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1、Financial analysis course workGuangzhou Baiyunshan Pharmaceutical Co.,Ltd.2010 Annual Report Analysis International Institute of Accounting 0803 TeammembersAnalysisOutlinen1.Introductionn2.Commonratioanalysisn3.RelatedRatioAnalysisn4.ComparativeAnalysisofcompetitorsn5.Conclusions1.Introduction(1)Bas
2、icinformationofcompanynChineseCompanyName:GuangzhouBaiyunshanPharmaceuticalCo.,Ltd.nNameinEnglish:GuangzhouBaiyunshanPharmaceuticalCo.,Ltd.nChineseabbreviationofthecompany:BaiyunshanPharmaceuticalnCompanyabbreviation:BYSnLegalrepresentative:Mr.XieBinnBoardSecretary:Mr.QiaoYongnAddress:BaiyunDistrict
3、,GuangzhouCity,GuangdongProvince,andthestreetwith88YunxiangRoadnPhone:020-87062599Fax:020-87,063,699nE-mail:nSecuritiesAffairsRepresentative:MissGaoYanzhunAddress:BaiyunDistrict,GuangzhouCity,GuangdongProvince,andthestreetwith88YunxiangRoadnPhone:020-87062599Fax:020-87,063,699nE-mail:1.Introduction(
4、2)CompanyBusinessDescriptionGuangzhouBaiyunshanPharmaceuticalCo.,Ltd.Establishedin1973,1992,GuangzhouMunicipalPeoplesGovernmentof11menstrualapprovedbytheGeneralPharmaceuticalFactory,GuangzhouBaiyunMountain,suchastheestablishmentoffivejoint-stockcompaniesthroughtherestructuringofenterprises,inNovembe
5、r1993asthefirstbatchofGuangzhouCityListedcompanieslistedontheShenzhenStockExchange,nowhastotalsharecapitalof469million.Salesvolumein2007reached3.61billionyuanin2008salesvolumeofover4billionyuan.?companyfocusedonthepharmaceuticalindustry,thebusinessincludestheproductionandmanagementofavarietyofdosage
6、formsofChineseandWesternmedicine,chemicalrawmaterials,externaluse,childrensmedicine,healthmedicineandotherdrugs.Afteryearsofdevelopment,undertheWhiteCloudMountainatotalof12membercompanies,haveallpassedthenationalGMP,GSPcertification,GuangzhouBaiyunMountainInnovationCentreChemicalPharmaceuticalEngine
7、eringTechnologyCenterinGuangdongProvince.?thecompanyovertheyearstobrandbuilding,establishingthefirstpharmaceuticalpreparationsinthecountryoneofthebrand,itsbrandawarenessandreputationamongconsumersinthecountryhasastronginfluence.2006WhiteCloudMountaintrademarkwasidentifiedaswell-knowntrademarksinChin
8、ain2007,wasidentifiedasfocusontraininganddevelopmentofexportsofGuangdongProvinceFamousBrandtitlebrandvaluein2008wasassessedtobe10.52billionyuan.Business:development,production,salesofChineseandWesternmedicine,chemicalrawmaterials,externaluse,childrensmedicine,healthmedicine.Operationofcommercialandm
9、aterialsupplyandmarketing.Operatingvarioustypesofgoodsandtechnologyimportandexportbusiness(exceptfornationallimitandprohibition).Managementandfeedprocessingandthethreetofillabusiness.Productionoftwotypesofclinicaltestingoftheinstrumentsanddiagnosticreagents.1.IntroductionMainoperationsbyindustrySub-
10、industryorproductRevenueOperatingcostsGrossmargin(%)OperatingincomeoverlastyearOperatingcostoverlastyearGrossmarginoverlastyearChemicals,pharmaceuticalrawmaterialsmanufacturingindustry43,678.3539,405.269.78%26.74%30.63%-2.69%Chemicalpreparationsmanufacturing193,184.22116,208.4339.85%22.67%15.09%+3.9
