已用万科A财务报表分析

单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,万科,A,财务报表分析,一、资产负债分析,1,、资产结构与变动分析,项目万元,2008,年,09,月,2009,年,09,月,新增,%,2008,年占比,%,2009,年占比,%,流动资产,11,715,184.76,12,379,276.80,5.67%,96.45%,95.59%,长期投资,231,895.19,284,510.12,22.69%,1.91%,2.20%,固定类资产,93,813.18,125,605.71,33.89%,0.77%,0.97%,其它长期资产,105,634.67,160,858.29,52.28%,0.87%,1.24%,资产总计,12,146,527.80,12,950,250.92,6.62%,100.00%,100.00%,净利润,111,610.09,134,709.72,20.70%,-,-,总资产收益率,2.00%,2.00%,0.00%,-,-,资产总额比上期增加,803,723.12,万元，增长率为,6.62%,。,资产总额增加的原因如下：,流动资产增加,664,092.03,万元，长期投资增加,52,614.93,万元，固定资产增加,31,792.53,万元，无形资产及其它资产增加,55,223.62,万元；,相比较而言，流动资产有所增加，增加,5.67%,，长期投资大幅增加，增加,22.69%,，固定资产大幅增加，增加,33.89%,，无形资产及其它资产大幅增加，增加,52.28%,。,从企业资产数量来看，长期资产、流动资产都较上期增加，长期资产增加的速度快于流动资产，资产总额增加，长期资产的比重增加，企业调整了资产构成的结构。,从资产的质量来看，资产总额增加，净利润增加，资产增加的速度与净利润相同，总资产净利率保持不变，企业资产从质量上与上期相同，新增资产并没有带来过多的新利润。,（资产质量没有明显改善）,2,、流动资产结构与变动分析,项目,/,万元,2008,年,09,月,2009,年,09,月,新增,%,2008,年占比,%,2009,年占比,%,货币资金,1,994,241.78,2,761,461.61,38.47%,17.02%,22.31%,应收账款,77,767.00,50,152.32,-35.51%,0.66%,0.41%,预付款项,536,469.26,473,385.47,-11.76%,4.58%,3.82%,其他应收款,369,149.37,419,054.46,13.52%,3.15%,3.39%,存货,8,737,557.35,8,675,222.94,-0.71%,74.58%,70.08%,其他流动资产,0.00,0.00,0.00%,0.00%,0.00%,流动资产合计,11,715,184.76,12,379,276.80,5.67%,100.00%,100.00%,营业收入,2,254,191.30,2,954,383.85,31.06%,-,-,流动资产周转率,0.21,0.25,19.05%,-,-,流动资产总额比上期增加,664,092.03,万元，增长率为,5.67%,。,流动资产总额增加的原因如下：,货币性资产增加,767,219.83,万元,;,应收款项减少,40,793.39,万元，存货减少,62,334.41,万元，共计减少流动资产,103,127.79,万元；,货币性资金大幅增加，增加的速度明显快于流动资产，货币性资金的比重上升，公司应付市场变化的能力很强，但存在资金闲置问题；应收款项减少，减少的速度慢于流动资产增加速度，应收款项的比重下降，货款回笼情况比上期增强；存货减少，减少的速度慢于流动资产增加速度，存货的比重下降，企业销售形势良好，存货管理取得良好效果。,流动资产变化可以看出：企业贷币性资产增长幅度大于流动资产增长幅度，并且也大于其它类资产的增长幅度，说明企业应付市场变化能力得到增强。,企业在流动资产增加的同时，销售收入也增加，并且增幅大于流动资产，,流动资产经营质量,较上期提高较多。,3,、存货变动分析,项目万元,2008,年,09,月,2009,年,09,月,新增,%,存货,8,737,557.35,8,675,222.94,-0.71%,营业成本,1,341,615.95,2,061,899.60,53.69%,毛利率,0.40,0.30,-25.00%,存货周转率,0.17,0.24,41.18%,通过毛利率及存货周转率的变化分析，可以看出企业毛利率的下降，促进了存货的加速周转，说明市场上的同类产品已经处于相对的过剩状态，降价是可以带动市场购买者的购买欲望的。,二、利润分析,1,、利润总额情况分析,项目 万元,2008,年,09,月,2009,年,09,月,新增,%,2008,年占比,%,2009,年占比,%,正常营业利润,369,018.88,470,849.94,27.60%,98.39%,93.85%,投资收益,6,814.16,31,424.21,361.16%,1.82%,6.26%,营业外收入,4,623.70,7,514.60,62.52%,1.23%,1.50%,营业外支出,5,414.60,8,080.84,49.24%,1.44%,1.61%,利润总额,375,042.13,501,707.92,33.77%,100.00%,100.00%,本期企业盈利主要靠自身的经营，利润的可靠性高，利润来源多样化，盈余质量好；,2,、营业利润情况分析,项目万元,2008,年,09,月,2009,年,09,月,新增,%,2008,年占比,%,2009,年占比,%,营业收入,2,254,191.30,2,954,383.85,31.06%,599.79%,588.20%,营业成本,1,341,615.95,2,061,899.60,53.69%,356.97%,410