第二天课堂笔记

VI Bootcamp 中⽂特别版
第2天

第2堂

P.I.E.C. 审核

P.I.E.C. Analysis

All Rights Reserved by 8VI Global Pte Ltd
No Copy and Reproduction Allowed

会计是商业的语言

Accounting is the Language of Business

“你必须要懂会计，也必须了解会计的细微之处。它是个商业
但不完美的语言，

除非你愿意付出努力去学习会计
- 如何阅读和解析财务报表-

要不然你真的不应该自己选择股票”

“You have to understand accounting and you have to understand the nuances of accounting.
It’s the language of business and it’s an imperfect language, but unless you are willing to put
in the effort to learn accounting – how to read and interpret financial statements – you really

shouldn't select stocks yourself.”

沃伦 巴菲特
Warren Buffett

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 3
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

个⼈ Personal 企业 Company

收入 Income 营业额 Revenue
开销 Expenses 开销 Expenses
储积 Savings 利润 Profits/Losses

资产 债务 资产 债务
Assets Liabilities/ Assets Liabilities/

Debt Debt

净值 股东权益
Net Worth Equity

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 4
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

财务报告 利润表 企业赚了多少钱
3 Types of Profit & Loss
Financial Statement/ How Much
Statements Money Business is
Income
Statement Making

资产负债表 企业的财务状况
Balance Sheet How much
Assets and
现⾦流量表 Liabilities?
Cash Flow
显⽰现⾦
5 Shows Money
1) 流⼊ Comes In
2) 付出Goes Out
3) 保留 Kept

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

读懂财务报表

Understanding Financial Statements

• 损益表／利润表

Profit and Loss Statement / Income Statement

•收入 Revenue
•费用 Expenses
•利润 Profits

营业收入 – 费用 = 利润

Revenue – Expenses = Profits

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 6
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

读懂财务报表

Understanding Financial Statements

• 资产负债表

Balance Sheet

•资产 Assets
•负债 Liabilities
•股东权益 Equity

资产 = 负债 +股东权益

Assets = Liabilities + Equity

AAAlllllRRRiigigghhhttstssRRReeessseeerrrvvveeedddbbbyyy888VVVIIICGGGlololbobabalalPlPtPeteteLLtdtLdtd 7
NNNoooCCCooopppyyyaaannndddRRReeeppprrroooddduuucccttitoiioonnnAAAllllolloowwweeeddd

读懂财务报表

Understanding Financial Statements

• 现金流量表

Cash Flow Statement

•营运活动产生的现金流流量

Cash Flow from Operations

•投资活动产生的现金流流量

Cash Flow from Investing

•融资活动产生的现金流流量

Cash Flow from Financing

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 8
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

读懂财务报表

Understanding Financial Statements

什么是营运活动产生的现金流？ What is Cash Flow from Operations?

• 营运活动产生的现金流是企业从其主要业务活动中所获得的现金金额 Cash

Flow from Operations is where a company reports the amount of money a company brings
in from its main business activities

• 举例 Example:

1. 商品制造 Manufacturing of goods

2. 商品销售 Sale of goods

3. 提供服务 Supply of services

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 9
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

读懂财务报表

Understanding Financial Statements

什么是投资活动产生的现金流？ What is Cash Flow from Investing?

• 投资活动产生的现金流是企业的各种与投资有关的活动产生或花费的现金
金额 Cash Flow from Investing is where a company reports how much cash has been generated

or spent from various investment-related activities.

• 举例 Example:

1. 购买或出售长期资产 Purchases or sale of long-term assets.

2. 收购或出售业务 Acquisitions or sale of businesses.

3. 有价证券的投资或变现 Investments or liquidation in marketable securities.

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 10
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

读懂财务报表

Understanding Financial Statements

什么是融资活动产生的现金流？ What is Cash Flow from Financing?

