The security of listed company's assets is the basic premise of the healthy development of the company, and it is also one of the necessary conditions for investors to choose to invest in listed companies. Bian Xiao compiled the analysis of listed companies on GEM here for your reference. I hope you get something from reading!
Conduct safety analysis according to the basic situation of the company.
To understand the stock fundamentals, we must understand the basic situation of the company, the most important of which is to analyze the security and growth of the company. This mainly includes fixed assets, capital structure, operating scale, expansion capacity, time to market, etc., which reflects the basic situation of the company and needs special attention from retail investors.
First, the scale of the company's fixed assets. Fixed assets are an important indicator to measure the strength of listed companies. Listed companies with strong assets are the most ideal investment targets for retail investors.
It should be noted here that retail investors should never ignore the hidden assets of listed companies when evaluating their fixed assets. At present, there are many hidden assets in listed companies in China, such as land and real estate, and the actual asset value of these companies is often higher than the book value. When the economy is depressed and the market is weak, its share price may be low in the short term, and the company's business will also be affected by the general environment. In short, "solid foundation" companies have great investment value. Even if they are facing weakness at present, their share price will rise to the price equivalent to the actual assets, which will bring rich benefits to investors. In addition, changes in external factors may also change the company's hidden assets. For example, in the case of appreciation of the local currency, fixed assets such as land will increase in value, and the net assets of listed companies will increase substantially.
Second, the company's operating scale. The turnover of a company can be used to measure the size of a listed company. Can show the strength of the company's operation, but can not show the company's profitability. The indicators for evaluating business scale are: absolute value of turnover, relative value of turnover and growth rate of turnover.
There are two methods to evaluate the relative value of turnover, namely, the turnover per share (divided by the total turnover and the number of shares issued) and the asset management ratio (divided by the total assets). Using these two methods, we can further understand the reliability of the operating scale, the rationality of the internal structure and the level of operating efficiency of listed companies.
By comparing the turnover between the current period and the previous period, we can also evaluate the increase and decrease ratio of turnover by comparing the turnover per share between the current period and the previous period, thus reflecting the development trend of listed companies.
Third, the company's ability to expand its business. Retail investors should analyze the growth of the company. If the company's income increases month by month and year by year, and a considerable part of it is used for reinvestment to expand production and operation, or it has the ability to obtain a large amount of funds to expand production and operation through other financing methods, it means that the company's products have won the support of consumers and the future is limitless, so the investment company's stock prospects are promising; On the other hand, the prospects are not good.
Fourth, the company's capital structure. Company capital has two major components: one is its own capital, and the other is liabilities. Accordingly, there are two indicators: own capital ratio (own capital/total capital) and debt ratio (debt/total capital). Companies with high debt ratio have low self-owned capital ratio, and vice versa. What makes sense for investors is that the higher the proportion of self-owned capital, the smaller the investment risk; The higher the debt ratio, the greater the investment risk.
Operating with the help of foreign capital is one of the strategies of enterprises, which brings profits as well as risks. When the enterprise is prosperous and the operating profit is much higher than the interest, debt management can enhance the enterprise's ability, improve the operating profit and increase the shareholders' income; In the period of economic recession, the competition is fierce, the marketing is difficult, the income can't make ends meet, the return on investment of shareholders will be greatly reduced because of debt management, and enterprises will be greatly affected.
Fifth, time to market. This weather vane was chosen because many elements of newly listed companies are hidden. Buffett believes that the best way to invest in listed companies is to invest in companies that have been listed for at least ten years, because these companies have enough time for investors to see the details of company management.
The analysis of the basic situation of the company is to let investors have a general understanding of the company, look forward to the future, and make investment decisions according to the company's past performance.
Tip:
1. Fixed assets are an important indicator to measure the strength of listed companies.
2. The turnover of a company can be used to measure the scale of listed companies, and it can show the strength of the company's operation, but it can't show the profitability of the company.
3. The company's income is increasing year by year, and a considerable part of it is used for reinvestment to expand production and operation, or it has the ability to obtain a large amount of funds to expand production and operation through other financing methods, which indicates that the company's future is limitless.
Analyzing the company's profitability is the premise of stock selection.
The first step in buying and selling stocks is stock selection. When selecting stocks, it is essential to analyze the company's fundamentals, especially the company's profitability.
Investors should draw a conclusion by analyzing the internal situation of the company when choosing which type or types of stocks. Warren Buffett will not deliberately pay attention to the ups and downs of the market, or the relationship between supply and demand of stocks, but only to the company's operating conditions. He is not only concerned about the rise of stock price, but also whether the company can continue to create profits.
The profitability of a company is the first factor that retail investors must consider when investing in stocks. The profit rate and profit amount of a company are the signs of its vitality and management efficiency. Retail investors want to invest in stocks, mainly to obtain bid-ask spreads or dividends, which requires retail investors to choose profitable companies to invest. Because these bid-ask spreads or dividends are often affected by the company's profitability.
In other words, first of all, it is necessary to analyze how the capital invested by the company in the current period is used and how it is profitable, that is, to analyze its profitability.
There are two indicators to examine whether a company can continue to make profits, one of which is the shareholder's rate of return, which is used to measure the rate of return that the company's shareholders can obtain. The calculation method is: net profit/company's shareholder capital.
The second indicator is the company's net interest rate. It should be noted here that the profitability of a company is not only determined by the company's net interest rate (net profit/net sales). Even if the current net interest rate is high, we should pay attention to whether the value has suddenly risen or has been going on for a long time. An ideal method is to look at the company's net interest rate in the past 5 ~ 10 years. If the company's net interest rate has been at a high level for 5 ~ 10 years, and there is a continuous upward trend, it shows that the management of the company has properly controlled the business operation and cost.
The premise of profit is the operating efficiency of the company. Retail investors can test the utilization effect and operating efficiency of various funds of stock issuing companies by analyzing the capital turnover speed in financial statements, that is, liquidity analysis. The rapid turnover of funds shows that the company's business activities are smooth, "goods are like wheels", all kinds of funds are well utilized, and the management efficiency is high, which is profitable for the company's stock investment; On the other hand, the low operating efficiency shows that the company has many operating difficulties, and such company stocks are certainly not suitable for investment.
It is difficult for retail investors to understand the management efficiency, marketing efficiency and production efficiency of listed companies. As an outsider, it is impossible for retail investors to know in detail, but it is not without indicators to refer to. For example, whether the monthly business settlement of listed companies is fast or slow, whether the financial report is announced early or late, whether the turnover is announced late or early, and whether the shareholders' meeting is held in time are all weather vanes reflecting the operating efficiency of listed companies, which retail investors can pay close attention to. There is a general rule here: companies with higher efficiency in handling daily affairs will also have higher efficiency in other production and marketing operations. Most listed companies that publish financial reports in advance and hold shareholders' meetings in time are companies with good performance.
Tip:
1. Profitability is an indispensable fundamental analysis.
2. The company's profit rate and profit amount are the signs of its vitality and management efficiency.
The profitability of a company depends not only on its net interest rate, but also on time. The ideal way is to examine the company's net interest rate in the past 5 ~ 10 years.
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