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DDM基本公式及永续增长模型公式
DDM基本公式及永续增长模型公式
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所属报告:
房地产行业中国特色估值体系下房企估值浅谈:房地产企业的绝对估值法-230320(58页).pdf
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相关数据
DDM估值敏感性分析(单位:元/股)
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行业数据
2025-12-30
原图定位
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DDM估值敏感性分析(单位:元/股)
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行业数据
2025-12-10
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DDM模型与国股行匹配度更高,据此测算PB修复仍有空间
<|begin_of_box|>| 银行     | 每股派息（元） | 每股净资产（元） | 现股价（元） | 现PB（倍） | 归母净利润预测增速 | 情景一（必要回报率8%） | 情景二（必要回报率6%） | 情景三（必要回报率4%） |
|----------|----------------|------------------|--------------|------------|--------------------|------------------------|------------------------|------------------------|
|          |                |                  |              |            |                    | 测算股价（元） | 测算PB（倍） | 测算PB/现PB | 测算股价（元） | 测算PB（倍） | 测算PB/现PB | 测算股价（元） | 测算PB（倍） | 测算PB/现PB |
| 工商银行 | 0.31           | 10.52            | 7.51         | 0.71       | 1.00%              | 4.44                   | 0.42                   | 59%                    | 6.22                   | 0.59                   | 83%                    | 10.37                  | 0.99                   | 138%                   |
| 建设银行 | 0.40           | 12.86            | 9.16         | 0.71       | 1.00%              | 5.81                   | 0.45                   | 63%                    | 8.14                   | 0.63                   | 89%                    | 13.57                  | 1.06                   | 148%                   |
| 农业银行 | 0.24           | 7.65             | 7.28         | 0.95       | 2.00%              | 4.11                   | 0.54                   | 56%                    | 6.17                   | 0.81                   | 85%                    | 12.34                  | 1.61                   | 169%                   |
| 中国银行 | 0.24           | 8.19             | 5.50         | 0.67       | 1.50%              | 3.79                   | 0.46                   | 69%                    | 5.47                   | 0.67                   | 99%                    | 9.84                   | 1.20                   | 179%                   |
| 邮储银行 | 0.26           | 8.23             | 6.27         | 0.76       | 1.00%              | 3.77                   | 0.46                   | 60%                    | 5.28                   | 0.64                   | 84%                    | 8.81                   | 1.07                   | 140%                   |
| 交通银行 | 0.38           | 12.67            | 7.27         | 0.57       | 1.00%              | 5.47                   | 0.43                   | 75%                    | 7.66                   | 0.60                   | 105%                   | 12.76                  | 1.01                   | 176%                   |
| 招商银行 | 2.00           | 42.10            | 43.30        | 1.03       | 2.00%              | 34.00                  | 0.81                   | 79%                    | 51.00                  | 1.21                   | 118%                   | 102.00                 | 2.42                   | 236%                   |
| 浦发银行 | 0.41           | 22.50            | 14.12        | 0.63       | 1.00%              | 5.92                   | 0.26                   | 42%                    | 8.28                   | 0.37                   | 59%                    | 13.80                  | 0.61                   | 98%                    |
| 兴业银行 | 1.06           | 34.65            | 21.84        | 0.63       | 1.00%              | 15.29                  | 0.44                   | 70%                    | 21.41                  | 0.62                   | 98%                    | 35.69                  | 1.03                   | 163%                   |
| 中信银行 | 0.35           | 12.75            | 7.90         | 0.62       | 2.00%              | 6.03                   | 0.47                   | 76%                    | 9.04                   | 0.71                   | 114%                   | 18.09                  | 1.42                   | 229%                   |
| 民生银行 | 0.19           | 12.87            | 4.46         | 0.35       | 1.00%              | 2.77                   | 0.22                   | 62%                    | 3.88                   | 0.30                   | 87%                    | 6.46                   | 0.50                   | 145%                   |
| 光大银行 | 0.19           | 8.29             | 3.70         | 0.45       | 1.00%              | 2.73                   | 0.33                   | 74%                    | 3.82                   | 0.46                   | 103%                   | 6.36                   | 0.77                   | 172%                   |
| 平安银行 | 0.61           | 22.68            | 11.85        | 0.52       | 1.00%              | 8.77                   | 0.39                   | 74%                    | 12.28                  | 0.54                   | 104%                   | 20.47                  | 0.90                   | 173%                   |
| 华夏银行 | 0.41           | 19.21            | 7.31         | 0.38       | 1.00%              | 5.84                   | 0.30                   | 80%                    | 8.18                   | 0.43                   | 112%                   | 13.64                  | 0.71                   | 187%                   |
