Collect
Check out my collection
0
Useful +1
China Daily
Chinese words
The meaning of Zhongbao is divided into two kinds: 1. The ancient court
Government organ
. 2. Generally refers to the interim report of a listed company, the financial statements of the company for the first half of the year announced by the company.
- Chinese name
- China Daily
- spelling
- En Polembao
- Foreign name
- Interim statements
- Meaning 1
- Ancient times Imperial court gazelle
- Meaning 2
- The company released its financial statements for the first half of the year
catalogue
1. Official newspapers of the ancient court.
2. Report to the court.
[1]
3. The company's published financial statements for the first half of the year.
Only once a year, mostly published in July and August, can be viewed at F10 in the trading software; The annual report is also published only once a year, about two or three months at the beginning of the year, and you can pay attention to the announcement of the stock exchange. The annual report and semi-annual report only have a reference and auxiliary role in investment operations, so that you can understand the company's operation, profit, debt and assets, and there is also the existence of fraud.
According to the Measures for the Administration of Disclosure of Listed Companies, Article 13, the annual report shall be prepared and disclosed within four months from the end of each fiscal year, and the interim report shall be prepared and disclosed within two months from the end of the first half of each fiscal year.
[2]
The interpretation method of the report
The purpose of the company's interim report is to help investors predict the full year performance by publishing the interim report because there is too much time between the two annual reports. So we investors must look at the interim results with a view to development, not just to care about the static data.
For investors, to understand the development of the company through the report, the following issues must be clarified:
one Interim results are only part of the full year's results, but they are not half the story.
Although they are 1/2 relationship in terms of time, they are not strictly 1/2 relationship in terms of accounting substance. Many accounts of listed companies are processed in the accounting year as the basis for recognition, measurement and reporting. For example, if the listed company calculates the investment income of the subsidiary holding 20% on the cost method, this income can only be received or determined by the end of the year, so it cannot be shown in the interim report.
two The impact of seasonality of sales on half-year performance
The production and sales of many companies are seasonal, and if the business performance is in the first half of the year, the performance of the first half of the year will exceed that of the second half, such as refrigerators, air conditioners, etc. On the contrary, the second half of the year will exceed the first half of the year, such as hydropower, the first half of the dry period. In addition, companies generally prefer to carry out equipment maintenance in the off-season, which makes the performance difference between the off-season and the peak season even greater.
Three. The influence of macroeconomy on microeconomy has a lag
Although the stock market will respond to the macro economy immediately or in advance, the macro economy has a lag effect on the performance of listed companies, and the degree of lag of listed companies in different industries is not the same. For example, although the bank announced the interest reduction, most of the debt of listed companies has predetermined interest and time, so it will not reduce the company's interest repayment pressure in the short term.
Four. Interim reporting period and continuity of production and operation
The stage of the interim report determines that its performance in the same period of the previous year is the most comparable, but it is easy to ignore the continuity of production. Since the first half of the year and the second half of the previous year are continuous in time, we should compare with the same period of the previous year, but also with the performance of the second half of the previous year to see the development trend revealed.
After eliminating the influence of the above factors, we can comprehensively examine the company's interim report, focusing on the following aspects:
one Look at the reality of the benefits
If the company's performance in the first half of the year has a large increase compared with the same period of the previous year, and the inventory and accounts receivable show a downward trend, the company's operating condition is good; On the contrary, if the inventory and accounts receivable are on the rise, the company's performance will be greatly discounted.
two See the dynamics of your liabilities
The size of the debt is directly related to the company's operating ability, neither too high nor too low, generally maintained at 50-60% is more appropriate, of course, different industries have a great difference, such as good liquidity retail industry its debt ratio can even reach 80%. If the long-term liabilities of the company grow rapidly in the interim report, the company may have the willingness to increase capital and share; If short-term liabilities grow too fast, the company's dividend at the end of the year cannot be very high expectations.
Three. Look at the potential profit and loss
The possibility of potential profit and potential loss is analyzed mainly through the change of the net value of the company's fixed assets and deferred assets. If the company's accumulated fixed assets and deferred assets show a steady trend, it indicates that the company has not provided for and transferred depreciation expenses in time, and the company has the possibility of latent loss and profit reduction. On the contrary, the company's profits are reliable and even have the possibility of potential profit.
Four. Look for contingencies
In the analysis of the company's financial information, but also read the text report in the newspaper, from which to see the company's various "may happen" "contingent" events.
Five. Use of funds raised
For the company that has just increased its capital and shares, there are roughly two situations when the use of the raised funds is described in the interim report: 1. Change the purpose of the fundraising commitment. 2. It is not implemented according to schedule. These two situations are complex, and the analysis must be centered on whether new profit growth can be generated.
Six. Allocation of funds in place
The level of the placement of funds is directly related to the development of the company, although the company will issue a separate announcement of share capital changes, but not combined with the annual report, investors are easy to ignore, which is important to pay attention to reading the report.
The interim report does not need to be audited by certified public accountants, which greatly reduces the reliability of the information provided by the interim report, and the preparation of the interim report has a greater randomness, so investors should be extra cautious when reading the interim report.
