投行股票估值的Excel工作底稿(FCFF、FCFE、DDM、APV、EVA、AE).xls

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1、最新修改增加了FCFE估值、DDM估值、APV估值、EVA估值和AE估值。原先的估值对应FCFF估值。其他估值模型有些数是链接到FCFF的，因此FCFF的估值要做全更改了自由现金流定义EBIT（1-所得税率）折旧资本支出非现金性流动资本变化预测前首先需要自己输入的数据3主营收入及成本：各公司收入及成本的预测方法不尽相同，需要分析师自己做4预测假设：各种假设条件5固定资产预测：历史折旧和摊销7损益表及利润分配：2003-2004A利润数据8资产负债表：2003-2004历史数据7损益表及利润分配、8资产负债表：无公式的单元格需要手动填入，如一些特殊会计科目DCF估值（FCFF）：分析日期、股本结

2、构，假设条件中的“第二阶段增长率、长期增长率、应付债券利率、”。注意：第二阶段(2010-2017)年数不可更改。其他估值模型：各假设条件（第二阶段年数也不可更改）11输出结果：2003-2004年经营活动现金流量、投资活动现金流量、融资活动现金流量增加了FCFE估值、DDM估值、APV估值、EVA估值和AE估值。原先的估值对应FCFF估值。其他估值模型有些数是链接到FCFF的，因此FCFF的估值要做全DCF估值（FCFF）：分析日期、股本结构，假设条件中的“第二阶段增长率、长期增长率、应付债券利率、”。注意：第二阶段(2010-2017)年数不可更改。估估值值过过程程中中所所用用的的固固定定

3、参参数数参参数数数数值值无风险利率Rf5.00%平均风险股票必要报酬率Rm11.00%一般情景预测历史数据区名名称称20032004产产品品分分产产品品收收入入杀虫单收入6,357.005,803.00杀虫双收入8,233.006,753.00草甘膦收入0.004,761.00其他收入5,597.007,793.00高效氟氯氰菊酯苯氧菌酯精喹禾灵吡虫啉啶虫脒杀虫单收入增长率38.74%-8.71%杀虫双收入增长率26.14%-17.98%草甘膦收入增长率#VALUE!#DIV/0!其他收入增长率3.12%39.24%高效氟氯氰菊酯收入增长率苯氧菌酯收入增长率精喹禾灵收入增长率吡虫啉收入增长率啶

4、虫脒收入增长率分分产产品品价价格格杀虫单均价/万元/吨1.511.29杀虫双均价/万元/吨1.631.47草甘膦均价/万元/吨#DIV/0!3.17其他产品均价/万元/吨46.6448.71高效氟氯氰菊酯均价/万元/吨苯氧菌酯均价/万元/吨精喹禾灵均价/万元/吨吡虫啉均价/万元/吨啶虫脒均价/万元/吨杀虫单价格上涨幅度-7.36%-14.39%杀虫双价格上涨幅度-9.63%草甘膦价格上涨幅度#DIV/0!其他产品价格上涨幅度4.43%高效氟氯氰菊酯价格上涨幅度苯氧菌酯价格上涨幅度精喹禾灵价格上涨幅度吡虫啉价格上涨幅度啶虫脒价格上涨幅度分分产产品品产产销销量量杀虫单销量/吨4,223.00450

5、3.00杀虫双销量/吨5,058.004,591.00草甘膦销量/吨0.001,500.00其他产品销售量/吨120.00160.00高效氟氯氰菊酯销量/吨苯氧菌酯销量/吨精喹禾灵销量/吨吡虫啉销量/吨啶虫脒销量/吨杀虫单销量增长率6.63%杀虫双销量增长率-9.23%草甘膦销量增长率#DIV/0!其他产品销售量增长率33.33%高效氟氯氰菊酯销量增长率苯氧菌酯销量增长率精喹禾灵销量增长率吡虫啉销量增长率啶虫脒销量增长率主主要要产产品品收收入入合合计计（万万元元）20,187.0025,110.00其它产品收入（万元）0.000.00其它产品占主营收入比例0.00%0.00%主主营营业业务务收

