我國可插電式電動汽車充電設備行業(yè)研究報告
發(fā)布時間：2018-08-11 13:57
【摘要】：進入21世紀以來,我們面臨著日益嚴峻的全球氣候變暖、空氣污染、不可再生的煤炭、石油和天然氣等石化能源儲量急劇下降等問題,節(jié)能減排和新能源的運用等熱門話題已日漸成為國際社會的共識。近年來,在我國,伴隨著霧霾天氣而來的熱議話題便是清潔能源,清潔能源在汽車領域的應用之一便是以低污染、能源可再生的電力驅動的新能源汽車。而電動汽車的代表性產品特斯拉——也成功的攪動了A股市場,油然而生出特斯拉概念。各大車企卯足了勁,多款可插電式電動汽車相繼問世,從需求上來看電動汽車也有強勁的增長勢頭。除此之外政策上直接給予了豐厚的補貼,首都北京甚至拋出了無需排號的誘人條件。然而制約整個產業(yè)進程的桎梏依然存在——政策的雙刃劍作用、電池續(xù)航能力仍有限并且成本高、政府導向的需求容量有限,然而其中最為關鍵的一點是配套充電設備建設不足無法刺激可插電式電動汽車的銷量。可以預見,為了為電動汽車的發(fā)展提供條件、也結合國外經驗、以及我國電動車消費結構的改善等因素考慮,未來將有一大批充電設備的基建項目。目前充電方式有換電站、充電站和充電樁三種方式,但實質上對應的充電設備只有充電樁和電機兩大類,兩類充電設備各有優(yōu)劣,均能得到發(fā)展,充電設備相關的個股的投資機會也將倍受投資者的關注。 本文研究的主要內容是我國可插電式電動汽車充電設備行業(yè)的投資價值。研究的主要問題包括：1、我國電動汽車的發(fā)展情況及存在的主要問題；2、從需求層面出發(fā),看充電設備行業(yè)的增長潛力；3、從供給層面出發(fā),看充電設備行業(yè)的產業(yè)鏈情況和競爭格局；4、為挖掘尋找能受益于充電設備行業(yè)增長的合適投資標的,從基本面、財務面和個股歷史走勢等方面出發(fā)了解個股在行業(yè)中的經營情況和自身財務特點及走勢特點,還需要分析相關個股股價與股市大盤、經濟增長、通貨膨脹和貨幣政策之間的關系。 通過本文的研究得出了以下四個基本結論： 1、發(fā)展電動汽車是降低我國石油對外依存度、節(jié)能減排可持續(xù)發(fā)展的要求,也是我國汽車工業(yè)轉型的目標與方向；我國對電動汽車產業(yè)給予了充分的政策支持,從我國電動汽車產業(yè)的增速和汽車市場的總體容量上來看發(fā)展?jié)摿薮螅坏俏覈妱悠嚨陌l(fā)展也面臨著諸多的困境,區(qū)域壁壘、技術瓶頸和消費結構都是制約電動汽車產業(yè)發(fā)展的因素,另外配套充電設備發(fā)展的滯后也是其中一大主要原因； 2、從需求層面來看,本位對比分析了各類型充電模式、方式和設備,認為各類型充電設備都有其存在的價值,電機和充電樁將按一定比例共同發(fā)展推進；雖然我國在政策上支持充電設備的建設,但是現實發(fā)展情況不容樂觀；并且從國外的發(fā)展經驗來看,本文對比了中美電動汽車保有量和充電設備的建造情況,以此說明充電設備的建設是我國目前亟待發(fā)展的領域。結合對消費習慣改變和車企、電網和地方政府間的三方博弈的分析,以及從技術進步、示范試點成果的推廣和低養(yǎng)車成本來看分析,說明電動汽車增長的預期,以此說明我國充電設備將能迎來爆發(fā)式增長； 3、從供給情況來看,充電設備產業(yè)鏈中利潤分層最豐厚的領域是充電設備整機生產環(huán)節(jié),而整機生產企業(yè)兼具整體解決方案提供商能力、與大型電網公司的合作關系和對更廣泛的銷售渠道的把握才是行業(yè)中的關鍵成功因素；同時文章也借助了波特五力模型來分析了解充電設備行業(yè),本文認為行業(yè)內的競爭結構為——零部件的供應商議價能力較弱但仍需注意受供需影響的原材料價格、需求量大且占充電設備建設主導地位的電網公司等購買者議價能力強而較小采購量的私人購買者議價能力弱、電氣行業(yè)投資成本較高也有技術積累的壁壘但電氣行業(yè)相關企業(yè)作為充電設備子行業(yè)的潛在進入者而言較為輕易所以進入威脅較大、非接觸式充電方式技術尚不成熟作為替代品的威脅尚小、行業(yè)內現有競爭已較為激烈技術和渠道是衡量競爭力的兩項基本標準； 4、對投資機會的把握,本文選取了行業(yè)內三家主要競爭者進行分析比較,分別從基本面入手分析了三家企業(yè)的主營業(yè)務情況和充電設備業(yè)務的開展情況——奧特迅在充電設備行業(yè)中產品線豐富、技術領先,是南方電網、中石油、中石化和中海油的充電設備主要供應商,在國家電網的建設項目中亦實現了良好的開局,在零售渠道更具優(yōu)勢,并且充電設備銷量增速顯著；國電南瑞研發(fā)及技術實力強勁,并積極與國內外企業(yè)開展合作,未來有重組并入優(yōu)質充電設備企業(yè)的預期,國網背景更被特斯拉選作合作對象；許繼電氣也有國網背景,正在進行的重組計劃將并入國內充電設備市場份額占比最大的許繼電源,借助許繼電氣更大的平臺充電設備業(yè)務將得到更大程度的發(fā)展。