公司评估财务模型

1、外外运运发发展展（600270.SHA)公公司司类类型型： 快快速速增增长长最最新新股股本本：823流流通通股股本本：208流流通通市市值值：1,873单位：百万股股价价：9.01P/E：21.9P/B：3.6200120022003200120022003利利润润表表总总股股本本305366549主营收入1,4722,2673,003每股收益0.760.740.62主营成本5091,1661,594每股净资产5.084.993.78主营利润9181,0421,338每股经营现金流1.121.141.23营业利润444558743每股净现金流-0.110.260.60净利润231271339E

2、BITDA405514642增增长长率率EBIT322401529收入40.8%54.0%32.5%EBT342419546净利润30.5%17.3%25.1%主营成本86.0%129.1%36.6%资资产产负负债债表表营业费用25.0%-17.4%26.3%流动资产1,7371,9012,352管理费用23.2%23.2%19.2%现金1,3181,4121,700应收帐款322405496获获利利能能力力存货225毛利率62.4%46.0%44.6%长期投资118130165营业利润率30.2%24.6%24.8%固定资产303443517税前利润率23.2%18.5%18.2%无形资产2

3、7270净利润率15.7%11.9%11.3%总资产2,2452,5583,089所得税率23.8%25.3%26.3%流动负债473461664ROA10.3%10.6%11.0%短期借款000ROE14.9%14.8%16.3%长期负债983长期借款000营营运运效效率率总负债484470669应收帐周转天数69.557.753.9股东权益1,5491,8262,074存货周转天数1.00.50.7股本305366549资本公积1,016991881负负债债比比率率盈余公积66107158流动比率3.74.13.5未分配利润163362486债务总额/总资产0.20.20.2债务总额/股东

4、权益0.30.30.3现现金金流流量量表表经营净现金流341419674股股东东持持股股投资净现金流-212-178-146A股股东人数25,78225,46318,377筹资净现金流-163-147-197人均持股2,9873,6297,542净现金流-3394330人均持股比重0.0039%0.0039%0.0054%净现金流净利润-264-177-9其其它它比比率率折旧与摊销346493折旧摊销/收入2.3%2.8%3.1%资产购置支出144219163折旧率17.4%18.7%20.4%委托理财规模008投资收益/EBT4.4%5.1%5.5%担保总金额000非经常性损益/EBT0.2

5、%-0.6%0.2%更新日期:2004/6/1219992000200120022003警警告告信信号号收入增长33.1%40.8%54.0%32.5%成本增长-16.8%86.0%129.1%36.6%应收账增长2.6%31.1%25.5%22.5%库存增长23869.5%55.8%-0.5%170.6%应付账增长-0.4%20.9%20.1%56.8%指指标标现金/总资产44.2%68.0%58.7%55.2%55.0%应收帐款/收入30.5%23.5%21.9%17.8%16.5%应收帐款/收入30.5%23.5%21.9%17.8%16.5%坏帐准备/总应收账库存/收入0.0%0.1%

6、0.1%0.1%0.2%库存/成本0.0%0.4%0.3%0.1%0.3%库存/应付帐款0.0%0.7%0.9%0.8%1.3%库存储备/库存预付费用/总资产1.9%5.1%3.5%2.7%2.7%其它资产/总资产0.0%0.0%0.0%0.0%0.0%固定资产/总资产12.8%7.4%10.5%17.1%15.3%固定资产/总资产12.8%7.4%10.5%17.1%15.3%累计折旧/固定资产49.4%49.2%43.8%33.3%38.2%商誉/总资产0.3%1.4%1.2%1.0%0.0%累计摊销/商誉应付帐款/收入19.2%14.4%12.3%9.6%11.4%应付费用/总资产0.1

