专利技术评估-税后

1、SY公公司司GMB专专利利技技术术评评估估计计算算表表（税税后后）表-1 资产占用单位名称：SY公司评估基准日：2008年5月31日单位 : 人民币 万元 项项目目名名称称 未未来来预预测测数数据据2008(6-12)2009201020112012201320142015GMBGMB专专利利技技术术GMB专利产品销售收入(1)17,500.036,000.040,000.042,000.040,000.039,000.037,050.035,197.5GMB专利技术提成率(2)3.96%3.25%2.60%2.03%1.56%1.16%0.83%0.55%GMB专利技术贡献(3)=(1)(2

2、)692.931,168.401,038.58851.96624.15450.77305.88193.73扣减所得税(4)=(3)*25%173.23292.10259.65212.99156.04112.6976.4748.43技技术术贡贡献献净净值值(5)=(3)-(4)519.70876.30778.94638.97468.11338.08229.41145.29折现年限(6)0.291.082.083.084.085.086.087.08折现系数(折现率r=17.2%)(7)=1/(1+r)(6)0.950.840.720.610.520.450.380.33技技术术贡贡献献现现值值(

3、8)=(5)(7)4967385603922451518747技技术术现现值值和和(9)2,717税税务务摊摊销销收收益益价价值值折现率12.88%摊销年限7.5所得税率25%无形资产初步计算值2,717.1计算系数4.63税务摊销收益价值（TAB）496.4技技术术评评估估值值3,200被被评评估估技技术术提提成成率率计计算算表表表-3序序号号被被评评估估技技术术名名称称对对比比公公司司前前5年年平平均均销销售售利利润润率率 被被评评估估技技术术产产品品前前5年年平平均均销销售售利利润润率率被被评评估估技技术术产产品品前前5 5年年销销售售利利润润率率/ /对对比比公公司司前前5 5年年平平

4、均均销销售售毛毛利利率率对对比比公公司司技技术术提提成成率率平平均均值值产产品品技技术术提提成成率率ABC=B/ADE=C*D1GMB专利技术产品21.97%24.02%1.092.51%2.75%对对比比公公司司前前五五年年提提成成率率与与销销售售毛毛利利分分析析表表序序号号对对比比公公司司项项 目目2003/12/312004/12/312005/12/312006/12/312007/12/311秦川发展提成率3.62%3.41%2.16%3.95%5.14%销售毛利率24.29%25.39%25.11%23.94%27.38%2百利电器提成率1.89%2.06%0.81%0.96%2.

5、97%销售毛利率20.26%20.88%10.99%14.52%16.60%3中核科技提成率1.25%1.89%1.85%2.38%4.98%销售毛利率22.45%21.50%24.69%21.74%26.18%4鼎盛天工提成率2.00%0.90%2.34%1.84%3.86%销售毛利率21.63%20.37%23.26%22.29%25.93%6平平均均值值提提成成率率2.19%2.07%1.79%2.28%4.24%销销售售毛毛利利率率22.16%22.03%21.01%20.62%24.02%无无形形资资产产回回报报率率计计算算表表评估基准日：2008年5月31日表表-7 序序号号 对对

6、比比对对象象股股票票代代码码 营营运运资资金金比比重重%(Wc)营营运运资资金金回回报报率率%(Rc)%(Rc)有有形形非非流流动动资资产产比比重重 %(Wf)%(Wf) 有有形形非非流流动动资资产产回回报报率率 %(Rf)%(Rf)无无形形非非流流动动资资产产比比重重 %(Wi)%(Wi) 无无形形非非流流动动资资产产回回报报率率 %(Ri)%(Ri)无无形形资资产产税税前前折折现现率率1秦川发展000837.SZ35.98%5.60%21.23%5.87%42.79%18.3%2百利电气600468.SH9.50%5.60%9.84%5.87%80.66%13.8%3中核科技000777.

