格力电器财务分析报告

1、拔Zhuhai 扒gree爱 electr澳ic appl罢iances 败co., LT罢D., fin岸ancial 百analysi吧s repor澳t瓣Abstrac败t: ente熬rprise般s finan斑cial st唉atement白s to re拌flect t佰he ente皑rprise 办in a ce昂rtain p柏eriod o柏f the f罢inancia捌l posit瓣ion, op叭erating拔 result拜s and c爸ash flo白w condi暗tions. 伴Correct傲 unders坝tanding拜 敖and ana板lys

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4、n and e邦valuati哀on.艾Keyword佰s: 吧gree吧 electr霸ic appl皑iances 般ratio a傲nalysis隘 and co捌mpariso搬n analy伴sis of 柏financi蔼al stat绊ements HYPERLINK /translate 皑Basic i败nformat凹ion com爸pany pr奥ofile:颁1. The 啊company邦s basi邦c 芭informa绊tion背(1) 蔼the跋 legal 版name of霸 the co柏mpany: 拜zhuhai吧 八gree拔 electr颁ic ap

5、pl柏iances 罢co., LT绊D八(2) 爱the俺 compan拔ys leg案al repr安esentat板ive: do案ng 捌mingzhu笆(3) 邦the百 compan吧ys reg吧istered办 addres拌s: 百guangdo矮ng吧 provin办ce 霸zhuhai耙 former扒 golden癌 hill r霸oad耙(4) 败the俺 compan哀ys sto疤ck exc叭hange: 埃shenzhe败n啊 A shar蔼es哎(5) 矮stock斑 abbrev耙iation:懊 爸gree拜 electr跋ic appl爸iances颁

6、(6) 拌stock皑 code: 佰000651爱2. The 吧company鞍s hist班ory唉Zhuhai 昂gree八 electr懊ic appl绊iances 岸co., LT坝D. (her伴einafte巴r refer稗red to 扳as 安gree矮 electr艾ic appl胺iances)笆, estab搬lished 挨in 1991扳, is by百 the 半zhuhai哀 crown 霸male pl艾astic c颁o., LTD叭., a me哎rger wi百th 癌hayley罢 air-co岸ndition唉er fact袄ory. Wi熬t

7、h many邦, many 扳in the 半world l艾ike HP,氨 SONY s奥uch fam按ous com罢pany at翱 the be百ginning盎 of the捌 ventur埃e, 熬gree伴 electr胺ic appl埃iances 板is init暗ially i埃n a sha癌bby wor挨kshop, 艾rely on扒 200000拔 隘yuan柏 loa版ns made拔 it the办 first 扒step in碍 the bu白siness.捌In 1994俺 approv稗ed by t癌he 癌zhuhai班 munici爸pal c

8、om癌mission鞍 for re按structu百ring th坝e renam靶ed 靶zhuhai扳 哀gree凹 electr澳ic appl懊iances 坝co., LT哀D., Nov安ember 1阿8, 1996盎, the C靶hina se奥curitie笆s regul稗atory c哀ommissi隘on regu癌latory 叭send wo按rd (199隘6按) 1996 扳HaoWen八 approv奥al list昂ed on t爱he 靶shenzhe笆n百 stock 肮exchang哎e, the 鞍company把 get th笆e busin肮

9、ess lic鞍ense of爱 enterp敖rise le靶gal per隘son, 44耙00, 440摆0.八3. The 癌company背s main暗 busine癌ss is i半ntroduc澳ed扒Goods a胺nd tech摆nology 跋import 隘and exp啊ort.把Manufac拔turing,坝 sales:背 compre澳ssor哀 pump v板alve an佰d simil办ar mach懊inery.按Fan pac唉kaging 摆equipme爸nt and 百other g办eneral 邦equipme挨nt, mot奥or, tr

10、a靶nsmissi案on and 邦distrib敖ution a鞍nd cont昂rol equ白ipment,坝 wires,佰 cables稗, cable巴s and e叭lectric肮al equi摆pment, 皑househo绊ld elec背trical 颁applian稗ces.懊Wholesa艾le: mec背hanical袄 equip昂ment, 盎wujinji版aodian般, elect俺ronic p昂roducts阿.熬Product案ion and岸 sales 扮of air 班conditi巴oner, s碍elf-sup埃porting白 expor

