Through the analysis of income statement, we can evaluate the sustainable development ability of enterprises. The profit level it reflects is more concerned by investors of listed companies and is a "barometer" of the capital market.
(A) Analysis of enterprise profit structure
Analyze the influence of structural changes of various income and expenditure factors that constitute the profit combination relationship on profits.
Analyze the influence of the business development and profitability of various majors and regions that constitute the company's total profit on the company's operating performance.
1, revenue and expenditure structure analysis
From reading the income statement, we can know that the calculation method of profit is to deduct business tax, cost and period expenses (the sum of operating expenses, management expenses and financial expenses) from income in turn, plus other business profits and net non-operating income and expenditure. Therefore, all the elements that make up the total profit will have an impact on the total profit, so it is necessary to analyze the structure of different contents in order to analyze the positive or negative factors that have a great impact on the profit and the degree of influence of these factors.
When analyzing the revenue and expenditure structure of communication enterprises, we usually analyze revenue and expenditure coefficient, cost item structure ratio and EBITDA rate index.
(1) Income and expenditure coefficient
Its calculation formula is:
Income and expenditure coefficient = main business income/cost (cost+period cost)
This formula shows how much income can be earned on cost for every dollar spent. As long as the revenue and expenditure coefficient is greater than 1, assuming that other business profits and non-operating revenue and expenditure are zero, it means that profits can be obtained for every expenditure 1 yuan cost. Explain the ideal structure of cost and income. The lower the cost-income ratio, the greater the profitability.
Because of different analysis angles, we can also use the formula of "revenue and expenditure coefficient = cost (cost+period expenses)/main business income" to explain how much each yuan of income needs to pay from another angle.
(2) the proportion of cost project structure
Its calculation formula is:
Cost Project Structure Proportion = Expenditure Amount/Total Project Cost.
By analyzing the proportion of each cost item (salary, employee welfare expenses, depreciation, repair expenses, amortization of low-value consumables, business expenses, lease expenses and inter-network settlement expenses), we can focus on controlling, adjusting and paying attention to the expenditure of the cost items with a large proportion. By comparing the history and the proportion of cost items in the same industry, find out the gap and improve it.
(3) Profit rate before interest, tax, depreciation and amortization
Its calculation formula is:
EBITDA rate =EBITDA/ operating income
In the formula: EBITDA= operating profit+discount and amortization.
Business income = main business income+other business income
EBITDA indicator is equivalent to the net cash flow generated by operating activities.
By analyzing this index, we can know how much net cash flow the enterprise has achieved per 100 yuan of operating income in its business activities. By observing this index, we can analyze and judge the profitability and capital circulation ability of enterprises.
2. Profit structure analysis
The company's profit structure can be analyzed from the following three aspects:
(1) From the analysis of the elements that make up the total profit
Total profit consists of main business profit, other business profit, period expenses (sum of operating expenses, management expenses and financial expenses), investment income and net non-operating income and expenditure. Its constitutive relation is as follows:
Total profit = main business profit+other business profit-period expenses+investment income+net non-operating income and expenditure.
As an enterprise, whether it is a communication enterprise or other enterprises, the profitability and proportion of the main business represent the profitability of the enterprise, which is the core purpose of the company's operation.
Because the period expenses are incurred by the enterprise for the marketing, management and fund-raising activities of its main business, it is more realistic to analyze the structure of "main business profit" in the income statement as the actual main business profit after deducting the period expenses. From this, we can use "proportion = component items/overall indicators" to analyze the proportion of the actual profit of main business, other business profits, investment income and net non-operating income and expenditure to the total profit respectively.
⑵ Analyze the structure from the profit-creating business divisions and regional business divisions.
As we all know, the total profit of a company is realized by different businesses and different regions, so we can analyze the structure according to different majors and branches. Its analysis method can still apply the formula of specific gravity analysis: specific gravity = component items/overall indicators.
That is, the profit ratio of each major = the profit/total profit of a major.
Proportion of regional profits = regional profits/total profits
By analyzing the structure of the realized profit of each major or region in the total profit of the company, we can compare the important position of different majors or regions. By analyzing the change of structural proportion, we can also observe the factors leading to structural change and the degree of influence.
⑶ Project contribution analysis.
If it is assumed that the components of an analyzed indicator have a certain structural proportion in the base period, the growth contribution of each component to the overall indicator will be different because of its different structural proportion and different development speed.
3. Multi-factor change analysis
Multi-factor change analysis refers to the method of analyzing the influence of the change of related factors on the difference with an indicator as the object. The commonly used analysis method is sequence substitution method, also known as factor substitution method.
The so-called sequence substitution method is a factor analysis method that calculates the influence degree of the change of related factors on the index difference by replacing the influencing factors one by one in turn.
