Djc9525 fundamentals of financial analysis of the financial statements of the secret (income statement)

djc9525
Djc9525
很多投资者看财务报表,通常找不到合适的方法去解读财务报表,笔者再这里系统的和大家分享一下怎么能比较准确的判断一个公司是否值得关注。
Many investors see the financial statements, usually can not find a suitable way to interpret the financial statements, the author here and the system to share with you how to more accurately determine whether a company is worthy of attention.
利润表
Income statement

公司编制利润表的依据是“收入-费用=利润”来编制,具体是:
The preparation of the company’s profit statement is based on income – cost = profit to prepare, specifically:
营业利润=营业收入减(营业成本、营业税金及附加、销售费用、管理费用、财务费用、资产减值损失)加(投资收益)
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Operating profit = operating income minus (operating costs, business taxes and surcharges, sales expenses, administrative expenses, financial expenses, impairment of assets)
综合收益总额=营业利润 加(营业外支出、其他综合收益) 减 (营业外收入、所得税)
Consolidated total income = operating profit plus (non operating expenses, other consolidated income) minus (non operating income, income tax)
净利润是综合收益里面归属于母公司股东的综合收益总额为基准计算的,但是还扣除了:1、出售、处置部门或被投资单位所得收益;2、自然灾害发生的损失;3、会计政策变更增加(或减少)利润总额;4、会计估计变更增加(或减少)利润总额;5、债务重组损失;6、其他等产生的费用。
Net profit is the total comprehensive income inside the comprehensive income attributable to shareholders was calculated, but also the deduction: 1, sale and disposal of a department or unit of investment proceeds; 2, the loss of natural disasters; 3, accounting changes increase (or decrease) total profits; 4, accounting estimate change increase (or decrease) of total profit; 5, the loss of debt restructuring; 6, other costs incurred.
扣非净利润:扣非后净利润是扣除非经常性损益后的净利润的意思。非经常性损益是指公司发生的与经营业务无直接关系,以及虽与经营业务相关,但由于其性质、金额或发生频率,影响了真实、公允地反映公司正常盈利能力的各项收入、支出。比如营业外收入突然大幅增加,从而影响了公司正常经营的净利润。在扣非净利润里面就会减去这部分影响。
Net profit after deduction of non net profit after deducting non recurring gains and losses. Non recurring gains and losses are occurring and that the company has no direct business relationship, and although operations associated with, but because of its nature, amount or frequency of occurrence, affecting the true and fair view of the company’s normal income profitability and expenditure. For example, a sudden sharp increase in operating income, thereby affecting the normal operation of the company’s net profit. In the deduction of non net profit will subtract this part of the impact.
主要从以下七个方面来衡量公司是否值得价值投资:
Mainly from the following seven aspects to measure whether the company is worth the value of investment:
1、扣非净利润(着重强调)
1, net profit deduction (emphasis)
这是单纯的反映企业经营业绩的指标,把资本溢价等因素剔除,只看经营利润的高低。这样才能正确判断经营业绩的好坏。有很多亏损企业,为了避免变成ST,通常采取变卖资产,或者大幅增加营业外收入,来达到净利润大于零的目的,扣非后净利润更好的真实反应企业经营是否好转的指标。另外对于业绩大幅增加的企业,更要看扣非后净利润是否也大幅增长,排除非正常经营导致净利润大幅增长,是否是企业出现利润拐点的出现。
This is a simple reflection of business performance indicators, the capital premium and other factors removed, only to see the level of operating profit. In order to correctly determine the performance of good or bad. There are a lot of enterprises, in order to avoid a ST, usually taken to sell assets, or a substantial increase in operating income, to achieve net profit is greater than zero, net profit after deduction of non real business is a better reaction improvement index. In addition to the performance of a substantial increase in the enterprise, but also to see whether the net profit after deduction is also a substantial increase, excluding the non normal operation led to a substantial increase in net profit, whether it is the emergence of corporate profits inflection point.
2、长期盈利的关键指标是毛利率
2, long-term profitability is the key indicator of gross margin
企业的毛利润是企业的运营收入之根本,只有毛利率高的企业才有可能拥有高的净利润。我们在观察企业是否有持续竞争优势时,可以参考企业的毛利率。毛利率在一定程度上可以反映企业的持续竞争优势如何。如果企业具有持续的竞争优势,其毛利率就处在较高的水平,企业就可以对其产品或服务自由定价,让售价远远高于其产品或服务本身的成本。如果企业缺乏持续竞争优势,其毛利率就处于较低的水平,企业就只能根据产品或服务的成本来定价,赚取微薄的利润。如果一个公司的毛利率在40%以上,那么该公司大都具有某种持续竞争优势;毛利率在40%以下,其处于高度竞争的行业;如果某一个行业的平均毛利率低于20%,那么该行业一定存在着过度竞争。