• 融资活动产生的现金流是银行或股东为企业提供资金的现金金额 Cash Flow

from Financing is where a company reports the flow of cash that are used to fund the
company from banks and shareholders.

• 举例 Example:

1. 向银行贷款或偿还贷款 Taking loan from banks vs paying back loan to banks

2. 向股东筹集资金或向股东派发股息 Raising capital from shareholders vs paying

dividends to shareholders

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 11
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

利用 VI App 寻找公司报表

Using VI App To Find Financial Statements

第1步：在“观察名单”上，搜索公司

Step 1: under ‘watchlist’, search for a company

watchlist

Allll RRiigghhttss RReesseerrvved by 8VVIICGGlolboablaPltPeteLtdLtd 12
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

利用 VI App 寻找公司报表

Using VI App To Find Financial Statements

第2步：输入公司名称，例如Coca-cola Company，选择公司, 点击观察

Step 2: key in the company name, eg. Coca-cola Company, select the company, click Watch

All RRigghhts Reserved by 8VICGGlolboablaPltPeteLtdLtd 13
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

利用 VI App 寻找公司报表

Using VI App To Find Financial Statements

损益表 资产负债表 现⾦流量表
Income Balance Cashflow
Statement Sheet Statement

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 14
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

现在，我们来看看4个关键数字：P.I.E.C.

Now, let’s look at the 4 key numbers: P.I.E.C.

利润

Profits

现金流入

Inflow of Cash

效率

Efficiency

保守（低负债） 15

Conservative (Low Debt)

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

P.I.E.C.

利润

Profits

指标 Criteria:
正数与增长 Positive & Growing

收入 Revenue
净收入 Net Income
每股收益 Earning Per Share

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 16
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

盈利能力 = 总收益、净收入、每股收益
Profitability – Revenue, Net Income, EPS

• 收入是企业通过向客户销售商品和服务而产生的收入 Revenue is the income
that a business generated via sale of goods and services to customers

• 净收入是企业减去所有成本和支出后赚取的总金额 Net Income is the total
amount which a business earns after minus all cost and expenses

• 它属于企业的所有股东 It belongs to all the shareholders of the company

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtLdtd 17
NNoo CCooppyy aanndd RReepprroodduuccttiioonnAAlllolowweedd

盈利能力 = 总收益、净收入、每股收益
Profitability – Revenue, Net Income, EPS

• 虽然收入和净收入很重要，但股东还必须知道这些收入有多少属于每股收益
（EPS）While revenue and net income is important, shareholder also must
know how much of that income belongs to each share, Earnings Per
Share (EPS)

• 每股收益的计算方式是取净收入和除以股票数量 Earnings Per Share is
calculated by taking the Net Income and divide by number of shares.

每股收益 Earning Per Share = 净收入
总股数

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtLdtd 18
NNoo CCooppyy aanndd RReepprroodduuccttiioonnAAlllolowweedd

盈利能力 = 总收益、净收入、每股收益
Profitability – Revenue, Net Income, EPS

为什么了解每股收益很重要? Why it’s important to know EPS?

RM40 ÷ 4 = 每份 RM10 RM80 ÷ 8 = 每份 RM10

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtLdtd 19
NNoo CCooppyy aanndd RReepprroodduuccttiioonnAAlllolowweedd

盈利能力 = 总收益、净收入、每股收益
Profitability – Revenue, Net Income, EPS

为什么了解每股收益很重要? Why it’s important to know EPS?

RM40 ÷ 4 = 每份 RM10 RM80 ÷ 4 = 每份 RM20

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtLdtd 20
NNoo CCooppyy aanndd RReepprroodduuccttiioonnAAlllolowweedd

盈利能力 – 总收益，净收入，每股收益

Profitability – Revenue, Net Income, EPS

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 21
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

盈利能力 – 总收益，净收入，每股收益

Profitability – Revenue, Net Income, EPS

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 22
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

盈利能力 – 总收益，净收入，每股收益

Profitability – Revenue, Net Income, EPS

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 23
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

盈利能力 – 总收益，净收入，每股收益

Profitability – Revenue, Net Income, EPS

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 24
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

盈利能力 – 总收益，净收入，每股收益

Profitability – Revenue, Net Income, EPS

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 25
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

盈利能力 – 总收益，净收入，每股收益

Profitability – Revenue, Net Income, EPS

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 26
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

P.I.E.C.

