格力电器财务分析报告

Zhuha igree eIectri cappIiances co.,LTD.,f inanc ia Ianalysis reportMainbusinessincomeMain businessprofitCost of salesManagement feesFinance chargesOperating profitReturn oninvestmentSubsidies incomeNet non-operatingincome ProfittotalIncome taxNet profitFinancialindicators tenthousand yuanMain businessincomeMain businessprofitCost of salesManagement feesFinance chargesOperating profitReturn oninvestmentSubsidies incomenon-operatingincomeProfit totalIncome taxNet profitFinancialindicators tenthousand yuanMain businessincomeMain businessprofitCost of salesManagement feesFinance chargesOperating profitReturn oninvestmentSubsidies incomeNet non-operatingincomeProfit totalIncometax NetprofitFinancialindicators tenthousand yuanMain businessincomeMain businessprofitCost of salesManagement feesFinance chargesOperating profitReturn oninvestmentSubsidies incomenon-operatingincomeProfit totalIncome taxNet profitFinancialindicators tenthousand yuanMain businessincomeMain businessprofitCost of salesManagement feesFinance chargesOperating profitReturn oninvestmentSubsidies incomeNet non-operatingincomeProfit totalIncometax NetprofitFinancialindicators tenthousand yuanMain businessincomeMain businessprofitCost of salesManagement feesFinance chargesOperating profitReturn oninvestmentSubsidies incomeNet non-operatingincome ProfittotalIncome taxNet profitFinancialindicators tenthousand yuanMainbusinessincomeMain businessprofitCost of salesManagement feesFinance chargesOperating profitReturn oninvestmentSubsidies incomeNet non-operatingincomeProfit totalIncome taxNet profitFinancial11354,26indicators tenthousand yuanMainbusinessincomeMain businessprofitCost of salesManagement feesFinance chargesOperating profitReturn oninvestmentSubsidies incomeNet non-operatingincomeProfit totalIncome taxNet profitFinancialindicators tenthousandyuanMainbusinessincomeMainbusinessprofitCost of salesManagement feesFinance chargesOperating profitReturn oninvestmentSubsidies incomeNet non-operatingincomeProfit totalIncome taxNetprofitFinancialindicatorstenthousandyuanMainbusinessincomeMainbusinessprofitCost of salesManagement feesFinance chargesOperating profitReturn oninvestmentSubsidiesincomeNet non-operatingincome ProfittotalIncome taxNetprofitFinancialindicatorstenthousandyuanMainbusinessincomeMainbusinessprofitCost of salesManagement feesFinance chargesOperating profitReturn oninvestmentSubsidiesincomeNet non-operatingincomeProfit totalIncometax NetprofitFinancialratio analysis:

1.The managementand developmentcapacity analysis

2.Profitability analysis

3.The long-term solvencyanalysisShort-term debtpaying abilityanalysis

1.201520142013Ratio project%InventoryturnoverAccountsreceivableturnoverTotal assetturnoverMain businessrevenue growthOperatingprofitgrowth After-taxprofit growthGrowthrate of netassets Growthrateof total assetsRatio projectInventoryturnoverAccountsreceivableturnoverTotal assetturnoverMainbusinessrevenue growthOperating profitgrowthAfter-tax profitgrowthGrowthrate ofnetassetsGrowth rate oftotal assetsRatioproject%InventoryturnoverAccountsreceivableturnoverTotal assetturnoverMainbusinessrevenue growthOperatingprofitgrowthAfter-tax profitgrowthGrowthrate ofnetassetsGrowth rate oftotal assetsRatioprojectInventoryturnoverAccountsreceivableturnoverTotal assetturnoverMainbusinessrevenue growthOperatingprofitgrowthAfter-tax profitgrowthGrowthrate ofnetassetsGrowth rate oftotal assetsRatioproject%InventoryturnoverAccountsreceivableturnoverTotal assetturnoverMainbusinessrevenue growthOperatingprofitgrowthAfter-tax profitgrowthGrowthrate ofnetassetsGrowth rate oftotal assetsRatioprojectInventoryturnoverAccountsreceivableturnoverTotal assetturnoverMainbusinessrevenue growthOperatingprofitgrowthAfter-tax profitgrowthGrowthrate ofnetassetsGrowth rateoftotal assetsRatioproject%InventoryturnoverAccountsreceivableturnoverTotal assetturnoverMainbusinessAbstract:enterprises financial statements toreflect the enterprise ina certainperiodof the financial position,operating resultsand cashflow conditions.Correct understandingandanalysis of financial statementsinformation willhelp the enterprise managementcomprehensiveunderstanding accuratelyin thepast,evaluate andpredict thefuture now.This paperchoose thegree electric appliances in2013-2015financial statementsof listedcompanies asthe researchobject,this paperintroduces thetheory andmethod offinancialstatementanalysis,the general,mainly usingratio analysismethod and the methodof comparativeanalysis,analyze the greeelectric companyin recentyears,financial situationand evaluation.Keywords:gree electric appliances ratioanalysis andcomparison analysis offinancial statementsBasic informationcompany profile:

1.The companysbasic information1the legalname of the company:zhuhai gree electric appliances co.,LTD2the company，s legalrepresentative:dong mingzhu3the company，s registeredaddress:guangdong provincezhuhai formergolden hillroad4the companysstock exchange:shenzhen Ashares5stock abbreviation:gree electric appliances6stock code:

0006512.The company，s historyZhuhaigree electric appliances co.,LTD.hereinafter referredto asgree electricappliances,established in1991,is bythe zhuhaicrown maleplastic co.,LTD.,a mergerwith hayleyair-conditioner factory.With many,many in the worldlike HP,SONY suchfamous companyat thebeginningof theventure,gree electricappliances isinitially ina shabbyworkshop,rely on200000yuan loansmade itthe firststep in the business.In1994approved bythe zhuhaimunicipal commissionfor restructuringthe renamedzhuhai greeelectricappliancesco.,LTD.,November18,1996,the Chinasecurities regulatorycommissionregulatory sendword19961996HaoWen approvallisted on the shenzhenstock exchange,the companygetthe businesslicense ofenterprise legalperson,4400,

4400.

3.The company，s main business isintroducedGoods andtechnology import and export.Manufacturing,sales:compressor pumpvalve andsimilar machinery.Fan packagingequipment and other generalequipment,motor,transmission anddistribution andcontrolequipment,wires,cables,cables andelectrical equipment,household electricalappliances.Wholesale:mechanical equipment,wujinjiaodian,electronic products.revenue growthOperatingprofitgrowthAfter-tax profitgrowthGrowthrateofnetassetsGrowth rateoftotal assetsRatioprojectInventoryturnoverAccountsreceivableturnoverTotal assetturnoverMainbusinessrevenue growthOperatingprofitgrowthAfter-tax profitgrowthGrowthrateofnetassetsGrowth rateoftotal assetsRatioproject%InventoryturnoverAccountsreceivableturnoverTotalassetturnoverMainbusinessrevenue growthOperatingprofitgrowthAfter-tax profitgrowthGrowthrateofnetassetsGrowth rateoftotal assetsRatioprojectInventoryturnoverAccountsreceivableturnoverTotal assetturnoverMainbusinessrevenue growthOperatingprofitgrowthAfter-tax profitgrowthGrowthrate ofnetassetsGrowth rateoftotal assets

1.The managementand developmentcapacity analysisinventory turnover,inventoryturnoverrate andturnover daysability toreflect theinventoryinto cashor accounts receivable.The fasterthe turnover,lower inventoryoccupancy level,thestronger thecashability,gree electricappliances ofinventoryturnover islower,we shouldstrengthen themanagement ofinventory,on thepremise ofguaranteethe continuity,as faras possible,reduce inventorytake fund,increasing theutilization offunds.accounts receivableturnover ratio,the higherthe turnover,the shorterthe turnoverdays,the accounts receivable torecover faster.If slow,enterprise fundstoo muchdull onaccountsreceivable,affect moneyby force.Gree electricappliances ofturnover islower,shouldstrengthen themanagement of accountsreceivable,accelerate theturnover.totalasset turnover,total assets turnover speedfaster,the strongersales ability.Greeelectric appliances,assetturnoverin the industrys averageshould takefurther measurestoaccelerate the assetsturnover,increase profits.mainbusinessrevenuegrowth:this indexcan reflect the enterprise5s growth.In2015,2015,2013,three years of growth rateof

1.01%,

10.58%,

44.33%.It canbe seenin2013,gree electricappliancesmarket developmentstrength reachedan unprecedentedheight,due toa solidindustryleading position,occupies morethan38%of marketshare,the growthslowed downin

1015.:net profitgrowth of the indicators reflectthestrength of the enterprisegrowth,theprospects ofgood.The indexsrecent industry average of23%.In2015,gree electricappliancesthe indexwas

48.15%,far higherthan theindustry average.Prove that the developmentforegroundis verygood.growth rateofnetassets:this index is oneof theindicatorsreflectthe enterprisedevelopmentability.Gree electricappliances thisindexissignificantly higherthan thecounterpartother enterprises,further confirmedhis growthprospects.

