| This article is written in the context of China's "13th Five-Year Plan" that explicitly proposes the inclusion of new energy vehicles in strategic emerging industries.The selection of BYD Co.,Ltd.for the analysis of investment value is mainly due to the fact that the company is a representative enterprise of China's independent new energy vehicles.The main research ideas are: First,conduct a strategic analysis of BYD Company.The first is the strategic adjustment analysis of BYD Company.The background and main contents of the three-year strategic adjustment period of BYD Company from 2010 to 2012 were clearly defined.After the strategic adjustment,the market performance of BYD's new energy auto business started from 2013.The second is an analysis of the macro strategic environment for BYD's development of new energy vehicles.The PEST analysis method was used to analyze the macro environment of BYD's development of new energy vehicles and analyze the industry environment with Porter's five force model.Second,intrinsic value assessment.This is based on the valuation of historical financial data.First of all,it analyzes the period of strategic adjustment of BYD Company and adjusted financial indicators,and summarizes the differences between the data before and after the adjustment of the strategy.Third,the valuation of BYD Company.To estimate the intrinsic value of BYD Company in 2017 and predict the economic value added of BYD Company from 2018 to 2021.As the State Council's "Energy Conservation and New Energy Vehicle Industry Development Plan(2012-2020)" clarifies the direction of development of China's new energy vehicles by 2020,the selected time period has certain practical significance.The main purpose of this study is to analyze BYD's strategic environment.On the one hand,as a typical enterprise of independent new energy automobile production in China,the strategic environment developed by BYD Company can also reflect the strategic environment of China's independent new energy vehicle enterprises;on the other hand,the consideration of strategic environment provides a basis for follow-up investment value analysis..The second is the analysis of the company's changes in the financial indicators brought by the new energy automotive business due to the adjustment of the strategic development direction.It provides support for predicting the intrinsic value of the company in 2017 and the company's future value forecast from 2018 to 2021.Third,it is hope.Valuation of BYD's value is based on a valuation model constructed using economic value added,providing valuation tools for information users such as investors,and providing decision-making references.The main innovations of this article are mainly the research perspective and the innovation of the research object.From the perspective of research,this article is written based on the “13th Five-Year Plan” outline of the new energy automotive industry as a strategic hot spot for strategic emerging industries.For the research object,the BYD Company,the independent brand of new energy vehicle in China,was selected based on the typicalness of BYD Company in China's new energy vehicle manufacturers.By studying the trends of BYD's strategic adjustments and predicting the value of BYD,on the one hand,it quantifies the influence of the policy and allows readers to intuitively understand the current structural adjustment and industrial planning of the new energy automobile industry;on the other hand,it provides a follow-up research plan for the new energy automotive industry.reference.The main conclusion of this paper is that the calculated value of BYD's business in 2017 is slightly lower than the current share price,indicating that the value of the company is slightly overestimated.Strategic analysis and analysis of financial indicators lead to BYD's development opportunities and challenges after the transition.BYD Company is in a period of development at this stage,and it is time and time to take the opportunity.We believe that BYD will accumulate in the future. |
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