现金流

Inflow of cash

指标 Criteria:

正数与增长 Positive & Growing

营运现金流 Operating Cashflow

自由现金流 Free Cashflow

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 27
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

现金流

Inflow of Cash

良好的企业产生正数及不断增长的营运现金流，它显⽰了企业赚钱和收
钱的能⼒

Good business generates Positive and Growing Operating Cashflow, it shows a business
ability to make money and collect money from its main business

伟大的企业产生正数及不断增长的自由现金流，它表示企业需要低资本
支出来维持或发展业务

Great business generates Positive and Growing Free Cashflow, it shows a company requires
low capital expenditure to maintain or grow the business

营运现金流 - 资本支出 = 自由现金流

Operating Cashflow – Capital Expenditure (CAPEX) = Free Cashflow

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 28
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

现金流

Inflow of Cash

什么是资本支出？What is Capital Expenditure?

资本支出或通常称为CAPEX是企业用于购买，升级和维护有形资产（如房地
产，机器和技术）的资金 Capital Expenditures or commonly known as CAPEX are

funds used by a company to acquire, upgrade and maintain physical assets such
as property, machine and technology.

企业可以利用自由现金流做些什么？ What can a company do with Free Cash

Flow?

• 股份回购 Share Buyback
• 派发股息 Pay Dividends
• 偿还贷款 Reduce Loan
• 研发新产品 R&D New Product

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 29
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

现金流

Inflow of Cash

操纵现金流很困难！It is difficult to manipulate Cashflow!

如果一家企业持续盈利，但营运现金持续负数，则可能意味着：

If a company is making profits consistently, but cash from operating is consistently
negative, it may mean:

• 会计欺诈 Accounting Fraud (Enron, Worldcom)
• 收回客户现金的能力差 Poor ability to collect cash from customers
• 复杂的会计结构 Complicated accounting structure

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 30
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

现金流

Inflow of Cash

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 31
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

现金流

Inflow of Cash

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 32
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

现金流

Inflow of Cash

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 33
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

现金流

Inflow of Cash

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 34
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

P.I.E.C.

效率

Efficiency

指标 Criteria:

股本回报率 > 15%

Return on Equity (ROE) > 15%

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 35
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

效率 - 股本回报率 > 15%

Efficiency - Return on Equity (ROE) > 15%

股权是企业的净资产。它属于股东。

Equity is the Networth of the business. It belongs to the shareholders.

当企业拥有盈利时，它可以作为股息进行分配，也可以保留为股权。

When a company makes profits, it can distribute as dividends or it can retained as Equity.

如果企业保留了利润，最好是善用它。我们需要检查他们利用我们的股
权赚取了多少利润。

If the business is retaining the profits, it better be making good use of it. We need to
check how much profits are they making using our equity.

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 36
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

效率 - 股本回报率 > 15%

Efficiency - Return on Equity (ROE) > 15%

衡量企业运用股东权力产生盈利的能力

Measures of the profitability of a business in relation to the equity

股本回报率 Return on Equity =

净收入 !"# $%&'(#
股东权益 )&#*+ ,-.(#/

我们希望找到能够实现每年持续保持15%股本回报率的企业

We want to find companies that can make consistent ROE of 15% every year

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 37
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

效率 - 股本回报率 > 15%

Efficiency - Return on Equity (ROE) > 15%

企业A筹集了100万令吉来创业

Company A raises RM1 million to start a business.

