It’s time to look at the report and speculate on stocks again. Summarize the previous notes and use them as a basis for stock selection. Look at one share in 5 minutes. A stock that meets the following conditions may not rise sharply, but it is absolutely impossible to fall sharply.
1. Operating cash flow/income>0.5 Parameters can be configured, the bigger the stock, the better
2. Asset-liability ratio <50%, the smaller the better
3. Liquidity>1.5 the bigger the better
4. Gross profit margin > 50%, gross profit margin growth > 10% over the same period is the best
5. ROE must be greater than 7%
6. Owner's equity increases linearly
7. Accounts receivable, no significant change in inventory
8. Employee compensation payable increases linearly
9. Taxes payable rise linearly
10. Net assets per share*3>current stock price
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Operating cash flow:
must be positive
If the amount can be close to Revenue, it is the best
Assets and liabilities:
Total Liabilities/Total Assets
The smaller the better, generally 30% to 50%, more than 50% means that the debt pressure is high
Flow ratio/Quick ratio:
Current assets/current liabilities (current assets-inventory-prepaid)/current liabilities
Generally more than 2
It reflects the short-term debt repayment ability, and there is no danger of the capital chain breaking
Gross profit margin:
(Main business income - main business cost)/Main business income
It reflects the source of corporate profits
More than 50% of enterprises are high-quality enterprises
If the gross profit margin increases by more than 10% year-on-year, it is quite good
Roe:
ROE, the calculation is relatively complex, indicating the ratio of the overall input and output of funds
It is used to compare with the bank deposit interest rate, such as ROE is 3%,
It is better to realize the net assets immediately and deposit them in the bank, and the ROE can also be 5%
Changes in owner's equity:
The total amount can be seen whether the company is really adding value (refer to dividends)
Changes in accounts receivable:
If there is a sudden and large increase in accounts receivable, you need to be alert to whether a false transaction has been made to adjust the account.
Inventory changes:
A sudden increase in inventory is also a signal of changes in the corporate market
Changes in employee compensation payable:
Employee compensation is generally only increased and not decreased, unless layoffs are made
Changes in taxes payable:
Taxes and fees are calculated separately by the tax bureau, which cannot be faked, and the accuracy of income and profits can be verified
A stock must be stable and understandable.
股票必须有持续稳定的收益，并且财报是容易理解的。对于突然赚钱很多的公司，无法预测下一年的财务状况
A stock must have long term prospects.
股票有长期价值，可以长期投资，不是很快倒闭的。
A stock must be managed by vigilant leaders.
公司有个不错的CEO，有个人魅力
A stock must be undervalued
股票价格在自己评估的价值以下，一般在熊市的时候，恐慌性抛售的股票，才可能把绩优股拉到价值低洼区。
格雷勒姆 (Bufett的导师)
Price/BookValue< 1
只在价格小于每股净资产的时候交易
Bufett (出处不详)
PE<15 P/BV<1.5
市盈率<15, 价格小于每股净资产1.5倍的时候交易
PE*PBV=22.5
综合考虑市盈率和每股净资产， 小于22.5交易
市盈率= 价格/每股收益