7、%0.2%0.4%1.6%1.1%递延收入/销售收入销货成本/销售41.9%26.2%34.6%51.5%53.1%销货成本/销售41.9%26.2%34.6%51.5%53.1%营运费用/销售13.7%38.9%34.3%22.6%20.8%营运费用/销售13.7%38.9%34.3%22.6%20.8%营业外收支净额/税前利润0.2%1.1%0.2%-0.6%0.2%利息费用/(短期借款+长期债务)0.0%0.0%0.0%0.0%利息费用/长期债务0.0%0.0%0.0%0.0%营业现金流/净收入147.2%147.9%154.7%198.9%经营现金流净额/现金流净额27.2%-1029

8、.6%445.7%204.1%变变动动(YtoY)(YtoY)现金/总资产-13.6%-6.0%-0.3%应收帐款/收入-6.9%-18.5%-7.5%应收帐款/收入-6.9%-18.5%-7.5%坏帐准备/总应收账-库存/收入10.7%-35.4%104.2%库存/成本-16.2%-56.6%98.0%库存/应付帐款28.9%-17.2%72.6%库存储备/库存-预付费用/总资产-29.8%-23.5%-1.5%其它资产/总资产-固定资产/总资产40.5%63.8%-10.5%固定资产/总资产40.5%63.8%-10.5%累计折旧/固定资产-10.9%-23.9%14.6%商誉/总资产-1

9、3.2%-14.1%-累计摊销/商誉-应付帐款/收入-14.1%-22.0%18.3%应付费用/总资产132.9%309.2%-30.3%递延收入/销售收入-销货成本/销售32.1%48.8%3.1%销货成本/销售32.1%48.8%3.1%营运费用/销售-11.8%-34.2%-7.6%营运费用/销售-11.8%-34.2%-7.6%营业外收支净额/税前利润0.2%-0.6%0.2%利息费用/(短期借款+长期债务)-利息费用/长期债务-营业现金流/净收入0.5%4.6%28.6%经营现金流净额/现金流净额-54.2%假假设设(YtoY)(YtoY)现金/总资产-30%-30%-30%应收帐款

10、/收入30%30%30%应收帐款/收入-30%-30%-30%坏帐准备/总应收账-30%-30%-30%库存/收入30%30%30%库存/成本30%30%30%库存/应付帐款30%30%30%库存储备/库存-30%-30%-30%预付费用/总资产30%30%30%其它资产/总资产30%30%30%固定资产/总资产30%30%30%固定资产/总资产-30%-30%-30%累计折旧/固定资产-30%-30%-30%商誉/总资产30%30%30%累计摊销/商誉-30%-30%-30%应付帐款/收入30%30%30%应付费用/总资产-30%-30%-30%递延收入/销售收入-30%-30%-30%销货

11、成本/销售30%30%30%销货成本/销售-30%-30%-30%营运费用/销售-30%-30%-30%营运费用/销售30%30%30%营业外收支净额/税前利润20%20%20%利息费用/(短期借款+长期债务)20%20%20%利息费用/长期债务-20%-20%-20%营业现金流/净收入-30%-30%-30%经营现金流净额/现金流净额-30%-30%-30%警警告告信信号号现金/总资产-应收帐款增长/收入增长-应收帐款增长/收入增长-坏帐准备/总应收帐款-库存增长/收入增长-Warning库存增长/成本增长-Warning库存增长/应付帐款增长-Warning库存储备/库存-预付费用/总资产

12、-其它资产/总资产-固定资产/总资产WarningWarning-固定资产/总资产-累计折旧/固定资产-商誉/总资产-累计摊销/商誉-应付帐款增长/收入增长-应付费用/总资产-Warning递延收入/销售收入-销货成本增长/收入增长WarningWarning-销货成本/销售-营运费用/销售-Warning-营运费用/销售-营业外收支净额/税前利润-利息费用/长期债务-利息费用/长期债务-营业现金流/净收入-经营现金流净额/现金流净额-Warning收收入入及及利利润润质质量量主营收入785,788,6211,045,690,7461,471,924,8092,266,662,3243,002

