| China's securities market makes rapid development and it provides a good source of funding channel for Chinese enterprises. Especially the SME board had been launched in 2004, it accelerated the industrialization of sci-tech achievement, supported and nurtured the development of high-tech industries and SME enterprises. From the prospective economic situation, China's economy will maintain rapid and health development and economic structure would be further optimized.With the unprecedented development pace of China's security market, it broads the direct funding channels for country economic development, also brings many new investment opportunities for investors. Security investors should be faced security market rationally, abandon speculative mentality and establish a rational investment concepts which means adopting valuation investment strategy and valuing the basic financial data of enterprises in analysis of stock investment value on the basis of listed company's fundamental analysis.Investment Value for one enterprise means whether it provides satisfactory return for investors under acceptable risk level. This paper will make the valuation judgment for listed company from many influential factors of listed company valuation analysis. Comprehensive company investment value analysis comprises macroeconomic analysis, industrial analysis and company analysis. The procedures of this paper for company investment value analysis is: above all is macroeconomic analysis focus on macroeconomic environment and economic growth analysis which is the premise of industrial analysis. Next is the industrial analysis based on macroeconomic analysis which makes the analysis of industrial growth, cycle and competitive capability. Finally turn to company analysis and valuation judgment.This paper takes GuanFu Jiayong (listed company on Shenzhen SME Board) as example to discuss how to analyze the investment value of a listed company. First the paper describes concerned macroeconomic background and analyze the growth, cycle and competition situation of daily ceramic industry. Next to analyze this company's solvency capability, operation capability, profitability and growth capability from the analysis of financial statement of this company, make comparison to other listed companies of industry. The final conclusion is that daily ceramic industry is a relative on-growth industry and GuanFu Jiayong company is on the growth phase of the cycle equipped with high investment value.The whole paper is divided into 7 chapters.Chapter one is the introduction. It proposes the research background, the main research topics and research framework.Chapter two is the analysis of macroeconomic environment. It analyze the relationship between macroeconomic and daily ceramic industry's development.Chapter three is the daily ceramic industry analysis. It analyze the industrial development situation and the growth, cycle and competition of this industry.Chapter four is GuanFu Jiayong company's analysis. It describes the overall introduction of the company, principal manufactory and financial data, make the SWOT analysis and appraise company's development strategy.Chapter five is GuanFu Jiayong company's financial analysis from four aspects of solvency capability, operation capability, profitability and cashflow capability.Chapter six is GuanFu Jiayong company's investment value analysis based on the Stock Valuation Model. This model makes a further precise valuation and prediction and further appraise its investment value. Investment risk analysis is also included in this part.Chapter seven is conclusion and tips. The conclusion of this paper is that GuanFu Jiayong's current stock price is reasonable. Its good growth capability should be the important factor of the appraisal of investment value. The investment suggestion is holding the stock. |
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