I. Filling in the profit and profit distribution table
1. "Income from main business" refers to the total income obtained from the main business of enterprises such as selling goods and providing services.
2. "Operating cost" refers to the actual cost of an enterprise's main business such as selling goods and providing services.
3. "Sales expenses" refers to the sales expenses that should be borne by the main business in the process of selling goods. For example, advertising fees.
4. "Management expenses" refers to the management expenses incurred by an enterprise for organizing and managing the production and operation of the enterprise, including the company funds incurred by the board of directors of the enterprise and the administrative department of the enterprise in the operation and management of the enterprise, or which should be borne by the enterprise in a unified way (including the salary, depreciation expenses, repair expenses, material consumption, amortization of low-value consumables, office expenses, travel expenses, etc.). ).
5. "Financial expenses" refers to general financial expenses such as interest expenses, exchange losses, fees of financial institutions and so on.
6. "Procurement expenses" refers to transportation expenses, loading and unloading expenses, packaging expenses and insurance fees. This should be borne by commercial enterprises in the purchase process.
7. "Business taxes and surcharges" refer to taxes payable by enterprises in selling goods and providing services, including product tax, value-added tax, business tax and urban maintenance and construction tax.
8. "Profit from main business" refers to the total amount of "1 -2 -3 -4 -5 -6 -7".
9. "Other business profits" refers to other business income and net income after deducting other business costs, expenses and taxes (if it is net expenditure, it should be filled with "-").
10. "Operating profit" refers to the sum of "8 items +9 items".
1 1. "Investment income" refers to the income obtained by an enterprise through foreign investment in various ways, including the share of investment income, interest income from bond investment and dividends due from stock subscription.
12. The items of "non-operating income" and "non-operating expenditure" reflect the income and expenditure outside the business of the enterprise.
13. "Total profit" refers to the operating results of an enterprise in a certain period, including operating profit, net investment income and net non-operating income and expenditure. Therefore, the total profit refers to the total amount of "10+10+12 (non-operating income-non-operating expenditure)".
14. The "undistributed profit at the beginning of the year" should be consistent with the actual number of "undistributed profit" items in the profit distribution table of last year.
15. "Last year's profit adjustment" refers to the profit and loss that needs to be adjusted when the enterprise finds that the accounting treatment of the previous year is wrong when closing the account. For example, after checking out this year, it is found that the sales expenses of the previous year were remitted less or credited more than ×× yuan. Therefore, the profits of previous years should be adjusted. If the profit decreases, it is indicated by a negative sign. (Note: According to the new system, this item has been cancelled and kept for convenience).
16. "Transfer-in amount of provident fund" refers to the amount of dividends distributed by enterprises to cover losses with provident fund according to regulations.
17. "Distribution profit" refers to the profit that the enterprise can use for final distribution.
18. The "income tax payable" item reflects the income tax payable by the enterprise in the current year. The income tax rate is usually 33%.
19. "Withdrawal of statutory surplus reserve fund" refers to the reserve fund withdrawn by an enterprise from after-tax profits in a specified proportion.
20. "Profits available for distribution to shareholders" refers to the profits that the enterprise ultimately uses for distribution to shareholders.
2 1. "Dividends distributed to preferred shareholders" reflects the dividends distributed to preferred shareholders.
22. The project of "Withdrawing any surplus reserve fund" reflects that the enterprise withdraws any surplus reserve fund according to the resolution of the shareholders' meeting.
23 "Dividends distributed to ordinary shareholders" reflects the dividends distributed to ordinary shareholders by the enterprise according to the resolutions of the shareholders' meeting.
24 "Undistributed profit" refers to the profit that the enterprise has not carried over to the next year.
Second, the main points of analysis
According to the data in the profit and profit distribution table, combined with other relevant information in the annual report, especially the relevant information in the balance sheet, investors can interpret and analyze from the following aspects:
(a) to observe whether the scale and composition of the annual profit of the enterprise are reasonable. By comparing the annual profit with the previous profit, we can evaluate the change of enterprise profit. By calculating the proportion of each component in the total profit, it can be explained whether the profit of the enterprise is normal and reasonable. Under normal circumstances, the profit of an enterprise's main business should be the most important part of its total profit, accounting for the highest proportion, while the profits of other businesses, investment income and non-operating income and expenditure should not be relatively high. If something unusual happens, more analysis and research are needed.
