& ltbr & gt& ltbr & gt report is divided into three aspects: financial ratio analysis in a single year, comparative analysis in different periods, and comparison with other companies in the same industry. Here we divide the financial ratio analysis into solvency analysis, capital structure analysis (or long-term solvency analysis), operating efficiency analysis, profitability analysis, investment income analysis, cash guarantee ability analysis and profit composition analysis.
& ltbr & gt& ltbr & gta. solvency analysis:
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& ltbr & gt& ltbr & gt current ratio = current assets/current liabilities.
& ltbr & gt& ltbr & gt current ratio can reflect short-term solvency. It is generally believed that the reasonable minimum turnover rate of production enterprises is 2. Generally speaking, the main factors affecting the current ratio are business cycle, the amount of accounts receivable in current assets and the turnover rate of inventory.
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& ltbr & gt& ltbr & gt quick ratio = (current assets-inventory)/current liabilities
& ltbr & gt& ltbr & gt Due to various reasons, the liquidity of inventory is poor, so the quick ratio obtained by subtracting inventory from current assets is more convincing. It is generally believed that the reasonable minimum quick ratio of an enterprise is 1. However, the industry has a great influence on the quick ratio. For example, stores have almost no accounts receivable, and the ratio will be much lower than 1. An important factor affecting the credibility of quick ratio is the liquidity of accounts receivable.
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& ltbr & gt& ltbr & gt Conservative quick ratio (ultra-quick ratio) = (monetary fund+short-term investment+notes receivable+accounts receivable)/current liabilities.
& ltbr & gt& ltbr & gt further eliminate items that are not usually related to the current cash flow, such as prepaid expenses.
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& ltbr & gt& ltbr & gt Cash ratio = (monetary funds/current liabilities)
The cash ratio of & ltbr & gt& ltbr & gt reflects the ability of enterprises to repay short-term debts.
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& ltbr & gt& ltbr & gt accounts receivable turnover rate = sales revenue/average accounts receivable.
& ltbr & gt& ltbr & gt represents the average number of times accounts receivable are converted into cash in one year. If the turnover rate is too low, it will affect the short-term solvency of enterprises.
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& ltbr & gt& ltbr & gt average collection period = 360 days/accounts receivable turnover rate.
& ltbr & gt& ltbr & gt represents the average number of days that accounts receivable are converted into cash in a year. Affect the short-term solvency of enterprises.
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& ltbr & gt& ltbr & gtb. Capital structure analysis (or long-term solvency analysis):
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& ltbr & gt& ltbr & gt Shareholder's equity ratio = total shareholder's equity/total assets × 100%.
& ltbr & gt& ltbr & gt reflects the ratio of the capital provided by the owner to the total assets, and reflects whether the basic financial structure of the enterprise is stable. Generally speaking, high ratio is a financial structure with low risk and low return, while low ratio is a financial structure with high risk and high return.
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& ltbr & gt& ltbr & gt Asset-liability ratio = total liabilities/total assets × 100%
& ltbr & gt& ltbr & gt reflects the percentage of total assets obtained through borrowing.
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& ltbr & gt& ltbr & gt Debt-to-capital ratio = total liabilities/ending number of shareholders' equity × 100%
& ltbr & gt& ltbr & gt It can reveal the solvency of enterprises more accurately than the asset-liability ratio, because enterprises can only reduce the debt ratio by increasing capital. The debt-to-capital ratio of 200% is a general warning line, and we should pay special attention to it if it exceeds it.
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& ltbr & gt& ltbr & gt Long-term debt ratio = Long-term debt/total assets × 100%
& ltbr & gt& ltbr & gt indicators for judging the debt status of enterprises. It will not increase the short-term debt repayment pressure of enterprises, but it belongs to the problem of capital structure and will bring additional risks to enterprises in economic recession.
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& ltbr & gt& ltbr & gt Interest-bearing debt ratio = (short-term loans+long-term liabilities due within one year+long-term loans+bonds payable+long-term payables)/number of shareholders' equity at the end of the period × 100%.
& ltbr & gt& ltbr & gt Interest-free liabilities and interest-bearing liabilities have completely different effects on profits. The former does not directly reduce profits, while the latter can reduce profits through financial expenses. Therefore, when reducing the debt ratio, the company should focus on reducing interest-bearing liabilities rather than interest-free liabilities, which is of great significance to profit growth or turning losses into profits. 100% is an internationally recognized capital security warning line for the ratio of interest-bearing liabilities to capital.
