【作者】 陈鑫；

【导师】 汪宜霞；

【作者基本信息】 华中科技大学 ， 工商管理（专业学位）， 2021， 硕士

【摘要】 近年来,环保问题、能源问题日益得到重视,为了人类可持续发展,也为了整个地球的生态平衡,各国纷纷出台了相应的法律法规,提高了新能源的发展力度。新能源汽车是改变能源结构重要的一种方式。2020年10月20日,政府发布了新能源汽车的产业规划,将大力发展新能源汽车行业提到了国家战略高度。在新能源汽车领域,竞争者众多,本文选取老牌车企比亚迪作为研究对象,梳理其历史发展情况,研究其目前市场竞争力,分析其公司内在价值。本文从新能源汽车行业的发展开始,梳理了历史发展概况及目前的代表性公司。然后整理了比亚迪公司的历史发展情况,利用波特五力模型分析了比亚迪公司的竞争环境。通过财务报表的数据整理和分析,从公司的营运、盈利、偿债和发展四个方面的能力入手,全面剖析比亚迪的公司实力,同时与同行业公司做比较,分析其市场竞争力和所处的市场位置。本文分别使用了相对价值分析和绝对价值分析的方法,对比亚迪的内在价值进行了分析。相对价值分析采用的是市盈率和市净率两种方法对比亚迪公司价值进行分析。在绝对价值分析法计算比亚迪公司价值时,使用了自由现金流贴现模型。比亚迪的市场竞争环境,整体来说比较激烈,同时,对于供应商,比亚迪的议价能力较强,长期偿债能力较强,在研发上投入较高导致净利率较低,短期偿债能力较弱。通过内在价值分析发现,比亚迪目前股价处在高位,投资风险较大,但发展前景很好。耐心的投资者可等待时机投入。更多还原

【Abstract】 In recent years,environmental issues and energy issues have received increasing attention.For the sustainable development of mankind and the ecological balance of the entire planet,various countries have promulgated corresponding laws and regulations to increase the development of new energy.New energy vehicles are an important way to change the energy structure.On October 20,2020,the government released the new energy vehicle industry plan,which will vigorously develop the new energy vehicle industry to the height of the national strategy.The field of new energy vehicles emerges many competitors.This paper selects the established car company BYD as the research object to study its current market competitiveness to analyze its intrinsic value through its historical development.This article uses the methods of relative value analysis and absolute value analysis to analyze the intrinsic value of BYD.Relative value analysis uses both P/E and P/E to analyze BYD’s value.The free cash flow discount model is used in absolute value analysis to calculate BYD’s company value.BYD’s market competition environment is relatively fierce on the whole.At the same time,for suppliers,BYD has strong bargaining power and strong long-term debt solvency.Increased investment in research and development has led to lower net interest rates and weak short-term solvency.Through internal value analysis,it is found that BYD’s current stock price is at a high level and investment risks are relatively high,but its development prospects are good.Patient investors can wait for the time to invest.更多还原