2014一汽财务报表分析

1、一汽轿车股份有限公司2010 2012年财务报表分 析第一部分：公司背景公司简介：一汽轿车股份有限公司是经国家体改委体改生199755号文件批准设立的。一汽轿车股份有限公司是 中国第一汽车集团的控股子公司，是 一汽集团发展自主品牌 乘用车的核心企业，是中国轿车制造业第一家股份制上市公司。公司的主营业务为 开发、制造、销售乘用车及其配件。经营范围：开发、制造、销售轿车、旅行车及其配件以及其他种类的汽车及其配件；兼 营：汽车修理，机械加工和技术咨询服务、普通货运、物流服务。主要产品：公司主导产品为红旗系列轿车，兼营为轻型车配套的发动机、变速箱等总成及配件。一汽轿车目前的主要产品有红旗 HQ3红旗H

2、7、奔腾(B90 B70 B50)、欧朗、Mazda6 Mazda8等轿车系列。十大股东:编号股东名称持股数量持股比例股本性质1中国第一汽车集团公司86298.37 万53.03%流通A股，流通受限股份2中国建设银行-博时价值增长证券投资基金6499.92 万3.99%流通A股3中国建设银行-银华核心价值优选股票型证券投资基金2000.31 万1.23%流通A股4中国建设银行-华宝兴业行业精选股票型证券投资基金1747.42 万1.07%流通A股5交通银行-博时新兴成长股票型证券投资基金1453.10 万0.89%流通A股6中国农业银行-益民创新优势混合型证券投资基金1328.18 万0.82

3、%流通A股7交通银行-华夏蓝筹核心混合型证券投资基金（LOF）1282.56 万0.79%流通A股8中国工商银行上投摩根内需动力股票型证券投资基金1079.96 万0.66%流通A股9全国社保基金一零八组合1003.19 万0.62%流通A股10交通银行-海富通精选证券投资基金1000.00 万0.61%流通A股第二部分：基础数据（仅供参考阅读）、资产负债表报告期2012-12-312011-12-312010-12-312009-12-312008-12-31流动资产货币资金1,371,255,51,803,757,73,628,225,92,794,075,21,926,013,199.5

4、696.0528.6840.8356.99交易性金融资产00000应收票据3,616,648,95,247,250,66,919,992,85,547,653,92,728,378,180.4076.306648.9077.24应收账款88,297,941.79,102,432.86,430,798.73,648,830.198,486,9311613 |4941.57预付账款1,278,277,7611,791,64861,596,821.225,870,87774,315,892.83.88.8615.7124应收股利00000应收利息00000其他应收款17,578,283.107,62

5、7,91217,821,189.86,444,801.70,308,255.73.40271597存货2,457,722,22,279,302,51,939,338,91,499,605,31,294,610,183.3866.8354.7686.0430.18消耗性生物资产-0-0-Q-PP待摊费用U0000一年内到期的非流动 资产-0-T-T-pp其他流动资产12,159,045.130,602,867Ppp96.44影响流动资产其他科目00000流动资产合计8,841,939,910,259,435,12,653,406,10,227,299,6,292,112,518.07900.01

6、558.35085.0444.19非流动资产可供岀售金融资产0P0PP持有至到期投资00000投资性房地产13,906,319.20,790,701.31,622,937.76,032,264.82,214,795.4026312499长期股权投资977,536,117824,171,280748,195,684698,929,973711,954,750.84.51.27.45.23长期应收款00000固定资产3,379,068,23,341,127,52,864,309,22,089,323,81,737,327,287.2160.7585.2089.0157.28工程物资00000在建工

7、程1,529,876,9882,002,337779,760,818788,467,361702,938,30568.45.98.02.44.14固定资产清理23,489430,608.86485,306.891,169,252.164,754,563.71生产性生物资产00000油气资产00000无形资产1,012,893,4594,516,271403,322,234332,175,485372,792,24312.97.41.76.06.77开发支岀280,925,211268,869,09273,402,067.79,789,403.44,912,742.19.18719596商誉00

8、000长期待摊费用15,257,492.21,466,327.29,474,696.67,756,523.127,213,86392866385.43递延所得税资产279,135,63876,484,295.90,557,139.58,174,318.53,642,240.0615845313其他非流动资产00000影响非流动资产其他 科目00000非流动资产合计7,488,622,96,029,858,45,021,130,14,191,818,43,837,750,737.0475.9670.6371.6962.64资产总计16,330,562,16,289,294,17,674,536,