13、,948,985营业利润335,500,040346,987,434444,092,506558,162,086743,318,083投资收益29,651,49413,249,90220,717,89529,861,76843,644,411净利润161,858,455176,899,235230,878,579270,799,239338,774,199销售收到的现金1,576,355,7132,194,044,9853,092,144,6353,805,195,852经营净现金流260,373,239341,446,605418,891,994673,827,736投资活动净现金流-119

14、,159,668-212,465,903-177,829,657-146,344,676净现金流956,067,757-33,162,31593,981,881330,154,306销售收到的现金收入530,664,967722,120,176825,482,311802,246,867经营净现金流营业利润-86,614,195-102,645,901-139,270,093-69,490,347投资净现金流投资收益-132,409,569-233,183,798-207,691,425-189,989,088净现金流净利润83,474,004110,568,026148,092,755335

15、,053,537资资产产质质量量固定资产净额114,325,947147,967,865234,800,245438,288,492473,752,020固定资产原值225,884,991291,058,731417,730,353657,561,461766,796,692折旧31,531,82233,309,77962,988,53592,984,457购买资产支出137,251,048144,408,667219,117,452162,554,888固定资产成新率50.6%50.8%56.2%66.7%61.8%购买资产支出折旧105,719,226111,098,888156,128,

16、91769,570,432折旧率24.0%17.4%18.7%20.4%对对外外担担保保注注意意更更新新! !担保金额00008,000,000担保金额+总债务472,424,344436,580,925484,126,966470,158,738676,705,925(担保金额+总债务)/总资产52.7%22.0%21.6%18.4%21.9%(担保金额+总债务)/股东权益140.8%31.7%31.2%25.7%32.6%销售收入/担保金额-37536.9%净利润/担保金额-4234.7%委委托托理理财财注注意意更更新新! !资金投向品种委托理财金额00000委托理财损失可能0%0%0%0

17、%0%委托理财可能损失金额00000税前利润/委托理财可能损失-变变动动方方向向下降上升下降下降上升上升上升下降上升上升上升下降下降上升下降上升下降下降上升下降下降上升过高上升下降下降下降可可能能存存在在问问题题流动性问题；可能需要借款或再融资收入确认可能过于激进过早地记录收入或者放宽了客户支付条款应收帐款可能被重新归类为另一个资产类别储备不足以及夸大营运收入库存可能已经废弃，需要注销；公司可能对某些销售没有记录成本库存可能已经废弃，需要注销；公司可能对某些销售没有记录成本库存可能已经废弃，需要注销；公司可能对某些销售没有记录成本储备不足以及夸大营运收入可能不适当地将某些营运费用资本化可能不适

18、当地将某些营运费用资本化可能不适当地将维修费用等资本化没有投资于新的固定资产没有支取足够的折旧费用夸大营运收入可能把有形资产重新归类为商誉，以避免将来作为费用没有支取足够的摊提费用夸大营运收入没有偿还流动负债未来将需要更大的现金流出公司可能释放准备金夸大营运收入新增业务超缓或者公司释放部分准备金夸大销售收入价格压力导致毛利率下降公司可能没有从库存中转移所有成本可能不适当地将某些营运费用资本化公司效率可能下降，每单位产品成本增加核心业务一蹶不振预计会有更大的现金流出可能不适当地将某些营运费用资本化盈利数字质量堪忧或者营运资本费用过高公司虚弱的表现，尤其是如果现金全部来源于资产出售、借贷以及新股发

19、行资资本本收收益益与与成成本本的的对对比比分分析析公公司司名名称称外外运运发发展展(600270.SH)(600270.SH)￥百万INPUTSINPUTS1 19 99 99 92 20 00 00 02 20 00 01 12 20 00 02 22 20 00 03 3来来自自利利润润表表收入785.81,045.71,471.92,266.73,002.9净利润（少数股东权益250.9258.3329.0411.5525.3、非经常性损益前）利息支出(4.6)(8.0)(19.6)(18.0)(17.5)税率23.6%22.5%23.8%25.3%26.3%其它非现期负债费用支出0.0

