资源描述
CHINT ELECTRICS2011FINANCIALREPORTINGANDANALYSIS1.CHINT ELECTRICS2011 FINANCIAL Team Members：Liu ZhaoyeCommon-SizeWang YuyaoDebt-PayingXue JianchaoProfitability/OperationShen KangliangInvestment/OperationJiang RuiCompetitor/IntroductionLI xinCompetitor/Introduction2.Team Members：2.CHINT ELECTRICS Is Chinas largest production of low voltage electric appliance manufacturing enterprise,the specialty is engaged in distribution appliances,control electric appliances,terminal apparatus,and power electronic and electric power supply low-voltage products development,production and sales.Chint is recognized for a famous Chinese trademark,chint brand universal type circuit breaker,plastic shell type breaker series product has been awarded China famous brand product title.The company in 2004 won the Chinese quality management of the highest award,the national quality management award 3.CHINT ELECTRICS Is Chinas larCompany profile Stock name:CHINT ELECTRICS Stock code:601877lIs Chinas leading company in the field of low voltage electrical appliances lAdhere to the independent innovation,research and development a series of with independent intellectual property rights,reach the international advanced level of low voltage electric products lThe companys brand to borrow Jacques realize from low voltage electrical supplier to solution provider change,so as to get higher gross margin and wide development space,the realization enterprise of in-depth development.4.Company profile The review of latest earningsThesaleswere82,880,000,000in2011,increasedto30.75%ofthe2010levelin2011.Realizedearningsbeforeincometaxprovisionandinterestswere10,190,000,000.Anincreaseof24.70%.Thenetprofitwere8,430,000,000.Anincreaseof31.82%.Realized797millionnetprofitafterbuckle,increasedby31.16%.ThedilutedEPSis0.91.Duetothesignificantlydecreaseinmainrawmaterialcostprice,madethegrossearningsratioincreaseto28.71%inthefourthquarter,increasedthegrossearningslevelt h r o u g h o u t t h e y e a r o b v i o u s l y 2 4.0 3%5.The review of latest earnings 6.Common-Size Analysis 6.Balance Sheet Vertical Common-size200920102011CurrentAssets：Monetarycapital36.79%62.16%52.11%Notesreceivable5.80%6.22%13.11%Accountsreceivable17.20%8.17%8.30%Advancepayment2.23%1.84%0.80%Accountsreceivable-others0.35%0.22%0.12%Inventory17.36%10.92%10.29%Currentassets-others0.19%0.07%0.05%Totalcurrentassets79.93%89.60%84.79%Non-currentassets：Equity investment-long term2.23%1.00%5.09%Investment Property 0.14%0.06%0.04%Fixedassets13.27%5.63%4.58%Constructioninprocess0.31%0.98%2.48%Intangibleassets2.50%1.61%1.97%Deferredexpenses-longterm0.47%0.21%0.14%Deferredincometaxassets1.15%0.92%0.91%Totalnon-currentassets20.07%10.40%15.21%Totalassets:100.00%100.00%100.00%7.Balance Sheet Vertical Common-Current liabilities：2009年年2010年年2011年年Short-term borrowing0.05%0.00%0.01%Account payable33.93%19.63%15.64%Account collected in advance1.49%0.79%0.84%Pay roll payable6.05%3.98%4.10%Tax payable1.22%0.38%0.74%Other payables4.82%2.92%2.58%Current liabilities-others0.75%0.55%0.29%Total current liability48.31%28.25%24.69%Non-current liability：Bonds payable0.00%0.00%17.83%Anticipation liabilities0.86%0.50%0.48%Non-current liability-others0.00%0.07%0.09%Total non-current liability0.86%0.58%18.41%Total liability49.17%28.83%43.10%Owners equity：Paicl-up capital33.24%16.24%12.03%Capital reserve0.17%39.79%28.24%Surplus reserves3.45%2.56%2.98%Undistributed profits10.50%10.61%11.83%Total owners equityvest in parent company47.37%69.20%55.06%Minority equity3.45%1.97%1.84%Total owners equity50.83%71.17%56.90%Total liabilities and owners equity100.00%100.00%100.00%Balance Sheet Vertical Common-size8.Current liabilities：2009年2010In 2011,the non-current liabilities item of company is theproportion of the 2010s increase obviously,mainly because thecompanyin2011toraisefundsforcompanyexecutedbondsissue1.5billionYuan.Fromthecurrentliabilitiestosee,thecompanysshorttermloanshasalwaysbeentheproportionisverylow，In2010thecompanyshort-termborrowingallpaidoff,in2011thecompanyonlyhadanincreaseof1.1millionYuanshort-termborrowing，Shouldsaythisbenefits from the company is very sufficient liquidity。