Classification of announcements
In terms of importance, financial disclosure of listed companies can be divided into one category, fixed income can be divided into one category, and investment and financing can be divided into one category. Tonglian data announcement database divides the announcements of listed companies into eight categories from different dimensions:
As can be seen from the data distribution of announcement types, in addition to general announcements, there are relatively many financial reports and major announcements, which is what Bian Xiao wants to introduce. The interpretation of financial reports needs relatively professional knowledge accumulation, mainly depending on the consistency expectation and performance.
How to interpret it?
At the end of 20 16, Kweichow Moutai soared, which was the market reaction caused by its third quarterly report performance exceeding expectations. According to the third quarterly report, in the first three quarters of 20 17, Kweichow Moutai achieved operating income of 42.45 billion yuan, net profit of199.84 million yuan, up by 6.03 1% year-on-year, and basic earnings per share was as high as 15.9 1 yuan. The performance indicators have been met.
Looking at the current market, A shares are already on the road of returning to value investment. Predicting the change rate of net profit by judging institutional consistency and finding out low-valued and high-growth value stocks whose performance constantly exceeds market expectations will be the core way for investors to invest in value in the future.
In contrast, the announcement of fixed mergers and acquisitions is much more cautious, especially two kinds:
The first is project financing. On the surface, it is good news that the company announced the financing of some projects, which means that the company is actively expanding its business scope, and new projects in the future will bring potential additional benefits. But it also indicates that investors need to bear the hidden risks brought by project failure. Therefore, seeing this announcement, on the one hand, we should know the true value of investment projects in detail, on the other hand, we can look at the book assets of listed companies. If the company has enough surplus funds in its account, but still chooses to invest in the project by means of financing, then the true meaning of this project remains to be verified. ?
The other is the cross-border M&A that was very popular in the previous two years. Most of them are engaged in some internet and technology concept hype. The company's announcement is only a few lines, but shareholders have drawn a grand blueprint for the company's future development. But did the company really carry out research and development in this area in the next few years? Usually, many of them have no news anymore. Therefore, in the face of such an announcement, we must be vigilant and not be misled by appearances.
In addition, the announcement can not only identify the title, but also capture the details. Last year, the signal that the capital chain of Ma Di's major shareholder was broken was prompted in its Prompt Announcement on the Company's Stock Resumption. The original announcement said: "After verification, at present, some shares of the company held by Dongyin Holdings are pledged, and the repayment of the main debt is overdue."
Other details of the wording can not be ignored. For example, the announcement of Dong's increase in holdings, on the surface, represents the confidence of listed companies in their future development and releases a good signal to the market. But in fact, some companies have actually invested10 million yuan to increase their holdings, and some companies have only increased their holdings of 100 shares, depending on whether the announcement clearly puts forward their own lower limit of holdings.
Another example is the fixed increase plan announced by Haihong Holdings in June 20 16, and it is planned to raise 2.5 billion yuan for the real-time intelligent audit platform construction project. After careful examination, it is found that the planned price of the fixed-income plan is 44. 10 yuan/share, which is seriously upside down compared with the closing price of 24.93 yuan/share the day before the company's suspension, so the fixed-income plan will be suspended with a high probability.