财务报表分析案例

中国建筑财务报表分析摘要：本案例着重分析了中国建筑财务报表。在对三大报表数据及其变动进行整理与分析之后，又针对其所在行业进行了相关财务指标和比率分析，意在对该股票做出判断和决议。关键词：财务报表分析、财务指标分析、股票决议1企业背景介绍中国建筑股份有限企业（股票简称：中国建筑，股票代码601668）是由国务院国有资产监督管理委员会为实际控制人大盘蓝筹股，由中国建筑工程总企业、中国石油天然气集团企业、宝钢集团有限企业、中国中化集团企业等4家世界500强企业共同发起，于12月10日正式创建，并于7月29日在上海证券交易所成功上市。主营业务包含房屋建筑工程、国际工程承包、房地产开发与投资、基础设施建设与投资以及设计勘察五大领域。中国建筑是中国最大建筑房地产综合企业集团，中国最大房屋建筑承包商，长久位居中国国际工程承包业务首位，是发展中国家和地域最大跨国建筑企业以及全球最大住宅工程建造商。中国建筑以承建“高、大、精、尖、新”工程着称于世，承建了大量中国及其余国家或地域地标性建筑，“中国建筑，服务跨越五洲；过程精品，质量重于泰山”经营理念和品牌形象赢得国内外社会广泛认可。国建筑是中国专业化经营历史最久、市场化经营最早、一体化程度最高建筑房地产企业集团之一，截至5月，中建股份及所属子企业现拥有各类施工、勘察、设计、工程监理、工程造价、工程咨询等经营资质共计770个，其中：具备房屋建筑工程施工总承包特级资质16个、公路工程施工总承包特级1个、市政公用工程施工总承包特级1个，施工资质629个，工程勘察设计资质115个。中国建筑股份有限企业具备房屋建筑、公路工程、市政公用总承包3个特级资质，是国内唯一一家同时拥有“三特”资质、“1+4”资质和建筑行业工程设计甲级资质建筑企业，在资质方面位列全国建筑行业之首。，企业主营业务占比情况如表1：表1企业主营业务占比情况单位：亿元主营收入主营收入占比产品：基建建设3,673.6385.08%基建设计159.363.69%疏浚工程261.636.06%装备制造201.24.66%其余业务21.970.51%共计4,317.79100.00%，企业营业总收入为4,317.79亿元，其中基建建设占比最大，达85%，是主营业务。2三大报表分析2.1资产负债表分析资产负债表组成份析表2资产负债表组成项目金额占总资产比重货币资金100,201,668,027.0013.78%结算备付金211,327,2500.03%拆出资金0.00%以公允价值计量且其变动计入当期损益金融资产0.00%应收票据2,268,656,870.000.31%应收账款71,088,208,416.009.78%预付款项21,891,428,700.003.01%应收保费应收分保账款应收分保协议准备金应收利息43,057,073.000.01%应收股利164,168,368.000.02%其余应收款38,065,160,151.005.24%买入返售金融资产存货138,818,884,389.0019.09%划分为持有代售资产一年内到期非流动资产29,485,080,904.004.06%其余流动资产2,964,145,4050.41%流动资产共计405,201,785,554.0055.73%发放贷款及垫款可供出售金融资产21,046,789,8632.89%持有至到期投资580,976,7880.08%长久应收款79,502,813,075.0010.93%长久股权投资10,460,521,9951.44%投资性房地产1,157,931,2490.16%固定资产54,572,924,809.007.51%在建工程12,556,963,4031.73%工程物资0.00%固定资产清理3,412,5010.00%生产性生物资产油气资产无形资产131,587,506,64418.10%开发支出3,003,5340.00%商誉4,937,199,7100.68%长久待摊费用327,297,7460.05%递延所得税资产3,423,113,376.000.47%其余非流动资产1,700,098,5460.23%非流动资产共计321,860,553,240.0044.27%资产总计727,062,338,793.00100.00%项目金额占总负债比重短期借款77,982,963,145.0010.73%向中央银行借款吸收存款及同业存放拆入资金以公允价值计量且其变动计入当期损益金融负债47,693,732.000.01%应付票据11,716,827,183.001.61%应付账款136,375,965,517.0018.76%预收款项85,962,740,045.0011.82%卖出回购金融资产款应付手续费及佣金应付职员薪酬1,696,576,611.000.23%应交税费10,175,162,109.001.40%应付利息899,021,510.000.12%应付股利113,311,814.000.02%其余应付款20,540,744,467.002.83%应付分保账款保险协议准备金代理买卖证券款代理承销证券款划分为持有代售负债一年内到期非流动负债21,541,245,424.002.96%其余流动负债3,040,486,971.000.42%流动负债共计370,092,738,529.0050.90%长久借款141,581,570