56e0\u4e3a\u6211\u4eec\u5f88\u591a\u6280\u672f\u90fd\u662f\u884c\u4e1a\u7b2c\u4e00\u4e2a\u4f7f\u7528\u7684\uff0c\u600e\u4e48\u6837\u7ba1\u7406\u521b\u65b0\u4f9b\u5e94\u94fe\u5176\u5b9e\u662f\u975e\u5e38\u5927\u7684\u6311\u6218\uff0c\u8fd8\u6709\u5305\u62ec\u6211\u4eec\u7684\u5148\u8fdb\u5236\u9020\u3001\u5168\u751f\u547d\u5468\u671f\u8d28\u91cf\uff0c\u6211\u4eec\u5728\u7b2c\u4e09\u65b9\u8d28\u91cf\u6392\u540d\u91cc\u4e00\u76f4\u90fd\u662f\u6570\u4e00\u6570\u4e8c\u3002\u8fd8\u6709\u6211\u4eec\u7684\u5145\u6362\u7535\u7f51\u7edc\uff0c\u80fd\u6e90\u670d\u52a1\u7f51\u7edc\uff0c\u8fd8\u6709\u5f88\u91cd\u8981\u4e00\u70b9\uff0c\u5bf9\u4e8e\u9ad8\u7aef\u7528\u6237\u6765\u8bf4\uff0c\u6211\u4eec\u8986\u76d6\u5168\u56fd\u7684\u5168\u573a\u666f\u5e94\u6025\u670d\u52a1\u4f53\u7cfb\uff0c\u6240\u4ee5\u8fd9\u516d\u4e2a\u4f53\u7cfb\u7684\u521b\u65b0\u652f\u6491\u4e86\u851a\u6765\u54c1\u724c\u73b0\u5728\u5728\u9ad8\u7aef\u5e02\u573a\u7684\u9886\u5148\u4f18\u52bf\u3002<\/p>\n<p>\u9664\u4e86\u8fd9\u4e9b\u4f53\u7cfb\u80fd\u529b\u4ee5\u5916\uff0c\u6211\u89c9\u5f97\u6709\u4e24\u70b9\u4e5f\u662f\u6700\u8fd1\u6211\u4eec\u4ece\u5e02\u573a\u7528\u6237\u9009\u62e9\u4e2d\u53d1\u73b0\u7684\uff1a\u7b2c\u4e00\uff0c\u4e2d\u56fd\u667a\u80fd\u7535\u52a8\u6c7d\u8f66\u3001<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%96%b0%e8%83%bd%e6%ba%90%e6%b1%bd%e8%bd%a6\" title=\"View all posts in \u65b0\u80fd\u6e90\u6c7d\u8f66\" target=\"_blank\" class=\"tag_link\">\u65b0\u80fd\u6e90\u6c7d\u8f66<\/a>\u7684\u7ade\u4e89\u4ece\u54c1\u724c\u6df7\u6c8c\u671f\u8fdb\u5165\u5230\u4e86\u54c1\u724c\u6f84\u6e05\u671f\u3002\u6211\u4eec\u975e\u5e38\u9ad8\u5174\u770b\u5230\u851a\u6765\u4f5c\u4e3a\u9ad8\u7aef\u54c1\u724c\u5df2\u7ecf\u88ab\u7528\u6237\u6240\u8ba4\u53ef\u548c\u63a5\u53d7\uff0c\u7528\u6237\u5df2\u7ecf\u5f62\u6210 BBA \u4e0b\u4e00\u8f86\u9009\u851a\u6765\u7684\u5171\u8bc6\uff0c\u8d8a\u6765\u8d8a\u591a\u4eba\u6709\u8fd9\u6837\u7684\u5171\u8bc6\u3002\u6211\u4eec\u4e00\u5b63\u5ea6\u851a\u6765\u54c1\u724c\u5e73\u5747\u6210\u4ea4\u4ef7\u6765\u5230 39 \u4e07\uff0c\u8d85\u8fc7\u5b9d\u9a6c 5 \u4e07\u5143\uff0c\u8d85\u8fc7\u5965\u8fea\uff0c\u5dee\u4e0d\u591a\u662f\u5965\u8fea\u7684 1.5 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EBIT \u603b\u4f53\u7ecf\u8425\u76ee\u6807\uff0c\u505a\u597d\u5e73\u8861\u3002\u6bcf\u5bb6\u7ecf\u8425\u7406\u5ff5\u6709\u533a\u522b\uff0c\u6211\u4eec\u4f1a\u575a\u6301\u81ea\u5df1\u5e94\u5bf9\u6210\u672c\u4e0a\u6da8\u7684\u65b9\u6cd5\u548c\u7ecf\u8425\u6a21\u5f0f\u3002\u4f9b\u5e94\u94fe\u65b9\u9762\u6211\u4eec\u4ece\u53bb\u5e74\u5f00\u59cb\u542f\u52a8\u65b0\u5408\u4f5c\u6a21\u5f0f\uff0c\u53eb\u900f\u660e\u4f9b\u5e94\u94fe\u3001\u4f18\u9009\u5408\u4f5c\u6a21\u5f0f\uff0c\u548c\u4f9b\u5e94\u94fe\u4f19\u4f34\u4e00\u8d77\u627e\u51fa\u6ca1\u6709\u7ed9\u7528\u6237\u521b\u9020\u4ef7\u503c\u7684\u6210\u672c\uff0c\u4e00\u8d77\u964d\u4f4e\u8fd9\u4e9b\u4e0d\u521b\u9020\u4ef7\u503c\u7684\u6210\u672c\uff0c\u4f18\u5316\u6d41\u7a0b\u3002\u6211\u4eec\u8ba4\u4e3a\u7a7a\u95f4\u975e\u5e38\u5927\uff0c\u53d1\u6398 5%~10% \u4e0d\u521b\u9020\u7528\u6237\u4ef7\u503c\u7684\u6210\u672c\u7a7a\u95f4\u5b8c\u5168\u6709\u673a\u4f1a\u3002\u603b\u7684\u6765\u8bf4\uff0c\u6211\u4eec\u4eca\u5e74\u901a\u8fc7\u7cbe\u7ec6\u5316\u8fd0\u8425\u548c\u5408\u4f5c\u4f19\u4f34\u4e00\u8d77\u964d\u4f4e\u6574\u4f53\u6210\u672c\uff0c\u5e94\u8be5\u53ef\u4ee5\u5bf9\u51b2\u6750\u6599\u6210\u672c\u4e0a\u6da8\u5e26\u6765\u7684\u6bdb\u5229\u635f\u5931\u3002<\/p>\n<p><strong>\u6469\u6839\u5927\u901a\u5206\u6790\u5e08Nick Lai\uff1a<\/strong>\u611f\u8c22\u7ba1\u7406\u5c42\u3002\u6211\u6709\u4e24\u4e2a\u95ee\u9898\uff1a\u7b2c\u4e00\uff0c\u80fd\u5426\u7b80\u8981\u56de\u987e\u5e76\u66f4\u65b0\u667a\u9a7e\u6218\u7565\uff1f\u4e4b\u524d\u63d0\u5230\u81ea\u7814\u82af\u7247\u5df2\u7ecf\u642d\u8f7d\u5728\u90e8\u5206\u8f66\u578b\u4e0a\uff0c\u81ea\u7814\u82af\u7247\u63a8\u5e7f\u5230\u5176\u4ed6\u8f66\u578b\u7684\u901f\u5ea6\u5982\u4f55\uff1f\u8fd9\u5957\u667a\u9a7e\u6218\u7565\u5982\u4f55\u8ba9\u6211\u4eec\u4ea7\u54c1\u76f8\u6bd4\u7ade\u54c1\u66f4\u5177\u7ade\u4e89\u529b\uff1f\u540c\u65f6\u6211\u4eec\u6ce8\u610f\u5230\u81ea\u7814\u82af\u7247\u516c\u53f8\u4e00\u5b63\u5ea6<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e8%9e%8d%e8%b5%84\" title=\"View all posts in \u878d\u8d44\" target=\"_blank\" class=\"tag_link\">\u878d\u8d44<\/a> 20 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Chen\uff1a<\/strong>\u606d\u559c\u4e00\u5b63\u5ea6\u76c8\u5229\u5f3a\u52b2\u3002\u6211\u6709\u4e24\u4e2a\u95ee\u9898\uff1a\u7b2c\u4e00\uff0c\u4e50\u9053 L80 \u672c\u6708\u5df2\u4e0a\u5e02\uff0c\u5e02\u573a\u53cd\u9988\u548c\u8ba2\u5355\u60c5\u51b5\u5982\u4f55\uff1f\u5f53\u524d\u7ade\u4e89\u6fc0\u70c8\uff0cL80 \u5982\u4f55\u514b\u670d\u65b0\u8f66\u6548\u5e94\uff08\u521d\u671f\u8ba2\u5355\u9ad8\u3001\u540e\u671f\u5927\u5e45\u4e0b\u6ed1\uff09\uff0c\u5982\u4f55\u5b9e\u73b0\u6708\u5ea6\u9500\u91cf\u6301\u7eed\u7a33\u5b9a\uff1f\u4e50\u9053\u54c1\u724c\u6574\u4f53\u63d0\u5347\u77e5\u540d\u5ea6\u7684\u7b56\u7565\u662f\u4ec0\u4e48\uff1f<\/p>\n<p>\u7b2c\u4e8c\uff0c\u5176\u4ed6\u4e1a\u52a1\u6bdb\u5229\u7387\u4e00\u5b63\u5ea6\u5927\u5e45\u63d0\u5347\u81f3 20% \u4ee5\u4e0a\uff0c\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3b\u8981\u9a71\u52a8\u56e0\u7d20\u662f\u4ec0\u4e48\uff1f\u662f\u5426\u6709\u4e00\u6b21\u6027\u56e0\u7d20\uff1f\u4eca\u5e74\u8d8b\u52bf\u5982\u4f55\uff1f<\/p>\n<p>\u674e\u658c\uff1a\u8c22\u8c22\u63d0\u95ee\uff0cL80 \u8fd9\u6b3e\u8f66\u6211\u4eec\u8ba4\u4e3a\u662f\u5927\u4e94\u5ea7 SUV \u7684\u9769\u65b0\u4e4b\u4f5c\uff0c\u4e94\u5ea7 SUV \u5e02\u573a\u662f\u4e09\u6392\u5ea7\u5e02\u573a\u7684\u4e09\u500d\uff0c\u6240\u4ee5 L80 \u9762\u5411\u7684\u5e02\u573a\u7a7a\u95f4\u6bd4 L90 \u66f4\u5927\u30024 \u6708 28 \u53f7\u5230\u73b0\u5728\uff0cL80 \u5e02\u573a\u53cd\u9988\u975e\u5e38\u79ef\u6781\uff0c<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%aa%92%e4%bd%93\" title=\"View all posts in \u5a92\u4f53\" target=\"_blank\" class=\"tag_link\">\u5a92\u4f53<\/a>\u548c\u8bd5\u9a7e\u7528\u6237\u5bf9\u4ea7\u54c1\u8bc4\u4ef7\u79ef\u6781\uff0c\u8ba2\u5355\u7b26\u5408\u9884\u671f\u3002L80 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class=\"tag_link\">\u8d44\u6e90<\/a>\u652f\u6301\u6362\u7535\u7f51\u7edc\u5efa\u8bbe\u3002\uff08\u5b8c\uff09<\/p>\n<div>\n<div><\/div>\n<div>\u6d77\u91cf\u8d44\u8baf\u3001\u7cbe\u51c6\u89e3\u8bfb\uff0c\u5c3d\u5728\u65b0\u6d6a\u8d22\u7ecfAPP<\/div>\n<\/p><\/div>\n<p>\u8d23\u4efb\u7f16\u8f91\uff1a\u5218\u660e\u4eae <\/p>\n<p>(\u6765\u6e90\uff1a\u65b0\u6d6a\u79d1\u6280)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4e13\u9898\uff1a\u805a\u7126\u7f8e\u80a12026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8d22\u62a5 \u851a\u6765\u53d1\u5e032026\u5e74\u4e00\u5b63\u5ea6\u8d22\u62a5\u3002\u851a\u6765\u4e00\u5b63\u5ea6\u5b9e\u73b0\u7ecf\u8425\u5229\u6da66680\u4e07\u5143\uff0c\u8fde\u7eed\u4e24 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