TCL Group Financial Analysis Report会计英语.docx

TCL Group Financial Analysis ReportFull name Class Accounting Student ID （一）Company ProfileTCL Group Co., Ltd. was founded in 1981, it is currently China's largest, global scale consumer household electronic appliance manufacturing companies group. At present, TCL has formed a multi-media, communications, home appliances and parts four industry groups, as well as real estate and investment business, logistics and services business group. Thirty years, TCL by China's reform and opening up of the east, uphold professionalism and dedication, innovation spirit of enterprise, from small to large, rapid development of China's electronic information industry leader.In more than 40 countries and regions, with sales organizations, sales subsidiary TCL, Thomson and other brands of color TV and mobile phones. 2010 TCL sales across the globe 7.46 million LCD TV sets, 36.22 million mobile phones. 2011 is to reach 60.8 billion in revenue. 2011 TCL brand value of 50.118 billion yuan, still on top of Chinese TV brand（二）Current StatusA highly competitive industry, appliance manufacturers generally pursue economies of scale, efforts to reduce production costs through scale; secondly, the home appliance industry is a high capital investment industry, due to the high investment, new entrants reduced white goods industry; again, with accelerate the process of global economic integration, the home appliance industry competition gradually breaking the boundaries between nations, large appliance manufacturers worldwide production and marketing of the strategic plan, competition among home appliance business has been in the past between domestic enterprises competition evolved into the contest between multinational corporations; and finally, the pace of restructuring of assets within the international home appliance industry is accelerating.（三）Solvency analysis（一）Short-term solvency analysisTable 10-12 years of corporate short-term liquidity ChartIndex Name10 years11years12yearsRelative 10 years 11 years12 years relative to 11 years12-year relative 10 yearsThe industry averageIncrease the amount ofRelative growthIncrease the amount ofRelative growthIncrease the amount ofRelative growthCurrent Ratio1.4591 1.2655 1.1311 -0.1935 -13.27 %-0.1344 -10.62 %-0.3279 -22.48 %1.32Quick ratio1.2055 1.0098 0.8310 -0.1956 -16.23% -0.1788 -17.71 %-0.3745 -31.07% 1.28Cash Ratio0.8637 0.5649 0.4051 -0.2988 -34.60 %-0.1598 -28.29 %-0.4586 -53.10 %0.535Analysis： Comprehensive terms, the company's short-term liquidity and low, which is mainly due to high growth in current liabilities, accounts payable year by more than 30 billion of debt by the Company as excessive pressure.（二）Long-term solvency analysisTable 2010-2012 Corporate long-term solvency ChartIndex Name10 years11 years12 yearsRelative 10 years 11 years12 years relative to 11 years12-year relative 10 yearsThe industry averageIncrease the amount ofRelative growthIncrease the amount ofRelative growthIncrease the amount ofRelative growthAsset-liability ratio66.17%73.95%74.62%7.78%11.76%6.7%9.06%8.45%12.77%68.54%Equity ratio1.962.832.940.8744.39%0.113.89%0.9850%Analysis ：Under the asset-liability ratio indicates the level of protection for corporate interests of creditors, the debt ratio is low, the stronger solvency, creditors believe the low debt ratio, the more secure investment, shareholders argued that the case does not exceed the rate of profit, the bigger the better from the perspective of finance, it is generally believed that our asset-liability ratio is about 40% of the ideal. listed companies slightly higher, but, asset-liability ratio of listed companies are generally not more than 50% combined chart, you can see 10 on the high side for 11 years, 12 years of asset-liability ratio, a sharp rise in 11-year asset-liability ratio was due to the adjustment of the capital structure, we can know TCL Group Co., Ltd. long-term solvency is weak, indicating that the financial risk is relatively high, may bring insufficient cash flow, capital strand breaks, it can not be debt, look at equity ratio, equity ratio in recent years companies have> 1, high, indicating excessive use of corporate financial leverage, resulting in debt-scale enterprises much larger than the size of the enterprise's own capital.