Quick overview of listed company Annual report

Related to the company's financial risks:

1. Important notes of the annual report note whether the accounting firm issued a standard non-reserved opinion of the audit report .

2, notice whether to replace the accounting firm.

3, select the largest shareholder shareholding ratio of high (more than 30%) of the company , can be a strong control of management.

4, pay attention to the amount of related transactions (focus on operating cash net flow and net profit difference, compared with peers gross margin)

5, pay attention to the proportion of the security amount of net assets not more than 10%.

6, if the listed companies mutual guarantee, should pay attention to domino effect.

7. The proportion of accounts receivable within one year should be more than 85%.

8, other accounts receivable less the better

9, pay attention to the fixed assets of the column in the construction project has been dragged for several years did not complete the situation .

10. Pay attention to the composition of the long-term prepaid expenses (one-year period), and pay special attention to whether it includes the advertising expenses which should be included in the current period.

11, pay attention to the account receivable to reduce the value of the preparation of the composition: the strict self-requirement of the company will be more than three years of accounts receivable.

12, pay attention to the growth of corporate marketing revenue has not caused the corresponding increase in sales costs, or whether the accounts receivable growth, or whether the operating cash flow corresponding changes, can be seen through these abnormal operating income business.

13, in general, when the company's collection policy has no significant changes, the end of the receivables and the current operating income should be in the same direction, if the revenue is unchanged or continues to increase, the reduction in the balance of accounts receivable may represent the speed of the company's payment, or the company deliberately create this illusion.

14, should pay special attention to the company inventory changes in the situation is reasonable, and compare with peers as a reference.

15, when fixed assets continue to increase , investors should use this situation as a warning.

relating to the competitiveness of a company:

1, the real strength of the company's borrowing is generally through unsecured credit borrowing, you can pay attention to the listed companies in the bank's internal rating whether to reach the aa-level. On the other hand, we can examine the company's strength.

2, a good company's bank borrowings are generally longer-term borrowing than short-term borrowing.

3, if the product hot selling, the company's Bills receivable bank acceptance of large proportion of the commercial acceptance of small proportion, the proportion of small accounts receivable.

4, Accounts receivable and operating income should maintain a stable proportional relationship. This is not a good sign if accounts receivable suddenly increase sharply and the proportion of operating income increases. And if the opposite, the enterprise product competitiveness improved.

5, the sudden rise in prepaid accounts is not a good thing

6, inventory and operating income should also maintain a stable proportion of the relationship

7, fixed assets should pay attention to the company is the money to the luxury office building, or to production and research and development.

8, pay attention to the depreciation policy of fixed assets. Profitable companies tend to shorten their depreciation time. Compared with the same industry, if the depreciation time is too long, is not a good thing, should pay attention to the short depreciation of the company.

9, pay attention to the cost of the composition of the three cost growth ratio should be lower than the growth rate of operating income.

10, the net operating cash and net profit can be compared, if the net operating cash is significantly greater than the net profit, must be careful. Usually the reason is: First, the company's sales of the rate of decline, display products do not sell, the second is the backlog of inventory, procurement of raw materials have not yet formed a product or product has not yet been sold. As a result, companies do not have enough cash to expand production and may borrow from banks, which in turn increases the interest burden on businesses. In order to verify, we can check whether the Accounts receivable and inventory of the listed company's balance sheet increase obviously.

11, If the operating cash net long-term significantly lower than the net profit, or even negative, it is a very dangerous signal . This illustrates the long-term business of the situation, especially when the enterprise debt is very high, if the net operating cash is still negative, it may evolve into a huge loss.

12. If net operating cash exceeds net profit significantly, it may be a substantial increase in the number of payments in advance, or it may be a substantial increase in the amount of accounts payable, or it may be the enterprise to depress profits. The third possibility can be obtained by querying whether the accounting policy changes in the annual report and whether the preparation of bad debts and inventory impairment is substantially increased. It may also be that some companies due to industry specificity, expense and income realization is not the same year, such as capital-intensive enterprises have more fixed assets, and fixed assets depreciation, although annual incorporation costs, but does not generate cash outflow.

13, pay attention to the specific classification of product gross margin changes , you can see the competitiveness of enterprise products change.

14, low-cost enterprise competitiveness indicators: Low gross profit margin, capital turnover is best to improve year-on-year, the best flow rate to keep declining year by year, the cost of annual decline. The ability to maintain high gross margin is an effective index to judge whether the enterprise has differentiated competitive advantage. And no matter what the ultimate goal of the company is to make money, this can be judged by profit margin of the enterprise's earning power.

15. Although the reduction in the flow rate can increase the operating cash flow of the enterprise, it may cause side effects if the enterprise does not have the scale advantage and management efficiency, but by lengthening the payment time of payables or other liabilities payable. It is possible for suppliers to take the following actions which are detrimental to the development of the enterprise: increasing the selling price, reducing the willingness of priority supply, reducing the quality of supply and doubting the ability to repay the goods. If these negative factors arise, the sign is that when accounts payable increase and earnings declines live up to expectations, it may represent that the above negative factors are taking effect.

16. If the net operating cash of the enterprise appears to be less than net profit or negative, then it must be found out whether due to the increase in Accounts receivable or inventory, if not because of the above factors, the security and liquidity of liquid assets is good, should be acceptable. If this is the case, you must be vigilant.

17, if the share capital and the premium ratio is too high, it indicates that the company may continue to increase capital through cash, to shareholders to obtain funds, in the capital market is negative news.

18, the ratio of surplus capital and shareholder's equity can disclose the competitiveness of the enterprise relatively

19, assets than liabilities more dangerous, we must pay attention to the asset-based, investment-oriented enterprise assets impairment risk.

Quick overview of listed company Annual report