6、收入入（万万元元）20,18725,110调调整整比比例例0.00%0.00%主主营营业业务务收收入入（万万元元）调调整整后后20,18725,110主营收入增长率%24.4%主主营营业业务务成成本本预预测测20032004分分产产品品成成本本主营业务成本13,847.0018,631.00主营业务成本增长率35.93%34.55%分分原原料料价价格格氯丙烯均价二甲胺（40%）均价大苏打（98%）均价烧碱均价1,911.002,320.00盐酸均价516.00611.00液氯均价1,960.002,080.00原料价格指数分分原原料料价价格格涨涨幅幅氯丙烯涨幅二甲胺（40%）涨幅大苏打（98%

7、）涨幅烧碱涨幅21.40%盐酸涨幅18.41%液氯涨幅6.12%原料价格指数涨幅#DIV/0!分分原原料料消消耗耗量量增增幅幅原料消耗量指数增幅新增产品产量0.00新增产品产量增长率分分结结构构成成本本固定资产折旧660.00煤与电成本530.00人工成本1,200.00原料等成本16,241.00主营业务利润6340.006479.00主营业务利润增长率2.19%主主营营业业务务毛毛利利率率31.41%25.80%子公司收入预测并并表表子子公公司司股股权权比比例例20032004子公司利润预测并并表表子子公公司司股股权权比比例例20022003合合计计少少数数股股东东权权益益调调整整后后少少

8、数数股股东东权权益益苯氧菌酯-为自筹资金国债贴息项目，截止2005A已累计投资9188万元，预计2006年二季度达产，产能500吨/年。该项目采用手性试剂催化定向合成技术和非光照合成方法，合成采用邻甲基苯甲酸工艺合成路线.主要用于小麦、油菜、玉米、大豆、水稻、棉花、苹果、梨、马铃薯、南瓜、葡萄等作物，防治黑腥病、霉霜病、白粉病、锈病、颖枯病、稻瘟病、叶班病、疫病等几乎所有的真菌病害。据农业部统计，我国16类作物杀菌剂每年总用量约5.5万吨，总用药成本约35亿，进口产品使用率20%以上。甲氧基丙烯酸酯类化合物具有替代现有产品的所有优势，是防治真菌引起病害的理想药剂。国际上最早开发两个品种(含苯氧

9、菌酯)于1996年面市，至1999年，此类杀菌剂的销售额为6亿美元,代表了全球杀菌剂市场的10%以上(柏亚罗，农药快讯，2001)。以该有效成分为主的杀菌剂，每年正以15%以上的速度递增，预计至2005年销售额上升至10亿美元左右，将成为全球销量最大的杀菌剂之一。苯氧菌酯在我国尚未产业化，是防治真菌病害的新品种，在我国工业化后，将迅速替代三唑酮等老品种，目前国内市场需求容量在5000吨左右。预计上市两年后，可在全国形成1000吨以上的市场需求，2005年可实现2000吨的市场空间。该公司计划先建设500吨/年的生产线，2003年再扩建至年产1000_2000吨的生产规模。显性期预测200520

10、06E2007E2008E2009E2010E7,609.007,520.138,564.748,860.088,594.278,422.397,648.007,192.338,191.418,473.878,304.398,138.3110,946.0011,522.1112,962.3713,826.5314,402.6314,402.639,320.009,320.0010,355.5610,355.5610,355.5611,391.11560.002,394.003,528.003,780.003,780.008,400.0014,700.0016,800.0018,900.0021

11、,000.002,160.006,300.007,200.008,100.009,000.00960.002,095.202,444.402,793.603,492.001,040.002,340.002,730.003,120.003,900.0031.12%-1.17%13.89%3.45%-3.00%-2.00%13.25%-5.96%13.89%3.45%-2.00%-2.00%129.91%5.26%12.50%6.67%4.17%0.00%19.59%0.00%11.11%0.00%0.00%10.00%#DIV/0!327.50%47.37%7.14%0.00%#DIV/0!75