20、0.00.00.00.0来来自自现现金金流流量量表表递延税项变动0.01.5(0.3)(0.3)(0.3)无形资产摊销0.05.80.60.60.4来来自自资资产产负负债债表表总债务469.6435.1482.3468.6667.5递延税项2.81.51.81.51.2少数股东权益87.6172.9211.0262.0346.9普通股股东权益335.61,378.61,549.41,826.22,073.5累计折旧111.6143.1182.9219.3293.0其它非现期负债0.00.00.00.00.0其其它它：年末股票价格27.9823.4316.3416.09总股本207.2277.2

21、304.9365.9548.8Beta1.01.01.01.01.0无风险利率（5年期国债利率）3.0%3.0%3.0%3.0%3.0%风险溢价3.0%3.0%3.0%3.0%3.0%年度平均总债务469.6452.4458.7475.5568.1累计非正常收益/损失0.00.74.65.51.8 周期性收益/损失0.73.91.0(3.7)1.9EVAEVA 分分析析1 19 99 99 92 20 00 00 02 20 00 01 12 20 00 02 22 20 00 03 3净利润（非经常性项目前）250.9258.3329.0411.5525.3税后利息支出(3.5)(6.2)(

22、14.9)(13.5)(12.9)递延税项变动0.01.5(0.3)(0.3)(0.3)其它非现期负债变动NM0.00.00.00.0无形资产摊销0.05.80.60.60.4税税后后经经营营收收益益247.4259.4314.4398.3512.6债务469.6435.1482.3468.6667.5递延税项2.81.51.81.51.2少数股东权益87.6172.9211.0262.0346.9普通股股东权益335.61,378.61,549.41,826.22,073.5累计折旧111.6143.1182.9219.3293.0非现期负债0.0550.0600.0699.0917.0累积

23、收益/费用0.00.74.65.51.8经经调调整整资资本本额额1,007.22,681.93,032.13,482.24,301.0资资本本收收益益率率（ROCROC）1 14 4. .1 1% %1 11 1. .0 0% %1 12 2. .2 2% %1 13 3. .2 2% %年末总市值0.07,754.97,143.25,978.08,829.8年末总债务469.6435.1482.3468.6667.5年末其它资本0.00.00.00.00.0总资本469.68,190.07,625.66,446.79,497.3资产成本6.0%6.0%6.0%6.0%6.0%资本权重0.0%

24、94.7%93.7%92.7%93.0%债务成本-0.8%-1.4%-3.3%-2.8%-2.3%债务权重100.0%5.3%6.3%7.3%7.0%其它资金成本NMNMNMNMNM其它资金权重0.0%0.0%0.0%0.0%0.0%资资金金成成本本（COCCOC）- -0 0. .8 8% %5 5. .6 6% %5 5. .4 4% %5 5. .4 4% %5 5. .4 4% %差差额额: : ROC-COCROC-COC8 8. .5 5% %5 5. .6 6% %6 6. .9 9% %7 7. .8 8% %绝绝对对额额2 22 26 6. .8 81 16 69 9. .5

25、 52 23 39 9. .3 33 33 33 3. .4 4增增长长率率收入33.1%40.8%54.0%32.5%经营收益4.9%21.2%26.7%28.7%经调整资本额166.3%13.1%14.8%23.5%资本收益成本差额-25.3%41.2%39.3%净利润（非经常性损益前）2.9%27.4%25.1%27.6%分分析析概概要要年年度度ROCROCCOCCOC差差额额绝绝对对差差额额1999200014.1%5.6%8.5%226.8200111.0%5.4%5.6%169.5200212.2%5.4%6.9%239.3200313.2%5.4%7.8%333.4平平均均199

26、9-200512.6%5.5%7.2%242.2公公司司投投资资价价值值分分析析合合理理股股价价1 13 3. .2 22 2价价格格低低估估年年均均收收益益投投资资预预期期回回收收年年数数1 17 71999199920002000最最新新股股价价9 9. .0 0总股本207277最最新新市市盈盈率率2 21 1. .9 9营业收入7861,046投投资资实实际际收收回回年年数数9 946.7%46.7%11.2%11.2%增长率33.1%合合理理市市盈盈率率3 32 2. .1 1净利润162177最最新新股股价价收收益益率率4 4. .6 6% %净利润率20.6%16.9%操操作作建

