{"id":134,"date":"2023-01-16T04:33:45","date_gmt":"2023-01-15T20:33:45","guid":{"rendered":"http:\/\/blog.cloud500.net\/?p=134"},"modified":"2023-09-13T21:58:50","modified_gmt":"2023-09-13T13:58:50","slug":"2023-%e5%b9%b4-1-%e6%9c%88%e4%ba%91%e5%b8%82%e5%9c%ba%e6%95%b0%e6%8d%ae%e6%9b%b4%e6%96%b0%e6%8a%a5%e5%91%8a","status":"publish","type":"post","link":"http:\/\/blog.cloud500.ai\/?p=134","title":{"rendered":"2023 \u5e74 1 \u6708\u4e91\u5e02\u573a\u6570\u636e\u66f4\u65b0\u62a5\u544a"},"content":{"rendered":"\n\n
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1<\/span> <\/p>\n

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\n \n CPI \u6570\u636e\u66f4\u65b0<\/strong>\n <\/span>\n <\/p>\n <\/section>\n <\/section>\n <\/section>\n

\n \n <\/section>\n
\n \n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n
\n \u7f8e\u56fd12 \u6708\u7684 CPI \u6570\u636e\u5df2\u516c\u5e03\uff1a<\/span>\n \n <\/section>\n
    \n
  • \n
    \n \u5e02\u573a\u6574\u4f53\u901a\u80c0\u7387\u540c\u6bd4\u589e\u957f 6.5%\uff08\u73af\u6bd4\u4e0b\u964d 0.1%\uff09\uff0c\u6b64\u524d\u5e02\u573a\u666e\u904d\u9884\u671f\u540c\u6bd4\u589e\u957f6.5%\u3002<\/span>\n <\/section>\n <\/li>\n
  • \n
    \n \u6838\u5fc3\u901a\u80c0\u7387\u540c\u6bd4\u589e\u957f 5.7%\uff08\u73af\u6bd4\u589e\u957f 0.3%\uff09\uff0c\u6b64\u524d\u5e02\u573a\u666e\u904d\u9884\u671f\u540c\u6bd4\u589e\u957f 5.7%\u3002<\/span>\n <\/section>\n <\/li>\n <\/ul>\n
    \n \u7f8e\u56fd\u6574\u4f53\u901a\u80c0\u7387\u548c\u6838\u5fc3\u901a\u80c0\u7387\u90fd\u7b26\u5408\u5e02\u573a\u9884\u671f\u3002\u7f8e\u80a1\u5bf9\u672c\u6b21 CPI \u7684\u6570\u636e\u53cd\u5e94\u5e73\u6de1\uff0c\u8fd9\u662f\u8fd1\u671f\u4ee5\u6765\u7b2c\u4e00\u6b21\uff0c\u53cd\u5e94\u4eba\u4eec\u5bf9\u901a\u80c0\u7684\u9884\u671f\u8868\u73b0\u53d8\u5f97\u8f83\u4e3a\u6e29\u548c\u3002\u53ef\u4ee5\u770b\u51fa\u76ee\u524d\u5e02\u573a\u4e3b\u8981\u62c5\u5fe7\u7684\u4e0d\u662f\u901a\u80c0\u6216\u5229\u7387\uff0c\u800c\u662f\u4f01\u4e1a\u5728\u7ecf\u6d4e\u8870\u9000\u65f6\u7684\u57fa\u672c\u9762\u3002<\/span>\n <\/section>\n
    \n \n
    \n <\/span>\n <\/section>\n
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    1<\/span> <\/section>\n
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    \n \n <\/section>\n
    \n \n <\/section>\n
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    \n \n Morgan Stanley \u7684 CIO \u8c03\u67e5<\/strong>\n <\/span>\n <\/p>\n <\/section>\n <\/section>\n <\/section>\n

