财务管理格力电器财务分析报告

1、Zhuhai gree electricappliances 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 wil

2、l 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 financ

3、ial 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

4、 information company profile:The companys basic informationthe legal name of the company: zhuhai gree electric appliances co., LTDthe companys legal representative: dong mingzhuthe companys registered address: guangdong province zhuhai former golden hill roadthe companys stock exchange: shenzhen A s

5、haresstock abbreviation: gree electric appliancesstock code: 000651The 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. Wi

6、th 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 madeit the first step in the business.In 1994 approved by the zhuhai municipal commission for restructuring the renamed

7、zhuhai gree electric appliances co., LTD., November18, 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.The companys main business is in

8、troducedGoods 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 appli

9、ances.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 sheetFinan

10、cial2015-9-302014-9-302013-9-30ndicators (tenthousand yuan)The total assetsofThe total amouni of liabilitiestCurrent liabilitiesLong-term liabilitiesMonetary fundAccounts receivableOtherreceivablesProvision forbad debtShareholdersequityFinancial indicators (ten thousand yuan)17, 029, 100.0015, 950,

11、400.0012, 948, 600.00The total assets ofThe total amount of liabilitiesCurrent liabilitiesLong-term liabilitiesMonetary fundAccounts receivableOther receivablesProvision for bad debtShareholders equityFinancial indicators (ten thousand yuan) The total assets ofThe total amount of liabilitiesCurrent

12、liabilitiesLong-term iabilitiesMonetary fund Accounts receivable12, 433, 400.0011, 873, 100.009, 730, 640.00Provision forbad debtOther receivablesShareholdersequity1Financial indicators (ten thousand yuan) The total assets ofThe total amounl of liabilitiesCurrent liabilitiesLong-term liabilitiesMone

13、tary 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 amc of liabilitiesCurrent liabilitiesLong-term liabilitiesMonetary fun)un1dt 1Accou receivOthernts a

14、blereceivablesProvision for bad debtShareholders equityII;Financial indicators (ten thousand yuan) The total assets ofThe total amoun of liabilitiesCurrent liabilitiesLong-term liabilitiesMonetary fund Accounts receivableOther receivablesProvision for bad debtShareholders equityt8, 403, 850.005, 829

15、, 100.004, 421, 510.00Financial indicators (ten thousand yuan) The total assets of298, 335.00251, 557.0038, 175.60The total am( of liabilitiesCurrent liabilitiesLong-term liabilitiesMonetary fun)undtAccounts receivableOtherreceivablesProvision forbad debSharehc equityt)ldersFinancial indicators (ten

16、 thousand yuan) The total assets ofThe total amoun of liabilitiesCurrent liabilitiesLong-term liabilitiesMonetary fund Accounts receivableOther receivablesProvision for bad debtShareholders equityt39, 079.4044, 176.5038, 175.60Financial indicators (ten thousand yuan) The total assets-ofTh ofCu liaLo

17、 liae total am( liabilitiesirrentbilitiesng-termbilities)unitMonetary fundAccounts receivableOther receivablesProvision f bad debtShareholdi equityorersFinancial indicators (ten thousand yuan) The total assets ofThe total amouni of liabilitiesCurrent liabilitiesLong-term liabilitiesMonetary fund Acc

18、ounts receivablet4, 595, 680.004, 077, 260.0012, 948, 600.00Other receivablesProvision for bad debtShareholders equityFinancial indicators (ten thousand yuan)2015-9-302014-9-302013-9-305 the company nearly three years financial statements, the income statementMain business ncomeMain businessprofitCo

19、st of salesManagement feesFinance chargesOperating profitReturn on nvestmentSubsidies incomeFinancial indicators (ten thousand yuan) Main business8, 152, 290.009, 841, 010.008, 781, 080.00Net non-operating incomeProfit totalIncome taxNet profitincomeMain business profitCost of sales Management fees

20、Finance charges Operating profit Return on investment Subsidies incomeNet non-operating incomeProfit total Income tax Net profitFinancial indicators (ten thousand yuan) Main business-incomeMain business profitCost of salesManagement fees Finance chargesOperating profitReturn on investmentSubsidies i

