A股注册制全面铺开，企业上市容易退市也很快。业绩不好的垃圾股将会很快退市。未来股票将以价值投资为导向，股典钟炒股机器人系统电脑版交易系统夜做出了调整，基本面分析进行了修改，增加了估值体系。你有看过任何公司的财务报表吗？是不是觉得看懂财务报表，摸清公司体系很难，其实很简单，财务也很好学。你反复看三遍就能看懂。
每一个上市公司的质量，你觉得卖眼镜的赚钱吗？一副眼镜动辄上千元，其实成本不过百元，只有财报才会告诉你，上市公司三零零六二二叫博士眼镜。
二零一九年末，它的销售毛利率是百分之七十一点一七，也就是说一千块的眼镜它能赚七百一十一块，是不是觉得很暴力，其实不是这样的。
他的租金、物业费、水电费、广告宣传、存货减值、办公费、税费合计就占了营业收入的比值高达百分之六十。所以报表会显示他二零二零年三季度。
净资产收益率仅有百分之三点三一，而净利润只有百分之六点八七。也就是说你投一百万进去，每年只能赚回来三点三一万。
一般的理财产品都能达到百分之四到百分之五。那你是买理财还是买这只股票呢？答案显而易见，这个行业你还能选择吗？难道你比人家管理水平还高吗？
如果你认为茅台赚钱，那财报会告诉你，没错，他比你想的可能更赚钱。二零一九年末他的营收是八百八十九亿，二零二零年预计一千零六十六亿。
每年都以百分之二十的增速在扩大市场份额，销售毛利率更是高达了百分之九十。也就是说，九百六十九元经销商的拿货价成本不足百元。
茅台的净资产收益率和资产报酬率均在百分之二十五以上，也就是说你投一百块，第二年能回来二十五块，你想想为什么股价是一千七百元，值不值？
定值呀。而且关键指标利润率达到了百分之三十点九五和百分之六点八七的眼镜店比。你是开眼镜店还是卖九啊？当然这是跨行业的比较。
是让你知道如何选择哪个行业去从业或者投资创业，当然还要横向对比和纵向对比。横向对比就是和同行比。比如你看茅台，你还需要对比五粮液。
泸州老窖、口子窖、洋河等等酒业纵向就是和自己比比比以前的同期叫同比，比比上个月的叫环比，为什么要比呢？就是来判断未来。
咱们再说泸州老窖二零一五年营业收入是六十九亿，一六年八十六亿，一七年一百零三亿，一八年一百三十亿营业额每年增长率都达到了百分之二十五。这样的股票你敢买吗？
当然了，但是单看营业收入的增长还不足以判断成长空间。我们后面会说啊，咱们先看利润表，企业赚钱的机密。
咱们还说多少叫在营业收入的分析里，二零一八年末高端酒收入的比例是百分之四十多，占营业收入，而中低端酒占了百分之五十多。
到了二零二零年三年时间呀，在它的中期报表里显示，它的高端机油已经占营业收入的百分之六十二了，中低端酒只占了百分之三十多。能体会什么意思吗？
也就是说，高端酒毛利率是百分之九十一点八，低端毛利率是百分之三十三。人家一八年卖便宜货卖的多，赚的少，用了三年时间转型成功。
就卖高端货，卖高端酒这样赚的多，所以股价一年翻了一倍。再看啊b 站它的利润表中百分之五十三的收入来源于游戏。
b 站呀自己不做游戏，那它就没有核心竞争力，而b 站自己的业务如直播的打赏开的会员在b 站的总体收入中只占比百分之二十四。
对比微博百分之八十六点六的收入都来源广告毛利率甚至高达百分之八十一，净利率也高达百分之二十八。他永远是弟弟。苹果是百分之二十一，亚马逊是百分之四，腾讯是百分之二十四，微博一。
就完事儿，咱们再看现金流量表，它和利润表最大的区别是利润表的营业收入包括了没到账的钱。比如你签了合同，但是没打款，也算你的营业收入。
可现金流量表，那是真金白银啊，账面见不到钱都不计算，你觉得哪个更可靠呢？首先要看经营活动的现金流，说明了你的盈利能力。
你卖货收到多少钱？买原材料、包装品、人力成本、水电物业取暖又花了多少钱，是正还是负就能看出赚不赚钱了。比如。
中国经营现金流排名第一的，你觉得会是谁？茅台吗？no, 中国有个奇怪的现象，进钱出钱最快的是四大银行，而格力电器这么好的企业只排到第十四位。
茅台没金钱二十在反观b 站这种高速发展的互联网公司还在烧钱换客户的阶段，经营现金流非常有限，主要靠别人的钱过日子。
b 站的经营现金流啊只有两千八百万，投资现金流更是负的五点六亿。就是他一直在花钱，而筹资现金流达到了三点七点三亿。
也就是说，b 站光靠融资就融到了七点三亿，也是光靠融资活着。当年利润很好的上市公司叫怡亚通，是做供应链金融的。
表面看，利润表里年赚五年赚了二十亿，经营现金流却是负的七十五亿。一分没收回来，还留出了七十五亿。也就是说，他的资产和核心业务都是把钱给别人再收回来。
现在还没有收回来，十一块的股价直接干到了三块多，三大现金流经营现金流、投资现金流、筹资现金流，他们之间到底有什么关系呢？
经营性现金流负责造血，如果造血不够用，就要筹资，就是筹资现金流。所以企业倒闭的大部分本质原因都是因为投资发展节奏太快，规模太大。
但自身造血能力又无法支持，要靠筹资。如果给你钱的人一旦抽贷或撤资，你就死掉了。a 股的东旭某店就是这样崩掉的。
说实话这个公司是特别好的，五年一共赚到了四十八亿的真金白银，但投出去了二百四十四亿是赚到钱的五倍，于是拼命的增发找股东入股。
定增不够的话，就找银行、金融机构个人借押上了老板的身家性命，还有自己的股份。结果现在账上还有二百一十六亿的外债没还清。
投资现金流的净额一七年是负的一百零九亿。什么意思？就是本来呀投资建五个厂，一共花了二百亿，自己卖自己没用的资产才卖了九十一个亿。
那就出现了负的一百零九亿，然后真的就有人抽贷和撤资了，老板没有办法，只好倒贷找新股东融资。这样就增加了财务成本。
降低了间接的降低了造血能力。比如啊东西。某店二零二零年借了一百三十一个亿，还了一百三十六个亿，负五个亿，再加上财务成本。
他得多费钱呀。反观一七年，他是挣的四十一个亿啊，所以一七年他风光无限，高速发展，一八年被抽贷。也正因如此，股价。
从十二元跌到了二点八元，咱们再看啊，a 股三千八百左右家的上市公司中，能实现正向经营现金流的其实只有一千六百三十六家。
a 股百分之六十的公司其实从本质看都不赚钱，所以现金流量表让你分辨好的公司还有一张表叫资产负债表。
让你快速了解企业还有多少家底够他随便折腾。
效益不好可以是暂时的，鲜油不好也可以是暂时的。只要你还有家底儿，比如可口可乐的商标，如果可口可乐去做大健康食品产业，这个品牌能快速的值钱。
负债率又是一个关键的指标，我们要学会看就是用负债除以总资产。比如麦当劳、星巴克，近两年的负债率都超过了百分之百，原因是加速扩张，比如。
某山照明资产负债率只有百分之二十，看着很安全，总资产是六十九个亿，但也意味着没有什么发展空间了。再看看a 股的各种奇怪现象啊，你会非常吃惊。
不包括x t 的股票，某水股份资产负债率达到了百分之二百零八，某项环境资产负债率达到百分之一百四十三。这样的公司。你敢跟他玩吗？
传媒、银行、地产、有色金属、化工、机械分别排行平均资产负债率前六的板块。
看资产负债率很简单越好，变现的资产就会越靠到前面拍。比如第一个表一般都是货币资金，这就不用多说了，拿过来就能花，然后就是应收账款。
预付账款，然后就是固定资产无形资产了。无形资产最好变现的是土地，比如某水股份总资产三百一十九亿，借了六百六十五亿，而土地。
只有十七亿，当年的乐视最重要的资产是游戏和视频的版权。所以当它股价到了一百七十九块市值一千五百亿的时候，它的无形资产只有六个亿。
又没什么固定资产，你知道它的风险在哪儿了吗？你觉得腾讯的主要资产是什么呢？你是不是以为王者荣耀微信都不是他总资产一万亿。
其中一项资产就占了四千亿，占比达到了百分之四十呀。
