The Road to Rebirth Finance

Chapter 168 Three Important Points for Understanding Financial Reports

On Tuesday morning, Gu Junhao came to the company; there were already a lot of documents in the office. Recently, it was a period of frequent financial reports, and major listed companies successively released their performance expectations for the first half of the year.

In addition to the individual stocks currently held by the fund, Gu Junhao will pay attention, and the market intelligence department will also be required to collect more individual stocks with outstanding performance or particularly strict losses.

As for the intelligence analysis of the fund's holdings, Gu Junhao chose to confuse these analysis targets, and this is also to keep it as confidential as possible.

Every private equity company has a confidentiality system, and relevant employees will also sign some confidentiality agreements when they start their jobs. However, in any case, fund positions are within the scope of company confidentiality before they are officially announced, and it is best to avoid opening positions outside the period vent.

Since the expansion of the market intelligence department, Gu Junhao has positioned him not only to collect well-known news including financial reports, but also to conduct research and market analysis; to lay the foundation for Junshi Capital to have its own R&D team in the future.

Therefore, they will also collect a large number of research reports for analysis, and will send research teams to relevant companies when necessary.

On the evening of July 7, Yin Zhijie, Dongfang Fortune, and Tong Huashun successively released their performance forecasts for the first half of the year; Yin Zhijie’s net profit attributable to shareholders of listed companies fell by 14% to 20% compared with the same period last year, and the profit was 50 million to 250 million yuan. Dongfang Fortune turned losses into profits in the first half of the year, and its profit is expected to be between 400 million and 3000 million yuan, compared with a loss of 3500 million yuan in the same period last year.

Tong Huashun also turned losses into profits, and the profit was expected to be between 1000 million and 1300 million yuan. After leaving Tong Huashun's analysis report behind, Gu Junhao came to the trading room with two reports from Yin Zhijie and Dongfang Fortune.

"Yin Zhijie and Dongfang Fortune's performance forecast for the first half of the year has been released, what do you think?" Still adhering to the habit of cultivating mature talents, Gu Junhao asked the three of them.

Xu Jianqing took the lead and said: "I've seen Yin Zhijie, his performance has not changed much, and the decline in profit is mainly due to the increase in R&D expenditure. This is a good thing; a company willing to invest in R&D funds can be regarded as pursuing .

Besides, the two companies that were reorganized and acquired last time are the growth points of his future profitability. As for the first half report, it is not so important, what is important is the performance of the two companies after the consolidated statement. "

"That's a good point, then what?" Gu Junhao nodded and said, to become a qualified investor, analyzing its pros and cons from the financial reports of listed companies is a necessary foundation.

Professional investors and fund managers can even find out from the financial reports of listed companies whether they are exaggerated or even fake. The financial reports of listed companies may not necessarily help us find big bull stocks, but through the understanding of financial reports, they can be used to judge Listed companies' operating capabilities can be used as a reference to make a decision-making basis for investing in stocks.

For ordinary shareholders, few people can fully understand the financial reports of listed companies; however, there are three indicators that can be used as important references: The first is its revenue and net profit. Profit is an important core supporting the stock price of listed companies.

Buying stocks is based on expectations. Changes in net profit often affect changes in its price-earnings ratio. In addition to net profit, revenue is also very important. Revenue growth, poor net profit can be caused by short-term fluctuations in performance or external factors , but if the revenue drops significantly, you have to be very careful.

The second is to look at its cash flow, which is an important indicator to find out whether a listed company is suspected of financial fraud, and whether a company's cash flow matches its net profit; if the net profit is too high, but the cash flow cannot keep up, it is not The real cash flow into the company's account is likely to be just book profits.

In this case, there may be suspicion of financial fraud. In addition, if a company has a large amount of accounts receivable or inventory, these are hidden dangers to financial security. An excellent company must have sufficient cash flow support.

The third point is to look at the asset-liability ratio. There is nothing to say about this. Whether it is a company or an individual, the debt owed, the pressure and ability to repay, and the risks of the general environment all need to be paid attention to; as for the debt Composition, you need to focus on short-term liabilities, which is the greatest pressure to repay.

Regarding Gu Junhao's question, Xu Jianqing seemed to be well prepared: "In addition to the influence of the GEM, Yin Zhijie's previous pullback should also be due to the reason for this report. I guess the main funds want to take advantage of the decline in the financial report. It's bad to do a dishwashing.

So I guess that Yin Zhijie should still have another drop. It would be even better if it can be done today, taking advantage of the bad news, and from a technical analysis, Yin Zhijie is about to support it. At this time, we can start slowly Opened a position. "

"Okay, not bad; there is progress, since you think you can start building positions gradually, then do it, there is only one requirement, to fill up the positions before the end of the month.

Note that the positions here are all filled except for your 200 million short-term funds that can be operated, understand? "Looking at Xu Jianqing who was talking eloquently, Gu Junhao finally felt relieved.

