Fundamental analysis of companies usually refers to listed companies, which are open and transparent, and can be used to decide whether it is worth investing? For non-listed companies, because there is no obligation to disclose their fundamentals, they can only refer to the analysis of listed companies.
For the fundamental analysis of the company, focus on the following items and contents:
1, financial statements
Financial statement is the most important standard to measure a company's fundamentals. It is mainly analyzed from many aspects, such as the company's price-earnings ratio, earnings per share, local government's support and financial subsidies, net assets per share, price-to-book ratio, return on net assets, costs and expenses, sales profit, accounts receivable turnover rate, debt ratio and cash ratio.
2. Industrial division of labor
The analysis of the industry in which the company is located should include two aspects: first, the overall analysis of the industry in which the listed company is located; The second is the analysis of the current situation of the industry in which listed companies are located.
The industry analysis of listed companies is very important for long-term investment. The present situation and future development trend of the industry have great influence on the listed companies in this industry. When an industry is in the overall growth period, there is great room for future development, and all listed companies in this industry have good performance and great room for development. For example, the communication industry, computer software industry and high-tech industry in Shenzhen and Shanghai stock markets, the overall performance of the company is higher than other industries.
3. Classification of industry growth
Every industry has four development periods: formation period, growth period, stability period and decline period. The declining and declining industries are called sunset industries; Industries in the period of formation and growth are called sunrise industries. When the market starts from the bottom, investors had better choose the stocks in the sunrise industry and not enter the stocks in the sunset industry. The division of sunrise industry and sunset industry is relative, which is limited by time and region.
4. Market share analysis of the company's products.
The market share of products should include two aspects: first, the market share of products refers to the market share of company products in similar products; Second, it refers to the market coverage of products, and also refers to the coverage and distribution of products in various regions.
5. Product variety analysis of the company
Variety analysis of the company's products refers to whether the company's products are complete, the number of varieties held in the same industry, the life cycle of these varieties in the market and the market share analysis of each variety.
6, product price analysis
Product price analysis refers to the price comparison between the products produced by our company and similar products produced by other companies.
7. Product sales ability
It mainly investigates the sales channels, sales networks, sales personnel, sales strategies, sales costs and sales performance of listed companies.
8. Supply analysis of raw materials and key parts of the company
The supply of raw materials and key parts of the company is the same as the sales of products. There are also two situations: one is that the upstream raw materials and key components of the product are supplied and produced by themselves. Its advantage is that the supply of raw materials and key components is stable, and this part of the profits is obtained by the company alone. However, its disadvantages are long front, increased initial investment, increased management cost and poor product risk resistance. In another case, raw materials and key components are supplied and produced by specialized raw materials companies, and the companies give up part of their profits. The two models have their own advantages and disadvantages, which need to be judged according to the specific situation.
9. Study and analyze the intellectual property rights of the company's products.
Whether the products of listed companies have independent intellectual property rights is a very important indicator, which can measure the technical gold content of products. Independent intellectual property rights are the basis for the development of listed companies and the guarantee for stabilizing profit sources.
10, field trip
Investigate the company's current situation, production and sales, company culture, company management ability, company rules and regulations, production scale, production efficiency, production order, actual implementation of investment funds, accuracy of company information disclosure and authenticity of financial statements.