基于杜邦分析法对企业盈利能力的研究

Research on Enterprise Profitability Based on DuPont Analysis

我国目前已经放开了三孩政策,乳制品即将迎来新一波的需求,潜力巨大。然而,我国目前的乳制品品类众多,竞争激烈,盈利能力是乳品企业获取竞争优势的关键之一,本文将以光明乳业为例,探究如何提升盈利能力。本文以杜邦分析体系为依据,通过比较因素法,分析销售各类财务指标的变动对权益净利率产生的影响。此外,盈利质量方面,结合销售现金比率可知,光明乳业近年来销售现金比率有所增加,且2019年时销售现金比率超过了伊利和蒙牛,因此盈利质量具有一定的市场竞争力。最后根据数据分析结果,为光明乳业提出差异化发展战略、提升市场竞争力、提供信用政策、重视研发投入、获取税收优惠、提升产品质量及服务等提高盈利能力的建议,也为其他乳品企业提升盈利能力提供了参考。

China has now issued the three-child policy,and dairy products are about to usher in a new wave of demand with huge potential.However,there are many types of dairy products in China at present,and the competition is fierce.Profitability is one of the keys for dairy companies to obtain a competitive advantage.This article will take Bright Dairy as an example to explore ways to improve profitability.Based on the DuPont analysis system,this article analyzes the impact of changes in sales of various financial indicators on the net equity interest rate through the method of comparative factors.In addition,in terms of earnings quality,combined with the cash-to-sales ratio,cash sales has increased in Bright Dairy in recent years,and the cash-to-sale ratio surpassed that of Yili and Mengniu in 2019,so the quality of earnings has certain market competitiveness.Finally,based on the results of data analysis,the article proposes the following suggestions for improving profitability for Bright Dairy:differentiated development strategies,enhance market competitiveness,provide credit policies,attach importance to R&D investment,obtain tax incentives,and improve product quality and services.It also provides a reference for other dairy companies to improve their profitability.