财务报表分析-(台湾中兴大学)chap008
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分析中兴通讯的财务报告(3篇)
第1篇一、前言中兴通讯（ZTE Corporation）是中国领先的通信设备和网络解决方案提供商，成立于1985年，总部位于深圳。
中兴通讯致力于为全球运营商、政企客户和消费者提供创新的产品、解决方案和服务。
本文将对中兴通讯的财务报告进行深入分析，旨在了解其财务状况、经营成果和发展趋势。
二、中兴通讯财务报告概述1. 财务报表中兴通讯的财务报表包括资产负债表、利润表和现金流量表。
以下是2019年度财务报表的主要数据：（1）资产负债表资产总计：人民币2,563.19亿元负债总计：人民币1,979.28亿元所有者权益：人民币583.91亿元（2）利润表营业收入：人民币1,020.7亿元营业利润：人民币-35.5亿元利润总额：人民币-7.6亿元净利润：人民币-2.7亿元（3）现金流量表经营活动产生的现金流量净额：人民币76.7亿元投资活动产生的现金流量净额：人民币-56.1亿元筹资活动产生的现金流量净额：人民币-21.3亿元2. 财务指标（1）资产负债率资产负债率=负债总额/资产总额×100%2019年资产负债率为：1,979.28/2,563.19×100%=77.18%（2）毛利率毛利率=（营业收入-营业成本）/营业收入×100%2019年毛利率为：（1,020.7-820.5）/1,020.7×100%=18.85%（3）净资产收益率净资产收益率=净利润/所有者权益×100%2019年净资产收益率为：-2.7/583.91×100%=-0.46%三、财务报告分析1. 资产负债状况（1）资产结构从资产负债表可以看出，中兴通讯的资产主要由流动资产和非流动资产构成。
流动资产占比最高，说明公司在日常运营中拥有充足的流动资金。
非流动资产主要包括固定资产、无形资产和长期投资等，表明公司在长期发展方面具备一定的实力。
（2）负债结构中兴通讯的负债主要由流动负债和非流动负债构成。
中兴财务报表分析
中兴通讯公司2011中期财务报表分析偿债能力分析1.流动比率：从表面看，2011年中期流动比率为1.25，也就是说每有一元的流动资产，就有1.25元的流动资产多为安全保障，这个数字相比来说偏低，而且经过和前几段时间的比较甚至还有下降趋势，因此中兴短期偿债能力需要提高。
2.速动比率：2011年中期，中兴的速动比率为0.99，在正常范围内，说明企业应收账款很容易收回，偿债能力很好，比较流动比率，两者判断方式不一，但考虑到速动比率撇开了存活问题，综合看来，中兴偿债能力中等。
3.现金流量比率：现金流量比率=经营活动产生的现金流量净额/流动负债=94191/4821414=1.95% 实在很低，11年偿还能力不高4.资产负债率：资产负债率=负债总额/资产总额=7170709/9648482=0.745.权益乘数：权益乘数=资产总额/股东权益总额=9648482/2305185=4.18 说明股东投入的资本在资产中所占比重小，财务杠杆大综上，中兴通讯的偿债能力很优秀，值得信赖。
营运能力分析1.存货周转率：存货周转率=销售成本/存货平均余额=3758158/（（1514622+1405258）/2）=2.57次存货周转率说明2011年初到中期内企业存货周转的次数，反应变现速度。
可见销售能力处中等。
2.流动资产周转率=销售收入/流动资产平均余额=3733659/（（7713569+7065317）/2）=0.5 资金效率太低综上，中兴通讯的营运能力偏差，需要提高管理层的素质和能力，以及提高资产的利用率。
..盈利能力分析1.资产利润率：资产利润率=利润总额/资产平均总额=68347/（（9648482+9000173）/2）=0.73%和以往相比没什么提高..2.总资产周转率：总资产周转率=销售收入/资产平均总额=0.22 应该采取措施提高销售收入或处置资产3.销售净利率：销售净利率=净利润/营业收入净额=2.06% 该比率相对来说偏低，需要扩大销售获取利益。
andAnalysis(财务报表分析,台湾中兴大学).pptx
activities
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accounting
• M• aSjoEr Clobubnyidset ornpGreAsAsPure to accept IAS
Environmental Factors
Other SEC Filings
Earnings Announcements
• Key summary measures (pre-audit) • Often one to six week lag • Informative to market • Lacks supporting financial details
Environmental Factors
Managers of Companies
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Analysts
SEC
Corporate Governance Litigation Auditors
Enforcement and Monitoring Mechanisms
Other Users
Investors and
Creditors
Users
Form 10-K
(Annual Report)
Level II
FASB Technical Bulletins
AICPA Industry Audit & Accounting Guidelines
• M• aNnoagtecriualrdreisncrtelytioanciscenpecteesdsairny Uin.S.
