格力电器财务分析报告

Zhuhai gree electric appliances co., LTD., financial analysis reportAbstract: enterprises financial statements to reflect the enterprise in a certain period of the financial position, operating results and cash flow conditions. Correct understanding and analysis of financial statements information will help the enterprise management comprehensive understanding accurately in the past, evaluate and predict the future now. This paper choose the gree electric appliances in 2013-2015 financial statements of listed companies as the research object, this paper introduces the theory and method of financial statement analysis, the general, mainly using ratio analysis method and the method of comparative analysis, analyze the gree electric company in recent years, financial situation and evaluation.Keywords: gree electric appliances ratio analysis and comparison analysis of financial statementsBasic information company profile:1. The companys basic information(1) the legal name of the company: zhuhai gree electric appliances co., LTD(2) the companys legal representative: dong mingzhu(3) the companys registered address: guangdong province zhuhai former golden hill road(4) the companys stock exchange: shenzhen A shares(5) stock abbreviation: gree electric appliances(6) stock code: 0006512. The companys historyZhuhai gree electric appliances co., LTD. (hereinafter referred to as gree electric appliances), established in 1991, is by the zhuhai crown male plastic co., LTD., a merger with hayley air-conditioner factory. With many, many in the world like HP, SONY such famous company at the beginning of the venture, gree electric appliances is initially in a shabby workshop, rely on 200000 yuan loans made it the first step in the business.In 1994 approved by the zhuhai municipal commission for restructuring the renamed zhuhai gree electric appliances co., LTD., November 18, 1996, the China securities regulatory commission regulatory send word (1996) 1996 HaoWen approval listed on the shenzhen stock exchange, the company get the business license of enterprise legal person, 4400, 4400.3. The companys main business is introducedGoods and technology import and export.Manufacturing, sales: compressor pump valve and similar machinery.Fan packaging equipment and other general equipment, motor, transmission and distribution and control equipment, wires, cables, cables and electrical equipment, household electrical appliances.Wholesale: mechanical equipment, wujinjiaodian, electronic products.Production and sales of air conditioner, self-supporting export business of air conditioner and its related spare parts import and export business.4Nearly three years of a companys financial statements - the balance sheetFinancial indicators (ten thousand yuan)The total assets ofThe total amount of liabilitiesCurrent liabilitiesLong-term liabilitiesMonetary fundAccounts receivableOther receivablesProvision for bad debtShareholders equity2015-9-302014-9-302013-9-30Financial indicators (ten thousand yuan)The total assets ofThe total amount of liabilitiesCurrent liabilitiesLong-term liabilitiesMonetary fundAccounts receivableOther receivablesProvision for bad debtShareholders equity17，029，100.0015，950，400.0012，948，600.00Financial indicators (ten thousand yuan)The total assets ofThe total amount of liabilitiesCurrent liabilitiesLong-term liabilitiesMonetary fundAccounts receivableOther receivablesProvision for bad debtShareholders equity12，433，400.0011，873，100.009，730，640.00Financial indicators (ten thousand yuan)The total assets ofThe total amount of liabilitiesCurrent liabilitiesLong-term liabilitiesMonetary fundAccounts receivableOther receivablesProvision for bad debtShareholders equity12，391，100.0011，603，100.009，586，890.00Financial indicators (ten thousand yuan)The total assets ofThe total amount of liabilitiesCurrent liabilitiesLong-term liabilitiesMonetary fundAccounts receivableOther receivablesProvision for bad debtShareholders equity-Financial indicators (ten thousand yuan)The total assets ofThe total amount of liabilitiesCurrent liabilitiesLong-term liabilitiesMonetary fundAccounts receivableOther receivablesProvision for bad debtShareholders equity8，403，850.005，829，100.004，421，510.00Financial indicators (ten thousand yuan)The total assets ofThe total amount of liabilitiesCurrent liabilitiesLong-term liabilitiesMonetary fundAccounts receivableOther receivablesProvision for bad debtShareholders equity298，335.00251，557.0038，175.60Financial indicators (ten thousand yuan)The total assets ofThe total amount of liabilitiesCurrent liabilitiesLong-term liabilitiesMonetary fundAccounts receivableOther receivablesProvision for bad debtShareholders equity39，079.4044，176.5038，175.60Financial indicators (ten thousand yuan)The total assets ofThe total amount of liabilitiesCurrent liabilitiesLong-term liabilitiesMonetary fundAccounts receivableOther receivablesProvision for bad debtShareholders equity-Financial indicators (ten thousand yuan)The total assets ofThe total amount of liabilitiesCurrent liabilitiesLong-term liabilitiesMonetary fundAccounts receivableOther receivablesProvision for bad debtShareholders equity4，595，680.004，077，260.0012，948，600.005 the company nearly three years financial statements, the income statementFinancial indicators (ten thousand yuan)Main business incomeMain business profitCost of salesManagement feesFinance chargesOperating profitReturn on investmentSubsidies incomeNet non-operating incomeProfit totalIncome taxNet profit2015-9-302014-9-302013-9-30Financial