First, before visiting a listed company, we must fully collect all kinds of information related to the company, including annual report information, industry information, market competition information, comprehensive media reports, etc. Collect all this information and make a preliminary study to form an overall impression and logical judgment on this company. You can't go to a listed company without logical analysis, because you don't have a preliminary understanding of the company. When you go to a listed company, you can't classify, summarize and think about a large number of situations and phenomena, which greatly reduces the value of research. That is to say, this step is actually what we mentioned in the last article: first grasp the enterprise through logic. When you have formed a comprehensive judgment before going to a listed company, you will know what you need to know, what you need to investigate and what you need to pay attention to. Your research is targeted, efficient and valuable. This step is very similar to middle school students doing physics experiments. Before doing the experiment, students need to prepare the experimental process, experimental equipment and experimental purpose in advance, and then go to the laboratory. When we were in middle school, the teacher wouldn't let us into the laboratory unless we prepared the experiment plan in advance.
Second, when you arrive at a listed company, you should not focus on the enterprise itself, but communicate with the departments and companies associated with the enterprise. Any enterprise can exist only if it has close ties with raw material suppliers, product agents and other related enterprises. If you want to know the specific situation of this enterprise, it will be more credible and efficient to visit relevant companies through investigation. For example, some time ago, we went to Shanxi to investigate Fenjiu. In order to find out the operation of Fenjiu, we specially visited the related enterprises that produce packaging bottles for Fenjiu. The information obtained from talking with workers is that the demand for packaging bottles of Fenjiu is stable and continuous, which makes us realize that the basic operation of Fenjiu is stable and normal, and more visits to affiliated enterprises can improve the efficiency and quality of investigation.
Third, after going to a listed company, on the one hand, we should contact the management of the company, such as the secretary of the board of directors and the representative of securities affairs, because these management have a comprehensive and macro grasp of the company's situation and can provide investors with necessary information. On the other hand, the information provided by the management sometimes has problems that investors are good at, so after communicating with the management, we should put a lot of time and energy into all aspects of the company. In the field investigation in every corner, we can contact workers, go to workshops and factories, feel the enterprise through extensive contact and analyze the enterprise through some typical things and phenomena. In this regard, we also take Shanxi Fenjiu as an example. During the visit to Fenjiu Factory, the investigators in Tong Ling saw a construction site under construction. We are very curious. Through the understanding with the construction personnel, we know that this building is a newly-built science and technology center, which makes us feel that Fenjiu is a major strategic link related to the long-term development of the enterprise. When communicating with the security personnel of the enterprise, we learned that the salary of security personnel is 1500 yuan, while the salary of front-line production workers is about 3,000 yuan, which makes us realize that the basic management system of the company is reasonable. Through extensive contact with all parties in the enterprise, our understanding of Fenjiu is more specific and profound.
It is necessary to record your visit in detail as much as possible, including notes, photos, audio recordings and videos, because as a long-distance researcher, what you have seen and heard is very mixed in just a few days. If you don't make the necessary records and go back to the original place, you may forget many things and details you have touched, thus greatly reducing the amount of information you get from the investigation. After making the necessary records, you must make a comprehensive analysis of the survey results and form a final conclusion when you return to your original place. Research has proved that you should write what you think is right and what you think is wrong, and what the overall state of the company is, just like middle school students have to write an experimental report and hand it over to the teacher after the experiment.
There are at least two points:
(1) Any listed company has problem areas and risks, but these investors have not found the problem areas and risk clues of Yinguangxia through financial analysis and fundamental analysis. If they carefully read the notes to the accounting statements in Yinguangxia's 2000 annual report, they should find that Yinguangxia's main business income mainly comes from selling the extracted products to a German trading company. Understanding the basic situation of this German trading company should be the focus of on-the-spot investigation. Through dihk's Beijing representative office, we can find the address and telephone number of this German trading company, and find that its main business is mechanical products, not extraction products.
(2) Before the on-site investigation, based on financial analysis and fundamental analysis, no problem areas and risk clues of the bank were found, and an outline of the on-site investigation was compiled. Especially in the field investigation, they did not prepare an outline, but passively listened to the introduction of the company by senior executives such as Chairman Yin. This kind of field trip is useless. Strictly speaking, it can't be called "field trip", it can only be counted as "field trip". There is an essential difference between "on-site investigation" and "on-site visit".