accounting
• M• aSjoEr Clobubnyidset ornpGreAsAsPure to accept IAS
Environmental Factors
Other SEC Filings
Earnings Announcements
• Key summary measures (pre-audit) • Often one to six week lag • Informative to market • Lacks supporting financial details
Environmental Factors
Managers of Companies
• M• aSinertebspyonInstibeirlintyaftoirofnaiar l&Aacccuorautne trienpgorts • ApSpltiaesndacacrodusntiBngoatordreflect business
Analysts
SEC
Corporate Governance Litigation Auditors
Enforcement and Monitoring Mechanisms
Other Users
Investors and
Creditors
Users
Form 10-K
(Annual Report)
Level II
FASB Technical Bulletins
AICPA Industry Audit & Accounting Guidelines
chap009Profitability Analysis(财务报表分析,台湾中兴大学)
Analyzing Profitability
Measuring Income
Income is defined as revenues less expenses over a reporting period
This definition does not yield a unique amount becauseபைடு நூலகம்of: Estimation Issues Accounting Methods
Analyzing Profitability
Measuring Income--Incentives for Disclosure
Reality: Each of us possess opinions--we see the world from different perspectives Managers bring strong views to the table Managers feel pressures of competition and society Directors expect results Shareholders concentrate on the bottom line Creditors want safeguards Financial analysts dislike surprises Accounting preparers and auditors demand acceptable practices
These estimates require:
• Use of judgment and probabilities • Allocations of revenues and expenses across periods • Prediction of the future usefulness of many assets • Forecasts of future obligations
chap011CreditAnalysis(财务报表分析,台湾中兴大学)
2. No direct relation between working capital account balances and patterns of future cash flows
3. Managerial policies are directed primarily at efficient and profitable asset utilization and secondly at liquidity
prepaid expenses
Liquidity and Working Capital
Current Ratio
Three important qualifications 1. Liquidity depends to a large extent on prospective cash
flows
Liquidity and Working Capital
Working Capital
Working capital more relevant when related to other key variables such as Sales Total assets Working capital is of limited value as an absolute amount
Liquidity and Working Capital
Current Assets
Classification as current asset depends on:
1. Manament’s intent 2. Industry practice
Balance Sheet
Analysis must assess this classification
3. Managerial policies are directed primarily at efficient and profitable asset utilization and secondly at liquidity
prepaid expenses
Liquidity and Working Capital
Current Ratio
Three important qualifications 1. Liquidity depends to a large extent on prospective cash
flows
Liquidity and Working Capital
Working Capital
Working capital more relevant when related to other key variables such as Sales Total assets Working capital is of limited value as an absolute amount
Liquidity and Working Capital
Current Assets
Classification as current asset depends on:
1. Manament’s intent 2. Industry practice
Balance Sheet
Analysis must assess this classification
chap007CashFlowAnalysis(财务报表分析,台湾中兴大学)
Statement of Cash Flows
Cash Flow Relations
Illustration: Consider two consecutive years’ balance sheets divided into (1) cash, and (2) all other balance sheet accounts:
Cash Flow Analysis
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Statement of Cash Flows
Relevance of Cash Flows
Liquidity is the nearness to cash of assets and liabilities. Solvency is the ability to pay liabilities when they mature. Financial flexibility is the ability to react to opportunities and adversities.
