格力电器财务分析报告

1、Zhuhai gree eelectrric apppliannces cco., LLTD., finanncial analyysis rreporttAbstracct: ennterprrisess finaanciall stattementts to refleect thhe entterpriise inn a ceertainn periiod off the finanncial posittion, operaating resullts annd cassh floow connditioons. CCorrecct undderstaandingg and analy

2、ysis oof finnanciaal staatemennts innformaation will help the eenterpprise managgementt compprehennsive underrstandding aaccuraately in thhe passt, evvaluatte andd preddict tthe fuuture now. This paperr chooose thhe greee eleectricc applliancees in 2013-2015 finanncial stateementss of llistedd compp

3、aniess as tthe reesearcch objject, this paperr intrroducees thee theoory annd metthod oof finnanciaal staatemennt anaalysiss, thee geneeral, mainlly usiing raatio aanalyssis meethod and tthe meethod of coomparaative analyysis, analyyze thhe greee eleectricc comppany iin reccent yyears, finaanciall s

4、ituuationn and evaluuationn.Keywordds: grree ellectriic apppliancces raatio aanalyssis annd commparisson annalysiis of finanncial stateementss HYPERLINK /translate Basic iinformmationn comppany pprofille:1. The compaanys basicc infoormatiion(1) thee legaal namme of the ccompanny: zhhuhai gree eelect

5、rric apppliannces cco., LLTD(2) thee comppanyss legaal reppresenntativve: doong miingzhuu(3) thee comppanyss regiistereed adddress: guanngdongg provvince zhuhaai forrmer ggoldenn hilll roadd(4) thee comppanyss stocck excchangee: sheenzhenn A shhares(5) stoock abbbreviiationn: greee eleectricc applli

6、ancees(6) stoock coode: 000065112. The compaanys histooryZhuhai gree eelectrric apppliannces cco., LLTD. (hereiinafteer refferredd to aas greee eleectricc applliancees), eestabllishedd in 11991, is byy the zhuhaai croown maale pllasticc co., LTD., a mmergerr withh haylley aiir-connditiooner ffactorr

7、y. Wiith maany, mmany iin thee worlld likke HP, SONYY suchh famoous coompanyy at tthe beeginniing off the ventuure, ggree eelectrric apppliannces iis iniitiallly in a shaabby wworkshhop, rrely oon 2000000 yyuan lloans made it thhe firrst sttep inn the businness.In 19944 apprroved by thhe zhuuhai mmu

8、niciipal ccommisssion for rrestruucturiing thhe rennamed zhuhaai gree eelectrric apppliannces cco., LLTD., Novemmber 118, 19996, tthe Chhina ssecuriities regullatoryy commmissioon reggulatoory seend woord (11996) 1996 HaoWeen appprovall listted onn the shenzzhen sstock exchaange, the ccompanny gett

9、the businness llicensse of enterrprisee legaal perrson, 4400, 44000.3. The compaanys main businness iis inttroduccedGoods aand teechnollogy iimportt and exporrt.Manufaccturinng, saales: comprressorr pumpp valvve andd simiilar mmachinnery.Fan pacckaginng equuipmennt andd otheer genneral equippment, m

10、otoor, trransmiissionn and distrributiion annd conntrol equippment, wirees, caables, cablles annd eleectriccal eqquipmeent, hhousehhold eelectrrical appliiancess.Wholesaale: mmechannical equippment, wujiinjiaoodian, elecctroniic prooductss.Producttion aand saales oof airr condditionner, sself-ssuppo

11、rrting exporrt bussinesss of aair coonditiioner and iits reelatedd sparre parrts immport and eexportt busiiness. HYPERLINK /translate 4Nearlyy threee yeaars off a coompanyys fiinanciial sttatemeents - thee balaance ssheetFinanciial inndicattors (ten tthousaand yuuan)The tottal asssets ofThe tottal a

12、mmount of liiabiliitiesCurrentt liabbilitiiesLong-teerm liiabiliitiesMonetarry funndAccountts recceivabbleOther rreceivvablessProvisiion foor badd debttSharehoolderss equuity HYPERLINK /translate 2015-9-302014-9-302013-9-30Financiial inndicattors (ten tthousaand yuuan)The tottal asssets ofThe tottal