这是他最重要的资产，那是什么资产呢？用美国纳斯达克的会计准则表述，叫做以公益价值计量体系变动计入当期损益的金融资产。你们是不是想问？
金融资产到底是个啥？就是腾讯投资的企业现在的价值，那腾讯都投资了哪些企业，有值多少钱呢？我来给你盘点盘点啊。
某团、滴滴和摩拜某东拼西西韦某会大众某平、鄂某某五八某某小某书某牙窦某和快手贝壳找房和某居人人车易车网，还有一个货车帮。
某低愁人，某代知乎某辅导新东方，马蜂窝每日优先和金山不完全统计啊，他投了五百家以上的大型公司。
金融资产到底是个啥？就是腾讯投资的企业现在的价值，那腾讯都投资了哪些企业，有值多少钱呢？我来给你盘点盘点啊。
某团、滴滴和摩拜某东拼西西韦某会大众某平、鄂某某五八某某小某书某牙窦某和快手贝壳找房和某居人人车易车网，还有一个货车帮。
某低愁人，某代知乎某辅导新东方，马蜂窝每日优先和金山不完全统计啊，他投了五百家以上的大型公司。
The A-share registration system is fully rolled out, and it is easy for companies to go public and delist them quickly. Junk stocks with poor performance will be delisted soon. In the future, stocks will be value-oriented. The computer version of the stock trading robot system for stock trading has been adjusted, the fundamental analysis has been revised, and the valuation system has been added. Have you read the financial statements of any company? Do you find it difficult to understand financial statements and understand the company's system? It is actually very simple and financial is easy to learn. You can understand it by reading it three times. The quality of every listed company, do you think selling glasses makes money? A pair of glasses can cost thousands of dollars at every turn, but the cost is only a hundred dollars. Only the financial report will tell you that the listed company 300622 is called Doctor Glasses. At the end of 2019, its gross profit margin was 71.17%, which means it can make 711 yuan for 1,000 yuan of glasses. Does it feel very violent, but it’s not like that? . His rent, property fees, utilities, advertising, inventory impairment, office expenses, and taxes together accounted for up to 60% of his operating income. So the report will show him the third quarter of 2020. The return on net assets is only 3.31%, while the net profit is only 6.87%. In other words, if you invest 1 million in it, you can only earn 33,000 back every year. General financial products can reach 4% to 5%. So are you buying money management or this stock? The answer is obvious, can you still choose this industry? Are you better than others in management? If you think Moutai makes money, then the financial report will tell you that, yes, he may make more money than you think. At the end of 2019, his revenue was 88.9 billion, and in 2020 it is expected to be 106.6 billion. Every year, the company is expanding its market share with a growth rate of 20%, and its gross profit margin is as high as 90%. In other words, the cost of the 969 yuan dealer's price is less than one hundred yuan. Maotai’s return on equity and return on assets are both above 25%, which means that if you invest 100 yuan, you can return 25 yuan in the next year. Think about why the stock price is 1,700 yuan. , Worth it? Fixed value. And the key index profit margin reached 30.95% and 6.87% of the optical shop ratio. Do you open an optical shop or sell nine? Of course this is a cross-industry comparison. It is to let you know how to choose which industry to work in or invest in and start a business. Of course, horizontal and vertical comparisons are necessary. Horizontal comparison is to compare with peers. For example, if you look at Maotai, you also need to