11、t捌 busine摆ss of a罢ir cond傲itioner暗 and it班s relat佰ed spar吧e parts爱 import皑 and ex版port bu岸siness. HYPERLINK /translate 扳4敖Nearly 班three y背ears of敖 a comp败anys f拌inancia八l state俺ments -捌- the b唉alance 罢sheet碍Financi唉al indi办cators 霸(ten th笆ousand 袄yuan蔼)斑The tot把al asse摆ts of肮The tot靶al amou版nt of l哎

12、iabilit靶ies版Current霸 liabil氨ities案Long-te胺rm liab柏ilities办Monetar靶y fund俺Account阿s recei哀vable耙Other r邦eceivab跋les熬Provisi爱on for 靶bad deb矮t吧Shareho矮lders 稗equity HYPERLINK /translate 啊2015-9-跋30霸2014-9-澳30阿2013-9-案30翱Financi稗al indi吧cators 盎(ten th翱ousand 癌yuan盎)百The tot疤al asse安ts of澳The tot吧al am

13、ou埃nt of l碍iabilit懊ies百Current坝 liabil澳ities捌Long-te癌rm 爱liabili扒ties奥Monetar鞍y fund捌Account癌s recei白vable坝Other r把eceivab班les岸Provisi背on for 哎bad deb奥t白Shareho般lders 岸equity HYPERLINK /translate 傲17靶，班029百，白100.00佰15氨，佰950扮，跋400.00摆12敖，艾948唉，把600.00霸Financi绊al indi伴cators 颁(ten th伴ousand 蔼yuan碍)靶Th

14、e 跋total a肮ssets o傲f拜The tot爱al amou熬nt of l胺iabilit拌ies败Current靶 liabil按ities白Long-te背rm liab办ilities柏Monetar拔y fund爸Account肮s recei扮vable颁Other r敖eceivab捌les柏Provisi胺on for 捌bad deb摆t敖Shareho板lders 拌equity HYPERLINK /translate 肮12埃，摆433瓣，傲400.00靶11爸，班873阿，扒100.00捌9敖，邦730挨，敖640.00绊Financi安al indi疤c

15、ators 捌(ten th摆ousand 傲yuan袄)爱The tot胺al asse把ts of耙The tot矮al amou颁nt of l澳iabilit哎ies案Current捌 liabil跋ities爸Long-te般rm liab傲ilities伴Monetar埃y fund巴Account氨s recei白vable柏Other r氨eceivab扮les叭Provisi熬on for 奥bad deb肮t板Shareho哀lders 暗equity HYPERLINK /translate 懊12矮，昂391奥，绊100.00埃11暗，板603懊，肮100.00版9啊，

16、哎586罢，碍890.00埃Financi叭al indi熬cators 斑(ten th吧ousand 拔yuan佰)昂The tot邦al asse暗ts of爸The tot佰al amou绊nt of l拌iabilit拜ies哎Current跋 liabil办ities挨Long-te耙rm liab败ilities岸Monetar邦y fund跋Account敖s recei傲vable爱Other r懊eceivab哎les白Provisi艾on for 俺bad deb袄t班Shareho白lders 懊equity HYPERLINK /translate 背-芭-百-傲Fi

17、nanci爸al indi搬cators 盎(ten th碍ousand 瓣yuan熬)拔The tot蔼al asse芭ts of翱The tot案al amou把nt of l拔iabilit哀ies案Current拜 liabil般ities稗Long-te懊rm liab癌ilities靶Monetar懊y fund皑Account跋s recei皑vable八Other r氨eceivab把les蔼Provisi办on for 板bad deb哎t白Shareho翱lders 凹equity HYPERLINK /translate 半8佰，澳403坝，版850.00扳5皑，颁829

18、瓣，矮100.00伴4跋，肮421颁，把510.00败Financi唉al 盎indicat瓣ors (te瓣n thous阿and 扮yuan叭)鞍The tot哎al asse摆ts of澳The tot蔼al amou百nt of l哎iabilit伴ies白Current伴 liabil岸ities颁Long-te矮rm liab办ilities扒Monetar敖y fund佰Account叭s recei坝vable捌Other r败eceivab背les艾Provisi半on for 拌bad deb拜t皑Shareho唉lders 敖equity HYPERLINK /trans

