| In the recent years, although the country’s investment in high-speed railways, subway, aviation and other fields has been increased greatly, the train continues to be accelerated, more airports have been built, passenger bus still has an irreplaceable position in passenger traffic. In2010, the passenger transport amount ratio of highways, railways, civil aviation was134:9:1, which shows that the passenger bus still dominates the field of passenger transport. Yutong Group and Golden Dragon Group, as two listed companies in the bus-manufacturing industry, are attracting more and more attention. Therefore, the paper selects Yutong Group and Golden Dragon Group as the target of comparison analysis.Yutong Bus Group and Golden Dragon Motor Group, as well-known typical representatives in the passenger bus manufacturing industry both at home and abroad, develop rapidly in recent years. With the brand value of over RMB10billion, they have become large-scale bus-manufacturing enterprises and have been listed among the Top100Chinese brands. Both enterprise scale and turnover being listed among the best in this industry, the two companies’any movement is the wind vane of Chinese bus-manufacturing even the whole automobile manufacturing industry, having a far-reaching impact upon the industry development.In order to do the two enterprises research accurately, this paper collects their financial reports from2008to2011, as well as the financial data of other4listed companies engaged in bus manufacturing industry including Yaxing Bus Group and JAC Bus Group from2008to2011,and establishes the basic financial database of bus-manufacturing industry. First, by using related theories and charts of financial analysis, this paper compares and analyses the capacities of profitability, cash-creation, value-creation and development, and the capacity of risk-control. Then this paper dissects the changes of two enterprises ROE by using the theory of Du Pong Analysis System in the comparative year. Finally, by using the matrix picture of financial strategy, this paper locates their particular financial strategic positions in the matrix picture in the comparing annual years. By comparing and analyzing, it is hoped to find the advantages and disadvantages in the financial ratios of two enterprises, and the average level of this industry. All of the above, the purpose of this research is to offer valuable suggestions to management decision team of the two companies, stakeholders, report users or potential investors and researchers of car-processing industry. At the same time, it may offer the useful experiences on financial analysis to other companies, and a valuable source of reference for traditional financial analysis improvement.Through the comparison analysis, it concludes that Yutong Group is superior to both Golden Dragon Group and the industry average level in the capacity of profitability, value-creation, development and etc. Besides, due to its outstanding performance in the income and quickly and effectively optimized assets, Yutong Group has also stronger risk-control ability than Golden Dragon Group upon corporation operation risks and financial risks. Compared with its other indicators, Yutong Group’s indicators of the capacity of cash-creation do not enter a virtuous state, but are still better than that of Golden Dragon Group. Based on a well profit state, Yutong Group should increase capital-financing efforts, expand the market to further enhance the company’s market share and the share of sales, and increase expansion efforts under the premise of sufficient funds support. And at the same time, Yutong Group need to pay attention to improve corporate core competition and keep on controlling operation cost effectively under the condition of excellent quality.Golden Dragon Group has weaker assets operating capacity and cash-creation capacity. Therefore, this paper suggests that Golden Dragon should pay more attention to improve products’profitability and cash-creation capacity in the product management in the future, to strengthen efficient usage of capital, promote efficient usage of assets to reach elaborate management and efficient cost control. Simultaneously, Golden Dragon should take advantage of its brand competitiveness, quality advantages and efficient cost control to improve profitability. Moreover, in the current high-inflation economic environment, as a big-investing and long-cycle-time passenger bus manufacturing industry, it should pay attention to the improvement of cash-creation capacity and reasonable deployment of equity capital and debt capital. |
