在复杂多变的经济环境下，股票投资风险已成为大家关注的焦点问题。股票 投资价值分析是通过宏观经济条件下收集宏观经济数据，根据行业发展情况、企 业财务数据及估值数据等相关内容发现企业的问题，对比同行业各公司的优势和 劣势，通过财务分析进一步进行对比，构建相关估值模型，以期对股东、管理层 和投资者提供相关投资策略。本文在相关理论指导下，比较了一系列估值方法的 优点与缺陷，选择以宁德时代新能源科技股份有限公司（简称宁德时代）作为研 究范例，运用不同方法对宁德时代进行股票价值投资分析。 案例分析过程中，本文运用归纳法、文献研究法对国内外专家、学者在企业 估值的研究结果进行分析，从理论上分析如何通过各种估值方法进行股权评估， 甚至参考实证研究中影响市值的关键性因素，对宁德时代所处的锂电池行业进行 理论分析。此外，还通过基本面分析和财务状况分析判断公司的运营状况、盈利 能力、竞争力优势和发展前景，在探究影响宁德时代市值的因素中对其进行实证 分析，又结合相对、绝对估值法对公司进行预测。 最后，本文结合数据运用自由现金流量模型和相对估值模型中的市盈率、市 净率及市销率估值法，多方面评估了宁德时代的股票内在价值，在一定程度上提 高了股权评估的可靠性和准确性，降低了投、融资风险。由财务指标分析可知， 宁德时代受益于国家政策的引导和新能源汽车行业的发展，近几年的经营状况较 好，通过各种财务指标得出的盈利、发展等能力较强；由股票价值分析可知，公 司内在价值高于市场买价，表明公司在行业中具备竞争优势，将吸引大批投资者。 关键词：宁德时代，锂电池，股票投资，估值分析 MBA学位论文 作者：阎书影 宁德时代股票投资价值估值分析研究 II ANALYSIS AND RESEARCH ON STOCK VALUE INVESTMENT OF CONTEMPORARY AMPEREX TECHNOLOGY LTD, CATL Abstract In a complex and changing economic environment, stock investment risk has become a focus of everyone’s attention. The analysis of stock value investment is to collect macroeconomic data under macroeconomic conditions, to find corporate problems based on industry development, corporate financial data and valuation data, and to compare the advantages and disadvantages of companies in the same industry through financial analysis. Make comparisons and build relevant valuation models to provide shareholders, management and investors with relevant investment strategies. Under the guidance of relevant theories, this paper compares the advantages and disadvantages of a series of valuation methods, chooses Contemporary Amperex Technology Ltd, CATL as a research example, and uses different methods to analyze stock value investment in CATL. During the case study, this paper uses the inductive method and literature research method to analyze the research results of domestic and foreign experts and scholars in corporate valuation, and theoretically analyzes how to evaluate equity through various valuation methods, and even refers to the impact of empirical research The key factor of market value is a theoretical analysis of the lithium battery industry in which the CATL was located. In addition, it also judges the company's operating status, profitability, competitive advantage and development prospects through fundamental analysis and financial status analysis, and conducts empirical analysis on the factors affecting the market value of the CATL. It also combines relative and absolute valuation methods to make company forecasts. Finally, this paper uses the free cash flow model, the BS option pricing model, and the relative valuation model to calculate the price-earnings ratio, price-to-book ratio, and price-to-sales ratio in the data. This improves the reliability and accuracy of equity valuation and reduces investment and financing risks. Knowing from the MBA学位论文 作者：阎书影 宁德时代股票投资价值估值分析研究 III analysis of financial indicators, CATL has benefited from the guidance of national policies and the development of the new energy automobile industry. In recent years, it has performed well, and has strong profitability and development capabilities derived from various financial indicators. Analysis shows that the company's intrinsic value is higher than the market purchase price, indicating that the company has a competitive advantage in the industry and will attract a large number of investors. Key words: Contemporary Amperex Technology Ltd, CATL, lithium battery, stock investment, valuation analysis MBA学位论文 作者：阎书影 宁德时代股票投资价值估值分析研究 1 目 录 中文摘要 ................................................. I Abstract ................................................ II 第一章 绪 论 ............................................. 4 1.1 研究背景与研究意义 .......................................... 4 1.1.1 研究背景 .................................................................................................. 4 1.1.2 研究意义 .................................................................................................. 7 1.2 研究思路与研究方法 .......................................... 7 1.2.1 研究思路 .................................................................................................. 7 1.2.2 研究方法 .................................................................................................. 8 1.3 研究内容与研究结构 .......................................... 9 1.3.1 研究内容 .................................................................................................. 9 1.3.2 研究框架 .................................................................................................. 9 第二章 股票投资价值估值分析相关理论综述 ................ 11 2.1 股票投资价值估值分析理论 ................................... 11 2.1.1 投资价值估值分析理论 ........................................................................ 11 2.1.2 相对估值模型 ........................................................................................ 11 2.1.3 绝对估值模型 ........................................................................................ 13 2.2 股票投资价值估值方法的选择 ................................. 15 2.2.1 估值方法的类别和应用 ........................................................................ 15 2.2.2 股权评估的最佳方法 ............................................................................ 15 2.2.3 现金流贴现估值与相对估值 ................................................................ 15 2.2.4 FCFE与FCFF ........................................................................................ 16 2.3 国内外研究情况 ............................................. 16 MBA学位论文 作者：阎书影 宁德时代股票投资价值估值分析研究 2 2.3.1 国内研究情况 ........................................................................................ 16 2.3.2 国外研究情况 ........................................................................................ 17 2.3.3文献述评 ................................................................................................. 17 第三章 宁德时代公司发展现状及风险分析 .................. 19 3.1 公司概况 ................................................... 19 3.1.1 公司简介 ................................................................................................ 19 3.1.2 股本结构 ................................................................................................ 20 3.1.3 经营现状 ................................................................................................ 20 3.1.4 财务状况 ................................................................................................ 22 3.1.5 职工结构 ................................................................................................ 23 3.2 公司核心竞争力和战略规划 ................................... 24 3.2.1 发展战略 ................................................................................................ 24 3.2.2 经营战略 ................................................................................................ 26 3.2.3 财务战略 ................................................................................................ 27 3.3 公司面临的风险 ............................................. 30 3.3.1 新能源汽车产业政策变化风险 ............................................................ 30