2.Profitability analysisShareholdersequityratioSales grossprofitmarginReturn on equityEarnings pershareThree costgrowthsales grossprofit margin:sales grossprofit marginper unitreflects the enterprise salesrevenuegenerated bythe profits,the indexof greeelectricappliancesin2014and2015,the ratio of

19.76%and

24.76%,respectively,in2015than in2014increased by5%,that dueto advocatebusinesswu incomegreatly dilutedthe fixedcosts,make theenterprise strengthability hasimproved.net interestrate:it showsthatthecomprehensive effect of utilizationof assets,the highertheratio,companies makethe bettereffect interms ofincreasing incometosave money.Gree electricappliances are

29.22%and

28.12%respectively in2015and2015morethan theratio of the averagelevel of theindustry,for homeappliance industryis socompetitiveenvironment isgood.return onequity:the indexof thegreeelectricappliances isrelatively high,so hasbeenpraised byinvestment institutionsandthevast majorityof peopleattention.

3.The long-term solvencyanalysisAsset-liability ratio:the rateof assetsand liabilitiesof greeelectricappliances,2015,2014,2013respectively,asset-liability ratiofrom the above ratiowe thinkor higher.Assets toliabilitiesdo nothave strongability ofsecurity.Single from the dataitself,no matterfromthe creditoror shareholdersstandpoint,is nota safecapital structure.But dueto thecharacteristicsof theair conditioningindustry andthe brandeffectofindustry leadingenterprises,the datadoes notaffect theconfidence ofinvestors.

4.The short-term debtpaying abilityanalysisCurrent ratio:a liquidityratio reflectstheenterpriseeasy tocash inthe securitysituationof currentassets tocurrent liabilities,it isgenerally believedthe rationalflow ofmanufacturingenterprises with the lowestratio of

2.Gree electricappliances,2013,2013,2015,the liquidityratio of

1.0433,

1.0433,

1.009in turn.This indexis muchlower thanthis level,short-term debtpaying abilityis notvery ideal.Quick ratio:because inventoryliquidation abilityis poor,the characteristicsof possiblefactorssuch asmarket priceand costprice discrepancy,in orderto furtherevaluation oftotalliquid assetsliquidation ability,we putthe stockout fromthe currentliabilities toevaluateshort-term solvency.Gree electricappliancesin2015,2014and2015,the quickratioof

0.9007,0,9007,

0.8013in turn.Short-term debtpaying abilityis notstrong.A comparativeanalysis

1.The percentagecomposition analysis

2.Calm basepercentage analysis

3.Monthly percentage analysis

1.The percentagecomposition analysisFromthe assetsand liabilitiesstructure tableanalysis,greeelectricappliances ofreceivablesto total assets ratiois nothigh,2015net paragraphaccountsreceivableandotherreceivablesto totalassets ratioof

1.77%and

0.31%,

20141.85%and

0.21%,

3.50%and

3.50%in

2013.This isa businessmodel relatedto thecurrent domesticair conditioningindustry,currentlywidely usedform ofpayment in advance onsales.Gree electriccurrent liabilityfor ahighproportion oftotal liabilities and shareholders，liabilities,

80.32%in1015,

75.38%in2014,

201377.76%;Show thatthe flowof theenterprise ismainly composedof moneyfromthedealerthe paymentinadvanceand asmall amount of short-term borrowing,pay tosupplier andtake paymentdays.Gree electricappliances haveno long-term debt.The structureoftheassets fromthe currentbusinesssituation seemto besafe.But iftheenterpriseintheindustry leadingstatusonce beenbroken,the capitalchain ofthe terminalmarket,theassetstructure willfacegreat risks.

2.Calm basepercentageanalysis.Look fromthe profit,the net profit increasesdramatically.In2015is

1002310.00RMB1002310,2015is

990528.00ten thousandyuan;In2015and2014,the mainbusiness incomeincreased by

11.70%and

11.70%respectively;Because oftheenterpriseto strengthenthe costmanagementand scaleadvantage,although therising cost,but alsogot upand reflecton thenetprofitgrowthwas stillvery considerable.