12、.00%14.29%12.50%11.11%#DIV/0!191.67%14.29%12.50%11.11%#DIV/0!118.25%16.67%14.29%25.00%#DIV/0!125.00%16.67%14.29%25.00%1.371.371.481.481.431.401.351.311.411.411.381.362.882.882.882.882.882.8851.7851.7851.7851.7851.7851.7828.0025.2025.2025.2025.2042.0042.0042.0042.0042.0018.0018.0018.0018.0018.0012.00

13、11.6411.6411.6411.6413.0013.0013.0013.0013.006.10%0.00%8.00%0.00%-3.00%-2.00%-8.35%-3.00%8.00%0.00%-2.00%-2.00%-9.25%0.00%0.00%0.00%0.00%0.00%6.31%0.00%0.00%0.00%0.00%0.00%-10.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%-3.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%5565.005,500.005,800.006,

14、000.006,000.006,000.005,673.005,500.005,800.006,000.006,000.006,000.003,800.004,000.004,500.004,800.005,000.005,000.00180.00180.00200.00200.00200.00220.0020.0095.00140.00150.00150.00200.00350.00400.00450.00500.00120.00350.00400.00450.00500.0080.00180.00210.00240.00300.0080.00180.00210.00240.00300.00

15、23.58%-1.17%5.45%3.45%0.00%0.00%23.57%-3.05%5.45%3.45%0.00%0.00%153.33%5.26%12.50%6.67%4.17%0.00%12.50%0.00%11.11%0.00%0.00%10.00%#DIV/0!375.00%47.37%7.14%0.00%#DIV/0!75.00%14.29%12.50%11.11%#DIV/0!191.67%14.29%12.50%11.11%#DIV/0!125.00%16.67%14.29%25.00%#DIV/0!125.00%16.67%14.29%25.00%35,523.0048,6

16、74.5667,903.2774,218.4378,350.4583,526.440.000.000.000.000.000.000.00%0.00%0.00%0.00%0.00%0.00%35,52348,67567,90374,21878,35083,5260.00%0.00%0.00%0.00%0.00%0.00%35,52348,67567,90374,21878,35083,52641.5%37.0%39.5%9.3%5.6%6.6%20052006E2007E2008E2009E2010E27,630.0036,864.2349,023.9951,090.0052,875.6056

17、,013.0248.30%33.42%32.99%4.21%3.50%33.42%13,000.0013,390.0013,390.0013,122.2013,122.2012,859.7620,000.0020,600.0020,600.0020,600.0020,188.0019,986.1219,000.0019,380.0019,380.0019,380.0019,186.2018,802.482,620.002,751.002,751.002,751.002,695.982,642.06644.00663.32663.32663.32656.69650.122,033.002,114

18、.322,114.322,114.322,050.892,030.3830,389.1031,265.5931,265.5931,078.1330,694.0730,229.623.00%0.00%-2.00%0.00%-2.00%3.00%0.00%0.00%-2.00%-1.00%2.00%0.00%0.00%-1.00%-2.00%12.93%5.00%0.00%0.00%-2.00%-2.00%5.40%3.00%0.00%0.00%-1.00%-1.00%-2.26%4.00%0.00%0.00%-3.00%-1.00%#DIV/0!2.88%0.00%-0.60%-1.24%-1.

19、51%#DIV/0!131.00%17.75%12.50%14.38%0.00500.001,155.001,360.001,530.001,750.00#DIV/0!#DIV/0!131.00%17.75%12.50%14.38%900.002,800.004,500.004,600.004,600.004,800.00660.00800.001,500.001,600.001,600.001,700.002,000.002,500.004,000.004,500.004,500.005,000.0024,070.0030,764.2339,023.9940,390.0042,175.604

20、4,513.027893.0011810.3318879.2823128.4325474.8527513.4121.82%49.63%59.85%22.51%10.15%8.00%22.22%24.26%27.80%31.16%32.51%32.94%20052006E2007E2008E2009E2010E20042005E2006E2007E2008E2009E苯氧菌酯-为自筹资金国债贴息项目，截止2005A已累计投资9188万元，预计2006年二季度达产，产能500吨/年。该项目采用手性试剂催化定向合成技术和非光照合成方法，合成采用邻甲基苯甲酸工艺合成路线.主要用于小麦、油菜、玉米、大豆

