| In recent years, China's securities market has been developing at an unprecedented speed. It not only broadens the channel of direct financing for national economic construction, but also brings more new investment opportunities to investor. Rational investors should build up concept of rational investment, conduct value investment strategy with the irrational stockjobbing being through away. Many factors that affect the investment value of the listed company. Macroeconomic, industry and company analysis are included in all these procedurals. Firstly, macroeconomic analysis, which is the basis of the industry analysis focus on the macroeconomic environment and economic development. Secondly, we will describe the situation about growth condition, cycle of the industry and competition. Thirdly, the evaluation of the company can be achieved through financial statement. Several aspects such as: pay the debt, management, profit, development will be analyzed. Following all these process, I produce a detailed company analysis on Zhongxing Telecom enterprise. Comprehensive analysis is carried out on capital structure ,profitability,debit-paying,operating,development ability and cash flows to evaluate financial position and operating result of company. At last, I calculate the company's value through the method of discount of free cash flow and earnings ratio. Then we can draw a conclusion and put forward invest strategy. |
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