3.Monthly percentageanalysisOther201520142013receivablesTotal assetsTotal current liabilitiesLong-term liabilitiescombinedTotal liabilitiesShareholdersequity intotal TotalliabilitiesandStockholders5equityOther receivablesTotal assetsTotalcurrentliabilitiesLong-term liabilitiescombinedTotal liabilitiesShareholders5equity in totalTotal liabilitiesandStockholdersequityOther receivablesTotalassetsTotal currentliabilitiesLong-termliabilitiescombinedTotal liabilitiesShareholders5equity intotalTotal liabilitiesandStockholders5equityOther receivablesTotalassetsTotal currentliabilitiesLong-termliabilitiescombinedTotal liabilitiesShareholdersequity intotalTotal liabilitiesandStockholders5equityOther receivablesTotalassetsTotal currentliabilitiesLong-termliabilitiescombinedTotal liabilitiesShareholders5equity intotalTotal liabilitiesandStockholders5equityOther receivablesTotalassetsTotal currentliabilitiesLong-termliabilitiescombinedTotal liabilitiesShareholdersequity in totalliabilitiesandStockholdersequityOtherreceivablesTotal assetsTotal currentliabilitiesLong-termliabilitiescombinedTotal liabilitiesShareholders5equity intotalTotal liabilitiesandStockholders5equityOtherreceivablesTotalassetsTotal currentliabilitiesLong-termliabilitiescombinedTotal liabilitiesShareholders5equityintotalTotal liabilitiesandStockholdersequityOther receivablesTotalassetsTotalcurrentliabilitiesLong-termliabilitiescombinedTotal liabilitiesShareholders5equityintotalTotalliabilitiesandStockholdersequityOther receivablesTotalassetsTotalcurrentliabilitiesLong-termliabilitiescombinedTotal liabilitiesShareholdersequityin totalliabilitiesandStockholdersequity2015-9-302014-9-302013-9-30Costof salesManagement feesFinance chargesOperating profitReturn oninvestmentSubsidiesincomeNet non-operatingincomeProfit totalIncometaxNet profitCostof salesManagementfeesFinance chargesOperatingprofitReturn oninvestmentSubsidies incomenon-operatingincomeProfit totalIncometax NetprofitCostof salesManagementfeesFinance chargesOperatingprofitReturn oninvestmentSubsidiesincomeNet non-operatingincomeProduction andsales of air conditioner,self-supporting export business of air conditionerandits relatedspare partsimportandexportbusiness.4Nearly threeyearsof a companysfinancialstatements-the balancesheet2015-9-302014-9-302013-9-30Financialindicatorstenthousandyuan Thetotalassets ofThe total amountof liabilitiesCurrentliabilitiesLong-termliabilitiesMonetary fundAccountsreceivableOther receivablesProvision for baddebt Shareholders5equityFinancialindicators tenthousand yuanThe total assetsofThe total amountof liabilitiesCurrentliabilitiesLong-termliabilitiesMonetary fundAccountsProfittotalIncometaxNet profitCostof salesManagementfeesFinancechargesOperatingprofitReturnoninvestmentSubsidiesincomeNetnon-operatingincome ProfittotalIncometaxNet profitCostofsalesManagementfeesFinancechargesOperatingprofitReturnoninvestmentSubsidiesincomeNetnon-operatingincome ProfittotalIncometaxNetprofitCostofsalesManagementfeesFinancechargesOperatingprofitReturnoninvestmentSubsidiesincomenon-operatingincomeProfit totalIncometax NetprofitCostofsalesManagementfeesFinancechargesOperatingprofitReturnoninvestmentSubsidiesincomeNetnon-operatingincome ProfittotalIncometaxNetprofitCostofsalesManagementfeesFinancechargesOperatingprofitReturnoninvestmentSubsidies incomeNetnon-operatingincomeProfit totalIncometaxNetprofitCostofsalesManagementfeesFinancechargesOperatingprofitReturnoninvestmentSubsidiesincomeNetnon-operatingincomeProfit totalIncometax NetprofitCostofsales11354,26ManagementfeesFinancechargesOperatingprofitReturnoninvestmentSubsidies incomeNetnon-operatingincomeProfit totalIncometaxNetprofitCostofsalesManagementfeesFinancechargesOperatingprofitReturnoninvestmentSubsidiesincomeNetnon-operatingincome ProfittotalIncometaxNetprofitCostofsalesManagementfeesFinancechargesOperatingprofitReturnoninvestmentSubsidiesincomenon-operatingincomeProfit totalIncometax NetprofitCostofsalesManagementfeesFinancechargesOperatingprofitReturnoninvestmentSubsidiesincomeNetnon-operatingincomeProfit totalIncometaxNet profitBasedontheanalysisoffinancial

1.A comprehensivefinancial analysisis combinedwiththenotes tothe financialand accountingstatementsof someimportant projectsadded,to enhanceanalysis reportusers fora comprehensiveunderstandingof accountingstatements.

