化工业投资价值分析---兴发集团为例.docVIP

目 录 前言………………………………………………………………………2 宏观经济分析……………………………………………………2 宏观经济政策分析…………………………………………2 宏观经济运行分析…………………………………………3 行业分析…………………………………………………………3 行业现状分析………………………………………………3 相关政策对化工行业产生的影响…………………………4 上市公司分析……………………………………………………5 公司基本面分析……………………………………………5 公司财务分析………………………………………………5 上市公司估值………………………………………………6 结束语……………………………………………………………7 致谢……………………………………………………………………7 注释………………………………………………………………………7 参考文献…………………………………………………………………7 化工行业上市公司投资价值分析 ----以“兴发集团”为例 摘要：在经济复苏的关键一年，我国的化工行业面临着新的机遇和挑战。兴发化工集团股份有限公司作为中国化工行业的典型性企业，越来越受到投资者的关注。文章从当前的宏观经济运行、化工行业的现状以及兴发集团所具备的潜在价值出发，通过财务比率、市盈率估值法、市净率估值法对兴发集团的投资价值进行了较为深入的分析。分析结果表明，兴发集团有一定的短期偿债能力，长期偿债能力欠佳；兴发集团的盈利能力和营运能力同样存在问题，在成本控制方面存在比较严重的问题；导致兴发集团的利润总额出现了下降的趋势。在国家投资对内需的拉动作用下，兴发集团扭转了净利率负增长的不利局面；兴发集团具有一定的投资价值和发展潜力。 关键词：化工行业；兴发集团；投资价值分析 Abstract: During the critical year of the economic recovery, our country’s chemical lines have encountered new opportunities and challenges. Xingfa Group, as the typical corporation of Chinese chemical lines, has attracted more and more attentions of investors. This essay aims at providing beneficial suggestions for investment by starting from current macroeconomy, the current situation of the chemical lines, and the intrinsic value of a company and adopting a deep analysis on the company’s investment value through financial ratios, the estimation algorithm of the P/E ratio, the estimation algorithm of P/B ratio. The results show that Xingfa Group have certain short-term liquidity while long-term liquidity is not good enough. There are also problems in Xingfa Groups profitability and operating capacity, especially serious in cost control. All these problems lead to downward profits. Under the effect of national investment on domestic demand. Xingfa Group reversed the unfavorable situation of a negative growth in net profit, which presents that Xingfa Group have certain investment value and development potential. Keywords: chemical lines; Xingfa Group; Investment Value Analysis 前言 化工行业是我国重要的基础工业，也是国民经济的重要支柱产业，与国民经济各