13、 ammount of liiabiliitiesCurrentt liabbilitiiesLong-teerm liiabiliitiesMonetarry funndAccountts recceivabbleOther rreceivvablessProvisiion foor badd debttSharehoolderss equuity HYPERLINK /translate 17，029，100.00015，950，400.00012，948，600.000Financiial inndicattors (ten tthousaand yuuan)The tottal ass

14、sets ofThe tottal ammount of liiabiliitiesCurrentt liabbilitiiesLong-teerm liiabiliitiesMonetarry funndAccountts recceivabbleOther rreceivvablessProvisiion foor badd debttSharehoolderss equuity HYPERLINK /translate 12，433，400.00011，873，100.0009，730，6640.000Financiial inndicattors (ten tthousaand yuu

15、an)The tottal asssets ofThe tottal ammount of liiabiliitiesCurrentt liabbilitiiesLong-teerm liiabiliitiesMonetarry funndAccountts recceivabbleOther rreceivvablessProvisiion foor badd debttSharehoolderss equuity HYPERLINK /translate 12，391，100.00011，603，100.0009，586，8890.000Financiial inndicattors (t

16、en tthousaand yuuan)The tottal asssets ofThe tottal ammount of liiabiliitiesCurrentt liabbilitiiesLong-teerm liiabiliitiesMonetarry funndAccountts recceivabbleOther rreceivvablessProvisiion foor badd debttSharehoolderss equuity HYPERLINK /translate -Financiial inndicattors (ten tthousaand yuuan)The

17、tottal asssets ofThe tottal ammount of liiabiliitiesCurrentt liabbilitiiesLong-teerm liiabiliitiesMonetarry funndAccountts recceivabbleOther rreceivvablessProvisiion foor badd debttSharehoolderss equuity HYPERLINK /translate 8，403，8850.0005，829，1100.0004，421，5510.000Financiial inndicattors (ten ttho

18、usaand yuuan)The tottal asssets ofThe tottal ammount of liiabiliitiesCurrentt liabbilitiiesLong-teerm liiabiliitiesMonetarry funndAccountts recceivabbleOther rreceivvablessProvisiion foor badd debttSharehoolderss equuity HYPERLINK /translate 298，3355.00251，5577.0038，175.60Financiial inndicattors (te

19、n tthousaand yuuan)The tottal asssets ofThe tottal ammount of liiabiliitiesCurrentt liabbilitiiesLong-teerm liiabiliitiesMonetarry funndAccountts recceivabbleOther rreceivvablessProvisiion foor badd debttSharehoolderss equuity HYPERLINK /translate 39，079.4044，176.5038，175.60Financiial inndicattors (

20、ten tthousaand yuuan)The tottal asssets ofThe tottal ammount of liiabiliitiesCurrentt liabbilitiiesLong-teerm liiabiliitiesMonetarry funndAccountts recceivabbleOther rreceivvablessProvisiion foor badd debttSharehoolderss equuity HYPERLINK /translate -Financiial inndicattors (ten tthousaand yuuan)The

21、 tottal asssets ofThe tottal ammount of liiabiliitiesCurrentt liabbilitiiesLong-teerm liiabiliitiesMonetarry funndAccountts recceivabbleOther rreceivvablessProvisiion foor badd debttSharehoolderss equuity HYPERLINK /translate 4，595，6680.0004，077，2260.00012，948，600.0005 the ccompanny neaarly tthree y

22、earss finaanciall stattementts, thhe inccome sstatemmentFinanciial inndicattors (ten tthousaand yuuan)Main buusinesss inccomeMain buusinesss proofitCost off saleesManagemment ffeesFinancee charrgesOperatiing prrofitReturn on innvestmmentSubsidiies inncomeNet nonn-operratingg incoomeProfit totallInco

23、me taxNet proofit HYPERLINK /translate 2015-9-302014-9-302013-9-30Financiial inndicattors (ten tthousaand yuuan)Main buusinesss inccomeMain buusinesss proofitCost off saleesManagemment ffeesFinancee charrgesOperatiing prrofitReturn on innvestmmentSubsidiies inncomeNet nonn-operratingg incoomeProfit

24、totallIncome taxNet proofit HYPERLINK /translate 8，152，2290.0009，841，0010.0008，781，0080.000Financiial inndicattors (ten tthousaand yuuan)Main buusinesss inccomeMain buusinesss proofitCost off saleesManagemment ffeesFinancee charrgesOperatiing prrofitReturn on innvestmmentSubsidiies inncomeNet nonn-o

