格力电器财务分析报告.docx

Zhuhai gree electric appliances co., LTD., financial analysis report

Abstract: enterprise's financial statements to reflect the enterprise in a certain period of the financial position, operating results and cash flow conditions. Correct understanding and analysis of financial statements information will help the enterprise management comprehensive understanding accurately in the past, evaluate and predict the future now. This paper choose the gree electric appliances in 2013-2015 financial statements of listed companies as the research object, this paper introduces the theory and method of financial statement analysis, the general, mainly using ratio analysis method and the method of comparative analysis, analyze the gree electric company in recent years, financial situation and evaluation.
Keywords: gree electric appliances ratio analysis and comparison analysis of financial statements

Basic information company profile:
1. The company's basic information
(1) the legal name of the company: zhuhai gree electric appliances co., LTD
(2) the company's legal representative: dong mingzhu
(3) the company's registered address: guangdong province zhuhai former golden hill road
(4) the company's stock exchange: shenzhen A shares
(5) stock abbreviation: gree electric appliances
(6) stock code: 000651
2. The company's history
Zhuhai gree electric appliances co., LTD. (hereinafter referred to as gree electric appliances), established in 1991, is by the zhuhai crown male plastic co., LTD., a merger with hayley air-conditioner factory. With many, many in the world like HP, SONY such famous company at the beginning of the venture, gree electric appliances is initially in a shabby workshop, rely on 200000 yuan loans made it the first step in the business.
In 1994 approved by the zhuhai municipal commission for restructuring the renamed zhuhai gree electric appliances co., LTD., November 18, 1996, the China securities regulatory commission regulatory send word (1996) 1996 HaoWen approval listed on the shenzhen stock exchange, the company get the business license of enterprise legal person, 4400, 4400.
3. The company's main business is introduced
Goods and technology import and export.
Manufacturing, sales: compressor pump valve and similar machinery.
Fan packaging equipment and other general equipment, motor, transmission and distribution and control equipment, wires, cables, cables and electrical equipment, household electrical appliances.
Wholesale: mechanical equipment, wujinjiaodian, electronic products.
Production and sales of air conditioner, self-supporting export business of air conditioner and its related spare parts import and export business.

4Nearly three years of a company's financial statements -- the balance sheet
Financial indicators (ten thousand yuan)
The total assets of
The total amount of liabilities
Current liabilities
Long-term liabilities
Monetary fund
Accounts receivable
Other receivables
Provision for bad debt
Shareholders' equity

2015-9-30
2014-9-30
2013-9-30
Financial indicators (ten thousand yuan)
The total assets of
The total amount of liabilities
Current liabilities
Long-term liabilities
Monetary fund
Accounts receivable
Other receivables
Provision for bad debt
Shareholders' equity

17，029，100.00
15，950，400.00
12，948，600.00
Financial indicators (ten thousand yuan)
The total assets of
The total amount of liabilities
Current liabilities
Long-term liabilities
Monetary fund
Accounts receivable
Other receivables
Provision for bad debt
Shareholders' equity

12，433，400.00
11，873，100.00
9，730，640.00
Financial indicators (ten thousand yuan)
The total assets of
The total amount of liabilities
Current liabilities
Long-term liabilities
Monetary fund
Accounts receivable
Other receivables
Provision for bad debt
Shareholders' equity

12，391，100.00
11，603，100.00
9，586，890.00
Financial indicators (ten thousand yuan)
The total assets of
The total amount of liabilities
Current liabilities
Long-term liabilities
Monetary fund
Accounts receivable
Other receivables
Provision for bad debt
Shareholders' equity

--
--
--
Financial indicators (ten thousand yuan)
The total assets of
The total amount of liabilities
Current liabilities
Long-term liabilities
Monetary fund
Accounts receivable
Other receivables
Provision for bad debt
Shareholders' equity

8，403，850.00
5，829，100.00
4，421，510.00
Financial indicators (ten thousand yuan)
The total assets of
The total amount of liabilities
Current liabilities
Long-term liabilities
Monetary fund
Accounts receivable
Other receivables
Provision for bad debt
Shareholders' equity

298，335.00
251，557.00
38，175.60
Financial indicators (ten thousand yuan)
The total assets of
The total amount of liabilities
Current liabilities
Long-term liabilities
Monetary fund
Accounts receivable
Other receivables
Provision for bad debt
Shareholders' equity