年 股本 净收入 股本回报率
YEAR EQUITY NET PROFIT ROE
1,000,000
1 1,200,000 200,000 20.00%
2 1,400,000
3 1,600,000 200,000 16.67%
4 1,800,000
5 200,000 14.29%

200,000 12.50%

200,000 11.11%

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 38
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

效率 - 股本回报率 > 15%

Efficiency - Return on Equity (ROE) > 15%

企业B筹集了100万令吉来创业

Company B raises RM1 million to start a business.

年 股本 净收入 股本回报率
YEAR EQUITY NET PROFIT ROE
1,000,000
1 1,200,000 200,000 20.00%
2 1,440,000
3 1,728,000 240,000 20.00%
4 2,073,600
5 288,000 20.00%

345,600 20.00%

414,720 20.00%

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 39
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

效率 - 股本回报率 > 15%

Efficiency - Return on Equity (ROE) > 15%

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 40
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

效率 - 股本回报率 > 15%

Efficiency - Return on Equity (ROE) > 15%

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 41
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

效率 - 股本回报率 > 15%

Efficiency - Return on Equity (ROE) > 15%

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 42
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

效率 - 股本回报率 > 15%

Efficiency - Return on Equity (ROE) > 15%

Allll RRiigghhttss RReesseerrvved by 8VVIICGGlolboablaPltPeteLtdLtd 43
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

P.I.E.C.

保守的债务比率

Conservative

指标 Criteria:

债务比率 < 0.5

Debt to Equity (D/E) < 0.5

债务比率 > 1.5 (完全避免)

Debt to Equity (D/E) > 1.5 (Avoid Totally)

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 44
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

保守 - 债务比率

Conservative - Debt to Equity (D/E)

债务代价高

Debt is Costly and can kill in bad times.

企业是否有能力偿还债务？

Does company has the ability to pay off debt?

我们必须检查企业债务占其总资产的多少

We must check how much debt the company has relative to its total
equity.

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 45
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

保守 - 债务比率

Conservative - Debt to Equity (D/E)

企业债务总额占股东权益的百分比是多少

How much is companies’ total debt relative to its equity in terms of percentage

债务比率 Debt to Equity = 总债务 6789: ;<=8
股东权益 6789: >?@A8B

我们想找到零债务的企业！表示在借贷方面非常保守。

We want to find companies that can has 0 D/E, means there is zero debt! Very conservative
in terms of borrowing.

如果不是0，至少小于0.5x。

If not 0, at least less than 0.5x.

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 46
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd

保守 - 债务比率

Conservative - Debt to Equity (D/E)

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 与其他标准不同，我们不需要检查10年记
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd 录的债务/权益比率。

Unlike other criteria, we do not need
to check the 10 year record for
Debt/ Equity ratio.

重要的是购买股票时的债务/权益比率。

What matters is the level of debt/equity when
buying the stock.

47

保守 - 债务比率

Conservative - Debt to Equity (D/E)

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 与其他标准不同，我们不需要检查10年记
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd 录的债务/权益比率。

Unlike other criteria, we do not need
to check the 10 year record for
Debt/ Equity ratio.

重要的是购买股票时的债务/权益比率。

What matters is the level of debt/equity when
buying the stock.

48

P.I.E.C. 总结

P.I.E.C. Summary

利润

• 正数及不断增长的收入 Positive & Growing Revenue, Net Income & Earnings Per Share

现金流

• 正数及不断增长的营运与自由现金流 Positive & Growing Operating and Free Cashflow

效率

• 股本回报率（ROE）> 15％ Return On Equity (ROE) > 15%

保守

• 债务到权益（D / E）<0.5。如果> 1.5（完全避免） Debt to Equity (D/E) < 0.5. if > 1.5 (Avoid
Totally)

AAllll RRiigghhttss RReesseerrvveedd bbyy 88VVIICGGlolboablaPltPeteLtdLtd 49
NNoo CCooppyyaannddRReepprroodduuccttioionnAAlllolowweedd