(2) By calculating the gross profit margin of an enterprise, the profitability of its main business can be explained from one side. The calculation formula of gross profit margin is: (main business income-operating cost) ÷ main business income = gross profit ÷ main business income If the gross profit margin of the enterprise is higher than before, it may indicate that the production and operation management of the enterprise has achieved certain results. At the same time, in the case that the inventory turnover rate of enterprises has not slowed down, it is necessary to increase the profit of the main business of enterprises. On the contrary, when the gross profit margin of an enterprise declines, more consideration should be given to the business expansion ability and production management efficiency of the enterprise.
(3) The profitability and return on investment of an enterprise can be explained by the calculation of relevant ratio indicators.
Commonly used indicators are:
1.EPS。
This indicator reflects the profit earned by each common stock in a year. Its calculation formula is: earnings per share = (after-tax profit-preferred stock dividend) ÷ average number of ordinary shares issued externally. According to the current situation that listed companies in China mainly issue shares with ordinary shares, and the par value of each share is 65,438+0 yuan, it can be directly calculated by dividing the after-tax profit by the average total share capital. At this time, this indicator is the "net interest rate on equity". Earnings per share are often used to measure the profitability of enterprises and evaluate the risk of stock investment. If the company's profit per share is high, it means that the company has strong profitability, so the risk of investing in the company's stock is relatively small. It should be pointed out that this indicator is often only used for the vertical comparison of the same enterprise in different periods to reflect the change of enterprise profitability, but rarely used for the comparison between different enterprises, because different enterprises will have great differences in this indicator due to different accounting policies adopted. 2. P/E ratio, the so-called P/E ratio, is an index used to evaluate investment income and risk, as a compensation for the lack of profit per share index.
The formula is as follows: P/E ratio = price of common stock per share ÷ profit per share Assuming that the price of common stock of an enterprise is 65,438+00 yuan and the profit per share is 0.40 yuan, its P/E ratio = 65,438+00 ÷ 0.40 = 25, which means that the market price of the stock is 25 times the after-tax profit per share, and its reciprocal (that is, 65,440) If this estimate is correct, the profit per share in the following year can reach 0.52 yuan (0.04× 130%). At this time, even if the P/E ratio does not rise, the future share price will be 13 yuan (0.52×25 times), and investors can make decisions on this stock accordingly.
3. Dividend payment rate.
This index reflects the dividend policy of the enterprise. Its calculation formula is as follows: the evaluation of dividend payment rate = dividend per share ÷ profit per share depends largely on whether investors make short-term or medium-and long-term investments. Generally speaking, if it is a short-term investment, you should choose stocks with higher dividend rate; If it is a medium-and long-term investment, you should choose a stock with a low dividend rate, because it shows that the enterprise is reinvesting its funds in the enterprise, which will have a greater impetus to its future profit growth and will make its future share price rise.
4. Dividend yield.
This is an indicator that reflects the cash yield of stock investors. Its calculation formula is: dividend yield = dividend per share ÷ share price, which is often noticed by investors who are more interested in dividends. For these people, stocks with higher dividend yield are naturally attractive. Finally, we should pay attention to compare the relevant data in the profit and profit distribution table with the relevant data in the balance sheet and the statement of changes in financial position to see if it conforms to the appropriate joint relationship. For example, whether the undistributed profit at the end of the period in the profit and profit distribution table is consistent with the undistributed profit in the balance sheet; Whether the profit distribution in the current year is consistent with the profit distribution in the statement of changes in financial position; Whether the amount of provident fund withdrawn this year is consistent with the increase of provident fund in the balance sheet, and so on. If we find that these data can't be checked, it means that many data in the report are wrong or even inaccurate, and we need to make careful decisions.