财务分析作业 白云山年报 英文版

Financialanalysiscoursework,GuangzhouBaiyunshanPharmaceuticalCo.,Ltd.2010AnnualReportAnalysisInternationalInstituteofAccounting0803,Teammembers,AnalysisOutline,1.Introduction2.Commonratioanalysis3.RelatedRatioAnalysis4.ComparativeAnalysisofcompetitors5.Conclusions,1.Introduction,(1)BasicinformationofcompanyChineseCompanyName:GuangzhouBaiyunshanPharmaceuticalCo.,Ltd.NameinEnglish:GuangzhouBaiyunshanPharmaceuticalCo.,Ltd.Chineseabbreviationofthecompany:BaiyunshanPharmaceuticalCompanyabbreviation:BYSLegalrepresentative:Mr.XieBinBoardSecretary:Mr.QiaoYongAddress:BaiyunDistrict,GuangzhouCity,GuangdongProvince,andthestreetwith88YunxiangRoadPhoneax:020-87,063,699E-mail:qiaoyongSecuritiesAffairsRepresentative:MissGaoYanzhuAddress:BaiyunDistrict,GuangzhouCity,GuangdongProvince,andthestreetwith88YunxiangRoadPhoneax:020-87,063,699E-mail:gyzh2611,1.Introduction,(2)CompanyBusinessDescriptionGuangzhouBaiyunshanPharmaceuticalCo.,Ltd.Establishedin1973,1992,GuangzhouMunicipalPeoplesGovernmentof11menstrualapprovedbytheGeneralPharmaceuticalFactory,GuangzhouBaiyunMountain,suchastheestablishmentoffivejoint-stockcompaniesthroughtherestructuringofenterprises,inNovember1993asthefirstbatchofGuangzhouCityListedcompanieslistedontheShenzhenStockExchange,nowhastotalsharecapitalof469million.Salesvolumein2007reached3.61billionyuanin2008salesvolumeofover4billionyuan.?companyfocusedonthepharmaceuticalindustry,thebusinessincludestheproductionandmanagementofavarietyofdosageformsofChineseandWesternmedicine,chemicalrawmaterials,externaluse,childrensmedicine,healthmedicineandotherdrugs.Afteryearsofdevelopment,undertheWhiteCloudMountainatotalof12membercompanies,haveallpassedthenationalGMP,GSPcertification,GuangzhouBaiyunMountainInnovationCentreChemicalPharmaceuticalEngineeringTechnologyCenterinGuangdongProvince.?thecompanyovertheyearstobrandbuilding,establishingthefirstpharmaceuticalpreparationsinthecountryoneofthebrand,itsbrandawarenessandreputationamongconsumersinthecountryhasastronginfluence.2006WhiteCloudMountaintrademarkwasidentifiedaswell-knowntrademarksinChinain2007,wasidentifiedasfocusontraininganddevelopmentofexportsofGuangdongProvinceFamousBrandtitlebrandvaluein2008wasassessedtobe10.52billionyuan.Business:development,production,salesofChineseandWesternmedicine,chemicalrawmaterials,externaluse,childrensmedicine,healthmedicine.Operationofcommercialandmaterialsupplyandmarketing.Operatingvarioustypesofgoodsandtechnologyimportandexportbusiness(exceptfornationallimitandprohibition).Managementandfeedprocessingandthethreetofillabusiness.Productionoftwotypesofclinicaltestingoftheinstrumentsanddiagnosticreagents.,1.Introduction,(3)2010annualoperatingresultsUnit:million,一、公司介绍,(3)annualoperatingresultsin2010Unit:million,(3)2010annualmainbusinessregionsUnit:million,二、共同比分析,ComparisonofaccountingdatacalendarUnit:Yuan,2.Commonratioanalysis,LongitudinalanalysisofthecommonratioBalanceSheet,2.Commonratioanalysis,LongitudinalanalysisofthecommonratioIncomeStatement,2.Commonratioanalysis,SummaryoflongitudinalanalysisofthecommonratioCompanyformorerationaluseoffundsinthefuturedevelopmentofthedebtthecompanyisfacingdown,thecompanyincreasedmobility,improvedabilitytorepaythedebt,theenterprisesreputationismoresecure.Companyattachesimportancetotheuseofnewtechnologies,improvetheinternalmanagementmorestreamlined,bettercustomerservice.Netincomeincreasedtoincreasetheeffectivenessofthecompany,theinvestorshavemoreconfidenceinthestability.,2.Commonratioanalysis,CommonratioofhorizontalBalanceSheet,2.Commonratioanalysis,CommonratioofhorizontalIncomeStatement,2.Commonratioanalysis,SummaryofthecommonratioofhorizontalCompanyformorerobustuseoffundsandreasonable,thecompanysoperationsmoresmoothly,liquidity,solvency,corporatereputation,andotherareashavebeenprotected.Declineinthecompanysdebt,thecompanyforreducingtheburdenofdebt,moremoneyintothebusinesssales,thecompanyearningscouldincreasefurther.Companyrevenuehasincreasedeachyear,significantlyimprovedtheeffectivenessofthecompany,netincomedoubledup,sothatinvestorshavemoreconfidenceininvestment.Inmanagement,thecompanytendstoimprovethemanagementandthecompanysstrengthyearafteryearstrong,withinvestorsforgreaterstability.,3.RelatedRatioAnalysis,3.RelatedRatioAnalysis,FlowAnalysisSummarySignificantimprovementinliquidity,andaslidingscaleyearafteryear,verygoodabilitytomorestablecapitalflows.Timelyrecoveryofaccountsreceivable,inventoryflowcapacityincreasedsignificantlyintermsofaccountsreceivableandinventoryistoobtainbetterreturns.Salesdidnotkeepupwiththepaceofworkingcapital,whichisabadtrend.,3.RelatedRatioAnalysis,3.RelatedRatioAnalysis,Summaryoflong-termsolvencyofThesolvencyofthecompanyverywell,thecreditorsinterestiswellmaintained.Thecompanyhasagoodreputationthatinthebankstogetfundstohelpbetter.Intheinterestsofcreditorsbankruptcycanbewellmaintained.,3.RelatedRatioAnalysis,3.RelatedRatioAnalysis,ProfitabilityAnalysisSummaryFrom2008to2010,thecompanysprofitabilitycontinuestoimprove,netinterestmarginandoperatingmarginincreasedsignificantly,thesituationisquitegood.Thehighertheprofitabilitythatinvestorshaveconfidenceinthefuturethecompanyiswillingtopaythepurchasepriceforeachdollarsurplus,thecompanycangetmorerevenue.,3.RelatedRatioAnalysis,3.RelatedRatioAnalysis,InvestorAnalysisSummaryShareholdershasincreased,thestockpriceroseyearbyyear.Volatileearnings,agreaterimpactforthecompany.Decliningdividendpaymentwillresultinsomeshareholdersselltheirshares.Betweentheprice-earningsratioisnormalin5-20.Whenthestockmarketarefactorsthatdonotinterferewiththenormal,someofthestockmarketshouldnothavebeenbiduptotheheightofprice-earningsratiowillbetoohigh.Morethan20price-earningsratioisnotconsiderednormal.Thestockpricedeclineislikelyaprecursortohigherrisk.Asthecompanyslargestshareholder,theproceedswillbegood;andasordinaryshareholders,althoughtheinterestisnotcompromised,butcomparedwiththepreviousincome,willdecline.,4.ComparativeAnalysisofcompetitors,4.ComparativeAnalysisofcompetitors,SummaryofComparativeAnalysisofLiquidityInaccountsreceivable,theBaiyunMountainisbetterthanthecompanyYunnanbaiyaocompany.Intheinventory,thecompanyisbetterthantheBaiyunMountainYunnanbaiyaocompany.Inworkingcapital,currentratio,quickratio,cashratio,etc.,YunnanbaiyaocompaniesarebetterthantheWhiteCloudMountainCompany.YunnanbaiyaocompanysliquidityisbetterintheBaiyunMountain,thecompanysliquidity.Yunnanbaiyaocompaniesbetteraccesstofundsoffundscantakeadvantageoffasterproductionandlowerearnings.,4.ComparativeAnalysisofcompetitors,4.ComparativeAnalysisofcompetitors,SummaryComparisonoflong-termsolvencyIndebt,YunnanbaiyaocompanydataarebetterthaneachoftheWhiteCloudMountainCompany,thecompanyssolvencyratioYunnanbaiyaoBaiyunMountain,thecompanysabilitytobetterthelot.Yunnanbaiyaobetterthecredibilityofthecompanythatinbanking,financialassistancecanbebetter,andintheinterestsofcreditors,bankruptcycanbewellmaintained.,4.ComparativeAnalysisofcompetitors,4.ComparativeAnalysisofcompetitors,SummaryofComparativeAnalysisofprofitabilityIntermsofprofitability,YunnanbaiyaocompaniesarebetterthanmostofthedatathecompanyBaiyunMountain,onlysalesandgrossmarginratiooffixedassetsislowerthanBaiyunMountainCompany.,4.ComparativeAnalysisofcompetitors,4.ComparativeAnalysisofcompetitors,SummaryComparisonofinvestorsWhiteCloudMountainInc.andYunnanbaiyaocompaniesregardthetwocompaniesrelativetotheirowncomparativeadvantagesofinvestors.AttheendofthemarketpricewashigherthanthemarketpriceofthecompanyYunnanbaiyaoBaiyunMountainCompany.Asamajorshareholderintheinvestment,theYunnanbaiyaotogainabetterincome,andinvestmentinthestockasordinaryshareholders,theBaiyunMountainCompanyisthebetterchoice.Price-earningsratioofthetwocompanieshavemorethan20%,thereisadrasticdropinrisk.,5.Conclusions,Incommonthanbylineanalysis,correlationratioanalysisandcomparativeanalysisofcompetitors,thecompanyobtainedthemobilityofBaiyunMountain,thelong-termsolvency,profitability,lowerthantheYunnanbaiyaocompany.Yunnanbaiyaocompanywillbeinvestingalittlebitbetterreturns.Comparisonofinvestorsaftermakingfurtherdrawininvestmentasamajorshareholder,theinvestmentcompanywillbebetterYunnanbaiyaoincome;ordinaryshareholdersbythelineastheinvestment,theinvestmentBaiyu