11、7%ChineseherbalmedicinesandtraditionalChinesemedicineprocessingindustry82,040.3554,892.2433.09%6.48%17.72%-6.39%OtherPharmaceuticalManufacturing614.93624.58-1.57%-12.17%-31.42%+28.51%Pharmaceuticalcommoditycirculation5,684.952,449.0056.92%5.29%9.46%-1.64%Total325,202.80213,579.5134.32%18.22%18.06%+0
12、.09%(3)2010annualoperatingresultsUnit:million一、公司介绍(3)annualoperatingresultsin2010Unit:millionMainbusinessbyproductAmoxicillin22,265.9111,471.4648.48%-3.41%6.01%+1.43%Qingkailing27,359.7613,684.5249.98%25.72%34.64%-3.32%YiliKeteling20,778.7618872.159.18%5.49%9.76%-3.53%Cephalosporinsulfideinjection2
13、6,499.1513781.0147.99%29.23%37.18%-3.02%Cefixime14,685.914273.9970.90%23.27%20.45%+0.69%CeftriaxoneAPI12,737.8312920.93-1.44%54.41%59.96%-3.52%Cefuroxime10,073.589716.133.55%13.71%16.86%-2.60%(3)2010annualmainbusinessregionsUnit:millionRegionRevenueOperatingincomeoverlastyearSouthChina153171.5715.95
14、%EastChina40378.8130.20%NorthChina39083.7439.35%Northeast11390.0611.15%Southwest28585.8134.39%Northwest4986.6223.38%CentralChina47606.19-1.58%Total325202.818.22%二、共同比分析ComparisonofaccountingdatacalendarUnit:Yuan201020092008Totaloperatingincome3,316,861,029.182,795,105,546.582,635,870,540.72Grossprof
15、it257,089,118.33117,617,343.45115,966,090.00Netprofitattributabletoshareholdersoflistedcompanies204,736,590.14107,765,675.4376,407,343.62DeductionattributabletoshareholdersoftheCompanysnetnon-recurringgainsandlosses163,981,242.9349,316,518.0838,644,489,063.00CashflowfromoperatingactivitiesNet327,214
16、,424.47300,141,134.1683,532,831.99Theendof2010Theendof2009Theendof2008Totalassets3,055,310,511.652,945,054,275.462,814,309,427.45Thereforeattributabletoshareholdersoflistedcompaniestherightsandinterests1,106,532,618.04912,534,940.30804,974,766.55Equity(shares)469,053,689.00469,053,689.00469,053,689.
17、002.CommonratioanalysisLongitudinal analysis of the common ratio Balance SheetAssetsDecember 31,2010 December 31,2009 December 31,2008 Totalcurrentassets50.05%49.67%45.76%Totalnon-currentassets49.95%50.33%54.24%Totalassets100.00%100.00%100.00%TotalliabilitiesandequityDecember 31,2010 December 31,200
18、9 December 31,2008 Totalcurrentliabilities56.90%62.29%63.55%Totalnon-currentliabilities4.97%4.83%6.03%TotalLiabilities61.87%67.13%69.58%Totalequity38.13%32.87%30.42%Totalliabilitiesandequity100.00%100.00%100.00%2.CommonratioanalysisLongitudinal analysis of the common ratio Income StatementIncomeStat
19、ementDecember 31,2010 December 31,2009 December 31,2008 Revenue100.00%100.00%100.00%Operatingcosts65.00%65.41%67.40%Businesstaxandsurcharges0.73%0.90%0.83%Sellingexpenses15.46%16.84%15.16%Managementfees11.25%12.07%11.31%Financecosts1.57%2.28%3.62%Impairmentofassets0.10%0.63%0.58%Operatingprofit7.19%
20、3.03%2.77%Grossprofit7.75%4.21%4.40%Netprofit6.60%4.34%3.19%2.CommonratioanalysisnSummaryoflongitudinalanalysisofthecommonratioCompanyformorerationaluseoffundsinthefuturedevelopmentofthedebtthecompanyisfacingdown,thecompanyincreasedmobility,improvedabilitytorepaythedebt,theenterprisesreputationismor
