| The pace of China's reform and opening up has been accelerated,and the economic structure has been optimized and upgraded.In order to meet the financing needs of enterprises of different sizes and types,China has established a nationwide SMEs stock transfer system in the over-the-counter market,namely the“ New OTC Market”.As an important part of the multi-level capital market,the “New OTC Market” mainly serves innovative,technological,and growing SMEs,which eases the long-term financing difficulties for small and medium-sized enterprises in China and broadens private capital investment channels.However,in recent years,with the occurrence of a series of adverse events such as backdoor listing,false information disclosure,insider trading,and fund-opening,the “New OTC Market” has gradually exposed the flaws of irrational valuation,causing investors to leave the market.Meanwhile,the number of newly listed companies has decreased significantly,and the scale of financing has falen sharply.The “New OTC Market” has been silent for a long time.However,there are many companies in the market that have outstanding main businesses,high technological content and strong growth capabilities.Against the background of the comprehensive reform of the "New OTC Market",how to properly guide investors to objectively and rationally evaluate the stock investment value is the key to revitalize the market.The dairy industry is an important part of modern agriculture and the food industry,and it is also one of the strategic industries that related to the livelihood of the people.It has attracted the attention of investors for many years.Therefore,this paper takes the “New OTC Market” listed dairy company Huarui Agriculture as the research object.Under the guidance of the value investment analysis framework,this paper chooses a suitable valuation model to evaluate the value of its stock investment,provides a reference for investors to determine a reasonable investment price range,and a useful reference for the valuation of the“New OTC Market”listed companies.Based on the perspective of investors,this paper adopts a combination of quantitative and qualitative research,combined with theoretical and empirical research methods,analyzes Huarui's market position,competitive advantage,development strategy,industry factors,and accounting policies,and grasps the basics of the company.Then it selects a series of financial indicators to compare and analyze with companies in the same industry to judge the company's profitability and development prospects.Finally,it uses relative valuation method and absolute valuation method to conduct valuation and pricing analysis on the company to discover the company's stock investment value.The conclusion of this paper is: Huarui Agriculture has advantages in geographical location,product quality,cost control,and technology research and development.It is a company with good financial status and large growth potential.The reasonable investment price range of Huarui Agricultural is between 5.93 yuan / share and 16.51 yuan / share.It is a company worthy of investors' attention and investment.Investors can take opportunities for value investment after considering various investment risk factors. |
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