财务分析报告英文版PPT课件

CHINTELECTRICS 2011FINANCIALREPORTINGANDANALYSIS 1 TeamMembers LiuZhaoye Common SizeWangYuyao Debt PayingXueJianchao Profitability OperationShenKangliang Investment OperationJiangRui Competitor IntroductionLIxin Competitor Introduction 2 CHINTELECTRICSIsChina slargestproductionoflowvoltageelectricappliancemanufacturingenterprise thespecialtyisengagedindistributionappliances controlelectricappliances terminalapparatus andpowerelectronicandelectricpowersupplylow voltageproductsdevelopment productionandsales ChintisrecognizedforafamousChinesetrademark chintbranduniversaltypecircuitbreaker plasticshelltypebreakerseriesproducthasbeenawarded Chinafamousbrandproduct title Thecompanyin2004wontheChinesequalitymanagementofthehighestaward thenationalqualitymanagementaward 3 CompanyprofileStockname CHINTELECTRICSStockcode 601877 IsChina sleadingcompanyinthefieldoflowvoltageelectricalappliancesAdheretotheindependentinnovation researchanddevelopmentaseriesofwithindependentintellectualpropertyrights reachtheinternationaladvancedleveloflowvoltageelectricproductsThecompany sbrandtoborrowJacquesrealizefrom lowvoltageelectricalsupplier to solutionprovider change soastogethighergrossmarginandwidedevelopmentspace therealizationenterpriseofin depthdevelopment 4 Thereviewoflatestearnings Thesaleswere82 880 000 000in2011 increasedto30 75 ofthe2010levelin2011 Realizedearningsbeforeincometaxprovisionandinterestswere10 190 000 000 Anincreaseof24 70 Thenetprofitwere8 430 000 000 Anincreaseof31 82 Realized797millionnetprofitafterbuckle increasedby31 16 ThedilutedEPSis0 91 Duetothesignificantlydecreaseinmainrawmaterialcostprice madethegrossearningsratioincreaseto28 71 inthefourthquarter increasedthegrossearningslevelthroughouttheyearobviously24 03 5 Common SizeAnalysis 6 BalanceSheetVerticalCommon size 7 8 BalanceSheetVerticalCommon size In2011 thenon currentliabilitiesitemofcompanyistheproportionofthe2010 sincreaseobviously mainlybecausethecompanyin2011toraisefundsforcompanyexecutedbondsissue1 5billionYuan Fromthecurrentliabilitiestosee thecompany sshorttermloanshasalwaysbeentheproportionisverylow In2010thecompanyshort termborrowingallpaidoff in2011thecompanyonlyhadanincreaseof1 1millionYuanshort termborrowing Shouldsaythisbenefitsfromthecompanyisverysufficientliquidity Theproportionofaccountspayableislow onthewhole thecompany sshort termdebtservicepressureisverylow 9 BalanceSheetVerticalCommon sizeAnalysis BalanceSheetCrosswiseCommon size 10 11 BalanceSheetCrosswiseCommon size Companysalesgrowthnotonlybroughtampleliquidity moresubsequentreceivables Accountsreceivablecomparedtoaboveincreaseisnotalot butnotesreceivableisnearlyseventimesto2009 Theannualreporttomakeaexplained inordertoreducetheriskofbadloans thecompanyadjustcreditpolicy increasethesettlementscaleofbankacceptance 12 BalanceSheetCrosswiseCommon sizeAnalysis Along termequityinvestmentof2011yearsis20097times mainlyduetothevalueof161 59millionYuanthiscompanytopurchasethe ZKtechnology 9 18125millionshares inadditiontothecompanyinvested200millionRMB Theprojectunderconstructioncompanyin2011is2009yearsof24times mainlyduetocurrentperiodtoraisefundsbasedconstructionprojectincausedbyincrease Thecompanynon currentliabilitiesin2011is200965times mainlybecauseoftheincreaseofbondspayableproject thatcompanywastoissue1 5billionbonds Capitalreservein2011and2010weremorethan500timesin2009 mainlybecauseofthecompany2010yearswasjustlisted 13 BalanceSheetCrosswiseCommon sizeAnalysis ProfitsandLossItemsCrosswiseCommon size 14 15 ProfitsandLossItemsVerticalCommon size ProfitsandLossItemsCommon sizeAnalysis