Cash repays loans, replaces equipment, expands facilities, and pays dividends.
Analyzing cash inflows and outflows helps assess liquidity, solvency, and financial flexibility.
Accounts
Cash and cash equivalents
Analysis(财务报表分析,台湾中兴大学)-PPT文档资料
Purpose: To apply analysis tools to aid achuch as income forecasting and estimating earning power
Analyzing Revenues
Revenue Sources
• Evaluation, projection, and valuation of income is aided by segment analysis
• Segments share characteristics of variability, growth, and risk • Income forecasting benefits from forecasts by segments • Must separate and interpret the impact of individual segments
Analyzing Profitability
Measuring Income--Estimation Issues
Management discretion is part of income measurement
Estimates of skilled and experienced professionals Some consensus (less variability)
❖ Estimation Issues ❖ Accounting Methods ❖ Incentives for Disclosure ❖ Diversity across Users
Analyzing Profitability
Measuring Income--Estimation Issues
Analyzing Revenues
Revenue Sources
• Evaluation, projection, and valuation of income is aided by segment analysis
• Segments share characteristics of variability, growth, and risk • Income forecasting benefits from forecasts by segments • Must separate and interpret the impact of individual segments
Analyzing Profitability
Measuring Income--Estimation Issues
Management discretion is part of income measurement
Estimates of skilled and experienced professionals Some consensus (less variability)
❖ Estimation Issues ❖ Accounting Methods ❖ Incentives for Disclosure ❖ Diversity across Users
Analyzing Profitability
Measuring Income--Estimation Issues
chap005 Analyzing Investing Activities Special Topics(财务报表分析-台湾中兴大学)
generally through ownership of equity securities, the activities of another separate legal entity known as a subsidiary
Parent-subsidiary relation —when one corporation
(to record proportionate share of investee company earnings)
Cash 5,000 Investment
5,000
(to record receipt of dividends)
Investment balance = % Share of Investee Equity
Business Combinations
Companies Reporting Business Combinations
Combinations 60%
No Combinations 40%
Source:Accounting Trends & Techniques
Business Combinations
2,080,000 End.
Equity Investments
Important Points in Equity Method Accounting
The investment account represents the proportionate share of the stockholders’ equity of the investee company. Substantial assets and liabilities may, therefore, not be recorded on balance sheet unless the investee is consolidated. This can have important implications for the analysis of the investor company.
onInvestedCapital(财务报表分析,台湾中兴大学)
• Perspective is that of the individual investor
• Focus is on individual shareholder, not the company
• Uses the purchase price of securities as invested capital
construction, surplus plant, surplus inventories, surplus cash, and deferred charges from invested capital
Adjustment is not valid as it fails to: ➢ recognize that management has discretion
Return on Invested Capital
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© 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
Return on Invested Capital
Importance of Joint Analysis
• Joint analysis is where one measure is assessed relative to another
• Return on invested capital (ROI) is an important joint analysis
Return on Invested Capital
Income Invested capital
Components of ROI
Invested Capital Defined
• Focus is on individual shareholder, not the company
• Uses the purchase price of securities as invested capital
construction, surplus plant, surplus inventories, surplus cash, and deferred charges from invested capital
Adjustment is not valid as it fails to: ➢ recognize that management has discretion
Return on Invested Capital
McGraw-Hill/Irwin
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CHAPTER
© 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
Return on Invested Capital
Importance of Joint Analysis
• Joint analysis is where one measure is assessed relative to another
• Return on invested capital (ROI) is an important joint analysis
Return on Invested Capital
Income Invested capital
Components of ROI
Invested Capital Defined
chap011CreditAnalysis(财务报表分析,台湾中兴大学)
Liquidity and Working Capital
Current Assets
Current assets are cash and other assets reasonably expected to be (1) realized in cash, or (2) sold or consumed, during the longer of oneyear or the company’s operating cycle
Liquidity and Working Capital
Working Capital
Working capital is defined as the excess of current assets over current liabilities Widely used measure of short-term liquidity Deficient when current liabilities exceed current assets In surplus when current assets exceed current liabilities A margin of safety for creditors A liquid reserve to meet contingencies and uncertainties A constraint for technical default in many debt agreements
Credit Analysis
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© 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
chap007CashFlowAnalysis财务报表分析-台湾中兴大学
? In period of collection no income is recorded.
