(财务管理)格力电器财务分析报告

1、Zhuhai gree electricappliances co., LTD.,finan cial an alysis reportAbstract: enterprises financial statements to reflect the enterprise in a certain period of the financial position, operatingresults and cash flow conditions.Correct understanding and analysis offinan cial stateme nts in formatio n

2、will help the en terprise man ageme nt comprehensive understanding accurately in the past, evaluate and predict the future now. This paper choose the gree electric appliances in 2013-2015 financialstatements of listedcompanies as the research object,this paper in troduces the theory and method of fi

3、nan cial stateme nt analysis, the general, mainly using ratio analysis method and the method of comparative an alysis, an alyze the gree electric compa ny in rece nt years, financial situation and evaluation.Keywords: gree electric applia nces ratio an alysis and comparis on an alysis of finan cial

4、stateme ntsBasic in formati on compa ny profile:1. The companys basic information(1) the legal n ame of the compa ny: zhuhai gree electric applia nces co., LTD(2) the compa nys legal represe ntative: dong min gzhu(3) the compa nys registered address: gua ngdo ng province zhuhai former golde n hill r

5、oad(4) the compa nys stock excha nge: she nzhe n A shares(5) stock abbreviatio n: gree electric applia nces stock code: 0006512. The compa nys historyZhuhai gree electric applia nces co., LTD. (here in after referred to as gree electric applia nces), established in 1991, is by the zhuhai crown male

6、plastic co., LTD., a merger with hayley air-conditioner factory.With many, many in the world like HP, SONY such famous company at the beg inning of the ven ture, gree electric applia nces is in itially in a shabby workshop, rely on 200000 yuan loans made it the first step in the bus in ess.In 1994 a

7、pproved by the zhuhai muni cipal commissi on for restructuri ngthe renamed zhuhai gree electricappliances co., LTD., November18, 1996,the Chi na securities regulatory commissi on regulatory send word (1996)1996 HaoWe n approval listed onthe she nzhe n stock excha nge,the compa nyget the bus in ess l

8、ice nse of en terprise legal pers on, 4400, 4400.3. The compa nys main bus in ess is in troducedGoods and tech no logy import and export.Manu facturi ng, sales: compressor pump valve and similar mach in ery.Fan packaging equipment and other general equipment, motor, transmission and distributi on an

9、d con trol equipme nt, wires, cables, cables and electrical equipme nt, household electrical applia nces.Wholesale: mecha ni cal equipme nt, wuji njiaodia n, electro nic products.Producti on and sales of air con diti oner, self-support ing export bus in ess of air con diti oner and its related spare

10、 parts import and export bus in ess.4Nearly three years of a compa nys finan cial stateme nts - the bala neeThe total assets ofThe total amount of liabilitiesCurre nt liabilitiesLon g-term liabilitiesMon etary fund Acco unts receivableOther receivables Provisio n for bad debtShareholders equityFinan

11、 cial in dicators (te n thousa nd yua n) The total assets ofThe total amount of liabilitiesCurre nt liabilitiesLon g-term iabilitiesMon etary fund Acco unts receivableOther receivablesProvisio n for bad debtShareholders12, 433, 400.0011, 873, 100.009,730, 640.00equity1Finan cial in dicators (te n th

12、ousa nd yua n) The total assets ofThe total amount of liabilitiesCurre nt liabilitiesLon g-term liabilitiesMon etary fund Acco unts receivableOther receivables Provisio n for bad debtShareholders equity12, 391, 100.0011, 603, 100.009, 586, 890.00Finan cial in dicators (te n thousa nd yua n) The tota

13、l assetsofThe total amc of liabilitiesCurre nt liabilitiesLon g-term liabilitiesMon etary fun)unt dAccou receivOthernts ablereceivablesProvisio n for bad debtShareholders equityIIJFinan cial in dicators (te n thousa nd yua n) The total assets ofThe total amoun of liabilitiesCurre nt liabilitiesLon g

14、-term liabilitiesMon etary fund Acco unts receivableOther receivablesProvisio n for bad debtShareholders equityt8, 403, 850.005, 829, 100.004, 421, 510.00Finan cial in dicators (te n thousa nd yua n) The total assets of298, 335.00251, 557.0038, 175.60The total amo of liabilitiesCurre nt liabilitiesL

