云南白藥財務報表分析全英

1、 The analysis of The analysis of Yunnan baiyao Group Co., LtdYunnan baiyao Group Co., Ltd01010303PARTPARTPARTPART0202PARTPARTBusiness AnalysisFinance AnalysisFinancial Forecasting and ValuationCatalogueABThe brief introduction Yunnan baiyao Group Co., Ltd.(stock code 000 538), is one of the most wel

2、l-recognized chinese pharmaceutical enterprises in Yunnan Province which has the largest scale, best brand, and most abundant strength abilities. Yunnan Baiyao was successfully formulated by Mr. Qu Huanzhang in 1902, which was honored as “trauma panacea”. Major productsBusiness Analysisseries Yunnan

3、 baiyaophytobiological medicinehealth products modern medicineP The implementation of new medical reform will brings a large demand for medicine. There are an increasing number of medical policies and laws to lay down strict standard to the medicine quality and price. After WTO,many international co

4、mpanies will expand new market in China. E The development of economy and the stability of economic policy The government carries out series of policies to promote the adjustment of structure of medicine manufacturingS The Aging population and the improvement of peoples income will bring a large dem

5、and for medicine. T Nowadays,many medical companies is mostly focus on the low level of preparation so its urgent to improve the research and development in biotechnology ,on-patent drugs and new preparations.PEST analysis business environmentS one of the ten key large-scale enterprises in Yunnan pr

6、ovince a good governance structure, management mechanism and incentive systems has passed the GMP certification and has a large potential in developing new market and products. W the production series is too dull and lack of the product structure adjustment the market share overseas is too smallO Th

7、e world is facing with the Aging population,which causes the medical expenses increases and brings an opportunity to medicine manufacturing industry. T The threat of new competitive companies especially oversea companies entering into the industry Improved supervision in the medicine manufacturing i

8、ndustry SWOT analysis business environmentABindustry competitionmajor competitorsthe competition of central productsthe threat of new companythe threat of alternativesDonge ejiaoTongjitang Chinese Medicines CompanyRENHE PHARMACY co., ltdBali Handara Kosaido Baiyunshan pharmacyBandAidlIndustry compet

9、ition and major competitorsABcompany strategiescompetitivenessthe competition of central productsthe threat of new companythe threat of alternativesAn outstanding independent pricing powerUnique sourcesContinuous innovation lCompany strategies and its competitiveness01market risk02Credit Risk03Produ

10、ct Risk 04Supervision RisklNature of operating risks the risk of share pricethe risk of interest rate Financal Analysisprofitability analysis-EPS Yunnan baiyao has a good earnings and earnings per share is growing rapidly Financal Analysisprofitability analysis-ROS The reason of this change was the

11、growth of the non-operating income of Yunnan baiyao was distinctly higher than the growth of Non-operating expenses.At the same time, There were an increasing number of investment in Yunnan baiyao.The sales expenses of the new investment was increasing but the management expense was also declining s

12、o the investment income was climbing up fast. The high net income means the high ROS,which represents Yunnan baiyao has a strong profitability.Financal Analysisprofitability analysis-ROA The chart illustrates that the ROA of Yunnan baiyao climbed up from 0.101 in 2009 to 0.180 in 2013. ROA indicates

13、 the companys profitability which is based on the assets.On the other hand,The ROA of Renhe fell from 0.22 in 2009 to 0.18 in 2010 and then picked up to 0.2 during2011.But it still dropped dramatically from 0.2 to 0.1in 2013.The ROA of Yunnan baiyao is higher than Renhes in2013,which shows that the

14、companys efficiency of using assets is improving and the ability of using assets to make profit is also improving.Financal Analysisprofitability analysis-ROE the ROE of Yunnan baiyao soared to 0.21 from 2009 to 2010 and then increased slightly to 0.26 in 2013. ROE indicates the companys profitabilit

15、y which is based on the owners equity. The ROE of Renhe declined from 0.19 in 2009 to 0.11 in 2013.The ROE of Yunnan baiyao double in 2013 compared with those in 2009,which indicates that Capital running is good and the company can guarantee the rights of investors and creators better. operation cap

16、ability analysis DSO the average reveivable turnover of the medicine manufacturing industry is 2.88,the average DSO is 125 . The company has the high speed of collection ,the short average collection days,the less loss of bad debts and good liquidity of assets. DOH the average inventory turnover of

17、the medicine manufacturing industry is 3.96 and the average DOH is 90.91 days. The inventory management and the sales ability is getting worsen.Yunnan baiyao should strengthen the stock management and take a positive sales strategy in order to reduce the capital using for inventory operation.Financa

18、l AnalysisSolvency analysis-short term From 2009 to 2013,the current assets and liabilities is increasing year by year but the increasing of current assets is faster than the increasing of current liabilities. The average current ratio of the medicine manufacturing industry is 1.58.The current ratio

19、 of Yunnan baiyao is higher than the average industry level so the company should reduce the cash holdings,expand the investment and reduce the waste of assets.The short-term solvency of the company is very strong but it still reveals some problems.A big holdings of current assets will cause the ina

20、dequate using of companys sources and have a bad effect on the profitability. Financal AnalysisSolvency analysis-long term We can see from the balance sheet that the executive strengthen the daily management so that the owners equity is improving and the liabilities is increasing.The analysis above

21、indicates that the improvement of the management and the strength of the company solvency.the comparison to the industryFinancal Analysis Every index of Yunnan baiyao is better than the average index of the industry,which shows that the operating conditions is good. In the recent five years, Yunnan

22、baiyao Group Co., Ltd has been the excellent Chinese medicine enterprise. The annual sales revenue is increasing steadily and the special sources, good management and the advanced strategic unable Yunnan baiyao to own the excellent competitive competence.On the other hand,according to the analysis a

23、bove,the company still has some problem especially the low inventory turnover and the long DOH so the company should take actions to expand the sales scale and reduce the inventory.ABFORECASTINGESTIMATE VALUE OF FIRMS EQUITYIncome StatementBalance SheetComparative methodFree cash flow valuationForecasting I/SYour textClick here to add your text or Copy Your textand paste it hereYour text tax expense/pretax