而良好的財務狀況是保證企業(yè)能抓住充電設備行業(yè)增長機會的前提,因此本文從財務角度了解三家企業(yè)在財務風險、運營能力、盈利能力和成長性幾方面的情況：三家企業(yè)財務質量均表現良好,奧特迅資金周轉速度較低、期間費用較多、但成長性充足,國電南瑞各指標均比較突出是標準的白馬股,許繼電氣通過費用控制正在不斷地提高其盈利能力。當然歷史走勢和大中小盤股的特點也應納入考慮,本文還借助現代計量經濟學的協整檢驗方式考察分析股市大盤、經濟增長、通貨膨脹和貨幣政策等更多因素對股價的影響。本文認為三家企業(yè)從基本面和財務面來看都具有足夠的實力參與充電設備行業(yè)的擴容競爭,而奧特迅業(yè)績提升相對來看最為明顯,加上小盤股的奧特迅股價對消息面反應敏銳,因此會有很好的投資機會；國電南瑞雖然在整個電氣行業(yè)和充電設備子行業(yè)均具有較高的市場占有率,但相較于其龐大且優(yōu)質的主營業(yè)務來說,充電行業(yè)發(fā)展帶來的股價上漲機會并非那么明顯；許繼電氣將并入充電設備行業(yè)市場占有率最高的許繼電源,借助許繼電氣的大平臺和許繼電源的資質優(yōu)異性,相信也頗具投資機會。同時實證結果表明在較長時間：奧特迅、國電南瑞的股價與大盤走勢同向變動,與經濟增長、通貨膨脹呈反向變動關系,而許繼電氣股價與這三個因素的關系則恰恰相反,貨幣政策對股價的影響并不十分明顯。因此可以根據市場股票大盤、經濟增長、通貨膨脹情況的變化預期,進行投資標的的選擇。 論文的結構由六部分組成： 第一部分為引言,該部分主要描述了本文行業(yè)研究的背景及意義、研究的思路、方法和本文的框架以及本文的創(chuàng)新和還可以繼續(xù)深入研究的方向； 第二部分文獻綜述,該部分概述過往國內相關文獻對充電設備行業(yè)發(fā)展的相關看法和觀點,并從中發(fā)現過往觀點并未涉及對充電設備行業(yè)的產業(yè)鏈和競爭結構的分析,并以此做為本文的切入點； 第三部分是對電動汽車產業(yè)的分析,介紹充電設備行業(yè)發(fā)展的大前提； 第四部分闡述充電設備行業(yè)的需求潛力,論證爆發(fā)式增長的可能性； 第五部分分析充電設備行業(yè)的供給情況,為投資機會的找尋提供依據； 第六部分對奧特迅、國電南瑞和許繼電氣三家企業(yè)的總體實力和行業(yè)地位及股價影響因素進行了探析,目標在于找出能受益于充電設備行業(yè)發(fā)展的投資標的。 本文的主要有新意的幾個要點在于： 1、本文選題新穎,行業(yè)選擇了大行業(yè)中的子行業(yè),范圍適當； 2、本文研究角度符合邏輯思維習慣：1)充電設備作為電動汽車行業(yè)的標準配置是必須而且互為雞與蛋的關系,其發(fā)展與電動汽車行業(yè)發(fā)展息息相關,因此本文選擇從對電動汽車行業(yè)的分析出發(fā),言其發(fā)展之必然性、敘其發(fā)展之現狀、明其制約之困境,由困境之因推充電設備行業(yè)的機遇,由此引出關于充電設備行業(yè)的研究分析；2)對于充電設備的行業(yè)分析,從供給和需求兩個角度出發(fā),先言行業(yè)之需求潛力,由現狀的不如意,看勢力諸方的部署意圖,加之對技術進步、試點成果推廣、養(yǎng)車成本低等因素促進的購買需求,表明行業(yè)的投資價值,后言行業(yè)之供給情況,從供給中選出受益之最大主體；3)之于行業(yè)的投資標的選擇,選股思路在于首先基本面應具備一定的產品能力和市場渠道,能在充電設備建設擴容中受益,其次看企業(yè)的財務,考察企業(yè)是否具備抓住行業(yè)機遇的基本條件,最后看歷史走勢以及考察個股股價的影響因素,看在行業(yè)中的受益是否能順利反應到股價中來； 3、對行業(yè)供給面的分析,詳細的分析了充電設備行業(yè)的產業(yè)鏈結構并尋找關鍵成功因素,運用波特五力模型進行競爭結構的分析,這是有別于過往文獻的創(chuàng)新之處； 4、關于投資建議的形成,本文站在客觀的角度上,從基本面和財務面指出企業(yè)的優(yōu)劣,給出中肯的投資建議；同時分析了個股的走勢特點,并通過實證檢驗了股價的影響因素,將客觀因素納入考慮以期更準確的把握投資機會。 本文可以繼續(xù)研究的方向：不同充電設備行業(yè)上市公司股價與影響因素的長期關系不盡相同,許繼電氣與各因素的長期的背離有悖經濟常識,需要進一步探討其中的原因；貨幣政策僅選擇了貸款基準利率指標做檢驗也影響了結論,因此可以從進一步豐富變量、并進行短期動態(tài)關系的檢驗等方面上文章。
