企业研究报告写作-Profitability analysis-企业盈利能

发布时间:2019-09-25 12:17

企业研究报告写作企业盈利能力的分析

  盈利能力是指企业获取利润的能力,企业的盈利能力越强,则其给予股东的回报越高,企业价值越大。同时盈利能力越强,带来的现金流量越多,企业的偿债能力得到加强。

  比如甲、乙两家企业,2005年的销售收入均为50万元,净利润为10万元。我们无法判断到底哪家公司的盈利能力强。但是如果告诉我们,甲公司的总资产为500万元,所有者权益为100万元;乙公司的总资产为200万元,所有者权益为50万元。我们就可以认为乙公司的盈利能力高于甲公司,因为乙公司每元所有者权益带来的净利润为0.2元,而甲公司为0.1元。

  因此,对企业的盈利能力进行分析时,在考虑绝对值的基础上,往往更多地考虑相对值指标。相对值指标一般用各种比率指标进行反映。反映企业盈利能力的比率指标很多,主要包括销售毛利率、销售净利率、总资产报酬率、净资产收益率等。

  (1)销售毛利率。

  销售毛利率是销售毛利与销售收入净额之比,其中销售毛利是销售收入净额与销售成本的差额。其计算公式为:

  销售毛利率=主营业务收入-主营业务成本主营业务收入×100%

  根据销售毛利率,企业可以进行如下分析:

  销售毛利率反映了企业产品或商品销售的初始获利能力,是企业净利润的起点,没有足够大的毛利率便不能形成较大的盈利。

  销售毛利率的分析与销售毛利额分析相结合,可以评价企业对管理费用、销售费用、财务费用等期间费用的承受能力。

  销售毛利率随行业的不同而高低各异,但同一行业的毛利率一般相差不大。与同期行业的平均毛利率比较,可以揭示企业在定价政策、产品或商品推销或生产成本控制方面存在的问题。

  企业之间在存货计价和固定资产的折旧方法等会计处理中的差异也会影响销售成本,进而影响毛利率的计算,这一点应在企业之间作横向比较时加以注意。

  (2)销售净利率。

  销售净利率指企业净利润占销售收入净额的百分比,表示每元销售收入净额获取利润的能力。其计算公式为:

  销售净利润率=净利润主营业务收入×100%

  在分析企业的销售净利润率时,可以从以下几方面进行考虑:

  ①销售净利润率是企业销售的最终获利能力指标。比率越高,说明企业的获利能力越强。但是不同行业的指标不尽相同,越是高科技企业,其销售净利润率就越高。越是重工业和传统制造业,其销售净利润率也越低。分析应该结合不同行业的具体情况进行。

  ②从指标计算可以看出,只有当净利润的增长速度快于销售收入净额的增长速度时,销售净利润率才会上升。

  ③净利润的形成并非都由销售收入所产生,它还会受到诸如其他业务利润、投资收益、营业外收支等因素之影响,故而在分析比较时应多加注意。

  ④在进行不同行业间比较时,必须考虑不同行业和不同时期的情况,设定参考基准进行比较,否则将无法得出正确结论。

  (3)总资产报酬率。

  总资产报酬率又称总资产收益率,反映了企业利用全部经济资源的获利能力。其计算公式为:

  总资产收益率=净利润总资产平均余额×100%

  在进行总资产报酬率的分析时,可以从以下几方面进行考虑:

  ①总资产报酬率反映企业资产利用的综合效果。该比率越高,表明资产利用的效率越高,说明企业在增收节支和节约资金使用等方面取得了良好的效果。

  ②企业的总资产来源于所有者投入资本和举债两个方面。利润的多少与企业资产的多少、资产的结构、经营管理水平有着密切的关系。总资产报酬率是一个综合指标,为了正确评价企业经济效益的高低,挖掘提高利润水平的潜力,可以用该项指标与本企业前期、与计划、与本行业平均水平和本行业内先进企业进行对比,分析形成差异的原因。

