fundamental principle
Fundamentals refers to the analysis of the macro-economy, industry and the basic situation of the company, including the analysis of the company's business philosophy and strategy, company statements and so on.
Including the macroeconomic operation and the basic situation of listed companies.
Macro-economic operation reflects the overall operating performance of listed companies and sets a background for their further development, so macro-economy is closely related to listed companies and their corresponding stock prices.
The fundamentals of listed companies include financial status, profitability, market share, management system and talent composition.
Fundamentals mainly include business income, cash flow, net assets and dividends.
Which company does better in these aspects shows that the fundamentals of this company are better.
I. Operating income
This is easy to understand.
Take a tea shop as an example:
The tea shop sells milk tea 100 cups a day, 10 yuan, so the main business income of that day is 1000 yuan, and there is no other non-operating income.
If this tea shop sells 50 cups of milk tea a day, and 500 yuan has an asset disposal fee, then the operating income of that day is 1 1,000 yuan.
But the main business income is only 500 yuan.
When observing the operating income of an enterprise, we should pay more attention to its main business income, so as to exclude those enterprises that "do nothing" or "rely on other income" to increase their income.
Second, cash flow.
Cash flow is a dynamic picture of how much money an enterprise sells, earns and spends in a certain period of time, which is calculated and displayed in cash.
Or take the tea shop above as an example:
A invested 65,438+10,000 yuan to run this tea shop. During the operation, it was found that the money was still a little less, so she borrowed 50,000 yuan from the bank.
The cash inflow of 6.5438+0.5 million yuan is not the cash flow generated by operating activities, but the cash flow generated by financing activities.
If A earned 6.5438+0 million yuan from selling milk tea last year, after deducting 200,000 yuan from purchasing, employee salaries, water and electricity, the remaining 800,000 yuan is the net cash inflow from business activities.
In addition, A also invested some funds in financial management, and got an interest fee at the end of the year, so this fee belongs to the cash flow of investment activities.
To judge whether a company's cash flow is healthy, we should pay attention to whether the net cash inflow generated by operating activities is good, rather than relying solely on investment or financing to increase cash flow.
Three. net asset
A has invested 654.38 million yuan in the tea shop, which can be regarded as net assets.
Then 50 thousand yuan borrowed from the bank is called debt.
These two items add up to the total assets of this tea shop.
It can be seen that the debt ratio of this tea shop is 33%, and the risk is moderate.
In actual investment, if the debt ratio of enterprises is as high as 60% or above, it is necessary to consider whether it is worth investing. In case there is a problem with the capital chain, what will be used to pay off the debt?
Fourth, pay dividends.
We can judge whether this enterprise is profitable or not by inquiring the dividend rate of listed companies, and whether it will give back to shareholders after profit.
If the dividend yield of this tea shop in the annual report is 5%, then we can think that this is a relatively generous enterprise and consider investing.
If a partner is investigating the fundamentals of a company, but doesn't know where to start, then try to start from these four aspects first, I believe it will be enlightening.