21、、水稻、棉花、苹果、梨、马铃薯、南瓜、葡萄等作物，防治黑腥病、霉霜病、白粉病、锈病、颖枯病、稻瘟病、叶班病、疫病等几乎所有的真菌病害。据农业部统计，我国16类作物杀菌剂每年总用量约5.5万吨，总用药成本约35亿，进口产品使用率20%以上。甲氧基丙烯酸酯类化合物具有替代现有产品的所有优势，是防治真菌引起病害的理想药剂。国际上最早开发两个品种(含苯氧菌酯)于1996年面市，至1999年，此类杀菌剂的销售额为6亿美元,代表了全球杀菌剂市场的10%以上(柏亚罗，农药快讯，2001)。以该有效成分为主的杀菌剂，每年正以15%以上的速度递增，预计至2005年销售额上升至10亿美元左右，将成为全球销量最大的

22、杀菌剂之一。苯氧菌酯在我国尚未产业化，是防治真菌病害的新品种，在我国工业化后，将迅速替代三唑酮等老品种，目前国内市场需求容量在5000吨左右。预计上市两年后，可在全国形成1000吨以上的市场需求，2005年可实现2000吨的市场空间。该公司计划先建设500吨/年的生产线，2003年再扩建至年产1000_2000吨的生产规模。一般情景预测1 1、经经营营活活动动200420052006E2007E2008E主营业务收入同比增长率24.39%41.47%37.02%39.50%9.30%主营业务成本/主营业务收入74.20%77.78%75.74%72.20%68.84%主营业务税金及附加/主营业

23、务收入（营业税率）0.04%0.06%0.05%0.05%0.05%营业费用/主营业务收入7.68%7.31%7.49%7.49%7.49%管理费用/主营业务收入4.56%4.21%4.39%4.39%4.39%实际税率33.84%31.63%32.73%32.73%32.73%股利分配比例10.48%27.41%18.95%18.95%18.95%2 2、营营运运资资金金200420052006E2007E2008E货币资金/主营业务收入57.10%22.26%22.26%22.26%22.26%应收帐款周转天数(相对于主营业务收入)25.1541.5833.3633.3633.36应收票据

24、周转天数(相对于主营业务收入)5.651.423.543.543.54存货周转天数(相对于主营业务成本)175.32155.89165.61165.61165.61应付票据周转天数(相对于主营业务成本)72.8691.6882.2782.2782.27应付帐款周转天数(相对于主营业务成本)29.3345.3937.3637.3637.36预付帐款增加 /主营业务成本1.56%3.75%2.65%2.65%2.65%待摊费用增加 /营业费用和管理费用0.00%0.00%0.00%0.00%0.00%预收帐款(负债)增加 /主营业务收入4.01%3.30%3.65%3.65%3.65%预提费用增加

25、/营业费用和管理费用-0.16%-0.02%-0.09%-0.09%-0.09%其他流动资产增加/主营业务收入增加0.00%0.00%0.00%0.00%0.00%其他流动负债增加/主营业务收入增加0.00%0.00%0.00%0.00%0.00%其他长期资产增加/主营业务收入增加0.00%0.00%0.00%0.00%0.00%其他长期负债增加/主营业务收入增加0.00%0.00%0.00%0.00%0.00%坏帐准备/应收帐款0.00%0.00%0.00%0.00%0.00%短期投资跌价准备#DIV/0!#DIV/0!0.00%0.00%0.00%存货跌价准备(含工程亏损准备)0.00%0

26、.00%0.00%0.00%0.00%长期投资减值准备#DIV/0!0.00%0.00%0.00%0.00%固定资产减值准备1.34%1.24%1.29%1.29%1.29%在建工程减值准备0.00%0.00%0.00%0.00%0.00%3 3、资资本本性性投投资资a、假定固定资产采用直直线线法法折旧b、现有固定资产和新建固定资产的折旧年限平均为12年残值率为5.00%年折旧率=7.92%c、各年的固定资产投资如下：20042004200520052006E2007E2008E4,000.0016,000.0012,500.001,000.001,000.004、债债务务和和利利息息2004

