The Value Assessment Of ZHENXINKEJI

With the development of capital markets, corporate mergers and acquisitions between the increasingly frequent, capital market investor demands of fair and reasonable prices also increasingly strong. In addition, the enterprise value assessment also provides beneficial reference for the enterprise's management. Therefore, reasonable estimates of the enterprise value has realistic meaning.ZHENGXINKEJI (300101 SZ) is a around the BEIDOU navigation system of components, terminals, industry chain to provide products and services, can provide meet the demand of aviation, aerospace, shipbuilding and other industries in the domestic high performance core components, baseband video image processing application scheme of whole products of high-tech enterprises, has a broad market prospect.In recent years, the core technology of high performance integrated circuits, BEIDOU satellite navigation application, main business including video images are achieved substantial growth.In the study of this article first to the development of the enterprise value assessment theory, generalizes the common theory of enterprise value assessment, analysis of the characteristics of various valuation models, lay a foundation for choosing appropriate valuation model. Second, a reasonable valuation result is dependent on the macro economic environment to the enterprise, the analysis of the industry background, an enterprise's performance is very difficult to conflict with overall macroeconomic and industry trends. Therefore, in this paper, the ZHENXINKEJI's macroeconomics situation and development status of industry carried on the thorough analysis. Again, the enterprise's own management ability can decide the status of an enterprise in the industry, analyzes the enterprise management ability is also very necessary. In operation and management ability of analysis, this article mainly from the Angle of financial enterprise growth ability, profit ability, debt paying ability, operation ability and so on were analyzed. Based on the above analysis, this paper uses the free cash flow method, p/e ratio method, these few price-to-book ratio method is a suitable method to evaluate ZHENXINKEJI, and the valuation results are sensitivity analysis, reasonably come to the band. Finally, this paper will be a variety of valuation method to evaluate the results and comparative analysis. The results showed ZHENXINKEJI has sound management style, its main business maintained good growth momentum, the overall investment risk is relative small, has long-term investment value, worth investors to focus on.