19、late 敖298澳，傲335.00摆251版，搬557.00氨38败，爸175.60把Financi半al indi凹cators 熬(ten th邦ousand 艾yuan版)霸The tot斑al asse坝ts of靶The tot懊al amou案nt of l笆iabilit笆ies按Current背 liabil哀ities绊Long-te胺rm liab案ilities凹Monetar伴y fund颁Account凹s recei挨vable矮Other r盎eceivab芭les佰Provisi白on for蔼 bad de按bt跋Shareho耙lders 懊equity

20、HYPERLINK /translate 蔼39熬，阿079.40肮44胺，扳176.50疤38柏，凹175.60捌Financi版al indi佰cators 拜(ten th阿ousand 蔼yuan巴)按The tot芭al asse翱ts of扒The tot埃al amou瓣nt of l斑iabilit办ies叭Current胺 liabil捌ities扳Long-te八rm liab八ilities颁Monetar斑y fund哎Account啊s recei班vable芭Other r蔼eceivab耙les霸Provisi巴on for 罢bad deb啊t佰Shareho稗

21、lders 扒equity HYPERLINK /translate 懊-巴-袄-斑Financi罢al indi隘cators 岸(ten th案ousand 坝yuan敖)坝The tot凹al asse哀ts of爱The tot搬al amou班nt of l背iabilit凹ies暗Current稗 liabil百ities爸Long-te败rm liab安ilities凹Monetar暗y fund拔Account芭s recei伴vable懊Other r艾eceivab翱les百Provisi埃on for 败bad deb按t扮Shareho隘lders 癌equity HY

22、PERLINK /translate 安4矮，爸595吧，八680.00啊4蔼，扒077岸，绊260.00啊12稗，捌948败，板600.00拔5 the c霸ompany芭 nearly板 three 绊years f澳inancia搬l state办ments, 疤the inc昂ome sta板tement翱Financi胺al indi皑cators 摆(ten th搬ousand 安yuan扒)岸Main bu靶siness 搬income皑Main bu霸siness 坝profit肮Cost of版 sales耙Managem白ent fee胺s暗Finance隘 charge岸

23、s八Operati哀ng prof跋it板Return 背on inve柏stment百Subsidi芭es inco班me按Net 罢non-ope罢rating 坝income搬Profit 岸total翱Income 拌tax把Net pro哀fit HYPERLINK /translate 柏2015-9-艾30颁2014-9-唉30昂2013-9-拔30氨Financi蔼al indi爱cators 摆(ten th班ousand 把yuan隘)扮Main bu佰siness 跋income阿Main bu胺siness 矮profit奥Cost of癌 sales扮Managem凹

24、ent 拔fees邦Finance邦 charge坝s叭Operati把ng prof般it疤Return 肮on inve熬stment疤Subsidi埃es inco罢me熬Net non绊-operat安ing inc吧ome按Profit 搬total佰Income 背tax吧Net pro疤fit HYPERLINK /translate 爸8熬，叭152哀，芭290.00拔9隘，绊841敖，耙010.00凹8靶，安781隘，敖080.00疤Financi拔al indi颁cators 凹(ten th肮ousand 啊yuan盎)翱Main bu鞍siness 疤income坝Ma

25、in bu肮siness 拌profit爱Cost of案 sales凹Managem把ent fee拔s扮Finance吧 charge蔼s搬Operati俺ng prof凹it拔Return 办on inve败stment鞍Subsidi芭es inco捌me埃Net non敖-operat啊ing inc盎ome按Profit 扒total翱Income 白tax半Net pro白fit HYPERLINK /translate 伴-八-肮-背Financi阿al indi爸cators 百(ten th肮ousand 拜yuan背)皑Main bu扳siness 佰income背Mai

26、n bu澳siness 哀profit扒Cost of拜 sales背Managem拌ent fee靶s背Finance哀 charge唉s办Operati拌ng prof挨it伴Return 搬on inve把stment霸Subsidi安es inco扮me埃Net 敖non-ope靶rating 隘income哎Profit 按total俺Income 懊tax芭Net pro拌fit HYPERLINK /translate 胺1伴，叭337澳，捌340.00斑2氨，扒015扒，拔320.00昂1澳，般482半，斑540.00皑Financi皑al indi颁cators 皑(ten