27、建议议买买入入或或持持有有估值假设预期收益率6.0%投入金额1,000,000持股比例0.013%估值年份2004折现因子1.06近3年收入复合增长率42.1%近2年平均净利润率11.6%200420042005200520062006200720072008200820092009营业收入4,1425,5567,2629,27011,57714,169增长率37.9%34.1%30.7%27.6%24.9%22.4%增长率变动-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%净利润4335817599691,2101,407净利润率10.5%10.5%10.5%10.5

28、%10.5%9.9%净利润率变动-10.0%0.0%0.0%0.0%0.0%-5.0%增长率27.8%34.1%30.7%27.6%24.9%16.3%折现系数0.940.890.840.790.750.70投入资金享有净利润现值（千）557086103122134累计享有净利润现值（千）55125211314436570投入资金收回年数-200120012002200220032003最最新新3053665498231,4722,2673,00340.8%54.0%32.5%23127133915.7%11.9%11.3%20102010201120112012201220132013201

29、420142015201520162016201720172018201817,02520,11323,39726,83530,38434,00037,64141,27044,85120.2%18.1%16.3%14.7%13.2%11.9%10.7%9.6%8.7%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%1,6911,9972,3232,6652,8663,2073,5513,8934,2319.9%9.9%9.9%9.9%9.4%9.4%9.4%9.4%9.4%0.0%0.0%0.0%0.0%-5.0%0.0%0.0%0.

30、0%0.0%20.2%18.1%16.3%14.7%7.6%11.9%10.7%9.6%8.7%0.670.630.590.560.530.500.470.440.421521691852012042152242322387218901,0761,2761,4801,6951,9192,1522,390-9-公公司司投投资资价价值值分分析析20192019202020202021202120222022202320232024202420252025202620262027202748,35351,75155,02458,15661,13663,95566,60969,09771,4197.8

31、%7.0%6.3%5.7%5.1%4.6%4.1%3.7%3.4%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%4,5614,8825,1915,4865,7676,0336,2846,5186,7379.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%7.8%7.0%6.3%5.7%5.1%4.6%4.1%3.7%3.4%0.390.370.350.330.310.290.280.260.25242244245244242239235230

32、2242,6322,8763,1213,3663,6083,8484,0834,3134,537-202820282029202920302030203120312032203220332033203420342035203573,58075,58377,43579,14380,71482,15583,47684,6843.0%2.7%2.5%2.2%2.0%1.8%1.6%1.4%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%6,9417,1307,3057,4667,6147,7507,8757,9899.4%9.4%9.4%9.4%9.4

33、%9.4%9.4%9.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%3.0%2.7%2.5%2.2%2.0%1.8%1.6%1.4%0.230.220.210.200.180.170.160.152182112041971891821741674,7554,9675,1715,3685,5575,7395,9146,080-203620362037203720382038203920392040204020412041204220422043204385,78786,79287,70888,54089,29789,98490,60691,1711.3%1.2%1.1%0.

34、9%0.9%0.8%0.7%0.6%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%8,0938,1888,2748,3538,4248,4898,5478,6019.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%1.3%1.2%1.1%0.9%0.9%0.8%0.7%0.6%0.150.140.130.120.120.110.100.101601521451381321251191136,2406,3926,5376,6766,8076,9327,0517,164-2

35、04420442045204520462046204720472048204820492049205020502051205191,68292,14492,56392,94193,28393,59293,87094,1220.6%0.5%0.5%0.4%0.4%0.3%0.3%0.3%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%-10.0%8,6498,6938,7328,7688,8008,8298,8558,8799.4%9.4%9.4%9.4%9.4%9.4%9.4%9.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.6%0

