wr或wps报告简易模板.doc

                       Investment Valuation of YILI Group Through the?analysis of the macro economy?to find the?ideal investment?period,?investors need to?find?satisfactory?investment industry?through the industry analysis. The definition of the industry:?is an enterprise?group,?members of the?enterprise?group?as a result of its products?for consumers?in the very great degree?could be substituted each other?in aconnected?state,?and?due to the difference of?product substitutability?and?other enterprises?group phase?difference. According to the United Nations?international?standard industrial classification?of all economic activities?index:?the Yili?group belongs to the?wholesale and retail,?food and?hotel industry?in the catering industry.?Mengniu,?Guangming?are?Yili has?strong competitiveness?in the industry?competitors. Sensitivity to the Business Cycle: The three?main factors to determine the?sensitivity?of the economic cycle: the first is?the sensitivity of?second?sales,?the second is?operating leverage, the third is?financial leverage . Sensitivity of sales:?sensitivity to the business situation of necessities sensitivity is low, such as food, medicine and medical services, on the contrary, machine tools, steel, automotive and transportation are highly sensitive to the state of the economy. Dairy products belonging to the food industry, relatively low sensitivity to the business situation, the risk is relatively low. Operating leverage: refers to the difference between the fixed and variable costs. Variable costs are relatively high sensitivity to the economic environment of enterprises is relatively low, high fixed costs of the company, operating leverage is high, economic situation, any slight change will have a huge impact on its profitability. Industry analysis In order to quantify the operating leverage, enterprises regard metrics quantify the sensitivity of operating profit to enterprise sales change called t