From the time Xu Jianqing faced his own inquiry, he could also see that after the research report came out last night, he had already conducted a detailed and thorough analysis. This was not the job of their traders, but he did it anyway.

"What about you, Ruoyu, what do you think of Dongfang Fortune's financial report?" After asking Xu Jianqing, Gu Junhao asked Wang Ruoyu again.

"Dongfang Fortune and Tong Huashun belong to the same industry, and the similarities are very high. In fact, they can be combined to analyze their financial reports. This year, Tong Huashun has also turned losses into profits, which shows that the industry is improving.

Past financial reports don’t represent much. Emerging industries depend on their subsequent businesses. From the analysis of specific businesses, with the promotion of 4G networks, I think it will become more and more convenient for investors to speculate in stocks in the future. The apps of these two companies will be Become Zhi Xiaobao and WeChat among shareholders. "

"The reason? There are many similar software in the market, why do you think they will lead the industry?" Gu Junhao asked again.

"Competitive advantage. As an Internet company, popularity is very important. With popularity and first-mover advantage; and from the perspective of business model, as long as he does not lose the chain, this advantage will always be maintained."

Dongfang Fortune's financial report also focused on the development of some subsequent businesses. Although there was no specific explanation, Gu Junhao knew that the company would develop into self-operated business in the future.

At present, the nature of the two companies is similar, but in the subsequent development, from the perspective of business structure, the two companies are still very different. Although there is a certain competitive relationship, fundamentally, the two companies The companies are slowly on different tracks.

Tong Huashun is more of a platform, using the advantages of traffic to provide transactions for most brokerages. Simply put, it can be regarded as a certain group in the stock market.

And Dongfang Fortune focuses more on Internet financial services, has its own brokerage license, and takes advantage of scarcity to engage in securities and fund agency sales. His competitors are more about third-party fund sales platforms and traditional brokerages.

The focus of the two is different, but relatively speaking, Dongfang Fortune's ambition is greater than Tonghuashun's, and he can eat whatever he wants; of course, this is also related to the different development opportunities of each company.

As for Dongfang Fortune's purchase plan, if there are no changes, it will still be implemented according to the original plan. After all, his semi-annual financial report forecast is not particularly eye-catching.

At 9:25, the two cities continued to open lower yesterday. The Shanghai Composite Index opened at 2065.65 points, and the ChiNext Index opened at 1364.08 points. Yin Zhijie, which rose yesterday, opened 0.78% lower due to the impact of the financial report.

Dongfang Wealth and Xibu Securities all opened slightly higher, up by a penny; among the four supported positions, only Xibu Securities has not announced its financial report.

However, his financial report does not seem to be that important. What the market pays more attention to is the progress of its private placement; besides, the stock market was sluggish in the first half of the year, and the performance of securities companies can also be imagined.

After the daily limit yesterday, Wanan Technology opened at 11.88 yuan today, an increase of 4.58%, and 2372 lots were traded in call auctions, with a turnover of 281.79 million yuan.

"The big order has started to be smashed. Maybe it's the insider funds that sneaked in last week. If that's the case, then let me help you." Gu Junhao said with a smile, and placed a half position of 4500 lots at the flat price. of the sell order.

Although this kind of situation is not uncommon in the stock market, even under the strict supervision of later generations, it happens from time to time, but if I catch up, I have the ability to temporarily affect the stock market.

As Xu Jianqing said, it can't change anything, but at least it will make it easier for you to ship the goods.

At 9:30, the transaction started. Gu Junhao's 4500-lot sell order was the largest sell order so far, and the price listed was low, so naturally it was the priority to close.

I don't know where the funds came from, Wanan Technology also had a big buy order at the opening of the market, with more than 400 million funds, 11.82 yuan and 3477 lots of big buy orders, taking over Gu Junhao's chips.

Except for this big order, the rest of the buying orders were all less than 200 lots. The share price of Wanan Technology, which was unable to receive orders, also quickly fell to 11.62 yuan. At this time, there were more than 500 lots of buying orders, but it was only Only one stroke.

At 9:33, after 3 minutes of volatility, Wanan Technology briefly rebounded to the price of 11.80 yuan, but it only lasted for less than 11.80 seconds above the price of 10 yuan, and once again ushered in nearly a thousand sell orders.

But this sell order no longer belongs to Gu Junhao. Except for the 4500 lots that were traded at the opening stage of the 3477 lots of sell orders, the rest were all paid in this 3-minute period, with an average transaction price of 11.70 yuan.

3分钟的交易时间内4500手卖出筹码，总计回笼资金530.67万元；而此时万鞍科技的股价已经从11.80元直线式的跌落至11.50元价位。

"The amount of orders received is not enough, I have to kneel today." Gu Junhao stared at the trading order and sighed. It's a pity that the transaction volume is not enough, otherwise it would not be as simple as placing a half position in the morning.

　Some book friends asked to add a group, but few people read it. I didn’t want to create a group at first, but after thinking about it, I’d like to create one. The group number has been uploaded to the introduction.

　　
　
(End of this chapter)