21、ncomeNet non-operating incomeProfit totalIncome taxNet profitFinancial1, 337, 340.002, 015, 320.001 , 482, 540.00indicators (tenthousand yuan)Main businessincomeMain business profitCost of salesManagement feesFinance chargesOperating profitReturn on investmentSubsidies incomeNetnon-operating incomeP

22、rofit totalIncome taxNet profitFinancial359, 708.00373, 901.00345, 258.00indicators (ten thousand yuan)Main businessncomeMain businessprofitCost of salesManagement feesFinance chargesOperating profitReturn onnvestmentSubsidies incomeNetnon-operatingincomeProfit totalIncome taxNet profitFinancial-139

23、, 376.00-69, 308.00-13490.20indicators (tenthousand yuan)Main businessincomeMain businessprofitCost of salesManagement feesFinance chargesOperating profitReturn oninvestmentSubsidies incomeNetnon-operatingincomeProfit totalIncome taxNet profitFinancial1, 147, 750.001, 171, 380.00indicators (tenthous

24、and yuan)Main businessncomeMain businessprofitCost of salesManagement feesFinance chargesOperating profitReturn on investmentSubsidies incomeNetnon-operatingincomeProfit totalIncome taxNet profitFinancial indicators (ten thousand yuan)-375.20-1053.57-148.28Main business incomeMain business profitCos

25、t of salesManagement fees Finance charges Operating profit Return on investmentSubsidies incomeNet non-operating incomeProfit totalIncome tax Net profitFinancial indicators (ten thousand yuan) Main business income-Main bi profitjsinessCost of salesManagement feesFinance chargesOperating profitReturn

26、 on investmentSubsidies incomeNet non-operatingincomeProfit totalIncome taxNet profitFinancial indicators (ten thousand yuan)Main business incomeMain business profitCost of salesManagement fees62891.4211354, 2639803.01Finance charges Operating profit Return on investmentSubsidies incomeNet non-opera

27、ting incomeProfit totalIncome taxNet profitFinancial ndicators (ten thousand yuan)es1, 195, 080.001, 193, 070.00925, 042.00Main business incomeMain business profitCost of salesManagement feFinance charges Operating profit Return on investmentSubsidies incomeNet non-operating incomeProfit totalIncome

28、 taxNet profitFinancial192, 765.00202, 543.00161, 330.00indicators (ten thousand yuan) Main business incomeMain business profitCost of sales Management fee Finance charges Operating profit Return on investmentSubsidies income Net non-operating incomeProfit total Income tax Net profitsFinancial indic

29、ators (ten thousand yuan) Main business incomeMain business profitCost of sales1, 002, 310.00990, 528.00763, 712.00Management fee Finance charges Operating profit Return on investmentSubsidies income Net non-operatingsincomeProfit totalIncome tax Net profitFinancial ratio analysis:The management and

30、 development capacity analysisProfitability analysisThe long-term solvency analysisShort-term debt paying ability analysis6.025.614.88Inventory turnoverAccounts receivable turnoverTotal asset turnoverMain business revenue growth Operating profit growth After-tax profit growth Growth rate of net asse

31、tsGrowth rate of total assets nventory urnoverRatio project (%)57.3757.5847.88Accounts receivable turnoverTotal asset turnoverMain business revenue growth Operating profit growth After-tax profit growthGrowth rate of net assetsGrowth rate of total assetsRatio project (%)Inventory turnoverAccounts re

32、ceivable turnoverTotal asset turnoverMain business revenue growth Operating profit growth After-tax profit growthGrowth rate of net assetsGrowth rate of total assets1.031.491.8Ratio proj( (%)PInventory turnoverAccounts receivable turnoverTotal asse turnoverMain busi revenue g Operating growth After-

33、tax pect式nessrowthprofit)rofitgrowthGrowth rate of net assetsGrowth rate of total assetsRatio project (%)Inventory turnoverAccounts receivable turnoverTotal asset turnoverMain business revenue growth Operating profit growth After-tax profit growthGrowth rate of net assetsGrowth rate of total assets1

34、.0110.5844.33Ratio proj( (%) Inventory turnoverAccounts receivable turnoverTotal asse turnoverect式27.1670.1566.2Main business revenue growth Operating profit growth After-tax profit growth Growth rate of net assets Growth rate of total assetsRatio project (%)Inventory turnoverAccounts receivable tur