,230.0019.47%应付债券32,045,410,376.004.41%长久应付款8,699,498,371.001.20%长久应付职员薪酬1,843,603,726.000.25%专题应付款146,271,836.000.02%预计负债440,725,915.000.06%递延收益6,503,332,686.000.89%递延所得税负债5,148,755,895.000.71%其余非流动负债2,387,556,736.000.33%非流动负债共计198,796,725,771.0027.34%负债共计568,889,464,300.0078.24%实收资本（或股本）16,174,735,425.002.22%其余权益工具13,942,183,077.001.92%资本公积24,020,037,183.003.30%减：库存股其余综合收益10,251,682,928.001.41%专题贮备1,873,227,816.000.26%盈余公积3,461,015,619.000.48%通常风险准备107,788,349.000.01%未分配利润65,041,395,576.008.95%归属于母企业全部者权益共计134,872,065,973.0018.55%少数股东权益23,300,808,521.003.20%全部者权益共计158,172,874,493.0021.76%负债和全部者权益总计727,062,338,793.00100.00%在资产负债表主要资产项目中，流动资产与非流动资产比重大约为1.26:1，即流动资产占总资产比率为55.7%左右。通常来说，这一比率越高，企业使用流动资产偿还债务能力越强，企业风险越小。对于中国建筑来说，这一比率偏低，说明其资产流动性相对通常，但也不差。在各项资产中，除存货外，应收类资产所占比重也较大。企业放宽信用政策有利于吸引客户，增加销售收入，不过过分信用政策则会占用企业过多流动资金，影响企业经营能力。在非流动资产中，固定资产、无形资产占据较大比重，这与企业在基础设施建设上投入加大关于。在全部负债中，流动负债占比重为65%左右。其中短期借款、应付账款、预收账款这三类流动负债占总资产41%以上。而在非流动负债中，长久借款所占比重较大，这将会给企业债务偿还能力造成一定影响。在对资产负债表中各项资产和负债组成进行总体分析后，能够大致了解中建资产负债结构，为下一步分析提供了方向。比如，应收票据和应收账款、长久借款、应付票据和应付账款等这几项，需要在深入分析时着重考虑。水平分析表3资产负债表水平分析项目同比增减率货币资金100,201,668,027.0078,039,806,80928.40%结算备付金211,327,250197,223,0287.15%拆出资金以公允价值计量且其变动计入当期损益金融资产应收票据2,268,656,870.002,772,093,781-18.16%应收账款71,088,208,416.0059,953,717,59718.57%预付款项21,891,428,700.0016,319,644,76134.14%应收保费应收分保账款应收分保协议准备金应收利息43,057,073.0078,957,192-45.47%应收股利164,168,368.00105,156,71256.12%其余应收款38,065,160,151.0042,036,789,415-9.45%买入返售金融资产存货138,818,884,389.00119,015,846,34116.64%划分为持有代售资产一年内到期非流动资产29,485,080,904.0028,558,006,3783.25%其余流动资产2,964,145,4057,532,160,855-60.65%流动资产共计405,201,785,554.00354,609,402,86914.27%发放贷款及垫款可供出售金融资产21,046,789,86322,205,110,171-5.22%持有至到期投资580,976,788327,968,84977.14%长久应收款79,502,813,075.0074,624,967,9996.54%长久股权投资10,460,521,99510,086,165,7753.71%投资性房地产1,157,931,2491,205,651,272-3.96%固定资产54,572,924,809.0051,676,922,7445.60%在建工程12,556,963,40311,386,925,72410.28%工程物资固定资产清理3,412,501生产性生物资产油气资产无形资产131,587,506,64497,967,567,17534.32%开发支出3,003,5344,147,006-27.57%商誉4,937,199,7101,537,119,298221.20%长久待摊费用327,297,746262,272,45424.79%递延所得税资产3,423,113,376.002,881,475,75418.80%其余非流动资产1,700,098,5461,612,191,4335.45%非流动资产共计321,860,553,240.00275,778,485,65416.71%资产总计727,062,338,793.00630,387,888,52315.34%项目金额短期