贵州茅台公司财务分析报告25201.docx

./贵州茅台财务分分析报告一、 公司简介 公司主营茅台台酒系列产品品的生产和销销售，同时进进行、包装装的生产和销销售，开发，产产业相关产品品的研制开发发。 贵州茅台酒股份份有限公司茅茅台酒年生产产量已突破一一万吨；433°、38°°、33°茅茅台酒拓展了了茅台酒家族族低度酒的发发展空间；、满满足了中低档档消费者的需需求；15年年、30年、550年、800年陈年茅台台酒填补了我我国极品酒、年年份酒、陈年年老窖的空白白；在国内独独创年代梯级级式的产品开开发模式。形形成了低度、高高中低档、极极品三大系列列70多个规规格品种，全全方位跻身市市场，从而占占据了白酒市市场制高点，称称雄于极品酒酒市场。二、 贵州茅台近三年年的资产负债债表、利润表表贵州茅台资产产负债表单位：元报告期2010-122-312009-122-312008-122-31流动资产货币资金12,888,393,8889.2999,743,1152,1555.248,093,7721,8991.16应收票据204,8111,101.20380,7600,283.20170,6122,609应收账款1,254,5599.91121,386,314.22834,825,094.884预付账款1,529,8868,8337.521,203,1126,0887.16741,6388,536.34应收利息42,728,425.3341,912,66002,783,5550其他应收款59,101,891.66396,001,483.11582,601,388.117存货5,574,1126,0883.424,192,2246,4440.363,114,5567,8113.33一年内到期的非非流动资产-17,000,000-流动资产合计20,300,284,8828.31115,655,585,3363.39912,240,750,8882.844非流动资产持有至到期投资资60,000,00010,000,00042,000,000长期股权投资4,000,00004,000,00004,000,0000固定资产4,191,8851,1111.973,168,7725,1556.292,190,1171,9111.89工程物资18,528,802.44624,915,041.55362,368,950.889在建工程263,4588,445.10193,9566,334.39582,8600,996.70无形资产452,3177,235.72465,5500,825.17445,2077,595.72长期待摊费用18,701,578.11621,469,624.88110,146,520.777递延所得税资产产278,4377,938.97225,4200,802.14176,6800,977.54非流动资产合计计5,287,2295,1112.384,114,0037,7884.333,513,4436,9553.51资产总计25,587,579,9940.69919,769,623,1147.72215,754,187,8836.355流动负债应付账款232,0133,104.28139,1211,352.45121,2899,073.57预收账款4,738,5570,7550.163,516,4423,8880.202,936,2266,3775.10应付职工薪酬500,2588,690.69463,9488,636.85361,0077,478.77应交税费419,8822,954.10140,5244,984.34256,3000,257.23应付股利318,5844,196.29137,2077,662.62-其他应付款818,8800,550.55710,8311,237.05575,9066,355.73流动负债合计7,028,1190,2446.075,108,0057,7553.514,250,7769,5440.40非流动负债专项应付款10,000,00010,000,000-非流动负债合计计10,000,00010,000,000-负债合计7,038,1190,2446.075,118,0057,7553.514,250,7769,5440.40所有者权益实收资本（或股股本）943,8000,000943,8000,000943,8000,000资本公积金1,374,9964,4115.721,374,9964,4115.721,374,9964,4115.72盈余公积金2,176,7754,1889.471,585,6666,1447.401,001,1133,8229.72未分配利润13,903,255,4455.61110,561,552,2279.6997,924,6671,2771.03归属于母公司股股东权益合计计18,398,774,0060.80014,465,982,8842.81111,244,569,5516.477所有者权益合计计18,549,389,6694.62214,651,565,3394.21111,503,418,2295.955负债及所有者权权益总计25,587,579,9940.69919,769,623,1147.72215,754,187,8836.355贵州茅台利润润表单位：元报告期2010-122-312009-122-312008-122-31一、营业总收入入11,633,283,7740.1889,669,9999,0665.398,241,6685,5664.11营业收入11,633,283,7740.1889,669,9999,0665.398,241,6685,5664.11二、营业总成本本4,472,8846,5