上市公司分析谨三高.docVIP

上市公司分析谨防三高 夏草 看病的时候,医生常将要注意三高，这三高指的是高血压、高血脂、高血糖，审阅上市公司财务报表时，也要注意三高，但此三高彼非三高，这三高指的是高成长、高毛利及高现金。 对于一位价值投资者，三高意味着这家公司成长性好、盈利能力强及财务弹性高，股神巴菲特就喜欢这样的股票，这也成了价值投资者择股的理想标准，遗憾的是白马非马，现实中碰到三高股票时，如果发现该公司市盈率很低，不要以为真得找到估值洼地，这洼地可能就是你投资的泥沼，一旦陷入，痛苦一生。 纳斯达克上市公司绿诺科技（RINO）近日承认财务造假： On November 18, 2010, the Board of Directors (the “Board”) of RINO International Corporation (the “Registrant”) a Nevada corporation, concluded that previously issued audited financial statements of the Registrant for its fiscal years ended December 31, 2008 and 2009, which were included in the Registrant’s Annual Reports on Form 10-K for the fiscal years ended December 31, 2008 and 2009, and previously issued interim unaudited financial statements which were included in the Registrant’s Quarterly Reports on Form 10-Q for the periods ended March 31, 2008 to?September 30, 2009 ? should no longer be relied on. 1 ??The Board also concluded that previously issued interim unaudited financial statements which were included in the Registrant’s Quarterly Reports on Form 10-Q for the periods March 31, 2010, June 30, 2010 and September 30, 2010 should no longer be relied on inasmuch as such financial statements incorporate results from 2008 and 2009. The conclusion of the Board that the financial statements for the above-described periods should not be relied upon was based on statements made by the Registrant’s Chief Executive Officer, Mr. Zou Dejun, after consultation with the Registrant’s Chief Accountant, who reported to the Board that the Registrant did not enter into two contracts for which it reported revenue during the Registrant’s 2008 and 2009 fiscal years. 绿诺科技实体大连绿诺环境工程科技有限公司主要从事flue gasdesulfurization (“FGD”， 烟气脱硫) system，由于该公司具有环保概念，且高成长（09年收入增长55%，净利增长165%）、高毛利（09年毛利率将近40%，净利率近50%），高现金（09年末现金占资产总额的52%），导致该公司股价一度冲至35美元，如今看来这一切都是骗局，该公司涉嫌虚构收入、虚增资产，账面的2。59亿元资产疑大部分涉嫌虚构，包括现金、应收账款及预付账款，该公司造假有两个明显征兆，一是盈利能力超强，二是存货周转率畸低，账面资产基本是非实物资产；独立机构Muddy Waters通对其主要客户的确认及工商局年检报表的调查发现了该公司财务异常，以下是绿诺科技09年财报及2010年