The gross profit of the enterprise is the root of the operating income of the enterprise, only the gross profit margin of the enterprise is likely to have a high net profit. We observe whether the company has a sustained competitive advantage, you can refer to the gross margin of the enterprise. To some extent, the gross profit margin can reflect the enterprise’s sustainable competitive advantage. If the enterprise has a sustained competitive advantage, its gross profit margin at a high level, the enterprise can be free pricing of its products or services, so that the price is much higher than the cost of their products or services themselves. If the lack of sustained competitive advantage, its gross profit margin is at a low level, the enterprise can only be based on the cost of products or services to pricing, earn meager profits. If the company’s gross margin in more than 40%, then the company has a competitive advantage; the gross margin is below 40%, it is in a highly competitive industry; if a certain industry average gross margin of less than 20%, so the industry must exist excessive competition.
3、衡量销售费用及一般管理费用的高低
3, measure the cost of sales and general management fees
在公司的运营过程中,销售费用和一般管理费用不容轻视。我们一定要远离那些总是需要高额销售费用和一般管理费用的公司,努力寻找具有低销售费用和一般管理费用的公司。一般来说,这类费用所占的比例越低,公司的投资回报率就会越高。如果一家公司能够将销售费用和一般管理费用占毛利润的比例控制在30%以下,那就是一家值得投资的公司。但这样的公司毕竟是少数,很多具有持续竞争优秀的公司其比例也在30%——80%之间,也就是说,如果一家或一个行业的这类费用比例超过80%,那就可以放弃投资该家或该类行业了。
In the course of the operation of the company, sales expenses and general management fees can not be ignored. We must keep away from companies that are always in high demand for sales and general management, and look for companies with low sales and overhead costs. In general, the lower the proportion of such costs, the higher the rate of return on investment. If a company is able to control the cost of sales and general management fees accounted for 30% of the proportion of gross profit, it is a worthwhile investment company. But these companies are in the minority, many excellent companies have sustained competitive proportion between 30% and 80%, that is to say, if the proportion of the cost of a or an industry for more than 80%, it can give up investment in the home or the industry.
4、远离那些研究和开发费用高的公司
4. Stay away from companies with high research and development costs
那些必须花费巨额研发开支的公司都有在竞争优势上的缺陷,这使得他们将长期经营前景置于风险中,投资他们并不保险。那些依靠专利权或技术领先而维持竞争优势的企业,其实并没有拥有真正持续的竞争优势,因为一旦过了专利权的保护期限或新技术的出现替代,这些所谓的竞争优势就会消失,如果企业要维持竞争优势,就必须花费大量的资金和精力在研发新技术和新产品上,也就会导致了净利润减少。
Companies that have to spend a lot of R & D spending have a flaw in their competitive edge, which puts them at risk for long-term business prospects. Those who rely on patents or leading technology and maintain the competitive advantage of the enterprise, is not truly sustainable competitive advantage, because once the term of protection of patent rights or new technology alternative, these so-called competitive advantage will disappear, if the enterprise to maintain the competitive advantage, we must spend a lot of money and effort in the development of new technologies and new products, which will cause the decrease of net profit.
5、不要忽视折旧费用
5, do not ignore depreciation costs
折旧费用对公司的经营业绩的影响是很大的,在考察企业是否具有持续竞争优势的时候,一定要重视厂房、机器设备等的折旧费。
The impact of depreciation expense on the operating performance of the company is very large, in the investigation of whether the enterprise has a sustained competitive advantage, we must attach importance to the plant, machinery and equipment depreciation costs.
6、利息支出越少越好
6, the less interest payments, the better

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和同行业的其他公司相比,那些利息支出占营业收入比例最低的公司,往往是最具有持续竞争优势的。利息支出是财务成本,而不是运营成本,其可以作为衡量同一行业内公司的竞争优势,通常利息支出越少的公司,其经营状况越好。
Compared with other companies in the same industry, those with the lowest proportion of interest income in operating income are often the ones with the most competitive advantage. Interest expense is the financial cost, rather than the operating costs, which can be used as a measure of the company’s competitive advantage in the same industry, usually less interest in the company, the better its operating conditions.

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7、计算经营指标时不可忽视非经常性损益
7, the calculation of operating indicators can not be ignored non recurring gains and losses
在考察企业的经营状况时,一定要排除非经常性项目这些偶然性事件的收益或损失,然后再来计算各种经营指标。毕竟,这样的非经常性损益不可能每年都发生。还要考虑所得税的影响以分析净利率。
In the investigation of the operating conditions of the enterprise, we must rule out the non recurring items of these contingencies or loss of income, and then calculate the various operating indicators. After all, such non recurring gains and losses do not occur every year. Also consider the impact of income tax on the net interest rate.
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