DuPont analysis: what is the investment value of Anyang Iron and Steel Co., Ltd?

DuPont analysis

Is one of the most exemplary financial target understanding skills , In a nutshell , It is used to evaluate the balance ability of an enterprise and the degree of shareholder power reporting , An ability to evaluate the performance of enterprises from a financial point of view . After DuPont analysis , We might as well analyze the three aspects of controlling the financial situation of enterprises ：1、 Is there any balance in the business transaction 2、 How effective is the use of corporate property 3、 Whether the enterprise's debt undertaking can survive or not , This is also the essence that many stock addicts need to contact before becoming a shareholder .

Its basic thinking is from the rate of return on enterprise net property （ROE） leave , Understand step by step as the product of multiple financial ratios , And then accurately find the components that affect the temporary return on net property of the enterprise , So except that corporate finance is often interpreted by DuPont analysis , A few enterprises HR Some commonly used... Will also be drawn up through the disassembly of DuPont analysis KPI The goal is , For example, net cost 、 Sales revenue 、ROA and ROE etc. .

One 、 Net profit margin ：

2020  The annual net profit margin of Anyang Iron and Steel Co., Ltd  0.72%, Higher than the average value of the main board of the industry , Higher than the average value of the new third board . Net profit margin refers to the percentage of net profit from operation in net sales , Or as a percentage of the invested capital . This percentage can comprehensively reflect the operating efficiency and profitability of an enterprise or an industry . Increasing the net profit margin can increase the net asset liability ratio , Make the company reach the optimal operation mode . There are two ways to improve the net profit margin ： Increase the bargaining power of the company or reduce costs .

Two 、 Turnover of total assets ：

2020  The annual turnover rate of total assets of Anyang Iron and Steel Co., Ltd  81.02%, Higher than the average value of the main board of the industry , Higher than the average value of the new third board . The total asset turnover rate is the ratio of the net sales revenue of an enterprise in a certain period to the average total assets , It is an indicator to measure the ratio between the scale of asset investment and the level of sales . It reflects the company's utilization efficiency of total assets . When the gross profit margin cannot be effectively increased , Enterprises can achieve a better return on net assets by increasing the turnover speed of total assets .

3、 ... and 、 Equity multiplier ：

2020  In, the equity multiplier of Anyang Iron and steel was  4.0, Higher than the average value of the main board of the industry , Higher than the average value of the new third board . The equity multiplier reflects the size of an enterprise's financial leverage , The greater the equity multiplier , It shows that the smaller the proportion of capital invested by shareholders in assets , The greater the financial leverage . It is mainly affected by the asset liability ratio , However, relevant risk factors should also be taken into account , Such as ： Repayment risk 、 Capital turnover risk, etc .

The enterprise investment value score of Anyang Iron and Steel Co., Ltd ：

Evaluated by Tami dog enterprise growth evaluation system ： Anyang Steel's growth score  572, Has surpassed the Tamil dog database in the industry  98% The enterprise , Has surpassed the whole industry  73%  The enterprise . The level of enterprise growth is  A-. Compared with industrial enterprises of the same scale , The growth score of the enterprise is much higher than the industry average , Have high growth . At present, the enterprise is entering a period of prosperity and development , The indicators of enterprise growth are higher than the market average , Significant growth . Compared with other listed companies and new third board enterprises , Anyang Iron and steel has a leading growth score  73%  The enterprise . According to the company's historical data , By using absolute valuation method and relative valuation method , Its valuation  2021  The annual total intrinsic value range is  225.32  One hundred million yuan  ～ 28734.0  One hundred million yuan , The investment value grade of the enterprise is  A3.

Enterprise capability analysis of Anyang Iron and Steel Co., Ltd ：

One 、 Operational capacity

Operating capacity refers to the constraints of an enterprise based on the external market environment , The size of the effect on the realization of financial objectives through the allocation and combination of internal human resources and means of production , Including inventory turnover 、 Turnover rate of accounts receivable 、 Three indicators of accounts payable turnover , The greater the turnover , Indicates that the more efficient the asset is used , The more operational .

Inventory turnover ：3.21（ Time ）;2020  year , The inventory turnover rate of Anyang Iron and steel is  3.21（ Time ）, Higher than the average value of the main board of the industry , Higher than the average value of the new third board . It reflects that the inventory turnover speed of the enterprise is slow . In the past three years , The inventory turnover rate of the enterprise has decreased , The descent speed is slow , It shows that the efficiency of the company's capital use has decreased .

Turnover rate of accounts receivable ：57.63（ Time ）;2020  year , The turnover rate of accounts receivable of Anyang Iron and steel is  57.63（ Time ）, Higher than the average value of the main board of the industry , Higher than the average value of the new third board , It indicates that the turnover speed of enterprise accounts receivable is slow . In the past three years , The turnover rate of accounts receivable has increased , The rising speed is very fast , It shows that the management level of enterprise accounts receivable has been improved .

Turnover of accounts payable ：0.0（ Time ）;2020  year , The turnover rate of accounts payable of Anyang Iron and steel is  0.0（ Time ）, Higher than the average value of the main board of the industry , Higher than the average value of the new third board . In the past three years , Whether the turnover rate of accounts payable has increased , No, the growth rate is slow . This indicator is high , It means that the company takes up less of the supplier's payment , High credit level , Strong debt paying ability , But it may also indicate that the supply of raw materials is in short supply or even tight , There is a possibility that the upstream supplier may require rapid payment collection . contrary , This indicator is low , It means that the supplier's payment for goods is high , There is certain repayment pressure , But it indicates a stronger bargaining power for upstream enterprises .

Two 、 Profitability

Profitability refers to the ability of an enterprise to make profits , Also known as the capital or capital appreciation capability of an enterprise , Including gross profit margin on sales 、 Net interest rate on sales 、 Three indicators of return on shareholders' equity , The larger the index value, the better the profitability of the enterprise .

Gross margin on sales ：10.26%;2020  year , The gross profit margin of Anyang Iron and steel is  10.26%, Higher than the average value of the main board of the industry , Higher than the average value of the new third board , It indicates that the company has good profitability . In the past three years , The gross profit margin of enterprise sales has increased , The rising speed is slow . The influencing factors of sales gross profit margin are complex , It should be analyzed together with other indicators to accurately estimate the profitability of the enterprise .

Net interest rate on sales ：0.72%;2020  year , The net profit margin of Anyang Iron and steel is  0.72%, Higher than the average value of the main board of the industry , Higher than the average value of the new third board , It shows that the profitability of the enterprise is good . In the past three years , The net profit margin on sales of enterprises has decreased , The descent speed is slow . This indicator is high , It indicates that the enterprise is increasing the sales revenue at the same time , Control the increase of cost , High internal operating efficiency , The profitability is good . conversely , Profitability is not good .

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