How to do financial analysis? Analysis of several aspects.

(1) Read the financial statements carefully. As mentioned above, the purpose of investors' financial analysis is to evaluate the advantages and disadvantages of listed companies, understand their business trends, and evaluate their profitability, operational ability and solvency, so as to determine the investment value of the company's stocks. This is the basis for investors to make rational investment, and it is also the premise for investors to obtain stable investment income. Therefore, with rational investment gradually becoming the mainstream of the market, more and more investors begin to pay attention to the financial statements of listed companies and devote themselves to the financial analysis of listed companies. However, the figures in the company's financial statements are dense, some are complex, some are abstract and professional. For the majority of non-professional small and medium-sized investors, it is not an easy task to fully understand such figures and conduct financial analysis accordingly, but it is something we have to do. What should we do? Our suggestion is to grasp the key points and grasp the law. As an ordinary investor, reading and analyzing financial statements is mainly to understand the following questions: What are the financial performance and profitability of enterprises? What is the financial status and solvency of the enterprise? Is the enterprise's operating condition normal and its operating ability strong or weak? Changes in shareholders' rights and interests and whether shareholders' rights and interests are hurt? The reading analysis process can be divided into the following three steps: the first step: general reading, that is, rough reading. Because financial statements have a strong background of financial professional knowledge, investors who don't know much about financial knowledge often don't know how to start after getting a pile of financial statements; In addition, when centralized disclosure of annual reports, it is often necessary to publish several or even dozens of annual reports a day. If you read them carefully, neither time nor energy are allowed. At this point, it is necessary to skim it first. It is worth noting that some investors don't just look at one or two simple indicators such as earnings per share. On February 5th, 2002, China Securities Regulatory Commission issued "Standards for Contents and Formats of Annual Reports of Securities Companies (Revised)", in which the second item is "Summary of Accounting Data and Business Data", which is the object of our rough reading. In the abstract, there are two items. The first item is "the total profit this year and its composition", which is mainly to let investors know the profit composition of a listed company this year. Generally speaking, we need to pay attention to whether the main business profits of listed companies are dominant, how big their net cash flow is, and how big the gap is with the total profits. The second item in the abstract-"the company's main accounting data and financial indicators for the first three years as of the end of the reporting period" is the focus of rough reading. In this small item, basically contains the main data we want to know. Including the initial number, final number and percentage increase or decrease of financial status indicators such as asset-liability ratio, net asset-liability ratio, net capital ratio, current ratio, net capital, self-operated securities ratio, long-term investment ratio, fixed capital ratio, securities purchase and entrusted funds provided by listed companies in the form of data list; Including the previous year, this year's total profit, net profit, return on net assets, return on total assets, operating expense ratio and other business performance indicators and their percentage increase or decrease. Through these indicators, we can basically imagine the operating and financial situation of listed companies. For example, we can roughly estimate the profit rate of its operation from its main income and net profit. The most important and valuable thing is that we have the relevant data of the first three years at the same time, which is exactly what we want to analyze and discuss further.