华锐风电业绩变脸分析及对新能源产业的启示.pdfVIP

万方数据 万方数据 摘 要 华锐风电，作为风电行业的一个起初投资2000 万的小企业，在短 短几年的时间内发展成为市值近千亿元的行业龙头而为资本市场所瞩 目。然而，“造富”速度快，衰败速度也快，华锐风电在2011 年1 月 上市之后的当年，收入和利润即大幅下滑，2012 年甚至出现了亏损， 2014 年1 月，华锐风电业绩预亏公告称，预计2013 年亏损30 亿元。 华锐风电在上市后的两年时间内出现了业绩变脸，这是否与公司的快 速扩张有关？上市前的财务数据是否可靠？业绩变脸的背后原因是什 么？作为新能源企业，华锐风电有什么样的启示作用？ 本文将对华锐风电的财务报表作深入分析，与同行业公司作比较， 并结合公司的非财务信息，以发现财务报表存在的不合理之处。经过 分析发现，华锐风电上市前的收入确认不够谨慎或者不够真实；上市 前存在少确认成本费用的问题；与同行业相比，华锐风电少确认大量 的费用；公司产品技术和质量不具有竞争力；公司的管理水平不足， 无法支持公司的扩张战略。 公司作为新能源产业企业，其存在的问题对新能源产业企业具有 普遍的启示作用。希望通过本文的分析，对新能源公司、监管层和投 资者都起到一定的提示作用。 关键词：华锐风电 财务报表 分析 新能源 万方数据 ABSTRACT Sinovel wind group co., ltd. (“Sinovel”) as a small enterprise of 20million original investment rapid developed to the industry leader with market value of nearly 100 billion in a few years. But, the speed of decline is as fast as that of richening. The revenue and profit declined dramatically in the current year after it IPO successfully in Jan. 201 1. Further, there are deficits in 2012. Sinovel pre-announced the loss of 2013 will be reached to 3 billion in Jan. 2014. The performance of Sinovel appeared face changing in current two years after IPO, is that related to the fast expansion? Is the financial statements are reliable? What is the reason of the face changing of the performance? What were revealed in the case of Sinovel as a new-energy enterprise? This article will analyze the financial statements of Sinovel, and make a comparative analysis with the same industry companies, and figure out the unreasonableness in financial statements combined with the non-financial information. After the analysis we can find that the revenue is recognized impr