| 浙商银行 | 0.16           | 6.38             | 3.13         | 0.49       | 1.00%              | 2.25                   | 0.35                   | 72%                    | 3.15                   | 0.49                   | 101%                   | 5.25                   | 0.82                   | 168%                   |
| 北京银行 | 0.32           | 13.02            | 6.07         | 0.47       | 2.00%              | 5.44                   | 0.42                   | 90%                    | 8.16                   | 0.63                   | 134%                   | 16.32                  | 1.25                   | 269%                   |
| 上海银行 | 0.50           | 17.11            | 9.42         | 0.55       | 2.00%              | 8.50                   | 0.50                   | 90%                    | 12.75                  | 0.75                   | 135%                   | 25.50                  | 1.49                   | 271%                   |
| 江苏银行 | 0.52           | 13.59            | 10.76        | 0.79       | 3.00%              | 10.72                  | 0.79                   | 100%                   | 17.87                  | 1.31                   | 166%                   | 53.62                  | 3.94                   | 498%                   |
| 南京银行 | 0.55           | 14.49            | 11.27        | 0.78       | 3.00%              | 11.24                  | 0.78                   | 100%                   | 18.73                  | 1.29                   | 166%                   | 56.19                  | 3.88                   | 499%                   |
| 宁波银行 | 0.90           | 33.31            | 28.70        | 0.86       | 3.00%              | 18.54                  | 0.56                   | 65%                    | 30.90                  | 0.93                   | 108%                   | 92.70                  | 2.78                   | 323%                   |
| 杭州银行 | 0.65           | 18.03            | 15.99        | 0.89       | 3.00%              | 13.39                  | 0.74                   | 84%                    | 22.32                  | 1.24                   | 140%                   | 66.95                  | 3.71                   | 419%                   |
| 长沙银行 | 0.42           | 17.15            | 9.59         | 0.56       | 2.00%              | 7.14                   | 0.42                   | 74%                    | 10.71                  | 0.62                   | 112%                   | 21.42                  | 1.25                   | 223%                   |
| 成都银行 | 0.89           | 19.47            | 18.61        | 0.96       | 3.00%              | 18.35                  | 0.94                   | 99%                    | 30.59                  | 1.57                   | 164%                   | 91.77                  | 4.71                   | 493%                   |
| 重庆银行 | 0.41           | 15.73            | 9.65         | 0.61       | 2.00%              | 7.04                   | 0.45                   | 73%                    | 10.56                  | 0.67                   | 109%                   | 21.11                  | 1.34                   | 219%                   |
| 贵阳银行 | 0.29           | 17.05            | 6.07         | 0.36       | 1.00%              | 4.18                   | 0.25                   | 69%                    | 5.86                   | 0.34                   | 97%                    | 9.76                   | 0.57                   | 161%                   |
| 青岛银行| 0.16           | 6.82             | 5.22         | 0.77       | 3.00%              | 3.30                   | 0.48                   | 63%                    | 5.49                   | 0.81                   | 105%                   | 16.48                  | 2.42                   | 316%                   |
| 齐鲁银行 | 0.27           | 8.31             | 5.80         | 0.70       | 3.00%              | 5.48                   | 0.66                   | 94%                    | 9.13                   | 1.10                   | 157%                   | 27.40                  | 3.30                   | 472%                   |
| 郑州银行 | 0.02           | 5.00             | 2.06         | 0.41       | 1.00%              | 0.29                   | 0.06                   | 14%                    | 0.40                   | 0.08                   | 20%                    | 0.67                   | 0.13                   | 33%                    |
| 苏州银行 | 0.40           | 11.09            | 8.36         | 0.75       | 3.00%              | 8.24                   | 0.74                   | 99%                    | 13.73                  | 1.24                   | 164%                   | 41.20                  | 3.71                   | 493%                   |
| 西安银行 | 0.10           | 7.75             | 4.36         | 0.56       | 1.00%              | 1.44                   | 0.19                   | 33%                    | 2.02                   | 0.26                   | 46%                    | 3.37                   | 0.43                   | 77%                    |
| 厦门银行 | 0.31           | 9.82             | 6.61         | 0.67       | 1.00%              | 4.47                   | 0.46                   | 68%                    | 6.26                   | 0.64                   | 95%                    | 10.44                  | 1.06                   | 158%                   |