Theproportionofaccountspayableislow,onthewhole,thecompanysshort-termdebtservicepressureisverylow.Balance Sheet Vertical Common-size Analysis9.In 2011,the non-current liabiBalance Sheet Crosswise Common-size2009年年2010年年2011年年CurrentAssets：Monetarycapital100.00%386.21%437.18%Notesreceivable100.00%245.13%697.67%Accountsreceivable100.00%108.53%148.98%Advancepayment100.00%188.00%111.17%Accountsreceivable-others100.00%145.51%106.79%Inventory100.00%143.73%182.91%Currentassets-others100.00%91.20%86.33%Totalcurrentassets100.00%256.26%327.46%Non-currentassets：Equity investment-long term100.00%102.77%704.53%Investment Property 100.00%90.25%80.50%Fixedassets100.00%96.89%106.56%Constructioninprocess100.00%725.53%2485.20%Intangibleassets100.00%146.79%242.62%Deferredexpenses-longterm100.00%104.57%94.24%Deferredincometaxassets100.00%183.21%246.14%Totalnon-currentassets100.00%118.47%233.96%Totalassets:100.00%228.60%308.69%10.Balance Sheet Crosswise CommonCurrent liabilities：2009年年2010年年2011年年Short-term borrowing100.00%0.00%88.25%Account payable100.00%132.22%142.28%Account collected in advance100.00%122.04%173.41%Pay roll payable100.00%150.43%209.49%Tax payable100.00%71.01%187.52%Other payables100.00%138.56%165.18%Current liabilities-others100.00%166.88%121.18%Total current liability100.00%133.68%157.79%Non-current liability：Bonds payableAnticipation liabilities100.00%132.71%171.32%Non-current liability-othersTotal non-current liability100.00%152.50%6575.03%Total liability100.00%134.01%270.56%Owners equity：Paicl-up capital100.00%111.67%111.67%Capital reserve100.00%52587.67%50395.17%Surplus reserves100.00%169.55%266.38%Undistributed profits100.00%231.01%347.70%Total owners equityvest in parent company100.00%333.93%358.81%Minority equity100.00%130.69%164.26%Total owners equity100.00%320.12%345.59%Total liabilities and owners equity100.00%228.60%308.69%Balance Sheet Crosswise Common-size11.Current liabilities：2009年2010Companysalesgrowthnotonlybroughtampleliquidity,moresubsequentreceivables.Accountsreceivable compared to above increase is not alot,butnotesreceivableisnearlyseventimesto2009.Theannualreporttomakeaexplained,inorder to reduce the risk of bad loans,thecompanyadjustcreditpolicy,increasethesettlementscaleofbankacceptance.Balance Sheet Crosswise Common-size Analysis12.Company sales growth not only 1.A long-term equity investment of 2011 years is 2009 7 times,mainlyduetothevalueof161.59millionYuanthiscompanytopurchasethe“ZKtechnology9.18125millionshares,inadditiontothecompanyinvested200millionRMB.2.Theprojectunderconstructioncompanyin2011is2009yearsof24 times,mainly due to current period to raise funds basedconstructionprojectincausedbyincrease.3.The company non-current liabilities in 2011 is 2009 65 times,mainly because of the increase of bonds payable project,thatcompanywastoissue1.5billionbonds.4.Capital reserve in 2011 and 2010 were more than 500 times in2009,mainlybecauseofthecompany2010yearswasjustlisted.Balance Sheet Crosswise Common-size Analysis13.A long-term equity investment Profits and Loss Items Crosswise Common-sizeItemsCrosswise2009Crosswise2010Crosswise2011NO.1、Taking100.00%132.02%172.62%Cut：Operatingcosts100.00%136.17%182.55%BusinessTaxesandSurcharges100.00%109.65%125.26%Sellingexpenses100.00%125.46%140.07%Managementexpenses100.00%135.57%161.47%FinancialExpense(Benegativeforthreeconsecutiveyears)100.00%185.99%1208.81%Lossfromassetdevaluation100.00%-31.93%31.37%Incomeoninvestment(benegativein2009)100.00%-465.57%-872.47%NO.2、Operatingprofit100.00%119.65%155.06%Plus：Non-businessincome100.00%15.87%7.43%Cut：Non-businessexpenditure100.00%11.11%15.09%NO.3、Totalprofit100.00%121.88%156.36%Cut：Totalprofit100.00%116.61%142.94%NO.4、Netprofit100.00%122.97%159.12%14.Profits and Loss Items