15、on g-term liabilitiesMon etary fun)un dtAcco unts receivable OtherreceivablesProvisio n forbad deb Sharehc equityt)ldersFinan cial in dicators (te n thousa nd yua n) The total assets ofThe total amoun of liabilitiesCurre nt liabilitiesLon g-term liabilitiesMon etary fund Acco unts receivableOther re

16、ceivablesProvisio n for bad debtShareholders equityt39, 079.4044, 176.5038, 175.60Finan cial in dicators (te n thousa nd yua n) The total assetsof Th ofCu liaLo liae total amo liabilities irrent bilities ng-term bilities)unitMon etary fund Acco unts receivableOther receivablesProvisio n f bad debtSh

17、areholdi equityor ersFinan cial in dicators (te n thousa nd yua n) The total assets ofThe total amouni of liabilitiesCurre nt liabilitiesLon g-term liabilitiesMon etary fund Acco unts receivablet4, 595, 680.004, 077, 260.0012, 948, 600.00Other receivablesProvisio n for bad debtShareholders equity5 t

18、he compa ny n early three years finan cial stateme nts, the in come stateme ntFinanci in dicatc thousar Main bi n come Main bi profit Cost of Manage Financeal)rs (te nid yua n)sin esssin esssales?ment fees? charges2015-9-302014-9-302013-9-30Operati ng profitRetur n onn vestme ntSubsidies in comeNet

19、non-operat ing in comeProfit totalIn come taxNet profitFinan cial in dicators (te n thousa nd yua n)Main bus in ess8, 152, 290.009, 841, 010.008, 781, 080.00in comeMain bus in ess profitCost of sales Man ageme nt fees Finance charges Operati ng profit Retur n on in vestme nt Subsidies in come Net no

20、n-operat ing in comeProfit total In come tax Net profitFinan cial in dicators (te n thousa nd yua n) Main bus in essin comeMain bus in ess profitCost of salesMan ageme nt feesFinance chargesOperati ng profitRetur n on in vestme ntSubsidies in comeNet non-operat ing in comeProfit totalIn come taxNet

21、profitFinan cial in dicators (te n thousa nd yua n) Main bus in ess in comeMain bus in ess profitCost of sales Man ageme nt fees Finance charges Operati ng profit Retur n on in vestme nt Subsidies in come Net non-operat ing in comeProfit totalIn come tax Net profit1 , 337, 340.002, 015, 320.001, 482

22、, 540.00Financi in dicatc thousar Main bi n come Main bi profit Cost of Manage Financeal)rs (te n id yua n)丿 sin ess丿 sin esssales ?ment fees 3 charges359, 708.00373, 901.00345, 258.00Operati ng profitRetur n onn vestme ntSubsidies in comeNetnon-operat ing in comeFinan cial in dicators (te n thousa

23、nd yua n)-139 , 376.00-69 , 308.00-13490.20Main bus in ess in comeMain bus in ess profitCost of sales Man ageme nt fees Finance charges Operati ng profit Retur n on in vestme ntSubsidies in comeNet non-operat ing in comeProfit totalIn come taxNet profitFinan cial in dicators (te n1 , 147, 750.001, 1

24、71, 380.00thousa nd yua n) Main bus in ess n comeMain bus in ess profitCost of sales Man ageme nt fees Finance charges Operati ng profit Retur n on in vestme nt Subsidies in come Netnon-operat ing in comeProfit total In come tax Net profit-1053.57-148.28Financial-375.20in dicators (te n thousa nd yu

25、a n)Main bus in essin comeMain bus in ess profitCost of salesMan ageme nt feesFinance chargesOperati ng profitRetur n on in vestme ntSubsidies in comeNet non-operat ing in comeProfit totalIn come taxNet profitFinan cial in dicators (te n thousa nd yua n) Main bus in ess in comeMain bi profit丿 sin es

26、sCost of salesMan ageme nt feesFinance chargesOperati ng profitRetur n on in vestme ntSubsidies in comeNet non-operat ingin comeProfit totalIn come taxNet profitFinan cial in dicators (te n thousa nd yua n)Main bus in ess in comeMain bus in ess profitCost of salesMan ageme nt fees62891.4211354, 2639

