信息安全行业财务分析

1、2012年年度业内竞争对手财务指标分析拟文：网神投融资管理部时间：2013年1月27日一、整体分析营业收入营业利润净利润每股收益2013 年 同比增 同比增年公司名称2012 年 同比增年 20132012 股）/ （元同比增长（万元）（万元）（万元）长长长启明星辰 19.35%32.82%4,735.867,362.4822.10%70.69%0.3772,781.15任子行-17.81%19,297.42-3.52%-32.77%10.20%2,378.873,720.730.6北信源 23.33%18,995.786,010.7549.63%34.26%5,800.511.1156.70

2、%卫士通-80.00%970.2331,742.97-121.55%-1,896.45-37.56%-89.19%0.1蓝盾股份-11.27%11.03%34,520.395,809.085,093.518.68%0.6323.83%行业均值-13.28%35,467.544,774.6523.36%0.563,222.46-5.06%-11.22% 注：数据来源上市公司2012 年度报告。二、盈利能力分析净资产收益率营业利润率毛利率净利润率去年同公司名称去年同去年同 去年同 年2012 年2012年2012年2012期期期 期启明星辰5.79% 6.51%8.36%66.06%60.72%1

3、0.12%14.14%6.00%任子行27.11% 22.45%22.57%55.66%14.42%20.71%9.52%56.66% d 匕信源29.47%10.15%89.90%88.00%29.16%30.54%35.27%31.64% .卫士通14.58% 17.66%58.44%-5.97%1.62%17.31%58.55%3.06%蓝盾股份21.03% 18.77%44.32%14.76%8.84%16.81%16.83%45.00%均值19.60%12.05%63.03%18.47%7.23%16.82%61.63%21.68%注：净利润率=净利润/营业收入营业利润率=营业利润/

4、营业收入，营业利润率能更好反应公司主营业务盈利的状况毛利率=(营业收入-营业成本)/营业收入净资产收益率=净利润/净资产，反映公司利用自有资本的效率三、应收账款分析(1)应收账款占比分析应收账款周转率应收账款占流动资产比例应收账款占营业收入比例学资学习网提供考研资料公司名称去年同期 2012 2012 年年去年同期 2012 年去年同期启明星辰1.63 0.480.290.612.060.33 任子行10.26 0.100.170.104.720.21北信源0.250.401.97 1.220.510.82卫士通2.73 0.280.661.520.370.30蓝盾股份4.033.55 0.2

5、80.270.252.150.46 土匀值0.280.532.330.370.25注：应收账款与营业收入的比例用来衡量公司抗风险能力，过高会导致坏账风险的增加。应收账款占流动资产的比重用来衡量流动资产的优质性，越低越好应收账款周转率=营业收入/应收账款。反映公司应收账款周转速度的比率。它说明一定期间内公司应收账款转为现金的平均次数。比率越大往往说明周转效率越|Wj o .年应收账款账龄结构)2012 (2公司名称2012年应收同比增1年以内1到3年23到44到55年以账款总额万长占应收账2年占至U占其年占其年占其上占其元()款总额比其总额比总额比总额比总额比例总额比例例例例例启明星辰35,26

6、2.8034.92%68.88%21.82%3.58%1.93%2.05%1.74%任子行4,088.37139.52%76.07%13.29%6.76%3.87%3.87%-北信源15,544.53141.70%78.14%16.61%4.36%0.75%0.1%0.04%卫士通20,923.7412.40%70.73%20.38%4.01%2.27%1.14%1.47%蓝盾股份16,027.25104.38%82.58%15.1%1.85%0.44%0.03%-均值18,369.3486.58%75.28%17.44%4.11%1.85%1.44%0.65%四、三项费用分析销售费用占营收比

7、重营业总成本占营收比重管理费用占营收比重公司名称去年同期年去年同期年 2012年去年同期20122012启明星辰31.57% 91.86%31.41%20.39%93.74%24.96% 任子行9.42% 30.41%10.45%87.44%79.79%25.00% 北信源29.61%16.73%69.46%27.47%70.86%27.65%26.23% 卫士通32.72%24.23%22.38%105.89%83.06%蓝盾股份7.11%85.24%83.19%9.06%16.58%16.87%行业均值18.89%20.56%23.34%25.27%81.75%88.35% .五、现金流量