借款77,982,963,145.0068,124,750,26514.47%向中央银行借款吸收存款及同业存放拆入资金以公允价值计量且其变动计入当期损益金融负债47,693,732.0048,399,487-1.46%应付票据11,716,827,183.0014,167,497,153-17.30%应付账款136,375,965,517.00128,706,365,2695.96%预收款项85,962,740,045.0070,304,481,03122.27%卖出回购金融资产款应付手续费及佣金应付职员薪酬1,696,576,611.001,381,483,43822.81%应交税费10,175,162,109.0011,411,263,177-10.83%应付利息899,021,510.002,047,043,756-56.08%应付股利113,311,814.00139,680,198-18.88%其余应付款20,540,744,467.0018,303,360,58212.22%应付分保账款保险协议准备金代理买卖证券款代理承销证券款划分为持有代售负债一年内到期非流动负债21,541,245,424.0014,395,706,98449.64%其余流动负债3,040,486,971.009,025,978,406-66.31%流动负债共计370,092,738,529.00338,056,009,7469.48%长久借款141,581,570,230.00101,848,580,03739.01%应付债券32,045,410,376.0033,834,953,224-5.29%长久应付款8,699,498,371.009,066,033,916-4.04%长久应付职员薪酬1,843,603,726.001,949,070,000-5.41%专题应付款146,271,836.00146,255,2980.01%预计负债440,725,915.00586,408,769-24.84%递延收益6,503,332,686.004,617,680,89540.84%递延所得税负债5,148,755,895.005,690,543,588-9.52%其余非流动负债2,387,556,736.002,395,816,339-0.34%非流动负债共计198,796,725,771.00160,135,342,06624.14%负债共计568,889,464,300.00498,191,351,81214.19%实收资本（或股本）16,174,735,425.0016,174,735,425其余权益工具13,942,183,077.004,985,550,000179.65%资本公积24,020,037,183.0021,064,901,75214.03%减：库存股其余综合收益10,251,682,928.0012,056,795,560-14.97%专题贮备1,873,227,816.001,450,222,94629.17%盈余公积3,461,015,619.003,461,015,6180.00%通常风险准备107,788,349.00107,788,349未分配利润65,041,395,576.0057,775,070,19412.58%归属于母企业全部者权益共计134,872,065,973.00117,076,079,84415.20%少数股东权益23,300,808,521.0015,120,456,86754.10%全部者权益共计158,172,874,493.00132,196,536,71119.65%负债和全部者权益总计727,062,338,793.00630,387,888,52315.34%资产负债表水平分析主要衡量是当期报表中各项目较于上期变动情况。上表所表示是当期变动较大项目，下面将依照中国建筑年报附注内容对项目变动较大科目原因进行分析。预付款项：主要是因为伴随业务收入增加，预付给分包商、供给商款项增加所致。其余流动资产：主要是因为购置理财产品到期造成期末余额降低所致。持有至到期投资：主要是因为增持国债所致。无形资产：主要是因为BOT项目归集特许经营权增加所致。商誉：主要是因为收购子企业所致。应付利息：主要是因为本年支付企业债利息降低所致。主要是因为到期日在一年内应付债券增加所致。其余流动负债：主要是因为偿还超短融债券所致。长久借款：主要是因为为满足业务发展需要，向银行借款增加所致。递延收益：主要是因为收到政府补助所致。其余权益工具：主要是因为发行首期优先股所致。少数股东权益:主要是因为子企业发行永续债所致。