27、20052006E2007E2008Ea、最低货币资金为主营业务收入的22.26%b、银行长期贷款利率为6.00%c、现金不足时增加短期贷款，利率为5.50%d、现金存款利率为1.35%预计银行长期贷款增加额（万元）420.001,830.001,500.000.000.002009E2010E5.57%6.61%67.49%67.06%0.05%0.05%7.49%7.49%4.39%4.39%32.73%32.73%18.95%18.95%2009E2010E22.26%22.26%33.3633.363.543.54165.61165.6182.2782.2737.3637.362.65

28、%2.65%0.00%0.00%3.65%3.65%-0.09%-0.09%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%1.29%1.29%0.00%0.00%2009E2010E1,000.001,000.002009E2010E0.000.00经经营营情情景景分分析析情情景景选选择择2 2一一般般情情景景预预测测会会计计年年度度截截止止日日：12/3112/312006E2007E1销售收入增长率37.02%39.50%2销货成本/销售收入75.74%72.20%3管理费用/

29、销售收入4.39%4.39%营业费用/销售收入7.49%7.49%股利分配比例18.95%18.95%1 1乐乐观观情情景景预预测测销售收入增长率40.72%43.46%销货成本/销售收入74.22%70.75%管理费用/销售收入4.17%4.17%营业费用/销售收入7.12%7.12%股利分配比例23.95%23.95%2 2一一般般情情景景预预测测销售收入增长率37.02%39.50%销货成本/销售收入75.74%72.20%管理费用/销售收入4.39%4.39%营业费用/销售收入7.49%7.49%股利分配比例18.95%18.95%3 3保保守守情情景景预预测测销售收入增长率33.32

30、%35.55%销货成本/销售收入77.25%73.64%管理费用/销售收入4.61%4.61%营业费用/销售收入7.87%7.87%股利分配比例13.95%13.95%2008E2009E2010E9.30%5.6%6.61%68.84%67.5%67.06%4.39%4.4%4.39%7.49%7.5%7.49%18.95%18.9%18.95%10.23%6.12%7.27%67.46%66.14%65.72%4.17%4.17%4.17%7.12%7.12%7.12%23.95%23.95%23.95%9.30%5.57%6.61%68.84%67.49%67.06%4.39%4.39%

31、4.39%7.49%7.49%7.49%18.95%18.95%18.95%8.37%5.01%5.95%70.21%68.84%68.40%4.61%4.61%4.61%7.87%7.87%7.87%13.95%13.95%13.95%历历史史折折旧旧：200320042005固固定定资资产产折折旧旧原值9,422.0012,759.0014,719.00折旧579.00845.00折旧率0.00%4.54%5.74%假假设设：现有固定资产的折旧年限/折旧率7.92%使使用用直直线线折折旧旧法法新建固定资产的折旧年限/折旧率6.00%2006E2007E2008E2009E2010E初始固定

32、资产原值14,7191,165.251,165.251,165.251,165.251,165.252006固定资产投资+在建工程转14,509870.54870.54870.54870.54870.542007固定资产投资+在建工程转7,755465.27465.27465.27465.272008固定资产投资+在建工程转4,377262.64262.64262.642009固定资产投资+在建工程转2,689161.32161.322010固定资产投资+在建工程转1,844110.66在建工程期初余额16,518.0014,509.007,754.504,377.252,688.63新增工程

33、物资0.000.000.000.000.00新增在建工程12,500.001,000.001,000.001,000.001,000.00转固定资产14,509.007,754.504,377.252,688.631,844.31在建工程期末余额14,509.007,754.504,377.252,688.631,844.31期初固定资产合计29,587.0040,051.2138,550.1436,786.4434,861.43+固定资产投资12,500.001,000.001,000.001,000.001,000.00折旧2,035.792,501.062,763.702,925.023

34、,035.68固定资产减值准备0.000.000.000.000.00期期末末固固定定资资产产合合计计40,051.2138,550.1436,786.4434,861.4332,825.75无无形形资资产产投投资资和和折折旧旧历历史史摊摊销销：200220032004摊销假假设设：不考虑无形资产增加，无形资产采用直线法摊销，摊销年限10 年20052006E2007E2008E2009E2010E期初无形资产净值210.00189.00168.00147.00126.00摊销21.0021.0021.0021.0021.00期末无形资产净值210.00189.00168.00147.0012