8、分析年度（季度）主营业务收入销售现金回款率/二年度（季度）经营性现金流入金额公司名称销售现金回款率（%）去年同期销售现金%）回款率（经营活动产生的现金流量净额（万元）启明星辰107.66%113.95%78,359.63任子行137.85%127.52%26,601.70北信源71.67%109.45%13,614.00卫士通135.26%106.75%42,936.90蓝盾股份93.68%115.53%32,338.29行业均值109.22%114.64%38,770.10附件：主营业务构成情况1、启明星辰毛利率比上营业收入比上营业成本比上年年同期增减年同期增减（）营业成本毛利率营业收入 ）

9、同期增减（）（% 分行业 信息网络安全278,220,218.6460.72% 73.42% 99.43% 708,308,273.38-5.12%分产品:安全产品76.18%69.78%52.87%2.64%安全网关241,910,409.0865,562,065.4572.9%183.59%145.97%4.15%安全检测184,180,867.7138,333,473.8079.19%22.48%3.45%3.83%平台工具68,227,350.2713,867,983.5779.67%23.02%4.08%3.69%安全服务硬件及其他105,034,004.3853,658,639.0

10、748.91%31.25%79.62%-13.76%106,798,056.75 1.98% -10.54% 192.37% 227.6% 108,955,641.94分地区 华北 143,412,146.38 305,733,400.4973.49% 53.09% 120.45%-10%西南 68,327,034.41 64.21% 24,453,086.0159.16% 23.62% -7.99%华南 35,120,261.27 78,679,531.7755.36% -5.96% 44.41% 66.65%华东 16,535,327.4458,755,393.9971.86%-6.23%

11、159.09%101.74%东北-1.53% 13.44% 72.94% 7.02% 26,817,004.55 7,257,197.08西北 10.54% 67.97% -3.59% 55,751,302.84 28.15% 17,855,309.24华中-2.29%400.17%114,244,605.3370.6%361.27%33,586,891.222、任子行软件销售收入硬件销售收入64,486,286.87865,291.1598.66%4.95%115.74%-0.69%7.86% 16.56% 102,046,432.84 70,617,479.15 4.67% 30.8%服务

12、类收入26,432,881.0812,478,624.0252.79%1.51%49.74%-15.2%毛利率比营业成本比营业收入比期上年同（%）营业收入毛利率营业成本同期同期增上年 上年 增减 ）增减（减（）%）（% 分行业学资学习网提供考研资料分产品专用安全审计产品通用安全审计产品网络监管产品及安 全集成51,630,903.7123,748,180.6354%-10.61%35.2%-15.59%59,898,969.4813,253,569.1677.87%26.24%34.72%-1.39%14.34% 41,824,938.117.83%44.45%-14.29%75,286,01

13、8.28通信产品6,149,709.325,134,706.4216.5%分地区出口 30,704,136.64 4,052,616.38 86.8%东北地区 72.03% 7% 7,561,571.66 -21.62% 2,114,625.95 10.21%华北地区 4.39% 54,666,097.04 45.04% -31.69%30,042,072.64 -26.24%华东地区-19.27% 7,307,610.5441.65% 12,523,295.87 9.51% 63.51%华南地区-16.5% 19,206,194.96 53.46% 4.34%61.67% 41,267,67

14、0.90华中地区-25.8% 37.43% -2.43% 66.01% 11,798,567.287,382,315.54西北地区-11.42% 60.68% 39.99% 16,624,189.24 6,536,489.22 -0.69% 西南地区-12.15%58.93%7,319,469.0927.04%17,820,072.1680.41%3、北信源毛利率比上年 营业收入比上年营业成本比上年（）毛利率营业成本营业收入 期增减同）同期增减（）同期增减（ ） % （ 分行业金融行业 11,016,556.88 527,587.87 95.21% 184.49%137.86% 0.94%军工

15、行业-14.42% 571.56% 7,603,130.611,810,308.53 76.19% 164.85%能源行业-2.74% 411.56% 53.59% 1,606,929.15 41,043,398.4496.08%政府彳厅业-12.5% 90.97% -42.87% 82.16% 10,063,886.50 1,795,574.21其他行业0.14%58.5%60.1%86.27%16,355,322.88119,115,252.62分产品软件产品138,734,369.6-2.21% 4,715,143.83309.42%96.6%43.72%4技术服务 27,435,513