35、noverTotal asset turnoverMain business revenue growth Operating profit growth After-tax profit growthGrowth rate of net assetsGrowth rate of total assets48.1565.683.56Ratio proj( (%)Inventory turnoverect35.8132.8769.82Accounts receivable turnoverTotal asset turnoverMain business revenue growth Opera

36、ting profit growth After-tax profit growthGrowth rate of net assetsGrowth rate of total assetsRatio project (%)68.5920.5653.58Inventory turnoverAccounts receivable turnoverTotal asset turnoverMain business revenue growth Operating profit growth After-tax profit growthGrowth rate of net assetsGrowth

37、rate of total assetsThe management and development capacity analysisinventory 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 a

38、ppliances 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, ncreasing the utilization of funds.accounts receivable turnover ratio, the higher the turnover, the shorter the turn

39、over days, the accounts receivable to recover faster. f 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.total asset turnover, total asse

40、ts turnover speed faster, the stronger sales ability. Gree electricappliances, asset turnover in the industrysaverage should take furthermeasures to accelerate the assets turnover,increase profits.main business revenue growth: this index can reflect the enterprises growth. In 2015, 2015, 2013, three

41、 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 ndustry leading position, occupies more than 38% of market share, the growth slowed down in 1015.:net profit growth of the indi

42、cators 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.growth rate of net assets: this ind

43、ex 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.Profitability analysisShareholders equity ratio26.9925.5624.27Sales gross24.7619.7418.13p

44、rofit marginReturn 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 rat

45、io 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 interest rate: it shows that the comprehensive effect of utilization of assets, the higher the ratio, compani

46、es 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.return on equity: the index

47、of the gree electric appliances is relatively high, so has been praised by investment institutions and the vast majority of people attention.The long-term solvency analysisAsset-liability ratio: the rate of assets and liabilities of gree electric appliances, 2015, 2014, 2013 respectively, asset-liab

48、ility 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

49、 the brand effect of industry leading enterprises, the data does not affect the confidence of investors.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

50、 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 muchlower than this level, short-term debt paying ability is not very ideal.Quick ratio: because invent

51、ory 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 liabilitiesto evaluate short-term solvency. Gree electric applian

52、ces 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 analysisThe percentage composition analysisCalm base percentage analysisMonthly percentage analysisThe percentage composition analysisFrom the assets and liabilit

53、ies structure tableanalysis, gree electricappliances 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

54、 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%); Showthat the flow of the enterprise is mainly compose

55、dof 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 no long-term debt. The structure of the assets from the current business situation seem to be safe. But if the enterprise in the industry l

56、eading status once been broken, the capital chain of the terminal market, the asset structure will face great risks.Calm base percentage analysisLook from the profit, the net profit increases dramatically. In 2015 is 1002310.00 RMB1002310, 2015 is 990528.00 ten thousand yuan; In 2015 and 2014, the m

57、ain business income increased by 11.70% and 11.70% respectively; Because of the enterprise to strengthen the cost management and scale advantage, although the rising cost, but also got up and reflect on the net profit growth was still very considerable.Monthly percentage analysisOther receivablesTot

58、al assetsTotal current liabilitiesLong-term iabilities201520142013combinedTotal iabilitiesShareholders equity in totalTotal iabilitii Stockhes and foldersequityOther receivablesTotal assetsTotal current liabilitiesLong-term liabilities combinedTotal liabilitiesShareholders equity in total Total liab

59、ilities and Stockholders equity44.4512.0016.17Other receivables1.771.853.50Total assetsTotal current liabilitiesLong-term liabilities combinedTotallabilitiesShareholders equity in totalTotal liabilities and Stockholders equityOther receivablesTotal assetsTotal current liabilitiesLong-term liabilitie

60、s combinedTotal liabilitiesShareholders equity in total Total liabilities and Stockholders equity3Other receivables100.00100.00100.00Total assetsTotal current iabilitiesLong-term liabilities combinedTotal liabilitiesShareholdersequityTotal liabilitiStockh equityin totales and loldersOther