💎 内在价值示意（股利折现）Intrinsic Value (DDM demo)
戈登模型：P = D₁ / (k - g)。本地处理。可设置「下期股利」、「要求回报率 %」、「增长率 %」。Gordon growth: P = D₁ / (k - g). Processed locally. Settings: Next dividend, Required return %, Growth %.
使用说明与常见问题How-to & FAQ
「内在价值示意（股利折现）」是什么？What is the Intrinsic Value (DDM demo) tool?
戈登模型：P = D₁ / (k - g)。本地处理。可设置「下期股利」、「要求回报率 %」、「增长率 %」。Gordon growth: P = D₁ / (k - g). Processed locally. Settings: Next dividend, Required return %, Growth %.
如何使用「内在价值示意（股利折现）」？How do I use the Intrinsic Value (DDM demo) tool?
在「内在价值示意（股利折现）」中，填写「下期股利」、「要求回报率 %」、「增长率 %」等参数，结果会随输入实时计算并显示在下方。In the Intrinsic Value (DDM demo): Fill in "Next dividend", "Required return %", "Growth %"; results are recalculated instantly as you type.
能做多阶段估值吗？Can it do a multi-stage valuation?
不能，本页只用单阶段戈登增长模型 P = D₁ ÷ (k − g)，并要求要求回报率 k 大于增长率 g。多阶段模型需要先逐年折现高增长期的股利，再加上稳定期的终值。No, it uses the single-stage Gordon model P = D₁ ÷ (k − g), which needs the required return k above the growth g. A multi-stage model discounts each high-growth year's dividend and then adds a terminal value.
哪些输入会被检查？Which inputs are validated?
「内在价值示意（股利折现）」会检查这些输入——「下期股利」：必须填写，须大于 0；「要求回报率 %」、「增长率 %」：必须填写；绝对值超过 10¹⁵ 的数也会被拒绝。不符合时结果区显示具体提示，不会给出数字。The Intrinsic Value (DDM demo) checks its inputs — "Next dividend": required, must be greater than 0; "Required return %", "Growth %": required; numbers above 10¹⁵ in absolute value are rejected too. When a value fails, the result area names the problem instead of showing a number.
有哪些选项可以调整？What options can I adjust?
「内在价值示意（股利折现）」的设置：「下期股利」默认 2；「要求回报率 %」默认 10；「增长率 %」默认 4。每次生成结果都按当前设置处理。Settings in the Intrinsic Value (DDM demo) — "Next dividend" default 2; "Required return %" default 10; "Growth %" default 4. The result always uses the current settings.
计算结果可以作为最终依据吗？Can I rely on the result?
「内在价值示意（股利折现）」按标准公式计算，结果仅供参考；实际金额以银行、券商或税务机关的规则和四舍五入方式为准。The Intrinsic Value (DDM demo) uses standard formulas and is for estimation only; actual figures depend on your bank, broker or tax authority's rules and rounding.
「内在价值示意（股利折现）」免费吗？需要注册吗？Is the Intrinsic Value (DDM demo) free? Do I need an account?
「内在价值示意（股利折现）」完全免费，无需注册或安装，打开网页即可使用，手机和电脑都能用；输入的内容只在你的浏览器本地处理。The Intrinsic Value (DDM demo) is completely free with no sign-up or install and works on phones and desktops; what you enter is processed only in your browser.