660.683,595,6688,0001.932,852,6622,9559.08营业成本1,052,9931,5991.61950,6722,855.27799,7133,319.24营业税金及附加加1,577,0013,1004.90940,5088,549.66681,7611,604.71销售费用676,5311,662.09621,2844,334.75532,0244,659.80管理费用1,346,0014,2002.041,217,1158,4663.04941,1744,062.44财务费用-176,5777,0244.91-133,6336,1155.78-102,5000,7655.33资产减值损失-3,066,975.005-300,0885.01450,0788.22三、其他经营收收益-投资净收益469,05001,209,4447.2661,322,2250四、营业利润7,160,9906,2229.506,075,5520,5110.725,390,3384,8555.03营业外收入5,307,1144.9116,247,99776,282,0035.799营业外支出3,796,6643.0441,228,6603.08811,366,252.666五、利润总额7,162,4416,7331.376,080,5539,8884.645,385,3300,6338.16所得税1,822,6655,2334.401,527,6650,9440.641,384,5541,2995.05六、净利润5,339,7761,4996.974,552,8888,94444,000,7759,3443.11少数股东损益288,5677,278.71240,4422,819.27201,2788,784.60归属于母公司股股东的净利润润5,051,1194,2118.264,312,4446,1224.733,799,4480,5558.51三、 财务报表分析（一）、水平分分析1、资产负债表表的水平分析析表 贵州茅台台资产负债表表水平分析表表 金额单位位：元 项目2010.122.312009.122.31变动情况对总资产影响变动额变动率流动资产： 货币资金12,888,393,8889.2999,743,1152,1555.243,145,2241,7334 32.28%15.91% 应收票据204,8111,101.20380,7600,283.20-175,9449,1822 -46.21%-0.89% 应收账款1,254,5599.91121,386,314.228-20,1311,714 -94.13%-0.10% 预付帐款1,529,8868,8337.521,203,1126,0887.16326,7422,750 27.16%1.65% 应收利息42,728,425.3341,912,660040,815,825 2134.055%0.21% 其他应收款款59,101,891.66396,001,483.115-36,8999,592 -38.44%-0.19% 存货5,574,1126,0883.424,192,2246,4440.361,381,8879,6443 32.96%6.99%一年内到期的非非流动资产017,000,000-17,0000,000 -100.000%-0.09%流动资产合计20,300,284,8828.31115,655,585,3363.3994,644,6699,4665 29.67%23.49%非流动资产：持有至到期投资资60,000,00010,000,00050,000,000 500.00%0.25% 长期股权投投资4,000,00004,000,00000 0.00%0.00% 工程物资18,528,802.44624,915,041.553-6,386,239 -25.63%-0.03% 固定资产4,191,8851,1111.973,168,7725,1556.291,023,1125,9556 32.29%5.18% 在建工程263,4588,445.10193,9566,334.3969,502,111 35.83%0.35% 无形资产452,3177,235.72465,5500,825.17-13,2333,589 -2.84%-0.07% 长期待摊费费用18,701,578.11621,469,624.881-2,768,047 -12.89%-0.01%递延所得税资产产278,4377,938.97225,4200,802.1453,017,137 23.52%0.27%非流动资产合计计5,287,2295,1112.384,114,0037,7884.331,173,2257,3228 28.52%5.93%资产合计25,587,579,9940.69919,769,623,1147.7225,817,9956,7993 29.43%29.43%流动负债：应付帐款232,0133,104.28139,1211,352.4592,891,752 66.77%0.47%预收帐款4,738,5570,7550.163,516,4423,8880.201,222,1146,8770 34.76%6.18% 应付职工薪薪酬500,2588,690.69463,9488,636.8536,310,054 7.83%0.18% 应交税费419,8822,954.10140,5244,984.34279,3577,970 198.80%1.41% 应付股利318,5844,196.29137,2077,662.62181,3766,534 132.19%0.92% 