25、perratingg incoomeProfit totallIncome taxNet proofit HYPERLINK /translate -Financiial inndicattors (ten tthousaand yuuan)Main buusinesss inccomeMain buusinesss proofitCost off saleesManagemment ffeesFinancee charrgesOperatiing prrofitReturn on innvestmmentSubsidiies inncomeNet nonn-operratingg incoo

26、meProfit totallIncome taxNet proofit HYPERLINK /translate 1，337，3340.0002，015，3320.0001，482，5540.000Financiial inndicattors (ten tthousaand yuuan)Main buusinesss inccomeMain buusinesss proofitCost off saleesManagemment ffeesFinancee charrgesOperatiing prrofitReturn on innvestmmentSubsidiies inncomeN

27、et nonn-operratingg incoomeProfit totallIncome taxNet proofit HYPERLINK /translate 359，7088.00373，9011.00345，2588.00Financiial inndicattors (ten tthousaand yuuan)Main buusinesss inccomeMain buusinesss proofitCost off saleesManagemment ffeesFinancee charrgesOperatiing prrofitReturn on innvestmmentSub

28、sidiies inncomeNet nonn-operratingg incoomeProfit totallIncome taxNet proofit HYPERLINK /translate -139，3776.00-69，3088.00-13490.20Financiial inndicattors (ten tthousaand yuuan)Main buusinesss inccomeMain buusinesss proofitCost off saleesManagemment ffeesFinancee charrgesOperatiing prrofitReturn on

29、innvestmmentSubsidiies inncomeNet nonn-operratingg incoomeProfit totallIncome taxNet proofit HYPERLINK /translate 1，147，7750.0001，171，3380.000Financiial inndicattors (ten tthousaand yuuan)Main buusinesss inccomeMain buusinesss proofitCost off saleesManagemment ffeesFinancee charrgesOperatiing prrofi

30、tReturn on innvestmmentSubsidiies inncomeNet nonn-operratingg incoomeProfit totallIncome taxNet proofit HYPERLINK /translate -375.200-1053.557-148.288Financiial inndicattors (ten tthousaand yuuan)Main buusinesss inccomeMain buusinesss proofitCost off saleesManagemment ffeesFinancee charrgesOperatiin

31、g prrofitReturn on innvestmmentSubsidiies inncomeNet nonn-operratingg incoomeProfit totallIncome taxNet proofit HYPERLINK /translate -Financiial inndicattors (ten tthousaand yuuan)Main buusinesss inccomeMain buusinesss proofitCost off saleesManagemment ffeesFinancee charrgesOperatiing prrofitReturn

32、on innvestmmentSubsidiies inncomeNet nonn-operratingg incoomeProfit totallIncome taxNet proofit HYPERLINK /translate 62891.44211354，22639803.001Financiial inndicattors (ten tthousaand yuuan)Main buusinesss inccomeMain buusinesss proofitCost off saleesManagemment ffeesFinancee charrgesOperatiing prro

33、fitReturn on innvestmmentSubsidiies inncomeNet nonn-operratingg incoomeProfit totallIncome taxNet proofit HYPERLINK /translate 1，195，0080.0001，193，0070.000925，0422.00Financiial inndicattors (ten tthousaand yuuan)Main buusinesss inccomeMain buusinesss proofitCost off saleesManagemment ffeesFinancee c

34、harrgesOperatiing prrofitReturn on innvestmmentSubsidiies inncomeNet nonn-operratingg incoomeProfit totallIncome taxNet proofit HYPERLINK /translate 192，7655.00202，5433.00161，3300.00Financiial inndicattors (ten tthousaand yuuan)Main buusinesss inccomeMain buusinesss proofitCost off saleesManagemment

35、 ffeesFinancee charrgesOperatiing prrofitReturn on innvestmmentSubsidiies inncomeNet nonn-operratingg incoomeProfit totallIncome taxNet proofit HYPERLINK /translate 1，002，3310.000990，5288.00763，7122.00Financiial raatio aanalyssis:1. The managgementt and devellopmennt cappacityy anallysis2. Proffitab

36、iility analyysis3. The long-term solveency aanalyssisShort-tterm ddebt ppayingg abillity aanalyssisRatio pprojecct (%)Inventoory tuurnoveerAccountts recceivabble tuurnoveerTotal aasset turnooverMain buusinesss revvenue growtthOperatiing prrofit growtthAfter-ttax prrofit growtthGrowth rate of neet as

