哈佛分析框架下的中兴公司财务分析研究.docxVIP

PAGE 摘 要 中国是一个制造业大国，制造业对我国的GDP增长的做出了不可或缺的贡献。作为制造行业的重要组成部分，手机制造业和通信设备制造业占据我国制造业的重要地位。中国通讯制造业正在世界范围内崛起。在我国制造业转型升级的关键时刻，通讯制造业的平稳、顺利发展，在推动制造行业发展方面发挥了重要作用。中兴通讯是我国通信制造行业的龙头企业，本文采用哈佛分析框架来分析中兴通讯的财务状况并了解中兴通讯的实际经营情况。本文采用了财务报表纵横对比分析、波特五力分析、盈利能力分析、经营能力分析、偿债能力分析、可持续发展能力分析等分析方法。通过实质的财务数据分析探究可知，虽然中兴前几年积累了大量的资金，但累计净利润几乎没有盈利、公司债务压力大。中兴通讯的科研技术位于行业领先地位，在世界知识产权组织发布的5G专利报告中显示,中兴通讯专利数量排名世界第六，总共拥有1029项5G专利，占比9%。但在行业整体步入瓶颈、甚至开始下滑的大环境下，如何稳定通讯设备销售量和5G通讯等新业务能否顺利推进是今后公司能否渡过英美贸易制裁、业绩能否持续提升的至关重要的影响因素。 最后以中兴通讯财务现状的研究为基础前提，对中兴通讯的经营提出合理建议，有利于推动企业的优化与升级。通过分析中兴通讯近年来持续成为此行业的中流砥柱的原因，找出促进我国通讯制造业发展的有益启示。 关键词：中兴通讯 哈佛分析框架 财务分析 预测建议 Abstract China is a marvelous manufacturing country, and the manufacturing industry has made a prominent contribution to the growth of China’s GDP. As a requisite part of manufacturing industry, mobile phone manufacturing industry and communication manufacturing industry occupy an important position in Chinas manufacturing industry. China’s communications industry is rising around the world. At the critical period of the transformation and upgrading of the manufacturing industry in China, the steady and smooth development of the communication industry plays a vitally significant role in furthering the development of manufacturing industry. ZTE Corporation is one of the leading enterprises in China’s telecommunication manufacturing industry. This paper uses Harvard analysis framework to analyze the financial situation of ZTE Corporation and to comprehend the actual operation of ZTE Corporation. This paper adopts the financial statements vertical and horizontal comparative analysis, Porter five forces analysis, profitability analysis, operational capability analysis, debt-paying ability analysis, sustainable development ability analysis and other analysis methods. Through the analysis of real financial data, we can see that although ZTE accumulated a lot of capitals in the past few years, the cumulative net profit was barely profitable and the companys debt pressure was h