"At the end of his important essay “On Fairy Stories,” Tolkien explains from where he intends his tales to draw their power — from the emotional reservoir of the Christian gospel. The “primary world” story of the Son of God himself, taking full humanity at Christmas, living flawlessly in our fallen world, sacrificing himself to rescue us on Good Friday from God's just wrath, and rising again victorious on Easter as the living Lord of the Universe — here is the Story for which God made the human heart and the Story from which all good stories derive their power.
For Tolkien, the enchantment of the Christian gospel is deeper than allegory (which he thought crass) or merely having a character who is the Jesus figure. Tolkien believed that God made humanity for the Great Joy purchased by and provided in the Good News of Jesus, and that the joy we experience from good fantasy tales stream their power from the real world, the Primary Reality, created by God and culminating in the life, death, and resurrection of his Son. In this way, Tolkien thought that all good stories meet with God’s gospel-shape imprint on his creatures.
Finding Jesus in The Hobbit doesn’t mean shoe-horning Gandalf or Bilbo or anyone else into some Christ mold, but following the story, truly tracking its twists, feeling its angst, and knowing that the “turn” — the Great Unexpected Rescue just in the nick of time, the place where our souls are most stirred and relieved and satisfied — is tapping into something deep in us, some way in which God spring-loaded us for the Great Story and the extent to which he went to reclaim us."
You can find the entire article here: http://www.desiringgod.org/blog/posts/how-to-watch-the-hobbit