CrosswiItemsVertical2009Vertical2010Vertical2011NO.1、Taking100.00%100.00%100.00%Cut：Operatingcosts71.84%74.09%75.97%BusinessTaxesandSurcharges0.65%0.54%0.48%Sellingexpenses5.05%4.80%4.10%Managementexpenses7.58%7.79%7.09%FinancialExpense(Benegativeforthreeconsecutiveyears)-0.11%-0.15%-0.76%Lossfromassetdevaluation0.39%-0.09%0.07%Incomeoninvestment(benegativein2009)-0.01%0.04%0.05%NO.2、Operatingprofit14.59%13.22%13.11%Plus：Non-businessincome1.65%0.20%0.07%Cut：Non-businessexpenditure1.87%0.16%0.16%NO.3、Totalprofit14.37%13.26%13.01%Cut：Totalprofit2.45%2.17%2.03%NO.4、Netprofit11.91%11.10%10.98%Profits and Loss Items Vertical Common-size15.Items Vertical 2009Vertical 20Profits and Loss Items Common-size AnalysisThe company business income in 2011 was 1.7 times than that in 2009,operating income increased year by year,explain the company sales scale expands unceasingly.The annual report says the company mainly due to the increasing domestic and foreign market development and promotion of new strength,so domestic auxiliary market demand increase,sales volume growth.The company business cost 2011 is 1.8 times more than in 2009,operating costs increased year by year,and compared with the business income greater proportion.This is mainly because 2011 product sales growth and raw material prices caused by common effect,but net profit in operating income proportion and not as a substantial increase in the sales increase,so the pressure of the rising costs was more.16.Profits and Loss Items Common-The financial cost three years are negative,suggests the company continued interest income were more than interest expenses and financial expenses in 2011 is 2009 of 12 times,annual report also shows that 2011 net interest revenue by two hundred and twenty percent more than at the beginning,because that does not exist is annual report has the controlling shareholders and their affiliates non-business take fund,then according to illustrate the annual report because the 2011 main source of revenue for the financial risk control increased cash reserves,interest income increase.Profits and Loss Items Common-size Analysis17.The financial cost three yearMain Business Common-size18.Main Business Common-size18.Main Business Common-size AnalysisWe can see that the power distribution,terminal and control electric appliance is the companys three big blockbuster products.Low voltage electric low end the market the main competitive factors is cost control ability and product prices,and the company with domestic similar enterprise brand advantage compared significantly,bargaining power,stronger,cost control ability outstanding,higher growth performance for many years the industry average more than 10%of the companys market share increases company experienced industry inside remain relatively high growth.19.Main Business Common-size Analanalyses of short-term debt-paying ability.analyses of short-term debt-pcomparisons between some ratios of recent 3 yearscomparisons between some ratios of recent 3 years yearyearratioratioyear2009year2009year2010year2010year2011year2011Working Working capitalcapital856018150.3856018150.3yuanyuan 36979044213697904421yuanyuan50221431635022143163yuanyuan current current ratioratio1.651.653.123.123.433.43Acid-test Acid-test ratioratio1.301.302.732.733.023.02 cash ratiocash ratio0.760.762.202.202.112.11net cash net cash provided by provided by operating operating activities/curactivities/current rent parisons between some ratioAnalyses of Working Capital Aswecanseefromthechart，thiscompanysworkingcapitalhasbeenpositiveandgraduallyincreasedrecently，becausetherecent3yearscurrentassetsandliabilitieshavegraduallyincreasedrespectively，andthedifferencebetweenthesetwohavealsoincreased;thisdifferenceistheworkingcapital.Thisincreaseintheworkingcapitalindicatesthatthecompanysshort-termdebt-payingabilityisguaranteed，andstrengthenedrecently。