山西汾酒(600809)财务分析

1、财务分析2心山西汾酒6008092维赛特财经 HYPERLINK http:/www.vsa www.vsa（更新：12.04.19）主要财务指标指标报告期111|2012-03-31|1112011-12-31|112011-09-30|112011-06-30|111基本每股收益（元）111.1400|11.8030|11.6300|11.5213|基本每股收益1.1700|1.8280|1.6800|1.5504|（扣除后）（元）|稀释每股收益（元）1.1400|1.8030|1.6300|1.5213|每股净资产（元）6.8910|5.7530|5.5800|5.4716|每股经营现金

2、净流量（元）0.6647|3.6883|2.2936|1.8149|每股现金流量（元）0.5589|2.1696|0.9944|0.8229|每股资本公积金（元）0.6879|0.6879|0.6879|0.6879|每股盈余公积金（元）0.5947|0.5947|0.5947|0.5947|每股未分配利润（元）4.6083|3.4707|3.3020|3.1890|净资产收益率（%）16.5100|31.3380|29.2650|27.8040|加权净资产收益率（%）18.0000|34.5000|33.9000|30.6700|净资产收益率（扣除）（%）-|-|-|-|加权净资产收益率18

3、.4400|34.9800|34.6300|-|（扣除后）（%）|总资产（万元）566058.48|491175.34|412666.81|399547.45|归属母公司股东权益298323.47|249070.23|241769.20|236878.01|（万元）|主营业务收入（万元）-|446666.49|-|289481.88|营业收入（万元）221401.41|448814.81|356365.73|289481.88|主营成本（万元）-|106112.80|-|70388.31|营业成本（万元）50993.98|107719.23|85078.88|70388.31|投资收益（万元）

4、-|61.16|22.72|22.72|净利润（万元）59356.09|92456.04|85513.33|77119.03|营业利润（万元）81446.56|136570.42|118007.87|103785.40|利润总额（万元）79463.09|133749.60|116167.48|102105.15|归属母公司净利润（万元）49253.24|78054.75|70753.71|65862.52|1经营现金流量净额（万元）128775.36|11159674.71|199293.77|178570.27|1指标报告期1112011-03-31|JL12010-12-31|L12010

5、-09-30|L12010-06-30|1基本每股收益（元）|1.1700|1.1420|1.2400|0.7714|基本每股收益|1.1800|1.1680|1.2700|0.7958|（扣除后）（元）|稀释每股收益（元）|1.1700|1.1420|1.2400|0.7714|每股净资产（元）|5.3700|4.4500|4.5500|4.0795|每股经营现金净流量（元）|1.1473|1.8820|1.4497|0.2873|每股现金流量（元）|0.8191|0.8628|0.5362|-0.2751|每股资本公积金（元）|0.6879|0.6879|0.6879|0.6879|1每股

6、盈余公积金（元）10.5947|0.5947|0.4604|0.4604|1每股未分配利润（元）13.0872|2.1677|2.4001|1.9312|1净资产收益率（%）121.7700|25.6663|27.2700|18.9100|1加权净资产收益率（%）125.6200|27.5500|29.6900|17.4700|1净资产收益率（扣除）（%）1-|-|-|-|1加权净资产收益率125.8700|28.1600|30.2500|-|1（扣除后）（%）1|1总资产（万元）1379940.48|345581.09|289850.01|261096.70|1归属母公司股东权益123247

7、0.16|192661.69|196909.86|176610.10|1（万元）1|1主营业务收入（万元）1-|299876.45|-|159807.43|1营业收入（万元）1187239.62|301662.50|239260.61|160920.76|1主营成本（万元）1-|69774.27|-|38573.17|1营业成本（万元）145437.94|70615.36|56013.19|38978.02|1投资收益（万元）122.72|16.19|16.19|-|1净利润（万元）157886.67|60192.47|64791.58|39133.54|1营业利润（万元）172781.34|

