Valuation Study Of The New Energy Company CATL

The new energy industry has become one of the hottest topics of discussion in the past two years,whether it is the re-emergence of the energy crisis caused by national concern,or the active planning and support of national policies,photovoltaic,wind power,solar power infrastructure to accelerate,new energy vehicles track,the domestic government and car companies have entered the market to participate in the competition.The capital market has also given superb attention,China’s new energy enterprises to take advantage of this wave of east wind to rise up,the development of recent years as rapid as a spring.Such a high degree of industry,is the global people’s urgent need for alternative energy,is the wind of opportunity for innovative technological breakthroughs in various countries.It is a national need for the height of our sustainable development strategy.For the issue of enterprise valuation research is first from the western academic definition and fumbling,after continuous market and theoretical combination of verification pushed to,the mainstream valuation method can be divided into relative valuation method and absolute valuation method.In this paper,CATL,a representative leading enterprise in the new energy industry,is selected as the research case,i.e.,the traditional relative valuation method,P/E ratio and P/N ratio,is adopted;the free cash flow method and economic value added method in the absolute valuation method are also referred to,and the pricing model in the field of financial options is also introduced into the enterprise valuation process.Firstly,by analyzing the development history of China’s new energy industry and the market operation performance of the case company CATL from multiple perspectives of macro policy and meso industry,we adjust the important reference factors in the absolute valuation process,such as the attribution of R&D expenses and construction in progress in the valuation process,by analyzing the financial capability of the company and fully integrating the characteristics of new energy enterprises.The final valuation result is derived,and the closing price on the base date is compared with the actual value for comparison and derivation verification.According to the calculation and forecast analysis,all types of valuation methods deviate from the actual value,among which the relative valuation method has a small difference and the absolute valuation method has an underestimation.From the perspective of the later market performance,the relative valuation method is more suitable for individual stocks to make a quick valuation judgment,while the absolute valuation method is more suitable for a reasonable and objective value estimation in a certain period of time in the future due to more factors to be considered.In conclusion,business managers and investors should pay more attention to the process of enterprise valuation rather than the results.The selection of valuation models for enterprises in the new energy industry should also be considered in the context of enterprise characteristics,development stage and other factors.The innovative point of this paper is to focus on the most popular new energy industry in recent years,the valuation of such enterprises is a topic of concern for many investors,the enterprise valuation is too high,the investment risk is large,need to be more cautious;enterprise valuation is low,indicating that the enterprise investment return may be higher.Most of the valuation studies on the market are directly applied to the mechanical calculation formula,directly derived from a number,and no industry and enterprise characteristics to make the corresponding parameter adjustment.This paper not only chooses a simple and easy-to-use valuation method such as the traditional relative valuation method,but also combines the characteristics of the case enterprise and makes corresponding accounting account adjustments for prediction when using the discounted free cash flow and economic value added method to calculate,and also introduces the option pricing model calculation formula in the financial field to provide practical application and comparison verification for the study of enterprise valuation problems.Through the practical application of multiple dimensions of value assessment perspectives and horizons,it expands the reference cases of value assessment model selection for new energy enterprises in China.