How to read a concise report
How can investors comprehensively and accurately reading" simple" daily news?First of all, should not only look at a few superficial operation index case, more to analyze the changes of these indices and the causes of change. Such as, some companies net profit year-on-year growth, but" deducting non-recurring gains and losses after the net profit year-on-year increase" did not even reduce, the company's main business has not improved, profit increased dramatically by selling assets, government subsidies and other non sustained income generating. The company's long-term investment value is questionable.Secondly, to read in the newspaper" balance sheet change rate of more than 30% items and the reasons of changes" and" important matters", in order to determine investment company stock is potentially a significant risk. As a company of interim reports disclosure" important matters" is disclosed in its holding company affiliated enterprises to provide loan guarantees, and the larger amount, and the holding company affiliated enterprises have been unable to continue operating, the listed companies should bear joint responsibility for repayment and may have significant loss. The" loss" although the reporting period was not achieved, but the future is likely to occur. This is the listed company implicit significant risk.Again, pay attention to the audited annual report ( or report ) the key content, changes in the larger items should be suspected and annual reports were compared, and pay special attention to audit opinions, especially to make clear the audit report reservations meaning.
怎样读简明的中报
投资者怎样才能全面而准确地阅读“简洁”的中报呢？
首先，不应只看几个表面性的经营性指标了事，更要分析这些指标的变化及变化的原因。如，有的公司净利润同比大幅增长，但“扣除非经常性损益后的净利润”同比并未增加甚至还减少，这说明该公司主营业务并没有好转，利润大幅增加是靠变卖资产、政府补贴等非持续性收益产生的。这种公司的长期投资价值值得怀疑。
其次，要仔细研读中报中“资产负债表中变化幅度超过30%的项目及变化原因”和“重大事项”，以判断投资该公司股票是否有潜在的重大风险。如某公司中报披露的“重大事项”中披露了为其控股公司下属企业提供贷款担保，且金额较大，而该控股公司下属企业已因不能持续经营，导致该上市公司要负连带还款责任而可能有重大损失。这个“损失”虽然报告期内没有实现，但今后很可能要出现。这是该上市公司隐含的重大风险。
再次，注重经审计的年报（或中报）中的关键内容，变化较大的可疑事项应与上年度年报进行对比，并要特别关注审计报告的意见，特别要搞清审计报告提出的保留意见的含义。