Chapter 273：

Chen Yi organized the language and said, "What we are doing is value investment. This company must have bought it because it is valuable, and it must not be ordinary value if it has bought so much.

Brother Li, you told me before that value can be divided into current value and future value. Current value is the so-called underestimation. The current market price is lower than the price he should have, while the future value is simpler. It is growth and development potential.

And now value can be divided into absolute value and relative value. Absolute value is absolutely underestimated, which means that the market value of this company is lower than the company’s net assets. In other words, even if the company goes bankrupt and liquidates the next moment it is bought, then we will all make a profit in the end. , And relative value is the so-called relative underestimation, which means that the valuation of this company is lower than the average level of similar companies in the same industry. In this case, there is a high probability that the valuation of this company will be increased, that is It is said that the stock price of this company will rise with a high probability. "

Li Shan smiled and nodded. After Chen Yi finished speaking for a while, he stopped and looked at Li Shan. Seeing Li Shan nodded slightly, his inner confidence increased a little, so he continued: Compared with the two in the future, the value of the future must be more valuable. The reason why you can buy so much to support Brother Li must not be as simple as underestimating, or more than just underestimating.

So I make a preliminary judgment. Among the reasons why you bought this company, Brother Li, there must be one thing that you think this company will be valuable in the future, otherwise you might buy it, but in the current market situation, there is no need to buy one. With such a large stock, don’t know if I’m right? "

Li Shan nodded when he heard the words, and said with satisfaction: "Yes, reverse reasoning, the analysis is very reasonable, if only the current value is really not enough to buy such a large amount, or a reason to be desperate, even if you say that, then It’s too far-fetched. Your analysis is right. When I bought it, I did consider the potential of this company in the future, you continue to say."

Chen Yi was recognized by Li Shan and was very happy. He paused and continued: "What I just said is that this company is valuable in the future, so now I will talk about the current value of the problem. I have seen this company's The total market value is greater than the net asset value. That is to say, this company does not have the problem of absolute underestimation. This is obvious, and objective data can be seen without analysis."

Li Shan nodded and took a sip of water.

Chen Yi also drank a sip of water and continued: "As for the relative underestimation, it shouldn't exist. I took a look. If you look at this company in terms of market share in the architectural decoration industry, it doesn't dare to be the leader. , But at least it is among the best.

In comparison among similar companies in the industry, the valuation is not low, but rather high. So if there is neither absolute underestimation nor relative underestimation, then the so-called current value does not exist. In summary, the logic of buying is that there is only future value.

Only the future is valuable, or if there is growth, the reason that can support so many purchases must not be ordinary growth, it must be strong growth, or there is a lot of room for growth.

The purpose of a listed company is to make money. If it has strong growth potential, it means that the listed company is expected to make a lot of money in the future. "

Chen Yi said to himself, he said while sorting out his thoughts, and thinking while talking. Chen Yi has completely fallen into his own world. He did not look at Li Shan again. His eyes stayed on the table without focusing. His mind was running fast. The master and apprentice reversed various possible causes and various reasons. The pros and cons and advantages and disadvantages of various reasons, so as to find a reasonable and logical reason for buying.

Listening to Chen Yi’s words, Li Shan smiled at the corners of his mouth, and his eyes became more energetic. He heard very clearly that Chen Yi’s logic had no problem at all. He felt that he would continue to let Chen Yi talk about what he was facing. The problem of how to explain to customers is likely to be solved. Now that Chen Yi is so focused, it seems that he has forgotten his existence and did not disturb him. Li Shan hopes that Chen Yi can come to a reasonable answer, so that Li Mountain can save a lot of trouble.

Chen Yi continued: "Generally speaking, the profit of an industry is like a cake. Many listed companies are like cake dividers. If you want to eat more cakes, either the cake becomes bigger or you are yourself. The proportion of food eaten has increased. Since Brother Li, you have judged that this company will eat more cakes in the future, there are only three possible situations.

The first situation: the cake itself has become larger, so even if the proportion of the food eaten becomes larger, or slightly smaller, in terms of the absolute amount of food eaten, the cake is still eaten more than in the past.

The second case: the portion eaten takes up a larger proportion of the total cake, so even if the size of the cake itself remains unchanged, or the size of the cake itself is slightly reduced, then in terms of the absolute amount eaten, eaten There are still more cakes than in the past.

The third situation: This situation is a comprehensive performance that combines the first two situations, that is, the cake itself is constantly getting bigger, and at the same time the portion eaten takes up a larger proportion of the total cake. When the two are superimposed and complemented each other, the amount of cake this company eats, that is, the amount of money it may make in the future, will be much more than before. "

Li Shan was overjoyed when he heard this. He naturally understood what Chen Yi meant. In the first case, the cake itself has become bigger, which means that the market itself has expanded, and more and more people have begun to pay attention to decoration and design. As the industry expands, the profit that the industry can earn, the pie in this industry will become bigger.

The second situation is that the company's market share has increased. It turned out that only a small part of the business in this industry belonged to him. Now that this share has increased, it may have increased to a large part. So even if there is no change in the industry itself, the company can make a lot more money than before.

The third situation is that both of the above are available, the industry itself has developed, and the company's market share has also increased. The two complement each other, and the company's future prospects must be more perfect.

Li Shan listened to Chen Yi's words while thinking back to the company's various situations and related data.

Think about what can be explained based on the current objective data, and how to explain it can be recognized by customers.

While Li Shan was pondering, Chen Yi continued to speak... Chen Yi said: "With such a large number of shares in this company, I think it should be the third situation, which means that the cake itself has become bigger. , The cake eaten by this company accounted for an increase in the proportion of the whole cake.

I don’t know much about this industry, but I think people nowadays pay more and more attention to the decoration and design of homes, companies and other places. Many people who rent houses will also design, or they are used to living in their own homes and want to change their decoration style. It's normal to change your mood.

I think this is a trend. With the development of technology in the future, all kinds of things will become more convenient. Then changing the decoration of the house may be as common as changing the screensaver of the mobile phone. So if you look at it this way, the future cake of this industry will definitely expand. The future of this industry is unlimited. After all, our country has a large population.