PAGE\*MERGEFORMATIII摘要目前，由于我国资本市场和退市制度的不断完善，以及中国A股处于较低的估值水平，我国A股受到了境外资金的大量涌入。同时，随着我国人口老龄化问题的加剧，人们对医药产品的需求也会大大增加。另外，随着人们生活水平的提高，以及对健康和生活质量的更高要求，优质药、创新药的需求也会逐渐增加，尤其是对抗肿瘤药、心血管领域的需求增加。因此，医药行业的龙头企业---恒瑞医药公司受到了投资者的青睐及关注。本文主要采用基本面分析法来分析恒瑞医药的投资价值。本文首先介绍基本面分析法的基本概念及特点；然后再对恒瑞医药的宏观基本面和行业基本面进行分析；其次再对恒瑞医药的公司基本面来分析；最后再采用一些价值分析中的估值指标来估算恒瑞医药的合理价值区间，从而得出投资者投资恒瑞医药的建议。通过基本面分析法，我们可以得出：恒瑞医药是一家基本面向好、优质的上市公司，具有长期的投资价值。不过，该公司市盈率和市净率较高，具有较高的投资风险。因此，恒瑞医药可以作为积极型投资者资产配置中的股票投资。关键词:基本面分析恒瑞医药投资价值ABSTRACTRecently,duetothecontinuousimprovementofChina'scapitalmarketanddelistingsystem,andthelowvaluationlevelofChina'sAshares,China'sAshareshavebeenfloodedinbyforeignfunds.Meanwhile,withtheaggravationoftheagingpopulationinourcountry,thedemandformedicalproductswillalsoincreasegreatly.Inaddition,withtheimprovementofpeople'slivingstandards,andthehigherrequirementsforhealthandqualityoflife,thedemandforqualitydrugsandinnovativedrugswillgraduallyincrease,especiallyinthefieldofanti-tumordrugs,cardiovascularmedicine.Asaresult,HengruiPharmaceuticalCompany,theleadingpharmaceuticalcompany,hasbeeninvestedthefavorandattentionofpeople.ThisthesismainlyusesfundamentalanalysismethodtoanalyzetheinvestmentvalueofHengruimedicine.Firstly,thethesisintroducesthebasicconceptionandcharacteristicsoffundamentalanalysis,secondlyanalyzesthemacrofundamentalsandindustryfundamentalsofHengruimedicine,thenanalyzesthecompanyfundamentalsofHengruimedicine,andfinally,somevaluationindexesinvalueanalysisareusedtoestimatethereasonablevalueintervalofHengruimedicine,soastogetthesuggestionthatinvestorsinvestinHengruimedicine.Throughfundamentalanalysis,wecanconcludethatHengruiMedicineisawell-orientedandhigh-qualitylistedcompanywithlong-terminvestmentvalue.However,thecompany'shighprice-to-earningsratioandprice-to-bookratio,withhighinvestmentrisk.Thus,Hengruipharmaceuticalcanbeusedasanequityinvestmentintheassetallocationofactiveinvestors.Keywords:FundamentalanalysisHengRuiMedicineInvestmentvalue目录TOC\o"1-2"\h\u