The annual report is so lengthy that it is almost impossible for investors to read through all the contents of each annual report. The purpose of reading the annual report is to grasp the key points and timely capture the potential stocks of future market speculation. Therefore, we believe that the accounting data and operating data, changes in share capital and shareholding, introduction to the shareholders' meeting, report of the board of directors, important matters and financial reports in the annual report are all very important contents. Admittedly, we must refine and compare these key columns. For example, the accounting data and operating data of listed companies should not only look at net profit and earnings per share, but also serve as an important reference for investment. It is also necessary to understand the profit composition of listed companies, especially the proportion of main business profits. If a listed company has high earnings per share, a high proportion of main business profits, and little difference between cash flow per share and earnings per share, it should be a better listed company from a financial point of view. However, a longitudinal comparison should be made. If the company's main business income, main profit and earnings per share have not increased, but decreased, then from the current market speculation concept, it may not be a good company worth investing, and its stock price is difficult to perform well. For example, Guangdong Lighting in Shenzhen and Qingdao Haier in Shanghai are typical examples.
The change of shareholders' shareholding should be dialectically analyzed.
If a listed company has a high number of shares in circulation per capita, it means that the company's shares have been heavily involved. If the top ten shareholders of this company have securities investment funds or securities companies, then the shares of this company are generally the most important in the market. In the future, the stock will have good profit opportunities in both short-term and mid-line, but investors must combine the price level of the company's share price in the secondary market. If the varieties held by these so-called large institutions are already very high, then nine times out of ten, investing in such stocks will not make money, but will be deeply trapped. For example, two years ago, Zhongguancun, Haihong Holdings, Youth Travel Holdings and other online stocks were typical cases of "harming people".
Profit and loss should be treated dialectically.
When reading the annual report, ordinary investors often only pay attention to some listed companies with excellent quality, outstanding main business, strong profitability and good growth, and often ignore the speculative value of some loss-making companies, especially "huge losses" companies. In fact, even companies that suffer big losses often have better opportunities for speculation. Especially those loss-making companies that clean up the company's burdens over the years and go into battle lightly should pay more attention. Because the loss of the annual report reflects the past, the risk has been released in advance through the performance forecast loss, and the interest is exhausted when the annual report is unveiled. What's more, the quarterly disclosure system is implemented this year. Some companies lost a lot last year, but this year they have begun to turn losses into profits, such as Shenkangjia, Su Changchai and Lanzhou Huanghe.
Annual report and quarterly report should be combined.
This year is the first year for listed companies to implement the quarterly disclosure system. The quarterly report is only a very simple operating report of listed companies, and the operating performance data in the report has not been audited by accounting firms, so it has some moisture. The annual report is calculated and audited by accounting firms in accordance with the accounting standards of listed companies, and its authenticity and accuracy are higher than those of quarterly reports. In order to truly measure and evaluate the operating conditions of a listed company, it is necessary to study the annual report. However, the information disclosed in quarterly reports is often an important subject of market speculation. For example, the aforementioned Shenkangjia. Investors should pay special attention to the stock price level of these companies while paying attention to the annual and quarterly reports of such stocks. For example, Shenkangjia is at the bottom of history. Once the volume changes, it is the result of new funds pulling up positions. If you intervene in time, you can enjoy the fun of riding in a sedan chair.