compare Wuliangye. The wine industry of Luzhou Laojiao, Kouzijiao, Yanghe and so on is compared with itself compared with the same period in the past, and compared with the previous month, it is called the chain comparison. Why is it compared? Just to judge the future. Let’s say that Luzhou Laojiao’s operating income in 2015 was 6.9 billion, 8.6 billion in 2016, 10.3 billion in 2017, and the annual growth rate of turnover reached 13 billion in 2018. That's 25%. Do you dare to buy such stocks? Of course, but just looking at the growth of operating income is not enough to judge the growth space. We will talk about it later, let’s first look at the profit statement, the secret of making money for a company. Let's also say how much it is in the analysis of operating income. At the end of 2018, the proportion of high-end wine income was more than 40%, accounting for operating income, while low-end wine accounted for more than 50%. In the three years of 2020, its mid-term report shows that its high-end motor oil has already accounted for 62% of its operating income, and the low-end and medium-end liquor accounts for only over 30%. Can you understand what it means? In other words, the gross profit margin of high-end wine is 91.8%, and the gross profit margin of low-end wine is 33%. In 2018, they sold more cheap goods and made less money. It took three years to make a successful transformation. Selling high-end goods and selling high-end wine makes a lot of money, so the stock price has doubled in a year. Look again at station b. 53% of its income in the income statement comes from games. If station b does not make games by itself, then it has no core competitiveness, and the members of station b’s own business such as live broadcast rewards only account for 24% of the total income of station b. In contrast, 86.6 percent of Weibo's revenue is derived from advertising gross profit margin, even as high as 81%, and net profit margin is as high as 28%. He will always be the younger brother. Apple is 21%, Amazon is 4%, Tencent is 24%, and Weibo is 1. When it's over, let's look at the cash flow statement. The biggest difference between it and the profit statement is that the operating income of the profit statement includes the money that has not arrived. For example, if you sign a contract, but don't make any payment, it will count as your operating income. But the cash flow statement is real money. It doesn't count if you don't see the money in the book. Which one do you think is more reliable? First, look at the cash flow from operating activities, which shows your profitability. How much do you receive for selling goods? How much money is spent on raw materials, packaging products, labor costs, and water, electricity, and property heating? Whether it is positive or negative can tell whether it makes money. such as. China ranks first in operating cash flow. Who do you think it will be? Moutai? no, there is a strange phenomenon in China. The four major banks are the fastest to get in and out of money, and Gree Electric is only ranked 14th. Moutai has no money 20. In contrast, the fast-growing Internet company at