27、th敖ousand 板yuan办)拌Main bu隘siness 笆income办Main bu皑siness 捌profit懊Cost of笆 sales皑Managem罢ent fee碍s八Finance靶 charge把s罢Operati邦ng prof八it懊Return 昂on inve挨stment板Subsidi奥es inco白me柏Net non拌-operat拜ing inc俺ome隘Profit 案total矮Income 哀tax熬Net pro挨fit HYPERLINK /translate 昂359瓣，熬708.00扒373班，阿901.00拜345绊，八258.

28、00扮Financi傲al 稗indicat颁ors (te安n thous颁and 蔼yuan坝)八Main bu哎siness 白income皑Main bu傲siness 霸profit罢Cost of肮 sales暗Managem隘ent fee百s唉Finance按 charge俺s按Operati挨ng prof笆it安Return 靶on inve安stment疤Subsidi板es inco绊me斑Net non伴-operat捌ing inc斑ome翱Profit 佰total哎Income 八tax版Net pro伴fit HYPERLINK /translate 唉-13

29、9袄，案376.00绊-69百，叭308.00啊-13490.般20跋Financi拔al indi笆cators 佰(ten 岸thousan肮d 哀yuan凹)耙Main bu邦siness 班income瓣Main bu鞍siness 隘profit吧Cost of搬 sales扒Managem隘ent fee败s胺Finance拔 charge肮s盎Operati矮ng prof爱it爸Return 办on inve凹stment笆Subsidi疤es芭 income把Net non氨-operat败ing inc暗ome按Profit 稗total佰Income 吧tax氨Net p

30、ro袄fit HYPERLINK /translate 佰1奥，巴147拔，碍750.00败1巴，拔171熬，白380.00隘Financi伴al indi哎cators 懊(ten th八ousand 捌yuan八)拔Main bu翱siness 半income暗Main bu矮siness 拌profit熬Cost of澳 sales肮Managem邦ent fee奥s俺Finance岸 charge挨s皑Operati皑ng prof懊it靶Return 柏on inve傲stment霸Subsidi跋es inco柏me斑Net non扮-operat皑ing inc跋ome稗Prof

31、it 邦total稗Income 安tax板Net pro巴fit HYPERLINK /translate 唉-375.20凹-1053.5巴7扳-148.28哎Financi柏al indi肮cators 哎(ten蔼 thousa昂nd 阿yuan肮)笆Main bu案siness 八income澳Main bu熬siness 癌profit敖Cost of阿 sales凹Managem捌ent fee肮s班Finance邦 charge摆s芭Operati捌ng prof俺it氨Return 氨on inve跋stment鞍Subsidi爱es inco败me稗Net non岸-ope

32、rat哀ing inc罢ome翱Profit 翱total霸Income 扒tax办Net pro胺fit HYPERLINK /translate 笆-巴-靶-疤Financi氨al indi败cators 拜(ten th袄ousand 版yuan岸)把Main bu安siness 跋income斑Main bu吧siness 般profit霸Cost of颁 sales扒Managem癌ent fee芭s皑Finance敖 charge肮s癌Operati阿ng prof颁it绊Return 耙on inve罢stment唉Subsidi扳es inco搬me坝Net 按non-ope芭

33、rating 稗income跋Profit 鞍total懊Income 鞍tax八Net pro芭fit HYPERLINK /translate 把62891.4耙2懊11354捌，澳26靶39803.0岸1氨Financi氨al indi芭cators 爱(ten th隘ousand 般yuan八)板Main bu奥siness 叭income蔼Main bu皑siness 案profit摆Cost of俺 sales扳Managem艾ent fee拜s艾Finance岸 charge熬s岸Operati哎ng prof霸it拜Return 埃on inve罢stment袄Subsidi扒

34、es inco佰me埃Net non袄-operat爸ing inc八ome邦Profit 懊total扮Income 霸tax暗Net pro昂fit HYPERLINK /translate 拌1摆，稗195矮，埃080.00颁1扮，肮193盎，凹070.00哎925坝，案042.00捌Financi懊al 奥indicat吧ors (te伴n 稗thousan版d 澳yuan啊)昂Main bu阿siness 阿income皑Main bu柏siness 把profit败Cost of斑 sales吧Managem暗ent fee癌s阿Finance俺 charge癌s熬Operati盎

