word或wps报告简易模板.docx
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word或wps报告简易模板.docx
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word或wps报告简易模板
InvestmentValuationofYILIGroup
Throughthe analysisofthemacroeconomy tofindthe idealinvestment period, investorsneedto find satisfactory investmentindustry throughtheindustryanalysis.Thedefinitionoftheindustry:
isanenterprise group, membersofthe enterprise group asaresultofitsproducts forconsumers intheverygreatdegree couldbesubstitutedeachother inaconnected state, and duetothedifferenceof productsubstitutability and otherenterprises groupphase difference.
AccordingtotheUnitedNations "international standardindustrialclassification ofalleconomicactivities index":
theYili groupbelongstothe wholesaleandretail, foodand hotelindustry inthecateringindustry. Mengniu, Guangming are Yilihas strongcompetitiveness intheindustry competitors.
SensitivitytotheBusinessCycle:
Thethree mainfactorstodeterminethe sensitivity oftheeconomiccycle:
thefirstis thesensitivityof second sales, thesecondis operatingleverage,thethirdis financialleverage.
Sensitivityofsales:
sensitivitytothebusinesssituationofnecessitiessensitivityislow,suchasfood,medicineandmedicalservices,onthecontrary,machinetools,steel,automotiveandtransportationarehighlysensitivetothestateoftheeconomy.Dairyproductsbelongingtothefoodindustry,relativelylowsensitivitytothebusinesssituation,theriskisrelativelylow.
Operatingleverage:
referstothedifferencebetweenthefixedandvariablecosts.Variablecostsarerelativelyhighsensitivitytotheeconomicenvironmentofenterprisesisrelativelylow,highfixedcostsofthecompany,operatingleverageishigh,economicsituation,anyslightchangewillhaveahugeimpactonitsprofitability.
Industryanalysis
Inordertoquantifytheoperatingleverage,enterprisesregardmetricsquantifythesensitivityofoperatingprofittoenterprisesaleschangecalled"thedegreeofoperatingleverage,DOL"percentageofenterprisesinaspecificoutputorsaleslevelisthebusinessprofitchangescausedbythepercentagechangeintheratioofoutputorsalesprofitchangesinthe.Therefore
Andbusinesslevercoefficientcanbeexpressedbythefollowingformula:
DOL=Percentagechangeinprofits/Percentagechangeinsales
Businesslevercoefficientisbigbusinessriskismorebig,iftheunitpriceandincreasesales,itisequivalenttogetmoreprofits;businessriskwillbemoresmall,businesslevercoefficientislow,soitsandbusinesslevercoefficientintheoppositedirectionofchange.Companiescanincreasesales,reducetheunitvariablecostandfixedcostandothermeasurestoreduceoperatingleverageandbusinessrisk.FromthetablewecanseetheEriecompany.
DOL=Percentagechangeinprofits/Percentagechangeinsales=4.6
Fromthat,thatoperatingleverageisthere,havecertainmanagementrisk,operatingleverageplaysacertainrole,
Comparedwith2013,Yilicompanyin2012,totalturnovergrowthof13.78%overthesameperiod,pretaxprofitgrowthrateof64.58%,Yilidairyusescapacityofoperatingleveragearetobeimproved,theinterestsoftheoperatingleverisnotveryhigh.
Industryanalysis
Financialleverage:
reflectstheusingsituationofthedebt,interestpaymentsonthedebtsituationhasnothingtodowithsales,soitcanberegardedascanincreasethefixedcostsensitivity.Intheeconomicdevelopmentprocess,thecompany'sinvestmentrateofreturnthantheinterest,improvethefinancialleverageforthebenefitofthecompany,financialleverageratioisdifferentindifferentindustries.
Theconditionsofenterprisesoperatingliabilitiesandcapitalstructureisconstant,regardlessofhowmuchprofit,interestonthedebtisconstant.Sotheprofitbeforeinterestandtaxchanges,fixedcapitalcostwillbe1yuanperprofitbeforeinterestandtaxburdenofthecorrespondingdecreaseorincrease,thusbringscertainfinancialleveragegainsorlossestoordinaryshareholders.
DenotebyDFLthefinancialleverage,financialleveragecoefficient=perordinaryshareprofitrateofchange/earningsbeforeinterestandtaxrateofchange.
Fromtheabove 2012-2010 years Erie levercoefficient isslightlygreaterthan1, withsmallermagnitude ofearningspershare for profitbeforeinterestandtax changes, theliabilitiesofabusiness interest insmaller, financialleverageeffect isnotobvious, and illustratethepotential financialrisksof smallenterprises. But profitsbyalargemargin, 2013 Yili fell, interestexpense hasincreased, visible 2013 Erie facinggreater financialrisk.
Industryanalysis
SectorRotation:
SectorRotationistheexpectedperformanceofthebusinesscycleaccordingtotheconditionofexcellenceintheindustryorsector,andmaketheinvestmentportfolioisinclinedtotheindustryorsector.
