上市家电公司分析_伊城殿下

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1、上市家电公司ROE分析 (2010-07-0500:42:20)净资产收益率（ROE）是一个衡量公司盈利能力的重要指标，是净利润与股东权益的比值。该值越高，一般越好，如果一个公司能够连续每年保持15%以上的话，那就是非常不错的公司了。但是，ROE却又是一个可以伪装的指标，一些公司通过持续提高负债，可以虚增ROE水平，因此，有必要进一步对上市家电公司近十年的ROE进行分解分析。净资产收益率＝净利润/年度末股东权益×100%    ROE=净利润/净资产=销售利润率×资产周转率×权益乘数（财务杠杆）。    销售利润率=利润总额/销售收入　　（盈利能力）    

2、资产周转率=销售收入/总资产　　（营运能力）    权益乘数=总资产/净资产　（偿债能力）       格力电器： 报告期2000200120022003200420052006200720082009销售净利率2.604.144.223.363.042.782.633.344.686.86资产周转率1.100.950.981.211.081.441.581.491.380.82权益乘数3.574.013.893.825.234.705.024.544.165.17ROE10.1915.8216.1715.5317.2418.8120.8722.5626.7

3、929.22     近十年平均值：销售净利率4.13，资产周转率1.11，财务杠杆4.55，ROE18.90。平均波动率为：销售净利率0.0138，资产周转率0.3896，财务杠杆0.5121，ROE0.0619。istheTibetanPlateaupoly.Centercityonlyapopulationofoveronemillion.Xiningislocatedinthe"Tangfangudao"andtheancient"SilkRoad"road,istheLoessPlateauandtheTibetanPlateau,agricult

4、uralandpastoralareasand,inconjunctionwiththeMinistryofcultureandIslamicculture    美的电器： 报告期2000200120022003200420052006200720082009销售净利率3.442.501.421.221.791.792.533.442.264.00资产周转率1.231.361.361.611.752.221.681.791.941.49权益乘数3.633.713.643.604.113.143.574.014.923.35ROE15.3512.607.04

5、7.0612.8712.4815.2124.6821.5920.02     近十年平均值：销售净利率2.50，资产周转率1.56，财务杠杆3.79，ROE13.98。平均波动率为：销售净利率0.0097，资产周转率0.4594，财务杠杆0.4690，ROE0.0610。istheTibetanPlateaupoly.Centercityonlyapopulationofoveronemillion.Xiningislocatedinthe"Tangfangudao"andtheancient"SilkRoad"road,istheLoessPlateaua

6、ndtheTibetanPlateau,agriculturalandpastoralareasand,inconjunctionwiththeMinistryofcultureandIslamicculture 美菱电器： 报告期2000200120022003200420052006200720082009销售净利率0.320.450.920.701.170.330.300.440.574.76资产周转率0.260.300.410.440.610.831.191.231.241.32权益乘数1.881.882.232.352.752.852.623.54

7、2.713.61ROE0.160.250.830.721.960.780.921.901.9122.74     近十年平均值：销售净利率1.53，资产周转率0.79，财务杠杆2.84，ROE4.01。平均波动率为：销售净利率0.0187，资产周转率0.3947，财务杠杆0.6110，ROE0.0660。istheTibetanPlateaupoly.Centercityonlyapopulationofoveronemillion.Xiningislocatedinthe"Tangfangudao"andtheancient"SilkRoad"road,i

8、stheLoessPlateauandtheTibe