Financial Analysis Of IFLYTEK Based On Improved DuPont Analysis System

The traditional Du Pont analysis system,which was born in 1920 s,is a reflection of economic activities at that time.It is suitable for the enterprises with single business activities,no diversified investment and simple earnings structure.It can't carry out a very objective and accurate financial analysis for the enterprises with diversified operations.In view of the limitations of the traditional Du Pont analysis system,the improved Du Pont analysis system combines the characteristics of the current enterprise,divides the financial activities and business activities of the enterprise,and when evaluating the business performance of the enterprise,it strips off the impact of financial activities on the financial,and adds the analysis of sustainable development ability,dividend payment ability and cash flow,taking into account the long-term and short-term development of the enterprise.Now the improved Du Pont analysis has been formed to a more mature system.IFLYTEK,as the leader of China's intelligent voice industry,has carried out industrial layout and diversified financial activities in many fields,which is suitable for improved Du Pont analysis system to carry out financial analysis.In this paper,the author uses the improved Du Pont analysis system to analyze the development ability,profitability,dividend paying ability,solvency,operating ability and cash flow of i FLYTEK in depth and concretely,and add the important index information that the author thinks in the research process.When we analyze the development ability,we mainly consider the sustainable development ability,and the index is the sustainable growth rate.The paper analyzes the effectiveness of sustainable growth by comparing the sustainable growth rate with the actual growth rate.In addition to the analysis of the dividend payment rate,it also adds the analysis of the dividend policy for consecutive years.In the analysis of the profitability,it mainly uses the chain substitution method to analyze the three driving factors of the equity net interest rate: net operating assets net interest rate,net operating assets net interest rate,financial leverage and after tax interest rate are analyzed,and the concept of "core profit" is introduced to have a deep insight into the enterprise's profit structure;in the analysis of debt paying ability,the key indicators leverage contribution rate,operating difference rate,net financial leverage and after tax interest rate are analyzed one by one;in the analysis of operating ability,the factors affecting the key indicators are analyzed in depth,and the net operating assets turnover rate is analyzed the influencing factors of turnover rate are the turnover rate of accounts receivable and the turnover rate of fixed assets.When analyzing the cash flow situation,it mainly analyzes the sales cash ratio,net operating assets cash yield and operating profit cash ratio of i FLYTEK.In order to better reflect the guarantee degree of cash flow to debt,it also adds the index of cash debt guarantee rate.Then,according to the analysis results of the improved Du Pont analysis system,the paper evaluates i FLYTEK's financial situation,and points out that its main business profitability is poor,its cost control power is insufficient,its sales revenue ability needs to be strengthened,and its sustainable development ability is poor.Finally,according to the results of the analysis,some suggestions are put forward,such as deepening the main business areas,improving profitability,strengthening cost management,improving the level of internal control,promoting sales revenue,strengthening business activities to generate revenue,establishing long-term thinking,and helping sustainable growth.The conclusion of this paper is that the improved of Du Pont analysis system can make analysts consider the capabilities of enterprises from a more comprehensive and comprehensive dimension,and make the financial analysis of enterprises more accurate and comprehensive;the future research should pay special attention to the analysis of the profitability,sustainable development ability and cash flow of enterprises;the specific factors affecting the indicators should be analyzed in-depth.Only through such in-depth analysis from the outside to the inside can we have a more accurate insight into the reasons for the changes of various core indicators.