station b is still in the stage of burning money for customers, with very limited operating cash flow and mainly relying on other people's money. The operating cash flow of station b is only 28 million, and the investment cash flow is even more negative 560 million. It is that he has been spending money, and the cash flow of fundraising has reached 373 million. In other words, station b has raised 730 million yuan by financing alone, and it is also living by financing alone. The listed company with good profits that year was called Eternal Asia, which was engaged in supply chain finance. On the face of it, the income statement has earned 2 billion in five years, but the operating cash flow is negative 7.5 billion. No cent was recovered, and 7.5 billion was set aside. In other words, his assets and core business are all given to others and then recovered. It has not yet been recovered. The stock price of eleven yuan has directly increased to more than three yuan. What is the relationship between the three major cash flows: operating cash flow, investment cash flow, and financing cash flow? Operating cash flow is responsible for hematopoiesis. If hematopoiesis is not enough, funds must be raised, which is the cash flow of financing. Therefore, most of the essential reasons for the failure of enterprises are because the pace of investment development is too fast and the scale is too large. But it cannot support its own hematopoietic ability, so it depends on financing. If the person who gave you the money draws a loan or withdraws capital, you will die. This is how a certain Dongxu store in A-share collapsed. To be honest, this company is very good. It has made a total of 4.8 billion real gold and silver in five years, but the investment of 24.4 billion is five times the money, so it desperately seeks shareholders to buy shares. If the fixed increase is not enough, you will find banks and financial institutions to borrow your boss's life and own shares. As a result, there are still 21.6 billion foreign debts that have not been paid off. The net investment cash flow was negative 10.9 billion in 2017. What do you mean? It was originally invested and built five factories, which cost a total of 20 billion yuan, and only sold 9.1 billion yuan by selling their useless assets. Then there was a negative 10.9 billion, and then some people really took out loans and divestments. The boss had no choice but to reverse the loan to find new shareholders for financing. This increases the financial cost. Reduced indirectly reduces hematopoietic capacity. Like something. A store borrowed 13.1 billion in 2020, and repaid 13.6 billion, minus 500 million, plus financial costs. He costs much money. On the other hand, in 2017, he earned 4.1 billion, so in 2017 he had a brilliant and rapid development, and in 18 he was loaned out. Because of this, the stock price. It fell from 12 yuan to 2.8 yuan. Let’s look at it again. Among the 3,800 listed companies with A-shares, only 1,636 can achieve positive operating cash flow. A 60% of the shares of the company are actually not profitable by nature, so the cash flow statement allows you