| In recent years,under the policy background of the ‘dual carbon’ goal,energy conservation and emission reduction have become the mainstream trend of social development.China has successively introduced a series of measures to benefit the new energy industry,new energy vehicles have gradually entered the public’s vision,and the new energy industry has developed rapidly.As a complementary infrastructure closely related to new energy vehicles,the level of key technologies has been significantly improved,charging infrastructure and other supporting service system industries have developed rapidly,and the charging pile industry has gradually become a hot investment field in the capital market.It is particularly important to correctly understand the valuation of companies in the industry.After combing the relevant literature,this paper elaborates the characteristics of the price-earnings ratio valuation method,the price-to-book ratio valuation method,the dividend discount method,the free cash flow discount method and the real option valuation method,and finally selects the residual income model as the valuation method of listed companies in the new energy charging pile industry by comparing and analyzing the applicability of each method,as well as the characteristics and valuation difficulties of the charging pile industry.Then,Du Pont analysis method and two-stage growth model are introduced,and the parameters in the model are disassembled,and finally the improved residual operating income model is used as the valuation model of the target company in this paper.This paper selects Qingdao TGOOD Electric Co.,Ltd.,a typical enterprise in the new energy charging pile industry,as a research case,analyzes the business development of TGOOD from a financial perspective and non-financial perspective,uses the residual operating income model to assess the internal value of the enterprise,compares the value assessment results with the market value of the observation period,and analyzes the reasons for the difference.Finally,sensitivity analysis was conducted to further explore the parameters that affect the valuation results of the company.The conclusion indicates that TGOOD can make breakthroughs in both the net operating asset turnover rate and the operating capital cost,and enhance its own internal value.The improved residual operating income model has high applicability to the valuation of companies in the new energy charging pile industry.At the same time,the application of the valuation model based on the enterprise’s own business can also bring new ideas for the valuation of companies in the industry. |
