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一般来说,企业处于发展的初期阶段时,可以享受更高的估值水平。毕竟,越小的时候,一般来说成长越快。这个道理很容易理解,一个人的工资可能到快退休的那几年达到最高峰,但那时享受的PE却低了,并不是市场错了,而是后面要走下坡路了。

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