| 沪农商行 | 0.43           | 13.15            | 8.74         | 0.66       | 2.00%              | 7.34                   | 0.56                   | 84%                    | 11.02                  | 0.84                   | 126%                   | 22.03                  | 1.68                   | 252%                   |
| 渝农商行 | 0.30           | 11.52            | 6.62         | 0.57       | 2.00%              | 5.18                   | 0.45                   | 78%                    | 7.77                   | 0.67                   | 117%                   | 15.53                  | 1.35                   | 235%                   |
| 青农商行 | 0.12           | 6.52             | 3.32         | 0.51       | 2.00%              | 2.04                   | 0.31                   | 61%                    | 3.06                   | 0.47                   | 92%                    | 6.12                   | 0.94                   | 184%                   |
| 紫金银行 | 0.10           | 5.48             | 2.97         | 0.54       | 2.00%              | 1.70                   | 0.31                   | 57%                    | 2.55                   | 0.47                   | 86%                    | 5.10                   | 0.93                   | 172%                   |
| 无锡银行 | 0.22           | 10.23            | 6.10         | 0.60       | 2.00%              | 3.74                   | 0.37                   | 61%                    | 5.61                   | 0.55                   | 92%                    | 11.22                  | 1.10                   | 184%                   |
| 苏农银行 | 0.18           | 9.19             | 5.30         | 0.58       | 3.00%              | 3.71                   | 0.40                   | 70%                    | 6.18                   | 0.67                   | 117%                   | 18.54                  | 2.02                   | 350%                   |
| 江阴银行 | 0.20           | 7.70             | 4.93         | 0.64       | 3.00%              | 4.12                   | 0.54                   | 84%                    | 6.87                   | 0.89                   | 139%                   | 20.60                  | 2.68                   | 418%                   |
| 瑞丰银行 | 0.20           | 9.76             | 5.59         | 0.57       | 3.00%              | 4.12                   | 0.42                   | 74%                    | 6.87                   | 0.70                   | 123%                   | 20.60                  | 2.11                   | 369%                   |
| 常熟银行 | 0.25           | 8.79             | 7.63         | 0.87       | 3.00%              | 5.15                   | 0.59                   | 67%                    | 8.58                   | 0.98                   | 112%                   | 25.75                  | 2.93                   | 337%                   |
| 张家港行 | 0.20           | 7.37             | 4.51         | 0.61       | 2.00%              | 3.40                   | 0.46                   | 75%                    | 5.10                   | 0.69                   | 113%                   | 10.20                  | 1.38                   | 226%                   |

数据来源：Wind、开源证券研究所（数据截至日为2025年9月11日）<|end_of_box|>
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行业数据
2025-09-18
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DDM估值敏感性分析(单位:元/股)
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行业数据
2025-09-16
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DDM模型与国股行匹配度更高,据此测算PB修复仍有空间
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行业数据
2025-07-31
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DDM模型假设参数(截至2025年6月14日)
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行业数据
2025-06-19
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DDM模型敏感性分析表(截至2025年6月14日)
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行业数据
2025-06-19
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DDM模型及估值假设
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行业数据
2025-06-05
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DDM估值敏感性分析(单位:元/股)
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行业数据
2025-06-05
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银行DDM估值模型及影响因素推导
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行业数据
2025-01-02
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伊利股份DDM估值——基于真实业绩(亿元)
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其它
2024-02-29
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2015年后的伊利股份——从PE到DDM
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其它
2024-02-29
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中国海油DDM估值表
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2023-09-22
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基于DDM估值框架分析权益市场影响
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2023-08-09
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基于DDM估值框架分析权益市场影响
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2023-06-27
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股利贴现模型具体又可以细分为零增长模型、固定增长模型和多阶段增长模型等。零增长模型假设每期的每股现金股利为固定值, 在实务中适合计算股利固定的优先股的内在价值;固定增长模型假设每年的现金股利增长率固定, 主要适用于当下已经处于成熟期的公司(例如公共事业公司),盈利保持稳定的增长,同时制定了长期稳定的股利支付政策;多阶段增长模型假设每股现金股利的增长率在公司发展的不同阶段是不同的,并将其分为预测期、过渡期、永续期,需要分别计算不同阶段的现金股利现值后再加总。对房企内在价值测算时,基本采用多阶段增长模型,由于一个房地产项目开发的全周期通常在 3 年,而当下未获取的土储则无法预测,但从终局来看,房地产行业将维持 10 亿平左右的开发规模,同时考虑价格通胀因素,房地产开发行业将持续发展。因此可将预测期设置为 3 年,过渡期设置为 0 年,通过预测期最后一年的现金流对永续期进行计算。
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房地产行业中国特色估值体系下房企估值浅谈:房地产企业的绝对估值法-230320(58页).pdf
部分H股房企近年现金分红率
部分A股房企近年现金分红增长率
万得全A(除金融、石油石化)收益率与ROE对比(单位:%)
部分重点房企的近三年营运资本和长期资本的投入占NOPLAT比例
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