财务报告分析 (2).docx

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1、Financial Analysis ReportIntroduction: Financial statement analysis(or financial analysis) is the process of reviewing and analyzing a companysfinancial statementsto make better economic decisions. These statements include theincome statement,balance sheet,statement of cash flows, and astatement of

2、changes in equity. Financial statement analysis is a method or process involving specific techniques for evaluating risks, performance, financial health, and future prospects of an organization.1,1998 This paper will analyze the financial report and operating status of iFLYTEK in recent years, adopt

3、 a professional approach and combine industry analysis and strategic analysis to find that the company makes a reasonable assessment in terms of debt service, operation, profit and development, and invests in the majority. Make reasonable suggestions.1. Industry and company background1.1 BackgroundI

4、FLYTEK CO.LTD.(iFLYTEK)is a national key software enterprise dedicated to the research of intelligent speech and language technologies, development of software and chip products, provision of speech information services, and integration of E-government systems. The intelligent speech technology of i

5、FLYTEK, the core technology of the company, represents the top level in the world.Established in 1999, iFLYTEK was listed in the Shenzhen Stock Exchange in 2008 (stock code: 002230). With vigorous support from major shareholders including USTC Holdings Co., Ltd., Shanghai Guangxin, and Legend Capita

6、l, iFLYTEK boasts the longest fundamental research history, the largest professional research team, the greatest capital investment, the best evaluation results, and the largest market share among all business entities in the speech technology field in China.The speech technologies, comprising mainl

7、y speech synthesis and speech recognition, aim to enable human-machine speech communication as convenient as human-human communication. The speech synthesis technology enables a machine to talk and the speech recognition technology enables a machine to hear. In addition, the speech technologies also

8、 include oral language evaluation, speech coding, timbre transformation, noise reduction and speech enhancement technologies, which will have a great application prospect.As the mobile Internet enters a voice era, iFLYTEK has launched the iFLYTEK Voice Cloud platform, the worlds first platform provi

9、ding intelligent speech interaction capabilities over the mobile Internet. Based on the platform, iFLYTEK has launched such demonstration applications as iFLYTEK Voice Input and iFLYTEK ViaFly. In cooperation with many partners, iFLYTEK has made great efforts to promote the speech applications in mo

10、bile phones, automobiles, home appliances, toys, and a number of other fields, and ignited the innovation in the input and interaction mode in the mobile Internet era.2.Basic Analysis2.1 Comparative analysis of assets and liabilitiesYears201720162015Total current assets (10,000 yuan)7242595532894766

11、88Fixed assets (10,000 yuan)14538410596985834Total assets (10,000 yuan)13340341041394839034Total liabilities (10,000 yuan)538782319517186717Total liabilities (or shareholders equity) (10,000 yuan)13340341041394839034Table 1.Balance SheetYearsCurrent ratioQuick ratio2015297.74277.152016219.47193.3620

12、17161.12140.40Table 2. Solvency sheet As can be seen from the above table, the scale of the assets of iFLYTEK has been steadily increasing year by year. From the perspective of liabilities, the current liabilities increased more, and the non-current assets were basically stable, indicating that the

13、company has always adopted a relatively high-risk, high-reward financial policy. On the one hand, the use of liabilities to expand the scale of corporate assets, on the other hand, the solvency is declining. It also increases the risk of the business. In the past three years, the shareholders rights

14、 have also shown a steady increase, indicating that the companys benefits are relatively stable.2.2 Operating profit margin and cost expense profit marginFig 1.The operating profit margin of 2012-2016 of the 10 companies adjacent to the market value of iFLYTEK, LENS Technology and the same industryO

15、perating profit margin = operating profit / operating income 100%Cost and expense margin = total profit / cost expense 100%.Operating profit margin refers to the ratio of operating profit to operating income of an enterprise. It is an indicator of the efficiency of business operations, reflecting th

16、e ability of business managers to obtain profits through operations, taking into account operating costs. The cost and profit margin indicators indicate how much profit is available for each dollar cost, reflecting the operating results of the operating expenses. The higher the indicator, the greate

