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Seek the financial analysis of listed companies in recent three years-Case Generally speaking, there are four main methods of financial analysis: 1. Comparative analysis: it explains the quantitative relationship and difference between financial information, and points out the direction for further analysis. This comparison can be compared with the actual plan, the current period and the previous period, and also with other enterprises in the same industry; 2. Trend analysis: it reveals the changes in financial status and operating results, their causes and nature, which is helpful to predict the future. The data used for trend analysis can be absolute value, ratio or percentage data; 3. Factor analysis: in order to analyze the influence of several related factors on a financial index, the method of difference analysis is generally adopted; 4. Ratio analysis: Through the analysis of financial ratio, we can know the financial status and operating results of enterprises, often with the help of comparative analysis and trend analysis. The above methods overlap to some extent. In practical work, the ratio analysis method is the most widely used. Second, the analysis of financial ratio The main advantage of financial ratio is that it can eliminate the influence of scale and compare the benefits and risks of different enterprises, thus helping investors and creditors make rational decisions. It can evaluate the annual change of the income of an investment, and can also compare different enterprises in an industry at a certain point in time. Because different decision makers have different information needs, they use different analytical techniques. 1. Classification of financial ratios Generally speaking, the relationship between risk and return is measured by three ratios: 1) solvency: it reflects the ability of enterprises to repay debts due; 2) Operational capacity: reflecting the efficiency of the enterprise in using funds; 3) Profitability: reflects the ability of enterprises to obtain profits. These three aspects are interrelated. For example, profitability will affect short-term and long-term liquidity, and the efficiency of asset operation will affect profitability. Therefore, financial analysis needs to comprehensively use the above ratios. 2. Calculation and understanding of major financial ratios: Next, we will take the financial statements (year-end data) of ABC Company as an example to explain the calculation and use of financial ratios in the above three aspects respectively. 1) financial ratio reflecting solvency: short-term solvency: short-term solvency refers to the ability of enterprises to repay short-term debts. Insufficient short-term solvency will not only affect the credit status of enterprises, increase the cost and difficulty of future financing, but also make enterprises fall into financial crisis and even go bankrupt. Generally speaking, enterprises should use current assets to repay current liabilities instead of selling long-term assets, so short-term solvency is measured by the quantitative relationship between current assets and current liabilities. Take ABC Company as an example: current ratio = current assets/current liabilities = 1.53 quick ratio = (current assets-inventory)/current liabilities = 1.53 cash ratio = (cash+securities)/current liabilities =0.242 Current assets can be used to repay current liabilities and pay the funds needed for daily operations. Therefore, a high current ratio generally indicates that an enterprise has a strong short-term solvency, but too high will affect the efficiency and profitability of enterprise funds. How much is appropriate is not stipulated by law, because enterprises in different industries have different operating characteristics and different liquidity; In addition, this is also related to the respective proportions of cash, accounts receivable and inventory in current assets, because their liquidity is different. Therefore, quick ratio (excluding inventory) and cash ratio (excluding inventory, accounts receivable and prepayments) can be used to assist the analysis. It is generally considered that the current ratio is 2 and the quick ratio is 1, which is relatively safe. Too high may be inefficient, too low may be poorly managed. However, due to the different industries and operating characteristics of enterprises, they should be analyzed according to the actual situation. Long-term solvency: Long-term solvency refers to the ability of an enterprise to repay long-term interest and principal. Generally speaking, enterprises borrow long-term liabilities mainly for long-term investment, so it is best to use the income generated by investment to repay interest and principal. Debt ratio and interest income multiple are usually used to measure the long-term solvency of enterprises. Take ABC Company as an example: debt ratio = total liabilities/total assets = 0.33 interest income multiple = operating net profit/interest expense = (net profit+income tax+interest expense)/interest expense =32.2 Debt ratio is also called financial leverage. Since the owner's equity does not need to be repaid, the higher the financial leverage, the lower the protection for creditors. However, this does not mean that the lower the financial leverage, the better, because a certain amount of debt shows that the managers of the enterprise can effectively use the shareholders' funds and help shareholders to operate on a large scale with less funds, so the low financial leverage indicates that the enterprise has not made good use of its own funds. Generally speaking, a level of financial leverage like ABC Company is more appropriate. Interest income multiple examines whether the operating profit of an enterprise is enough to pay the interest expenses of the current year, and it analyzes its long-term solvency from the profitability of its business activities. Generally speaking, the greater the ratio, the stronger the long-term solvency. Judging from this ratio, ABC Company has strong long-term solvency. 