济川药业五年财务报表及基础分析

1、济川药业财务基础一、资产负债表结构（万元)资产端项目2017/9/302016/9/302015/9/30货币资金( 万元)652756771422855应收票据( 万元)878042722255应收账款( 万元)171245135797112265预付款项( 万元)260814901115存货 ( 万元)226051463615432流动资产合计（万元）287115249352171831可供出售金融资产（万元）375037503750长期股权投资（万元）60400固定资产( 万元)15390812123690865在建工程（万元）563233490637983无形资产( 万元)213032

2、277717567商誉（万元）167301673019288负债端项目2017/9/302016/9/302015/9/30短期借款( 万元)000应付票据( 万元)1394212975137应付帐款（万元）391483111721433预收账款( 万元)993423368一年内到期的非流动负债000（万元）15511310982296527流动负债合计（万元）长期借款（万元）240000应付债券（万元）000二、资产负债变动（单位亿元）资产端项目2017/9/302016/9/302015/9/30资产总计559471458303350699净资产392428339920248041现金65

3、2756771422855流动资产除现金221840181639148976固定 +无形175211144013108432投资性资产435437503750在建工程563233490637983商誉167301673019288负债/ 权益端（有息短期负债(ST-debt)000长期负债(LT-debt)240000股权融资( 股本 + 资本公积)192433197368137149未分配利润183813126370101779资产负债特别指标指标名称2017/9/302016/9/302015/9/30特别指标*:运营资本除现金667267181752449特别指标*:供应链占款15115

4、4123358104129特别指标*:速动资产263917235394158170速动资产*:不含应收类838929532443650特别指标*:可投资金363160301986212959风险评估指标名称2017/9/302016/9/302015/9/30短期债务敞口（ST-debt ）*(83892)(95324)(43650)级别 I 风险敞口（现金）(62875)(67714)(22855)级别 II风险敞口*(81492)(95324)(43650)供应链负债敞口*(128549)(108722)(88697)短期负债/ 速动资产*0.0%0.0%0.0%利息覆盖倍数*(113)(

5、141)(171)减值准备计提比例*1.1%0.9%1.0%三、营收、成本、利润结构收入构成项目2017/9/302016/9/302015/9/30营业收入421362350648281646投资收益5116651035非经常项目损益742331263740成本构成营业成本631125162744565税233861739613376管理费用288852561124270财务费用-934-553-339销售费用221910191341153965净利润907806757749731净利润（扣非）833576445145548四、现金流量简表项目2017/9/302016/9/302015/9

6、/30经营活动现金流入479471401769321407经营活动现金流出380228335176266618经营活动现金流量净额992436659354789投资活动现金流入386905271471051投资活动现金流出10059786794107883投资活动现金流量净额-61907-34080-36832筹资活动现金流入07172631000筹资活动现金流出591186357190590筹资活动现金流量净额-591188155-59590五、主要财务指标资产负债类项目2017/9/302016/9/302015/9/30资产负债率29.9%25.2%28.3%流动资产比例51.3%54.

7、4%49.0%有息负债比例0.4%0.0%0.0%营账类项目2017/9/302016/9/302015/9/30毛利率85.0%85.3%84.2%三项费用率59.3%61.7%63.2%成本费用率76.7%78.6%81.1%融资成本-38.9%#DIV/0!#DIV/0!人工成本10.5%10.9%10.9%税务成本18.1%18.7%18.1%净利润率21.5%19.3%17.7%原辅材49.8%51.1%53.3%周转类项目2017/9/302016/9/302015/9/30应收账款周转天数138.6132.5134.0存货周转天数107.7106.399.9流动资产周转天数232

8、.4219.2219.7回报相关/ 杜邦体总资产周转率75.31%76.51%80.31%权益乘数1.431.341.39净利润率21.54%19.27%17.66%权益回报率23.13%19.71%19.77%已投入资本394828342891251606已投入资本（不含现金）329553275178228751投资资本回报率22.99%19.71%19.77%已获利息倍数-112.52-141.40-171.21股利支付率66.1%81.7%64.0%送转股指标现金 / 未分配利润0.360.540.22现金 / 净利润0.721.000.46未分配利润/ 总股本4.623.182.65资

9、本公积 /总股本3.843.962.57务基础分析报告端2014/9/302013/9/30最新期占比增幅变动 (亿)312851109611.7%-3.6%-0.2423681251.6%105.5%0.45899561283930.6%26.1%3.549157690.5%75.0%0.118973181184.0%54.4%0.801672754602851.3%15.1%3.78000.7%0.0%0.0037508350.1%0.0%0.06905171766827.5%26.9%3.2710490684310.1%61.4%2.141427719593.8%-6.5%-0.1500

10、3.0%0.0%0.00端2014/9/302013/9/30最新期占比增幅变动 (亿)0207300.0%0.0%0.00292626502.5%974.6%1.261697535717.0%25.8%0.8030661840.2%134.6%0.06000.0%0.0%0.00731543546727.7%41.2%4.530110000.4%0.0%0.24000.0%0.0%0.00端2014/9/302013/9/30最新变动数同比增速复合增速2911479676210116822.1%17.7%215332490145250915.4%16.2%3128511096-2438-3.

11、6%20.2%135990349334020122.1%13.0%104794196273119721.7%13.7%37502391360416.1%3.8%1049068432141761.4%52.2%0000.0%0.0%（有息）02073000.0%0.0%01100024000.0%0.04934-2.5%8.8%7427067465744345.5%25.4%别指标2014/9/302013/9/30变动数变动比例占总资产62836-534-5090-7.1%11.9%82005194472779622.5%27.0%156609240602852312

12、.1%47.2%6428511096-11432-12.0%15.0%204179285246117320.3%64.9%估2014/9/302013/9/30变动数指标释义(64285)963411432短期有息-现金、理财等*(31285)206344838有息债务- 现金*(64285)2063413832有息债务-现金、理财等*(73032)(1328)(19827)应付 - 应收*0.0%86.2%0含应收*(673)129/1.3%0.0%0.2%不含应收票据（银承）成2014/9/302013/9/30最新变动最新变动比例复合增速221774140437071420.2%17.4

13、%6750-155-23.2%-6.7%389835074297137.5%17.5%成35401117231148622.2%15.6%1011120599034.4%23.3%184782979327412.8%11.8%-651030-38068.8%94.3%12369917533056916.0%15.7%37871452320334.3%24.4%33973-34621890629.3%25.2%2014/9/302013/9/30最新变动值最新变动比例复合增速237719236777770219.3%19.2%190148192134505213.4%18.9%475714464

14、3265149.0%20.2%392073050-14023-26.6%-0.3%9398918231380415.9%1.7%-547821227-2782781.7%3.1%8297616982-71726-100.0%-100.0%5098517065-4454-7.0%3.8%31991-83-67272-825.0%0.0%债类2014/9/302013/9/30变动26.0%49.2%4.7%57.5%47.6%-3.1%0.0%32.8%0.4%类2014/9/302013/9/30变动84.0%16.5%-0.3%64.1%41.0%-2.4%82.2%124.7%-1.9%#DIV/0!3.2%#DIV/0!11.7%16.1%-0.4%18.9%