39，079.40
44，176.50
38，175.60
Financial indicators (ten thousand yuan)
The total assets of
The total amount of liabilities
Current liabilities
Long-term liabilities
Monetary fund
Accounts receivable
Other receivables
Provision for bad debt
Shareholders' equity

--
--
--
Financial indicators (ten thousand yuan)
The total assets of
The total amount of liabilities
Current liabilities
Long-term liabilities
Monetary fund
Accounts receivable
Other receivables
Provision for bad debt
Shareholders' equity

4，595，680.00
4，077，260.00
12，948，600.00

5 the company nearly three years financial statements, the income statement
Financial indicators (ten thousand yuan)
Main business income
Main business profit
Cost of sales
Management fees
Finance charges
Operating profit
Return on investment
Subsidies income
Net non-operating income
Profit total
Income tax
Net profit

2015-9-30
2014-9-30
2013-9-30
Financial indicators (ten thousand yuan)
Main business income
Main business profit
Cost of sales
Management fees
Finance charges
Operating profit
Return on investment
Subsidies income
Net non-operating income
Profit total
Income tax
Net profit

8，152，290.00
9，841，010.00
8，781，080.00
Financial indicators (ten thousand yuan)
Main business income
Main business profit
Cost of sales
Management fees
Finance charges
Operating profit
Return on investment
Subsidies income
Net non-operating income
Profit total
Income tax
Net profit

--
--
--
Financial indicators (ten thousand yuan)
Main business income
Main business profit
Cost of sales
Management fees
Finance charges
Operating profit
Return on investment
Subsidies income
Net non-operating income
Profit total
Income tax
Net profit

1，337，340.00
2，015，320.00
1，482，540.00
Financial indicators (ten thousand yuan)
Main business income
Main business profit
Cost of sales
Management fees
Finance charges
Operating profit
Return on investment
Subsidies income
Net non-operating income
Profit total
Income tax
Net profit

359，708.00
373，901.00
345，258.00
Financial indicators (ten thousand yuan)
Main business income
Main business profit
Cost of sales
Management fees
Finance charges
Operating profit
Return on investment
Subsidies income
Net non-operating income
Profit total
Income tax
Net profit

-139，376.00
-69，308.00
-13490.20
Financial indicators (ten thousand yuan)
Main business income
Main business profit
Cost of sales
Management fees
Finance charges
Operating profit
Return on investment
Subsidies income
Net non-operating income
Profit total
Income tax
Net profit

1，147，750.00
1，171，380.00

Financial indicators (ten thousand yuan)
Main business income
Main business profit
Cost of sales
Management fees
Finance charges
Operating profit
Return on investment
Subsidies income
Net non-operating income
Profit total
Income tax
Net profit

-375.20
-1053.57
-148.28
Financial indicators (ten thousand yuan)
Main business income
Main business profit
Cost of sales
Management fees
Finance charges
Operating profit
Return on investment
Subsidies income
Net non-operating income
Profit total
Income tax
Net profit

--
--
--
Financial indicators (ten thousand yuan)
Main business income
Main business profit
Cost of sales
Management fees
Finance charges
Operating profit
Return on investment
Subsidies income
Net non-operating income
Profit total
Income tax
Net profit

62891.42
11354，26
39803.01
Financial indicators (ten thousand yuan)
Main business income
Main business profit
Cost of sales
Management fees
Finance charges
Operating profit
Return on investment
Subsidies income
Net non-operating income
Profit total
Income tax
Net profit

1，195，080.00
1，193，070.00
925，042.00
Financial indicators (ten thousand yuan)
Main business income
Main business profit
Cost of sales
Management fees
Finance charges
Operating profit
Return on investment
Subsidies income
Net non-operating income
Profit total
Income tax
Net profit

192，765.00
202，543.00
161，330.00
Financial indicators (ten thousand yuan)
Main business income
Main business profit
Cost of sales
Management fees
Finance charges
Operating profit
Return on investment
Subsidies income
Net non-operating income
Profit total
Income tax
Net profit

1，002，310.00
990，528.00
763，712.00

Financial ratio analysis:
1. The management and development capacity analysis
2. Profitability analysis
3. The long-term solvency analysis
Short-term debt paying ability analysis
1.
Ratio project (%)
Inventory turnover
Accounts receivable turnover
Total asset turnover
Main business revenue growth
Operating profit growth
After-tax profit growth
Growth rate of net assets
Growth rate of total assets