36、.5%0.5%0.4%0.4%0.3%0.3%0.3%0.090.090.080.080.070.070.060.061071019691868277737,2717,3727,4687,5597,6457,7277,8047,877-205220522053205394,34994,5540.2%0.2%-10.0%-10.0%8,9018,9209.4%9.4%0.0%0.0%0.2%0.2%0.060.0569657,9468,012-公公司司类类型型：快快速速增增长长19992000200120022003营业利润336347444558743标准差/均值0.35收入增长33.1%40

37、.8%54.0%32.5%主营利润增长71.1%24.4%13.5%28.4%营业利润增长3.4%28.0%25.7%33.2%最小值3.4%24.4%13.5%28.4%三年复合增长率13.5%21.9%公公司司类类型型定定义义缓慢增长(Max)5%5%5%5%5%适度增长(Max)20%20%20%20%20%快速增长(Min)20%20%20%20%20%199920002001资资产产负负债债表表流流动动资资产产：货币资金395,593,1631,351,660,9201,318,498,605短期投资000应收票据240,299446,399771,171应收股利221,8222,3

38、92,0335,329,632应收利息000应收账款158,112,775182,979,930238,492,239其他应收款81,208,82462,480,20583,087,694预付账款17,276,126100,458,67079,673,574应收补贴款000存货4,4921,076,6851,677,870待摊费用6,497,6126,981,1939,737,101一年内到期的长期债权投资000其他流动资产000流流动动资资产产合合计计647,189,0331,708,476,0341,737,267,886长长期期投投资资：长期股权投资98,994,17260,233,87

39、3118,364,145长期债权投资000长长期期投投资资合合计计98,994,17260,233,873118,364,145固固定定资资产产：固定资产原值225,884,991291,058,731417,730,353减：累计折旧111,559,044143,090,866182,930,108固定资产净值114,325,947147,967,865234,800,245减：固定资产减值准备00固定资产净额114,325,947147,967,865234,800,245工程物资000在建工程1,719,366068,516,759固定资产清理204,24014,619-70,048固固

40、定定资资产产合合计计116,249,553147,982,484303,246,956无无形形资资产产及及其其他他资资产产：无形资产2,504,31327,710,99827,145,468长期待摊费用30,726,18043,686,97658,580,608其他长期资产00无无形形资资产产及及其其他他资资产产合合计计：33,230,49271,397,97585,726,076递递延延税税项项递延税款借项000资资产产总总计计895,663,2501,988,090,3672,244,605,062流流动动负负债债：短期借款1,000,00000应付票据000应付账款150,746,392

41、150,191,748181,621,079预收账款9,649,41440,361,29543,993,170应付工资1,463,3579,006,5338,462,276应付福利费25,727,69630,260,38639,203,373应付股利148,737,839105,457,51562,882,037应交税金32,581,71934,071,66430,793,471其他应交款118,012125,013154,069其他应付款98,400,82250,210,27797,213,326预提费用1,223,7243,439,9829,045,451预计负债000一年内到期的长期负债

42、000其他流动负债000流流动动负负债债合合计计469,648,976423,124,413473,368,252长长期期负负债债：长期借款000应付债券000长期应付款000专项应付款000其他长期负债011,929,7828,947,337长期负债合计011,929,7828,947,337递递延延税税项项递延税款贷项2,775,3681,526,7301,811,378负负债债合合计计472,424,344436,580,925484,126,966少少数数股股东东权权益益：少数股东权益87,602,802172,878,238211,029,300股股东东权权益益：股本207,160,

43、000277,160,000304,876,000资本公积104,112,7111,014,855,0121,015,769,224盈余公积4,963,20631,498,09266,129,879其中:公益金1,654,40210,499,36422,043,293未分配利润19,400,18655,118,101162,673,693其中：拟分配现金股利000股股东东权权益益合合计计335,636,1031,378,631,2041,549,448,796负负债债和和股股东东权权益益总总计计895,663,2501,988,090,3672,244,605,062利利润润表表主主营营业业务