22.Analyses of Working Capital22.Analyses of Current Ratio Aswecanseefromthechart，thiscompanyscurrentratiohasbeenpositiveandgraduallyincreasedrecently，becausethecurrentassentsandcurrentliabilitieshavegraduallyincreased,butthecurrentassetshaveincreasedfaster.Theincreaseofcurrentratioindicatesthatthecompanyhasagrowingabilitytopaythecurrentliabilities,andtheshort-termdebt-payingabilityhasstrengthened.23.Analyses of Current Ratio AsAnalyses of Acid-test Ratio Aswecanseefromthechart，thecompanysacid-testratiohasgraduallyincreasedrecently，becausethecurrentassetsandinventorieshavebothincreasedbutthecurrentassetshaveincreasedmuchfaster,whichmadethedifferencebetweenthemincrease.Theincreaseintheacid-testratioindicatesthatthecompanyhasagrowingabilitytoimmediatelyrealizeandpayshort-termliabilities.Atthesametime,thistendencyisconsistentwiththecurrentratiostendency,whichmeansthatthecompanysinventorieshavebeenstablerecent.24.Analyses of Acid-test Ratio24.Analyses of Cash Ratio Aswecanseefromthechart，thecompanysyear2011scashratiosismuchbiggerthanyear2009s，buttheyear2011sisslightlysmallerthantheyears.Becausethecashequivalentsgrewmuchfasterthanthecurrentliabilities,causingtheirratiotoincrease.Astoyear2011and2010,thecashequivalentsandthecurrentliabilitieshavebothincreasedbuttheirratioshavealittledifference.Thetendencyincashratioindicatesthatthecompanysabilitytopayimmediatelyhasincreasedenormouslyanddecreasedabit.25.Analyses of Cash Ratio25.Analyses of Net Cash Provided by Operating Analyses of Net Cash Provided by Operating Activities/Current LiabilitiesActivities/Current Liabilities Aswecanseefromthechart，thecompanysnetcashprovidedbyoperatingactivities/currentliabilitieshasgraduallyincreased,becausethenetcashprovidedbyoperatingactivitieshavedecreasedandthecurrentliabilitieshaveincreased,causingtheirratiotodecrease.Thisratiostendencyindicatesthatthecompanyhasagraduallydecreasedabilitytopayitsshort-termdebtsbyusingnetcash.Thisratiointherecent3yearshasbeenbelow1,sothecompanycantpayitsdebtusingjustnetcashprovidedbyoperatingactivities.Itmustobtaincashinotherwaystoensurethatitsliabilitiescanbepaidintime.26.Analyses of Net Cash Provided analysesoflong-termdebt-parisons between some ratios of recent 3 yearscomparisons between some ratios of recent 3 yearsyearyearratioratioyear2009year2009year2010year2010year2011year2011 debt ratiodebt ratio49.17%49.17%29.30%29.30%43.10%43.10%debt/equity debt/equity ratioratio96.75%96.75%41.44%41.44%75.74%75.74%Debt to Debt to tangible net tangible net worth ratio worth ratio 101.76%101.76%42.42%42.42%78.46%78.46%Times interest Times interest earnedearned532.02532.021820.801820.8026.4426.44net cash net cash provided by provided by operating operating activities/totactivities/total liabilitiesal parisons between some rati analyses of debt ratio Aswecanseefromthechart，thecompanys2010yearsdebtratioismuchsmallerthanthe2009s,becausethetotalassetsofyear2010ismuchbiggerthantheyear2009.Thedebtratioofyear2011isnearlylevelwiththeyear2009,becausealthoughthetotalassetsandliabilitieshavebothincreased，butaswithyear2009，thetotalliabilitiesarenearlyhalfofthetotalassets.Theoretically，intherecent3years,thecompanyhasagrowingandthendecreasingdebtburden.However,theseratiosareallbelow50%，whichcanbeconsideredacceptableandmeansthatthecompanyhasacomparativelylightdebtburdenandthecreditorsinterestsarehighlyprotected.29.analyses of dAnalysesofdebt/equityratioandDebttotangiblenetworthratio Aswecanseefromthechart，thesetworatioshavebothdecreasedandincreasedrecently.Becausecomparedwiththetotalownersequity,thetotalintangibleassetsandliabilitiesaremuchsmaller,thereasonsforthistendencyarealmostthesame，thatis,theyear2010stotalequityismuchbiggerthantheyear2009s。