Read the 23 steps of the enterprise through the financial report

Read the financial statements of the enterprise 23 A step

The first 1 Step , Prepare the annual reports of relevant companies .

The first 2 Step , First look at the annual reports of the three companies . First from “ Consolidated balance sheet ” Start to look at .

The first 3 Step , Go over the items in the consolidated balance sheet , Mark abnormal accounts . Take a quick look at each item in the balance sheet , The ratio of total assets to total assets should be greater than 3% And the year-on-year growth or decline is greater than 30% Mark your account .

The first 4 Step , Search for abnormal accounts , Find out why .

The first 5 Step , Look at the total assets , Judge the strength and expansion ability of the company .（ Total assets 2 spot ： Look at the amount , Second, the growth rate ） Generally speaking , Companies with large total assets are stronger , Enterprises with fast year-on-year growth in total assets have stronger expansion ability .

The first 6 Step , Look at the asset liability ratio , Judge the debt risk of the company . The asset liability ratio is greater than 60% The enterprise , The repayment risk is high , Eliminate .

The first 7 Step , Look at interest bearing liabilities and quasi monetary funds , Judge the repayment risk .（ see 2 spot ：1 Look at the size of both ,2 See if there is any abnormality - Such as quasi monetary funds and short-term loans 、 The amount of long-term loans is very large , It is very likely that the enterprise actually has no money ） The asset liability ratio is greater than 40%, A company whose monetary capital is less than its interest bearing liabilities , Eliminate .

The first 8 Step , see “ A / R and a / P ” and “ Prepayment and advance receipt ”, Judge the industry position of the company .（ see 2 spot ,1 See a / P and advance receipts - Difference between prepayments receivable ,2 Look at the ratio of accounts receivable to total assets ） The smaller the prepayment amount receivable , The stronger the competitiveness of the company , The higher the status of the industry , Payable and received in advance - Prepayments receivable

The first 9 Step , Look at fixed assets , Judge the weight of the company .（ Fixed assets + Projects under construction + Engineering materials ）// total assets *100%>40%, It belongs to a heavy asset company , Conversely, asset light companies ） The cost of maintaining competitiveness of heavy asset companies is relatively high , The risk is relatively high , However, it does not mean that the profitability of the company is poor .

The first 10 Step , Look at investment assets , Judge the focus of the company . Many investment assets irrelevant to the main business of excellent companies are 0, The ratio of investment assets irrelevant to the main business to total assets is greater than 10% The company was eliminated

The first 11 Step , Look over the items in the consolidated income statement and cash flow statement , Mark abnormal accounts .( The ratio to total assets is greater than 3% And the increase and decrease range is greater than 30% The goal of the anomaly Department )

The first 12 Step , Search for abnormal accounts , Find out why .

The first 13 Step , Look at the operating income , Judge the industry position and growth ability of the company . Selling goods 、 Cash received from the provision of services ” And “ Operating income ” The ratio of is less than 100% The company 、 The growth rate of operating income is less than 10% The company was eliminated

The first 14 Step , Look at the gross margin , Judge the competitiveness of the company's products . Companies with high gross margin , More competitive , The risks are relatively small . The gross profit margin is less than 40% The company , Eliminate

The first 15 Step , Cost rate , Judge the cost control ability of the company . The ratio of expense rate to gross profit rate of excellent companies is generally less than 40%.（ Financial expenses are negative , Then the conservative period algorithm will not participate in the calculation for the time being ） The ratio of expense rate to gross profit margin is greater than 60% The company , Eliminate .

The first 16 Step , Look at the main profit , Judge the profitability and profit quality of the company . Gross profit margin is greater than 40% The company , The main profit margin should be at least greater than 15%. The main profit margin is less than 15% The company , Eliminate .

The first 17 Step , Look at net profit , Judge the operating results and gold content of the company . The larger the net profit, the better . Excellent company “ Net profit cash ratio ” Will last longer than 100%, The net profit is less than 0 The company , Directly eliminated

The first 18 Step , Look at the net profit attributable to the parent company , Judge the profitability of the company's own capital . Excellent company ROE Generally, it will last longer than 15%.ROE Less than 15% The company , Eliminate . Need to see at least continuous 5 Years of data .

The first 19 Step , Look at the net cash flow from operating activities , Judge the hematopoietic capacity of the company . The larger the net cash flow from operating activities , The stronger the hematopoietic capacity of the company, the net cash flow from operating activities ” Continuously less than （ Depreciation of fixed assets and amortization of intangible assets + Loan interest + Cash dividends ） The company , Eliminate

The first 20 Step , see “ Purchase of fixed assets 、 Cash paid for intangible assets and other long-term assets ”, Judge the future growth ability of the company . Companies with strong growth ability ,“ Purchase of fixed assets 、 Cash paid for intangible assets and other long-term assets ” And “ Net cash flow from operating activities ” The ratio is generally in 10%-60% Between , This ratio is continuous 2 The year is higher than 100% Or below 10% The company , Eliminate .

  The first 21 Step , Judging the quality of the company by the dividends . Excellent companies pay dividends every year , And the dividend rate is greater than 30%.

The first 22 Step , Look at the combination types of the net cash flows of the three major activities , Choose the best type of company . The types of excellent companies are positive and negative and positive and negative , continuity 2 Year other types , Eliminate .

The first 23 Step , see “ Net increase in cash and cash equivalents ”, Judge the stability of the company .“ If it's negative , Plus the amount of dividends in the current year , See if it is a positive number . The net increase in cash and cash equivalents continued to be less than 0 It is difficult for the company to maintain its current competitiveness stably and continuously

author ： Running snails jbj
link ：https://xueqiu.com/9663945118/164874507
source ： Snowball
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