    \n \n <\/section>\n
    \n \n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n
    \n Morgan Stanley\u00a0<\/strong>\n \u7684 CIO \u5b63\u5ea6\u8c03\u67e5\u62a5\u544a\u663e\u793a\uff0cCIO \u4eec\u8ba4\u4e3a 2023 \u5e74\u7684 IT \u9884\u7b97\u5c06\u589e\u957f 2.7%\u3002<\/span>\n \u4e0a\u4e00\u4e2a\u5b63\u5ea6\u5bf9 2023 \u5e74\u7684\u9884\u671f\u589e\u957f\u7387\u4e3a 2.8%\u3002<\/span>\n 2010 \u5e74\u81f3 2019 \u5e74\u95f4\uff0cIT \u9884\u7b97\u7684\u5e74\u5e73\u5747\u589e\u957f\u7387\u4e3a 4.4%\uff0c\u56e0\u6b64\u672c\u6b21 2023 \u5e74\u7684\u9884\u6d4b\u4f4e\u4e8e\u5386\u53f2\u5e73\u5747\u6c34\u5e73\u3002<\/span>\n \u4f46\u7efc\u5408\u5404\u65b9\u9762\u56e0\u7d20\uff0c2.7% \u7684\u9884\u6d4b\u589e\u957f\u7387\u8fd8\u5904\u4e8e\u5408\u7406\u8303\u56f4\u3002<\/span>\n \n <\/section>\n
    \n \u4e0b\u56fe\u662f\u81ea 2007 \u5e74\u4ee5\u6765\u7684 IT \u9884\u7b97\u8d8b\u52bf\u56fe\uff08\u6700\u53f3\u4fa7\u7d2b\u8272\u7684\u7ebf\u662f2023 \u5e74\u7684\u9884\u6d4b\uff09\u3002<\/span>\n <\/section>\n
    \n \n <\/section>\n
    \n \u4e0b\u56fe\u662f\u540c\u6837 IT \u9884\u7b97\u8d8b\u52bf\u53d8\u5316\uff0c\u4f46\u5e76\u6ca1\u6709\u5305\u542b\u6240\u6709\u884c\u4e1a\u7684 IT \u9884\u7b97\uff0c\u53ea\u663e\u793a\u4e86\u8f6f\u4ef6\u652f\u51fa\u7684\u9884\u7b97\u3002<\/span>\n <\/section>\n
    \n \n <\/section>\n
    \n \n \n
    \n <\/strong>\n <\/span>\n <\/section>\n
    \n
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    1<\/span> <\/section>\n
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    \n
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    \n \n <\/section>\n
    \n \n <\/section>\n
    \n
    \n
    \n

    \n \n EV\/NTM \u524d 10 \u540d<\/strong>\n <\/span>\n <\/p>\n <\/section>\n <\/section>\n <\/section>\n

    \n \n <\/section>\n
    \n \n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n
    \n \n <\/section>\n
    \n \n <\/section>\n
    \n
    \n
    1<\/span> <\/section>\n
    \n
    \n
    \n
    \n
    \n \n <\/section>\n
    \n \n <\/section>\n
    \n
    \n
    \n

    \n \n \u6700\u8fd1\u4e00\u5468\u8868\u73b0\u6700\u597d\u7684 10 \u5bb6\u516c\u53f8<\/strong>\n <\/span>\n <\/p>\n <\/section>\n <\/section>\n <\/section>\n

    \n \n <\/section>\n
    \n \n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n
    \n \n <\/section>\n
    \n \n \n
    \n <\/strong>\n <\/span>\n <\/section>\n
    \n
    \n
    1<\/span> <\/section>\n
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    \n \n <\/section>\n
    \n \n <\/section>\n
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    \n \n \u4f30\u503c<\/strong>\n <\/span>\n <\/p>\n <\/section>\n <\/section>\n <\/section>\n

    \n \n <\/section>\n
    \n \n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n
    \n SaaS \u4f01\u4e1a\u901a\u7528\u7684\u4f30\u503c\u4f53\u7cfb\u662f\u5176\u8425\u6536\u500d\u6570 \u2014\u2014 \u7f8e\u80a1\u901a\u5e38\u7528\u672a\u6765 12 \u4e2a\u6708\u7684\u9884\u6d4b\u6536\u5165\u3002<\/span>\n \u7531\u4e8e\u5927\u591a\u6570\u8f6f\u4ef6\u516c\u53f8\u90fd\u6ca1\u6709\u5b9e\u73b0\u76c8\u5229\uff0c\u6216\u4ea7\u751f\u6b63\u5411 FCF\u3002<\/span>\n \u4ee5\u4e0b\u7684\u4f30\u503c\u500d\u6570\u57fa\u4e8e\u4f01\u4e1a\u4ef7\u503c\uff08\u5e02\u503c + \u503a\u52a1 – \u73b0\u91d1\uff09\/ NTM <\/span>\n \u6536\u5165\u6765\u8ba1\u7b97\u3002<\/span>\n \n <\/section>\n
    \n \u6982\u89c8\uff1a<\/span>\n <\/section>\n
      \n
    • \n
      \n \u6574\u4f53\u4e2d\u4f4d\u6570\uff1a5.2x<\/span>\n <\/section>\n <\/li>\n
    • \n
      \n \u524d\u4e94\u540d\u4f01\u4e1a\u4e2d\u4f4d\u6570\uff1a11.2x<\/span>\n <\/section>\n <\/li>\n
    • \n
      \n 10 \u5e74\u671f\u5229\u7387\uff1a3.4%<\/span>\n <\/section>\n <\/li>\n <\/ul>\n
      \n \n <\/section>\n
      \n \n <\/section>\n
      \n \u6309\u589e\u957f\u60c5\u51b5\u5206\u7c7b\uff1a\u589e\u957f\u7387\u5927\u4e8e 30% \u7684\u4f01\u4e1a\u5f52\u4e3a\u9ad8\u589e\u957f\u4f01\u4e1a\uff1b15-30% \u7684\u4f01\u4e1a\u5f52\u4e3a\u4e2d\u589e\u957f\u4f01\u4e1a\uff1b\u5c0f\u4e8e 15% \u7684\u4f01\u4e1a\u5f52\u4e3a\u4f4e\u589e\u957f\u4f01\u4e1a\uff1a<\/span>\n <\/section>\n
        \n
      • \n
        \n \u9ad8\u589e\u957f\u4e2d\u4f4d\u6570\uff1a9.2x<\/span>\n <\/section>\n <\/li>\n
      • \n
        \n \u4e2d\u589e\u957f\u4e2d\u4f4d\u6570\uff1a5.6x<\/span>\n <\/section>\n <\/li>\n
      • \n
        \n \u4f4e\u589e\u957f\u4e2d\u4f4d\u6570\uff1a2.8x<\/span>\n <\/section>\n <\/li>\n <\/ul>\n
        \n \n <\/section>\n
        \n \n <\/section>\n
        \n \n \n
        \n <\/strong>\n <\/span>\n <\/section>\n
        \n
        \n
        1<\/span> <\/section>\n
        \n
        \n
        \n
        \n
        \n \n <\/section>\n
        \n \n <\/section>\n
        \n
        \n
        \n

