Seek 20 12 financial management analysis Vanke A 03 task-profitability analysis 04 task-comprehensive analysis of financial statements. Thank you very much for 398410357 @ qq.c.

I. Introduction to Vanke:

Vanke Enterprise Co., Ltd. was established in May 1984. Its core business is real estate, and it is one of the first publicly listed enterprises in Chinese mainland. As of June 365438+February 3, 20031day, the company's total assets were105.6 billion yuan and its net assets were 47100 billion yuan. 198865438+February, the company publicly issued 28 million shares to the public, raising 28 million yuan, and its assets and business scale expanded rapidly. 199165438+1On October 29th, corporate A shares were listed and traded in Shenzhen Stock Exchange. 199 1 June, the company raised 654.38+27 million yuan by placing and directionally issuing 28.36 million new shares, and the company began to develop across regions. At the end of 1992, Shanghai Vanke City Garden Project was officially launched, and the development of mass housing projects was identified as the core business of Vanke, and Vanke began to adjust its business. 1in March, 1993, the company issued 45 million B shares, which were listed on the Shenzhen Stock Exchange on May 28th, 1993. The B-share issuance fund is HK$ 4,565,438+0.35 million, which is mainly invested in real estate development, and the core business of real estate is further highlighted. From June 65438 to June 0997, the company raised 383 million yuan through capital increase and rights issue, mainly investing in residential development in Shenzhen to promote the development of the company's real estate business in by going up one flight of stairs. At the beginning of 2000, the company raised 625 million yuan by increasing capital and shares, and its strength was further enhanced. 200 1, the company transferred 72% of the shares directly and indirectly held by Wanjia Department Store Co., Ltd. to China China Resources Corporation and its subsidiaries, becoming a dedicated real estate company. In June 2002, Vanke issued convertible corporate bonds, raising 654.38+500 million yuan, which further enhanced the financial strength of developing the main real estate industry. The company 1988 intervened in the real estate field, and 1992 officially determined the development of mass housing as its core business. By the end of 2002, it has entered Shenzhen, Shanghai, Beijing, Tianjin, Shenyang, Chengdu, Wuhan, Nanjing, Changchun, Nanchang, Foshan and other places for residential development. In 2003, Vanke successively entered Anshan, Dalian, Zhongshan, Guangzhou, Dongguan and other places.

Second, the profitability analysis of Vanke A.

Profitability is related to the return of investors, the fundamental guarantee for creditors to recover their claims, and the vital ability of enterprises.

1. Operating income analysis

Operating income is a comprehensive reflection of enterprise's marketing ability, the basis of profit and the basis of enterprise development. As can be seen from the table below, the Pearl River Delta and the Yangtze River Delta are the main sources of its profits. The enterprise has initially formed a "3+X" cross-regional layout with the Yangtze River Delta, Pearl River Delta and Bohai Rim as the main areas, supplemented by other regional economic center cities. The key investment centered on Shenzhen and Shanghai and the continuous expansion of second-tier cities are the main factors to ensure the rapid growth of performance.

Proportion of main business income, net profit and settlement area in 2009

Pearl River Delta region 27.03% 37. 16% 25.08%

32.38%, 36.46% and 26.06% in the Yangtze River Delta region.

Beijing, Tianjin and the region 32.01%18.77% 36.34%

Other 8.58% 7.60% 12.52%

2. Period cost analysis

Period cost is the ability of enterprises to reduce costs, which is closely related to technical level, product design, economies of scale and cost management level. In the three years when the growth rate of operating expenses has decreased, the growth rate of sales still keeps rising, which not only reflects the improvement of market sales, but also reflects the great improvement of sales management level. As can be seen from the table below, the growth rate of management expenses is not small. Good management is the core of enterprise development, but it should also be controlled moderately. Because the real estate industry needs a lot of funds as the backing, bank loan interest is capitalized, and there are also a lot of bank deposits. Therefore, in the case of a large number of loans, Vanke's financial expenses are negative, and the management should pay attention to improving the efficiency of capital utilization.

Table of growth range of each project

2006-2007

Profit from main business is 57.0 1% 39.04% 56.79%.

Operating expenses 66.48% 55.99% 4 1.83%

Management expenses 43. 17% 0.48% 42.82%

3. Main business profit and profit composition analysis

Profitability analysis of main business: As can be seen from the following table, the gross profit margin of sales increased gradually in 2006-09. In 2007, according to the expectation of booming market supply and demand, steadily rising house prices and scarcity of land resources in the future market, enterprises raised the selling prices of some projects, and the gross profit margin of the projects increased significantly. In 2008, the return on net assets was the highest in recent years, and the benefits made great progress. The step-by-step income of its project has stability and strong anti-risk ability, which smoothes the influence of industry fluctuation.

2006, 2007, 2008 and 2009

The net profit from sales is 8.36 8.511.4512.79.

Gross sales profit 20.09 22.5 1 25.75 28.72

Analysis of profit composition: As can be seen from the above table, the profit of Vanke's main business is on the rise, of which real estate business is its main source, and the gross profit margin keeps a steady growth trend, while the profitability of property management business needs to be strengthened. After 2006, the growth of net profit depends largely on the growth of operating profit, and the proportion of investment income has dropped significantly. The ratio of net non-operating income to expenditure is gradually decreasing.

4. Profitability indicators

(1) Return on assets and return on equity. Both indicators are on the rise (see table below). It shows that the profitability of enterprises is constantly improving.

2006, 2007, 2008 and 2009

Net interest rate on assets is 4.65% 5.13% 5.65% 6.14%.

ROE 1 1.3 1% 1 1.53% 14.26% 16.25%。

(2) Operating indicators and cash flow per share. The ratio of net operating cash flow to net profit reflects the quality of enterprise income. The following table shows that the index fluctuates greatly, indicating that the cash flow lacks stability and has great risks. This uncertainty is mainly caused by the increase of inventory. Therefore, Vanke should strengthen cash flow management, reduce market risks, improve operational efficiency and ensure the flexibility of business development. For example, in 2008, strengthen the management of project development rhythm, speed up sales, adopt different rental and sales strategies for different types, further digest existing home inventory and speed up project capital turnover; In 2009, the strategy of "cash is king" was implemented, and the annual start-up and completion plans were compressed, reducing cash expenditure and achieving good results.

2006, 2007, 2008 and 2009

Operating index 0.621.19-2.73 0.34

Due to the implementation of the stock dividend policy of 10 and 10 in 2006, the earnings per share in 2007 dropped significantly. Therefore, the actual shareholder income still increases. This indicator has maintained a relatively stable trend, and it can still maintain a certain earnings per share in the case of continuous capital increase, indicating that Vanke has strong profitability. In 2009, the industry average cash flow per share was 0.404. This indicator is on the low side, mainly due to the expansion of share capital caused by the conversion of provident fund into shares every year. Secondly, it reflects that Vanke's ability to obtain cash is low.

2006, 2007, 2008 and 2009

Cash flow per share is 0.26- 1.06 0.46 0.23.

Summary: Vanke has strong profitability, and this profitability has good stability. In the decade of great changes in the industry, Vanke has always maintained a high level of profitability. In addition to the strong market demand, it shows that it has a high management level and decision-making ability. In addition, standardized and good values are also the secret of its enduring.

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