37、ssetsGrowth rate of tootal aassetss HYPERLINK /translate 201520142013Ratio pprojecct (%)Inventoory tuurnoveerAccountts recceivabble tuurnoveerTotal aasset turnooverMain buusinesss revvenue growtthOperatiing prrofit growtthAfter-ttax prrofit growtthGrowth rate of neet asssetsGrowth rate of tootal aas

38、setss HYPERLINK /translate 6.025.614.88Ratio pprojecct (%)Inventoory tuurnoveerAccountts recceivabble tuurnoveerTotal aasset turnooverMain buusinesss revvenue growtthOperatiing prrofit growtthAfter-ttax prrofit growtthGrowth rate of neet asssetsGrowth rate of tootal aassetss HYPERLINK /translate 57.

39、3757.5847.88Ratio pprojecct (%)Inventoory tuurnoveerAccountts recceivabble tuurnoveerTotal aasset turnooverMain buusinesss revvenue growtthOperatiing prrofit growtthAfter-ttax prrofit growtthGrowth rate of neet asssetsGrowth rate of tootal aassetss HYPERLINK /translate 1.031.491.8Ratio pprojecct (%)

40、Inventoory tuurnoveerAccountts recceivabble tuurnoveerTotal aasset turnooverMain buusinesss revvenue growtthOperatiing prrofit growtthAfter-ttax prrofit growtthGrowth rate of neet asssetsGrowth rate of tootal aassetss HYPERLINK /translate Ratio pprojecct (%)Inventoory tuurnoveerAccountts recceivabbl

41、e tuurnoveerTotal aasset turnooverMain buusinesss revvenue growtthOperatiing prrofit growtthAfter-ttax prrofit growtthGrowth rate of neet asssetsGrowth rate of tootal aassetss HYPERLINK /translate 1.0110.5844.33Ratio pprojecct (%)Inventoory tuurnoveerAccountts recceivabble tuurnoveerTotal aasset tur

42、nooverMain buusinesss revvenue growtthOperatiing prrofit growtthAfter-ttax prrofit growtthGrowth rate of neet asssetsGrowth rate of tootal aassetss HYPERLINK /translate 27.1670.1566.2Ratio pprojecct (%)Inventoory tuurnoveerAccountts recceivabble tuurnoveerTotal aasset turnooverMain buusinesss revven

43、ue growtthOperatiing prrofit growtthAfter-ttax prrofit growtthGrowth rate of neet asssetsGrowth rate of tootal aassetss HYPERLINK /translate 48.1565.683.56Ratio pprojecct (%)Inventoory tuurnoveerAccountts recceivabble tuurnoveerTotal aasset turnooverMain buusinesss revvenue growtthOperatiing prrofit

44、 growtthAfter-ttax prrofit growtthGrowth rate of neet asssetsGrowth rate of tootal aassetss HYPERLINK /translate 35.8132.8769.82Ratio pprojecct (%)Inventoory tuurnoveerAccountts recceivabble tuurnoveerTotal aasset turnooverMain buusinesss revvenue growtthOperatiing prrofit growtthAfter-ttax prrofit

45、growtthGrowth rate of neet asssetsGrowth rate of tootal aassetss HYPERLINK /translate 68.5920.5653.581. The managgementt and devellopmennt cappacityy anallysis inventtory tturnovver, iinventtory tturnovver raate annd turrnoverr dayss abillity tto refflect the iinventtory iinto ccash oor acccountss r

46、eceeivablle. Thhe fasster tthe tuurnoveer, loower iinventtory ooccupaancy llevel, the stronnger tthe caashabiility, greee elecctric appliiancess of iinventtory tturnovver iss loweer, wee shouuld sttrengtthen tthe maanagemment oof invventorry, onn the premiise off guarranteee the contiinuityy, as far

47、 aas posssiblee, redduce iinventtory ttake ffund, increeasingg the utiliizatioon of fundss. accounnts reeceivaable tturnovver raatio, the hhigherr the turnoover, the sshorteer thee turnnover days, the accouunts rreceivvable to reecoverr fastter. IIf sloow, ennterprrise ffunds too mmuch ddull oon acc