其他应付款款818,8800,550.55710,8311,237.05108,0499,314 15.20%0.55%流动负债合计7,028,1190,2446.075,108,0057,7553.511,920,1132,4993 37.59%9.71%非流动负债： 专项应付款款10,000,00010,000,0000 0.00%0.00%非流动负债合计计10,000,00010,000,0000 0.00%0.00%负债合计7,038,1190,2446.075,118,0057,7553.511,920,1132,4993 37.52%9.71%所有者权益 股本943,8000,000943,8000,0000 0.00%0.00% 资本公积1,374,9964,4115.721,374,9964,4115.720 0.00%0.00% 盈余公积2,176,7754,1889.471,585,6666,1447.40591,0888,042 37.28%2.99% 未分配利润润13,903,255,4455.61110,561,552,2279.6993,341,7703,1776 31.64%16.90%归属于母公司股股东权益18,398,774,0060.80014,465,982,8842.8113,932,7791,2118 27.19%19.89%所有者权益合计计18,549,389,6694.62214,651,565,3394.2113,897,8824,3000 26.60%19.72%负债和所有者权权益合计25,587,579,9940.69919,769,623,1147.7225,817,9956,7993 29.43%29.43%2、利润表的水水平分析表贵州茅台利润水水平分析表 金金额单位：元元项目2010年度2009年度变动额变动率一、营业收入11,633,283,7740.1889,669,9999,0665.391,963,2284,6775 20.30%减：营业成本1,052,9931,5991.61950,6722,855.27102,2588,736 10.76% 营业税税金及附加1,577,0013,1004.90940,5088,549.66636,5044,555 67.68% 销售费费用676,5311,662.09621,2844,334.7555,247,327 8.89% 管理费费用1,346,0014,2002.041,217,1158,4663.04128,8555,739 10.59% 财务费费用-176,5777,0244.91-133,6336,1155.78-42,9400,909 32.13% 资产减减值损失-3,066,975.005-300,0885.01-2,766,890 922.04%加：投资净收益益469,05001,209,4447.266-740,3997 -61.22%二、营业利润7,160,9906,2229.506,075,5520,5110.721,085,3385,7119 17.86%加：营业外收入入5,307,1144.9116,247,9977-940,8332 -15.06%减：营业外支出出3,796,6643.0441,228,6603.0882,568,0040 209.02%三、利润总额7,162,4416,7331.376,080,5539,8884.641,081,8876,8447 17.79%减：所得税1,822,6655,2334.401,527,6650,9440.64295,0044,294 19.31%四、净利润5,339,7761,4996.974,552,8888,9444786,8722,553 17.28%3、流动资产水水平分析柱形形图4、水平分析的的结论（1）结合资产产负债表水平平分析和流动动资产水平分分析柱形图可可以进行资产产负债表变动动分析。该公公司20100年总资产比比2009年年增加了5,817,9956,7993 元，上上升了29.43%，说说明该公司22010年资资产规模有所所扩大。进一一步分析可以以发现流动资资产上升4,644,6699,4665 元，上上升幅度为229.67%，使总资产产规模上升223.49%。说明总资资产规模上升升主要是由于于流动资产规规模扩大引起起的。特别是是货币资金上上升3,1445,2411,734 元，上升幅幅度为32.28%，使使总资产规模模上升15.91%，说说明公司资产产流动性，特特别是货币资资金的变现能能力上升很大大。另外，存存货项目20010年增加加了1,3881,8799,643 元，增长幅幅度为32.96%，使使总资产上升升6.99%。同时非流动资资产中的固定定资产项目22010年增增加1,0223,1255,956 元，增长幅幅度为32.29%，使使总资产规模模扩大5.118%。（2）根据利润润水平分析表表可以进行利利润变动分析析。该公司22010年实实现净利润55,339,761,4496.977元，比上年年上升7866,872,553元，上上升率为177.28%。净净利润上升主主要是由利润润总额比上年年上升1,0081,8776,8477 元引起的的，由于所得得税比上年也也上升1,0081,8776,8477 元，二者者相抵，导致致净利润上升升1,0811,876,847 元元。公司2010年年利润总额为为7,1622,416,731.337元，比22009年上上升1,0881,8766,847 元，关键原原因是公司营营业利润上升升1,0855,385,719 元元，同时由于于营业外收入入下降9400,832 元，营业外外支出增加22,568,040 元元，增减因素素相抵，导致致利润总额上上升。