Valuation Analysis Of Sse Star Market Fuel Cell Enterprises

The enhancement of environmental awareness,the development of energy technology and other factors make the fuel cell industry gradually enter the stage of commercial operation.The utilization of hydrogen energy has been written into the national development plan documents of many countries.The popularization of fuel cell vehicles in the future is an inevitable requirement of energy change.Enterprises that take independent technology research and development as the mainstream are in the initial stage.The Science and Technology Innovation Board provides a larger financing platform for such high-tech enterprises.The general operating income of fuel cell enterprises is unstable,and some companies have negative profits.The future development of enterprises is uncertain due to the influence of national policies,material costs and other factors.There is currently no valuation system for such companies.The research objective of this paper is to provide a reference for finding a reasonable evaluation method to evaluate the future value of fuel cell enterprises and unprofitable enterprises.This paper mainly adopts the case study method and selects Yihuatong,"the first stock of fuel cell",as the research object.This paper analyzes the business model,enterprise competitiveness and risk factors of Yihuatong,and makes clear the advantages and disadvantages of Yihuatong in technology research and development ability,market development ability and other aspects.It is convenient to make assumptions about market share changes later.Yihuatong fuel cell product performance compared with the international leading manufacturers has a certain gap,but in the domestic advanced level.In addition,the index of low temperature starting ability belongs to the advanced level in the world.After understanding the basic operating conditions of Yihuatong,I analyzed the financial situation of the company.Yihuatong has good solvency,debt ratio has been kept at a very low level,and the enterprise has a high degree of protection for creditors;The profitability and growth capacity of Yihuatong is unstable,which is consistent with the development stage of the enterprise in the initial stage.In recent two years,Yihuatong has drawn a large number of impairment losses due to the rising credit risk of its customer Shenlong Bus parent company,which is an important reason for the poor financial status of the enterprise.Yihuatong ’s operation capacity is poor,so it needs to improve the management ability of accounts receivable as soon as possible.Several conclusions are drawn through the research.Yihuatong is in the initial stage,and the market has high requirements on the enterprise’s research and innovation capability.Therefore,the selection of evaluation methods needs to consider the driving factors of enterprise value such as research and innovation capability investment and engineering construction.Using EVA evaluation model to evaluate Yihuatong enterprise value can reflect the actual value of enterprise to a certain extent.Yihuatong has many characteristics,including negative profit after listing,"first share of fuel cell" and so on.It is impossible to use a variety of evaluation methods to evaluate the value of Yihuatong.The adjusted EVA evaluation model takes into account the effective investment of enterprises and the obtained valuation is within a reasonable range.