  ③总资产报酬率主要取决于总资产周转速度的快慢以及净利润的大小。如果企业的销售利润率越大,资产周转速度越快,则总资产收益率越高。因此,提高总资产报酬率可以从两方面入手:一方面加强资产管理,提高资产利用率;另一方面加强销售管理,增加销售收入,提高利润水平。

  (4)净资产收益率。

  净资产收益率又称所有者权益收益率,它是净利润与平均所有者权益(股东权益)的百分比。其计算公式为:

  净资产收益率=净利润(期初所有者权益+期末所有者权益)÷2×100%

  我们在进行净资产收益率分析时,应该考虑以下几方面:

  ①净资产收益率反映所有者投资的获利能力,该比率越高,说明所有者投资带来的收益越高。

  ②净资产收益率是从所有者角度考查企业盈利水平高低,而总资产收益率则从所有者和债权人两方面来共同考查整个企业盈利水平。在相同的总资产收益率水平下,由于企业采用不同的资本结构形式,即不同的负债与所有者权益比例,会造成不同的所有者权益收益率。

  ③该指标是衡量企业盈利能力的主要核心指标之一。

  (5)资本保值增值率。

  资本保值增值率是期末所有者权益与期初所有者权益的比例。它反映所有者权益保值增值情况。计算公式为:

  资本保值增值率=期末所有者权益期初所有者权益×100%

  在进行资本保值增值率分析时,主要考虑以下几方面:

  ①剔除投资者再投入引起的所有者权益增加部分。如果当期投资者又投入资金增加所有者权益,同样导致资本保值增值率上升,但是实际上并没有获得增值利润。

  ②考虑通货膨胀因素。由于通货膨胀因素的存在,即使上述指标大于1,仍有可能存在潜亏,因此分析时应持谨慎态度,不能盲目乐观。

  ③考虑资金时间价值。由于期末所有者权益与期初所有者权益进行比较,两者所处的时点不同,缺乏时间上的相关性。如果将年末的所有者权益贴现为年初时点上的价值(或将年初所有者权益折算成年末时点上的价值,即计算其终值),并将其与年初(或年末)所有者权益进行比较,其结果或许更有说服力。