2.The industrylevel ofevery indexReturnonequity:high/low showsthat corporateprofitability strong/weak.The indexofarecent issueoftheindustry average:

13.11%Netprofitgrowthrate,high/low showsthat companygrowth abilitystrong/weak,prospect isgood/bad.The indexofarecent issueoftheindustry average:

42.67%Asset liabilityratio,high/low suggeststhat companiesmore/less debt,debt servicepressurebig/small.The indexofarecent issueoftheindustry average:

54.41%Net cashcontent:high/low showsthat companyearnings qualitygood/poor,cash liquiditystrong/weak.The indexofarecent issueoftheindustryaverage:

118.89%Conclusion

3.According totheaboveanalysis,thefinancialposition ofthegreeelectricappliancesin2014remains generallylevel hasrisen steadilyin2013,the operationability,growth ability,profitability aredoing well.At thesame time,we noticedthat gree2015earnings pershare of

1.6544yuan pershare,earnings pershare of

3.2673yuan pershare in2014,2013,earnings pershareof

2.5196yuan/share.Earnings pershare levelis verystable,keep aheadintheindustry.sourceAll theanalysis datafrom sinafinance andeconomics websitereceivableOtherreceivablesProvision forbaddebt Shareholders5equityFinancialindicators tenthousand yuanThe totalassetsofThe total amountof liabilitiesCurrentliabilitiesLong-termliabilitiesMonetary fundAccountsreceivableOtherreceivablesProvision forbaddebtShareholders5equityFinancialindicators tenthousandyuanThe totalassetsofThe total amountof liabilitiesCurrentliabilitiesLong-term liabilitiesMonetaryfund AccountsreceivableOtherreceivablesProvision forbad debt Shareholders，equityFinancial indicatorsten thousandyuan Thetotalassets ofThetotalamountofliabilitiesCurrent liabilitiesLong-term liabilitiesMonetaryfundAccounts receivableOtherreceivablesProvision forbaddebtShareholders equityFinancialindicatorstenthousandyuanThe total assetsThe totalamountof liabilitiesCurrentliabilitiesLong-termliabilitiesMonetary fundAccountsreceivableOtherreceivablesProvision forbaddebtShareholders5equityFinancialindicators tenthousandyuan ThetotalassetsofThetotalamountofliabilitiesCurrentliabilitiesLong-termliabilitiesMonetary fundAccountsreceivableOtherreceivablesProvision forbaddebt Shareholders,equityFinancialindicators tenthousandyuanThe totalassetsThe totalamountofliabilitiesCurrentliabilitiesLong-termliabilitiesMonetary fundAccountsreceivableOtherreceivablesProvision for baddebtShareholdersequityFinancialindicators tenthousandyuanThetotalassetsofThetotalamountofliabilitiesCurrentliabilitiesLong-termliabilitiesMonetary fundAccountsreceivableOtherreceivablesProvisionforbaddebt Shareholders5equityFinancialindicatorstenthousandyuanThetotalassetsThetotalamountofliabilitiesCurrentliabilitiesLong-termliabilitiesMonetary fundAccountsreceivableOtherreceivablesProvisionforbaddebtShareholders，equity5the companynearly threeyears financialstatements,the incomestatementFinancial2015-9-302014-9-302013-9-30indicatorstenthousandyuanMainbusinessincomeMainbusinessprofitCostofsalesManagementfeesFinancechargesOperatingprofitReturnoninvestmentSubsidiesincomeNetnon-operatingincomeProfit totalIncometax NetprofitFinancialindicatorstenthousandyuanMainbusinessincomeMainbusinessprofitCostofsalesManagementfeesFinancechargesOperatingprofitReturnoninvestmentSubsidiesincomenon-operatingincomeProfit totalIncometax NetprofitFinancial1111indicatorstenthousandyuan。