[Abstract]:Since the beginning of the 21st century, we are facing the increasingly severe global warming, air pollution, non-renewable coal, oil and natural gas and other petrochemical energy reserves decline sharply and other issues, energy conservation and emission reduction and the use of new energy and other hot topics have become the consensus of the international community. The hot topic is clean energy. One of the applications of clean energy in the automotive field is the new energy vehicles driven by low pollution and renewable energy. Tesla, the representative product of electric vehicles, successfully stirred up the A-share market and gave birth to the Tesla concept. Electric cars have come out one after another, and there is a strong growth momentum in demand for them. In addition, the policy has directly given generous subsidies, and the capital of Beijing has even thrown out the tempting conditions of no-ranking. And the cost is high, the government-oriented demand capacity is limited, but the most critical point is the lack of supporting charging equipment can not stimulate the sales of plug-in electric vehicles. There will be a large number of infrastructure projects for charging equipment in the future. At present, there are three kinds of charging methods: power substation, charging station and charging pile. But in essence, the corresponding charging equipment is only two types: charging pile and motor. Each type of charging equipment has its own advantages and disadvantages, and can be developed. The investment opportunities of individual stocks related to charging equipment will also be greatly affected by investors. Pay attention to it.
The main content of this paper is the investment value of plug-in electric vehicle charging equipment industry in China. The main problems include: 1. the development of electric vehicles in China and the main problems; 2. the growth potential of the charging equipment industry from the demand level; 3. the supply level, the charging equipment industry. 4. In order to find suitable investment targets that can benefit from the growth of the charging equipment industry, we need to understand the operation of individual stocks in the industry, their own financial characteristics and trend characteristics from the aspects of fundamentals, finance and the historical trend of individual stocks. We also need to analyze the stock prices and the stock market. The relationship between growth, inflation and monetary policy.