44、务收收入入785,788,6211,045,690,7461,471,924,809主营业务成本329,039,770273,778,662509,142,473主营业务税金及附加25,457,74434,027,30144,803,817主主营营业业务务利利润润431,291,106737,884,784917,978,519其他业务利润6,884,7657,618,46411,231,643营业费用0217,532,914271,990,194管理费用107,319,954188,948,309232,703,262财务费用-4,644,123-7,965,409-19,575,800营营

45、业业利利润润335,500,040346,987,434444,092,506投资收益29,651,49413,249,90220,717,895补贴收入000营业外收入1,479,9227,209,2043,942,413营业外支出797,4983,327,0662,967,999利利润润总总额额365,833,958364,119,473465,784,814所得税86,292,49981,913,624110,907,511少数股东损益89,771,68985,275,43699,137,421职工福利奖励基金21,786,12119,548,84323,362,344当地外运协作费6,

46、125,195482,3351,498,960净净利利润润161,858,455176,899,235230,878,579年初未分配利润-8,724,65019,400,18655,118,101盈余公积转入000可可供供分分配配的的利利润润153,133,804196,299,421285,996,680提取法定盈余公积3,308,80417,689,92423,087,858提取法定公益金1,654,4028,844,96211,543,929可可供供股股东东分分配配利利润润148,170,598169,764,536251,364,893应付优先股股利00提取任意盈余公积00应付普通股

47、股利128,770,412114,646,43560,975,200转作股本的普通股股利027,716,000未未分分配配利利润润19,400,18655,118,101162,673,893现现金金流流量量表表经经营营活活动动产产生生的的现现金金流流量量：销售商品、提供劳务收到的现金1,576,355,7132,194,044,985收到的税费返回2,8101,002,881收到的其他与经营活动有关的现金73,135,97824,289,458现现金金流流入入小小计计1,649,494,5022,219,337,324购买商品、接受劳务支付的现金947,675,3391,353,124,50

48、0支付给职工以及为职工支付的现金193,246,496250,064,545支付的各项税费118,116,962168,522,974支付的其他与经营活动有关的现金130,082,466106,178,701现现金金流流出出小小计计1,389,121,2631,877,890,719经经营营活活动动产产生生的的现现金金流流量量净净额额260,373,239341,446,605投投资资活活动动产产生生的的现现金金流流量量：收回投资所收到的现金012,248,453取得投资收益所收到的现金13,705,5367,391,725处置资产所收回的现金净额775,7111,046,705收到的其他与投

49、资活动有关的现金4,014,67112,146,391现现金金流流入入小小计计18,495,91832,833,274购建资产所支付的现金137,251,048144,408,667投资所支付的现金068,989,824支付的其他与投资活动有关的现金404,53831,900,686现现金金流流出出小小计计137,655,586245,299,177投投资资活活动动产产生生的的现现金金流流量量净净额额-119,159,668-212,465,903筹筹资资活活动动产产生生的的现现金金流流量量：0吸收投资所收到的现金985,496,5000借款所收到的现金1,030,0000收到的其他与筹资活动

50、有关的现金16,116,1890现现金金流流入入小小计计1,002,642,6890偿还债务所支付的现金1,000,0000分配股利、利润或偿付利息所支付的现金181,772,499163,097,946支付的其他与筹资活动有关的现金4,887,8620现现金金流流出出小小计计187,660,361163,097,946筹筹资资活活动动产产生生的的现现金金流流量量净净额额814,982,328-163,097,946汇汇率率变变动动对对现现金金的的影影响响-128,143954,929现现金金及及现现金金等等价价物物净净增增加加额额956,067,757-33,162,315将将净净利利润润调

51、调节节为为经经营营活活动动现现金金流流量量：净净利利润润180,390,833230,878,579少数股东损益85,275,43699,137,421计提的资产减值准备952,8756,541,056固定资产折旧31,531,82233,309,779无形资产摊销5,793,327565,531长期待摊费用摊销16,428,27822,232,442待摊费用减少（减：增加）-2,755,908预提费用增加（减：减少）5,605,468处置资产的损失（减：收益）652,1481,077,960固定资产报废损失1,041,6010财务费用-7,965,409-20,743,872投资损失（减：收