9、14,419,117,10,129,863,855.11375.97728.98556.73306.83流动负债短期借款2,000,000,01,500,000,00000000交易性金融负债00000应付票据14,410,48619,135,0002,814,400188,812,7710.78应付账款4,605,131,24,042,231,35,788,248,84,664,135,82,650,833,828.8814.0941.2423.1054.89预收账款1,252,459,0876,121,3191,049,171,7777,455,034519,440,44219.36.90

10、66.37.05.16应付职工薪酬31,768,595.20,514,690.18,146,919.23,378,116.51,937,500.7976184439应交税费-498,037,1241,172,788,7725,504,57312,584,632.251,978,847.1404.55.8983.37应付利息2,090,0002,597,466.67000应付股利171,500.02171,500.02171,500.02174,23021,174,230其他应付款561,253,562500,263,019400,351,384245,402,858202,426,444.36

11、.60.46.94.11预提费用00000预计负债00000递延收益-流动负债00000一年内到期的非流动 负债00000应付短期债券00000其他流动负债00000影响流动负债其他科目00000流动负债合计8,215,305,57,459,071,48,431,693,56,624,863,43,458,397,145.0435.1815.8208.2004.38非流动负债长期借款00000应付债券00000长期应付款34,979,473.34,975,379.34,975,379.34,975,379.34,975,379.9458585858专项应付款00000递延所得税负债4,526,

12、518.48,130,058.711,545,510.14,901,353.18,221,527.53684180递延收益-非流动负 债00000其他非流动负债279,829,965219,553,736214,010,00000.38.38影响非流动负债其他00206,148,61900科目.25非流动负债合计442,142,940404,520,877466,679,50949,876,732.53,196,907.56.53.519938负债合计8,657,448,47,863,592,38,898,373,06,674,740,13,511,594,085.6012.7125.3341

13、.1911.76所有者权益实收资本（或股本）1,627,500,01,627,500,01,627,500,01,627,500,01,627,500,00000000000资本公积金2,489,804,92,489,870,72,484,572,42,488,351,92,481,772,329.8862.2373.9148.4563.08盈余公积金997,234,912997,234,912997,234,912841,082,766698,360,332.68.68.68.28.99未分配利润2,492,381,03,248,866,63,534,688,12,674,012,81,75

14、9,285,497.3300.7995.1773.5203.45库存股00000外币报表折算差额00000未确认旳投资损失00000少数股东权益00000归属于母公司股东权7,606,920,98,363,472,28,643,995,57,630,947,56,566,918,0益合计39.8975.7081.7688.2599.52影响所有者权益其他 科目00000所有者权益合计7,673,114,38,425,702,08,776,163,77,744,377,46,618,269,269.5163.2603.6515.5495.07负债及所有者权益总16,330,562,16,289,

15、294,17,674,536,14,419,117,10,129,863,计855.11375.97728.98556.73306.83、利润表报告期2012-12-312011-12312010-12312009-12312008-1231一、营业总收入23,384,904,674.1932,652,6737,295,9027,744,5020,245,453,333.621,634.251,058.646,624.11营业收入23,384,904,674.1932,652,6737,295,9027,744,5020,245,453,333.621,634.251,058.646,624.

16、11二、营业总成本24,538,153,993.2232,610,3735,144,1325,920,1019,053,110,105.844,733.232,469.955,532.99营业成本19,706,779,527.7027,268,2529,577,4221,612,6715,747,061,899.764,700.399,229.157,537.87营业税金及附加1,039,711,668.861,561,4421,846,7391,374,569986,289,5,563.06,538.09,172.3227.16销售费用2,294,787,812.302,227,3962,2

17、85,8982,024,6161,655,739,664.68,902.78,861.92,505.05管理费用1,358,715,167.951,539,7641,448,785920,819,5642,133,5,118.02,549.8207.3677.38财务费用39,120,161.3919,134,14-8.9514,158,2426,234,2774,534,906.698.884.20资产减值损失99,039,655.02-13,651,9796,420,285,619,288555,711.18.089.73.636三、其他经营收益-65,832.35556,216.3-2,