Thecompanybusinessincomein2011was1 7timesthanthatin2009 operatingincomeincreasedyearbyyear explainthecompanysalesscaleexpandsunceasingly Theannualreportsaysthecompanymainlyduetotheincreasingdomesticandforeignmarketdevelopmentandpromotionofnewstrength sodomesticauxiliarymarketdemandincrease salesvolumegrowth Thecompanybusinesscost2011is1 8timesmorethanin2009 operatingcostsincreasedyearbyyear andcomparedwiththebusinessincomegreaterproportion Thisismainlybecause2011productsalesgrowthandrawmaterialpricescausedbycommoneffect butnetprofitinoperatingincomeproportionandnotasasubstantialincreaseinthesalesincrease sothepressureoftherisingcostswasmore 16 Thefinancialcostthreeyearsarenegative suggeststhecompanycontinuedinterestincomeweremorethaninterestexpensesandfinancialexpensesin2011is2009of12times annualreportalsoshowsthat2011netinterestrevenuebytwohundredandtwentypercentmorethanatthebeginning becausethatdoesnotexistisannualreporthasthecontrollingshareholdersandtheiraffiliatesnon businesstakefund thenaccordingtoillustratetheannualreportbecausethe2011mainsourceofrevenueforthefinancialriskcontrolincreasedcashreserves interestincomeincrease 17 ProfitsandLossItemsCommon sizeAnalysis MainBusinessCommon size 18 MainBusinessCommon sizeAnalysis Wecanseethatthepowerdistribution terminalandcontrolelectricapplianceisthecompany sthreebigblockbusterproducts Lowvoltageelectriclowendthemarketthemaincompetitivefactorsiscostcontrolabilityandproductprices andthecompanywithdomesticsimilarenterprisebrandadvantagecomparedsignificantly bargainingpower stronger costcontrolabilityoutstanding highergrowthperformanceformanyyearstheindustryaveragemorethan10 ofthecompany smarketshareincreasescompanyexperiencedindustryinsideremainrelativelyhighgrowth 19 analysesofshort termdebt payingability comparisonsbetweensomeratiosofrecent3years 21 AnalysesofWorkingCapital Aswecanseefromthechart thiscompany sworkingcapitalhasbeenpositiveandgraduallyincreasedrecently becausetherecent3years currentassetsandliabilitieshavegraduallyincreasedrespectively andthedifferencebetweenthesetwohavealsoincreased thisdifferenceistheworkingcapital Thisincreaseintheworkingcapitalindicatesthatthecompany sshort termdebt payingabilityisguaranteed andstrengthenedrecently 22 AnalysesofCurrentRatio Aswecanseefromthechart thiscompany scurrentratiohasbeenpositiveandgraduallyincreasedrecently becausethecurrentassentsandcurrentliabilitieshavegraduallyincreased butthecurrentassetshaveincreasedfaster Theincreaseofcurrentratioindicatesthatthecompanyhasagrowingabilitytopaythecurrentliabilities andtheshort termdebt payingabilityhasstrengthened 23 AnalysesofAcid testRatio Aswecanseefromthechart thecompany sacid testratiohasgraduallyincreasedrecently becausethecurrentassetsandinventorieshavebothincreasedbutthecurrentassetshaveincreasedmuchfaster whichmadethedifferencebetweenthemincrease Theincreaseintheacid testratioindicatesthatthecompanyhasagrowingabilitytoimmediatelyrealizeandpayshort termliabilities Atthesametime thistendencyisconsistentwiththecurrentratio stendency whichmeansthatthecompany sinventorieshavebeenstablerecent 24 AnalysesofCashRatio Aswecanseefromthechart thecompany syear2011 scashratiosismuchbiggerthanyear2009 s buttheyear2011 sisslightlysmallerthantheyear s Becausethecashequivalentsgrewmuchfasterthanthecurrentliabilities causingtheirratiotoincrease Astoyear2011and2010 thecashequivalentsandthecurrentliabilitieshavebothincreasedbuttheirratioshavealittledifference Thetendencyincashratioindicatesthatthecompany sabilitytopayimmediatelyhasincreasedenormouslyanddecreasedabit 25 AnalysesofNetCashProvidedbyOperatingActivities