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& ltbr & gt& ltbr & gtc. Analysis of operating efficiency;
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& ltbr & gt& ltbr & gt net assets adjustment coefficient = (adjusted net assets per share-net assets per share)/net assets per share.
& ltbr & gt& ltbr & gt adjusted net assets per share = (shareholders' equity-accounts receivable over 3 years-deferred expenses-net loss of property to be disposed of-deferred assets)/number of common shares.
& ltbr & gt& ltbr & gt lost four types of assets that could not generate benefits. The greater the adjustment coefficient of net assets, the lower the asset quality of the company. Especially if the company's return on net assets is still high under the condition of large coefficient, it is necessary to make an in-depth analysis.
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& ltbr & gt& ltbr & gt Operating expenses rate = Operating expenses/main business income × 100%.
& ltbr & gt& ltbr & gt financial expense ratio = financial expense/main business income × 100%.
& ltbr & gt& ltbr & gt indicators reflecting the financial situation of enterprises.
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& ltbr & gt& ltbr & gt Growth rate of three expenses = (total of three expenses in the previous period-total of three expenses in the current period)/total of three expenses in the current period.
& ltbr & gt& ltbr & gt Total three expenses = operating expenses+management expenses+financial expenses.
The sum of the three expenses of & ltbr & gt& ltbr & gt reflects the operating cost of the enterprise. If the sum of the three expenses significantly increases (or decreases) relative to the main business income, it shows that the enterprise has changed to a certain extent and should be paid attention to.
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& ltbr & gt& ltbr & gt inventory turnover rate = cost of goods sold × 2/ (beginning inventory+ending inventory)
& ltbr & gt& ltbr & gt Inventory turnover days = 360 days/inventory turnover rate.
& ltbr & gt& ltbr & gt inventory turnover rate (days) indicates the production and sales rate of the company's products. If the turnover rate is too small (or too long) compared with other companies in the same industry, we should pay attention to whether the company's products can be sold smoothly.
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& ltbr & gt& ltbr & gt fixed assets turnover rate = sales revenue/average fixed assets.
& ltbr & gt& ltbr & gt This ratio is an index to measure the efficiency of enterprises in using fixed assets. The higher the index, the better the effect of using fixed assets.
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& ltbr & gt& ltbr & gt total assets turnover rate = sales revenue/average total assets.
The bigger the & ltbr & gt& ltbr & gt index, the stronger the sales ability.
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& ltbr & gt& ltbr & gt Growth rate of main business income = (main business income in the current period-main business income in the previous period)/main business income in the previous period × 100%.
& ltbr & gt& ltbr & gt When general products are in the growth stage, the growth rate should be greater than 10%.
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& ltbr & gt& ltbr & gt Ratio of other accounts receivable to current assets = other accounts receivable/current assets.
& ltbr & gt& ltbr & gt Other receivables mainly account for currency transactions unrelated to production, operation and sales activities, which should generally be small. If the index is high, it means that the proportion of working capital used for abnormal business activities is high, so we should pay attention to whether it is related to related party transactions.
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& ltbr & gt& ltbr & gtd. Profitability analysis:
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& ltbr & gt& ltbr & gt operating cost rate = operating cost/main business income × 100%.
& ltbr & gt& ltbr & gt among peers, the operating cost ratio is the most comparable, because the consumption of raw materials is basically the same, and the production equipment and wages are also relatively consistent. The difference of this index can explain the situation of resources, location, technology and labor productivity between companies. Those peers with low operating costs often have some advantages, and these advantages also cause differences in profitability. On the contrary, those peers with higher operating cost ratio are bound to be at a disadvantage in profitability.
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& ltbr & gt& ltbr & gt operating profit margin = operating profit/main business income × 100%.
& ltbr & gt& ltbr & gt gross sales margin = (main business income-main business cost)/main business income × 100%.
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& ltbr & gt& ltbr & gt Pre-tax profit rate = total profit/main business income × 100%.
& ltbr & gt& ltbr & gt After-tax profit rate = net profit/main business income × 100%.
& ltbr & gt& ltbr & gt These indicators all reflect the profitability of enterprises from a certain aspect.
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& ltbr & gt& ltbr & gt return on assets = net profit × 2/ (total assets at the beginning+total assets at the end) × 100%.
& ltbr & gt& ltbr & gt The rate of return on assets reflects the utilization efficiency of the total assets of an enterprise, or the profitability of all assets of an enterprise.
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& ltbr & gt& ltbr & gt ROE = net profit/net assets × 100%.
& ltbr & gt& ltbr & gt, also known as the rate of return on shareholders' equity, reflects how much profit can be generated by the funds invested by shareholders.