垂直分析表4资产负债表垂直分析项目比重%比重同比增减率货币资金100,201,668,027.0078,039,806,80913.78%12.38%28.40%结算备付金211,327,250197,223,0280.03%0.03%7.15%拆出资金以公允价值计量且其变动计入当期损益金融资产应收票据2,268,656,870.002,772,093,7810.31%0.44%-18.16%应收账款71,088,208,416.0059,953,717,5979.78%9.51%18.57%预付款项21,891,428,700.0016,319,644,7613.01%2.59%34.14%应收保费应收分保账款应收分保协议准备金应收利息43,057,073.0078,957,1920.01%0.01%-45.47%应收股利164,168,368.00105,156,7120.02%0.02%56.12%其余应收款38,065,160,151.0042,036,789,4155.24%6.67%-9.45%买入返售金融资产存货138,818,884,389.00119,015,846,34119.09%18.88%16.64%划分为持有代售资产一年内到期非流动资产29,485,080,904.0028,558,006,3784.06%4.53%3.25%其余流动资产2,964,145,4057,532,160,8550.41%1.19%-60.65%流动资产共计405,201,785,554.00354,609,402,86955.73%56.25%14.27%发放贷款及垫款可供出售金融资产21,046,789,86322,205,110,1712.89%3.52%-5.22%持有至到期投资580,976,788327,968,8490.08%0.05%77.14%长久应收款79,502,813,075.0074,624,967,99910.93%11.84%6.54%长久股权投资10,460,521,99510,086,165,7751.44%1.60%3.71%投资性房地产1,157,931,2491,205,651,2720.16%0.19%-3.96%固定资产54,572,924,809.0051,676,922,7447.51%8.20%5.60%在建工程12,556,963,40311,386,925,7241.73%1.81%10.28%工程物资固定资产清理3,412,501生产性生物资产油气资产无形资产131,587,506,64497,967,567,17518.10%15.54%34.32%开发支出3,003,5344,147,0060.00%0.00%-27.57%商誉4,937,199,7101,537,119,2980.68%0.24%221.20%长久待摊费用327,297,746262,272,4540.05%0.04%24.79%递延所得税资产3,423,113,376.002,881,475,7540.47%0.46%18.80%其余非流动资产1,700,098,5461,612,191,4330.23%0.26%5.45%非流动资产共计321,860,553,240.00275,778,485,65444.27%43.75%16.71%资产总计727,062,338,793.00630,387,888,523100.00%100.00%15.34%项目金额短期借款77,982,963,145.0068,124,750,26510.73%10.81%14.47%向中央银行借款吸收存款及同业存放拆入资金以公允价值计量且其变动计入当期损益金融负债47,693,732.0048,399,4870.01%0.01%-1.46%应付票据11,716,827,183.0014,167,497,1531.61%2.25%-17.30%应付账款136,375,965,517.00128,706,365,26918.76%20.42%5.96%预收款项85,962,740,045.0070,304,481,03111.82%11.15%22.27%卖出回购金融资产款应付手续费及佣金应付职员薪酬1,696,576,611.001,381,483,4380.23%0.22%22.81%应交税费10,175,162,109.0011,411,263,1771.40%1.81%-10.83%应付利息899,021,510.002,047,043,7560.12%0.32%-56.08%应付股利113,311,814.00139,680,1980.02%0.02%-18.88%其余应付款20,540,744,467.0018,303,360,5822.83%2.90%12.22%应付分保账款保险协议准备金代理买卖证券款代理承销证券款划分为持有代售负债一年内到期非流动负债21,541,245,424.0014,395,706,9842.96%2.28%49.64%其余流动负债3,040,486,971.009,025,978,4060.42%1.43%-66.31%流动负债共计370,092,738,529.00338,056,009,74650.90%53.63%9.48%长久借款141,581,570,230.00101,848,580,03719.47%16.16%39.01%应付债券32,045,410,376.0033,834,953,2244.41%5.37%-5.29%长久应付款8,699,498,371.009,066,033,9161.20%1.44%-4.04%长久应付职员薪酬1,843,603,726.001,949,070,0000.25%0.31%-5.41%专题应付款146,271,836.00146,255,2980.02%0.02%0.01%预计负债440,725,915.00586,408,7690.06%0.09%-24.84%递延收益6,503,332,686.004,617,