中药公司投资价值分析
摘要
随着宏观经济的高速发展,医药行业作为关乎民生健康的行业越来越受到重视,而具有我国文化特色的中药行业近些年来也是发展迅速,因为是典型的非周期性行业和政府推出一系列政策的支持,被众多投资人所关注。本文就从投资人的角度,以Y中药企业为例来分析一个典型的中药公司的投资价值,中药行业是否值得投资?投资的时候要注意哪些问题?
本文先从介绍中药行业的特征入手,了解中药行业所呈现出的与其它行业不同的特征。在经济全球化的今天,全球医药行业的现状是如何的,是否直接或间接的影响着我国的医药行业,和中药行业又有着怎样的联系。中药行业的发展趋势如何。然后以Y中药企业为例,从财务表现,市场表现来分析Y企业的价值所在,并给出投资建议。
财务表现主要通过纵向分析,横向分析和杜邦分析来反映Y企业的业绩;市场表现主要通过市场营销战略分析,回归分析,残差分析,SWOT分析的方式说明Y企业目前市场上的表现并建立回归模型,预测了未来三年的销售收入趋势。
中药企业虽然在近些年一直持续稳定地发展,但是投资任何企业都会存在投资风险。那么投资中药企业将会面临怎样的风险,面对这样的风险,又该采取什么样的策略,会得到怎样的投资建议。
本文主要通过理论分析并且结合Y企业的案例及宏观政策影响因素,探究我国中药行业的投资价值所在。
With fast-paced development of the economy, more and more people starts to pay more attention to the Pharmaceutical industry, which affects a whole spectrum of issues including public health, social stability and economic growth. And Traditional Chinese Medicine Manufacturing Industry also presents the steady growth. As Non-cyclical industry and getting great support from Chinese government, Traditional Chinese Medicine Manufacturing Industry is concerned by many investors. Here Y Company, which is typical traditional Chinese Medicine Manufacture, will be taken as an example, and analysis about its investment value will be done. Is it worth investing Traditional Chinese Medicine Manufacture? What is the driving force of this industry?
First of all, the characteristic of Traditional Chinese Medicine industry will be introduced, showing the difference with other industries. Under economic globalization, what is current situation and prospect of the global Pharmaceutical Industry? How about our China Pharmaceutical Industry? Does it effect on our Traditional Chinese Medicine Manufacturing industry? What is the development trend of Traditional Chinese Medicine Manufacturing industry? Then research about the case from Y Company will be done to see how to value a company. Performance of finance and marketing is going to be investigated to get the evaluation of this company and finally suggestions will be put forward.
An in-depth analysis will combine horizontal analysis, vertical analysis together with DuPont Analysis, combine marketing strategic analysis together with regression analysis, Residual Analysis and SWOT analysis, combine qualitative analysis together with quantitative analysis to present the performance of Y Company from finance and marketing angles and forecast the sales income in the following 3 years.
What is the risk of investing the Traditional Chinese Medicine Manufacturing industry? Suggestions on how to invest in Traditional Chinese Medicine Manufacturing industry are given here.
本文先从介绍中药行业的特征入手,了解中药行业所呈现出的与其它行业不同的特征。在经济全球化的今天,全球医药行业的现状是如何的,是否直接或间接的影响着我国的医药行业,和中药行业又有着怎样的联系。中药行业的发展趋势如何。然后以Y中药企业为例,从财务表现,市场表现来分析Y企业的价值所在,并给出投资建议。
财务表现主要通过纵向分析,横向分析和杜邦分析来反映Y企业的业绩;市场表现主要通过市场营销战略分析,回归分析,残差分析,SWOT分析的方式说明Y企业目前市场上的表现并建立回归模型,预测了未来三年的销售收入趋势。
中药企业虽然在近些年一直持续稳定地发展,但是投资任何企业都会存在投资风险。那么投资中药企业将会面临怎样的风险,面对这样的风险,又该采取什么样的策略,会得到怎样的投资建议。
本文主要通过理论分析并且结合Y企业的案例及宏观政策影响因素,探究我国中药行业的投资价值所在。
With fast-paced development of the economy, more and more people starts to pay more attention to the Pharmaceutical industry, which affects a whole spectrum of issues including public health, social stability and economic growth. And Traditional Chinese Medicine Manufacturing Industry also presents the steady growth. As Non-cyclical industry and getting great support from Chinese government, Traditional Chinese Medicine Manufacturing Industry is concerned by many investors. Here Y Company, which is typical traditional Chinese Medicine Manufacture, will be taken as an example, and analysis about its investment value will be done. Is it worth investing Traditional Chinese Medicine Manufacture? What is the driving force of this industry?
First of all, the characteristic of Traditional Chinese Medicine industry will be introduced, showing the difference with other industries. Under economic globalization, what is current situation and prospect of the global Pharmaceutical Industry? How about our China Pharmaceutical Industry? Does it effect on our Traditional Chinese Medicine Manufacturing industry? What is the development trend of Traditional Chinese Medicine Manufacturing industry? Then research about the case from Y Company will be done to see how to value a company. Performance of finance and marketing is going to be investigated to get the evaluation of this company and finally suggestions will be put forward.