Adescriptionoftheeconomiccycle,closetothepositionofthepeak,overheating,inflationandhigherinterestrates,greaterupwardpressureonbasicconsumergoods.ItisagoodtimetoYiliGroup,thistimenottoinvestinthegroup,dairyproductsalsobelongtomorebasicconsumergoods,whiletheinflationratehigherpriceswillberelativelyhigh,willreducethesales,thecompanyalsoisnoteasy,thisismoresuitablefornaturalresourceextractionandprocessingindustries.
Waveaftertheeconomyintorecession,systolicor,atthistime,medicine,foodandothernecessitiestocyclelesssensitive,maycreateabetterperformance.ThistimeinvestmentYilicompanyisamoreappropriatetime.Thedairyindustrybelongstothemoregeneralfood,lesssensitivetoeconomiccycles,intheeconomiccontractionturnoverwillnothavetoomuchinfluence,isagoodinvestmentopportunity.
Intheperiodofeconomicrecession,inordertomaintaintheeconomicequilibriumandeconomicrecoveryandprosperityready,OrdinaryCompanywillcometomeettheexpecteddemandgrowththroughthepurchaseofnewequipment,thistimecaninvestinmachinery,transportationorconstructioninvestmentcapitalindustry,relativelyspeakingthistimeinvestmentYilicompanyincome,foodindustrydevelopmentinthisperiodoftimeisnot.
Whentheeconomyenteredaperiodofprosperity,therapiddevelopmentofeconomy.Durablegoodsandluxurygoodsandothercyclicalindustrywillbeinthisperiodthemostprofitableindustry,atthesametime,thefoodindustrywillgetbetterdevelopmentopportunityatthistimealso,isalsoagoodchoiceforinvestmentinthisperiodtheYilicompany.
Industryanalysis
Industrylifecycles
TheearningsofInnerMongoliaYiliIndustrialGroupLimitedbyShareLtdfrom2003to2013:
TheanalysisofStart-UpStage
December1992,onthebasisofHuiminMilkFoodFactoryonjoint-stockreform,the21sponsorssetupinInnerMongoliaYiliIndustrialCo.,Ltd.(YiliGroup)bytheabsorptionofothercorporateandemployeesharesinprivateplacement.Start-upphaseoftheYiliGroupisfacingfreshmilk,milkpowder,colddrinksandothertechnologicalinnovationandR&Dneedsforfunds,arealsofacingweakfinancing,intensecompetitionintheindustry,aswellastherecoveryoffunds,suchastheriskofrecurringdifficulties.Duetothelowlevelofstart-upphaseofcorporatecredit,thepoorliquidity,thelimitedabilityofmortgageassets,andtheliabilitiesislackofcreditandguaranteestosupportthefinancing,itisdifficulttoobtainbankloans,plusdairyisalsoagreaterriskofanewtypeofinvestmentindustry,mostoftheinvestmentwerenotoptimisticaboutitsprospects.Therefore,YiliGroupin1996beforetheventurecapitalmainlyfromentrepreneursandventurecapital.
Industryanalysis
TheanalysisofConsolidationStage
1997,InnerMongoliaYiliGroupCastleDairyHoldingscompany,InnerMongoliaYiliGroupwasformallyestablished,theacquisitionmarkedthecompanyenteredarapidgrowthphase.YiliGroupontherapiddevelopmentofannualgrowthinsharecapital,1997-2002ChangesinYiliGroupsharesasshowninTable1mainly.
1997-2002,YiliGroupemployeesharedbylistedturnallotmentofasubstantialincreaseinthetradableAsharesandthetotalsharecapital,tofurtherexpanditscompetitiveedgeinthestockmarket.In2002,theissuanceofAshareslisted,raised800000000yuanoffunds,fortheErietoexpandtheproductionscale,productstructureadjustment,theestablishmentofanationallogisticsdistributionsystemandamodernmarketingsystemwithastrongfinancialguarantee.
Industryanalysis
Inaddition,YiliGroupindustryin2002,themainbusinessprofitandnetprofitwere1318610000yuanand141950000yuan,agrowthof69.83%and18.61%respectivelythan2001's776430000yuanand119680000yuan.Thus,theconsolidationstageofYiliGroupfinancialmanagementgoalistheembodimentofthe"profitmaximization",thefinancialstrategywith"fastexpansioncharacteristicofhighliabilities,highequityexpansion,decentralizedinvestment,cashdividend".
TheanalysisofMaturityStage
Afterthepioneeringperiodanddevelopmentperiodofaccumulation,YiliGroupindustry,hasformedagreatercompetitiveadvantageinthedairymarket,thecompanydecentralizationfinancialgovernancemodegraduallyformed,ownershipandmanagementseparationoccurredgradually.Fromthebeginningof2003,YiliGroupindustry'smainbusinessincomeisthehighestintheindustry,leadingChina'sdairywithstrongstrength,itsincome2003-2007asshownintable2.
Themainbusinessincomeof8734990975.76yuanin2004,comparedtothemainbusinessincomeof6299333498.19yuanin2003,achievedarapidgrowthofmainbusinessincome.Althoughthemainbusinessincomerose38.67%,theoperatingcostswererelativelyhigh,
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