摘要
摘要
近年来，在国家产业政策的规划和支持下，锂电池产业保持着良好的发展态
势，正是在这样强有力的背景下，锂电池概念的上市公司受到投资者的追捧，投
资价值越加凸显。根据统计，2019年锂电池产业链并购事件 20起涉及金额约 277
亿元。资本市场的活跃为企业的扩张插上了翅膀，有效的利用资本市场进行融资
并购，能够提高资本的使用效率，使实体企业抓住机遇迅速完成扩张，这比传统
的利润再投资、间接融资投入等企业发展模式效率更高。choice终端数据显示，
截止到 2020年 4月资本市场上沪深两地证券交易市场锂电池产业相关上市公司
数量合计 176家，总市值约 2.54万亿元。如何在如此众多的上市公司中挑选价
值被低估的投资标的成了困扰投资者的难题。想解决这个难题需要对锂电池产业
包括其相关细分行业进行学习研究，同时合理利用估值模型对相关上市公司股票
价格进行评估。
本文首先对传统的绝对估值法和几种相对估值法的理论基础、使用方法及优
缺点进行介绍，然后选取了锂电池薄膜行业的龙头企业恩捷股份作为研究案例，
在对公司自身现状及行业发展情况进行分析的基础上，使用 PE、PB、EV/EBITDA、
FCFF等四种估值方法对恩捷股份的价值进行评估。通过估值的过程及相关估值
结果最终得到以下结论：首先，几种估值方法的结果中 EV/EBITDA方法的计算
结果与公司当前市场价格相比偏离程度最小，并且估值结果表明在此时间节点上，
市场给予恩捷股份的市价在合理的价格区间内。其次，在研究过程中通过对锂电
池隔膜行业的发展历程、产业结构、竞争现状及发展前景等方面的研究，揭示了
该行业的上市公司的投资潜力。最后，对影响公司未来估值结果的关键驱动因素
进行分析，并对管理者给予相应的价值提升建议。
关键词：企业估值锂电池产业自由现金流 EV/EBITDA
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Abstract
ABSTRACT
The Lithium battery industry has developed well with the planning and support of
national industrial policies. In this context, listed companies in various segments of the
lithium battery industry were sought by investors and their investment value was more
and more prominent .While listed companies are very popular on the secondary market
via lithium batteries, M&A are also common in the primary safety market. According
to statistics, 20-mergers and acquisitions in the lithium battery industry took place in
2019 about 27,7 billion Yuan. The active capital market has provided wings to the
expansion of the companies. Using the capital market for M&A finance can increase
the efficiency of capital This is more efficient than conventional profitable reinvestment
and indirect investment. Choice data show that from April 2020 total 176 listed
companies are linked to the lithium battery industry on the domestic stock exchange,
with a total market value of approx. 2.54 trillion Yuan. The choice of a company whose
value is underestimated is a difficult problem for investors. To solve this problem, we
need the lithium battery industry, including its related sub-industries, study and use
different valuation models to obtain quoted its share prices on the relevant stock
exchange and finally to choose a target,。
Based on the results of the evaluation, this paper first describes the theory of the
absolute evaluation method and the associated evaluation methods and then selects
Enjie, a leading company in the lithium battery film industry.On the basis of an analysis
of its current situation and industrial development, four valuation methods are used to
evaluate the value of Enjie. Calculation results of the EV/EBITDA method show,
among the results of several valuation methods, the slightest deviation from the
company's current market price and the valuation results indicate that the current market
price for Enjie's shares is within a reasonable price range, indicating that: the company
has a certain investment value. On the other hand, during the research process the
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Abstract
development history of the lithium battery layer industry, industrial structure, Finally,
we analyse the main determinants that affect the future evaluation results of the
company and offer a value-enhancing proposal to the manager.
Keywords: corporate valuation, lithium battery industry, free cash flow,
EV/EBITDA
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