18、848,609-03,779,474.22.54公允价值变动净收益0-0-投资净收益171,890,252.15141,428,6104,456,381,304,8898,853,9894.7289.660.437.49联营、合营企业投资收益-汇兑净收益-四、营业利润-981,359,066.88183,731,92,256,2231,905,7031,291,19522.50,290.68,469.12,078.61营业外收入33,841,486.7721,044,9812,979,347,036,8138,597,6678.456.30.58.28营业外支出11,246,230.699,5

19、93,78321,340,6617,251,1623,654,42.092.053.321.42非流动资产处置净损失3,384,092.637,451,81311,766,783,129,46214,651,73.198.97.254.93五、利润总额-958,763,810.80195,183,12,247,8611,895,4891,276,13827.86,974.93,119.38,324.47所得税-206,254,883.193,527,383322,035,3250,103,4177,174,4.5678.5750.0801.71未确认的投资损失-六、净利润-752,508,92

20、7.61191,655,71,925,8261,645,3851,098,96344.30,596.36,669.30,922.76少数股东损益3,963,642.06-65,747,4516,354,4811,472,8625,179,033.787.536.898.21归属于母公司股东的净利-756,472,569.67216,834,71,860,0791,629,0311,087,491润82.51,142.58,181.77,055.87七、每股收益基本每股收益-0.460.131.1410.67稀释每股收益-0.460.131.1410.67报告期2012-12-312011-12

21、-312010-12-312009-12-312008-12-31一、经营活动产 生的现金流量销售商品、提供20,186,515,93026,707,206,82332,799,813,50225,653,265,08317,181,238,295劳务收到的现金.15.38.59.93.69收到的税费返还130,602,867.4431,032,950.0211,558,381.33119,163,132.6239,821,601.04收到其他与经营 活动有关的现金102,202,239.90167,123,807.67140,996,355.6667,302,163.5971,241,589

22、.97经营活动现金流20,419,321,03726,905,363,58132,952,368,23925,839,730,38017,292,301,486入小计.49.07.58.14.70购买商品、接受13,840,281,19921,174,762,83624,225,458,95618,575,551,38811,774,192,244劳务支付的现金.34.85.94.61.04支付给职工以及1,135,334,492.1,105,186,249.1,048,546,678.745,116,684.43654,301,011.64为职工支付的现 金848495支付的各项税费2,33

23、4,522,682.3,142,953,782.3,097,991,886.2,183,342,167.2,052,920,133.4366393654支付其他与经营1,599,542,141.2,042,092,517.2,237,356,802.2,192,065,488.1,642,123,576.活动有关的现金0110370191 |经营活动现金流18,909,680,51527,464,995,38630,609,354,32423,696,075,72816,123,536,966岀小计.62.45.65.41.13 1经营活动产生的1,509,640,521.-2,343,013

24、,914.2,143,654,651.1,168,764,520.现金流量净额87559,631,805.38937357二、投资沽动产 生的现金流量取得投资收益收 到的现金105,959,582.4770,751,386.8051,411,204.3097,178,266.44115,749,391.51处置固定资产、 无形资产和其他 长期980,2693,137,194.2383,955,439.86227,877.537,375,836.55资产收回的现金 净额收到其他与投资 沽动有关的现金10,061,083.3517,704,803.3151,854,731.2544,711,584

25、.8038,207,000投资活动现金流 入小计117,000,934.8291,593,384.34187,221,375.41142,117,728.77161,332,228.06购建固定资产、2,578,696,0771,913,002,174.1,150,866,967.939,555,279.161,171,246,393.无形资产和其他 长期资产支付的 现金338529投资支付的现金-87,500,000-231,389,200投资活动现金流2,578,696,0772,000,502,174.1,150,866,967.939,555,279.161,402,635,593.岀

26、小计338529投资活动产生的 现金流量净额2,461,695,142.1,908,908,789.963,645,592.44797,437,550.391,241,303,365.189923三、筹资活动产 生的现金流量取得借款收到的3,900,000,0001,500,000,000151,406,0001,541,621,097.1,038,561,415现金92收到其他与筹资 活动有关的现金85,653,323.543,840,000214,010,0000筹资活动现金流3,985,653,323.1,503,840,000365,416,0001,591,076,218.1,038