21、esecure.Companyattachesimportancetotheuseofnewtechnologies,improvetheinternalmanagementmorestreamlined,bettercustomerservice.Netincomeincreasedtoincreasetheeffectivenessofthecompany,theinvestorshavemoreconfidenceinthestability.2.CommonratioanalysisAssetsDecember31,2010December31,2009December31,2008T
22、otalcurrentassets118.72%113.56%100%Totalnon-currentassets99.99%97.12%100%Totalassets108.56%104.65%100%TotalliabilitiesandequityDecember31,2010December31,2009December31,2008Totalcurrentliabilities97.19%102.57%100%Totalnon-currentliabilities89.57%83.86%100%TotalLiabilities96.53%100.95%100%Totalequity1
23、36.09%113.10%100%Totalliabilitiesandequity108.56%104.65%100%Common ratio of horizontal Balance Sheet2.CommonratioanalysisCommon ratio of horizontal Income StatementIncomeStatementDecember31,2010December31,2009December31,2008Revenue125.84%106.04%100%Operatingcosts121.35%102.91%100%Businesstaxandsurch
24、arges110.37%115.50%100%Sellingexpenses128.37%117.85%100%Managementfees125.08%113.15%100%Financecosts54.77%66.99%100%Impairmentofassets22.29%115.35%100%Operatingprofit326.83%116.09%100%Grossprofit221.69%101.42%100%Netprofit260.83%144.27%100%2.CommonratioanalysisnSummaryofthecommonratioofhorizontalCom
25、panyformorerobustuseoffundsandreasonable,thecompanysoperationsmoresmoothly,liquidity,solvency,corporatereputation,andotherareashavebeenprotected.Declineinthecompanysdebt,thecompanyforreducingtheburdenofdebt,moremoneyintothebusinesssales,thecompanyearningscouldincreasefurther.Companyrevenuehasincreas
26、edeachyear,significantlyimprovedtheeffectivenessofthecompany,netincomedoubledup,sothatinvestorshavemoreconfidenceininvestment.Inmanagement,thecompanytendstoimprovethemanagementandthecompanysstrengthyearafteryearstrong,withinvestorsforgreaterstability.3.RelatedRatioAnalysisLiquidityUnits201020092008T
27、henumberofdaysaccountsreceivablerecoveryDays54.7371.6894.94AccountsreceivableturnoverTimes/year13.3410.187.69AccountsreceivableturnoverdaysDays27.3635.8447.47InventoryturnoverdaysDays101.5793.7495.99BusinessinventoryturnoverTimes/year3.593.893.80InventoryTurnoverDays101.5793.7495.99OperatingcycleDay
28、s152.14128.26145.29WorkingcapitalYuan(209326944.93)(371935725.92)(500657936.26)CurrentRatio0.880.790.72QuickRatio0.460.540.45CashRatio0.200.180.09SalesandworkingcapitalratioTimes/year-15.85-7.52-5.26Cashflowfromoperations/currentliabilitiesandcurrentportionoflongtermnotesreceivableandTimes/year4.246
29、.802.543.RelatedRatioAnalysisnFlowAnalysisSummarySignificantimprovementinliquidity,andaslidingscaleyearafteryear,verygoodabilitytomorestablecapitalflows.Timelyrecoveryofaccountsreceivable,inventoryflowcapacityincreasedsignificantlyintermsofaccountsreceivableandinventoryistoobtainbetterreturns.Salesd
30、idnotkeepupwiththepaceofworkingcapital,whichisabadtrend.3.RelatedRatioAnalysisLong-term solvencyUnits201020092008InterestcoverTimes5.922.842.22Debtratio%61.8767.1369.58Thegearingratio%162.28204.19228.77Ratioofdebttonettangibleassets%196.01259.34305.88Cashflowfromoperations/totalliabilities%10.7110.1