Net Income
0
Depreciation and amortization expense
0
Gains (losses) on sale of assets
0
Change in accounts receivable
Statement of Cash Flows
Income vs. Cash Flows Example
Consider a $100 sale on account (1) In period of sale, net income is increased by $100 but no
cash has been generated.
Indirect Method
Net Cash Flows from Operations
Net Income + Depreciation +/- Gains (losses) on sales of assets +/- Cash generated (used) by current assets & liabilities
Operating activities are the earning-related activities of a company.
Investing activities are means of acquiring and disposing of noncash assets.
Financing activities are means of contributing, withdrawing, and servicing funds to support business activities.
AnalysisandValuation(财务报表分析,台湾中兴大学
195.4
220.4
212.9
219.1
203.5
181.4
Repairs and maintenance (see Note 1 below)
173.9
180.6
173.9
155.6
148.8
144.0
Administrative expen
232.6
213.9
Earnings Persistence
Recasting and Adjusting
General Recasting Procedures
Income statements of several years (typically at least five) are recast
Recast earnings components to yield meaningful classifications and a relevant format for analysis
$ 672.2 $ 510.7 $ 444.4 $ 421.9 $ 387.7 $ 384.2
Equity in earnings of affiliates
2.4
13.5
10.4
6.3
15.1
4.3
Minority interests
(7.2)
(5.7)
(5.3)
(6.3)
(4.7)
(3.9)
Income before taxes
195.9
Research and development expenses
56.3
53.7
47.7
46.9
44.8
42.2
chap007CashFlowAnalysis(财务报表分析,台湾中兴大学)
Statement of Cash Flows
Cash Flow Relations
Interrelations between cash and noncash balance sheet accounts can be generalized:
❖ Net changes in cash are explained by net changes in noncash balance sheet accounts.
Cash repays loans, replaces equipment, expands facilities, and pays dividends.
Analyzing cash inflows and outflows helps assess liquidity, solvency, and financial flexibility.
Accounts
Cash and cash equivalents
Noncash accounts: Noncash current assets Noncurrent assets Current liabilities Long-term liabilities Equity accounts Net noncash balance
Statement of Cash Flows
Relevance of Cash Flows
Cash is the beginning and the end of a company’s operating cycle.
Net cash flow is the end measure of profitability.
Liquidity is the nearness to cash of assets and liabilities. Solvency is the ability to pay liabilities when they mature. Financial flexibility is the ability to react to opportunities and adversities.