The following four basic conclusions are drawn from this study.
1. Developing electric vehicles is the requirement of reducing our country's oil dependence on foreign countries, energy conservation and sustainable development, and is also the goal and direction of our country's automobile industry transformation. However, the development of electric vehicles in China is also facing many difficulties. Regional barriers, technical bottlenecks and consumption structure are the factors restricting the development of the electric vehicle industry. In addition, the lag of the development of supporting charging equipment is also one of the main reasons.
2. From the perspective of demand, this paper compares and analyzes various types of charging modes, modes and equipment, and concludes that all types of charging equipment have their value of existence, and that the motor and charging pile will be developed together in a certain proportion; although China supports the construction of charging equipment in policy, the actual development situation is not optimistic; and from abroad. From the development experience, this paper compares the quantity of electric vehicles and the construction of charging equipment between China and the United States, so as to illustrate that the construction of charging equipment is an urgent field to be developed in China. From the perspective of wide and low cost of car maintenance, this paper explains the expectation of the growth of electric vehicles, so as to show that China's charging equipment will be able to usher in explosive growth.
3. According to the supply situation, the most profitable area in the charging equipment industry chain is the production of the whole charging equipment. The key success factors in the industry are the ability of the whole equipment manufacturer to provide the overall solution, the cooperation with large power grid companies and the grasp of the wider sales channels. This paper also uses Porter's Five-Force Model to analyze the charging equipment industry. The competitive structure of the industry is that the suppliers of components have weak bargaining power but still need to pay attention to the price of raw materials affected by supply and demand. Private purchasers have weak bargaining power, high investment costs in the electrical industry and barriers to technology accumulation, but the electrical industry-related enterprises as potential entrants to the charging equipment sub-industry are relatively easy to enter the threat of greater, non-contact charging technology is not yet mature as a substitute threat is small, the industry is now Competition has been more intense technology and channels are the two basic criteria to measure competitiveness.
4. To grasp the investment opportunities, this paper selects three main competitors in the industry to analyze and compare, respectively, from the basic point of view to analyze the main business of the three enterprises and the development of charging equipment business - Otsun in the charging equipment industry, rich product lines, leading technology, Southern Power Grid, PetroChina, Sinopec and CNOOC's main supplier of charging equipment has also achieved a good start in the construction of the State Grid, with more advantages in retail channels and remarkable growth in sales of charging equipment; CNOOC's Nanrui has a strong R&D and technological strength, and actively cooperates with domestic and foreign enterprises to reorganize and incorporate high-quality charging equipment enterprises in the future. Xu Ji Electric also has the background of the State Grid. The ongoing restructuring plan will incorporate Xu Ji, which has the largest share of the domestic charging equipment market, into the Xu Ji power supply. With the help of Xu Ji Electric's larger platform, the charging equipment business will get a greater degree of development. To seize the growth opportunities of the charging equipment industry, this article from a financial point of view to understand the three enterprises in the financial risk, operational capacity, profitability and growth of several aspects of the situation: the financial quality of the three enterprises are good, Otsun capital turnover rate is low, period costs are more, but growth is sufficient, the state's Nanrui index Xu Ji Electric is constantly improving its profitability through cost control. Of course, historical trends and the characteristics of small and medium-sized stocks should also be taken into account. This paper also uses the co-integration test of modern econometrics to examine and analyze the stock market, economic growth, inflation and monetary policy. This paper argues that the three companies have enough strength to participate in the expansion competition of the charging equipment industry from the basic and financial aspects, while the performance of OTSUN is relatively obvious, and the OTSUN share price of small-cap stocks has a keen response to the news, so there will be a good investment opportunity; Although Rui has a high market share in the entire electrical industry and the charging equipment sub-industry, but compared with its huge and high-quality main business, the development of the charging industry brought about by the stock price rise opportunity is not so obvious; Xu Ji Electric will merge into the charging equipment industry market share of the highest Xu Ji power, with the help of Xu Ji. At the same time, the empirical results show that in a long period of time: the stock price of Austron, Guodian Nanrui and the general trend of the market changes in the same direction, with economic growth, inflation in a reverse relationship, and Xu Ji Electric share price and these three factors are on the contrary, currency. The impact of the policy on the stock price is not very obvious, so we can choose the investment target according to the expectation of the stock market, economic growth and inflation.