8、88932.60|87365.44|54028.10|1利润总额（万元）171918.29|86676.82|85610.17|52662.89|1归属母公司净利润（万元）150608.47|49449.03|53697.20|33397.44|1经营现金流量净额（万元）149669.84|81476.71|62760.35|12438.35|每股指标指标报告期12012-03-31111|2011-12-31|12010-12-31|12009-12-31|1审计意见1-|标准无保留|标准无保留|标准无保留|11|意见|意见|意见|每股收益（元）|1.1400|1.8030|1.1420|0

9、.8200|每股收益（扣除）（元）1.1700|1.8280|1.1680|0.8250|每股净资产（元）6.8910|5.7530|4.4500|3.8100|每股资本公积金（元）0.6879|0.6879|0.6879|0.6879|每股未分配利润（元）4.6083|3.4707|2.1677|1.6598|每股经营现金净流量（元）0.6647|3.6883|1.8820|1.0357|每股现金流量（元）|0.5589|2.1696|0.8628|0.3823|经营发展能力|指标报告期1|2012-03-31|1112011-12-31|112010-12-31|112009-12-31|

10、111|存货周转率1|0.4293|110.9509|0.7743|110.7183|应收账款周转率|49.1868|183.6240|85.3347|50.9731|总资产周转率|0.4188|1.0727|1.0115|0.9271|营业收入增长率（%）|18.2450|48.7804|40.7368|35.2746|营业利润增长率（%）|11.9058|53.5662|32.5667|38.0306|利润总额增长率（%）|10.4908|54.3084|30.9312|49.1416|净利润增长率(%)I2.5385I53.6007I31.4494I45.5508总资产增长率(%)I48

11、.9861I42.1303I37.7584I18.5897股东权益增长率(%)I28.3276I29.2785I16.8646I12.3957净资产增长率(%)I19.7750I29.2790I16.8650I12.8980财务分析指标报告期1I2012-03-31I112011-12-31I112011-09-30I112011-06-30I11*盈利能力*II1净利润率(%)1I26.8093I1120.6000I23.9959I1126.6404I总资产收益率(%)I10.4859I18.8234I20.7221I19.3016I净资产收益率(%)I16.5100I31.3380I29.

12、2650I27.8040I营业利润率(%)I36.7868I30.4291I33.1143I35.8521I销售毛利率(%)I76.9676I75.9992I76.1260I75.6847I销售净利率(%)1I26.8093I120.6000I1123.9959I26.6404IJ1I*经营能力*II存货周转率1I0.4293I10.9509I10.8158I10.6939I固定资产周转率I3.6712I8.5828I8.2368I6.6745I流动资产周转率I0.5060I1.3110I1.1670I1.0000I总资产周转率I0.4188I1.0727I0.9400I0.7770I股东权益

13、周转率1I0.8089I1i2.0321I11.6406I11.3479I1I*偿债能力*II1流动比率(%)1nI1.9092I11.7222I12.1293I12.1911I速动比率(%)I1.4560I1.1860I1.4330I1.5110I产权比率I0.8332I0.9357I0.6355I0.6286I应收账款周转率I49.1868I183.6240I43.9757I45.9538I利息保障倍数I-I-I-I-I资产负债率1I0.4391I1|0.4745I10.3723I10.3727I1*成长能力*II1营业收入增长率(%)I18.2450I148.7804I148.9446I

14、179.8909I营业利润增长率(%)I11.9058I53.5662I35.0739I92.0952I总资产增长率(%)I48.9861I42.1303I42.3725I53.0266I固定资产增长率(%)I37.7349I39.7651I-2.3491I-3.3769I股东权益增长率(%)I28.3276I29.2785I22.7817I34.1248I净利润增长率(%)1I2.5385Iii53.6007I131.9822I197.0663I1*资本构成*II股东权益比率(%)|52.7019|50.7090|58.5870|59.2866固定资产比率(%)|10.5377|12.412