indicators (ten thousand yuan)Main business incomeMain business profitCost of salesManagement feesFinance chargesOperating profitReturn on investmentSubsidies incomeNet non-operating incomeProfit totalIncome taxNet profit8，152，290.009，841，010.008，781，080.00Financial indicators (ten thousand yuan)Main business incomeMain business profitCost of salesManagement feesFinance chargesOperating profitReturn on investmentSubsidies incomeNet non-operating incomeProfit totalIncome taxNet profit-Financial indicators (ten thousand yuan)Main business incomeMain business profitCost of salesManagement feesFinance chargesOperating profitReturn on investmentSubsidies incomeNet non-operating incomeProfit totalIncome taxNet profit1，337，340.002，015，320.001，482，540.00Financial indicators (ten thousand yuan)Main business incomeMain business profitCost of salesManagement feesFinance chargesOperating profitReturn on investmentSubsidies incomeNet non-operating incomeProfit totalIncome taxNet profit359，708.00373，901.00345，258.00Financial indicators (ten thousand yuan)Main business incomeMain business profitCost of salesManagement feesFinance chargesOperating profitReturn on investmentSubsidies incomeNet non-operating incomeProfit totalIncome taxNet profit-139，376.00-69，308.00-13490.20Financial indicators (ten thousand yuan)Main business incomeMain business profitCost of salesManagement feesFinance chargesOperating profitReturn on investmentSubsidies incomeNet non-operating incomeProfit totalIncome taxNet profit1，147，750.001，171，380.00Financial indicators (ten thousand yuan)Main business incomeMain business profitCost of salesManagement feesFinance chargesOperating profitReturn on investmentSubsidies incomeNet non-operating incomeProfit totalIncome taxNet profit-375.20-1053.57-148.28Financial indicators (ten thousand yuan)Main business incomeMain business profitCost of salesManagement feesFinance chargesOperating profitReturn on investmentSubsidies incomeNet non-operating incomeProfit totalIncome taxNet profit-Financial indicators (ten thousand yuan)Main business incomeMain business profitCost of salesManagement feesFinance chargesOperating profitReturn on investmentSubsidies incomeNet non-operating incomeProfit totalIncome taxNet profit62891.4211354，2639803.01Financial indicators (ten thousand yuan)Main business incomeMain business profitCost of salesManagement feesFinance chargesOperating profitReturn on investmentSubsidies incomeNet non-operating incomeProfit totalIncome taxNet profit1，195，080.001，193，070.00925，042.00Financial indicators (ten thousand yuan)Main business incomeMain business profitCost of salesManagement feesFinance chargesOperating profitReturn on investmentSubsidies incomeNet non-operating incomeProfit totalIncome taxNet profit192，765.00202，543.00161，330.00Financial indicators (ten thousand yuan)Main business incomeMain business profitCost of salesManagement feesFinance chargesOperating profitReturn on investmentSubsidies incomeNet non-operating incomeProfit totalIncome taxNet profit1，002，310.00990，528.00763，712.00Financial ratio analysis:1. The management and development capacity analysis2. Profitability analysis3. The long-term solvency analysisShort-term debt paying ability analysis1.Ratio project (%)Inventory turnoverAccounts receivable turnoverTotal asset turnoverMain business revenue growthOperating profit growthAfter-tax profit growthGrowth rate of net assetsGrowth rate of total assets201520142013Ratio project (%)Inventory turnoverAccounts receivable turnoverTotal asset turnoverMain business revenue growthOperating profit growthAfter-tax profit growthGrowth rate of net assetsGrowth rate of total assets6.025.614.88Ratio project (%)Inventory turnoverAccounts receivable turnoverTotal asset turnoverMain business revenue growthOperating profit growthAfter-tax profit growthGrowth rate of net assetsGrowth rate of total assets57.3757.5847.88Ratio project (%)Inventory turnoverAccounts receivable turnoverTotal asset turnoverMain business revenue growthOperating profit growthAfter-tax profit growthGrowth rate of net assetsGrowth rate of total assets1.031.491.8Ratio project (%)Inventory turnoverAccounts receivable turnoverTotal asset turnoverMain business revenue growthOperating profit growthAfter-tax profit growthGrowth rate of net assetsGrowth rate of total assetsRatio project (%)Inventory turnoverAccounts receivable turnoverTotal asset turnoverMain business revenue growthOperating profit growthAfter-tax profit growthGrowth rate of net assetsGrowth rate of total assets1.0110.5844.33Ratio project (%)Inventory turnoverAccounts receivable turnoverTotal asset turnoverMain business revenue growthOperating profit growthAfter-tax profit growthGrowth rate of net assetsGrowth rate of total assets27.1670.1566.2Ratio project (%)Inventory turnoverAccounts receivable turnoverTotal asset turnoverMain business revenue growthOperating profit growthAfter-tax profit growthGrowth rate of net assetsGrowth rate of total assets48.1565.683.56Ratio project (%)Inventory turnoverAccounts receivable turnoverTotal asset turnoverMain business revenue growthOperating profit growthAfter-tax profit growthGrowth rate of net assetsGrowth rate of total assets35.8132.8769.82Ratio project (%)Inventory turnoverAccounts receivable turnoverTotal asset turnoverMain business revenue growthOperating profit growthAfter-tax profit growthGrowth rate of net assetsGrowth rate of total assets68.5920.5653.581. The management and development capacity analysisl inventory