| Chinese government strategically emphasize on the status of the satellite industry in national defense and national economic development, and also make the decision for developing new emerging industry including satellite industry. Under the background of economic structure adjustment and industrial upgrade, the percentage in GDP for new emerging industry will increase from less than4%in2010to15%in2020. It is necessary to know that whether China Spacesat Co.,Ltd (600118.SH), as a sole listed company that engage in both satellite manufacture and application, can take use of the opportunity to have fast development and whether it worth to invest. The paper adopt qualitative and quantitative analysis to research and analyze the investment valuation of China Spaceat.The paper has six Chapters. First, it introduces the research background and development of investment value theory. Second, it analyzes the macro environment by analysis for macroeconomic situation and defense budget. And then, the paper makes estimation for development for satellite development and especially analyzes the completion for small satellite industry and satellite navigation industry. Then, it analyzes the business performance and competitive edges for the company to review the company’s asset quality, profitability, solvency, operating ability and cash flow etc. Further, the paper makes company valuation by free cash flow discount method with P/E ratio valuation as reference. Finally, the paper discloses the investment risk for the company and provides the suggestions:China Spacesat Co.,Ltd has a certain investment valuation, it worths to pay close focus in long term.The Paper aims to disclose that the investor needs to know common valuation method to analyze the valuation of the company as investment reference. The investor should make knowledge for the industry and business performance of the company and select proper valuation method to estimate the company’s internal valuation. |
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