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How To Read The Annual Report Clearly

2012/2/1 10:24:00 10

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CITIC Securities analyst Sun Peng reminded

Investment

When you look at the annual report, you can't just look at net profit and share.

Profit

We should not simply use the accounting data and business data of the above city companies as an important reference for investment. Good performance or distribution is only the last proof.

The company's performance in 2011 has now come to an end. We must understand that buying stocks is to buy the future. We need to pay more attention to whether the foundation that supports our goal setting still exists.

For a listed company, we should pay close attention to the time when the assets benefit of the 11 year's additional purchase is reflected, that is, how far it is to achieve the target. At the same time, we should also pay attention to the company's development goals and direction this year and the risks involved.

In addition, investors must understand the profit structure of listed companies, especially the main business.

profit

Proportion.

It is worth mentioning that a large proportion of stock pfer will become a hot topic of the market, and investors can not blindly pursue high allocation.

Of course, everyone likes a good delivery, because it will benefit from the rise in share prices, especially in the stock market.

But if you are the boss of this company, a fast-growing business will need a lot of money, maybe your idea will be totally different.

Although many of us are shareholders of the company, we seldom consider the future and development of our stock companies.

Therefore, if a company adopts an undistributed policy due to its plan or in a period of rapid development, it should be understood that converting dividends into reinvestment, as long as an enterprise can continue to operate according to its objectives, investment must have a corresponding return.

"Financial accounting report" is also the core of the annual report of listed companies. It mainly consists of three statements: profit statement, balance sheet and cash flow statement.

The income statement will list operating expenses, administrative expenses and financial expenses (that is, usually called "three charges").

The company's internal management capability can be inspected through three charges, and the year-on-year change of the three charges can be compared with the net profit growth rate. If the increase of the three fee is higher than that of the net profit, the management of the company still needs to be strengthened.

The amount of cash flow generated by business activities is directly related to the quality of earnings.

Many investors are concerned about the company's profits, how much more than last year's profits, earnings per share rose, but if there is no profit, no cash flow can not be realized, the business will be a problem.

This is not the case with cash flow and no profit.

Sun Peng said that looking at the financial reports should be dynamic, not only focus on some well-known blue chip stocks in the market, but ignore the speculative value of some losses, especially the "huge losses" companies.

Even the "big losses" companies often have better opportunities to speculate, especially those who spend a lot of time on a one-off cleaning company.

loss

Companies should pay more attention.

In addition, investors should also pay attention to the "Board Report", three of which must be seen: 1, "company financial status" can see the main business profit and net profit growth rate year-on-year, from which we can see the company's development trend; 2, the company's investment situation.

In particular, some new shares and sub new shares should pay attention to the progress of their investment projects; 3, the development plan of the new year, to find out whether there is a place that coincides with the market hot spots in the company's development plan.