 !"#"#
BỘ GIÁO DỤC VÀ ĐÀO TẠO
TRƯỜNG ĐẠI HỌC KINH TẾ HỒ CHÍ MINH
KHOA TÀI CHÍNH
$$$$$$$$$$
CHƯƠNG 12
PHÂN TÍCH KHẢ NĂNG SINH LỢI
GVHD: TS Nguyễn Thị Uyên Uyên
HVTH: Nhóm 7
Lớp: TCDN Đêm 3
Khóa: 22
%&'$()*
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
DANH SÁCH NHÓM
Stt Họ và tên Chữ kí
1 +,-.
2 +/!#
3 0123
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
Mc lc
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
PHẦN 1. PHÂN TÍCH LÃI RÒNG
1. Mục tiêu
a. Phân tích chất lượng lãi ròng
- 45615+780(9:+;<=>0>0?5@AB0A
C5%0DE63A/7F(7G.?5=>0>0EDH1(AC6I
DJ8:+;AK%JE63A/L?DMEMDA+AN
?D!6D>>7>%

+05/A%
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
o 2>=CNA-DH+IB;T0SDHQ1:+;% KEM
?+I:+;#B;T0SDHWS(0Z(B/EM1
B8C@AQC?B0AU(0Z+W0:?5%0DEc-NA
B;T0SDHQ1:+;d(HB10Z(B/X1B8C%
o -DH+IB0A=8.0QU#J6160Z>K+0
1%-DH+I=8.EMDJ2H2V(S@AK6#
eEMB0DJ<J0>%405+IAB0ADc+A
=IWT=WOB/6EM1=YV@AQC?B0AU(%
o -DH+I1&00QUB0A%1&0EM1B01EA
f.0ZQCO+!1&0G(6eEM1B0?O>A0>
+!1&06(>Q-1=>Q1B0DE1(:+;%
o 3DL?B0A=YQC50S?5=8.1?5<0S
DH@AK%`gQC1:+;KADb#-DH+IB0A
@AKW%
o +W0:?5%K-]Q-EA>5DM1(0:+;@AK
+I#5g%B9(H-55DDAQ105=>1A
OPB0AC5KSDA3Q105++U.5=b%
o 8=YQC50SQ105=8.%C1(1X1(?
<0SDH@AK%
o h[ijkOBA0lD1+.5(1K=>T1(1KD:
(A0Z78F055>5?5A$78+U%0DE6XE(Z1
D?5+UDEQU>85+0SD=>QU(V>CS%RT11(
0?H5(SK5DJ<H2@AK%3AEM
WQ10B2+N[ijkm12>=CNA>+!1&0F055>5jijk0
QU[ijknD+W=1+0J(=>0>01%
o Q;D.aB91%RT1X1((58A0Q11(:+;%
3AEM0>Q;D.@A1@AK0QU>K>+0^

59M7F(7G=TQN@AB0AQ1bD!@A5<DE
+3+A[:+;E=TQNAKp
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'\AKKr4s[0r4s[01KH
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5/=A0=W2AJOA>(%
`[:+;
Năm 2011 2012 2013
Công Ty CP Bao BZ Nh[a Tân
Ti\n uv6*w) *)6x)y wz6w*
Công Ty TNHH RKW Lotus y)6zx *y6zxy vz6vu
`B;T0SDH
Năm 2011 2012 2013
Công Ty CP Bao BZ Nh[a Tân
Ti\n *)6 6 vy6)u
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
Công Ty TNHH RKW Lotus $ yu6*v) uy6z))
WQ10=A8+Y:+;OA>(@AKr4sE7U
(6#D1WWB0>DH@A?@0J01/Q1
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+0Kr4sEB8C59&Q1:+;){0QU()W
:+;@AKJQ_J59(%<D=UD/08+Y
S0:+;@AKr4s#AbD!%
W:+;Q1B;T0S
W08:+;Q1B;T0SDH@AKOA()Q1)w%
+0()w6B;T0SDH(Q1+0:+;B0DE1((