（四）Profitability AnalysisIndex Name10 years11 years12 yearsRelative 10 years 11 years12 years relative to 11 years12-year relative 10 yearsThe industry averageIncrease the amount ofRelative growthIncrease the amount ofRelative growthIncrease the amount ofRelative growthSales margin0.91%2.75%1.83%1.84%201.81%-0.92%-33.38%0.92%101.08%1.10%Return on total assets1.85%3.21%2.15%1.36%73.48%-1.05%-32.86%0.30%16.48%Cost margins1.49%3.44%2.38%1.95%130.97%-1.06%-30.86%0.89%59.69%2.45%Return on capital13.17%26.29%15.02%13.12%99.62%-11.27%-42.88%1.85%14.03%ROE3.56%8.94%6.44%5.38%151.00%-2.50%-27.96%2.88%80.81%6.14%Analysis：2011 description of net sales margin increased business revenues to the enterprise increased, rising costs then the utilization of corporate profits paid to obtain the price declined, profitability has increased, while business costs Description control and management fees increased. Growth rate of return on total assets directly reflect the total assets in 2011 compared with 2010 profitability greatly enhanced（五）Analysis of operating capacityTable 10 - 12 years of operating capacity of each enterprise analytics Indicators ChartIndex Name10 years11 years12 yearsRelative 10 years 11 years12 years relative to 11 years12-year relative 10 yearsIncrease the amount ofRelative growthIncrease the amount ofRelative growthIncrease the amount ofRelative growthInventory turnover6.226.335.690.111.77%-0.64-10.11%-0.53-8.52%Inventory Turnover58.757.6964.16-1.01-1.72%6.4711.22%5.469.30%Accounts receivable turnover ratio8.899.629.260.738.21%-0.36-37.42%0.7382.11%Accounts receivable turnover41.0634.4260.81-6.64-16.17%26.9378.24%19.7548.1%Fixed asset turnover15.979.044.35-6.93-43.39%-4.69-51.88%-11.62-72.76%Mobile asset turnover1.501.311.40-0.19-12.67%0.096.87%-0.1-6.67%Total turnover1.240.950.90-0.2923.39%-0.05-5.26%-0.34-27.42%Analysis： Combined chart available: one 11-year analysis of liquidity indicators have different rate of decline, which is more mobile asset turnover decline significantly, reflecting the completion of the same amount of revenue, 10 and 12 years to 11 years of occupation less liquidity, or they occupy the same amount of liquidity, 10 and 12 years to be completed more than 11 years of business. It also indirectly affect the short-term solvency, making short-term solvency declined.      On the other hand, the fixed asset turnover year on year decline in more than 11 years, 10 years -43.39% -51.88% over the 12-year decline in 11 years Clearly, due to the increase of competition, the pressure increases, the market downturn, a serious backlog of inventory; at the same time capital returns slow significantly increase the amount of funds used, the overall operational capacity and a sharp decline in business 11 years, 12 years, which is also greatly reduced the profitability of the enterprise.（六）Policy Recommendations1. Now the country is the implementation of the policy of home appliances, TCL Group to seize the opportunity of the policy to improve their sales. After years of continuous construction of accumulation, TCL has the most mature and strong sales network in the TV industry, it has a good reputation of the user. Good policy can be a good use in the hearts of the people to establish a good corporate image. Innovation and China adhere to the humanities to build national enterprises.2.TCL group should change global integrated technology resources to generate their ability to continue to obtain new market space of the core technology. Emphasis on the development and innovation of soft management techniques to adapt to the development of global market integration.3. From the data analysis showed that, TCL Group's implementation of financial policies to high-risk high-return, the company's management certificate should focus on strengthening supervision of financial management and risk control, and urge the company to further perfect the financial management system. Should give due consideration to the impact the current financial crisis, a further review of the company's ability to resist risks, should be prudent financial policy development. 第 6 页 共 6 页