Six to grasp the growth of enterprise Board enterprises

Hualong Securities Sun Weili Gem is about to be opened, many investors began to pay attention to how to invest in gem companies, how to select a 10 times times growth stocks. There is no doubt that growth is one of the most important characteristics of the gem company, to invest in gem companies, we must grasp the growth of enterprises.　　And judging the growth of enterprises, according to experience, can be divided into six steps. The first step: look at enterprise maturity in terms of enterprises, is to determine whether the enterprise is mature: (1) whether there is a mature business model, profit model? (2) technology and products are mature? Does the business have a certain scale, occupy a certain market space? (3) Whether the formation of a good market adaptability? (4) Is there a mature management team? (5) Whether the formation of a good corporate governance structure?　　(6) is the formation of enterprise culture suitable for enterprise development? There is no indicator of the maturity of the enterprise, although we have many rigid requirements in the listing conditions, such as the deduction of the net profit after the Non-recurrent profit, the growth of operating income, the performance of continuous operation, etc., these indicators are only a part of maturity. Generally speaking, the product is mature to see whether it has a certain number of scale of stable customers, technology maturity should be fully meet customer demand while manufacturing yield can be effectively controlled; the maturity of the business model depends on whether there is a steady increase in profits.　　As for the management team, corporate culture, is a historical accumulation of the process, in the early days of enterprise development, management level, efficiency depends mainly on the price of the main leader's influence, its experience, management ability will play a decisive role in the management team's effectiveness. The second step: look at the industry and market prospects we look at the growth of enterprises, we must see its survival and development of the industry and market background: (1) How the industry competition? (2) What is the market entry situation?　　(3) Future market capacity? Regulators have shown us the big box of startups, which is summed up in the "two high six new": High Growth, High-tech, New economy, new services, rural areas, new energy sources, new materials, business models. For the domestic industry where market economy has been fully developed, original innovation is very rare in both business model and technology, more integration innovation or digestion and absorption of international technology innovation. Therefore, the development space of the enterprise is the market capacity, which should be subdivided into the regional market or local market, because the independent innovation brings the market space capacity of the product or service resulting from the reduction of cost, the improvement of product performance and the substitution of import factors, rather than the industry itself.　　Of course, the national industry policy support, industry openness, growth will also play an important role in the development of market segments.　　The third step: to see the development process of the issuer investors need to explore the development process of the issuer: (1) The main business income, net profit growth, (2) according to business or product division of Growth, (3) New technologies, new product development, the use of growth. On the gem listed companies, its main business can only have one, its growth process should be around the technical, productionProduct, business model on a breakthrough and achieved rapid development. Therefore, the gem story of the clues should be innovation, in addition to growth, there may be potential problems, may conceal the business development in the deficiencies. For example, revaluation of asset acquisitions, investment returns in the securities and real estate markets, and the issuer's business income rely too much on the associated transactions of major shareholders and on various non-recurrent gains and losses. Of course, the State policy subsidies, tax preferences can also be credited to the income, in the national policy to maintain continuous, such as environmental protection and energy-saving industries, such as tax concessions in the short term should not be canceled.　　But rational investors should keep a clear mind and focus on innovative clues and business development paths. The fourth step: to see the growth of rival enterprises is inevitably affected by competitors, which requires investors to identify the analysis: (1) The issuer's market competitive advantage? (2) What is the competitive disadvantage of the issuer? How to make up?　　(3) Can raise the investment project to enhance the core competitiveness? In the case of manufacturing, because of the nature of China's developing countries, the general innovative products have a following nature, or digestion and absorption of foreign advanced technology in accordance with the needs of the customer's innovation, or integration of innovation, resulting in the regional market comprehensive advantages, compared with domestic enterprises have the technology leading edge, compared with foreign products, Cost advantages and after-sales service advantages. But often because of the small size of manufacturing, market bargaining power is low, the company's ability to resist risk weakness.　　So management emphasizes independent innovation, enterprises with independent intellectual property rights, the corresponding products have bargaining power. For the mere imitation of a technology in the developed world, or even to make up for the domestic gap, but also a comprehensive analysis, domestic manufacturing cost factors are likely to be lost because of local investment in multinational companies to build factories.　　In general, in some completely open areas, the competitive advantage of innovative enterprises will be affected, the need for concrete analysis of specific issues. The fifth step: to look at the development strategy of enterprises is to choose the direction of their own development after the comprehensive analysis and judgment of the market and competition. is to seize the central city or "the city surrounded by the countryside", is in the competitive environment, the pros and cons of the comparison of the premise of comprehensive analysis and judgment made by the optimal choice, is the enterprise's own resources endowment value maximization of development, science, harmony, stability is the basic requirements of development strategy.　　Development strategy is usually a link that investors ignore. The recent embodiment of the development strategy is the choice of raising capital investment projects: (1) is it the company's development strategy to raise the investment project? (2) is the investment project to strengthen the main business? (2) is the investment project conducive to the promotion of core competitiveness?　　(3) Is there a greater risk (market risk, policy risk, business risk) for the investment project? In the motherboard enterprise, there are many similar examples, many enterprises are because of the choice of the wrong direction of development leading to a significant loss, or even St, exit the city. In the 38 corporate finance projects vetoed by the CRIC in 2007, because of capacityCan not be reasonable digestion of the veto accounted for 16, as a result of fund-raising investment, continuous management capacity, business development prospects are 8.　　Therefore, it is necessary to be more cautious in the judgment of venture capital's investment projects, and pay more attention to its stability while paying attention to its growth. Sixth step: Look at the learning ability of enterprises in terms of listed companies, innovation ability is the ultimate guarantee for enterprises to maintain competitive advantage in technology. The market is changing, competition situation is changing, only through continuous learning and innovation, can we guarantee the long-term and stable development of enterprises.　　Mainly includes: (1) technology research and development input, (2) technology research and development management mechanism and incentive mechanism, (3) Research and development team, (4) core technical personnel, (5) Innovation results and transformation. Evaluating the innovation ability of an enterprise may be as difficult as evaluating the growth of an enterprise. For the enterprise, the real useful innovation ability is the transformation of the innovation result, and forms the market-oriented product. In view of start-up enterprises or small enterprises, research and development of investment and research and development team can not be too large, therefore, the key to the evaluation of innovation ability is the core technical personnel research experience and the application of the results.