上市公司投资价值分析——以中国国旅为例

Analysis of Investment Value of Listed Companies——Take CITS as an Example

旅游业作为我国的国民经济支柱之一,在如今产业升级和消费需求增长的背景下,许多投资者也都面临着新的投资机会,那么如何筛选出值得投资的上市公司是投资的关键。因此本文以旅游业这一热门行业作为依托,将中国国旅作为深入研究的对象,运用股权折现模型和未来自由现金流量折现模型对股票价值进行分析,判断股价是否会被低估。最后选取同一行业的代表性企业进行市盈率、市净率、市值之间的比较,具体分析中国国旅相较于其他上市公司是否更具有投资价值。研究结论显示中国国旅未来偿债能力较强,营运能力处于较高水平,盈利能力近五年逐年递增,发展能力也在稳步提升,各项财务指标都有所上升,与此同时股价被低估,后市前景看好,可以适当增持。

Tourism is one of the pillars of China's national economy.In the face of new investment opportunities under the background of industrial upgrading and consumption demand growth,how to select the listed companies that are worthy of investment is the key to investment.Therefore,this paper relies on tourism,a popular industry,and takes CITS as the object for in-depth analysis.The equity discount model and the discount model of future free cash flow to analyze the stock value and judge whether the stock price is undervalued.Then,representative enterprises in the same industry are selected to compare the P/E ratio,P/B ratio and market value,and specifically analyze whether CITS has more investment value than other listed companies.The research results show that CITS has a strong debt paying ability in the future,a high level of operating ability,an increasing profitability year by year in the past five years,a steadily improved development,and all raised financial indicators.At the same time,its stock price is underestimated,and its future market prospects are promising,indicating that it is appropriate to increase its shareholding.