2) Financial ratio reflecting operational capacity Operational capacity is to measure the efficiency of asset utilization by the turnover rate of various assets of an enterprise. The faster the turnover rate, the faster the assets of the enterprise enter the production, sales and other business links, so the shorter the cycle of income and profit formation, the higher the operating efficiency naturally. Generally speaking, Including the following five indicators: accounts receivable turnover rate = net credit sales income/average balance of accounts receivable = 17.78 inventory turnover rate = cost of sales/average balance of inventory = 2.67 current assets turnover rate = net sales income/average balance of current assets =10.47 fixed assets turnover rate = net sales income/average fixed assets = 0.85 total assets turnover rate = sales income. Average total assets = 0.52 Because the numerator and denominator of the above turnover rate indicators come from the balance sheet and the income statement respectively, and the balance sheet data is static data at a certain point in time, and the income statement data is dynamic data of the whole reporting period, in order to make the numerator and denominator consistent in time, it is necessary to convert the data taken from the balance sheet into the average value of the whole reporting period. Generally speaking, the higher the above indicators, the higher the operating efficiency of enterprises. However, quantity is only one aspect. In the analysis, we should also pay attention to the structure of each asset item, such as the mutual collocation of various inventories, the quality and applicability of inventories, etc. 3) Financial ratio reflecting profitability: Profitability is the core that all parties pay attention to, and it is also the key to the success of an enterprise. Only when enterprises make long-term profits can they truly achieve sustainable operation. Therefore, investors and creditors attach great importance to the ratio reflecting the profitability of enterprises. Generally, the following indicators are used to measure the profitability of enterprises. Take ABC Company as an example: gross profit rate = (sales revenue-cost)/sales revenue = 7 1.73% operating profit rate = operating profit/sales revenue = (net profit+income tax+interest expense)/sales revenue = 36.64% net profit rate = net profit/sales revenue = 35.5% return on total assets = average net profit/total assets. Average net assets = 23.77% profit per share = net profit Among the above indicators, gross profit rate, operating profit rate and net profit rate respectively represent the production (or sales) of the enterprise. The return on assets reflects the income obtained by shareholders and creditors with the same investment; The return on net assets reflects the profitability of shareholders' investment. The return on net assets is the most concerned content of shareholders, which is related to financial leverage. If the return on assets is the same, the higher the financial leverage, the higher the return on net assets, because shareholders have achieved the same profitability with less funds. Profit per share only distributes net profit to each share in order to express the profitability of equity capital more concisely. To measure whether the above profit index is high or low, it is generally necessary to compare with the level of other enterprises in the same industry to draw a conclusion. Generally speaking, the profit index of ABC Company is relatively high. For listed companies, because the stocks they issue have price data, an important ratio, that is, the price-earnings ratio, is generally calculated. P/E ratio = price per share/earnings per share, which represents the price that investors are willing to pay for every dollar of profit. On the one hand, it can be used to confirm whether the stock is optimistic, on the other hand, it is also a measure of the investment cost, reflecting the risk degree of investing in the stock. Suppose ABC Company is a listed company, and its share price is 25 yuan, and its P/E ratio is 25/0.68 = 36.76 times. The higher the ratio, it shows that investors think that the greater the profit potential of the enterprise, they are willing to pay higher prices to buy the shares of the enterprise, but at the same time the investment risk is also high. The P/E ratio also has some limitations, because the stock market price is the data of a time point, while the earnings per share is the data