(B) Analysis of enterprise profitability
Profitability refers to the ability of enterprises to obtain profits through business activities. The improvement of corporate profitability will bring more cash inflows, higher shareholder returns, stronger solvency and greater corporate value.
The indicators for analyzing and evaluating enterprise profits are:
Income gross profit margin, income profit margin, return on total assets, return on net assets, and rate of maintaining and increasing assets.
1, revenue gross margin
Gross profit margin is the ratio of total revenue to net operating income. Gross profit is equal to the difference between net operating income and cost. Its calculation formula is:
Gross profit margin of income = (main business income-main business cost)/main business income
The level of total profit reflects the initial profitability of an enterprise, which is the starting point for the enterprise to realize total profit, and can show the enterprise's ability to bear operating expenses, management expenses, financial expenses and other period expenses. Through the analysis of income gross profit margin, we can grasp the influence of gross profit level and period cost on profit.
2. Income profit rate
Income profit rate is the ratio of total realized profit to operating income. Its calculation formula is:
Income profit rate = total profit/main business income
Through the analysis of income profit rate, we can know the profit level of each yuan income of an enterprise.
3. Profit rate of total assets
Return on total assets refers to the ratio of realized net profit (after-tax profit) to average occupied total assets, which reflects the profitability of an enterprise in utilizing all resources. The calculation formula is as follows:
Return on total assets = average balance of net profit/total assets or,
Return on total assets = net rate of return × total assets turnover rate.
As can be seen from the formula, return on total assets depends on the level of net profit and the turnover rate of total assets.
4. Return on net assets
Return on net assets also refers to the rate of return on owners' equity or the rate of return on shareholders' equity, which is the percentage of net profit obtained from the average balance of owners' equity. Its calculation formula is:
Return on net assets = net profit/average balance of owner's equity
Through the analysis of this index, we can reveal the following two aspects:
(1) reflects the profitability of the owner's investment;
(2) Providing investors with investment return information;
(3) reflect the operating results of the enterprise operators on the entrusted assets.
5. Capital preservation and appreciation rate
Capital preservation and appreciation rate refers to the ratio of the balance of owner's equity at the end of the period to the balance of owner's equity at the beginning of the period. It reflects the preservation or appreciation of the owner's equity. Its calculation formula is:
Capital preservation and appreciation rate = balance of owner's equity at the end of the period/balance of owner's equity at the beginning of the period
(C) Analysis of the enterprise's own development capability
The self-development ability of an enterprise refers to the income growth obtained through production and operation activities and the ability to obtain the development trend with the funds formed by itself. Self-development ability analysis mainly includes sustainable development ability analysis and break-even analysis.
1, analysis of sustainable development capacity
The analysis of sustainable development ability mainly analyzes the business growth and sustainable development trend of enterprises. Generally, the following indicators are used for analysis and prediction.
(1) Income growth rate
Income growth rate = income growth in the reporting period/total income in the same period in history × 100%.
(2) Net profit growth rate
Net profit growth rate = profit increase in the reporting period/total profit in the same period in history × 100%.
⑶ Total assets growth rate
Total assets growth rate = total assets increase in the current period/total assets at the beginning × 100%.
(4) Capital accumulation rate
Capital accumulation rate = current increase in owner's equity/initial owner's equity × 100%.
5] new fixed assets ratio
Innovation rate of fixed assets = average net value of fixed assets/average original value of fixed assets × 100%
[6] Average growth rate or chain growth rate
Average growth rate =n√(a*b)/(c*d)- 1.
2. Development trend analysis
Development trend analysis is an analytical method to predict the future development trend according to historical data and development law.
(1) Incremental Trend Forecast
Incremental trend prediction is a method to predict the possible goals in a certain period in the future according to the historical incremental rate of an analysis object.
⑵ Regression analysis and prediction
Regression analysis and prediction is an analysis and prediction method which uses linear regression method to predict the future development trend according to historical data. Its application formula is unitary linear regression method, that is, prediction target (Y)=bX.
⑶ Market share analysis
Market share refers to the share and proportion of a company's index in the total market of the same industry or region.
The purpose of analysis is to evaluate the market penetration and development ability of enterprises.
Analysis indicators generally include market share or business volume ratio and revenue ratio.
Its application formula is:
Market share = market share occupied by the unit/total market demand (consumption)
3, break-even analysis
Should the break-even analysis be weighed? Ben. Profit analysis is to analyze the business volume when the total revenue is exactly equal to the total cost. At this time, the business volume is also called the guaranteed business volume (production and sales). Analyze the quantity like this? Ben. Relationship and profitability.
(1) mixed cost analysis
Because communication enterprises are different from industry and commerce, communication costs are semi-variable mixed costs. Therefore, in the break-even analysis, first of all, it is necessary to calculate the fixed cost (insensitive to the change of business volume) and the variable cost (proportional to the change of business volume, but relatively constant in the unit product cost) and establish the cost model.