Research On The Investment Value Of Sunway

The evaluation of enterprise value is an important part and the key link in the investment activities such as the secondary market of stocks,venture capital,PE investment and M & A.This thesis applies the method of the mainstream enterprise value evaluation and takes the letter SUNWAY of the listed company as the object of the case study,expounds the application of the value investment evaluation method.This paper studies the intrinsic value of listed companies based on value investment theory.By analyzing the theoretical principles,influencing factors and advantages and disadvantages of commonly used valuation methods,this paper studies the applicability of these valuation methods in the current environment and chooses the valuation method suitable for the characteristics of enterprises.Through the analysis,it is concluded that the more commonly used method is to choose more than one market method or income method combining the characteristics of the industry and the characteristics of the company to fully reflect the intrinsic value of the company.In this paper,free cash flow method and the combined use of price-earnings ratio and the market rate of return of the stock price volatility interval,the combination of these three valuation methods has the advantage: on the one hand the cash flow of business entities can be converted into a forecast valuation,comprehensive Reflecting the intrinsic value supported by the company's operating performance,the other hand,the selection of price-earnings ratio and net book value combined with the development of the industry,can better reflect the company's development potential,but also concerned about the factors other than profit,such as the analysis of inputs and outputs The proportion of the net assets of the proceeds and the industry common indicators.This article selects SUNWAY as the case study object from the analyst's perspective.Firstly,it analyzes the industrial structure,industrial growth and policy support of the industry.It concludes that the landing of 5G communication technology promotes the upgrade of the industrial chain in the telecommunications industry and the positive development of the industry.Secondly,it studies the strategic planning and growth of the company,predicts the report based on the analysis of the previous financial indicators,verifies and corrects the forecast data in accordance with the trend of historical financial indicators,and makes use of the free cash flow to the cash flow valuation method Valuation results of 36.82 yuan,the other selected Tongyu dynamic industry price-earnings ratio combined with the book value index obtained valuation of 41.36-50.59 yuan.At last,we conclude that SUNWAY has the investment value.At the same time,it proposes that the company sticks too high to the customers according to the development strategy of the company,and enhances the core technology research and development ability so that the company can develop better.