The structure of the thesis consists of six parts:
The first part is the introduction, which mainly describes the background and significance of this industry research, research ideas, methods and framework of this paper, as well as the innovation of this paper and the direction of further research.
The second part is literature review, which summarizes the views and viewpoints on the development of rechargeable equipment industry in the past, and finds out that the past viewpoints do not involve the analysis of the industrial chain and competition structure of the rechargeable equipment industry.
The third part is the analysis of the electric vehicle industry, introducing the major premise of the development of the charging equipment industry.
The fourth part expounds the demand potential of the charging equipment industry and demonstrates the possibility of explosive growth.
The fifth part analyzes the supply situation of the charging equipment industry to provide the basis for finding investment opportunities.
The sixth part analyzes the overall strength, industry status and stock price influencing factors of the three enterprises, namely Austron, Guodian Nanrui and Xuji Electric. The aim is to find out the investment targets that can benefit from the development of the charging equipment industry.
The main points of this article are:
1, the theme of this paper is novel, and the industry chooses the sub sectors of the big industry with appropriate scope.
2. The research angle conforms to the logical thinking habits: 1) Charging equipment as the standard configuration of the electric vehicle industry is necessary and interacts with each other, and its development is closely related to the development of the electric vehicle industry. Therefore, this paper chooses to start from the analysis of the electric vehicle industry, state the inevitability of its development, narrate its current situation, and explain clearly the development of the electric vehicle industry. The predicament of its restriction is pushed by the predicament to the opportunity of the charging equipment industry, which leads to the research and analysis of the charging equipment industry; 2) For the analysis of the charging equipment industry, from the perspective of supply and demand, it predicts the demand potential of the industry, from the current situation of dissatisfaction, to see the deployment intentions of various forces, coupled with technological progress, try Point results promotion, low cost of car maintenance and other factors to promote the purchase demand, indicating the industry's investment value, after the industry's supply situation, from the supply to select the largest beneficiary; 3) for the industry's choice of investment targets, the idea of stock selection lies in the first basic should have a certain product capacity and market channels, in the construction of charging equipment. Benefit from expansion, next look at the enterprise's financial, examine whether the enterprise has the basic conditions to seize the opportunity of the industry, finally look at the historical trend and examine the stock price of the influencing factors, see whether the benefits in the industry can be smoothly reflected in the stock price;
3. Analyze the supply side of the industry, analyze the industrial chain structure of the charging equipment industry in detail and find the key success factors, and analyze the competitive structure by using the Porter's five-force model, which is different from the innovation of the past literature.
4. Regarding the formation of investment proposals, this paper points out the advantages and disadvantages of enterprises from the basic and financial aspects, and gives pertinent investment proposals. At the same time, it analyzes the trend characteristics of individual stocks, and tests the influencing factors of stock prices through empirical tests, and takes objective factors into consideration in order to grasp investment opportunities more accurately.
This paper can continue to study the direction: the long-term relationship between the stock price of Listed Companies in different charging equipment industries and the influencing factors is not the same, Xu Ji Electric's long-term deviation from the various factors is contrary to economic common sense, which needs to be further explored; the monetary policy only selects the benchmark interest rate indicators of loans as the test also affects the conclusion. Therefore, we can further enrich the variables and test the short-term dynamic relationship.
【學位授予單位】：西南財經大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F426.6
本文編號：2177188
[Abstract]:Since the beginning of the 21st century, we are facing the increasingly severe global warming, air pollution, non-renewable coal, oil and natural gas and other petrochemical energy reserves decline sharply and other issues, energy conservation and emission reduction and the use of new energy and other hot topics have become the consensus of the international community. The hot topic is clean energy. One of the applications of clean energy in the automotive field is the new energy vehicles driven by low pollution and renewable energy. Tesla, the representative product of electric vehicles, successfully stirred up the A-share market and gave birth to the Tesla concept. Electric cars have come out one after another, and there is a strong growth momentum in demand for them. In addition, the policy has directly given generous subsidies, and the capital of Beijing has even thrown out the tempting conditions of no-ranking. And the cost is high, the government-oriented demand capacity is limited, but the most critical point is the lack of supporting charging equipment can not stimulate the sales of plug-in electric vehicles. There will be a large number of infrastructure projects for charging equipment in the future. At present, there are three kinds of charging methods: power substation, charging station and charging pile. But in essence, the corresponding charging equipment is only two types: charging pile and motor. Each type of charging equipment has its own advantages and disadvantages, and can be developed. The investment opportunities of individual stocks related to charging equipment will also be greatly affected by investors. Pay attention to it.