andAnalysis(财务报表分析,台湾中兴大学)
Environmental Factors
Economic, Industry & Company News
Impacts current & future financial condition and performance
Voluntary Disclosure
Many factors encourage voluntary disclosure by managers
Level IV (Least authoritative)
FASB Implementation
Guides
AICPA Interpretations
Recognized and Widely Used Industry
Practices
Environmental Factors
Securities and Exchange
Information Intermediaries
Industry devoted to collecting, processing, interpreting & disseminating company information
Includes analysts, advisers, debt raters, buy- and sell-side analysts, and forecasters
- oversee accounting process
-oNveortseceuinrrteernnatllycoanctrcoel pted in U.S. I-notSevreEnraCsleAauuinnddtietoernrrapl/erxetsersnualreautdoit accept
chap002 Financial Reporting and Analysis(财务报表分析-台湾中兴大学)
Environmental Factors
International Accounting Standards (IAS)
Set by International Accounting Standards Board Not currently accepted in U.S. SEC under pressure to accept IAS
Politicians
Others
Accountants
Provide input to
Financial Accounting Standards Board
Help set
Generally Accepted Accounting Principles
Environmental Factors
IAS
Environmental Factors
Corporate Governance
Board of directors oversightAccounting Set by International Audit committeeBoard Standards of the board - oversee accounting process Not currently accepted in U.S. - oversee internal control - oversea internal/external audit SEC Auditor pressure to accept under Internal
Environmental Factors
Economic, Industry & Company News
Impacts current & future financial condition and performance
Analysis(财务报表分析,台湾中兴大学)
Analyzing Revenues
Revenue Sources
Full disclosure by segments is rare because of: • Difficulties in separating segments • Management’s reluctance to release information
• Different segments usually experience varying rates of profitability, risk, and growth
• Asset composition and financing requirements of segments often vary
Purpose: To apply analysis tools to aid achieve the analysis objectives—such as income forecasting and estimating earning power
Analyzing Revenues
Revenue Sources
Graphical analysis is a useful tool to interpret the sources of revenues
Analyzing Revenues
Revenue Sources
Diversified Companies present special challenges
Shareholders concentrate on the bottom line Creditors want safeguards Financial analysts dislike surprises Accounting preparers and auditors demand acceptable
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• Referred to as long-term capitalization
• Excludes current liability financing
Components of ROI
Equity Capital
• Perspective is that of equity holders
Return on Invested Capital
Application of ROI
ROI is applicable to:
(1) evaluating managerial effective-
ness
(2) assessing profitability
(3) earnings forecasting
• ROI relates key summary measures: profits with financing
• ROI conveys return on invested capital from different financing perspectives
Return on Invested Cቤተ መጻሕፍቲ ባይዱpital
• Assumes certain assets not recognized in financial statements
• Uses the market value of invested capital (debt and equity)
Components of ROI
Investor Invested Capital
age
Components of ROI
Long-Term Debt Plus Equity Capital
• Perspective is that of the two main suppliers of long-term financing — long-term creditors and equity shareholders
Components of ROI
Computing Invested Capital
• Usually computed using average capital available for the period
• Typically add beginning and ending invested capital amounts and divide by 2
Components of ROI
Total Assets
• Perspective is that of its total financing base
• Called return on assets (ROA)
ROA: measures operating efficiency/ performance reflects return from all financing does not distinguish return by
Assists in Forecasting Earnings
• ROI links past, current, and forecasted earnings with
invested capital
• ROI adds discipline
to forecasting
• ROI helps identify
• Excludes intangible assets from invested capital
Adjustment is not valid as: Lack of information or increased
uncertainty does not justify exclusion
Components of ROI
Total Assets
Unproductive Asset Adjustment • Assumes management not responsible for
earning a return on capital not in operations • Excludes idle plant, facilities under
(4) planning and
control
Return on Invested Capital
Evaluating Managerial Effectiveness
• Management is responsible for all company activities
• ROI is a measure of managerial effectiveness in business activities
depreciation expense Acquisitions of new depreciable assets offset a declining
capital base It fails to recognize increased maintenance costs as assets
• More accurate computation is to average interim amounts — quarterly or monthly
Components of ROI
Return on Invested Capital
McGraw-Hill/Irwin
8
CHAPTER
© 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
Return on Invested Capital
Importance of Joint Analysis
Components of ROI
Total Assets
Accumulated Depreciation Adjustment • Assumes plant assets maintained in prime condition • Assumes inappropriate to assess return relative to net assets • Concern with a decreasing invested capital base • Includes an addback for accumulated depreciation on
Components of ROI
Alternative Measures of Invested Capital
Five Common Measures:
• Total Assets • Long-Term Debt Plus Equity • Equity • Market Value of Invested Capital • Investor Invested Capital