.51%,营业税费,248,004.16,220,999.21,-10.89%,65.99%,44.00%,营业费用,113,377.70,93,448.42,-17.58%,30.17%,18.61%,管理费用,100,370.56,88,737.46,-11.59%,26.71%,17.67%,财务费用,27,285.55,42,434.03,55.52%,7.26%,8.45%,资产减值损失,56,483.61,-23,815.32,-42.16%,15.03%,-4.74%,公允价值变动净收益,1,965.11,169.49,-91.38%,0.52%,0.03%,投资收益,6,814.16,31,424.21,361.16%,1.81%,6.26%,营业利润,375,833.04,502,274.16,33.64%,100.00%,100.00%,销售毛利,2,254,191.30,2,954,383.85,31.06%,-,-,销售毛利率,40.00%,30.00%,-25.00%,-,-,本期营业收入上升，但销售毛利率下降，说明企业采取了降低产品的整体市场价格以换取增加市场份额做法，但是,营业成本及财务费用,没有得到相应控制（上升幅度大于收入增长幅度），反而上升，最终导致销售毛利率明显下降。,营业利润增长幅度大于营业收入增长幅度，说明企业本期经营质量比较好，各项费用得到了较好的控制。,3,、收入构成情况分析,项目万元,2008,年,09,月,2009,年,09,月,新增,%,2008,年占比,%,2009,年占比,%,营业收入,2,254,191.30,2,954,383.85,31.06%,55.18%,54.09%,公允价值变动净收益,1,965.11,169.49,-91.38%,0.05%,0.00%,投资收益,6,814.16,31,424.21,361.16%,0.17%,0.58%,营业外收入,4,623.70,7,514.60,62.52%,0.11%,0.14%,收入总计,4,084,845.22,5,461,902.56,33.71%,100.00%,100.00%,从单项较上期相比较而言，营业收入大幅增加，增加,31.06%,，投资收益大幅增加，增加,361.16%,，营业外收入大幅增加，增加,16.62%,。,企业收入来源主要以营业收入为主，经营正常。但投资收益增长速度超过营业收入增长速度，值得引起关注。,4,、成本费用结构分析,项目万元,2008,年,09,月,2009,年,09,月,新增,%,2008,年占比,%,2009,年占比,%,营业成本,1,341,615.95,2,061,899.60,53.69%,32.40%,37.92%,营业税金及附加,248,004.16,220,999.21,-10.89%,5.99%,4.06%,销售费用,113,377.70,93,448.42,-17.58%,2.74%,1.72%,管理费用,100,370.56,88,737.46,-11.59%,2.42%,1.63%,财务费用,27,285.55,42,434.03,55.52%,0.66%,0.78%,资产减值损失,56,483.61,-23,815.32,-142.16%,1.36%,-0.44%,营业外支出,5,414.60,8,080.84,49.24%,0.13%,0.15%,所得税,111,610.09,134,709.72,20.70%,2.70%,2.48%,成本费用总计,4,141,328.83,5,438,087.24,31.31%,100.00%,100.00%,成本费用总额比上期增加,1,296,758.40,万元，增长率为,31.31%,；成本费用总额增加的原因如下：营业成本增加，财务费用增加，营业外支出增加，所得税增加，共计增加成本费用,761,197.99,万元；,营业税金及附加减少,27,004.95,万元，销售费用减少,19,929.29,万元，管理费用减少,11,633.10,万元，资产减值损失减少,80,298.93,万元，共计减少成本费用,138,866.27,万元；,5,、营业成本分析,项目万元,2008,年,09,月,2009,年,09,月,新增,%,2008,年占比,%,2009,年占比,%,营业收入,2,254,191.30,2,954,383.85,31.06%,100.00%,100.00%,营业成本,1,341,615.95,2,061,899.60,53.69%,59.52%,69.79%,营业税金及附加,248,004.16,220,999.21,-10.89%,11.00%,7.48%,本期采购现金支出率大于,110%,，采购工作不正常，采购现金支出比较多。公司营业成本增加，营业收入增加，营业成本增长速度超过营业收入，企业内部成本控制能力下降，主营盈利能力减弱。,6,、经营风险分析,项目万元,2008,年,09,月,2009,年,09,月,新增,%,2008,年占比,%,2009,年占比,%,营业费用,113,377.70,93,448.42,-17.58%,47.04%,41.60%,管理费用,100,370.56,88,737.46,-11.59%,41.64%,39.51%,财务费用,27,285.55,42,434.03,55.52%,11.32%,18.89%,费用合计,241,033.81,224,619.90,-6.81%,100.00%,100.00%,营业收入,2,254,191.30,2,954,383.85,31.06%,-,-,经营平衡收入,602,584.52,748,733.01,24.25%,-,-,从单项较上期相比较而言，营业费用大幅减少，减少,17.58%,、管理费用大幅减少，减少,11.59%,、，财务费用大幅增加，增加,55.52%,。,本期经营费用的变化可以看出：营业费用下降，营业收入增长，