of a time period. The difference of data caliber and the accuracy of profit forecast bring some difficulties to investment analysis. At the same time, many factors, such as accounting policy, industry characteristics and human operation, make it difficult to determine earnings per share uniformly, which brings difficulties to accurate analysis. In practice, we may be more concerned about the future profitability of enterprises, that is, growth. Enterprises with good growth have broader development prospects and are more attractive to investors. Generally speaking, the future growth prospect can be predicted by the growth rate of sales revenue, sales profit and net profit in the past few years. Sales revenue growth rate = (current sales revenue-previous sales revenue)/previous sales revenue × 100% = 95% operating profit growth rate = (current sales profit-previous sales profit)/previous sales profit ×100% =13% net profit growth rate. It is best to master the data of this enterprise for several consecutive years to ensure a more accurate comprehensive judgment on its profitability, operating efficiency and financial situation. 3. Cash flow analysis In the analysis of financial ratio, the problem of cash flow is not considered. We have already talked about the importance of cash flow to an enterprise. So, let's take a concrete look at how to analyze cash flow. Analysis of cash flow should be considered from two aspects. One aspect is the cash flow. If the total cash flow of the enterprise is positive, it means that the cash inflow of the enterprise can meet the needs of cash outflow. However, how can enterprises ensure their cash outflow needs? It depends on the relationship between the components of its cash flow. The analysis of this aspect has been discussed in detail before, so I won't repeat it here. Another aspect is the quality of cash flow. This includes the fluctuation of cash flow and the management of enterprises, such as whether the sales revenue grows too fast, whether the inventory is outdated or slow, how to recover the accounts receivable, whether the cost control is effective and so on. Finally, the business environment in which the enterprise is located, such as industry prospect, competition pattern within the industry, product life cycle and so on. All these factors will affect the enterprise's ability to generate future cash flow. In the first part of the analysis, we have pointed out that the cash flow situation of ABC company is worrying, but it is difficult to find this from the above ratio analysis, which makes us deeply realize the irreplaceable role of cash flow analysis from another side. Four. The analysis of enterprise's financial situation and operating results is mainly achieved through ratio analysis. The commonly used financial ratio measures the situation of an enterprise from three aspects, namely, solvency, operational ability and profitability. Dupont chart can organically combine the above ratios and deeply understand the overall situation of the enterprise. Generally speaking, the analysis of cash flow can not be achieved by ratio analysis, but needs to evaluate the cash flow of an enterprise from the quantity and quality of cash flow, and judge its ability to generate future cash flow accordingly. Ratio analysis and cash flow analysis have different functions and cannot be replaced.
Find a complete set of excel financial statement templates that can analyze the financial situation in the last three years. The following is the complete set: Download EXCEL financial statements (with formulas)
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Collect data and related information to minimize the workload of financial tabulation.
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I urgently need a copy of the company's financial statements and financial statement analysis report (with three tables attached). Please share it with some friends. You can download the annual report of listed companies from any company. I remember the financial statements in it, but you have to do the detailed analysis yourself.
For the financial statement data of unlisted construction companies in the past three years used for graduation design, you don't have to tell me that it involves trade secrets, absolutely not. If your tutor needs online financial statements, you can find some online, but if it involves real financial statements, it is definitely against the law.
Excuse me, is there any financial situation analysis software generated according to financial statements? Our company is in urgent need of loans! Just enter the first three asset statements, income statement and cash flow statement.
Teacher, what are the audited financial statements and the latest financial statements in the past three years? When small-scale taxpayers declare financial statements, the enterprise type is small enterprises. Small-scale taxpayers and small enterprises are two different concepts. The former is value-added tax, while the latter is classified according to the Notice on Printing and Distributing Standards and Provisions for Small and Medium-sized Enterprises (Ministry of Industry and Information Technology Lianqi [201] No.300). Generally speaking, small-scale taxpayers should be classified as small enterprises.
