Data analysis without comparison is like an armchair strategist, which has no practical significance. When we analyze the company's inventory, we must look at the proportion of inventory in total assets. So, is the larger the inventory ratio, the better or the smaller the better? This can't be generalized, because the nature of different industries is different, and it is necessary to analyze specific problems. Just like you ask a kindergarten child, what is a balance sheet? It doesn't make any sense.
As far as Vanke is concerned, its inventory is a house, whether it is to be built, under construction or completed, it is all inventory. Before 20 16, Vanke's inventory accounted for more than 60% of the total assets. Since 20 16, house prices have risen rapidly, the demand for buying houses has surged, and the proportion of inventory has dropped significantly. From the perspective of Shell Touyan, this shows that the house sales of enterprises are very impressive, which is beyond doubt. By the end of 20 18, Vanke's inventory accounted for a minimum of 49.08% of the total assets. Affected by the policy, the real estate market has converged after 20 19, and the inventory ratio has returned to over 50%. Inventory has increased, and house prices may fall in the future, which is not good news for Vanke, because it is difficult to recover money if the house is not sold, and a series of cash flow problems may occur.
In the view of Shell Investment Research, most companies must not have too much inventory, because the inventory has to be depreciated, and the inventory may not be sold. After all, there is only one kind of Maotai.
Second, the structure of inventory.
The structure of inventory refers to the specific items of inventory and the proportion of each item in inventory. Let's take a look at the inventory structure of Kweichow Moutai in recent years.
The inventory of Kweichow Moutai includes raw materials, products in process, goods in stock and self-made semi-finished products. From 20 15 to 20 19, the company's total inventory has been growing steadily, and by the end of 20 19, the total inventory has reached 25.285 billion yuan. But that doesn't mean anything. Let's look at the inventory structure.
By splitting, we can clearly see the change of inventory structure. Raw materials decreased by nearly 300 million yuan, inventory goods decreased by about 654.38+0.5 billion yuan, and products and self-made semi-finished products increased significantly. These instructions:
1, there is no risk of overstocking in the company's inventory, there is no inventory pressure, and the products are in short supply.
2. The company is full of confidence in the future product sales, and the enterprise prospect is very optimistic.
3. The product has core competitiveness, which other companies can't surpass, and the investment value is high.
I have to say that Kweichow Moutai really exists like a myth. Again, after all, not every company is called Maotai.
Third, the inventory turnover rate
Inventory turnover rate is an index reflecting the operating ability of an enterprise, and the calculation formula is:
Inventory turnover rate = operating cost/(beginning inventory+ending inventory) ÷2,
Generally speaking, in the same industry, higher inventory turnover (lower inventory turnover days) means that products are more popular in the market and the company's products are more competitive in the market. Let's compare and analyze the data of Ye Wei, Haiti and Ye Wei, He Qian at 20 19.
The inventory turnover rate of Haitian Yewei in 20 19 years =108.01(12.03+18.03) ÷ 2 = 7.19 times.
He Qian Ye Wei's inventory turnover in 20 19 years = 7.29/(2.68+3.18) ÷ 2 = 2.49 times.
Haitian Ye Wei's inventory turnover rate is higher, and its products are easier to sell and more competitive.
365/ inventory turnover rate = inventory turnover days
Haitian Ye Wei's inventory turnover days are about 5 1 day, which means Haitian Ye Wei needs about 5 1 day to sell out the soy sauce in the warehouse, while He Qian Ye Wei needs about 147 days to complete the turnover. Have to say, Haitian Ye Wei's operation ability is much stronger than other enterprises in the same industry.
At the beginning of this part, we emphasized that "generally speaking, the higher the inventory turnover rate, the more popular the products are". Kweichow Moutai has always been different, because its inventory turnover in 20 19 years is only about 0.3, which means that the inventory turnover of Moutai takes 12 17 days. Why is Maotai so special?
On the one hand, because of the large inventory value and sufficient Moutai reserves, the performance will rise steadily in the next few years; On the other hand, Maotai has a low production cost because of its low operating cost, mainly its brand power. Moreover, the annual listing volume is limited, and it is difficult for individuals to buy real Maotai. Even if they can buy it, it is impossible to carry it home in a box.
The whole business process of an enterprise can be summarized as purchasing raw materials-producing products or semi-finished products-finished products-inventory goods-sales, and inventory is even related to the life and death of the enterprise, so it is very important to analyze the inventory and find out the possible problems of the company through inventory, which is also very beneficial to our future investment.