I. Profitability:
20 1 1 20 10 2009 2008 2007
Income from main business (ten thousand yuan)189457614750731226079151095.
Net profit (ten thousand yuan) 81595 34472 2542611686
Gross profit margin (%) 28 20 35 29
Table 1
According to the table 1, Yili's main business income in the six months from 2008 to 20 1 1 was above 10, and its net profit was between 10 and 800 million. At the same time, it can maintain a gross profit margin of more than 20%, which shows that Yili, as a leading enterprise in china dairy, is indeed competitive enough.
Second, the ability to grow:
20 1 1 20 10 2009 2008 2007
Growth rate of main income (%) 28 20 6 23
Net profit growth rate (%)13635117-48
Table 2
According to Table 2, the income growth rate of Yili's main business is less than the net profit growth rate. The reason for this phenomenon is that 20 1 1, the company's gross profit margin has greatly increased, from 20% to 28%. 20 10 in the case of a decline in gross profit margin, the increase in net profit is still greater than the income from main business, because the proportion of the three expenses of 20 10 is less than that of 2009. The reason why the net profit rate in 2009 was greater than the income was that the gross profit rate increased and the net profit base in 2008 was too small. The reason for the decline in net profit in 2008 was the melamine incident at that time. Later, Yili quickly recovered, indicating that Yili's operators were really fierce.
Third, financial health:
20 1 1 20 10 2009 2008 2007
Asset-liability ratio (%) 7 1 72 73 57
Current ratio (%) 0.77 0.8 0.73 0.94
Quick action ratio (%) 0.54 0.60.56 0.59
Table 3
As can be seen from Table 3, Yili's asset-liability ratio has been higher than 70% from 57% in 2008. The main reason is that from the fourth quarter of 2008, Yili began to increase the proportion of short-term loans, which can also be seen from the current proportion. Since 2009, Yili's current ratio has dropped significantly. Of course, for Yili, in fact, the debt ratio of 70% and the current ratio of about 0.7 will not lead to great financial risks. On the contrary, it has the effect of reducing WACC.
Four. Cash flow:
20 1 1 20 10 2009 2008 2007
Net operating cash flow (ten thousand yuan) 21240541694512934631314913.
Net free cash flow (ten thousand yuan) 9434325810 61339 84177
Table 4
As can be seen from Table 4, Yili's operating cash flow is still good, but the overall free cash flow trend is a bit unstable, mainly because the company is still expanding and the investment amount is uncertain, thus affecting the final free cash flow. There's nothing wrong with that.
That's it. Give me extra points for being so serious.