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eyn · 2024年09月12日

没有明白题目，请说一下解法

  1. CFA I
  2. FRA

NO.PZ2024011002000055

问题如下：

The following data is available on two companies that operate in the same industry:


Which of the following statements is most appropriate? Better margin performance will be reported by:

选项：

A.X at the gross margin level and Y at the operating margin level. B.Y at the gross margin level and X at the operating margin level. C.Y at both the gross margin and operating margin levels.

解释：

Common size statements offer a convenient way to compare companies of different magnitudes. Company X reports better (higher) gross margin performance. Company Y reports better (higher) operating margin performance.


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2 个答案

lynn_品职助教 · 2024年09月16日

嗨，爱思考的PZer你好：



gross margin 毛利润 = sales -COGS 这里还需要再除以总的sales吧？ gross margin 毛利润 =( sales -COGS)/ sales *100%？


对，gross margin = ( sales -COGS)/ sales *100%=(11.2-5.7)/11.2 = 49%

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努力的时光都是限量版，加油！

lynn_品职助教 · 2024年09月14日

嗨，爱思考的PZer你好：


1、这道题考点是common sized I/S表，即所有表中数值都除以sales的值后得到的百分比值


R&D、管理费用和COGS一样，将本公司的sales作为分母，而I/S表中的其他科目都是分子，计算出来的


举个栗子，R&D公司X：1.5/11.2=13%


2、gross margin和operating profit margin要复杂一点，涉及公式，而且要小心区分


gross margin 毛利润 = sales -COGS，是指收入扣除直接相关的生产成本后的利润


本题X公司gross margin = (11.2-5.7)/11.2 = 49%，Y公司 gross margin = (14.5-7.7)/14.5 = 47%


3、operating margin 经营利润 = sales - COGS - SG&A（包含selling & marketing，administrative,R&D costs),是收入扣除直接相关的生产成本再减去经营过程中必要的开支后的收入，不需要考虑利息费用，利息收入，和税费


因此operating profit margin = EBIT/sales


所以本题以X公司为例，就是operating profit margin = （11.2-5.7-1.9-1.5）/11.2 = 18.75% = 19% 公司Y也是一样计算的

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

eyn · 2024年09月14日

gross margin 毛利润 = sales -COGS 这里还需要再除以总的sales吧？ gross margin 毛利润 =( sales -COGS)/ sales *100%？

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