Investment Value Analysis Of Jinjiang Shares

Western capital markets has 300 years history,China's capital market should be regarded as the initial stage of its development because of only 20 years history.Although China has made great progress in all aspects,there are still many deficiencies.According to statistics from the Shanghai Stock Exchange and the Shenzhen Stock Exchange,investors in China's stock market are still mainly short-term investments,and long-term investments are relatively lacking.In the effective capital market,prices can basically reflect the "intrinsic value" of stocks,but for the imperfectly developed Chinese capital market,price fluctuations cannot even deviate from the true value of the company.Therefore,the company's investment value analysis as to whether it has a future investment value is significant.China's hotel industry has been developing since the founding of the People's Republic of China.During the period from 2000 to 2016,the rate of expansion of economic hotels in China has been significant.The GAGR(compound annual gro"wth rate)is as high as 22.6%,and the expansion rate of mid-to high-end hotels has steadily increased.At this stage,the development of China's tourism industry has continued to mature.Because of the improvement of economic level,people's quality of life and spiritual satisfaction has been gradually improved.This has a certain leading role in the future development of China's hotel industry,and also shows that China's hotel industry is There is still a lot of room for future development.The development of the hotel industry is worthwhile.In addition,the rapid development of the Internet and the continuous upgrading of consumption have driven the continuous adjustment,optimization and upgrading of the internal structure of the hotel industry,making the hotel industry attractive to investors.Jinjiang shares is a leading company in China's hotel industry.The company's main hotel operations and management and catering business,its four brands of wine,in the hotel industry,whether it is the size or performance of the absolute advantage,while Jinjiang shares are accelerating the integration of internal storage to realize more optimized allocation of internal resources of the company,highlight the company's scale advantages and further enhance the company's profitability.Therefore,the analysis of the investment value of Jinjiang shares,whether it is a rational investment for investors or the future development of the company,has certain guidance,and it has reference value for the analysis of the investment value of other companies in the industry.This article first analyzes Jinjiang shares from the macroeconomic environment,industry supply and demand,and competition within the industry.The macroeconomic environment mainly uses the indicators of urban per-capita income and GDP to analyze the industry.A preliminary understanding of the profitability and stability of the industry;industry supply and demand situation mainly introduces the overall situation of the hotel industry in China,the future trends and the influence of demand side tourism and business travel to the hotel industry;In addition,the author according to the number of hotels opened that is the scale,business indicators and business data analysis and discussion of the main competitors in the hotel industry,and then can clearly identify the competitiveness of Jinjiang shares,and finally from three aspects introduced the favorable factors for the development of the industry.Secondly,it analyzes the company itself.The analysis of the company's own factors mainly includes the company's basic situation,company's operating analysis,and financial analysis.The company's business analysis is mainly about the company's main operating conditions,including main business income,main business profit,and main business.The business composition are introduced and analyzed in detail.The financial analysis uses the financial data of the company over the years to make specific analysis of the company's operating conditions and development prospects.Finally,based on Jinjiang's financial statements and Jinjiang's own situation,it conducts a valuation analysis and gives specific valuation results,which mainly includes the entity cash flow discount model,price-to-equity ratio analysis and price-to-book ratio analysis.Through the above analysis,this article draws the following conclusions:First,after two years of fluctuation,the overall industry of the hotel industry has become stable.At the same time,according to the weakening of the impact of the relevant national policies and the rapid development of the tourism industry,the future development of the hotel industry will be better;Second,Jinjiang shares completed the preliminary scale adjustment and entered the internal integration period.In addition,the company's main business is outstanding and the company's competitiveness is obvious.Jinjiang shares still have better investment opportunities in the future.Third,through the entity cash flow discount model,relative The valuation method and the sensitivity analysis method determine the reasonable value range of Jinjiang shares to be 38-58 yuan.At the same time,the rationality of its value range is verified by combining the stock price trend of Jinjiang shares in 2017 stock market.The current price of Jinjiang shares is still at a reasonable level.Within the value range.In summary,Jinjiang shares still have a certain amount of investment space in the future,but investors should still pay attention to investment risk cautious investment.