许继电气投资价值分析

发布时间：2018-01-14 04:28

本文关键词：许继电气投资价值分析　出处：《郑州大学》2014年硕士论文　论文类型：学位论文

【摘要】：证券投资,作为现代经济金融的重要组成部分,对国家整个经济社会发展及个人投资理财都具有重要意义。随着我国证券市场的发展,价值投资的理念逐渐深入人心,价值投资的核心在于内在价值和安全边际,价值投资行为就是依据上市公司的历史表现、盈利能力和发展前景估测股票的价格,进行低买高卖的操作行为,或者长期持有分享资产增值利益。持有价值投资理念的投资者会对上市公司所处的内在价值、行业地位和市场环境等影响因素进行全面深入地分析,并通过价值分析数量模型或者软件,计算出投资股票的内在价值,以此挖掘出被市场低估价值的股票,进行价值投资。价值投资的有效性已经得到了理论和投资实践的证明。改革开发30年多来,我国电力工业得到了快速的发展。随着国家政策的支持和电力装备工业的发展,国内涌现出一批电力装备行业的上市公司,为投资者提供了投资机会。许继电气股份有限公司公司作为电力装备行业的龙头之一,近几年发展迅速,创造了直流输电领域拥个世界第一的制造和工程业绩,经济效益显著,投资价值明显。该文以许继电气股份有限公司为研究对象,从宏观经济、电力装备行业情况、公司状况三个方面对其进行分析。第一章为绪论,阐述了研究背景、研究意义和研究思路。第二章首先分析了国际国内宏观经济形势；然后对电力装备行业的竞争结构、发展趋势、行业特点进行了分析；之后对许继电气股份有限公司的行业地位、技术产品研发能力、经营管理能力等进行了基本面的分析。第三章是财务状况分析。通过对许继电气的偿债能力、营运能力、盈利能力等财务指标进行分析,从而对许继电气的治理结构、市场竞争力、财务状况、发展前景做出预测。第四章应用股利现金流模型和市盈率分析法队对许继电气股票进行估值。最后分析了许继电气股价走势,作出投资决策建议和主要风险提示,根据该论文分析结论,许继电气股票适合买入。对一家上市公司作出准确的判断,既要有扎实的证券投资理论知识,还需要丰富的实战经验,更需要在市场波动的巨大心理阴影下,保持理性。该文仅是对电力装备行业上市公司投资价值分析的初步探讨,希望能够对投资者进行投资价值分析有所启迪。
[Abstract]:Securities investment, as an important part of modern economy and finance, is of great significance to the whole economic and social development of our country and personal investment and financial management, along with the development of our country's securities market. The core of value investment is the intrinsic value and the margin of safety. The behavior of value investment is to estimate the stock price according to the historical performance, profitability and development prospect of the listed company. The investors who hold the idea of value investment will have the intrinsic value to the listed company. The influence factors such as industry status and market environment are thoroughly analyzed, and the intrinsic value of investing stock is calculated through quantitative model or software of value analysis, so as to excavate the stock undervalued by the market. The validity of value investment has been proved by theory and investment practice. With the support of national policy and the development of power equipment industry, a number of listed companies have emerged in China. As one of the leading companies in the electric equipment industry, Xu ji electric co., Ltd. Has developed rapidly in recent years, creating the world's largest manufacturing and engineering performance in the field of direct current transmission. The economic benefit is remarkable, the investment value is obvious. In this paper, Xuji Electric Co., Ltd. as the research object, from the macro economy, power equipment industry situation, the company situation of three aspects of its analysis. The first chapter is the introduction, elaborated the research background. The second chapter analyzes the international and domestic macroeconomic situation; Then, the competitive structure, development trend and characteristics of the electric power equipment industry are analyzed. After the industry position of Xuji Electric Co., Ltd., the research and development ability of technical products, the ability of management and so on are analyzed. The third chapter is the analysis of financial situation. Operating capacity, profitability and other financial indicators are analyzed, thus the governance structure of Xu Ji Electric, market competitiveness, financial situation. Chapter 4th uses dividend cash flow model and price-earnings ratio analysis team to evaluate Xuji Electric stock. Finally, it analyzes the trend of Xuji Electric share price. Make investment decision suggestion and main risk prompt, according to this paper analysis conclusion, Xu Ji Electric stock is suitable to buy. To make an accurate judgment of a listed company, we should not only have solid knowledge of securities investment theory, but also need rich practical experience, but also need under the huge psychological shadow of market volatility. This paper is only a preliminary study of the investment value analysis of listed companies in the electric power equipment industry, hoping to enlighten investors in the analysis of investment value.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.61

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