7、SZ16.31%5.60%7.26%5.87%76.43%16.1%4鼎盛天工600335.SH26.57%5.60%13.51%5.87%59.92%20.4%5对对比比公公司司平平均均值值（税税后后）17.2%6税税后后折折现现率率22.9%注注释释: :(1)表中数据均为2008-03-31财务报告(2) Wc 为流动资产公平市场价值/（股权公平市场价值+债权公平市场价值）(3) Rc 取一年内银行贷款利率的平均利率(4) Wf 为固定资产公平市场价值/（股权公平市场价值+债权公平市场价值）(5)Rf 取5年以上长期银行贷款利率作为固定利率，15年期的等额年金回报率(6)Wi = 1-

8、Wc-Wf (7) (8) WACC 详见加权资金成本计算表iffcciWRWRWWACCR-=加加权权资资金金成成本本计计算算表表 评评估估基基准准日日：20082008年年5 5月月3131日日表-8单单位位：万万元元 序序号号 对对比比公公司司名名称称股股票票代代码码负负息息负负债债(D)债债权权比比例例股股权权公公平平市市场场价价值值(E)(2)股股权权价价值值比比例例无无风风险险收收益益率率 (Rf)(3) 超超额额风风险险收收益益率率(ERP)公公司司特特有有风风险险超超额额收收益益率率(Rs)股股权权收收益益率率(Re)(4)债债权权收收益益率率(Rd)(5)适适用用所所得得税税

9、率率加加权权资资金金成成本本(WACC)1秦川发展000837.SZ26,11514.1%159,01285.9%3.94%8.77%0.97%12.02%7.47%25.00%11.11%2百利电气600468.SH25,1917.9%294,93992.1%3.94%8.77%1.66%12.79%7.47%25.00%12.23%3中核科技000777.SZ5,6972.6%211,78997.4%3.94%8.77%1.76%13.90%7.47%25.00%13.68%4鼎盛天工600335.SH45,95821.6%167,12278.4%3.94%8.77%2.06%16.96%

10、7.47%25.00%14.51%被被评评估估企企业业12.88%注注释释(1) 表中数据均为2008年第一季度财务数据(2) 股权公平市场价值=股权总数*股票收盘价(3) 5 年及以上期国债到期收益率平均值(4) Re=Rf+Beta*ERP+Rs(5)一年期贷款利率国国债债到到期期收收益益率率估估算算表表表-9序序号号证证券券代代码码证证券券简简称称起起息息日日期期到到期期日日期期票票面面利利率率评评估估基基准准日日收收盘盘价价 （元元）距距到到期期日日时时间间( (年年) ) 到到期期收收益益率率（%）1010613.SH06国债(13)2006-08-312013-08-312.89%

11、1005.262.892100613.SZ国债06132006-08-312013-08-312.89%1005.262.893060013.IB06国债132006-08-312013-08-312.89%94.97365.263.964010308.SH03国债(8)2003-09-172013-09-173.02%95.015.304.085100308.SZ国债03082003-09-172013-09-173.02%94.355.304.236010620.SH06国债(20)2006-11-272013-11-272.91%1005.502.917100620.SZ国债062020

12、06-11-272013-11-272.91%1005.502.918060020.IB06国债202006-11-272013-11-272.91%93.75.504.219010701.SH07国债(1)2007-02-062014-02-062.93%1005.692.9310100701.SZ国债07012007-02-062014-02-062.93%1005.692.9311070001.IB07国债012007-02-062014-02-062.93%1005.692.9312010707.SH07国债(7)2007-05-242014-05-243.74%1005.993.74

13、13100707.SZ国债07072007-05-242014-05-243.74%1005.993.7414070007.IB07国债072007-05-242014-05-243.74%98.77325.993.9715040006.IB04国债062004-08-102014-08-104.86%105.80496.203.8316100714.SZ国债07142007-08-232014-08-233.90%1006.243.9017070014.IB07国债142007-08-232014-08-233.90%99.76386.243.9418100718.SZ国债07182007-

14、11-262014-11-264.35%1006.504.3419070018.IB07国债182007-11-262014-11-264.35%99.22736.504.4820100801.SZ国债08012008-02-132015-02-133.95%1006.713.9421080001.IB08国债012008-02-132015-02-133.95%99.52176.714.0322010501.SH05国债(1)2005-02-282015-02-284.44%102.186.754.1023100501.SZ国债05012005-02-282015-02-284.44%102

