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.