财务分析报告英文版ppt课件

CHINTELECTRICS,2011FINANCIALREPORTINGANDANALYSIS,1,TeamMembers：LiuZhaoyeCommon-SizeWangYuyaoDebt-PayingXueJianchaoProfitability/OperationShenKangliangInvestment/OperationJiangRuiCompetitor/IntroductionLIxinCompetitor/Introduction,2,CHINTELECTRICSIsChinaslargestproductionoflowvoltageelectricappliancemanufacturingenterprise,thespecialtyisengagedindistributionappliances,controlelectricappliances,terminalapparatus,andpowerelectronicandelectricpowersupplylow-voltageproductsdevelopment,productionandsales.ChintisrecognizedforafamousChinesetrademark,chintbranduniversaltypecircuitbreaker,plasticshelltypebreakerseriesproducthasbeenawardedChinafamousbrandproducttitle.Thecompanyin2004wontheChinesequalitymanagementofthehighestaward,thenationalqualitymanagementaward,3,CompanyprofileStockname:CHINTELECTRICSStockcode:601877,IsChinasleadingcompanyinthefieldoflowvoltageelectricalappliancesAdheretotheindependentinnovation,researchanddevelopmentaseriesofwithindependentintellectualpropertyrights,reachtheinternationaladvancedleveloflowvoltageelectricproductsThecompanysbrandtoborrowJacquesrealizefromlowvoltageelectricalsuppliertosolutionproviderchange,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,BalanceSheetVerticalCommon-size,8,In2011,thenon-currentliabilitiesitemofcompanyistheproportionofthe2010sincreaseobviously,mainlybecausethecompanyin2011toraisefundsforcompanyexecutedbondsissue1.5billionYuan.Fromthecurrentliabilitiestosee,thecompanysshorttermloanshasalwaysbeentheproportionisverylow，In2010thecompanyshort-termborrowingallpaidoff,in2011thecompanyonlyhadanincreaseof1.1millionYuanshort-termborrowing，Shouldsaythisbenefitsfromthecompanyisverysufficientliquidity。Theproportionofaccountspayableislow,onthewhole,thecompanysshort-termdebtservicepressureisverylow.,BalanceSheetVerticalCommon-sizeAnalysis,9,BalanceSheetCrosswiseCommon-size,10,BalanceSheetCrosswiseCommon-size,11,Companysalesgrowthnotonlybroughtampleliquidity,moresubsequentreceivables.Accountsreceivablecomparedtoaboveincreaseisnotalot,butnotesreceivableisnearlyseventimesto2009.Theannualreporttomakeaexplained,inordertoreducetheriskofbadloans,thecompanyadjustcreditpolicy,increasethesettlementscaleofbankacceptance.,BalanceSheetCrosswiseCommon-sizeAnalysis,12,Along-termequityinvestmentof2011yearsis20097times,mainlyduetothevalueof161.59millionYuanthiscompanytopurchasethe“ZKtechnology9.18125millionshares,inadditiontothecompanyinvested200millionRMB.Theprojectunderconstructioncompanyin2011is2009yearsof24times,mainlyduetocurrentperiodtoraisefundsbasedconstructionprojectincausedbyincrease.Thecompanynon-currentliabilitiesin2011is200965times,mainlybecauseoftheincreaseofbondspayableproject,thatcompanywastoissue1.5billionbonds.Capitalreservein2011and2010weremorethan500timesin2009,mainlybecauseofthecompany2010yearswasjustlisted.,BalanceSheetCrosswiseCommon-sizeAnalysis,13,ProfitsandLossItemsCrosswiseCommon-size,14,ProfitsandLossItemsVerticalCommon-size,15,ProfitsandLossItemsCommon-sizeAnalysis,Thecompanybusinessincomein2011was1.7timesthanthatin2009,operatingincomeincreasedyearbyyear,explainthecompanysalesscaleexpandsunceasingly.Theannualreportsaysthecompanymainlyduetotheincreasingdomesticandforeignmarketdevelopmentandpromotionofnewstrength,sodomesticauxiliarymarketdemandincrease,salesvolumegrowth.Thecompanybusinesscost2011is1.8timesmorethanin2009,operatingcostsincreasedyearbyyear,andcomparedwiththebusinessincomegreaterproportion.Thisismainlybecause2011productsalesgrowthandrawmaterialpricescausedbycommoneffect,butnetprofitinoperatingincomeproportionandnotasasubstantialincreaseinthesalesincrease,sothepressureoftherisingcostswasmore.,16,Thefinancialcostthreeyearsarenegative,suggeststhecompanycontinuedinterestincomeweremorethaninterestexpensesandfinancialexpensesin2011is2009of12times,annualreportalsoshowsthat2011netinterestrevenuebytwohundredandtwentypercentmorethanatthebeginning,becausethatdoesnotexistisannualreporthasthecontrollingshareholdersandtheiraffiliatesnon-businesstakefund,thenaccordingtoillustratetheannualreportbecausethe2011mainsourceofrevenueforthefinancialriskcontrolincreasedcashreserves,interestincomeincrease.,ProfitsandLossItemsCommon-sizeAnalysis,17,MainBusinessCommon-size,18,MainBusinessCommon-sizeAnalysis,Wecanseethatthepowerdistribution,terminalandcontrolelectricapplianceisthecompanysthreebigblockbusterproducts.Lowvoltageelectriclowendthemarketthemaincompetitivefactorsiscostcontrolabilityandproductprices,andthecompanywithdomesticsimilarenterprisebrandadvantagecomparedsignificantly,bargainingpower,stronger,costcontrolabilityoutstanding,highergrowthperformanceformanyyearstheindustryaveragemorethan10%ofthecompanysmarketshareincreasescompanyexperiencedindustryinsideremainrelativelyhighgrowth.,19,analysesofshort-termdebt-payingability,20,comparisonsbetweensomeratiosofrecent3years,21,AnalysesofWorkingCapital,Aswecanseefromthechart，thiscompanysworkingcapitalhasbeenpositiveandgraduallyincreasedrecently，becausetherecent3yearscurrentassetsandliabilitieshavegraduallyincreasedrespectively，andthedifferencebetweenthesetwohavealsoincreased;thisdifferenceistheworkingcapital.Thisincreaseintheworkingcapitalindicatesthatthecompanysshort-termdebt-payingabilityisguaranteed，andstrengthenedrecently。,22,AnalysesofCurrentRatio,Aswecanseefromthechart，thiscompanyscurrentratiohasbeenpositiveandgraduallyincreasedrecently，becausethecurrentassentsandcurrentliabilitieshavegraduallyincreased,butthecurrentassetshaveincreasedfaster.Theincreaseofcurrentratioindicatesthatthecompanyhasagrowingabilitytopaythecurrentliabilities,andtheshort-termdebt-payingabilityhasstrengthened.,23,AnalysesofAcid-testRatio,Aswecanseefromthechart，thecompanysacid-testratiohasgraduallyincreasedrecently，becausethecurrentassetsandinventorieshavebothincreasedbutthecurrentassetshaveincreasedmuchfaster,whichmadethedifferencebetweenthemincrease.Theincreaseintheacid-testratioindicatesthatthecompanyhasagrowingabilitytoimmediatelyrealizeandpayshort-termliabilities.Atthesametime,thistendencyisconsistentwiththecurrentratiostendency,whichmeansthatthecompanysinventorieshavebeenstablerecent.,24,AnalysesofCashRatio,Aswecanseefromthechart，thecompanysyear2011scashratiosismuchbiggerthanyear2009s，buttheyear2011sisslightlysmallerthantheyears.Becausethecashequivalentsgrewmuchfasterthanthecurrentliabilities,causingtheirratiotoincrease.Astoyear2011and2010,thecashequivalentsandthecurrentliabilitieshavebothincreasedbuttheirratioshavealittledifference.Thetendencyincashratioindicatesthatthecompanysabilitytopayimmediatelyhasincreasedenormouslyanddecreasedabit.,25,AnalysesofNetCashProvidedbyOperatingActivities/CurrentLiabilities,Aswecanseefromthechart，thecompanysnetcashprovidedbyoperatingactivities/currentliabilitieshasgraduallyincreased,becausethenetcashprovidedbyoperatingactivitieshavedecreasedandthecurrentliabilitieshaveincreased,causingtheirratiotodecrease.Thisratiostendencyindicatesthatthecompanyhasagraduallydecreasedabilitytopayitsshort-termdebtsbyusingnetcash.Thisratiointherecent3yearshasbeenbelow1,sothecompanycantpayitsdebtusingjustnetcashprovidedbyoperatingactivities.Itmustobtaincashinotherwaystoensurethatitsliabilitiescanbepaidintime.,26,analysesoflong-termdebt-payingability,27,comparisonsbetweensomeratiosofrecent3years,28,analysesofdebtratio,Aswecanseefromthechart，thecompanys2010yearsdebtratioismuchsmallerthanthe2009s,becausethetotalassetsofyear2010ismuchbiggerthantheyear2009.Thedebtratioofyear2011isnearlylevelwiththeyear2009,becausealthoughthetotalassetsandliabilitieshavebothincreased，butaswithyear2009，thetotalliabilitiesarenearlyhalfofthetotalassets.Theoretically，intherecent3years,thecompanyhasagrowingandthendecreasingdebtburden.However,theseratiosareallbelow50%，whichcanbeconsideredacceptableandmeansthatthecompanyhasacomparativelylightdebtburdenandthecreditorsinterestsarehighlyprotected.,29,Analysesofdebt/equityratioandDebttotangiblenetworthratio,Aswecanseefromthechart，thesetworatioshavebothdecreasedandincreasedrecently.Becausecomparedwiththetotalownersequity,thetotalintangibleassetsandliabilitiesaremuchsmaller,thereasonsforthistendencyarealmostthesame，thatis,theyear2010stotalequityismuchbiggerthantheyear2009s。Howevertheyear2011stotalequityandliabilitiesandtheyear2009scanbenearlyconsideredthesame.,30,AnalysesofTimesinterestearned,Aswecanseefromthechart,thecompanystimesinterestearnedhasfluctuatedenormouslyrecently.Itincreasedenormouslyfromyear2009to2010,anddecreasedenormouslyfromyear2010to2011.Thereasonisthatcomparedwithyear2009,theyear2010snetprofitandtaxexpensehavebothincreased,butinterestexpensehasdecreasedenormously,causingtheratioofthetotalofthesethreeandinterestexpensetoincrease.Besides,comparedwiththeyear2010,theyear2011snetprofitandtaxexpensehavebothincreased,butinterestexpensehasdecreasedmoreenormously,causingtheratioofthetotalofthesethreeandinterestexpensetodecrease.Ascanbeknown,thefluctuationofinterestexpenseisthemainreasonforthefluctuationoftimesinterestearned.Althoughthetimesinterestearnedfluctuatedmuch,thesefiguresindicatethatthecompanyhasaconsiderableabilitytopaytheinterestdebtandlong-termdebt-payingability.,31,AnalysesofNetCashProvidedbyOperatingActivities/TotalLiabilities,Aswecanseefromthechart，thisratiohasdecreasedrecently,becausethenetcashprovidedbyoperatingactivitieshavedecreasedandthetotalliabilitieshaveincreased,causingtheratioofthesetwotodecrease.Thisratiosdecreasingtendencyindicatesthatthecompanyhasadecreasingabilitytopayitsdebtsusingthenetcashprovidedbyoperatingactivities.Thefiguresoftherecent3yearsareallbelow1,sothecompanycantpayitsdebtsusingjustthenetcashprovidedbyoperatingactivities.,32,Thesummaryofanalysesofdebt-payingability,Aswecanseefromtheanalysesfrom,thecompanysabilitytopayliabilitieshasbeengrowingdecently,especiallybetweenyear2009and2010.Althoughithasundergonesomefluctuationsinsomeratios,thesechangescanbeconsideredthechangesthatdontinfluencethedebt-payingabilitymuch.Thesetrendsalsoconformtotheappliancesindustrialdevelopment.