摘要:新會計準則的頒布，改變了企業利潤的操縱的方式和手段。如何根據各種企業財務數據，分析企業真實利潤水平，得出具有價值的投資信息是投資人需要解決的問題。傳統的企業利潤數據都是以數量的形式體現，并沒有相應的指標衡量和考察企業利潤質量的高低。

　　　本文從利潤結構的角度，以徐工機械公司2008年--2011年四年的財務報告數據為基礎，運用趨勢分析法和構成比率分析法，從利潤的構成部分和比重關系來衡量徐工機械公司利潤質量的高低。從而發現以下問題：徐工機械公司雖然有較高的營業利潤比率和核心利潤比率，但是實際上并沒有相應的現金流入企業，企業正常的生產經營難以保持極有可能出現盈利性破產的情況；徐工機械公司雖然具有較高的利潤質量，結合利潤表成本項目分析可知徐工機械公司實現較高的利潤同時也伴隨著較高的成本費用。

　　　針對分析過程中發現的問題，本文提出以下三種解決方法：加強應收賬款管理，增加企業現金回流量；控制成本費用，改善企業財務狀況；重視主營業務，提高核心利潤。

　　　企業不僅僅要重視利潤的數額，還要注重利潤質量的高低。在市場競爭越來越激烈的情況下，企業只有實現利潤數額的增長并且保持較高的利潤質量才能立于不敗之地。

關鍵詞 利潤結構；利潤質量；營業利潤比率；非經常性項目；核心利潤

Abstract:　On a variety of business-related data, it's important to analyze the real profits of the enterprise for investors to draw valuable investment issues of common concern.The traditional corporate profits data are embodied in the form of the number .There is no appropriate indicators to measure and study the level of quality of corporate profits.

　 From the point of view of the profit structure, we use XCMG 2008 - 2011 four-year financial report data. In this paper, we try to use the method of trend analysis and composition ratio analysis, with the development of operating profit ratio, the ratio of operating income, net investment income ratio, core profit ratio, net profit, operating index and net cash ratio and other indicators, measure XCMG profit level of quality. We found the following problems:XCMG had higher operating profit ratio and core profit ratio, but in fact there is no corresponding cash flow to the enterprise. It's is highly probable that the bankruptcy of profitability in the condition that maintaining normal production and operation of enterprises is difficult;XCMG has a high profit quality, but also associated with a higher cost to achieve higher profits,with the analysis of cost items of the income statement. 

　  According to the problems above, we propose the following three solutions: Increase their cash back flow and strengthen the management of accounts receivable; Control costs and improve the financial situation of enterprises; Great importance to the main business and  improve core profit.

　 In the increasingly fierce market competition, the company has only realize the amount of profit growth and maintain a high quality of profits to be invincible. 

Keywords  operating profit ratio  profit structure  non-recurring items  profit quality