15、1|10.3984|10.7930流动资产比率(%)|83.8400|81.7130|79.2760|81.6650无形资产比率(%)|2.2851|0.5534|0.6661|0.6958资产负债表摘要指标(万元)|12012-03-31|112011-12-31|112011-09-30|112011-06-30|111总资产|1566058.48|1491175.34|1412666.81|1399547.45|流动资产|474583.15|401353.77|327145.23|326288.89|非流动资产|91475.32|89821.57|85521.58|73258.56|固定

16、资产|59649.41|60964.99|42910.60|43123.24|货币资金|226231.78|202035.84|151160.70|143736.52|存货|112615.83|124973.40|106998.12|101303.36|应收账款|6687.88|2314.59|13633.58|10025.00|其他应收款|4551.38|1096.42|2108.11|1877.43|可供出售金融资|-|-|-|-|产|无形资产|12934.74|12717.92|12748.93|12779.93|111短期借款|1-|1-|1-|1-|预收账款|107217.90|11

17、5580.81|60509.01|42711.91|应付账款|14265.40|13026.83|7422.88|16768.49|流动负债|248570.91|233043.86|153638.04|148912.99|长期借款|-|-|-|-|总负债|11248570.91|1233043.86|1153638.04|1148912.99|111资本公积|129779.51|129779.51|129779.51|129779.51|未分配利润|199506.21|150252.97|142951.94|138060.74|归属于母公司所|298323.47|249070.23|24176

18、9.20|236878.01|有者权益合计|所有者权益合计|11317487.57|1258131.47|1259028.77|1250634.47|1指标(万元)|1L12011-03-31|L12010-12-31|L12010-09-30|L12010-06-30|1总资产|379940.48|345581.09|289850.01|261096.70|流动资产|313862.28|283456.18|233287.24|209012.04|非流动资产|66078.20|62124.91|56562.76|52084.66|固定资产|43307.42|43619.61|43942.85|

19、44630.35|货币资金|143571.28|108110.18|93970.78|58849.24|存货|80519.50|101585.20|79691.77|84275.76|应收账款|5800.93|2573.82|12410.71|12141.36|其他应收款|1594.84|1031.40|2138.18|1766.33|可供出售金融资|产|无形资产|-|2810.94|1-|2841.94|1-|2870.53|1-|2903.95|111短期借款|1-|1-|1-|1-|预收账款|41669.47|80308.47|24038.78|19866.51|应付账款|5880.11

20、|9439.34|3736.87|6093.64|流动负债|126892.17|139619.44|79489.26|76393.98|长期借款|-|-|-|-|总负债|126892.17|1139619.44|179489.26|176393.98|111资本公积|129779.51|129779.51|129779.51|129779.51|未分配利润|133652.90|93844.43|103905.66|83605.90|归属于母公司所|232470.16|192661.69|196909.86|176610.10|有者权益合计|所有者权益合计|253048.31|205961.65

21、|210360.75|184702.71|利润表摘要指标（万元）11|2012-03-31|1112011-12-31|112011-09-30|112011-06-30|11营业总收入11|221401.41|1448814.81|1356365.73|1289481.88|营业收入|221401.41|448814.81|356365.73|289481.88|营业总成本|139954.85|312305.55|238380.58|185719.19|营业成本|50993.98|107719.23|85078.88|70388.31|财务费用|-474.38|-1165.46|-397.0

22、2|-321.32|管理费用|9125.68|32033.05|22342.47|13917.26|营业利润|81446.56|136570.42|118007.87|103785.40|投资收益丨一丨61.16|22.72|22.72|营业外收支净额|-1983.47|1-2820.82|1-1840.38|1-1680.25|111利润总额|179463.09|1133749.60|1116167.48|1102105.15|所得税费用|20107.00|41293.57|30654.15|24986.12|归属母公司净利|49253.24|78054.75|70753.71|65862.