15、.56.754.0524050001.IB05国债012005-02-282015-02-284.44%102.83276.753.9925100807.SZ国债08072008-05-192015-05-194.01%1006.974.0126080007.IB08国债072008-05-192015-05-194.01%99.87786.974.0327010603.SH06国债(3)2006-03-272016-03-272.8%907.834.3628100603.SZ国债06032006-03-272016-03-272.8%1007.832.8229060003.IB06国债032

16、006-03-272016-03-272.8%95.45217.833.5030010004.IB01国债042001-06-062016-06-064.69%109.428.023.3731010616.SH06国债(16)2006-09-262016-09-262.92%1008.332.9432100616.SZ国债06162006-09-262016-09-262.92%1008.332.9433060016.IB06国债162006-09-262016-09-262.92%91.87618.334.1234010703.SH07国债(3)2007-03-222017-03-223.4

17、0%1008.823.4335100703.SZ国债07032007-03-222017-03-223.40%1008.823.4336070003.IB07国债032007-03-222017-03-223.40%94.83928.824.1437010710.SH07国债(10)2007-06-252017-06-254.4%1009.084.4538100710.SZ国债07102007-06-252017-06-254.4%1009.084.4539070010.IB07国债102007-06-252017-06-254.4%101.97019.084IB07

18、特别国债012007-08-292017-08-294.3%1009.254.3441010213.SH02国债(13)2002-09-202017-09-202.6%86.899.324.3742100213.SZ国债02132002-09-202017-09-202.6%86.769.324.39430700003.IB07特别国债032007-09-242017-09-244.46%103.38539.334.06440700005.IB07特别国债052007-11-052017-11-054.49%100.01089.444.55450700008.IB07特别国债082007-12

19、-172017-12-174.41%102.019.564.1946100803.SZ国债08032008-03-202018-03-204.07%1009.814.1147080003.IB08国债032008-03-202018-03-204.07%99.94279.814.1248030009.IB03国债092003-10-242018-10-244.18%99.8110.414.2449010512.SH05国债(12)2005-11-152020-11-153.65%93.7912.474.34国国债债到到期期收收益益率率估估算算表表表-9序序号号证证券券代代码码证证券券简简称称起

20、起息息日日期期到到期期日日期期票票面面利利率率评评估估基基准准日日收收盘盘价价 （元元）距距到到期期日日时时间间( (年年) ) 到到期期收收益益率率（%）50100512.SZ国债05122005-11-152020-11-153.65%10012.473.6851050012.IB05国债122005-11-152020-11-153.65%10012.473.6852010107.SH21国债(7)2001-07-312021-07-314.26%100.9713.184.2053101917.SZ国债9172001-07-312021-07-314.26%101.113.184.195

21、4010011.IB01国债112001-10-232021-10-233.85%101.3313.413.7555010619.SH06国债(19)2006-11-152021-11-153.27%10013.473.2956100619.SZ国债06192006-11-152021-11-153.27%10013.473.2957060019.IB06国债192006-11-152021-11-153.27%97.7513.473.51580700002.IB07特别国债022007-09-182022-09-184.68%105.588414.314.20590700004.IB07特别

22、国债042007-09-292022-09-294.55%103.371714.344.27600700006.IB07特别国债062007-11-192022-11-194.69%99.871714.484.75610700007.IB07特别国债072007-12-112022-12-114.45%10014.544.5062100802.SZ国债08022008-02-282023-02-284.16%10014.764.2063080002.IB08国债022008-02-282023-02-284.16%98.878814.764.3064010303.SH03国债(3)2003-04-172023-04-173.4%89.9514.894.3765100303.SZ国债03032003-04-172023-04-173.4%90.0114.894.3666010504.SH05国债(4)2005-05-152025-05-154.11%99.8516.974.1667100504.SZ国债05042005-05-152025-05-154.11%10016.974.1568050004.IB05国债042005-05-152025-05-154.11%98.908116.974.2469010609.SH06国债(9)2006-06-262