The financial statements of Zhongke Construction and Development Company in the past three years have been compiled according to accounting standards, reflecting the financial status and operation of accounting entities to owners, creditors, interested parties such as * * and the public.
Financial statements include balance sheet, income statement, cash flow statement or statement of changes in financial position, schedules and notes. Financial statements are the main part of financial reports, excluding directors' reports, management analysis and financial statements, which are included in financial reports or annual reports.
How to adjust if the financial statements are untrue or the financial situation is not good? Don't make adjustments easily. Have you found the reason for the false statement? Have you found out which subjects appear without losing data? The point is, do you have real data? Financial personnel, who dare to make false accounts, must make the books consistent or even impeccable. If you open your mouth, it means adjustment. Is it reckless? As for the poor financial situation, it is irreconcilable, perhaps it is true, reflecting a lot of things of business operators.
Ask a master to help analyze a company's financial statements. . Current ratio = current assets/current liabilities × 100%
2. Quick ratio = quick assets/current liabilities × 100%
3. Cash current debt ratio = annual net operating cash flow/year-end current liabilities × 100%.
4. Asset-liability ratio = total liabilities/total assets × 100%
5. Property right ratio = total liabilities/total owners' equity × 100%
6. Contingent liability ratio = total contingent liabilities/total owner's equity × 100%
7. Earned interest multiple = total income before interest and tax/interest expenses.
Total amount of earnings before interest and tax = total profit+interest expense.
8. Interest-bearing debt ratio = total interest-bearing debt/total debt × 100%
9. Accounts receivable turnover rate (current assets, fixed assets and total assets) = operating income/average accounts receivable (current assets, fixed assets and total assets)
Accounts receivable (current assets, fixed assets and total assets) turnover days = 360/ accounts receivable (current assets, fixed assets and total assets) turnover rate.
Among them, the fixed assets are calculated by the net value of fixed assets.
10. Inventory turnover rate = operating cost/average inventory balance
Inventory turnover days = 360/ inventory turnover rate
1 1. NPL ratio = (balance of asset impairment reserve+potential loss that should be accrued but not amortized+loss of unprocessed assets)/(total assets+balance of asset impairment reserve) × 100%.
12. Cash recovery rate of assets = net operating cash flow/average total assets × 100%.
13. Operating profit rate = operating profit/operating income × 100%
Gross sales margin = (sales revenue-cost of sales)/sales revenue × 100%
Net profit rate of sales = net profit/sales revenue × 100%
14. Cost profit rate = total profit/total cost × 100%.
15. Remaining cash guarantee multiple = net operating cash flow/net profit.
16. Return on total assets = total amount of earnings before interest and tax/average total assets × 100%.
17.ROE = net profit/average assets × 100%.
18. Return on capital = net profit/average capital × 100%.
19. Basic earnings per share = net profit attributable to ordinary shareholders in the current period/weighted average of issued ordinary shares in the current period.
20. Dividend per share = total cash dividend of common stock/total common stock at the end of the year.
2 1. P/E ratio = price per share of common stock/earnings per share of common stock.
22. Net assets per share = year-end shareholders' equity/total number of common shares at the end of the year.
23. Growth rate of operating income = growth amount of operating income this year/total operating income last year × 100%.
24. Capital preservation and appreciation rate = total owner's equity at the end of this year after deducting objective factors/total owner's equity at the beginning of this year × 100%.
25. Capital accumulation rate = owner's equity growth this year/owner's equity at the beginning of the year × 100%.
26. Total assets growth rate = total assets growth this year/total assets at the beginning of the year × 100%.
27. Growth rate of operating profit = growth amount of operating profit this year/total operating profit last year × 100%.
28. The proportion of technology investment = total expenditure on science and technology this year/operating income this year × 100%.
You can calculate according to these formulas and write something to analyze.