公司2010年年营业收入比比2009年年增加1,9963,2884,6755 元，增长长率为20.30%，同同时营业成本本也增加1002,2588,736元元，增加率为为10.766%，营业税税金及附加也也增加6366,504,555 元元，增加率为为67.688%，同时销销售费用、管管理费用、财财务费用、资资产减值损失失的增加以及及投资净收益益的减少，但但是，营业利利润还是比较较大的上升。（二）、垂直分分析1、资产负债表表的垂直分析析表 贵贵州茅台资产产负债表垂直直分析表 金额单位：元项目2010.122.312009.122.31静态分析动态分析变动情情况2010.122.312009.122.31流动资产： 货币资金12,888,393,8889.2999,743,1152,1555.2450.37%49.28%1.09% 应收票据204,8111,101.20380,7600,283.200.80%1.93%-1.13% 应收账款1,254,5599.91121,386,314.2280.00%0.11%-0.10% 预付帐款1,529,8868,8337.521,203,1126,0887.165.98%6.09%-0.11% 应收利息42,728,425.3341,912,66000.17%0.01%0.16% 其他应收款款59,101,891.66396,001,483.1150.23%0.49%-0.25% 存货5,574,1126,0883.424,192,2246,4440.3621.78%21.21%0.58%一年内到期的非非流动资产017,000,0000.00%0.09%-0.09% 流动资产合计计20,300,284,8828.31115,655,585,3363.39979.34%79.19%0.15%非流动资产： 持有至到期期投资60,000,00010,000,0000.23%0.05%0.18% 长期股权投投资4,000,00004,000,00000.02%0.02%0.00% 工程物资18,528,802.44624,915,041.5530.07%0.13%-0.05% 固定资产4,191,8851,1111.973,168,7725,1556.2916.38%16.03%0.35% 在建工程263,4588,445.10193,9566,334.391.03%0.98%0.05% 无形资产452,3177,235.72465,5500,825.171.77%2.35%-0.59% 长期待摊费费用18,701,578.11621,469,624.8810.07%0.11%-0.04% 递延所得税税资产278,4377,938.97225,4200,802.141.09%1.14%-0.05% 非流动资产合合计5,287,2295,1112.384,114,0037,7884.3320.66%20.81%-0.15%资产合计25,587,579,9940.69919,769,623,1147.722100.00%100.00%0.00%流动负债：应付帐款232,0133,104.28139,1211,352.450.91%0.70%0.20%预收帐款4,738,5570,7550.163,516,4423,8880.2018.52%17.79%0.73% 应付职工薪薪酬500,2588,690.69463,9488,636.851.96%2.35%-0.39% 应交税费419,8822,954.10140,5244,984.341.64%0.71%0.93% 应付股利318,5844,196.29137,2077,662.621.25%0.69%0.55% 其他应付款款818,8800,550.55710,8311,237.053.20%3.60%-0.40% 流动负债合计计7,028,1190,2446.075,108,0057,7553.5127.47%25.84%1.63%非流动负债： 专项应付款款10,000,00010,000,0000.04%0.05%-0.01% 非流动负债合合计10,000,00010,000,0000.04%0.05%-0.01% 负债合计7,038,1190,2446.075,118,0057,7553.5127.51%25.89%1.62%所有者权益 股本943,8000,000943,8000,0003.69%4.77%-1.09% 资本公积1,374,9964,4115.721,374,9964,4115.725.37%6.95%-1.58% 盈余公积2,176,7754,1889.471,585,6666,1447.408.51%8.02%0.49% 未分配利润润13,903,255,4455.61110,561,552,2279.69954.34%53.42%0.91%归属于母公司股股东权益18,398,774,0060.80014,465,982,8842.81171.91%73.17%-1.27% 所有者权益合合计18,549,389,6694.62214,651,565,3394.21172.49%74.11%-1.62%负债和所有者权权益合计25,587,579,9940.69919,769,623,1147.722100.00%100.00%0.00%2利润表的垂直直分析表贵州茅台利润垂垂直分析表项目2010年度2009年度2010年度2009年度变动情况一、营业收入11,633,283,7740.1889,669,9999,0665.39100.00%100.00%0.00%减：营业成本1,052,9931,5991.61950,6722,855.279.05%9.83%-0.78% 