携程网英语财务分析

TheFinancialDataAnalysis——Ctrip制作人：-2-ContentI.COMPANYOVERVIE………………………….3II.CTRIP’SSOURSEOFINCOME………………3III.SUMMARYOFACCOUNTINGANDFINANCIALINFORMATION……………………………………4IV.CODA………………………………………………9V.References……………………………………………10-3-I.COMPANYOVERVIEWCtrip.comInternational,Ltd.isaleadingtravelserviceproviderthatoffershotelreservations,airlineticketsandpackagedtourstobusinessandleisuretravelersinChina.Ctripaggregatesinformationonhotels,flightsandvacationpackages,andenablethecustomerstomakeinformedandcost-effectivetravelbookings.CtriptargetsprimarilyfrequentindependenttravelersinChinawhodonottravelingroup.Thesetravelersformatraditionallyunder-servedyetfast-growingsegmentoftheChinatravelindustry.II.CTRIP’SSOURSEOFINCOME(1)Hotelbookingagencyfee,whichisthemainsourceofprofitCtrip.WhileCtripalsoclearfront-linepaymentandpaythedifference,butmostofthehotelfrontdeskonlytothedestinationthatpaymentmethod.So,Ctrip'shotelbookingagencycostsisbasicallytheprofitfromthedestinationhoteldiscountsinreturnobtained;(2)Ticketbookingfee,whichisthebookingfeefromthecustomertoobtain,isequaltothecustomerbookingfeeandairlineticketpricedifference;-4-(3)Walksinthehotelandbusinesstravel,airticketbookingagencyfees,theincomeapproachisconsistentwiththeprevioustwo;(4)Onlineadvertising;III.SUMMARYOFACCOUNTINGANDFINANCIALINFORMATIONCtripfinancialanalysis20102009increaseIncomeStatementTotalincome2,881.231,988.0144.93%Grossprofit2,255.971,537.4046.74%Netprofit1,048.07658.9759.05%BalanceSheetCurrentassets4,570.912,306.3098.19%Totalassets8,116.204,156.7695.25%Currentliabilities1,880.901,158.5462.35%Totalliabilities2,012.511,231.7163.39%Equity6,103.692,925.05108.67%CashFlowNetprofit1,051.99666.7757.77%Operatingactivities1,550.221,027.5950.86%investingactivities-2,440.40-762.37220.11%financingactivities1,625.3596.861578.04%NetChangeinCash719.32364.7997.19%-5-Throughthetableabove，wecanseethat,in2010Ctrip’srevenuesgrewby44.93%,indicatingthescaleofthebusinesshasexpanded.Well-controlledoperatingcostsresultedinthegrowthofgrossmarginrate,etc,reasonablecostcontrolultimatelyleadthenetprofitincreasedby59.05%,whichagreatsymbolofcompany’sgoodcondition.FinanceIndexanalysisCtrip2010Ctrip2009IncreaseMainindexentryCurrentratio2.431.990.22CurrentAssetsTurnover0.840.86-0.03Netprofitmargin35.31%34.22%3.19%Operatingmargin37.13%36.59%1.48%Returnonaverageassets4.11%16.06%-74.41%Returnonaverageequity20.32%3.22%531.06%Everydollarofoperatingprofitmargin,saidnetsalesrevenueinlookingfor,thehighertheratio,indicatingthechargethroughtheabilitytoexpandsalestogetstronger.Enterprisesintheireffortstoexpandsales,increasetheamountofsalesrevenue,whilemanagementmustbeimprovedtoreducecosts,toacorrespondingincreaseinnetprofit,thesalesvolumeremained-6-unchangedorincreased.Fromthetabledatashowednetsalesrelativelystable,indicatingtherelativelystablebusinessconditions,marketcompetitive,butalsointoarisingtrend,withanaveragereturnonequityishigh,indicatingthecompany'sgrowthpotentialCtripandeLongintegratedfinancialindexanalysisCtrip2010ELong2010Ctrip2009ELong2009MainindexentryCurrentratio2.431.631.991.30CurrentAssetsTurnover0.842.670.861.08Netprofitmargin35.31%4.03%34.22%3.18%Operatingmargin37.13%9.19%36.59%9.58%Returnonaverageassets4.11%1.68%16.06%0.33%Returnonaverageequity20.32%1.93%3.22%0.54%0.000.501.001.502.002.50Ctrip2010ELong2010Ctrip2009ELong2009CurrentratioCurrentratio-7-0.000.501.001.502.002.503.00Ctrip2010ELong2010Ctrip2009ELong2009CurrentAssetsTurnoverCurrentAssetsTurnover0.00%10.00%20.00%30.00%40.00%Ctrip2010ELong2010Ctrip2009ELong2009NetprofitmarginNetprofitmargin-8-0.00%10.00%20.00%30.00%40.00%Ctrip2010ELong2010Ctrip2009ELong2009OperatingmargiOperatingmargi0.00%5.00%10.00%15.00%20.00%Ctrip2010ELong2010Ctrip2009ELong2009ReturnonaverageassetsReturnonaverageassets0.00%5.00%10.00%15.00%20.00%25.00%Ctrip2010ELong2010Ctrip2009ELong2009ReturnonaverageequityReturnonaverageequity-9-IV.CodaAllabove,Ctripisawell-knownenterprisewhichisobviouslybetterthanElongfromthedata.Moreover,Thequalityoflifeandtravelservices,today,isadvocated.It’sthattosay,thequalityofserviceandconvenienttravelaremoreandmoreimportant.Ctriphasrealizedthisearly.Theyhavepaidattentiontokeepbetterqualityofserviceproducts.Fromtheanalysisabove，wecanseethat,in2010，Ctrip’srevenuehaveagreatgrowth,indicatingthescaleofthebusinesshasexpanded.Well-controlledoperatingcostsresultedinthegrowthofgrossmarginrate,etc,reasonablecostcontrolultimatelyleadtheincreaseofnetprofit,whichagreatsymbolofcompany’sgoodcondition.V.ReferencesCtripannualreports：2009，2010DataSource：