        \n \n EV\/NTM vs NTM<\/strong>\n <\/span>\n \n <\/p>\n <\/section>\n <\/section>\n <\/section>\n

        \n \n <\/section>\n
        \n \n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n
        \n \u589e\u957f\u4e0e\u4f30\u503c\u76f8\u5173\u6027\u3002<\/span>\n \n <\/section>\n
        \n \n <\/section>\n
        \n \n \n
        \n <\/strong>\n <\/span>\n <\/section>\n
        \n
        \n
        1<\/span> <\/section>\n
        \n
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        \n
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        \n \n <\/section>\n
        \n \n <\/section>\n
        \n
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        \n \n \u589e\u957f\u8c03\u6574\u540e\u7684 EV \/ NTM<\/strong>\n <\/span>\n <\/p>\n <\/section>\n <\/section>\n <\/section>\n

        \n \n <\/section>\n
        \n \n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n
        \n \u4e0b\u56fe\u663e\u793a\u7684\u662f EV\/NTM \u548c\u5206\u6790\u5e08\u4e00\u81f4\u9884\u671f NTM \u589e\u957f\u7387\uff08\u8868\u660e\u6bcf\u53ea\u80a1\u7968\u76f8\u5bf9\u4e8e\u5176\u589e\u957f\u9884\u671f\u800c\u8a00\u4fbf<\/span>\n \u5b9c\u6216\u8d35\uff09\u3002<\/span>\n <\/section>\n
        \n \n <\/section>\n
        \n \n \n
        \n <\/strong>\n <\/span>\n <\/section>\n
        \n
        \n
        1<\/span> <\/section>\n
        \n
        \n
        \n
        \n
        \n \n <\/section>\n
        \n \n <\/section>\n
        \n
        \n
        \n

        \n \u8fd0\u8425\u6570\u636e<\/strong>\n <\/p>\n <\/section>\n <\/section>\n <\/section>\n

        \n \n <\/section>\n
        \n \n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n
          \n
        • \n
          \n NTM \u589e\u957f\u7387\u4e2d\u4f4d\u6570\uff1a17%<\/span>\n <\/section>\n <\/li>\n
        • \n
          \n LTM \u589e\u957f\u7387\u4e2d\u4f4d\u6570\uff1a29%<\/span>\n <\/section>\n <\/li>\n
        • \n
          \n \u6bdb\u5229\u7387\u4e2d\u4f4d\u6570\uff1a74%<\/span>\n <\/section>\n <\/li>\n
        • \n
          \n \u8425\u4e1a\u5229\u6da6\u7387\u4e2d\u4f4d\u6570\uff1a-25%<\/span>\n <\/section>\n <\/li>\n
        • \n
          \n FCF \u5229\u6da6\u7387\u4e2d\u4f4d\u6570\uff1a0%<\/span>\n <\/section>\n <\/li>\n
        • \n
          \n \u51c0\u7559\u5b58\u7387\u4e2d\u4f4d\u6570\uff1a119%<\/span>\n <\/section>\n <\/li>\n
        • \n
          \n \u83b7\u5ba2\u6210\u672c\u56de\u62a5\u4e2d\u4f4d\u6570\uff1a38\u4e2a\u6708<\/span>\n <\/section>\n <\/li>\n
        • \n
          \n S&M \u6536\u5165\u767e\u5206\u6bd4\u4e2d\u4f4d\u6570\uff1a48%<\/span>\n <\/section>\n <\/li>\n
        • \n
          \n R&D \u6536\u5165\u767e\u5206\u6bd4\u4e2d\u4f4d\u6570\uff1a28%<\/span>\n <\/section>\n <\/li>\n
        • \n
          \n G&A \u6536\u5165\u767e\u5206\u6bd4\u4e2d\u4f4d\u6570\uff1a20%<\/span>\n <\/section>\n <\/li>\n <\/ul>\n
          \n \n <\/section>\n
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          1<\/span> <\/section>\n
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          \n \n <\/section>\n
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          \n
          \n
          \n