27、803.01Finance charges Operati ng profit Retur n on in vestme nt Subsidies in come Net non-operat ing in comeProfit totalIn come taxNet profitFinan cial n dicators (te n thousa nd yua n)1 , 195, 080.001, 193, 070.00925, 042.00Main bus in ess in comeMain bus in ess profitCost of salesMan ageme nt fees

28、Finance charges Operati ng profit Retur n on in vestme ntSubsidies in comeNet non-operat ing in comeProfit totalIn come taxNet profitFinan cial192, 765.00202, 543.00161, 330.00in dicators (te n thousa nd yua n) Main bus in ess in comeMain bus in ess profitCost of sales Man ageme nt fees Finance char

29、ges Operati ng profit Retur n on in vestme nt Subsidies in come Netnon-operat ing in comeProfit total In come tax Net profitFinan cial in dicators (te n thousa nd yua n)Main bus in ess in comeMain bus in ess profitCost of sales1 , 002, 310.00990, 528.00763, 712.00Finance charges Operati ng profit Re

30、tur n on in vestme nt Subsidies in come Net non-operat ingin comeProfit totalIn come taxNet profitFinan cial ratio an alysis:1. The man ageme nt and developme nt capacity an alysis2. Profitability an alysis3. The Ion g-term solve ncy an alysisShort-term debt pay ing ability an alysisInven tory turno

31、 verAcco unts receivable turno verTotal asset turno verMain bus in ess reve nue growth Operati ng profit growth After-tax profit growthGrowth rate of net assets Growth rate of total assetsRatio project(%)57.3757.5847.88nven tory urno verAcco unts receivableturnoverTotal assetturnoverMain bus in ess

32、reve nue growthOperati ng profit growthfter-tax profit rowthGrowth rate ofnet assetsGrowth rate of otal assetsRatio project (%)Inven tory turno verAcco unts receivable turno verTotal asset turno verMain bus in ess reve nue growth Operati ng profit growth After-tax profit growthGrowth rate of net ass

33、ets Growth rate of total assets1.031.491.8Ratio proj(%)Inven tory turno verAcco unts receivable turno verTotal asse turno verMain busi reve nue g Operat ing growth After-tax pecti才nessrowth profit)rofitgrowthGrowth rate of net assetsGrowth rate of total assetsRatio project (%)Inven tory turno verAcc

34、o unts receivable turno verTotal asset turno verMain bus in ess reve nue growth Operati ng profit growth After-tax profit growthGrowth rate of net assets Growth rate of total assets1.0110.5844.33Ratio proj(%)Inven tory turno verAcco unts receivable turno verTotal asse turno verecti27.1670.1566.2Main

35、 bus in ess reve nue growth Operati ng profit growth After-tax profit growthGrowth rate of net assetsGrowth rate of total assetsRatio project (%)Inven tory turno verAcco unts receivable turno verTotal asset turno verMain bus in ess reve nue growth Operati ng profit growth After-tax profit growthGrow

36、th rate of net assets Growth rate of total assets48.1565.683.56Ratio proj(%)Inven tory turno verect35.8132.8769.82Acco unts receivable turno verTotal asset turno verMain bus in ess reve nue growth Operati ng profit growth After-tax profit growthGrowth rate of net assets Growth rate of total assetsRa

37、tio project (%)Inven tory turno verAcco unts receivable turno verTotal asset turno verMain bus in ess reve nue growth Operati ng profit growth After-tax profit growthGrowth rate of net assets Growth rate of total assets68.5920.5653.5811. The man ageme nt and developme nt capacity an alysisinventory

38、turnover,inventory turnover rate and turnover days abilityto reflect the inven tory into cash or acco unts receivable. The faster the tur no ver, lower inven tory occupa ncy level, the stro nger the cashability, gree electric applia nces of inven tory turno ver is lower, we should stre ngthe n the m

39、an ageme nt of inven tory, on the premise of guarantee the continuity, as far as possible, reduce inventory take fund, n creas ing the utilizati on of fun ds.acco unts receivable turno ver ratio, the higher the turno ver, the shorter the turno ver days, the acco unts receivable to recover faster. f