turnover, inventory turnover rate and turnover days ability to reflect the inventory into cash or accounts receivable. The faster the turnover, lower inventory occupancy level, the stronger the cashability, gree electric appliances of inventory turnover is lower, we should strengthen the management of inventory, on the premise of guarantee the continuity, as far as possible, reduce inventory take fund, increasing the utilization of funds.l accounts receivable turnover ratio, the higher the turnover, the shorter the turnover days, the accounts receivable to recover faster. If slow, enterprise funds too much dull on accounts receivable, affect money by force. Gree electric appliances of turnover is lower, should strengthen the management of accounts receivable, accelerate the turnover.l total asset turnover, total assets turnover speed faster, the stronger sales ability. Gree electric appliances, asset turnover in the industrys average should take further measures to accelerate the assets turnover, increase profits.l main business revenue growth: this index can reflect the enterprises growth. In 2015, 2015, 2013, three years of growth rate of 1.01%, 10.58%, 44.33%. It can be seen in 2013, gree electric appliances market development strength reached an unprecedented height, due to a solid industry leading position, occupies more than 38% of market share, the growth slowed down in 1015.l : net profit growth of the indicators reflect the strength of the enterprise growth, the prospects of good. The indexs recent industry average of 23%. In 2015, gree electric appliances the index was 48.15%, far higher than the industry average. Prove that the development foreground is very good.l growth rate of net assets: this index is one of the indicators reflect the enterprise development ability. Gree electric appliances this index is significantly higher than the counterpart other enterprises, further confirmed his growth prospects.2. Profitability analysisShareholders equity ratio26.9925.5624.27Sales gross profit margin24.7619.7418.13Return on equity29.2228.1222.56Earnings per share1.65443.26732.5196Three cost growth26.1910.5739.06sales gross profit margin: sales gross profit margin per unit reflects the enterprise sales revenue generated by the profits, the index of gree electric appliances in 2014 and 2015, the ratio of 19.76% and 24.76%, respectively, in 2015 than in 2014 increased by 5%, that due to advocate business wu income greatly diluted the fixed costs, make the enterprise strength ability has improved.l net interest rate: it shows that the comprehensive effect of utilization of assets, the higher the ratio, companies make the better effect in terms of increasing income to save money. Gree electric appliances are 29.22% and 28.12% respectively in 2015 and 2015 more than the ratio of the average level of the industry, for home appliance industry is so competitive environment is good.l return on equity: the index of the gree electric appliances is relatively high, so has been praised by investment institutions and the vast majority of people attention.3. The long-term solvency analysisAsset-liability ratio: the rate of assets and liabilities of gree electric appliances, 2015, 2014, 2013 respectively, asset-liability ratio from the above ratio we think or higher. Assets to liabilities do not have strong ability of security. Single from the data itself, no matter from the creditor or shareholders standpoint, is not a safe capital structure. But due to the characteristics of the air conditioning industry and the brand effect of industry leading enterprises, the data does not affect the confidence of investors.4. The short-term debt paying ability analysisCurrent ratio: a liquidity ratio reflects the enterprise easy to cash in the security situation of current assets to current liabilities, it is generally believed the rational flow of manufacturing enterprises with the lowest ratio of 2. Gree electric appliances, 2013, 2013, 2015, the liquidity ratio of 1.0433, 1.0433, 1.009 in turn. This index is much lower than this level, short-term debt paying ability is not very ideal.Quick ratio: because inventory liquidation ability is poor, the characteristics of possible factors such as market price and cost price discrepancy, in order to further evaluation of total liquid assets liquidation ability, we put the stock out from the current liabilities to evaluate short-term solvency. Gree electric appliances in 2015, 2014 and 2015, the quick ratio of 0.9007, 0.9007, 0.8013 in turn. Short-term debt paying ability is not strong.A comparative analysis1. The percentage composition analysis2. Calm base percentage analysis3. Monthly percentage analysis1. The percentage composition analysisFrom the assets and liabilities structure table analysis, gree electric appliances of receivables to total assets ratio is not high, 2015 net paragraph accounts receivable and other receivables to total assets ratio of 1.77% and 0.31%, 2014 1.85% and 0.21%, 3.50% and 3.50% in 2013. This is a business model related to the current domestic air conditioning industry, currently widely used form of payment in advance on sales. Gree electric current liability for a high proportion of total liabilities and shareholders liabilities, 80.32% in 1015, 75.38% in 2014, 2013 (77.76%); Show that the flow of the enterprise is mainly composed of money from the dealer the payment in advance and a small amount of short-term borrowing, pay to supplier and take payment days.Gree electric appliances have n