企业研究报告 Profitability analysis
Profitability is refers to the enterprise profit ability, enterprise's profit ability stronger, the shareholder returns are higher, company value is greater. At the same time stronger profitability, brings the more cash flow, the solvency of enterprises has been strengthened.
For example, a, B two enterprises, 2005 sales income 500000 yuan, net profit of 100000 yuan. We were unable to determine exactly what company profit ability. But if you tell us, a company 's total assets of 5000000 yuan, possessory rights and interests 1000000 yuan; company B 's total assets of 2000000 yuan, possessory rights and interests 500000 yuan. We can think of B company profitability than a company, B company because each element possessory rights and interests the net profit is 0.2 yuan, and 0.1 yuan for a company.
Therefore, to enterprise's profit ability analysis, considering the absolute value of the foundation, more often consider the relative value index. Relative value index with various ratios reflect the general. Profitability ratios of many, including sales gross margin, net sales, the rate of return on total assets, net assets income rate.
( 1) the gross margin.
Sales gross profit is sales and gross margin net sales ratio, among them gross sales net sales income and sales cost variance. The calculation formula is as follows:
Sales gross profit rate of main business revenue - cost of principal business of main business income x 100%
According to the sales gross profit, enterprises can be analyzed as follows:
Sales gross margin reflects the enterprise product or commodity sales initial profitability, is the starting point of net profit enterprises, there has not been enough wool interest rate can not form a large profit.
Sales gross margin analysis and sales gross profit margin analysis unifies, can evaluate the enterprise for management expenses, selling expenses, finance costs and other expenses during the period of the bearing capacity.
Sales gross margin with the industry, different level of each different, but the same industry gross margin is generally less. With the same industry average gross rate comparison, can reveal the enterprises in the pricing policy, product or merchandising or production cost control problems.
Between the enterprise inventory valuation and depreciation methods of fixed assets accounting treatment of difference can also affect the cost of sales, and then affect the gross profit rate calculation, this point should be in between the enterprise pay attention to compare.
( 2) net profit on sales.
/ Sales net profit rate refers to the enterprise net profit net sales revenue accounted for a percentage of every element, said net sales income profit ability. The calculation formula is as follows:
Sales net profit rate of net profit of main business income x 100%
In the analysis of enterprise sales net profit rate, can from the following several aspects:
Sales net profit rate of business 's profit ability index. The higher the ratio, the profitability of the business stronger explanation. But in different sectors of the index is different, the high-tech enterprises, their sales net profit rate is higher. The heavy industry and traditional manufacturing industry, its sales net profit rate is also lower. Analysis should be combined with the different sectors of the specific situation.
From the calculation can be seen, only when the net profit growth faster than the growth rate of net sales, sales net profit rate will rise.
The net profit is formed not by the sales income generated, it will be like other business profit, return on investment, non-operating income is affected by the factors, so the comparison should be pay more attention.
The comparison in different industries, different industries and different period must consider the situation, setting reference for comparison, otherwise will not be able to draw a correct conclusion.
( 3) the rate of return on total assets.
Rate of return on total assets and total assets yield, mirrorred an enterprise to use all economic resources to gain profit ability. The calculation formula is as follows:
Rate of return on total assets = net profit total assets average balance x 100%
The rate of return on total assets analysis, can from the following several aspects:
The rate of return on total assets reflect the enterprise's assets utilization comprehensive effect. The higher the ratio, the higher the efficiency of that asset utilization, increase revenue and reduce expenditure and save money that enterprises in the use and achieved good results.
The total assets of the enterprise comes from the owners of capital and debt in two aspects. The profits and assets of the firm and how much, asset structure, management level has a close relationship with. Rate of return on total assets is a comprehensive index, in order to correctly evaluate the level of economic efficiency of enterprises, improve the level of profit of mining potential, can use the indexes and the prophase, and plan, and the average level of industry and the industry advanced enterprises are compared, analyzed the reasons of the difference.
The rate of return on total assets mainly depends on the total assets turnover rate of speed and net profit size. If the enterprise sales profit is bigger, asset turnover faster, then the rate of return on total assets more high. Therefore, to improve the rate of return on total assets can be from two aspects: on the one hand to strengthen the capital management, raise capital utilization rate; on the other hand, strengthening the marketing management, increase sales revenue, improve the level of profit.
( 4) the rate of return on net assets.
Rate of return on net assets also known as owner's equity rate of return, it is the net profit and average owners ( shareholders) percentage. The calculation formula is as follows:
Rate of return on net assets = net profit ( initial equity + final possessory rights and interests ) / 2 x 100%
We are carrying on the analysis to the net assets earning ratio, should consider the following aspects:
The rate of return on net assets of owner investment profitability, the higher the ratio, the owner that investment gains more high.
The rate of return on net assets from owner angle check of company profit level, but the rate of return on total assets from the owners and creditors two aspects common test to the level of corporate profits. At the same total assets yield level, due to the enterprise uses different capital structure, i.e. different liabilities and owners' equity ratio, can lead to different owners' equity yield.
When the index is a measure of the profitability of the business one of main core index.
( 5) capital keeps rate of value rise in value.
Capital is the final possessory rights and interests with the beginning of owners' equity ratio. It reflects the owner's rights and interests maintenance and appreciation. Calculation formula for:
Capital protects value appreciation rate of final possessory rights and interests of owners' equity x 100%
In the capital increment rate analysis, mainly consider the following aspects:
The elimination of investors to invest induced increases in owners' equity section. If the current investors and investment increase in owners' equity, also led to the capital increment rate rise, but didn't actually get appreciation profit.
In considering inflation. Because of the existence of inflation, even if the index is greater than 1, there may exist latent losses, so the analysis should be performed with caution, not be blindly optimistic.
In considering time value of funds. The final possessory rights and interests with the beginning of possessory rights and interests were compared, both located at the different time, the lack of relevance. If at the end of the equity discount for beginning point value ( or will the beginning of possessory rights and interests annualized end point value, namely, calculate the final), and with the beginning ( or end) possessory rights and interests were compared, the results may be more persuasive.

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