35、ng prof板it芭Return 白on inve肮stment癌Subsidi耙es inco般me拔Net non袄-operat把ing inc拌ome鞍Profit 巴total翱Income 摆tax扳Net pro拌fit HYPERLINK /translate 拜192癌，巴765.00霸202胺，袄543.00矮161吧，按330.00啊Financi懊al indi拜cators 办(ten th矮ousand 挨yuan佰)鞍Main bu八siness 澳income耙Main bu绊siness 摆profit伴Cost of翱 sales案Managem啊ent

36、fee傲s巴Finance俺 charge笆s把Operati板ng prof翱it伴Return 罢on inve胺stment皑Subsidi瓣es癌 income百Net non半-operat澳ing 罢income哎Profit 扮total霸Income 稗tax艾Net pro耙fit HYPERLINK /translate 爱1隘，隘002佰，疤310.00百990瓣，颁528.00岸763邦，颁712.00搬Financi疤al rati般o analy案sis:把1. The 哎managem般ent and百 develo叭pment c笆apacity稗 analys

37、摆is般2. 绊Profita瓣bility 把analysi班s敖3. The 板long-te傲rm solv拌ency an挨alysis邦Short-t靶erm deb把t payin柏g abili扳ty anal坝ysis胺Ratio p百roject 凹(%)爱Invento敖ry turn巴over笆Account皑s recei爸vable t笆urnover澳Total a吧sset tu拌rnover伴Main bu阿siness 岸revenue笆 growth凹Operati坝ng prof颁it grow叭th搬After-t白ax prof翱it爸 growth奥

38、Growth 懊rate of爸 net as鞍sets办Growth 按rate of鞍 total 佰assets HYPERLINK /translate 搬2015昂2014摆2013八Ratio p艾roject 罢(%)邦Invento暗ry turn扮over俺Account坝s recei把vable t笆urnover扮Total a罢sset tu摆rnover啊Main bu安siness 阿revenue扳 growth盎Operati罢ng prof瓣it grow凹th扒After-t碍ax prof败it grow跋th昂Growth 敖rate of暗 net

39、as哀sets氨Growth 坝rate of巴 total 罢assets HYPERLINK /translate 疤6.02敖5.61拜4.88翱Ratio p绊roject 办(%)拜Invento碍ry turn敖over阿Account芭s recei跋vable t哎urnover绊Total a百sset 跋turnove八r霸Main bu扮siness 靶revenue按 growth翱Operati袄ng prof唉it grow袄th碍After-t摆ax prof爱it grow袄th皑Growth 爸rate of邦 net as胺sets按Growth 捌rate

40、 of凹 total 澳assets HYPERLINK /translate 岸57.37挨57.58绊47.88拔Ratio p吧roject 巴(%)柏Invento碍ry turn八over霸Account罢s recei八vable t芭urnover办Total a傲sset tu敖rnover胺Main bu艾siness 巴revenue败 growth氨Operati巴ng prof拔it grow熬th唉After-t捌ax prof啊it grow坝th鞍Growth 拔rate of敖 net as拌sets氨Growth 白rate of芭 total 蔼assets

41、 HYPERLINK /translate 坝1.03昂1.49矮1.8俺Ratio p八roject 扳(%)耙Invento瓣ry turn爸over巴Account瓣s recei叭vable t唉urnover版Total a凹sset tu百rnover柏Main bu板siness 隘revenue鞍 growth吧Operati瓣ng prof败it grow捌th盎After-t按ax prof芭it 皑growth隘Growth 疤rate of凹 net as扮sets奥Growth 昂rate of氨 total 罢assets HYPERLINK /translate

42、败Ratio p昂roject 奥(%)耙Invento扮ry turn艾over八Account叭s recei拔vable t拔urnover阿Total a鞍sset tu吧rnover跋Main bu瓣siness 背revenue白 growth袄Operati扮ng prof摆it grow背th邦After-t唉ax prof摆it grow耙th吧Growth 胺rate of挨 net as凹sets瓣Growth 袄rate of凹 岸total a昂ssets HYPERLINK /translate 芭1.01版10.58懊44.33颁Ratio p班roject 摆(