The main content of this paper is the investment value of plug-in electric vehicle charging equipment industry in China. The main problems include: 1. the development of electric vehicles in China and the main problems; 2. the growth potential of the charging equipment industry from the demand level; 3. the supply level, the charging equipment industry. 4. In order to find suitable investment targets that can benefit from the growth of the charging equipment industry, we need to understand the operation of individual stocks in the industry, their own financial characteristics and trend characteristics from the aspects of fundamentals, finance and the historical trend of individual stocks. We also need to analyze the stock prices and the stock market. The relationship between growth, inflation and monetary policy.
The following four basic conclusions are drawn from this study.
1. Developing electric vehicles is the requirement of reducing our country's oil dependence on foreign countries, energy conservation and sustainable development, and is also the goal and direction of our country's automobile industry transformation. However, the development of electric vehicles in China is also facing many difficulties. Regional barriers, technical bottlenecks and consumption structure are the factors restricting the development of the electric vehicle industry. In addition, the lag of the development of supporting charging equipment is also one of the main reasons.
2. From the perspective of demand, this paper compares and analyzes various types of charging modes, modes and equipment, and concludes that all types of charging equipment have their value of existence, and that the motor and charging pile will be developed together in a certain proportion; although China supports the construction of charging equipment in policy, the actual development situation is not optimistic; and from abroad. From the development experience, this paper compares the quantity of electric vehicles and the construction of charging equipment between China and the United States, so as to illustrate that the construction of charging equipment is an urgent field to be developed in China. From the perspective of wide and low cost of car maintenance, this paper explains the expectation of the growth of electric vehicles, so as to show that China's charging equipment will be able to usher in explosive growth.
3. According to the supply situation, the most profitable area in the charging equipment industry chain is the production of the whole charging equipment. The key success factors in the industry are the ability of the whole equipment manufacturer to provide the overall solution, the cooperation with large power grid companies and the grasp of the wider sales channels. This paper also uses Porter's Five-Force Model to analyze the charging equipment industry. The competitive structure of the industry is that the suppliers of components have weak bargaining power but still need to pay attention to the price of raw materials affected by supply and demand. Private purchasers have weak bargaining power, high investment costs in the electrical industry and barriers to technology accumulation, but the electrical industry-related enterprises as potential entrants to the charging equipment sub-industry are relatively easy to enter the threat of greater, non-contact charging technology is not yet mature as a substitute threat is small, the industry is now Competition has been more intense technology and channels are the two basic criteria to measure competitiveness.
4. To grasp the investment opportunities, this paper selects three main competitors in the industry to analyze and compare, respectively, from the basic point of view to analyze the main business of the three enterprises and the development of charging equipment business - Otsun in the charging equipment industry, rich product lines, leading technology, Southern Power Grid, PetroChina, Sinopec and CNOOC's main supplier of charging equipment has also achieved a good start in the construction of the State Grid, with more advantages in retail channels and remarkable growth in sales of charging equipment; CNOOC's Nanrui has a strong R&D and technological strength, and actively cooperates with domestic and foreign enterprises to reorganize and incorporate high-quality charging equipment enterprises in the future. Xu Ji Electric also has the background of the State Grid. The ongoing restructuring plan will incorporate Xu Ji, which has the largest share of the domestic charging equipment market, into the Xu Ji power supply. With the help of Xu Ji Electric's larger platform, the charging equipment business will get a greater degree of development. To seize the growth opportunities of the charging equipment industry, this article from a financial point of view to understand the three enterprises in the financial risk, operational capacity, profitability and growth of several aspects of the situation: the financial quality of the three enterprises are good, Otsun capital turnover rate is low, period costs are more, but growth is sufficient, the state's Nanrui index Xu Ji Electric is constantly improving its profitability through cost control. Of course, historical trends and the characteristics of small and medium-sized stocks should also be taken into account. This paper also uses the co-integration test of modern econometrics to examine and analyze the stock market, economic growth, inflation and monetary policy. This paper argues that the three companies have enough strength to participate in the expansion competition of the charging equipment industry from the basic and financial aspects, while the performance of OTSUN is relatively obvious, and the OTSUN share price of small-cap stocks has a keen response to the news, so there will be a good investment opportunity; Although Rui has a high market share in the entire electrical industry and the charging equipment sub-industry, but compared with its huge and high-quality main business, the development of the charging industry brought about by the stock price rise opportunity is not so obvious; Xu Ji Electric will merge into the charging equipment industry market share of the highest Xu Ji power, with the help of Xu Ji. At the same time, the empirical results show that in a long period of time: the stock price of Austron, Guodian Nanrui and the general trend of the market changes in the same direction, with economic growth, inflation in a reverse relationship, and Xu Ji Electric share price and these three factors are on the contrary, currency. The impact of the policy on the stock price is not very obvious, so we can choose the investment target according to the expectation of the stock market, economic growth and inflation.
