电器公司财务分析

案例九财务分析案例一、教学目的通过对四川长虹电器股份有限公司财务报表分析，熟悉偿债能力分析、经营效率分析、盈利能力分析、成长能力分析、财务结构分析、现金流量分析比率、投资价值分析等基本财务比率的计算，掌握杜邦分析方法。二、案例资料公司简介：报告期2005-06-302005-03-312004-12-312004-09-30资产流动资产货币资金647,509,3371,117,816,1182,065,297,311,501,197,6671短期投资526,826,3780631,065,5000减:短期投资跌价准备258,094,2970258,094,2970短期投资净额268,732,082290,606,495372,971,203516,648,550应收票据1,229,485,3781,195,631,044674,661,1531,248,268,550报告期2005-06-302005-03-312004-12-312004-09-30资产流动资产货币资金647,509,3371,117,816,1182,065,297,311,501,197,6671短期投资526,826,3780631,065,5000减:短期投资跌价准备258,094,2970258,094,2970短期投资净额268,732,082290,606,495372,971,203516,648,550应收票据1,229,485,3781,195,631,044674,661,1531,248,268,550应收帐款5,518,128,35504,785,351,2740应收账款净额2,913,064,9292,775,442,3742,180,287,8474,550,577,084其他应收款672,912,2280288,170,9320其他应收款净额666,820,595348,142,490282,079,299308,516,910减:坏帐准备2,611,155,05902,611,155,0590转口贸易，电子商务，高科技风险投资及国家允许的其他投资业务。公司其他信息资料见案例3，公司网址：会计报表资产负债表负债及股东权益总计负债及股东权益总计15,260,535,08814,890,879,46915,649,029,80620,885,554,177资产负债表附注略略略略利润表及利润分配表职工奖金福利职工奖金福利0000提取储备基金0000提取企业发展基金0000七、可供股东分配的利润-1,482,277,1220-1,697,893,0950减：应付优先股股利0000提取任意盈余公积金0000应付普通股股利0000转作股本的普通股股利0000八、未分配利润-1,482,277,1220-1,697,893,0950利润表附注略略现金流量表报告期报告期2005-06-302005-03-312004-12-312004-09-30、经营活动产生的现金流量销售商品、提供劳务收到的现金7,155,557,1083,873,974,38715,682,822,86310,426,867,904收取的租金--------收到的增值税销项税额和退回的税款--------收到的除增值税以外的其他税费返还--------收到的其他与经营活动有关的现金5,781,12934,859,5099,125,68829,710,243经营活动现金流入小计7,161,614,480,909,113,0153,204,936,30210,902,456,79116购买商品接受劳务支付的现金5,691,647,3343,121,143,10613,594,843,20510,014,026,469经营租赁所支付的现金--------支付给职工以及为职工支付的现金412,743,540216,378,365578,545,894455,694,761支付的增值税款--------支付的所得税款--------支付的除增值税所得税以外的税费--------支付的各项税费168,972,605133,094,774262,414,379209,120,490支付的其他与经营活动有关的现金515,444,116291,793,5811,008,674,923812,220,696经营活动现金流出小计6,788,807,5953,762,409,82615,444,478,40011,491,062,416经营活动产生的现金流量净额372,806,885146,703,189760,457,902-588,605,625二、投资活动产生的现金流量收回投资所收到的现金129,463,081107,410,392796,406,811718,675,150取得投资收益所收到的现金846,734--,263,61411,886,33853三、思考与讨论的问题计算四川长虹电器股份有限公司的偿债能力、经营效率、盈利能力、成长能力、财务结构、现金流量、投资价值等基本财务比率，并作分析评价。对四川长虹电器股份有限公司的财务报表作杜邦分析。四、分析提示1、计算四川长虹电器股份有限公司的偿债能力、经营效率、盈利能力、成长能力、财务结构、现金流量、投资价值等基本财务比率。