Qunhe is not a company that can be valued with current data.

You use PS, you use DCF, you use comparable companies, and what you calculate are all anchors based on the premise of "assuming the company remains stable and unchanged." But Qunhe is not a stable company at all. It is a company that is using the cash flow accumulated over fifteen years from CoolJiaLe to gamble on an uncertain future called "spatial intelligence."

The management themselves said—this quote is from Huang Xiaohuang—"it's almost like betting everything."

For such a company, the core valuation question is not "how much is it worth now," but rather "what does it become if you win the bet, what does it become if you lose the bet, and what is the probability of winning the bet." Once these three questions are clearly answered, the value range naturally emerges.

This research report will spend a long time answering these three questions.

After reading, you will understand why I believe this company is worth paying attention to, but now is not the time to enter; why the odds structure of this company is particularly similar to BYD in 2008 and NetEase in 2001.

https://mp.weixin.qq.com/s/5iprYa8K9suBztCBb_rcNA

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