          \n \n \u603b\u8868<\/span>\n <\/strong>\n <\/p>\n <\/section>\n <\/section>\n <\/section>\n

          \n \n <\/section>\n
          \n \n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n
          \n 40 \u6cd5\u5219\u7684\u8ba1\u7b97\u516c\u5f0f\u4e3a LTM \u589e\u957f\u7387 + LTM FCF \u5229\u6da6\u7387\uff08FCF \u7684\u8ba1\u7b97\u65b9\u5f0f\u4e3a\u7ecf\u8425\u73b0\u91d1\u6d41 – \u8d44\u672c\u652f\u51fa\uff09\u3002<\/span>\n \n <\/section>\n
          \n \u7ecf\u8c03\u6574\u540e\u7684\u56de\u62a5\u5468\u671f\u8ba1\u7b97\u65b9\u5f0f\u4e3a\uff1a\uff08\u4e0a\u5b63\u5ea6 S&M\uff09\/\uff08\u5f53\u5b63\u5ea6\u51c0\u65b0 ARR * \u6bdb\u5229\u7387\uff09*12\u3002\u5b83\u663e\u793a\u4e86\u4e00\u5bb6 SaaS \u4f01\u4e1a\u4ee5\u6bdb\u5229\u4e3a\u57fa\u7840\u6536\u56de\u5176\u5168\u90e8\u83b7\u5ba2\u6210\u672c\u6240\u9700\u7684\u6708\u6570\u3002\u5927\u591a\u6570\u4e0a\u5e02\u516c\u53f8\u4e0d\u4f1a\u62ab\u9732\u51c0\u65b0\u589e ARR\uff0c\u56e0\u6b64\u91c7\u7528\u9690\u542b ARR \u6307\u6807\uff08\u5b63\u5ea6\u8ba2\u9605\u6536\u5165 * 4\uff09\u3002\u51c0\u65b0\u589e ARR \u7b49\u4e8e\u672c\u5b63\u5ea6 ARR \u51cf\u53bb\u4e0a\u4e00\u5b63\u5ea6 ARR\uff0c\u6ca1\u6709\u62ab\u9732\u8ba2\u9605\u6536\u5165\u7684\u516c\u53f8\u88ab\u6392\u9664\u5728\u5206\u6790\u4e4b\u5916\uff0c\u5e76\u6807\u4e3a NA\u3002<\/span>\n <\/section>\n
          \n \n <\/section>\n
          \n \n <\/section>\n
          \n \n \n *\u6587\u7ae0\u7ffb\u8bd1\u81ea\uff1ahttps:\/\/substack.com\/\uff0c<\/span><\/em>\u5982\u9700\u539f\u6587\u8bf7\u4e0e\u6211\u4eec\u8054\u7cfb\u3002<\/span>\n <\/em>\n <\/span>\n <\/section>\n
          \n WF Research \u662f\u4ee5\u7b2c\u4e00\u6027\u539f\u7406\u4e3a\u57fa\u7840\u7684\u4e13\u4e1a\u987e\u95ee\u670d\u52a1\u673a\u6784\uff0c\u6b22\u8fce\u5173\u6ce8\u548c\u7559\u8a00\uff01<\/span>\n <\/section>\n
          \n \u5fae\u4fe1\u53f7\uff1a<\/span>\n Alexqjl<\/span>\n <\/section>\n <\/section>\n <\/section>\n
          \n
          \n \n <\/section>\n <\/section>\n
          \n
          \n \n <\/section>\n
          \n \n <\/section>\n <\/section>\n
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          \n \n <\/section>\n <\/section>\n
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          \n \n <\/section>\n
          \n \n <\/section>\n <\/section>\n
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          \n \n <\/section>\n <\/section>\n

          \n \n <\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

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