Analysis On The Investment Value Of Joyoung

Chinese home appliance industry is one of the oldest Market-oriented industry, a high degree of homogenization in technology, products, brand sand services has become a trend, and the operating efficiency of the entire industry also has reached a certain balance of power status, But the small household electrical appliance enterprises is different from the large household appliance enterprises in the development trend, its profit margin is also higher 10%,Therefo re, the small household electrical appliance enterprises has became the Investors’ areas of contention. In this study, choosing the leading enterprises---JOYOUNG as the research object, using the theory of Value investing, adopting the two-stage FCFF model to evaluate the intrinsic value of JOYOUNG, and comparing with Suporin key financial indicators of the nearly five years, finally making investment advice. The aim of this study is to provide the analytical thinking about the investment value of small household electrical appliance corporation, as well as describing the investment value of the JOYOUNG to the investors sharply,help them make the right investment decisions.The structure of this paper is as follows:Chapter One. Introduction. Introduce the research background and significance,research contents and methods, research framework and innovation, touching on the essential briefly.Chapter Two. The research of value investment theory and methods. Firstly,discussing the two schools of value investment theory and the analysis methods of investment value, and then comparing the similarities and differences between the different theories and methods, to serving for the following analysis of the case.Chapter Three. The external environment analysis of JOYOUNG. This chapter analyzes the external investment environment of JOYOUNG chiefly, including the macro environment analysis and the industry environmental analysis.Chapter Four. The intrinsic value analysis of JOYOUNG. Firstly, analyzing the basic situation of enterprises, and then assessing the intrinsic value of the JOYOUNG, finally drawing the relevant conclusions by comparing the JOYOUNG.Chapter Five. The key financial indicators analysis of JOYOUNG. Using the index analysis method to measure the performance optimality, the growth opportunity and the margin of safety of JOYOUNG ’s status and The future development trends.Chapter Six. Conclusion and Outlook. According to earlier research findings,summarizing the investment value of JOYOUNG, and stating the deficiency of this study finally.This paper regard JOYOUNG as the object of case study, analyzing its investment value, then giving positive investment risk and making investment recommendations,providing a basis for investors to make decisions, and offering ideas and methods for other investors to judge the target company in investment value.