27、,561,415入小计5428偿还债务支付的3,400,000,000-151,406,0001,541,621,097.973,824,000现金92支付其他与筹资1,599,542,141.2,042,092,517.2,237,356,802.2,192,065,488.1,642,123,576.活动有关的现金0110370191 |筹资活动现金流3,465,501,870.546,032,766.67857,515,087.802,136,661,110.1,570,476,807.岀小计838371筹资活动产生的 现金流量净额520,151,452.71957,807,233.33

28、492,099,087.80545,584,892.55531,915,392.71四、现金及现金 等价物净增加额汇率变动对现金 的影响-599,028.89-2,377,770.59-34,545,546.84-13,500,124.95-24,815,610.98现金及现金等价 物净增加额432,502,196.491,513,111,132.852,723,687.85787,132,083.84629,269,848.3563期初现金及现金1,803,757,796.3,316,868,928.2,464,145,240.1,677,013,156.2,306,283,005.等价物余

29、额0568839934期末现金及现金1,371,255,599.1,803,757,796.3,316,868,928.2,464,145,240.1,677,013,156.等价物余额5605688399补充资料：1、将净利润调 节为经营活动的现金流量：净利润-191,655,744.301,925,826,596.1,645,385,669.1,098,963,922.752,508,927.61363076力口：资产减值准 备99,039,655.02-5,619,288.63-555,711.1613,651,978.0896,420,289.73固定资产折旧、 油气资产折耗、 生产性

30、生物资产 折旧768,710,597.06552,501,798.16389,782,332.49316,087,674.44无形资产摊销100,688,685.0767,859,747.6057,527,261.3947,758,875.4510,165,507.98长期待摊费用摊 销6,895,321.0626,241,182.4638,281,827.2261,469,098.5851,441,254.66处置固定资产、 无形资产和其他 长期资产的损失1,959,610.07839,208.407,421,500.47-1,629,754.5910,561,394.60固定资产报废损 失

31、798,230.93财务费用54,933,320.8111,247,888.31-38,164,533.26-13,600,044.80-11,595,024.89投资损失171,890,252.15141,428,694.72104,456,389.66-81,304,880.43-98,853,987.49递延所得税资产 减少202,651,342.9114,072,844.699,534,058.18-4,532,078.4020,922,908.04递延所得税负债 增加-3,603,540.28-3,415,451.95-3,355,842.73-3,320,174.39203,826

32、.38存货的减少269,852,654.14339,963,612.07446,368,927.47210,653,502.66468,746,018.31经营性应收项目1,392,680,463.1,393,548,159.-的减少38391,334,155,099.2,867,701,685.894,503,870.475074经营性应付项目485,239,586.49-1,678,977,376.3,168,348,818.99,406,375.59的增加2,550,744,745.938493经营活动产生的1,509,640,521.-2,343,013,914.2,143,654,6

33、51.1,168,764,520.现金流量净额87559,631,805.38937357现金的期末余额1,371,255,599.1,803,757,796.3,316,868,928.2,464,145,240.1,677,013,156.5605688399减：现金的期初1,803,757,796.3,316,868,928.2,464,145,240.1,677,013,156.2,306,283,005.余额0568839934现金及现金等价 物净增加额432,502,196.491,513,111,132.852,723,687.85787,132,083.84629,269,84

34、8.3563、2010年财务报表数据分析:一宾轿车201Q年财务报表分析比率茗称计算公武分子元）分咼（单位：元）忧率值至利/营业收入x ioo$t3T295501634.25-£77424700.39372901634.2520. lent核心种蔣（核心利 润二毛利-畫业税金艮务费用）极翩翩僧业收入XltKK7718U&933.86'1646739638. DB-2285898902. TA H-4STS554S.皑- 卜！4吒3£帕.驭)37295901634. 25b77净费产收益率当甲爭利润/当年平均净熒产乂 口曲也苦堂站§£. 3

35、&(3TT51&T03.65m5669592fl. 44)/223 SS%总资产报酬宰（当年刑润总额+利息支出）/当年平均资产<1002247361S7A. 93+ (-14156245.69)98+144&103443&. 22/2is m己荻利息倍数（当年利詞总锁+利鼠支出）/利息玄出 ximE247361S74. 93 +(T1415B24& 旳)(-14L5824&. 69)不适用流动比率年耒流动熒严/年耒流动负债xioo%6431&93515.821.50速动匕彈年耒 < 茄动资产再贺）/年耒拓动负喷12JK3備斑需