31、92.973.RelatedRatioAnalysisnSummaryoflong-termsolvencyofThesolvencyofthecompanyverywell,thecreditorsinterestiswellmaintained.Thecompanyhasagoodreputationthatinthebankstogetfundstohelpbetter.Intheinterestsofcreditorsbankruptcycanbewellmaintained.3.RelatedRatioAnalysisProfitabilityUnits201020092008Net
32、profitmargin%6.604.343.19TotalassetsturnoverTimes/year1.110.970.95Returnonassets%7.304.213.02Operatingmargin%7.193.032.77OperatingassetturnoverTimes/year1.241.061.01Returnonoperatingassets%8.943.212.79RatioofsalestofixedassetsTimes/year5.514.203.73ROI%20.2613.1210.11Returnontotalequity%13.288.686.70
33、Returnoncommonequity%13.288.686.70Grossprofitmargin%35.0034.5932.603.RelatedRatioAnalysisnProfitabilityAnalysisSummaryFrom2008to2010,thecompanysprofitabilitycontinuestoimprove,netinterestmarginandoperatingmarginincreasedsignificantly,thesituationisquitegood.Thehighertheprofitabilitythatinvestorshave
34、confidenceinthefuturethecompanyiswillingtopaythepurchasepriceforeachdollarsurplus,thecompanycangetmorerevenue.3.RelatedRatioAnalysisInvestorAnalysisUnits201020092008FinancialLeverage1.001.011.02EarningspershareYuan0.43650.22980.1629PE39.2258.3130.13Rateofretainedearnings%94.4691.8891.63Dividendpayou
35、tratio%7.3919.9524.36Dividendyield%0.150.160.42BookvaluepershareYuan2.482.062.45OperatingcashflowpershareYuan0.700.640.18CashFlow/CashDividendTimes/year26.9830.5111.89EndmarketYuan17.1213.404.823.RelatedRatioAnalysisnInvestorAnalysisSummaryShareholdershasincreased,thestockpriceroseyearbyyear.Volatil
36、eearnings,agreaterimpactforthecompany.Decliningdividendpaymentwillresultinsomeshareholdersselltheirshares.Betweentheprice-earningsratioisnormalin5-20.Whenthestockmarketarefactorsthatdonotinterferewiththenormal,someofthestockmarketshouldnothavebeenbiduptotheheightofprice-earningsratiowillbetoohigh.Mo
37、rethan20price-earningsratioisnotconsiderednormal.Thestockpricedeclineislikelyaprecursortohigherrisk.Asthecompanyslargestshareholder,theproceedswillbegood;andasordinaryshareholders,althoughtheinterestisnotcompromised,butcomparedwiththepreviousincome,willdecline.4.ComparativeAnalysisofcompetitorsLiqui
38、dityUnitsBaiyunshan2010Yunnanbaiyao2010ThenumberofdaysaccountsreceivablerecoveryDays54.7372.79AccountsreceivableturnoverTimes/year13.3410.03AccountsreceivableturnoverdaysDays27.3636.39InventoryturnoverdaysDays101.5788.38BusinessinventoryturnoverTimes/year3.594.13InventoryTurnoverDays101.5788.38Opera
39、tingcycleDays128.94124.77WorkingcapitalYuan(209326944.93)3336109462.96CurrentRatio0.882.10QuickRatio0.461.20CashRatio0.200.66SalesandworkingcapitalratioTimes/year-15.853.02Cashflowfromoperations/currentliabilitiesandcurrentportionoflongtermnotesreceivableandTimes/year4.242.534.ComparativeAnalysisofc
40、ompetitorsnSummaryofComparativeAnalysisofLiquidityInaccountsreceivable,theBaiyunMountainisbetterthanthecompanyYunnanbaiyaocompany.Intheinventory,thecompanyisbetterthantheBaiyunMountainYunnanbaiyaocompany.Inworkingcapital,currentratio,quickratio,cashratio,etc.,YunnanbaiyaocompaniesarebetterthantheWhi
