(杜邦分析财务分析简单入门.pptVIP

财务分析 一、杜邦分析 二、财务分析中的细节 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 综合盈利指标：ROE ROE=净利润/净资产 ROE实际是什么？ 我的理解：就是股东投入一元钱到公司，公司 能赚多少钱。 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 问题：公司的ROE至少为多少？ 巴菲特选择ROE〉15%的企业。 中国证监会曾经要求ROE〉=6%的企业才可以 增发。 我的回答：ROE越高越好！至少不能低于你的机 会成本。对个人来说，最简单的是不能低于一年 期存款利率，或者长期国债的一年期利率。 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. ROE的拆分 ROE=ROA*权益比率 ROA=净利润/总资产 权益比率=总资产/净资产 ROA=销售净利率*总资产周转率 =（净利润/收入）*（收入/总资产） Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 损益表项目： 销售净利率=（收入-成本-营业税金及附加-销售费用-管理费用-财务费用+其他营业收益+营业外收支净额 -所得税)/收入 关键点： 1、毛利率=（收入-成本）/收入 毛利率反映公司产品转嫁成本的能力。 关注毛利率不断提高的公司，对那些毛利率不断减少 或者突然大幅度减少的公司要小心。 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 2、费用 （1）营业税金及附加 按照税率，基本上和营业收入相关。一般相对收 入比例不大。分析时可以不重点考虑。 （2）销售费用，管理费用 与收入有一定的关系，但有些费用是固定的 如折旧费用，人员基本工资等。所以在分析时，尽量 将主