17、r the profit, reflecting the better the economic benefits of the company2,2015. Fig2: Cost profit marginAccording to Figure 1, in 2012-2016, the operating profit margin of iFLYTEK is higher than 10%, which is much higher than the average of the ten neighboring companies. The fluctuation is small, in

18、dicating that iFLYTEK is profitable during this period. The situation is better and the operating efficiency is higher; however, the operating profit in 2014-2016 has a large decline, while Figure 6 shows that the profit rate of the companys cost and expenses has decreased significantly in the same

19、period, and it has fallen below the same level in 2016. The average of the ten enterprises in the industry reflects the reduction of the cost control capability and management level of iFLYTEK.2.3 ProfitabilityYearsGross profit marginOperating expense ratioNet interest rateROE201548.9036.1117.468.38

20、201650.5240.4914.967.23201751.3841.558.806.32Tab 3. ProfitabilityFrom the above table, it can be concluded that the gross profit margin in the past three years averages about 50%, which shows a trend of increasing year by year, indicating that the companys business prospects are very good. The opera

21、ting expense ratio averaged 39.4% in 3 years, which was relatively high in 2017, which is related to the industry in which it is located. The net profit margin was 13.7% on average for 3 years, and the profitability was good, but it dropped significantly in 2017. The return on net assets was 7.3 in

22、three years, showing a downward trend in the past three years, lower than the industry average.2.4 CashYearsCash to total assets ratioAverage days of receipt201531.52190.96201624.39177.52201719.82147.88Tab4.Cash Table The ratio of cash to total assets in the past three years was 27.38%. The cash flo

23、w in the hands of the company was not bad, but it showed a downward trend year by year. The average number of days received is 175 days in 3 years, and it is decreasing year by year from 2015 to 2017, indicating that the ability to pay back is gradually improving.3.Analysis of business growth abilit

24、yThe analysis of the growth ability of an enterprise is an analysis of the companys ability to expand its operations. It refers to the expansion speed of the companys asset scale and its ability to sustain operations, and at the same time it can reflect the future development trend and development s

25、peed of the company. Analysis of the companys growth ability can be analyzed from two angles. First, the companys existing profitability growth, that is, the companys existing business scale, through internal tapping potential to increase profits, and then obtain funds to expand business capacity; s

26、econd, the scale of production The expansion, that is, the ability of enterprises to expand their investment to obtain funds to expand their operations3,2016.3.1 YoY growth of total assetsFig3. YoY growth of total assets of 2012-2016Combined with the analysis of the year-on-year growth rate of total

27、 assets, 2012-2016, in the context of the overall growth rate of the neighboring companies in the same industry, the overall growth rate of the Universitys iFLYTEK flight showed a downward trend indicating that its asset expansion rate slowed down. The author selects the year-on-year growth rate of

28、operating income and the year-on-year growth rate of total profit, and analyzes the growth of the companys profitability through the growth of existing profitability.3.2 Year-on-year growth in operating incomeFig4.Year-on-year growth in operating income for 2012-2016The growth rate of operating inco

29、me is an important indicator for measuring the business status, market possession ability, and forecasting the business development trend of enterprises. It is also an important prerequisite for enterprises to expand incremental capital and stock capital. The larger the index, the faster its growth

30、rate. The better the market outlook. As can be seen from Figure 4, compared with the average value of LENS Technology and the ten neighboring companies in the same industry, the growth rate of business revenue of iFLYTEK in the past five years is relatively stable, both higher than 30%, indicating t

31、hat it has a step-by-step and stable expansion of business operations. However, the growth rate of operating income in 2013-2016 showed a downward trend. In 2016, it fell below the average of the top ten enterprises in the same industry, indicating that its market expansion speed has declined and it

32、s growth rate has slowed down.3.3 Total profit growth year-on-yearThe final business results of an enterprise are also affected by factors such as operating costs and period expenses. Therefore, the increase in operating income does not necessarily represent the growth of corporate performance or pr

33、ofits. Therefore, the company only describes the growth rate of operating income. In terms of growth ability, there are some advantages and disadvantages. Therefore, while selecting the operating income growth rate indicator, the author also chose the year-on-year growth rate of total profit. Fig 5.