An in-depth analysis will combine horizontal analysis, vertical analysis together with DuPont Analysis, combine marketing strategic analysis together with regression analysis, Residual Analysis and SWOT analysis, combine qualitative analysis together with quantitative analysis to present the performance of Y Company from finance and marketing angles and forecast the sales income in the following 3 years.
What is the risk of investing the Traditional Chinese Medicine Manufacturing industry? Suggestions on how to invest in Traditional Chinese Medicine Manufacturing industry are given here.
引文
[1]中联财务顾问有限公司.中国上市公司业绩评价报告[M].北京:中国经济出版社,2008.7:141-162
[2]欧阳光中,陈颖杰.公司财务[M].上海:复旦大学出版社,1999.12:420-423
[3]安德森(Anderson,D.R.)等著,张建华等译.商务与经济统计[M].北京:机械工业出版社,2006.1:347-349,419-421
[4][美]科特勒(Kotler.P),[美]凯勒(Keller,K.L.)著;梅清豪译.营销管理[M].上海:上海人民出版社,2006:263-300,342-372
[5]黄沛.新编营销时务教程——真实的人真实的选择[M].北京:清华大学出版社,2005.3:29-78,154-225
[6][美]James C.Van Horne.现代企业财务管理[M].北京:经济科学出版社,2002.3
[7]丁元森.财务管理[M].立信会计出版社,2002
[8]杨丹.如何利用杜邦财务比率分析法进行企业统计分析[J].北京统计,2001.9
[9]余宏奇.浅议杜邦财务分析体系在上市公司的改造与运用[J].会计之友,1999.7
[10]姚杰.07年医药行业政策影响分析[R].光大证券行业月报.2007.5
[11]易镜明.医药制造业研究报告[R].国泰君安证券研究报告.2008.4
[12]袁精华.全球医药市场商机无限[J].医药世界.2006.4
[13]李淑花.医药行业研究报告[R].东方证券研究报告.2008.4
[14]周睿.上市公司调研报告[R].海通证券研究报告.2007.12
[15][美]Dimitris Bertsimas,Robert M.Freund.Data,Models and Decisions[M].北京:中信出版社,2002.4:245-322
[16][美]Stewart C.Myers,[英]Richard A.Brealey.方曙红,范龙振,陆宝群译.公司财务原理[M].北京:机械工业出版社,2004.4:612-627
[17]段炼炼.医药生物制品行业报告[R].长江证券研究报告.2007.11
[18]唐潇武.2005年中国医药行业研究报告[R].亚洲证券研究所行业研究报告.2005.2
[19]龙跃.“医改”铺就医药行业成长路[N].中国证券报.2008.7.10
[2]欧阳光中,陈颖杰.公司财务[M].上海:复旦大学出版社,1999.12:420-423
[3]安德森(Anderson,D.R.)等著,张建华等译.商务与经济统计[M].北京:机械工业出版社,2006.1:347-349,419-421
[4][美]科特勒(Kotler.P),[美]凯勒(Keller,K.L.)著;梅清豪译.营销管理[M].上海:上海人民出版社,2006:263-300,342-372
[5]黄沛.新编营销时务教程——真实的人真实的选择[M].北京:清华大学出版社,2005.3:29-78,154-225
[6][美]James C.Van Horne.现代企业财务管理[M].北京:经济科学出版社,2002.3
[7]丁元森.财务管理[M].立信会计出版社,2002
[8]杨丹.如何利用杜邦财务比率分析法进行企业统计分析[J].北京统计,2001.9
[9]余宏奇.浅议杜邦财务分析体系在上市公司的改造与运用[J].会计之友,1999.7
[10]姚杰.07年医药行业政策影响分析[R].光大证券行业月报.2007.5
[11]易镜明.医药制造业研究报告[R].国泰君安证券研究报告.2008.4
[12]袁精华.全球医药市场商机无限[J].医药世界.2006.4
[13]李淑花.医药行业研究报告[R].东方证券研究报告.2008.4
[14]周睿.上市公司调研报告[R].海通证券研究报告.2007.12
[15][美]Dimitris Bertsimas,Robert M.Freund.Data,Models and Decisions[M].北京:中信出版社,2002.4:245-322
[16][美]Stewart C.Myers,[英]Richard A.Brealey.方曙红,范龙振,陆宝群译.公司财务原理[M].北京:机械工业出版社,2004.4:612-627
[17]段炼炼.医药生物制品行业报告[R].长江证券研究报告.2007.11
[18]唐潇武.2005年中国医药行业研究报告[R].亚洲证券研究所行业研究报告.2005.2
[19]龙跃.“医改”铺就医药行业成长路[N].中国证券报.2008.7.10