35、6.00105.00一般情景预测利利润润表表（单单位位：万万元元）历史数据区显性期预测会计年度截止日：12/312003200420052006E2007E2008E2009E2010E主主营营业业务务收收入入20,18725,11035,52448,67667,90574,22178,35383,529增增长长率率24.4%41.5%37.0%39.5%9.3%5.6%6.6%减：折扣与折让主主营营业业务务收收入入净净额额20,18725,11035,52448,67667,90574,22178,35383,529减：主营业务成本13,84718,63127,63036,86549,025

36、51,09152,87756,015主营业务税金及附加311212535384043主主营营业业务务利利润润6,3376,4687,87311,78618,84523,09125,43527,471毛毛利利率率31.4%25.8%22.2%24.3%27.8%31.2%32.5%32.9%加：其他业务利润19.0055.00-49.0050.0050.00100.00100.00100.00减：存货跌价损失0.000.000.000.000.000.000.00营业费用1,846.001,929.002,596.003,648.245,089.475,562.805,872.516,260.4

37、6管理费用1,037.001,146.001,496.002,135.692,979.393,256.483,437.783,664.89利息费用910.911,149.06914.99508.14330.00利息收入126.54175.20213.59257.14374.83汇兑损益(收益为正)其他0.000.000.000.000.00财务费用302.00197.00221.00784.38973.86701.41251.00-44.83营营业业利利润润3,171.003,251.003,511.005,267.299,852.1413,670.1915,973.9617,690.68加：

38、投资收益0.000.000.000.000.000.000.00加：期货收益0.000.000.000.000.000.000.00补贴收入0.000.000.000.000.000.000.000.00营业外收入3.009.004.0050.0050.0050.0050.0050.00减：营业外支出34.0015.0047.0080.0080.0080.0080.0080.00加：以前年度损益调整税税前前利利润润3,140.003,245.003,468.005,237.299,822.1413,640.1915,943.9617,660.68减：所得税1,005.001,098.001,0

39、97.001,714.393,215.224,465.035,219.155,781.11实际税率32.0%33.8%31.6%32.7%32.7%32.7%32.7%32.7%加：财政返还减：少数股东损益0.000.000.000.000.000.000.00加：未确认的投资损失减：购并利润净净利利润润2,135.002,147.002,371.003,522.906,606.939,175.1610,724.8011,879.57销销售售净净利利率率10.6%8.6%6.7%7.2%9.7%12.4%13.7%14.2%净净利利润润增增长长率率0.6%10.4%48.6%87.5%38.9

40、%16.9%10.8%发行在外股份数量(万股）4,500.006,500.006,500.006,500.006,500.006,500.006,500.006,500.00EPSEPS0.4740.3300.3650.5421.0161.4121.6501.828EPS增增长长率率-30.4%10.4%48.6%87.5%38.9%16.9%10.8%股股利利374.00225.00650.00667.491,251.831,738.432,032.052,250.84期期初初未未分分配配利利润润2,938.004,538.005,904.008,230.9712,595.0418,655.

41、4925,739.53提提取取法法定定盈盈余余公公积积215.00237.00352.29660.69917.521,072.481,187.96提提取取法法定定公公益益金金107.00118.00176.14330.35458.76536.24593.98提提取取任任意意盈盈余余公公积积0.000.00其其他他期期末末未未分分配配利利润润4,538.005,904.008,230.9712,595.0418,655.4925,739.5333,586.32一般情景预测8 8资资产产负负债债表表!G91+8!G91+8资资产产负负债债表表!G87+8!G87+8资资产产负负债债表表!G77+8