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Doanh thu>Thu nhập
Doanh thu Thu nhập
<  >  0S  DH    B0A
DAB +A@AK
<>0SDH>
~D! 4KEZ5DZ5S
 [P/5=C8S0@A0(9doanh thu tài chính+0=>0>0@A>
KCA(%0SDHS0+AB0A1@A>B0AC5EMD
7F(10SDHKE8Z5DZ5SQW2=JDH@A!+.+0
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0SDHD/1D7F(10?5K(A8=TQN
B08K#C5@AK%
 E(S6>+!>BA(9D/1=!>DH(S=I>=JDH!
+.61B0>OA(ASVK5<>1O+!%QWQ?6
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 453A/7aPk•"Q1"€4•>AmB0A
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Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
b. Ghi nhận doanh thu
NDTcDM5@A3A@J=Y>aB9KQT
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(0(-
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}%
o J(HK?B0A+U]]D0AEMD
?+0(H}Q1ADE@=d+0(H}>?5A0+0}

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TÌNH HUỐNG:AW(M#biến đng doanh thu‹đ nhạy cm đối với cc
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Nhóm 7 – TCDN Đêm 3 – K22 Trang
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Nhóm 7 – TCDN Đêm 3 – K22 Trang
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@JDJ<N>1(UF=AA+‚6ŒA0A6=•(=A6
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0FA'A+F[ŠnD:ADZ10QU()%N>1
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VQUB0A-Q1B0A()+0/J>>%0S+<
o >Q1>B0-(^AQ9$J(!B0A-Q1D>()wDT
(0QU()I>J(!mnr4sK=>DT1+0
(^AJ%
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Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#

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o A+;@A=H5?=>1+0QCB+WQ1(I+H!+.D/+A%
o ,(K!+.D/+A6DABSEAQT(ZD!AP%
TÌNH HUỐNG>1@AKr4s[0+0()w
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
o T?5+>1@Ar4s5=-++Hm+0Q101UnƒDABS
m>1B0AIT1T>Am7F(#(=#BUn%
o TbD!‹A0>@A>1
Doanh thu nội địa năm 2013 theo khách hàng
Mã Tên khách hàng 1000 VND
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 bKKC51;$' **u6)z*
 Tổng doanh thu nội địa năm 2013 15,977,439
3KD:DQ10W(CQ!J1@AK>1HD!A
@Ar4s1K#B0A->`•AA=AQ1K`AJ%V
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Q1.7#0K1m=A0=W6DEE%%%n%VA6Q!J1@A
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

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1&06T(Z61]S61-D!6b1ŠDMD>>C
OaB91%
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o E(>o-0SDH
o OANAB0AQU>1OA>(%9M60>-DH
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B0A60561&0ŠEbD!AK%
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
i. Phân tích mối quan hệ doanh thu với khoản phải thu
o ;OA05D0.-DH&>05%4}T=WO
D0.-1+=W&>05Q1>5J5%
o ;OA0559H+8TQ101T„Q20SDH@AK
6Q;D.5L(Q1>=>1@AKŠ
o JQ;OA>0585Vd&?(6QC&K
@AKG(CO%
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KCO6KXSJ=U&Q-=!J(B9%#6Q;OA
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=YT(ZAA]D:-QWIDJVS+AQ1(I+H!5/
@AK%
o 40508>K>5B9>=>1+?(0>1%
+0DTC=W.-DH+IB0A5D-QU-DH
+I05%JE2#ANAAc#1A/5W(M
#DJ<DDMEMD>>=TQN@AB0A
o B9JB0A605e
405QUoC85VdKM(0>D05
@A(W6KE>=>!-%
405QUoCA0EMKDAUdB96.