40、slow, en terprise funds too much dull on acco unts receivable, affect money by force. Gree electric applia nces of turno ver is lower, should stre ngthe n the man ageme nt of acco unts receivable, accelerate the turno ver.total asset tur no ver, total assets tur no ver speed faster, the stron ger sa

41、les ability.Gree electricappliances, asset turnover in the industrysaverage should take further measures to accelerate the assets turnover, in crease profits.main bus in ess reve nue growth: this in dex can reflect the en terprises growth. In 2015, 2015, 2013, three years of growth rate of 1.01%, 10

42、.58%, 44.33%. It can be seen in 2013, gree electric appliances market developme nt stre ngth reached an un precede nted height, due to a solid n dustry lead ing positi on, occupies more tha n 38% of market share, the growth slowed dow n in 1015.:net profit growth of the indicators reflect the streng

43、th of the en terprise growth, the prospects of good. The in dexs rece nt in dustry average of 23%. I n 2015, gree electric applia nces the in dex was 48.15%, far higher tha n the in dustry average. Prove that the developme nt foregro und is very good.growth rate of net assets: this index is one of t

44、he indicatorsreflectthe enterprise development ability. Gree electricappliances this indexis significantlyhigher than the counterpart other enterprises,furthercon firmed his growth prospects.2. Profitability an alysisShareholders equity ratio26.9925.5624.27Sales gross24.7619.7418.13profit marginRetu

45、r n 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 en terprisesales reve nue gen erated by the profits, the in dex of greeelectric appliances in 2014 and 2015, the ratio of 19.76%

46、and 24.76%, respectively, in 2015 tha n in 2014 in creased by 5%, that due to advocate bus in ess wu in come greatly diluted the fixed costs, make the en terprise stre ngth ability has improved.n et in terest rate: it shows that the comprehe nsive effect of utilizati on of assets, the higher the rat

47、io, compa nies make the better effect in terms of in creas ing in come to save mon ey. Gree electric 即pliances are 29.22% and 28.12% respectively in 2015 and 2015 more than the ratio of the average level of the in dustry, for home applia nce in dustry is so competitive en vir onment is good.return o

48、n equity: the index of the gree electric appliances is relatively high, sohas bee n praised by inv estme nt in stituti onsand thevast majority of people atte nti on.3. The Ion g-term solve ncy an alysisAsset-liability ratio: the rate of assets and liabilities of gree electric appliances, 2015, 2014,

49、 2013 respectively, asset-liability ratio from the above ratio we thi nk 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 th

50、e air conditioning in dustry and the brand effect of in dustry lead ing en terprises, the data does not affect the con fide nce of in vestors.4. The short-term debt paying ability analysisCurrent ratio: a liquidity ratio reflects the enterprise easy to cash in the security situation of current asset

51、s to current liabilities, it is gen erally believed the rati onal flow of manu facturi ng en terpriseswiththe 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 muchlower than this level, short-term debt paying ability i

52、s not very ideal.Quick ratio: because inventory liquidation ability is poor, the characteristics of possible factors such as market price and cost price discrepa ncy, in order to further evaluati on of total liquid assets liquidation ability, we put the stock out from the current liabilitiesto evalu

53、ate short-term solvency. Gree electricappliances in 2015, 2014and 2015, the quick ratio of 0.9007, 0.9007, 0.8013 in turn. Short-term debt pay ing ability is not strong.A comparative an alysis1. The perce ntage compositi on an alysis2. Calm base perce ntage an alysis3. Mon thly perce ntage an alysis

54、1. The perce ntage compositi on an alysisFrom the assets and liabilities structure tableanalysis,gree electricapplia nces 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%, 3.5

55、0% and 3.50% in 2013. This is a bus in ess model related to the curre nt domestic air con diti oningindustry,currently widely used form of payment in advanee on sales. Greeelectric current liability for a high proportion of total liabilitiesand shareholders liabilities, 80.32% in 1015, 75.38% in 2014, 2013(77.76%); Showthat the flow of the enterpriseis mainly compos