摘要
随着稀土供求关系的不断优化以及我国稀土相关产品的研发升级，越来越多投资者开
始关注该板块上市公司的投资价值。随着稀土产品在现代高端制造业中扮演着越来越重要
的角色，我国对稀土的重视程度也日益加深。对稀土上市公司的投资价值分析已经成为现
阶段的投资市场上一个十分火热的论题。文章首先分析了影响相关公司价值的宏观影响因
素以及中观行业因素，得出稀土行业发展前景广阔，相关公司具有投资价值的结论，之后
再运用因子分析法对相关上市企业进行分析，找出具有投资价值的公司。
本文对影响企业价值的宏观环境进行分析，首先是政治环境，我国在近些年出台了一
系列政策支持稀土行业的健康发展，通过对相关政策的解读会发现国家对稀土的开采、冶
炼、出口管制程度都不断加强，稀土作为战略资源的地位不断增高，国家的支持给稀土行
业的发展带来了一个良好的政治环境；其次本文对我国宏观经济进行分析发现在疫情造成
世界经济衰退的情况下，我国是首先恢复经济增长的经济体，2021年尽管疫情仍未平息，
但我国采用了严格的防疫措施，经济整体延续复苏，并且根据专家预计 2022年我国经济
会持续好转，良好的经济环境也会推动资本市场的繁荣。之后本文对稀土行业进行分析发
现随着环保以及双碳政策的不断落实，新能源车渗透率持续增大，风电电机的年均新增量
的计划也被逐步落实，市场上对于稀土的需求日益增多，稀土的消费也将持续增加，而我
国对于稀土的开采及出口等活动严格控制，海外的稀土矿区短期内由于各种原因也无法增
产，随着稀土供求关系的不断优化，其价格会维持在高位，稀土相关企业将会充分受益。
在对稀土行业的投资价值进行定性分析后，本文对稀土行业相关公司的投资价值进行
定量分析。本文从公司的盈利能力、成长能力、偿债能力、运营能力、每股指标和创新能
力对企业投资价值有较大影响的微观因素着手，采用因子分析法建立综合评价指标体系，
对挑选出的 23家稀土行业企业进行研究，根据各企业三年的平均得分对企业进行排名，
并选择用公司的市净率水平代表企业的市场表现情况，通过因子分析的综合排名与市净率
水平进行对比，最终挑选出了六家值得重点推荐的企业并对其分析结果进行了简要的介绍。
关键词：
稀土行业；因子分析；市净率
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Abstract
With the continuous optimization of the supply and demand relationship of rare earths and
the R&D and upgrading of rare earth-related products in my country, more and more investors
have begun to pay attention to the investment value of listed companies in this sector. As rare
earth products play an increasingly important role in modern high-end manufacturing, my
country's emphasis on rare earths is also increasing. The analysis of the investment value of rare
earth listed companies has become a very hot topic in the current investment market. The article
first analyzes the macro-influencing factors and meso-industry factors that affect the value of
related companies, and draws the conclusion that the rare earth industry has broad prospects for
development and related companies have investment value. A company worth investing in.
This article analyzes the macro environment that affects the value of enterprises. The first is
the political environment. In recent years, my country has issued a series of policies to support
the healthy development of the rare earth industry. The degree of control is constantly being
strengthened, the status of rare earths as a strategic resource is constantly increasing, and the
support of the state has brought a good political environment for the development of the rare earth
industry. Secondly, this paper analyzes my country's macro economy and finds that the epidemic
has caused the world economic recession. my country is the first economy to resume economic
growth. Although the epidemic has not subsided in 2021, my country has adopted strict epidemic
prevention measures, and the overall recovery of my country's economy continues. According to
experts, my country's economy will continue to improve in 2022. The environment also drives the
prosperity of capital markets. Afterwards, this paper analyzes the rare earth industry and finds that
with the continuous implementation of environmental protection and dual-carbon policies, the
penetration rate of new energy vehicles continues to increase, and the plan for the average annual
increase of wind power motors has also been gradually implemented. The demand for rare earths
in the market is increasing. The consumption of rare earths will continue to increase, and my
country strictly controls the mining and export of rare earths, and overseas rare earth mining areas
cannot increase production in the short term due to various reasons. With the continuous
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