ROI Relation
•ROI relates income, or other performance measure, to a company’s level and source of financing
•ROI allows comparisons with alternative investment opportunities
• Perspective is that of the individual investor
• Focus is on individual shareholder, not the company
• Uses the purchase price of securities as invested capital
Income Investedcapital
Components of ROI
Invested Capital Defined
• No universal measure of invested capital exists
• Different measures of invested capital reflect different financiers’ perspectives
over all investment assess overall management effectiveness
Components of ROI
Total Assets
Intangible Asset Adjustment
• Assumes skepticism of intangible asset values
• Joint analysis is where one measure is assessed relative to another
• Return on invested capital (ROI) is an important joint analysis
Return on Invested Capital
•Riskier investments are expected to yield a higher ROI
•ROI impacts a company’s ability to succeed, attract financing, repay creditors,and reward owners
construction, surplus plant, surplus inventories, surplus cash, and deferred charges from invested capital
Adjustment is not valid as it fails to: recognize that management has discretion
financing sources
• Excludes current liability financing
Components of ROI
Equity Capital
• Perspective is that of equity holders
Return on Invested Capital
Application of ROI
ROI is applicable to:
(1) evaluating managerial effective-
ness
(2) assessing profitability
(3) earnings forecasting
• ROI relates key summary measures: profits with financing
• ROI conveys return on invested capital from different financing perspectives
Return on Invested Cቤተ መጻሕፍቲ ባይዱpital
• Assumes certain assets not recognized in financial statements
• Uses the market value of invested capital (debt and equity)
Components of ROI
Investor Invested Capital
age
Components of ROI
Long-Term Debt Plus Equity Capital
• Perspective is that of the two main suppliers of long-term financing — long-term creditors and equity shareholders
Components of ROI
Computing Invested Capital
• Usually computed using average capital available for the period
• Typically add beginning and ending invested capital amounts and divide by 2
Components of ROI
Total Assets
• Perspective is that of its total financing base
• Called return on assets (ROA)
ROA: measures operating efficiency/ performance reflects return from all financing does not distinguish return by
Assists in Forecasting Earnings
• ROI links past, current, and forecasted earnings with
invested capital
• ROI adds discipline
to forecasting
• ROI helps identify
• Excludes intangible assets from invested capital
Adjustment is not valid as: Lack of information or increased
uncertainty does not justify exclusion
Components of ROI
Total Assets
Unproductive Asset Adjustment • Assumes management not responsible for
earning a return on capital not in operations • Excludes idle plant, facilities under
(4) planning and
control
Return on Invested Capital
Evaluating Managerial Effectiveness
• Management is responsible for all company activities
• ROI is a measure of managerial effectiveness in business activities
depreciation expense Acquisitions of new depreciable assets offset a declining
capital base It fails to recognize increased maintenance costs as assets
• More accurate computation is to average interim amounts — quarterly or monthly
Components of ROI
Return on Invested Capital
McGraw-Hill/Irwin
8
CHAPTER
© 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
Return on Invested Capital
Importance of Joint Analysis
Components of ROI
Total Assets
Accumulated Depreciation Adjustment • Assumes plant assets maintained in prime condition • Assumes inappropriate to assess return relative to net assets • Concern with a decreasing invested capital base • Includes an addback for accumulated depreciation on
Components of ROI
Alternative Measures of Invested Capital
Five Common Measures:
• Total Assets • Long-Term Debt Plus Equity • Equity • Market Value of Invested Capital • Investor Invested Capital
ROI Relation
•ROI relates income, or other performance measure, to a company’s level and source of financing
•ROI allows comparisons with alternative investment opportunities
• Perspective is that of the individual investor
• Focus is on individual shareholder, not the company
• Uses the purchase price of securities as invested capital
Income Investedcapital
Components of ROI
Invested Capital Defined
• No universal measure of invested capital exists
• Different measures of invested capital reflect different financiers’ perspectives
over all investment assess overall management effectiveness
Components of ROI
Total Assets
Intangible Asset Adjustment
• Assumes skepticism of intangible asset values
• Joint analysis is where one measure is assessed relative to another
• Return on invested capital (ROI) is an important joint analysis
Return on Invested Capital
•Riskier investments are expected to yield a higher ROI
•ROI impacts a company’s ability to succeed, attract financing, repay creditors,and reward owners
construction, surplus plant, surplus inventories, surplus cash, and deferred charges from invested capital
Adjustment is not valid as it fails to: recognize that management has discretion
financing sources