Howevertheyear2011stotalequityandliabilitiesandtheyear2009scanbenearlyconsideredthesame.30.Analyses of debt/equity ratio AnalysesofTimesinterestearned Aswecanseefromthechart,thecompanystimesinterestearnedhasfluctuatedenormouslyrecently.Itincreasedenormouslyfromyear2009to2010,anddecreasedenormouslyfromyear2010to2011.Thereasonisthatcomparedwithyear2009,theyear2010snetprofitandtaxexpensehavebothincreased,butinterestexpensehasdecreasedenormously,causingtheratioofthetotalofthesethreeandinterestexpensetoincrease.Besides,comparedwiththeyear2010,theyear2011snetprofitandtaxexpensehavebothincreased,butinterestexpensehasdecreasedmoreenormously,causingtheratioofthetotalofthesethreeandinterestexpensetodecrease.Ascanbeknown,thefluctuationofinterestexpenseisthemainreasonforthefluctuationoftimesinterestearned.Althoughthetimesinterestearnedfluctuatedmuch,thesefiguresindicatethatthecompanyhasaconsiderableabilitytopaytheinterestdebtandlong-termdebt-payingability.31.Analyses of Times interest earAnalysesofNetCashProvidedbyOperatingActivities/TotalLiabilities Aswecanseefromthechart，thisratiohasdecreasedrecently,becausethenetcashprovidedbyoperatingactivitieshavedecreasedandthetotalliabilitieshaveincreased,causingtheratioofthesetwotodecrease.Thisratiosdecreasingtendencyindicatesthatthecompanyhasadecreasingabilitytopayitsdebtsusingthenetcashprovidedbyoperatingactivities.Thefiguresoftherecent3yearsareallbelow1,sothecompanycantpayitsdebtsusingjustthenetcashprovidedbyoperatingactivities.32.Analyses of Net Cash Provided Thesummaryofanalysesofdebt-payingability Aswecanseefromtheanalysesfrom,thecompanysabilitytopayliabilitieshasbeengrowingdecently,especiallybetweenyear2009and2010.Althoughithasundergonesomefluctuationsinsomeratios,thesechangescanbeconsideredthechangesthatdontinfluencethedebt-payingabilitymuch.Thesetrendsalsoconformtotheappliancesindustrialdevelopment.Becauseofsuchfactorsasnationalpolicyandgrowingeconomicdevelopment,thehomeappliance,thecompanyhasbeendevelopingrapidly.However,accordingtosomeratios,thecompanystillhassomethingtoimprove.33.The summary of analyses of deb Operation Capacity Analysis34.Operation Capacity AnalItem200920102011Accounts Receivable Turnover 9.9712.7713.55Day Sales in Receivable36.1128.1926.57Inventory Turnover 7.178.028.06Inventory Turnover in Days50.2144.8944.67Fixed Assets Turnover12.6217.5322.22Total Assets Turnover2.561.441.15Operational capability index contrast35.Item 200920102011Accounts RecAccordingtoanalyzetheindexofoperationcapability,accountreceivableturnoverwentupyearbyyear.Itexplainedthatthegrowthrateofnetsalesexceededgrowthrateofaccountreceivable.Themainreasonthatrapidgrowthofsalesincomeleadtoincreasingaccountreceivable.InordertoreduceBaddebtriskofCHNT,CHNTproperlyadjustcreditpolicyandincreasethescaleof settlement the bank acceptance.Because of increasing account receivable turnover,CHNT received much cash and Loss on bad debts reduced.CHNT has great debit paying ability.36.According to analyze the indexinventory turnover ratio also increased year by year.It illustrated that the increasing extend of cost of sale overweight increasing inventory.It also showed that the occupation of the inventory level of CHNT was low and had highly liquidity.Moreover,the more highly liquidity,the more fast the speed of inventory converting to cash and account receivable.CHNTsfixedassetturnoverwasincreasing.Itshowedtheutilization of fixed asset of CHNThadbecomehigherandhigherandthemanagementlevelconstantlyimproved.Meanwhile,ithasadvantageforimprovingCHNTsprofitability.37.inventory turnover ratio also However,the total asset turnover has decreased year by year.Total asset turnover is an important indicator to examine the operational efficiency of corporate assets,reflecting the transfer speed of all of the assets of the business during the period from input to output.The possible reason lies in the companys long-term equity investments,intangible assets and construction in progress.Owing to a significant increase in long-term equity investments,intangible assets and construction in progress,it leads to the increase in total assets is greater than the increase in net sales.The actual situation,confirmed the speculation.The company purchase a low voltage electric appliance industry base.This move led to a significant increase in long-term equity investment.Due to newly acquired Wenzhou electrical,net sales growth was slower than the growth of total assets.At the same time,Zhejiang Zhengtai Corporations total asset turnover is sti
展开阅读全文