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Openai/6970b34b-09b8-800c-ba70-f16e01819711
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=== 我直接給你三個層級。 === ==== - 假設： - 虧損一次性 - 補貼可控 - 不嚴重稀釋 ==== * 👉 這個前提，其實很脆弱 ==== - 假設： - 還會有資本動作 - EPC 風險長期存在 ==== * 結果： - 估值應低於 EPC 同業 - 而不是持平 ==== - 觸發條件： - 補貼 < 40 億 - 宣布增資 / 私募 ==== * 結果： - 估值直接打到「事件型公司」 - 只剩資產與現金流視角
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