Analysis of the basic financial statements
Analysis of the basic financial statements：
1. Profitability is the company's ability to earn profits. The company's profitability is the normal operating condition. Non-normal operating conditions will also give the company a gain or loss, but this is only the individual cases under special circumstances, can not explain the ability of the company. Therefore, the securities analyst in the analysis of the profitability of the company, should be excluded from the following factors: securities trading and other non-normal projects, business projects, major accidents have been or will be stopped or legal changes and other special projects, accounting standards and financial system changes brought cumulative effect. Reflect the company's profitability indicators usually use sales net profit margin, gross margin, net profit margin of assets, net assets yield. (1) Main business net profit margin: enterprise net profit of main business net income ratio, calculated as follows: the main business net profit margin of main business income, net × 100% = net profit ÷. (2) Assets Net profit margin also called return on assets, return on investment or return on assets, enterprises in the period, net profit and total assets ratio, calculated as follows: return on assets = net profit ÷ average assets total ×100%. (3) The return on capital employed: also known as the return on capital, is the corporate net profit (profit after tax) and the ratio of the owner's equity (total assets less total liabilities, net assets). To reflect the ability of the enterprises use the capital gains. Is also an evaluation of the Ministry of Finance on the economic efficiency of enterprises. Return on capital is also the capital gains rate. ROIC = Net profit / paid-up capital (or equity) x 100%
2 operating capacity: mainly refers to the efficiency and effectiveness of the operating assets of the enterprise. The efficiency of the enterprises operating assets mainly refers to the turnover rate of the assets or turnover rate. The benefits of enterprise operating assets usually refers to the ratio between the amount of output and the amount of assets occupied. Enterprises operating capacity analysis is to reflect corporate asset operational efficiency and effectiveness indicators calculated enterprises operating capacity of analysis, evaluation and direction for enterprises to enhance economic efficiency. First, the operating capacity analysis to evaluate the operating efficiency of the corporate assets. Trading Analysis can be found in the the enterprise operating assets. Third, the operating capacity analysis basis and supplement the analysis of profitability and solvency analysis.
The solvency of the enterprise: refers to the ability of enterprises using its assets to repay long-term debt and short-term debt. Enterprise presence or absence of the ability to pay cash and debt capacity, which is the key to business survival and healthy development. Corporate solvency is an important symbol to reflect the corporate financial position and operating capabilities. The solvency of the capacity of enterprises to repay maturing debt or the level of assurance, including the ability to repay short-term debt and long-term debt. Corporate solvency, static, the ability of corporate assets corporate debt is settled; dynamically speaking, is the ability to use corporate assets and business process to create the income to repay the debt. Enterprise with or without cash payment capacity and solvency is the ability of the business to the healthy development of the key. Corporate solvency analysis is an
important part of corporate financial analysis.
财务报表分析的基本内容：
1．盈利能力就是公司赚取利润的能力。公司的盈利能力是指正常的营业状况。非正常的营业状况也会给公司带来收益或损失，但这只是特殊情况下的个别情况，不能说明公司的能力。因此，证券分析师在分析公司盈利能力时，应当排除以下因素：证券买卖等非正常项目、已经或将要停止的营业项目、重大事故或法律更改等特别项目、会计准则和财务制度变更带来的累计影响等。反映公司盈利能力的指标很多，通常使用的主要有销售净利率、销售毛利率、资产净利率、净资产收益率等。（1）主营业务净利润率：是企业净利润与主营业务收入净额的比率，计算公式为：主营业务净利润率=净利润÷主营业务收入净额×100%。（2）资产净利润率也叫资产报酬率，投资报酬率或资产收益率，是企业在一定时期内的净利润和资产平均总额的比率，计算公式为：资产报酬率=净利润÷资产平均总额×100%。（3）资本收益率：又称资本利润率，是指企业净利润（即税后利润）与所有者权益（即资产总额减负债总额后的净资产）的比率。用以反映企业运用资本获得收益的能力。也是财政部对企业经济效益的一项评价指标。资本收益率也是资产收益率。资本收益率=净利润/实收资本（或股本）×100%
2.企业营运能力：主要指企业营运资产的效率与效益。企业营运资产的效率主要指资产的周转率或周转速度。企业营运资产的效益通常是指企业的产出额与资产占用额之间的比率。企业营运能力分析就是要通过对反映企业资产营运效率与效益的指标进行计算与分析，评价企业的营运能力，为企业提高经济效益指明方向。第一，营运能力分析可评价企业资产营运的效率。第二，营运能力分析可发现企业在资产营运中存在的问题。第三，营运能力分析是盈利能力分析和偿债能力分析的基础与补充。
3.企业的偿债能力：是指企业用其资产偿还长期债务与短期债务的能力。企业有无支付现金的能力和偿还债务能力，是企业能否生存和健康发展的关键。企业偿债能力是反映企业财务状况和经营能力的重要标志。偿债能力是企业偿还到期债务的承受能力或保证程度，包括偿还短期债务和长期债务的能力。企业偿债能力，静态的讲，就是用企业资产清偿企业债务的能力；动态的讲，就是用企业资产和经营过程创造的收益偿还债务的能力。企业有无现金支付能力和偿债能力是企业能否健康发展的关键。企业偿债能力分析是企业财务分析的重要组成部分。