The structure of the thesis consists of six parts:
The first part is the introduction, which mainly describes the background and significance of this industry research, research ideas, methods and framework of this paper, as well as the innovation of this paper and the direction of further research.
The second part is literature review, which summarizes the views and viewpoints on the development of rechargeable equipment industry in the past, and finds out that the past viewpoints do not involve the analysis of the industrial chain and competition structure of the rechargeable equipment industry.
The third part is the analysis of the electric vehicle industry, introducing the major premise of the development of the charging equipment industry.
The fourth part expounds the demand potential of the charging equipment industry and demonstrates the possibility of explosive growth.
The fifth part analyzes the supply situation of the charging equipment industry to provide the basis for finding investment opportunities.
The sixth part analyzes the overall strength, industry status and stock price influencing factors of the three enterprises, namely Austron, Guodian Nanrui and Xuji Electric. The aim is to find out the investment targets that can benefit from the development of the charging equipment industry.
The main points of this article are:
1, the theme of this paper is novel, and the industry chooses the sub sectors of the big industry with appropriate scope.
2. The research angle conforms to the logical thinking habits: 1) Charging equipment as the standard configuration of the electric vehicle industry is necessary and interacts with each other, and its development is closely related to the development of the electric vehicle industry. Therefore, this paper chooses to start from the analysis of the electric vehicle industry, state the inevitability of its development, narrate its current situation, and explain clearly the development of the electric vehicle industry. The predicament of its restriction is pushed by the predicament to the opportunity of the charging equipment industry, which leads to the research and analysis of the charging equipment industry; 2) For the analysis of the charging equipment industry, from the perspective of supply and demand, it predicts the demand potential of the industry, from the current situation of dissatisfaction, to see the deployment intentions of various forces, coupled with technological progress, try Point results promotion, low cost of car maintenance and other factors to promote the purchase demand, indicating the industry's investment value, after the industry's supply situation, from the supply to select the largest beneficiary; 3) for the industry's choice of investment targets, the idea of stock selection lies in the first basic should have a certain product capacity and market channels, in the construction of charging equipment. Benefit from expansion, next look at the enterprise's financial, examine whether the enterprise has the basic conditions to seize the opportunity of the industry, finally look at the historical trend and examine the stock price of the influencing factors, see whether the benefits in the industry can be smoothly reflected in the stock price;
3. Analyze the supply side of the industry, analyze the industrial chain structure of the charging equipment industry in detail and find the key success factors, and analyze the competitive structure by using the Porter's five-force model, which is different from the innovation of the past literature.
4. Regarding the formation of investment proposals, this paper points out the advantages and disadvantages of enterprises from the basic and financial aspects, and gives pertinent investment proposals. At the same time, it analyzes the trend characteristics of individual stocks, and tests the influencing factors of stock prices through empirical tests, and takes objective factors into consideration in order to grasp investment opportunities more accurately.
This paper can continue to study the direction: the long-term relationship between the stock price of Listed Companies in different charging equipment industries and the influencing factors is not the same, Xu Ji Electric's long-term deviation from the various factors is contrary to economic common sense, which needs to be further explored; the monetary policy only selects the benchmark interest rate indicators of loans as the test also affects the conclusion. Therefore, we can further enrich the variables and test the short-term dynamic relationship.
【學位授予單位】：西南財經大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F426.6
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