23、52|润|净利润|1159356.09|192456.04|185513.33|177119.03|1指标（万元）|2011-03-31|112010-12-31|12010-09-30|12010-06-30|11营业总收入11|187239.62|1301662.50|1239260.61|1160920.76|营业收入|187239.62|301662.50|239260.61|160920.76|营业总成本|114481.01|212746.10|151911.37|106892.66|营业成本|45437.94|70615.36|56013.19|38978.02|财务费用|-207

24、.64|-443.71|-302.73|-171.79|管理费用|6990.37|30432.05|18851.58|10947.04|营业利润|72781.34|188932.60|187365.44|154028.10|111投资收益|122.72|116.19|116.19|1-|营业外收支净额|-|1-|1-|1-|111利润总额|171918.29|186676.82|185610.17|152662.89|所得税费用|14031.63|26484.35|20818.59|13529.35|归属母公司净利|50608.47|49449.03|53697.20|33397.44|润|净

25、利润|1157886.67|160192.47|164791.58|139133.54|1现金流量表摘要指标（万元）|1112012-03-31|112011-12-31|112011-09-30|112011-06-30|111经营现金流入小计|1190329.55|1556814.73|1403468.16|1281267.95|经营现金流出小计|161554.19|397140.03|304174.39|202697.69|经营现金流量净额|1128775.36|1159674.71|199293.77|178570.27|111投资现金流入小计|1-|1179.07|171.88|16

26、9.64|投资现金流出小计|4579.42|25748.49|24439.14|11197.85|投资现金流量净额|-4579.42|-25569.42|-24367.26|-11128.21|I筹资现金流入小计丨-丨-丨-丨-1筹资现金流出小计|-|40179.63|31875.98|31815.72|筹资现金流量净额|11-|-40179.63|11-31875.98|1-31815.72|111汇率变动对现金影|11-|-|1-|1-|响|现金及现金等价物|24195.94|93925.66|43050.52|35626.34|净增加额|I指标（万元）丨2011-03-31|2010-1

27、2-31|2010-09-30丨2010-06-30|经营现金流入小计|155361.77|389068.76|274684.88|162458.34|经营现金流出小计|105691.93|307592.05|211924.53|150020.00|经营现金流量净额|1149669.84|181476.71|162760.35|112438.35|11投资现金流入小计|169.64|1-25.84|130.48|10.10|投资现金流出小计|3478.38|18495.99|6587.50|1516.33|投资现金流量净额|-3408.74|-18521.83|-6557.03|-1506.2

28、3|丨筹资现金流入小计丨-|200.00|-|-|丨筹资现金流出小计丨10800.00|25802.95|32990.80|22841.12|丨筹资现金流量净额丨11-10800.00|1-25602.95|1-32990.80|1-22841.12|111丨汇率变动对现金影丨1-|1-|1-|1-|丨响丨丨现金及现金等价物丨丨净增加额丨11|35461.10|1|37351.92|1|23212.53|1|-11909.01|1异动分析111111丨财务指标（万元）丨2012-03-31|2011-12-31|2010-12-31|2011年变动幅度|111111货币资金|226231.78

29、|202035.84|108110.18|86.88应收账款|6687.88|2314.59|2573.82|-10.07其他应收款|4551.38|1096.42|1031.40|6.30应付账款|14265.40|13026.83|9439.34|38.01在建工程|11816.63|20392.15|11827.63|72.41存货的减少|-|-23388.20|-23128.18|-1.12流动负债合计|248570.91|233043.86|139619.44|66.91负债合计|248570.91|233043.86|139619.44|66.91主营业务收入|221401.41|448814.81|301662.50|48.78主营业务利润|81446.56|136570.42|88932.60|53.57营业利润|81446.56|136570.42|88932.60|53.57利润总额|79463.09|133749.60|86676.82|54.31归属于母公司所有|49253.24|78054.75|49449.03|57.85者的净利润|未分配利润|199506.21|150252.97|93844.43|60.11营业外收