36、-13333G954 T5A431&S3515.821.27商业债祝周转率营业收入浄额/（平均应收翩*平均应 收戛務条鞍）37231634.25(36430798.49+7348830. 4t+6515992S66+5547653945.6) /25 91现金流动腹债出年绘童现金浄流量/年末流动负债12343013914. 938431S93515.820.2&存货周转率营业成本/平均存赏2flSTT4?4T00.3fl(1539338954.76 +1499605386 l(M)/2IL 20经皙性谎渤零产周转 率啻业收入铮輙/（平均癇动费产-丈舅性 金融费产）3729590

37、1634 25(1255340&556.35-0)/23.2&固定资产周转克苣业收入挣额/平均固定资产3T295901634 25(26&43C92B5.2 +2089323839.01) /S15 oa经營性资产周转军营业收入挣孤/ <平均资产盅额-平均投 圖蛭产）37295901634.25(-T4819568<l.27-6989973.45)/22 43资产奂债華年未边债总靱/年未資产总额X10WS3?33(73O25. 331T6T36T2S.9350.35%-汽轿车血i年财务报表分析1比率名蘇计算公武分孑（ffifc元）分咼（单便:元）比率值WSW

38、Axiooi5384421433.6633652&T3333.6216. m核心利涧率（核心利 润二毛利青业税金及 附扼-销售韶*财 鱼费用）核心利润僧业收人电则564421433.6 6T156144SS83JU-222736664. BS-1539764119.02-19134148,9532A526T3333.820.11%浄资产收益覃当年净利涧/当年平沟浄资产乂 LQ曲(64257020K.26+8750WJ30.64 ) /22.25K总资产报酬率（当年利涧总额+利息支出）尽年平均 资产总齡哪mS3127.86+19134146.95(S1.26%已获利息倍数（当年利讯就阿利

39、息空岀息支岀 xim19518312T 86+19134146.9519134148； 0511 2（不适用）臓动h律曲稱动费产/年未爾债血10255500.01745W71435.181.38速动t澤年末（流动资产再赏/年末流动m债-2279302566.337459071435.181.0T商业如转率曹业收入顾平WO+平均应 收隸余额132652673333.62C79102432 13 +36430798.49 +5247250676.3 慷1删疵6)眩5.30规金箱动负惯出理现金浄擁量/年糊勵贞愦冃(?559&31£05.38)7459071435.18(-0.08)

40、荐货周聘率彎业成本/平均存货27268251099：TCC2270302566.83+1939330954.76)；?12.93gSttg动资产周转苣业收入浄额M平均流动资产-sgtt 錨资产）32652翳33關62(1025S435M0.01 +12S340KS.35 -0)/22.35固定资产周瞬tw入浄側平均固倉产32652673333.62C3341127560 75 側30蹣2) 1210.52经营战产周湃"1萱业收入睜騎丿（平均资产总ST平均投 资性资产j32652673333.62(仰 -824171280.E1*748195604.27)/22 02竇产代债率屋求负倩

41、想购年求聲产.xiooi7E6359C312. 71162892943T5.9T48. m一我轿车戏收年财勢报表分析比率名祢计算公式分子（Bfc元）分暑（单位：元）比率值至利/营业收入X1DM23384W4574.15-197O6Y79527. Y23304904674. 1915 73%阔二毛利-裁业税金及 附加-销書、管理、财 勞费用）篠业利润/营业收入X100%38包 125146.49-711668.66-2294767312.3 *1356715167.95-39120161.3923304904&74. 19-4. Slit淨费产收益率当年禅利沏当年平均浄费产X100%(-

42、7525OS927.B1)(13114369.51+3425702063.26)/2-5.35X总资产报酬率（当年利河总舉*利息支出）/当年平均 脊产总齢1血(-58763010.3)97)/2-5.68%已获利息涪数（当年利闰总鼬莉虑支出）掙虑支出ximH灵佝 310.60）囲ati嚥如3912G161.39(-23 St不适用)建动出率年束谎动资产/年耒疣动负1X100%3641939916.073215305545.04l.oa速动出率年束（辄动费产存赏）/年未谎动负债36439913. OT -2457722283 388215305545.340.78商业债祝周转率营业收入翔赖/ （

