In spite of the short period of establishment and the high risk when they decide investment, investors prefer Chinext Stock Market which has high PER. Using the NPVGO Model for 353 enterprises floated on Chinese Chinext Stock Market from 2012 to 2018, this paper researches the correlation of profitability factors with PER. Therefore, Therefore, we will examine whether profitability factors can be explained as an effective index when people decide investment. As profitability factors explanatory variable, three factors are set up: Growth Rate of Net Income(NPGR), Operating Profit Growth Rate (OPGR), and Total Asset Growth Rate(TAGR). According to the analysis result, in all models, only Growth Rate of Net Income(NPGR) has a positive(+) significance. Therefore, Growth Rate of Net Income(NPGR) can be explained as an effective index when people decide investment, but Operating Profit Growth Rate (OPGR) and Total Asset Growth Rate(TAGR) have different results depending by industry. Other factors must be taken into account.