42、!G77+8资资产产负负债债表表!G61+8!G61+8资资产产负负债债表表!G92+8!G92+8资资产产负负债债表表!G94+8!G94+8资资产产负负债债表表!G97-8!G97-8资资产产负负债债表表!G6-8!G6-8资资产产负负债债表表!G9-8!G9-8资资产产负负债债表表!G34!G34资资产产负负债债表表（万万元元）历史数据区显性期预测会计年度截止日：12/312003200420052006E2007E2008E2009E2010E资产货币资金2,316.0014,338.007,909.0010,837.1215,118.2916,524.3221,570.8333,95

43、9.13短期投资0.000.000.000.000.000.000.00减：短期投资跌价准备短期投资0.000.000.000.000.000.000.000.00应收票据47.00389.00138.00471.59657.88719.07759.10809.25应收股利0.000.000.000.000.000.000.00应收利息0.000.000.000.000.000.000.000.00应收帐款1,119.001,730.004,047.004,449.466,207.216,784.497,162.217,635.36其他应收款101.00233.00413.00565.9078

44、9.46862.88910.92971.10减：坏帐准备应收帐款净额1,220.001,963.004,460.005,015.376,996.677,647.378,073.138,606.46预付帐款205.00495.001,531.002,509.053,809.725,165.206,568.058,054.15应收补贴款10.000.000.00存货3,600.008,949.0011,801.0016,726.4522,243.7123,181.1223,991.3125,414.85其中:工程施工减：存货跌价准备(含工程亏损准备)0.000.000.000.000.000.00

45、存货净额3,600.008,949.0011,801.0016,726.4522,243.7123,181.1223,991.3125,414.85待摊费用0.000.000.000.000.000.000.00待处理流动资产净损失一年内到期的长期债券投资期货保证金0.000.000.000.000.000.000.000.00其他流动资产0.000.000.000.000.00流流动动资资产产总总额额7,398.0026,134.0025,839.0035,559.5848,826.2753,237.0960,962.4276,843.83长期股权投资0.000.00151.00151.00

46、151.00151.00151.00151.00长期债权投资长期投资合计0.000.00151.00151.00151.00151.00151.00151.00减：长期投资减值准备长长期期投投资资净净额额0.000.00151.00151.00151.00151.00151.00151.00其中：合并价差0.000.000.00股权投资差额固定资产原值9,422.0012,759.0014,719.0029,228.0036,982.5041,359.7544,048.3845,892.69减：累计折旧1,942.002,521.003,366.005,401.797,902.8610,666

47、.5613,591.5716,627.25固定资产净值7,480.0010,238.0011,353.0023,826.2129,079.6430,693.1930,456.8029,265.44减：固定资产减值准备136.00137.00141.00141.00141.00141.00141.00141.00固定资产净额7,344.0010,101.0011,212.0023,685.2128,938.6430,552.1930,315.8029,124.44工程物资773.00921.001,857.001,857.001,857.001,857.001,857.001,857.00在建工

48、程1,273.001,861.0016,518.0014,509.007,754.504,377.252,688.631,844.31减：在建工程减值准备固定资产清理0.00待处理固定资产净损失固固定定资资产产合合计计9,390.0012,883.0029,587.0040,051.2138,550.1436,786.4434,861.4332,825.75无形资产327.00996.00210.00189.00168.00147.00126.00105.00递延资产开办费长期待摊费用172.000.000.00609.00482.00355.00228.00101.00其他长期资产0.000

49、.000.000.000.000.000.000.00其中：临时设施净值无无形形资资产产及及其其他他资资产产合合计计499.00996.00210.00798.00650.00502.00354.00206.00递延税款借项资资产产总总额额17,287.0040,013.0055,787.0076,559.7888,177.4190,676.5396,328.85110,026.58负债和股东权益循循环环贷贷款款950.002,500.007,771.0014,989.5214,794.546,477.940.000.00应付票据1,715.003,719.006,940.008,309.24

50、11,050.0711,515.7511,918.2312,625.41应付帐款1,357.001,518.003,484.003,773.695,018.445,229.945,412.725,733.89预收帐款(负债)1,791.002,797.003,968.005,745.348,224.8010,934.8713,795.8116,845.76代销商品款应付工资144.0070.00266.00150.00150.00150.00150.00150.00应付福利428.00470.00223.00100.00100.00100.00100.00100.00应付股利0.000.000