43、%)阿Invento敖ry turn爱over昂Account哎s recei半vable t疤urnover耙Total a敖sset tu鞍rnover奥Main bu扒siness 罢revenue跋 growth爸Operati靶ng prof班it grow阿th案After-t拔ax prof疤it grow爱th爱Growth 岸rate of爱 net as哎sets蔼Growth 俺rate of哀 total 斑assets HYPERLINK /translate 扒27.16板70.15隘66.2挨Ratio p百roject 版(%)蔼Invento爱ry turn把

44、over伴Account颁s recei埃vable t伴urnover靶Total a摆sset tu扮rnover霸Main bu伴siness 绊revenue颁 growth暗Operati巴ng 拜profit 岸growth般After-t案ax prof板it grow岸th俺Growth 暗rate of稗 net as岸sets摆Growth 矮rate of按 total 办assets HYPERLINK /translate 捌48.15把65.6百83.56奥Ratio p隘roject 绊(%)吧Invento按ry turn疤over澳Account爱s rece

45、i翱vable t摆urnover扳Total a昂sset tu爸rnover摆Main bu般siness 拔revenue爱 growth般Operati靶ng prof瓣it grow肮th凹After-t扮ax prof稗it grow败th爸Growth 扮rate of班 net as霸sets俺Growth 蔼rate of啊 total 败assets HYPERLINK /translate 暗35.81半32.87捌69.82肮Ratio p氨roject 颁(%)扒Invento八ry turn败over懊Account芭s 靶receiva翱ble tur矮nover

46、傲Total a翱sset tu哎rnover啊Main bu疤siness 傲revenue傲 growth笆Operati傲ng prof安it grow板th扳After-t百ax prof跋it grow氨th巴Growth 澳rate of傲 net as柏sets癌Growth 俺rate of巴 total 哀assets HYPERLINK /translate 邦68.59笆20.56啊53.58翱1. The爱 manage扒ment an啊d devel拌opment 懊capacit肮y analy澳sis凹 拌invento懊ry皑 turnov罢er, inv跋en

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50、asset 胺turnove叭r, tota矮l asset叭s turno奥ver spe傲ed fast半er, the蔼 strong柏er sale碍s abili伴ty. 翱Gree柏 electr啊ic appl翱iances,坝 asset 白turnove疤r in th搬e indus安trys a凹verage 扒should 柏take板 furthe案r measu昂res to 摆acceler巴ate the扳 assets啊 turnov柏er, inc拌rease p按rofits.癌 疤main斑 busine盎ss reve吧nue gro版wth: th靶

51、is inde白x can r扒eflect 疤the ent案erprise扮s grow疤th. In 搬2015, 2碍015, 20安13, thr伴ee year半s of gr矮owth ra阿te of 1半.01%, 1扮0.58%, 岸44.33%.巴 It can颁 be see鞍n in 20氨13, 摆gree班 el扮ectric 肮applian耙ces mar柏ket dev案elopmen疤t stren邦gth rea板ched an碍 unprec稗edented把 height笆, due t搬o a sol半id indu板stry le坝ading p

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53、扳iances 扒the ind叭ex was 版48.15%,哎 far hi跋gher th唉an the 熬industr办y avera矮ge. Pro埃ve that敖 the de扮velopme败nt fore耙ground 伴is very芭 good.半 阿growth案 rate o邦f ne班t asset皑s: this案 index 艾is one 挨of the 柏indicat斑ors ref氨lect th坝e enter邦prise d袄evelopm袄ent abi岸lity. 板Gree胺 electr颁ic appl暗iances 班this in拌de

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55、56百Earning埃s per s百hare稗1.6544摆3.2673半2.5196板Three c熬ost gro挨wth搬26.19岸10.57奥39.06鞍sales g唉ross pr背ofit ma案rgin: s八ales gr绊oss pro八fit mar昂gin per板 unit r搬eflects百 the en艾terpris耙e sales搬 revenu爱e gener捌ated by鞍 the pr罢ofits, 奥the ind稗ex of 翱gree耙 electr板ic appl颁iances 坝in 2014奥 and 20按15, the板 rati

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