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& ltbr & gt& ltbr & gt Return on recurring net assets = net profit after deducting non-recurring gains and losses/number of shareholders' equity at the end of the period × 100%.
& ltbr & gt& ltbr & gt Generally speaking, assets can only generate "net profit after deducting non-recurring gains and losses", so it is more accurate to use this indicator to measure assets.
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& ltbr & gt& ltbr & gt Profit rate of main business = profit of main business/income of main business × 100%.
If & ltbr & gt& ltbr & gt enterprises want to achieve sustainable development, it is very important that the profit rate of main business is in the forefront of the same industry and remains stable. However, if the index is abnormally higher than the industry average, we should also be cautious.
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& ltbr & gt& ltbr & gt rate of return on fixed assets = operating profit/net value of fixed assets × 100%.
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& ltbr & gt& ltbr & gt return on total assets = net profit/total assets at the end of the period × 100%.
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& ltbr & gt& ltbr & gt recurring rate of return on total assets = net profit after deducting non-recurring gains and losses/total assets ending number × 100%.
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& ltbr & gt& ltbr & gt These items all measure the return on assets from a certain aspect.
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& ltbr & gt& ltbr & gte. Investment income analysis:
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& ltbr & gt& ltbr & gt P/E ratio = price per share/net profit per share.
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& ltbr & gt& ltbr & gt Net assets ratio = price per share/net assets value per share.
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& ltbr & gt& ltbr & gt Asset ratio = share price/asset value per share.
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& ltbr & gt& ltbr & gtf. Analysis of cash guarantee ability;
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& ltbr & gt& ltbr & gt The ratio of cash received from selling goods to main business income = cash received from selling goods and providing services/main business income × 100%.
& ltbr & gt& ltbr & gt The index of normal turnover enterprises should be greater than 1. If the index is low, it may be related transactions, fictitious sales revenue or overdraft future sales, which may cause a sharp decline in performance in the coming year.
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& ltbr & gt& ltbr & gt The ratio of net cash flow from operating activities to net profit = net cash flow from operating activities/net profit × 100%.
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& ltbr & gt& ltbr & gt Net profit direct cash guarantee multiple = (net operating cash flow-other cash inflows related to operating activities+other cash outflows related to operating activities)/main business income × 100%.
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& ltbr & gt& ltbr & gt The ratio of net operating cash flow to short-term interest-bearing liabilities = net operating cash flow/(short-term loans+1 long-term liabilities due within a year) × 100%.
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& ltbr & gt& ltbr & gt Net increase of cash and cash equivalents per share = Net increase of cash and cash equivalents/number of shares.
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& ltbr & gt& ltbr & gt Free cash flow per share = Free cash flow/number of shares.
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& ltbr & gt& ltbr & gt (free cash flow = net profit+depreciation and amortization-capital expenditure-liquidity demand-repayment of debt principal+newly borrowed funds)
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& ltbr & gt& ltbr & gtg. Analysis of profit composition:
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& ltbr & gt& ltbr & gt In order to let investors clearly see the profit composition in the income statement, I want to make an analysis of the profit and loss items (including: main business income, other business income, discounts and allowances, investment income, subsidy income, non-business income, main business cost, main business taxes and surcharges, other business expenses, inventory depreciation loss, operating expenses, management expenses, financial expenses, etc. ) must be stipulated in the accounting system of a joint stock limited company. ) Make a profit composition table for the proportion of net profit.
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The security of assets of & ltbr & gt& ltbr & gt listed companies is the basic premise for the healthy development of the company, and it is also one of the necessary conditions for investors to choose to invest in listed companies. In the fundamental analysis of listed companies, the main aspect reflecting the asset security of listed companies is to analyze their solvency. Therefore, generally speaking, many investors (even investment experts) always associate the asset security of listed companies with the analysis of their solvency, because the biggest threat to the asset security of listed companies is the occurrence of "financial failure", that is, the inability of listed companies to repay due debts leads to litigation or bankruptcy.
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& ltbr & gt& ltbr & gt In fact, even if a listed company can repay its debts at maturity without going bankrupt, it cannot guarantee normal production and operation, and it is also unsafe. The real guarantee should be to have a relatively stable cash flow to maintain normal operation while arranging the due financial burden. Fundamentally speaking, security requires enterprises to have the ability to repay debts at a certain point in time, that is, static, and this repayment ability is the accumulation of profits and cash inflows at ordinary times, that is, dynamic. If a listed company does not have a relatively stable cash inflow or profit, it is hard to imagine that it can survive for a long time without a crisis.