CurrentLiabilities Aswecanseefromthechart thecompany snetcashprovidedbyoperatingactivities currentliabilitieshasgraduallyincreased becausethenetcashprovidedbyoperatingactivitieshavedecreasedandthecurrentliabilitieshaveincreased causingtheirratiotodecrease Thisratio stendencyindicatesthatthecompanyhasagraduallydecreasedabilitytopayitsshort termdebtsbyusingnetcash Thisratiointherecent3yearshasbeenbelow1 sothecompanycan tpayitsdebtusingjustnetcashprovidedbyoperatingactivities Itmustobtaincashinotherwaystoensurethatitsliabilitiescanbepaidintime 26 analysesoflong termdebt payingability comparisonsbetweensomeratiosofrecent3years 28 analysesofdebtratio Aswecanseefromthechart thecompany s2010year sdebtratioismuchsmallerthanthe2009 s becausethetotalassetsofyear2010ismuchbiggerthantheyear2009 Thedebtratioofyear2011isnearlylevelwiththeyear2009 becausealthoughthetotalassetsandliabilitieshavebothincreased butaswithyear2009 thetotalliabilitiesarenearlyhalfofthetotalassets Theoretically intherecent3years thecompanyhasagrowingandthendecreasingdebtburden However theseratiosareallbelow50 whichcanbeconsideredacceptableandmeansthatthecompanyhasacomparativelylightdebtburdenandthecreditors interestsarehighlyprotected 29 Analysesofdebt equityratioandDebttotangiblenetworthratio Aswecanseefromthechart thesetworatioshavebothdecreasedandincreasedrecently Becausecomparedwiththetotalowner sequity thetotalintangibleassetsandliabilitiesaremuchsmaller thereasonsforthistendencyarealmostthesame thatis theyear2010 stotalequityismuchbiggerthantheyear2009 s Howevertheyear2011 stotalequityandliabilitiesandtheyear2009 scanbenearlyconsideredthesame 30 AnalysesofTimesinterestearned Aswecanseefromthechart thecompany stimesinterestearnedhasfluctuatedenormouslyrecently Itincreasedenormouslyfromyear2009to2010 anddecreasedenormouslyfromyear2010to2011 Thereasonisthatcomparedwithyear2009 theyear2010 snetprofitandtaxexpensehavebothincreased butinterestexpensehasdecreasedenormously causingtheratioofthetotalofthesethreeandinterestexpensetoincrease Besides comparedwiththeyear2010 theyear2011 snetprofitandtaxexpensehavebothincreased butinterestexpensehasdecreasedmoreenormously causingtheratioofthetotalofthesethreeandinterestexpensetodecrease Ascanbeknown thefluctuationofinterestexpenseisthemainreasonforthefluctuationoftimesinterestearned Althoughthetimesinterestearnedfluctuatedmuch thesefiguresindicatethatthecompanyhasaconsiderableabilitytopaytheinterestdebtandlong termdebt payingability 31 AnalysesofNetCashProvidedbyOperatingActivities TotalLiabilities Aswecanseefromthechart thisratiohasdecreasedrecently becausethenetcashprovidedbyoperatingactivitieshavedecreasedandthetotalliabilitieshaveincreased causingtheratioofthesetwotodecrease Thisratio sdecreasingtendencyindicatesthatthecompanyhasadecreasingabilitytopayitsdebtsusingthenetcashprovidedbyoperatingactivities Thefiguresoftherecent3yearsareallbelow1 sothecompanycan tpayitsdebtsusingjustthenetcashprovidedbyoperatingactivities 32 Thesummaryofanalysesofdebt payingability Aswecanseefromtheanalysesfrom thecompany sabilitytopayliabilitieshasbeengrowingdecently especiallybetweenyear2009and2010 Althoughithasundergonesomefluctuationsinsomeratios thesechangescanbeconsideredthechangesthatdon tinfluencethedebt payingabilitymuch Thesetrendsalsoconformtotheappliances industrialdevelopment Becauseofsuchfactorsasnationalpolicyandgrowingeconomicdevelopment thehomeappliance thecompanyhasbeendevelopingrapidly However accordingtosomeratios thecompanystillhassomethingtoimprove 33 OperationCapacityAnalysis 34 Operationalcapabilityindexcontrast 35 