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Data:2009-12-12 2:34
Business enterprises operating profitability reflects the ability of business to make profits. Reflect the profitability of the enterprises of the financial indicators are many, but the analysis of a single indicator, tend to make investors to determine the profitability of the enterprises in a vague state. Here, we have through the presentation of two or more of the linkage relationship between financial indicators to assess the current period's operating results and future profitability, so as to investors to understand the business enterprise to provide a clear analysis of the status quo thinking.
1, liabilities, operating rates and profit growth with a comprehensive analysis of
Debt management ratio = long-term debt / equity, which reflects the independence of corporate funding structure and stability.
Profit growth rate = (current net profit - net profit on the year) / net profit on the period, which reflects the profitability of the business value.
We will consider the combination of the above indicators can be integrated to determine the profitability of business growth potential. At the same time increase if the two shows that enterprises have increased investment in external funding, an increase of certain risks, but at the same time the rational use of corporate funds and profits also improved, its leverage to bring about a certain business profits, indicating debt measures are right. If both decline, indicating the size of enterprises in the same time reduce the debt reduced level of profitability, its earnings potential has been constrained.
2, flow debt ratio, liquidity ratio, profit growth with a comprehensive analysis of
Current liabilities ratio = current liabilities / assets, liquidity ratio = liquid assets / assets, profit growth rate = (current net profit - net profit on the year) / net profit on the year
We will consider the combination of the above indicators look at the prospects for corporate earnings. If all three targets while increasing, indicating enterprises to expand production and business operations, increase production, but also widening the profit margin; if the rate of current liabilities and current assets to improve the rate of decline, but margins improved, illustrating the products are sold well in short supply, operating situation is still good situation; if current liabilities rate, liquidity ratio reduced profit margins lower, indicating deteriorating situation in production and operation of enterprises, corporate financial difficulties will occur; if current liabilities ratio and liquidity ratio, profitability fell at the same time , notes, production and operations business is shrinking corporate earnings outlook is less optimistic.
In summary, we find that corporate earnings will be reflected by the ability of financial indicators associated with analysis, if the profitability of the enterprises are shown in the weakening, then the potential profitability of the enterprises should be open to question, investors should be treated with caution .
Case
Let's use of a listed company, Wo silver analysis system, using the first method an example analysis. By Hua Tian Hotel 000428 December 31, 2002 data, for example, we can see, the enterprise's debt management rate from 1.59 percent at the end of 2001, up 11.77 percent at the end of 2002, but the profit growth rate of -19.8%, downward trend shows that corporate borrowing has not brought the expected reward to the enterprise.
For example, re-use the second method analysis, still Hua Tian Hotel, for example, we analyze the flow of debt ratio, liquidity ratio, the profit growth rate of the three relationships, the following table:
Index Name 2001 2002 annual growth rate of
Current liabilities ratio 35.8% 27% -25% �/span>
Liquid assets ratio 32% 22% -31% �/span>
Profit growth rate of -19.8% �/span>