营业税税金及附加1,577,0013,1004.90940,5088,549.6613.56%9.73%3.83% 销售费费用676,5311,662.09621,2844,334.755.82%6.42%-0.61% 管理费费用1,346,0014,2002.041,217,1158,4663.0411.57%12.59%-1.02% 财务费费用-176,5777,0244.91-133,6336,1155.78-1.52%-1.38%-0.14% 资产减减值损失-3,066,975.005-300,0885.01-0.03%0.00%-0.02%加：投资净收益益469,05001,209,4447.2660.00%0.01%-0.01%二、营业利润7,160,9906,2229.506,075,5520,5110.7261.56%62.83%-1.27%加：营业外收入入5,307,1144.9116,247,99770.05%0.06%-0.02%减：营业外支出出3,796,6643.0441,228,6603.0880.03%0.01%0.02%三、利润总额7,162,4416,7331.376,080,5539,8884.6461.57%62.88%-1.31%减：所得税1,822,6655,2334.401,527,6650,9440.6415.67%15.80%-0.13%四、净利润5,339,7761,4996.974,552,8888,944445.90%47.08%-1.18%3、流动资产结结构饼图4、垂直分析的的结论（1）资产结构构分析。从资资产负债表垂垂直分析表可可以看出，该该公司20110年流动资资产比重为779.34%，非流动资资产比重为220.66%，可以认为为该公司资产产流动性比较较强，资产风风险较小。从从动态方面来来看，该公司司2010年年流动资产比比重上升了00.15%，说说明公司资产产流动性有所所上升，但由由于变化幅度度不是很大，说说明该公司的的资产结构相相对比较稳定定。从饼图中可以看看出，该公司司2010年年流动资产主主要由货币资资金、存货和和预付账款三三部分构成。（2）资本结构构分析。从资资产负债表垂垂直分析表可可以看出，该该公司20110年所有者者权益比重为为72.499%，负债比比重为27.51%，说说明该公司资资产负债率较较低，财务风风险相对较小小。从动态方方面来看，所所有者权益比比重下降1.62%，表表明公司资本本结构还是比比较稳定的，财财务实力略有有减弱。（3）利润结构构变动分析。从从利润垂直分分析表可以看看出，20110年营业利利润占营业收收入的比重为为61.566%，比上年年下降1.227%；20010年度利利润总额的比比重为61.57%，比比上年降低11.31%；2010年年的净利润比比重为45.90%，比比上年降低11.18%。可可见，从公司司利润的构成成情况上来看看，盈利能力力比上年度有有所下降。从从其他项目的的结构变化来来看，主要是是由于营业税税金及附加的的比重上升了了3.83%所致。四、 财务比率分析（一） 近三年财务比率率数据贵州茅台财务比比率分析2008年2010年年项 目2010.122.312009.122.312008.122.31总股本（股）943,8000,000 943,8000,000 943,8000,000 每股市价（元）185.47 171.97 111.24 一、短期偿债能能力比率 1、流流动比率2.89 3.062.88 2、速速动比率2.10 2.24 2.15 3、现现金比率1.83 1.91 1.90 二、长期偿债能能力比率 1、资资产负债率27.51%25.89%26.98% 2、产产权比率0.38 0.35 0.37 3、权权益乘数1.38 1.35 1.37 4、利利息保障倍数数-39.56 -39.56 -44.50 三、资产管理比比率 1、应应收账款周转转率1027.633 413.91 238.08 应收账款周周转天数0.35 0.87 1.51 2、存存货周转率AA2.38 3.18 3.57 存货周转天天数A151.11 113.06 100.88 存货周转率率B0.22 0.29 0.35 存货周转天天数B1669.577 1249.111 1026.100 3、流流动资产周转转率0.65 0.83 0.99 流动资产周周转天数556.34 431.64 363.21 4、总总资产周转率率0.51 0.65 0.74 总资产周转转天数701.80 549.65 488.36 四、盈利能力比比率 1、总总资产报酬率率30.80%39.33%45.33% 2、总总资产收益率率ROA23.55%30.06%34.71% 3、净净资产收益率率ROE32.17%40.83%45.82% 4、营营业毛利率90.95%90.95%90.17% 5、营营业净利率45.90%45.90%47.08% 6、每每股收益5.6577 5.6577 4.8240 7、市市净率9.44 11.08 9.13 8、市市盈率32.78 30.40 23.06 （二）、财务比比率分析结论论1、短期偿债能能力分析（1）流动比率率。该指标表表明企业每一一元流动负债债有多少流动动资产作为偿偿还保障，反反应企业用可可在短期内转转变为现金的的流动资产偿偿还到期流动动负债的能力力。国际上通通常认为，流流动比率下线线为100%，二等于2200%时比比较适当。从从表中数据可可以看出，该该公司的流动动比率远高于于国际标准2200%，表表明其短期偿偿债能力良好好。（2）速动比率率。该指标是是速动资产与与流动负债的的比率。由于于该指标剔除除了存货等变变现能力较弱弱且不稳定的的资产，因此此速动比率比比流动比率更更能准确、可可靠地评价企企业资产的流流动性及其偿