Accordingtoanalyzetheindexofoperationcapability accountreceivableturnoverwentupyearbyyear Itexplainedthatthegrowthrateofnetsalesexceededgrowthrateofaccountreceivable Themainreasonthatrapidgrowthofsalesincomeleadtoincreasingaccountreceivable InordertoreduceBaddebtriskofCHNT CHNTproperlyadjustcreditpolicyandincreasethescaleofsettlementthebankacceptance Becauseofincreasingaccountreceivableturnover CHNTreceivedmuchcashandLossonbaddebtsreduced CHNThasgreatdebitpayingability 36 inventoryturnoverratioalsoincreasedyearbyyear Itillustratedthattheincreasingextendofcostofsaleoverweightincreasinginventory ItalsoshowedthattheoccupationoftheinventorylevelofCHNTwaslowandhadhighlyliquidity Moreover themorehighlyliquidity themorefastthespeedofinventoryconvertingtocashandaccountreceivable CHNT sfixedassetturnoverwasincreasing ItshowedtheutilizationoffixedassetofCHNThadbecomehigherandhigherandthemanagementlevelconstantlyimproved Meanwhile ithasadvantageforimprovingCHNT sprofitability 37 However thetotalassetturnoverhasdecreasedyearbyyear Totalassetturnoverisanimportantindicatortoexaminetheoperationalefficiencyofcorporateassets reflectingthetransferspeedofalloftheassetsofthebusinessduringtheperiodfrominputtooutput Thepossiblereasonliesinthecompany slong termequityinvestments intangibleassetsandconstructioninprogress Owingtoasignificantincreaseinlong termequityinvestments intangibleassetsandconstructioninprogress itleadstotheincreaseintotalassetsisgreaterthantheincreaseinnetsales Theactualsituation confirmedthespeculation Thecompanypurchasealowvoltageelectricapplianceindustrybase Thismoveledtoasignificantincreaseinlong termequityinvestment DuetonewlyacquiredWenzhouelectrical netsalesgrowthwasslowerthanthegrowthoftotalassets Atthesametime ZhejiangZhengtaiCorporation stotalassetturnoverisstillfarhigherthantheindustrytotalassetratio Itprovedthatthecompanyoperateswell 38 ProfitabilityAnalysis 39 Profitabilityindexcontrast 40 Comparedwith2009 wefoundthattheequityreturnratechangesalotin2011 Throughtheanalysisoffinancialstatements wefoundthecompanyowner sequityincreasesby220 12 Owners equitygreatlyincreased leadingtorightsreturnratedropdramatically Thereasonwhytheowner sequityhasabigincreaseisthatthecompanybecomesapubliccompanyin2010 Butcomparedwith2010 theowner sequityincreasedby7 96 in2011 Itisclearthatthegrowthisnotobvious What smore netincomeincrease 41 Combinedwiththepracticalsituation wefoundthatthecompanyfivemainproductsgrossmarginhaveacertainscopedown butchangeisnotclear Combinedwithpractical welearnthatterminalapparatusandpowertotheelectricgrossmarginfellmorethan3 Thereasonwhygrossprofitdecreaseisthatthecopper silverandothermainrawmaterialpricesrise reducingproductprofitmargins Butthecompanyduringthegoodcostcontrol marketingexpenses administrativeexpensesandfinancialexpensesdroprespectivelycomparedtothe0 7 0 69and0 44 tomakeupfortheriseinthecostofrawmaterialstothecompanynetprofitmarginoftheinfluence 42 Operatingreturnonassetsdecreasedsignificantly thusfurtherreflectingtheefficiencyofassetutilization Comparedwith2009 Operatingreturnonassetsdecreasedsignificantlyin2010 Analysisthereasonisthatalargenumberofoperatingcostsandnotesreceivable notesreceivableincreasedby145 13 paredto2009 operatingcostsincreasedby136 17 Theincreaseinnotesreceivablecauseincreaseoftheoperatingassets increasedoperatingcostsledtoadecreaseinoperatingincome Intheend leadtothedeclineinoperatingreturnonassets 43 Thereasonwhyreturnonassetsdeclineisthatthegrowthoftotalassetshigherthanthenetincomegrowth Analyzingthereasonsforthegrowthoftotalassetsisthelong termequityinvestment