to distinguish a good company and there is another table called the balance sheet. Allows you to quickly understand how many assets the company has enough for him to toss casually. Poor benefits can be temporary, and bad fresh oil can also be temporary. As long as you still have a family background, such as the Coca-Cola brand, if Coca-Cola goes into the health food industry, this brand can quickly become valuable. The debt ratio is another key indicator, we have to learn to see that is to divide the debt by the total assets. For example, McDonald's and Starbucks, the debt ratio in the past two years have exceeded 100%, the reason is accelerated expansion, for example. The asset-liability ratio of Moushan Lighting is only 20%, which looks very safe. The total assets are 6.9 billion, but it also means that there is no room for development. Look at the various strange phenomena of a-shares, you will be very surprised. Excluding the stocks of x t, the asset-liability ratio of a certain water company reached 208%, and the asset-liability ratio of an environmental asset reached 143%. Such a company. Do you dare to play with him? Media, banking, real estate, non-ferrous metals, chemicals, and machinery respectively ranked the top six sectors with average asset-liability ratio. The simpler the debt-to-asset ratio, the better, the closer the realizable assets will be. For example, the first table is generally monetary funds, so it goes without saying that you can spend it when you take it, and then it is the accounts receivable. Prepaid accounts, then fixed assets and intangible assets. The best realisation of intangible assets is land. For example, a certain water company has a total asset of 31.9 billion, borrowed 66.5 billion, and land. Only 1.7 billion, the most important asset of LeEco back then was the copyright of games and videos. So when its stock price reached 179 yuan and a market value of 150 billion yuan, its intangible assets were only 600 million yuan. There are no fixed assets. Do you know where the risks are? What do you think are Tencent's main assets? Do you think that WeChat is not his total assets of one trillion yuan? One asset accounted for 400 billion yuan, accounting for 40% of it. This is his most important asset, what is that asset? Expressed in the American Nasdaq accounting standards, it is called financial assets that are included in the current profit and loss based on changes in the public welfare value measurement system. Do you want to ask? What exactly are financial assets? It is the current value of the companies invested by Tencent. What companies have Tencent invested in and how much are they worth? Let me take inventory for you. A certain group, Didi and Mobike, a certain Dongfangxixiwei, a public meeting, a certain group of people, a certain number of books, a certain tooth, and a fast hand shell looking for a house and a certain Jurenrencheyiche.com, and A truck gang. A certain low-worry person, a certain generation knows that a certain tutoring New Oriental, hornet's nest daily priority and Jinshan incomplete statistics, he has invested in more than 500 large companies.
