For example, if we look at the reports of listed companies, most people generally only focus on a few simple financial indicators, such as earnings per share, returns on net assets, and main business income, and seldom conduct comprehensive comparative analysis.
Taking the profit margin of the main business as an example, in addition to statically reflecting the profitability of the company, it can also assess the company's competitiveness in the industry through vertical comparison, or through horizontal comparison, understand the status of the company's industry, monopoly, and supply in short? Or is there an oversupply demand and fierce competition? In addition, if the profit margin of the main business is relatively high, but the net profit margin is not ideal, the problem is not limited to a major loss outside the main business (including one-time accidental loss and account rejection), tax changes, high management costs-this comparative analysis of different causes will undoubtedly be of great help to understand the company's actual situation, in many cases, it is closer to facts than some so-called analyst Analysis.
After several years of observation and practice, I believe that listed companies that meet the following standards will read the relevant annual, semi-annual, and quarterly reports in detail, if no major litigation event or other adverse potential factors are identified, in principle, they can be included in a focused investment objective:
1. The main business income, business profit, total profit, and net profit increased by more than 20% for three consecutive years;
2. The net profit rate is above 20%;
3. The main profit accounts for more than 80% of its total profit;
4. The annual return on net assets is more than 15%;
5. shareholder equity accounts for more than 70% of total assets;
6. The annual turnover rate of accounts receivable (including other receivables) and the annual inventory turnover rate are all over 400%;
7. The net cash flow arising from the current business activities is more than 80% of the net profit of the current period.
It is inevitable that the target company should be screened by hard financial indicators, but the advantage is that it is quite stable! Due to the internal logic constraints of accounting, listed companies that can achieve the above indicators, even if there is a false account, the degree is relatively light. For example, by reading last year's report, we can find that salt lake Potash (000792 sz) is close to the above standard, so that we can continue to track it, looking for the right intervention price without changing the case; similarly, in this way, the former "blue-chip" yinguangxia (000557 sz) is impossible to be selected.
Of course, this set of indicators only applies to the screening of listed companies in the general industry, there should be special standards for some special industries, such as the wine industry, the real estate industry should be appropriately relaxed inventory turnover; the turnover rate of accounts receivable and inventories of retail and trade companies should be improved accordingly. The evaluation of Financial Listed Companies is another matter. Obviously, this method is also difficult to find the source of a good company in the early stages of growth or because of Asset Restructuring ......
Using this set of indicator screening targets, there will be no more companies that can meet the standards during each reporting period, and naturally many trading opportunities will be lost. Therefore, it is only suitable for value investors who are pursuing long-term stability. At the same time, it should be emphasized that, "Follow" is not equal to "buy". Even a good company can only "watch" and "wait" if there is no good price. People who are not on this "Repair" road should not follow suit.
Do not expect too much investment. Charles Doyle once said in an editorial in the July 11, 1901 Wall Street Journal: "No matter how much of a person's capital is, if he wants to get a return in stock trading, it will be 12% a year rather than 50% a week, in the long run, his results will be much better. Everyone understands this in their personal experience, but those who are cautious about operating stores, factories, or real estate seem to think they should adopt a very different approach in stock trading. There is nothing more absurd in the world ." This is exactly the case. The Chinese stock market has a daily limit. If we look at the height of the mountain, it is easy to lose our way and cannot control our emotions, although it is really everyone's dream to grasp the limit, it is especially important to control their own emotions at this time. There are successive increases and downs that cannot be operated blindly.
How to deal with failures? Everyone will have a failure. Although most of the correct ideas can be profitable, they may lead to losses. Everyone wants to be invincible, but if they fail, they should sum up their lessons and learn why they failed, if it is a system risk, there is no way. If it is not, you need to find the cause from yourself and find out the defects in your operation ideas. This is a process of improvement and you must not show your mercy.
Insist on reading the work of Investment Masters. Find the market development footprint from the witnesses in the mature market. You need to know what kind of company to analyze, what to pay attention to, and constantly improve your theoretical basis.
In this way, earning the money I can earn and simply investing can at least ensure that I fall asleep at night. I think this operation is the basis for long-term success of my investment.
Monopoly + high growth + Stock sending = My profitable model
This is the title of a post in the ideal forum. I like LZ very much.
In the past, I didn't quite understand the significance of stock sending. I only thought the first two points were good.
I want to understand today: the stock price of a good company has risen for a long time. If a good company does not send a transfer, the stock price should be more than 600 yuan.
Therefore, a good company must send shares frequently and get down the price so that it can attract more people to invest in it.
Moreover, it is absolutely a problem for a good company to make so much money without sending shares or sending money. If the money is not given to investors, it may be a financial black hole. Maybe it is not a profitable company.
1. About stock price
The stock market is an equity trading platform provided between shareholders and shareholders. The stock price means that the company's performance is amplified or reduced by the price-to-earnings ratio lever, the reason why a good company's stock price is high is that it is magnified many times by the stock price-to-earnings ratio. The opposite is true. That is to say, the performance of the stock market for high-quality companies will give a relatively high price-earnings ratio. The stock price reflects the company's operating performance.
2. About the stock "rising to the sky"
What if the stock price is higher than the stock price after the resumption of ownership? In my opinion, it is generally a good company that can create new high stocks every year after going public.
These companies are basically the most profitable companies in the market. These companies are just a few in the market, from a long period of time (three years ).
Such companies are far less risky than general companies. For this type of companies, my operation method is: If I have already bought at the low level, I will firmly hold it; if I have not bought at the low level, and feel that the company is good, I will make a small amount of configuration (accounting for less than 3% of the total assets ).
3. About the "Village" in the stock market"
I remember trading in a sales department in Shenzhen in 1996. At that time, I bought some Shen jintian. From the perspective of the disk, I always thought there was a "Village" in Shen jintian's stock (and every stock in the stock market had a "Village" Statement ). I asked Shen jintian's operator to send me a ticket to the exchange to see who is sitting in the village. Then he told me, "Lin Yuan, you are Jin Tian's village ', you can buy the most ". Since then, I have never believed in any "Zhuang wei" in my heart, and I have never met the "Zhuang" stock.
Indeed, there are a few "stocks" in this market, but they only have one result and fail. I didn't see one of those "stocks" that can bring continuous profit. I heard people say that stocks like Guizhou Moutai, Wuliangye, Yunnan baiyao, and China Merchants Bank are all "zhuangstocks ". I think it is impossible for these large-value stocks to "sit down. For example, Guizhou Moutai has a total of 26000 shareholders, and 70 institutional investors hold a total of 21% tradable shares. How can we go to "sit down "? Who can manipulate Moutai's share price? If there are a few "stocks" in the stock market, the conclusion that "stock markets are all" will suffer. As a matter of fact, a good company is going to rise, and it will only increase when everyone sees it at the same time. It does not matter if there is no "Main Force". To say "Zhuang ", this "village" is the common people.
4. About Fund warehouse reduction
It is often said that a stock fund has been reduced, and you are not selling it yet? In my opinion, the stock price of a really good company will not fall because anyone who sells it. If it is because anyone who has sold the stock should fall, I think it should not have been bought.
5. Who makes money in the stock market?
People who make money in the stock market actually make money from the company you bought. Such companies as Guizhou Moutai, Wuliangye, and China Merchants Bank are actually making profits every day. The stock market only scales up the money they earn (price-to-earnings ratio). On the contrary, the loss of money, it is also a loss for your investment company.