43、平均应收账款*平均应 收票胡余頼）Z33349O46T4 19982&7941.16+791002.13+3ei664Sm 4+524T250576. 35.18现金流动旬僮出年经害现針爭流量/年未流动负债121321037,49921&305545.342.49存货周转率营业咸本）平均存货1STTO6T79527 70(245772283.38+2279302566. G3)/E0.3?经営性流动资严周转 率彎业收人弹舉/ （平均流动烫产-交易性 金融贽产KB849O4674.19C3641939313.07+!0K94359ffl. 01-0/22 45固定瓷产周转率营业收

44、入莎额/平均固罡资产3384904674.19(33760&6267.21+334112796175)/E8.9S经营性资产周转辜"TI营业收入浄额/ （平均资产总额平均投 费性费产233849O46U. 19(163056265.11 +162694375.昕-977536117.34*824171280.51)/21.52费产旬债率年末旬债总测年末磯产总鞭“财865T446405.6Q16330塞 355 l：i53,01%四、三年数据趋势分析:比率名称比率值201。年2011 年2012 第毛利率20 70%16 49%16 了3%核心申闹率5 77%0 11%61%净

45、资产收益率23.53%223%S 35%总费产报酬率13.90%2 26%-5.BS%F1 姦利息倍對一流动比率1 501 3S1 08速动比率1 H1 07179商业债权周转室5 915 305.18现金流动员债比O冏-0 062 49存货周转率V2012 933 32经营性 饷货产质转率3 262 852.45固定资产周转率15.0610 52B.96经营歆严周转率2 432 021 52资产负债率50 35%43 27%S3 01 隔根据上述比率对企业的财务状况进行初步分析：第一，企业的盈利能力。盈利能力主要包括毛利率、核心利润率、净资产收益率、总资产报酬率等指标，还包括存货周转率、流动

46、资 产周转率、固定资产周转率和总资产周转率。根据上述数据就会发现,通过计算上述盈利指标，无论有关资产的周转速度快慢与否，基本都会 得出这样的结论：企业当年的盈利能力差。企业的自身经营活动处于持 续的下滑的态势。第二，与企业短期偿债能力有关的财务指标如流动比率，速动比率及现金比率等均较低，表面上容易给人企业存在较大的短期偿债能 力问题的印象。但实际上，如果企业的利润有产生足够现金的能力，贝U 无论其相关指标如何，一般而言，企业短期常在的能力都不会有太大的 问题。另一方面，企业的流动负债中，预收帐款占了相当大的比重。而 预收帐款的偿还是用存货来完成的，且其中还包含了利润成分。因此， 企业实际的现金

47、支付压力并没有比率表现的大，根本不需要为其短期偿 债能力担忧。第三，关于企业的长期融资能力。企业预收帐款没有占企业多大的比重，企业的长期融资能力不会因此而受到太大的影响第五部分：项目质量和整理质量分析对利润表及利润质量的分析1) 毛利率在下降。通过对比 2010、2011、2012 三年的数据，我们可以发现，一汽轿车的毛利率呈现逐年下降的趋势。公司的营业收入与毛 利同时不断得下降，且毛利的下降幅度大于营业收入下降的幅度，从而导致 毛利率的下降。2) 企业主营业务受市场影响，市场份额缩减，销售利润下降。在2011年的年报中，一汽轿车也提到：“国家“十二五”推进经济与社会双 重转型，在转变增长方式和调整经济结构的总体要求下，汽车市场机会与挑 战并存，虽然存在刚性需求、会有一定增速，但挑战大于机会”。从中不难 看出，由于国际经济环境依然复杂，国内经济增速继续放缓，不利于汽车市 场的增长。同时，国内各大车企产能提升陆续完成，合资车企纷纷推出自主 品牌，行业竞争激烈，自主品牌企业生存环境恶劣，市场占有率仍下滑。通 过 3 年的数据不难发现，这便导致了主营业务规模的不断缩减。加速的同行 业竞争使得销售利润不断下降。从而导致毛利率的下降。3) 销售费用、管理费用居高不下。与销售收入与销售利润的下降形成鲜明的对比，公司的销售费用与管理费用却居高不下。这一点有两方面 的可能性：