52、益）-16,741,500-20,717,895递延税款贷项（减：借项）1,526,730-284,648存货的减少（减：增加）-1,072,193-601,185经营性应收项目的减少（减：增加）-26,057,490-68,566,179经营性应付项目的增加（减：减少）-12,010,67357,315,737其他627,455-1,547,681经经营营活活动动产产生生的的现现金金流流量量净净额额260,373,239341,446,605不不涉涉及及现现金金收收支支的的投投资资和和筹筹资资活活动动：债务转为资本00一年内到期的可转换公司债券00融资租入固定资产00现现金金及及现现金金等等

53、价价物物净净增增加加情情况况：现金的期末余额1,351,660,9201,318,498,605减：现金的期初余额395,593,1631,351,660,920加：现金等价物的期末余额00减：现金等价物的期初余额00现现金金及及现现金金等等价价物物净净增增加加额额956,067,757-33,162,315200220031,412,480,4861,700,134,792042,500,0003,713,93170,000649,72714,536,04800306,174,140447,159,89194,629,71148,291,01169,514,43282,700,265001,

54、669,4474,517,23211,697,12111,919,46400001,900,528,9952,351,828,702129,547,754165,104,90600129,547,754165,104,906657,561,461766,796,692219,272,969293,044,673438,288,492473,752,02000438,288,492473,752,020004,527,13243,548,60000442,815,624517,300,62026,579,937058,921,83954,886,4260085,501,77654,886,426

55、002,558,394,1493,089,120,6540000218,152,394341,999,64624,893,9739,958,40427,387,00230,884,58632,093,95762,674,9071,000,069042,244,13568,082,143194,312197,20072,621,061114,666,07442,189,35135,513,439000000460,776,254663,976,39800001,904,089507,757005,964,8912,982,4467,868,9803,490,2031,513,5041,239,3

56、25470,158,738668,705,925262,035,977346,895,685365,851,200548,776,800991,219,067881,470,856106,763,721157,579,85035,583,25552,521,965362,365,446485,691,53791,461,73854,877,6801,826,199,4342,073,519,0432,558,394,1493,089,120,6542,266,662,3243,002,948,9851,166,308,9951,593,637,35658,373,88771,200,3611,

57、041,979,4421,338,111,2679,516,04713,461,720224,620,612283,790,964286,754,884341,918,543-18,042,093-17,454,602558,162,086743,318,08329,861,76843,644,411004,083,4484,447,4977,793,2752,514,068584,314,027788,895,923148,083,060207,606,711137,002,938188,425,63914,996,85721,415,26713,431,93332,674,107270,7

58、99,239338,774,199223,648,893362,365,44600494,448,132701,139,64527,079,92433,877,42013,539,96216,938,710453,828,246650,323,515000060,975,20091,461,73830,487,60073,170,240362,365,446485,691,5373,092,144,6353,805,195,8523,860,6833,364,34715,990,7915,544,1913,111,996,1103,814,104,3902,005,711,1982,288,6

59、21,708364,578,581415,899,185209,792,025323,792,639113,022,312111,963,1222,693,104,1163,140,276,654418,891,994673,827,73601,000,00033,221,44211,633,234951,2491,743,00015,104,96518,500,05749,277,65532,876,292219,117,452162,554,8887,989,86016,666,08000227,107,312179,220,968-177,829,657-146,344,67600000

60、00000146,972,199196,079,30001,396,332146,972,199197,475,631-146,972,199-197,475,631-108,257146,87793,981,881330,154,306270,799,239338,774,199137,002,938188,425,6394,348,6496,089,37562,988,53592,984,457565,531424,14819,223,23419,913,171-1,960,020-222,34333,143,900-6,675,9122,279,869349,2360-15,104,96