2015
2014
2013
Ratio project (%)
Inventory turnover
Accounts receivable turnover
Total asset turnover
Main business revenue growth
Operating profit growth
After-tax profit growth
Growth rate of net assets
Growth rate of total assets

6.02
5.61
4.88
Ratio project (%)
Inventory turnover
Accounts receivable turnover
Total asset turnover
Main business revenue growth
Operating profit growth
After-tax profit growth
Growth rate of net assets
Growth rate of total assets

57.37
57.58
47.88
Ratio project (%)
Inventory turnover
Accounts receivable turnover
Total asset turnover
Main business revenue growth
Operating profit growth
After-tax profit growth
Growth rate of net assets
Growth rate of total assets

1.03
1.49
1.8
Ratio project (%)
Inventory turnover
Accounts receivable turnover
Total asset turnover
Main business revenue growth
Operating profit growth
After-tax profit growth
Growth rate of net assets
Growth rate of total assets

Ratio project (%)
Inventory turnover
Accounts receivable turnover
Total asset turnover
Main business revenue growth
Operating profit growth
After-tax profit growth
Growth rate of net assets
Growth rate of total assets

1.01
10.58
44.33
Ratio project (%)
Inventory turnover
Accounts receivable turnover
Total asset turnover
Main business revenue growth
Operating profit growth
After-tax profit growth
Growth rate of net assets
Growth rate of total assets

27.16
70.15
66.2
Ratio project (%)
Inventory turnover
Accounts receivable turnover
Total asset turnover
Main business revenue growth
Operating profit growth
After-tax profit growth
Growth rate of net assets
Growth rate of total assets

48.15
65.6
83.56
Ratio project (%)
Inventory turnover
Accounts receivable turnover
Total asset turnover
Main business revenue growth
Operating profit growth
After-tax profit growth
Growth rate of net assets
Growth rate of total assets

35.81
32.87
69.82
Ratio project (%)
Inventory turnover
Accounts receivable turnover
Total asset turnover
Main business revenue growth
Operating profit growth
After-tax profit growth
Growth rate of net assets
Growth rate of total assets

68.59
20.56
53.58
1. The management and development capacity analysis
l inventory turnover, inventory turnover rate and turnover days ability to reflect the inventory into cash or accounts receivable. The faster the turnover, lower inventory occupancy level, the stronger the cashability, gree electric appliances of inventory turnover is lower, we should strengthen the management of inventory, on the premise of guarantee the continuity, as far as possible, reduce inventory take fund, increasing the utilization of funds.
l accounts receivable turnover ratio, the higher the turnover, the shorter the turnover days, the accounts receivable to recover faster. If slow, enterprise funds too much dull on accounts receivable, affect money by force. Gree electric appliances of turnover is lower, should strengthen the management of accounts receivable, accelerate the turnover.
l total asset turnover, total assets turnover speed faster, the stronger sales ability. Gree electric appliances, asset turnover in the industry's average should take further measures to accelerate the assets turnover, increase profits.
l main business revenue growth: this index can reflect the enterprise's growth. In 2015, 2015, 2013, three years of growth rate of 1.01%, 10.58%, 44.33%. It can be seen in 2013, gree electric appliances market development strength reached an unprecedented height, due to a solid industry leading position, occupies more than 38% of market share, the growth slowed down in 1015.
l : net profit growth of the indicators reflect the strength of the enterprise growth, the prospects of good. The index's recent industry average of 23%. In 2015, gree electric appliances the index was 48.15%, far higher than the industry average. Prove that the development foreground is very good.
l growth rate of net assets: this index is one of the indicators reflect the enterprise development ability. Gree electric appliances this index is significantly higher than the counterpart other enterprises, further confirmed his growth prospects.
2. Profitability analysis

Shareholders' equity ratio
26.99
25.56
24.27
Sales gross profit margin
24.76
19.74
18.13
Return on equity
29.22
28.12
22.56
Earnings per share
1.6544
3.2673
2.5196
Three cost growth
26.19
10.57
39.06

sales gross profit margin: sales gross profit margin per unit reflects the enterprise sales revenue generated by the profits, the index of gree electric appliances in 2014 and 2015, the ratio of 19.76% and 24.76%, respectively, in 2015 than in 2014 increased by 5%, that due to advocate business wu income greatly diluted the fixed costs, make the enterprise strength ability has improved.
l net interest rate: it shows that the comprehensive effe