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.CHNTsfixedassetturnoverwasincreasing.ItshowedtheutilizationoffixedassetofCHNThadbecomehigherandhigherandthemanagementlevelconstantlyimproved.Meanwhile,ithasadvantageforimprovingCHNTsprofitability.,37,However,thetotalassetturnoverhasdecreasedyearbyyear.Totalassetturnoverisanimportantindicatortoexaminetheoperationalefficiencyofcorporateassets,reflectingthetransferspeedofalloftheassetsofthebusinessduringtheperiodfrominputtooutput.Thepossiblereasonliesinthecompanyslong-termequityinvestments,intangibleassetsandconstructioninprogress.Owingtoasignificantincreaseinlong-termequityinvestments,intangibleassetsandconstructioninprogress,itleadstotheincreaseintotalassetsisgreaterthantheincreaseinnetsales.Theactualsituation,confirmedthespeculation.Thecompanypurchasealowvoltageelectricapplianceindustrybase.Thismoveledtoasignificantincreaseinlong-termequityinvestment.DuetonewlyacquiredWenzhouelectrical,netsalesgrowthwasslowerthanthegrowthoftotalassets.Atthesametime,ZhejiangZhengtaiCorporationstotalassetturnoverisstillfarhigherthantheindustrytotalassetratio.Itprovedthatthecompanyoperateswell.,38,ProfitabilityAnalysis,39,Profitabilityindexcontrast,40,Comparedwith2009,wefoundthattheequityreturnratechangesalotin2011.Throughtheanalysisoffinancialstatements,wefoundthecompanyownersequityincreasesby220.12%.Ownersequitygreatlyincreased,leadingtorightsreturnratedropdramatically.Thereasonwhytheownersequityhasabigincreaseisthatthecompanybecomesapubliccompanyin2010.Butcomparedwith2010,theownersequityincreasedby7.96%in2011.Itisclearthatthegrowthisnotobvious.Whatsmore,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,wecanfoundthattheCHNTsfinancialleveragebasicallymaintainat1.00andkeepstablylowlevel.ItshowthattheCHNThaslowerriskoffinance.CHNThasjustlistedin2010.ThelistingofpriceoftheCHNTin2010abidinglydroppedfrom23.95yuanto13.10yuanin2011.WecanhaveaproofthatitwasaffectedbytheEuropeandebtcrisis.Becauseofthat,thebigboardofShanghaiIndexdroppedbadlyandalsoaffectedmarketvaluepershareofCHNT.TheEPSofCHNTraisedyearbyyear.Comparingwithlasttwoyears,itincreased10.34%and28.13%respectively.ItexplainthatCHNTsprofitalsoenhancedyearbyyear.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.CHNTsdividendinlastyearhad402millionyuan.Dividendinthisyearlargelyoverweighlastyear.Ithas704millionyuananddividendpayoutratiowas85.37%.However,dividendpaymentratewillleadtotheriseofretainedearningsdecline.Wecanobviouslyfindthesedatainthisthreeyears.HigherdividendpayoutratioshowedthatCHNTwillhonestlyrewardeveryinvestors.Dividendyieldandbookvaluepersharebothincreasedobviouslyfrom2009to2011,itillustratethatprofitabilityofCHNThascontinuouslygrewandoperationsituationwillbeGenerallyspeaking,theshareofCHNThaslargelyappreciationpotential.Theinvestorcanbuyoroverweighttheseshare.,48,Comparedwithcompetitors,chint,vs,senyuan,49,ContrastBackground,SenyuanElectricsmallerthanChintElectricsSenyuanlistedstockthatisdevelopmentwellfromFebruaryin2010ThemainjobforChintislow-voltageelectricalbusiness,thepowerdistributionequipmentisSenyuansmainwork.TheChintpopularityspreadthroughoutthecountryevenabroad,andthedevelopmentismoreperfect.SenyuanElectrichasacertainreputationintheprovince,socoverageislimited.,50,Operatingcapacity,51,InthereceivableareaChintappearstobeaheadofSenyuan.Thedayssalesinreceivableturnoverislonger,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,becauseitstatethecompany