constructioninprogressaswellasthegrowthofintangibleassets Comparedwiththebeginningoftheperiod thelong termequityinvestmentincreasedby585 52 Comparedwiththebeginningoftheperiod paredwiththebeginningoftheperiod theintangibleassetsincreasedby65 28 44 Investmentabilityanalysis 45 Comparingtheabilityofinvestmentfrom2009to2011 46 Accordingtotheserelatedindex wecanfoundthattheCHNT sfinancialleveragebasicallymaintainat1 00andkeepstablylowlevel ItshowthattheCHNThaslowerriskoffinance CHNThasjustlistedin2010 ThelistingofpriceoftheCHNTin2010abidinglydroppedfrom23 95yuanto13 10yuanin2011 WecanhaveaproofthatitwasaffectedbytheEuropeandebtcrisis Becauseofthat thebigboardofShanghaiIndexdroppedbadlyandalsoaffectedmarketvaluepershareofCHNT TheEPSofCHNTraisedyearbyyear Comparingwithlasttwoyears itincreased10 34 and28 13 respectively ItexplainthatCHNT sprofitalsoenhancedyearbyyear Theprice earningratioreflecttherelationshipofthecommonmarketvalue MV betweencurrentEPS However wecanfindsomethinginthetablethattheP Efallenfrom37 42 to15 36 Althoughithasdropped21 46 weshouldcomprehendthedepreciationextendofMVoverweightheincreasingextendofEPSandfinallyleadtothedecreasingofP Eratio Nevertheless thedevelopmentpotentialofCHNTwillhavegoodfuture 47 Fromthedataofdividendpayoutratio CHNThashigherdividendpayoutratio Itincreasedyearbyyear In2011 dividendpayoutratiohasdramaticallyhad85 37 Thereasonthatcompanyhasalwayskeptstablyandrapidlyinrecentyears Accordingthelatestannouncementofdividenddistribution itwillassign0 7yuanpershare CHNT sdividendinlastyearhad402millionyuan Dividendinthisyearlargelyoverweighlastyear Ithas704millionyuananddividendpayoutratiowas85 37 However dividendpaymentratewillleadtotheriseofretainedearningsdecline Wecanobviouslyfindthesedatainthisthreeyears HigherdividendpayoutratioshowedthatCHNTwillhonestlyrewardeveryinvestors Dividendyieldandbookvaluepersharebothincreasedobviouslyfrom2009to2011 itillustratethatprofitabilityofCHNThascontinuouslygrewandoperationsituationwillbeGenerallyspeaking theshareofCHNThaslargelyappreciationpotential Theinvestorcanbuyoroverweighttheseshare 48 Comparedwithcompetitors chint vs senyuan 49 ContrastBackground SenyuanElectricsmallerthanChintElectricsSenyuanlistedstockthatisdevelopmentwellfromFebruaryin2010ThemainjobforChintislow voltageelectricalbusiness thepowerdistributionequipmentisSenyuan smainwork TheChintpopularityspreadthroughoutthecountryevenabroad andthedevelopmentismoreperfect SenyuanElectrichasacertainreputationintheprovince socoverageislimited 50 Operatingcapacity 51 InthereceivableareaChintappearstobeaheadofSenyuan Theday ssalesinreceivableturnoverislonger thatexplainSenyuanhasbadcapableofcallbackmoney Thereasonmaybehavetwo usetoomuchinstallmentplanandsaleswithusemuchmoneytoclosetheaccount IntheinventoryareaChintappearstobeaheadofSenyuan Mainlybecausethesalesrevenueincreasefast accountreceivableincreasesame Thecompanyneedtoreducetheriskofbaddebtsbyadjustthecreditpolicetoincreasescalesofexchange InthefixedassetareaChintislargerthanSenyuan Chinthasbettermanagelevelandhashigheruseratio InthetotalassetareaChintishigherthanSenyuan Chinthasbettercapableofsales andbetteruseratioofasset Operatingcapacity 52 Short termdebt payingability 53 Chinthasmuchhighercurrentratio acid teatratio andcashratiothantheseratiosforSenyuan Thehighercurrentratioexplainthecompanyhasstrongerabilityinshort termdebt paying theguidelinefortheminimuncurrentratiohasbeen2forcreativecompany becausetheyhasalotsofinventorythathasbadliquidity Butthehighercurrentratiomaybeisnotagoodsign becauseitstatethecompanyhavelotsofmoneyincurrentasset theycannotusethisvalidity it sm