 !"#"#
ii. Phân tích mối quan hệ doanh thu với hàng tồn kho
o ;OA1&05>-/M1&0+0(H.}8
D!%81&0MC@AKaB9Q1=>1&0%
o ;OA1&0(F0.A0Z85+=W108>
0S1M?(B0S?6B0/850ZE=>%
o -Q;OA&0U6.A&0]KcMCB0AC5DA
COaB9Q-(1;08WW!+.6#95L(@AK
DA?%#6JQ;OAO>A00QU(V=WO@A1e
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CQU>1Q1B0A-+0A%
o .AMDb0Z}\ADHJ5}T=WOQU-1=>
1&0DMED.AM1&01T(Z-1+=W
=>1&0’4}T=WO“.AMDb%mx)’u)“v)RT
1E„A15(8v)1DMK=>1&0Q1>05n%
o 3P>55>5S0>1&0e.0+A>>+!&0>
A[ijk6jijk6`WOAO”TŠ%%
o -Q;OA1&0#OADJ81&0Q1C8aB91
%>15/1&0.5>C+A>D/(-E>+!D-
QUB0AQ10SDHB0AA%B96A15L(D^
QU(3#Q?CQ15L(BIBA63AB2D0>(H9(+0
78%#CQ15L(BIBAAQ1KJ(o+\U
+0b1&0%RE1B8C080SDH78B0A@AK
bD!Q1+I>-%
TÌNH HUỐNG: Kr4s[0
Nhóm 7 – TCDN Đêm 3 – K22 Trang
 !"#"#
A8+0-w(/D1&0K<A6VQU
2+I+0B0A%+0DE&0#Q?CAA6D1

J5F03K8()1(-DMLD2ADb5OA>
(%
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2011 2012 2013
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+0=16A8+Y5>D>MOA>(%9M>Q-
=>*u{65=>1Q1OPB0AC5x*{Q1u){%T
85KKADbT6#:+;()w){0QU
()%0DE3K?7G+YQCO+!5@AK1>-%
1. Giá vốn hàng bán
a. Khái niệm:
o >Q-1=>0ZB!Q98515Eo+\U8+0/J>K
61>2J780@A-5L(m&(5(A1D-QUB0AC5
(Sn0Z1>12JB!Q9011Q1D:D7>D!1#9Q1
>0>DQ10>Q-DM7>D!JOB0A+0}%
o 2JQC50S+‰+1>5@AB0AC5DM5=bQ10>Q-1=>6
5=>1Q1OPB0AC5Q15:QA1D-EQ15^
HTQ10L(2J0>@A(fO-A%
b. Mục tiêu:
o 08M(0>5@AB0AC5m-DH>Q-0QU-DH
B0A/n%
o R>>8Q17U=JDH>Q-1=>CS@AB0AC5E5^
5QU(9#AJ(1B0AC5DZ+AAKp
c. Phương pháp phân tích :

o [?H5ADb>ANA>16O(KD/Q-Š
o aB955>55F0o+\Q10>%
'\A?H5@Ar4sDQ!A
`?H5@Ar4sQ1J
RKW
Năm 2011 Năm 2012 Năm 2013
Số tiền Tỷ trọng Số tiền Tỷ trọng Số tiền Tỷ trọng
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Tân Ti\n
Năm 2011 Năm 2012 Năm 2013
Số tiền
Tỷ
trọng
Số tiền
Tỷ
trọng
Số tiền

D>5Vn/6J>@AKY(B1!5/Š
o PB0m(n+0D!(V5DQ!5L(>#Q?C6
58A0Š
o 45PB0ADb+0?H56/PDJ>-=JDH=8
.Q1(H-0(9!>DHT=I55>5S0>J0>
58A06S0>1&0%
o D!5Q1=J5D>>o+\Q17UADbo+\@AD!5
+0>Q-ƒ0>(VDH+IB0AQU(VDHA58A0
mOJD!D/nDMD>>COD/(U@AB0AC5%
o NQ8DTP+0QCS0>58A055>5+8A06
5^5@A55>5D-QU<0S1%
o NQ8DTP+0QCS0>1&0>55>5S0>5
1&0>AIDJ?H5>Am55>5jijk6
[ijk6=WOAOTn%
Nhóm 7 – TCDN Đêm 3 – K22 Trang
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