| China's stock market is complex,subject to foreign economic and political,and domestic industry policy impact.In 2015,the history of the stock China destined to be a colorful moment;investors have experienced the bull market in the first half-year,then suffer a cow market in the six months later.In the stock investment before the investment theory paradigm,to guide more effective analysis of the investment subject in the industry,the company operating conditions and performance over the years,through the analysis of the fundamentals,a better understanding of the intrinsic value of the enterprise,will help investors rational investment,as well as promote the continuous improvement of securities market.The research object belongs to the pharmaceutical sector of a listed company Hengrui medicine.Firstly,the basic theory and model of stock valuation is elaborated,which lays the theoretical foundation for financial analysis and valuation analysis in the following chapters;secondly,through the macro analysis of the world economy and Chinese economy,and then grasp the overall level of the development of pharmaceutical industry,the pharmaceutical manufacturing industry,market structure and current situation are summarized.Then,through the brief introduction of Hengrui medicine company basic situation,business performance,technological innovation and so on,analyze the operating capacity,profitability,solvency and growth in three years using the company's financial statements.Finally,the fundamentals of Hengrui medicine,using PE method,EV/EBITDA method,by comparing the relative valuation of similar companies Hengrui medicine stock value,and then through the FCFE,FCFF and DDM valuation model absolute valuation of its stock value.The range of Hengrui medicine stock value,compared with the market price,give investors some effective stock investment value analysis reference. |
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