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FCFF估值表（單位：百萬元）-行業數據

FCFF估值表（單位：百萬元）
FCFF估值表（單位：百萬元）
考慮公司的業務特點，我們采用絕對估值和相對估值兩種方法來估算公司的合理價值區間。公司股票合理估值區間在 10.35-12.80 元，首次覆蓋，給予“優于大市”評級。
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FCFF估值表（單位：百萬元）_第1頁
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FCFF估值表（單位：百萬元）_第2頁
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FCFF估值表（單位：百萬元）_第3頁
FCFF估值表（單位：百萬元）_第4頁
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FCFF估值表（單位：百萬元）_第5頁
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FCFF估值表（單位：百萬元）_第6頁
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FCFF估值表（單位：百萬元）_第7頁
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FCFF估值表（單位：百萬元）_第8頁
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FCFF估值表（單位：百萬元）_第9頁
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FCFF估值表（單位：百萬元）_第10頁
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FCFF估值表（單位：百萬元）_第11頁
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FCFF估值表（單位：百萬元）_第12頁
FCFF估值表（單位：百萬元）_第13頁
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FCFF估值表（單位：百萬元）_第14頁
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FCFF估值表（單位：百萬元）_第15頁
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FCFF估值表（單位：百萬元）_第16頁
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FCFF估值表（單位：百萬元）_第17頁
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FCFF估值表（單位：百萬元）_第18頁
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FCFF估值表（單位：百萬元）_第19頁
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FCFF估值表（單位：百萬元）_第29頁
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FCFF估值表（單位：百萬元）_第30頁
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FCFF估值表（單位：百萬元）_第31頁
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FCFF估值表（單位：百萬元）_第32頁
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FCFF估值表（單位：百萬元）_第33頁
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FCFF估值表（單位：百萬元）_第35頁
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FCFF估值表（單位：百萬元）_第36頁
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FCFF估值表（單位：百萬元）_第37頁
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FCFF估值表（單位：百萬元）_第38頁
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FCFF估值表（單位：百萬元）_第39頁
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FCFF估值表（單位：百萬元）_第40頁
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FCFF估值表（單位：百萬元）_第55頁
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FCFF估值表（單位：百萬元）_第61頁
FCFF估值表（單位：百萬元）_第62頁
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FCFF估值表（單位：百萬元）_第63頁
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FCFF估值表（單位：百萬元）_第64頁
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FCFF估值表（單位：百萬元）_第65頁
FCFF估值表（單位：百萬元）_第66頁
FCFF估值表（單位：百萬元）_第67頁
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FCFF估值表（單位：百萬元）_第68頁
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FCFF估值表（單位：百萬元）_第69頁
FCFF估值表（單位：百萬元）_第70頁
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FCFF估值表（單位：百萬元）_第71頁
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FCFF估值表（單位：百萬元）_第72頁
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
FCFF估值表（單位：百萬元）_第73頁
FCFF估值表（單位：百萬元）_第74頁
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
FCFF估值表（單位：百萬元）_第75頁
FCFF估值表（單位：百萬元）_第76頁
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
FCFF估值表（單位：百萬元）_第77頁
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
所屬報告： 三維化學-公司研究報告-受益于新疆煤化工建設提速“工程+實業”攜手并進-250516（37頁）.pdf
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