48、countss receeivablle, afffect moneyy by fforce. Greee elecctric appliiancess of tturnovver iss loweer, shhould strenngthenn the managgementt of aaccounnts reeceivaable, accelleratee the turnoover. total asset turnover, total assets turnover speed faster, the stronger sales ability. Gree eelectrric a

49、pppliannces, assett turnnover in thhe inddustryys avveragee shouuld taake fuurtherr meassures to acccelerrate tthe asssets turnoover, increease pprofitts. main bbusineess reevenuee growwth: tthis iindex can rreflecct thee enteerprisses ggrowthh. In 2015, 20155, 20113, thhree yyears of grrowth rate o

50、f 1.01%, 10.588%, 444.33%. It ccan bee seenn in 22013, gree eelectrric apppliannces mmarkett deveelopmeent sttrengtth reaached an unnpreceedenteed heiight, due tto a ssolid indusstry lleadinng possitionn, occcupiess moree thann 38% of maarket sharee, thee growwth sllowed down in 10015. : net profiit

51、 groowth oof thee indiicatorrs refflect the sstrenggth off the enterrprisee growwth, tthe prrospeccts off goodd. Thee indeexs rrecentt induustry averaage off 23%. In 22015, gree eelectrric apppliannces tthe inndex wwas 488.15%, far higheer thaan thee induustry averaage. PProve that the ddeveloopment

52、t foreegrounnd is very good. growthh ratee of nnet asssets: thiss indeex is one oof thee indiicatorrs refflect the eenterpprise devellopmennt abiility. Greee elecctric appliiancess thiss indeex is signiificanntly hhigherr thann the countterparrt othher ennterprrises, furtther cconfirrmed hhis grrowt

53、h prosppects.2. Proffitabiility analyysis HYPERLINK /translate Sharehoolderss equuity rratio26.9925.5624.27Sales ggross profiit marrgin24.7619.7418.13Return on eqquity29.2228.1222.56Earninggs perr sharre1.65443.26732.5196Three ccost ggrowthh26.1910.5739.06sales ggross profiit marrgin: saless grosss

54、proofit mmarginn per unit refleects tthe ennterprrise ssales revennue geeneratted byy the profiits, tthe inndex oof greee eleectricc applliancees in 2014 and 22015, the rratio of 199.76% and 224.76%, resspectiively, in 22015 tthan iin 20114 inccreaseed by 5%, tthat ddue too advoocate businness wwu i

55、nccome ggreatlly dilluted the ffixed costss, makke thee enteerprisse strrengthh abillity hhas immproveed. net innteresst ratte: itt showws thaat thee compprehennsive effecct of utiliizatioon of assetts, thhe higgher tthe raatio, compaanies make the bbetterr effeect inn termms of increeasingg incoome

56、 too savee moneey. Grree ellectriic apppliancces arre 29.22% aand 288.12% respeectiveely inn 20155 and 2015 more than the rratio of thhe aveerage levell of tthe inndustrry, foor homme apppliancce inddustryy is sso commpetittive eenviroonmentt is ggood. returnn on eequityy: thee indeex of the ggree e

57、electrric apppliannces iis rellativeely hiigh, sso hass beenn praiised bby invvestmeent innstituutionss and the vvast mmajoriity off peopple atttentiion.3. The long-term solveency aanalyssisAsset-lliabillity rratio: the rate of asssets and lliabillitiess of ggree eelectrric apppliannces, 2015, 20144

58、, 20113 resspectiively, asseet-liaabilitty rattio frrom thhe aboove raatio wwe thiink orr highher. AAssetss to lliabillitiess do nnot haave sttrong abiliity off secuurity. Singgle frrom thhe datta itsself, no maatter from the ccredittor orr sharreholdders standdpointt, is not aa safee capiital sstru

59、ctture. But ddue too the charaacteriisticss of tthe aiir connditiooning indusstry aand thhe braand efffect of inndustrry leaading enterrprisees, thhe datta doees nott affeect thhe connfidennce off inveestorss.4. The shortt-termm debtt payiing abbilityy anallysisCurrentt ratiio: a liquiidity ratioo r

60、efllects the eenterpprise easy to caash inn the securrity ssituattion oof currrent assetts to curreent liiabiliities, it iis gennerallly bellievedd the ratioonal fflow oof mannufactturingg enteerprisses wiith thhe lowwest rratio of 2. Greee elecctric appliiancess, 20113, 20013, 22015, the lliquiddit