报告期2005-06-302005-03-312004-12-312004-09-30每股财务数据每股收益(元)0.10.08-1.7010.038每股收益增长率(%) 231.3522431.8906 -1889.2269 -46.8602每股收益-扣除(元) 0.093 0.0717 -1.725 0.0193每股收益-扣除-增长率(%)933.3333401.3986 -4523.0769 -50.5128每股收益-加权(元)0.1---1.701--每股收益-加权-增长率(%)233.3333---1890.5263--每股收益-扣除/加权(元)0.093---1.725--每股收益-扣除/加权-增长 933.3333-- -4523.0769 --率(%)每股未分配利润(元) -0.6849 -0.7043 -0.7845 0.9546每股可分配利润(元) -0.6849 -- -0.7845 --每股净资产(元) 4.47 4.449 4.369 6.106每股净资产增长率(%)-26.7008-27.0567-27.99851.0188每股净资产-调整(元)4.4454.4244.3526.095每股现金含量(元)0.17230.06780.3514-0.272每股资本公积金(元)1.88871.88791.88791.8859每股盈余公积金(元)2.26592.26592.26592.2659每股负债比(%)251.7848236.9618280.2033349.7407偿债能力分析流动比率2.14642.24751.99362.2893速动比率1.19611.28750.98731.1512现金流动负债比(%)6.94642.911112.7274-7.8636股东权益比(%)63.389764.663760.421163.274流动负债率(%)98.491398.264998.528698.8907负债权益比(%)56.330153.259564.135257.2762经营效率分析存货周转天(天)163.83142.5404237.0136317.1992存货周转率(倍)1.09870.63141.51890.8512应收款周转天(天)63.480955.4631111.7769166.4304应收帐款周转率(倍)2.83551.62273.22071.6223主营成本比例(%)84.547285.201985.682385.4239营业费用比例(%)9.46027.55439.627710.8297管理费用比例(%)2.21621.789434.8523.5933财务费用比例(%)0.5580.78520.1879-0.0694总资产周转率(倍)0.46720.26330.62350.3662盈利能力分析经营净利率(%)2.98594.3163-31.90241.0704经营毛利率(%)15.179714.500314.158614.3467资产利润率(%)1.48661.3727-19.84360.4498资产净利率(%)1.39511.1365-19.89080.3919净利润率(%)2.98594.3163-31.90241.0704净资产收益率(%)2.2291.8-38.930.627净资产收益率-增长率(%)352.0542629.1838 -2584.9857 -47.3961净资产收益率-扣除(%) 2.09 1.61 -39.48 0.615净资产收益率-扣除-增长 1293.3333588.0342 -6268.75 -5.3846率(%)净资产收益率-加权(%) 2.25 -- -32.59 --净资产收益率-加权-增长 350 -- -2162.6582 --率(%)净资产收益率-扣除/加权 2.11 -- -33.04 --(%)净资产收益率-扣除/加权- 1306.6667-- -5183.0769 --增长率(%)税前利润增长率(%) 200.8695445.0474 -1476.5239 -46.9727扣除非经常性损益后净利201861476.7155213748.95-3732649179.7341704038.22润成长能力分析主营收入增长率(%)39.857645.4675-18.3575-18.966净利润增长率(%)231.3522431.8906-1889.2269-46.8602总资产增长率(%)-29.8821-34.0751-26.7515-6.0341股东权益增长率(%)-26.7008-27.0567-27.99851.0188主营利润增长率(%)61.157554.1814-20.0565-19.1172财务结构分析资产负债率(%)35.707534.439638.751236.241长期负债资产比(%)0.51580.57240.54460.3809固定比(%)22.32223.456222.868717.3409现金流量比率主营收入现金含量(倍)0.99090.96351.35921.348净利润现金含量(倍)1.7290.8453-0.2066-7.1093分析评价（略）2、2005-03-31杜邦分析 净资产收益率净资产收益率1.8%=资产总额/股东权益总资产收益率总资产收益率1.1365%X权益乘数1/(1-0.34)=1/（1-负债总额/资产总额）x100％主营业务利润率4.3163%X总资产周转率0.2633%净利润173,548,185/主营业务收入4,020,729,414主营业务收入4,020,729,414/资产总额14,890,879,469主营业务收入4,020,729,414-全部成本3,844,967,111+其他利润29,770,138-所得税31,984,256流动资产11,325,884,185+长期资产3,564,995,284主营业务成本3,437,710,643营业费用303,737,561