The purpose of this series of studies is to conduct quantitative and qualitative research on listed companies in Shanghai, Hong Kong, Shenzhen and the United States, and to judge the "moat" score rating and fuzzy valuation range. It is advisable to pay attention to companies rated A and above, and wait patiently for the moment when their valuations are attractive.

Before reading this article, you can refer to:

Listed company research

Fundamental Score - Haiguang Information

Table of Contents ↓

Citation: Three key figures

One: Graphic dialysis (investing in enterprises rather than chips).

II: Valuation Discussion (How much is the company currently worth?) )

3. Investment Brief Review (Strategic Thinking on Investing in the Company).

The above three parts correspond to the three most important ideas in investing proposed by Warren Buffett at Berkshire Hathaway in 1996, namely investment equity, margin of safety and Mr. Market.

Three key figures

The key three figures refer to the three research dimensions that we should pay attention to at least before facing a new investment in a listed company, 80% of the ± companies will be eliminated by the situation of these three dimensions, and the remaining companies are worthy of our continued in-depth research, these three dimensions are: (1) profitability, (2) competitive advantage, (3) revenue and profit scale situation.

Figure 1: Profitability

Gross profit margin is the foundation of the building, and net profit margin is the appearance of excellence. A gross margin that is too low can get you a veto on the company; The net profit margin is too low, and the long-term capital is basically not cared for.

Figure 2: Competitive advantage

Competitive advantage is a complex thinking and judgment system, but you can simply look at the leopard from the middle tube of the double R indicator, that is, the ROE (bar chart) and ROIC (red line) in Figure 2 can always stand above the good line & excellent line of the company is worthy of your strategic tracking and research.

Figure 3: Revenue and profit scale and dynamics

From the rolling chart of the company's total operating income and net profit attributable to the parent company in the past four quarters, we can see the growth, cyclicality and stability of the company's business. For enterprises with high net profit and low cyclical nature, the company's current intrinsic value (reasonable market value) can be estimated by using the net profit attributable to the parent company in the last four quarters × 25 times the price-earnings ratio; For enterprises with high net profit and strong cyclical value, the average net profit attributable to the parent company in the past ten years can be estimated × 25 times the price-earnings ratio of the company's current intrinsic value (reasonable market value).

Let's move on to the formal three-part study↓

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