34、 2012-2016 total profit growth year-on-yearAccording to Figure 5, compared with the average of the top ten companies and Lansi Technology, the growth rate of the total profit growth of iFLYTEK is relatively small, and both are higher than 20%, indicating that its profitability is strong and stable,

35、and it continues to operate. The ability is strong, and the growth of profitable funds can support the growth of the company to a certain extent.4. Capital structure and asset structure 4.1 Capital structure Fig 6. Analysis of the proportion of capital structureThe long-term liabilities of iFLYTEK a

36、re kept at a very low level, all below 10%. The current liabilities are also at a low level, around 20%, while the proportion of owners equity has been at a relatively high level, about 70%, indicating the companys The strength of its own funds is strong, and the owners control over the company is s

37、table; but at the same time, due to the low debt ratio, the financing cost increases, the companys shareholders risk increases, and the leverage of the debt cannot be fully utilized.However,from a vertical comparison, from 2012 to 2016, the proportion of owners equity as a whole showed a downward tr

38、end, and the proportion of debt increased, indicating that the company has the awareness and practical actions to adjust the capital structure.4.2 Asset structureNon-current assets increased and liquid assets were slightly insufficient. Fig7. Asset structure ratio analysis chartFrom Figure 7, during

39、 the period of 2012-2016, the current assets ratio of iFLYTEKs overall decline showed a downward trend, and the non-current assets ratio showed an overall upward trend. This was due to the continuous mergers and acquisitions of the company, which led to the companys non-current assets rising. In 201

40、6, it accounted for 46.87% of total assets, much higher than the 25% before the listing. Fig 8. Comparison of current assets to total assetsFrom Figure 8, although the companys current assets generally show a downward trend, it can be stabilized at more than 50% compared with the average of the neig

41、hboring companies. It is more consistent and does not reflect much problem; but it can be seen from the trend. Some clues, the proportion of the current assets of iFLYTEK showed a downward trend, while the average value of the 10 neighboring companies in the same industry showed an upward trend, whi

42、ch also sounded the alarm for iFLYTEK: timely adjustment of asset structure and increase of liquid assets More than, increase the human resources investment in research and development. Fig9. Comparative analysis of current assets and monetary fundsAmong them, we can see a significant decline in ass

43、ets in 2014 due to the reduction in monetary funds in current assets. This is mainly because the company increased its foreign investment during the year and the amount of investment paid was large. By 2015, the balance of monetary funds at the end of the year increased by 147.87% compared with the

44、beginning of the year, mainly due to the large amount of funds raised from non-public offering of shares this year. The solvency is strong in solvency, but the asset-liability ratio is too low to fully exploit the positive effects of financial leverage. Fig10. Quick ratio and current ratioCurrent ra

45、tio = current assets / current liabilitiesQuick ratio = quick-frozen assets / current liabilitiesFrom the above two figures, we can find that in 2012-2016, the companys current ratio and quick ratio have declined overall in recent years, but in general, its level is higher than other companies of th

46、e same industry in the same industry, indicating the companys assets. Liquidity and short-term solvency are good. Fig11. Assets and liabilitiesAsset-liability ratio = total liabilities / total assetsHowever, in 2012-2016, the companys asset-liability ratio is roughly between 20% and 30%, while other

47、 companies in the industry can reach about 50%. The asset-liability ratio of iFLYTEK is not only lower than the average of neighboring companies in the same industry. At the same level of LENS Technology. From the creditors point of view, the lower the asset-liability ratio means that the companys f

48、inancial cost is lower, the risk is smaller, the solvency is strong, and the operation is stable4,2016. The risk of the company is mainly borne by the shareholders. This is very beneficial for the creditors.But for shareholders, the higher the debt ratio, the higher the rate of return on their own funds, the positive role of financial leverage can be used to obtain more operating profit; too low means that the company is too conservative, not using debt With more resources, the excess interest on borrowing capital should be compensated by the share of profits earned by