16、.65 -1.8% 2,530,911.43 90.78% 93.86% 140.97%硬件及其他 22,672,341.76 14,849,667.38 50.57% 34.5%53.21% 1.15%分地区华东 45,311,733.23 75.26% 40.26% 8.24% 11,212,089.15 -5.65%华南 21,422,665.77 99.24% -0.37% 225.79%65.53% 162,673.75华中 19,707,792.05 -0.97%1,873.17% 248.61% 232,486.11 98.82%华北 65,058,390.23 407.33%

17、46.3% 3,387,345.4894.79% -3.71%西北 5,534,594.69 -4.49% -2.17% 97.59% 840.25%133,470.47西南 17,467,928.95 78.65% 98.77%214,196.59 135.34% 0.39%东北 14,339,120.1395.44% 6,753,461.0952.9% 110.58% -3.39%港澳台0.00-100%-93.17%-100%0.000%4、卫士通毛利率比上年营业收入比营业成本比上年期增减同 上年 同期增（）毛利率营业收入营业成本）同期增减（ ） （%减0分行业信息安全行业317,100

18、,862.23 131,865,701.70 58.42% -37.61%-37.41% -0.13%分产品单机产品 5.18% -36.84% 169,481,274.83 30,621,900.46-50.91% 81.93%系统产品 1.47% 86.52% -64.44% -67.93% 21,777,193.83 2,935,447.38安全服务与集成-1.01% 23.11% 85,222,646.29 -28.48% -27.53% 110,840,476.16其他 3.81% 13,085,707.57 15,001,917.41 -36.59%-39.24% 12.77%分地

19、区东北 20.75% 8,528,417.62 -74.91% 70.44% 2,521,245.57 -57.31%华北-14.83% 57.08% 108,076,773.15 23.68%-19.05% 46,385,313.41华东 2.64% -53.21% 24,647,406.30 54,040,387.38 54.39% -50.51%华南 14.47% 3,272,565.54 81.39% 17,589,282.39-40.86% -66.74%华中 4.36% 1,924,774.01 77.28% -43.71% -32.91% 8,470,798.30西北-18.88

20、% 43.94% -38.81% 9,753,714.50 -59.41% 17,400,235.73西南 8.37% -36.21% -46.72% 101,994,093.7943,276,415.50 57.57%境外-5.16%157.29%565.29%1,000,873.8791.58%84,266.875、蓝盾股份营业收入比上年毛利率比上年营业成本比上年（%）营业成本毛利率营业收入期增减 同）同期增减（）同期增减）% （分行业 180,761,284.6 政府机关 48.88%55.84%110,208,524.8239.03%2-2.72%100,046,058.5 系统集成商

21、 90.65%66.39%44,123,786.9555.9%3-5.61%教育机构 19,289,832.08 31,431,059.75 -44.83% 2.96% -42.17% 38.63%制造贸易 7,896,489.86 -23.48% -4.29% -17.53% 40.55% 4,694,221.78电信业 68.05% 39.98% 23.85% 9,892,317.30 -15.78% 16,482,739.25其他 20.73% 53.55% 8,586,230.93 3,988,187.82 -55.39% -69.15%分产品安全产品 6.17% 48.09%21,3

22、58,917.1420.68% 78,634,397.68 72.84%245,902,317.2安全集成 166,308,601.9132.37%23.73%28.62%7-2.58%安全服务 78.08% 20,667,147.99 1.62%4,529,351.70 -23.24% -28.52%分地区东北-93.81% 34,228.60149,743.59 19.9% -96.69% 77.14%华北 53.1% 112.4% -19.75% 5,114,016.28 7,228,394.47 29.25%华东18.23%49.8%1,120,448.262,231,930.61 -24.82% 28.75%311,869,632.7华南 170,693,539.5515.9%45.27%17.03%50.54%华中 35.77% 494.6% 6,445,303.44 4,139,678.15 840.66% -23.63%西北 2,666.27% 3,865,682.84 1,759,702.122,720.03% -0.87% 54.48%西南557.1%-39.28%13,413,175.2430.4%9,335,257.791,408.34%出师表两汉：诸葛亮先