41、teCloudMountainCompany.YunnanbaiyaocompanysliquidityisbetterintheBaiyunMountain,thecompanysliquidity.Yunnanbaiyaocompaniesbetteraccesstofundsoffundscantakeadvantageoffasterproductionandlowerearnings.4.ComparativeAnalysisofcompetitorsLong-term solvencyUnitsBaiyunshan2010Yunnanbaiyao2010InterestcoverT
42、imes5.92 70.39Debtratio%61.87%42.17%Thegearingratio%162.28%72.91%Ratioofdebttonettangibleassets%196.01%74.94%Cashflowfromoperations/totalliabilities%10.71%5.66%4.ComparativeAnalysisofcompetitorsnSummaryComparisonoflong-termsolvencyIndebt,YunnanbaiyaocompanydataarebetterthaneachoftheWhiteCloudMountai
43、nCompany,thecompanyssolvencyratioYunnanbaiyaoBaiyunMountain,thecompanysabilitytobetterthelot.Yunnanbaiyaobetterthecredibilityofthecompanythatinbanking,financialassistancecanbebetter,andintheinterestsofcreditors,bankruptcycanbewellmaintained.4.ComparativeAnalysisofcompetitorsProfitabilityUnitsBaiyuns
44、han2010Yunnanbaiyao2010Netprofitmargin%6.609.19TotalassetsturnoverTimes/year1.11 1.48 Returnonassets%7.3013.58Operatingmargin%7.1910.35OperatingassetturnoverTimes/year1.24 2.15 Returnonoperatingassets%8.9422.29RatioofsalestofixedassetsTimes/year5.51-18.57 ROI%20.2623.01Returnontotalequity%13.2814.87
45、Returnoncommonequity%13.2814.87Grossprofitmargin%35.010.274.ComparativeAnalysisofcompetitorsnSummaryofComparativeAnalysisofprofitabilityIntermsofprofitability,YunnanbaiyaocompaniesarebetterthanmostofthedatathecompanyBaiyunMountain,onlysalesandgrossmarginratiooffixedassetsislowerthanBaiyunMountainCom
46、pany.4.ComparativeAnalysisofcompetitorsInvestorAnalysisUnitsBaiyunshan2010Yunnanbaiyao2010FinancialLeverage1.00 1.00 EarningspershareYuan0.43651.33PE39.22 45.41Rateofretainedearnings%94.4699.91Dividendpayoutratio%7.390.10Dividendyield%0.150.0022BookvaluepershareYuan2.48 7.02 Operatingcashflowpershar
47、eYuan0.70 0.62CashFlow/CashDividendTimes/year26.98 511.95 EndmarketYuan17.12 60.40 4.ComparativeAnalysisofcompetitorsnSummaryComparisonofinvestorsWhiteCloudMountainInc.andYunnanbaiyaocompaniesregardthetwocompaniesrelativetotheirowncomparativeadvantagesofinvestors.Attheendofthemarketpricewashighertha
48、nthemarketpriceofthecompanyYunnanbaiyaoBaiyunMountainCompany.Asamajorshareholderintheinvestment,theYunnanbaiyaotogainabetterincome,andinvestmentinthestockasordinaryshareholders,theBaiyunMountainCompanyisthebetterchoice.Price-earningsratioofthetwocompanieshavemorethan20%,thereisadrasticdropinrisk.5.C
49、onclusionsIncommonthanbylineanalysis,correlationratioanalysisandcomparativeanalysisofcompetitors,thecompanyobtainedthemobilityofBaiyunMountain,thelong-termsolvency,profitability,lowerthantheYunnanbaiyaocompany.Yunnanbaiyaocompanywillbeinvestingalittlebitbetterreturns.Comparisonofinvestorsaftermaking
50、furtherdrawininvestmentasamajorshareholder,theinvestmentcompanywillbebetterYunnanbaiyaoincome;ordinaryshareholdersbythelineastheinvestment,theinvestmentBaiyunMountaintogainbetterreturns.5.ConclusionsnOverall,theGuangzhouBaiyunMountainPharmaceuticalCo.,Ltd.inthedevelopmentorwithinthepastfewyearsshowa