680,8950.89%0.73%40.84%递延所得税负债5,148,755,895.005,690,543,5880.71%0.90%-9.52%其余非流动负债2,387,556,736.002,395,816,3390.33%0.38%-0.34%非流动负债共计198,796,725,771.00160,135,342,06627.34%25.40%24.14%负债共计568,889,464,300.00498,191,351,81278.24%79.03%14.19%实收资本（或股本）16,174,735,425.0016,174,735,4252.22%2.57%其余权益工具13,942,183,077.004,985,550,0001.92%0.79%179.65%资本公积24,020,037,183.0021,064,901,7523.30%3.34%14.03%减：库存股其余综合收益10,251,682,928.0012,056,795,5601.41%1.91%-14.97%专题贮备1,873,227,816.001,450,222,9460.26%0.23%29.17%盈余公积3,461,015,619.003,461,015,6180.48%0.55%0.00%通常风险准备107,788,349.00107,788,3490.01%0.02%未分配利润65,041,395,576.0057,775,070,1948.95%9.17%12.58%归属于母企业全部者权益共计134,872,065,973.00117,076,079,84418.55%18.57%15.20%少数股东权益23,300,808,521.0015,120,456,8673.20%2.40%54.10%全部者权益共计158,172,874,493.00132,196,536,71121.76%20.97%19.65%负债和全部者权益总计727,062,338,793.00630,387,888,52315.34%流动资产中，货币资金比重较去年增加较大，结合前述永续债发行，优先股发行，超短期融资券发行等，可见企业金融创新方面具备大胆意识，资金存量有大幅增加，对企业下一步战略实施贮备了充分弹药，也增强了企业底气。与此同时其余应收款币种有大幅降低，说明中国建筑在职员个人备用金和借款管理上成效显着。非流动资产中，除了长久应收款、固定资产和无形资产项目占总流动资产比重较大外，其余各项比重均在7%以下，其中仅无形资产币种改变较大，前已述原因。在负债类中，应付账款比重降低较大，长久借款比重增加较大，企业有经过长久借款缓解信誉压力嫌疑。在全部者权益各科目中，其余权益工具比重改变较大，主要是因为今年发行首批优先股所致。值得注意是，存货占总资产比重较大，且相较于有所上升。中建需注意对工程项目标结算，降低已完工未结算项目金额，同时对于材料类存货应确定材料采购计划，合理控制材料库存，降低材料类存货资金占用。2.2利润表分析表5利润表变动分析项目本期金额上期金额增减变动比率一、营业总收入279,833,137,161252,444,299,56911%其中：营业收入279,833,137,161252,444,299,56911%利息收入已赚保费手续费及佣金收入二、营业总成本269,323,842,159.00242,472,031,78511%其中：营业成本242,020,870,139219,850,332,17710%利息支出手续费及佣金支出退保金赔付支出净额提取保险协议准备金净额保单红利支出分保费用营业税金及附加7,119,349,3826,245,383,80514%销售费用429,054,123332,941,74429%管理费用12,772,123,89610,446,553,82722%财务费用5,959,374,847.005,081,056,38617%资产减值损失1,023,069,773515,763,84698%加：公允价值变动收益（损失以“-”号填列）-15,305,616-123,025,502-88%投资收益（损失以“-”号填列）2,217,332,5712,353,083,049-6%其中：对联营企业和合营企业投资收益235,942,99557,642,693309%汇兑收益（损失以“-”号填列）三、营业利润（亏损以“-”号填列）12,711,321,956.0012,202,325,3314%加：营业外收入625,661,663307,668,335103%其中：非流动资产处置利得56,054,457减：营业外支出85,694,84096,674,954-11%其中：非流动资产处置损失34,819,60613,656,273155%四、利润总额（亏损以“-”号填列）13,251,288,779.0012,413,318,7127%减：所得税费用3,149,504,6352,646,705,64819%五、净利润（亏损以“-”号填列）10,101,784,145.009,766,613,0643%归属于母企业全部者净利润10,056,751,495.009,765,094,4223%少数股东损益45,032,6501,518,6422865%六、其余综合收益税后净额-1,890,058,907-176,947,548968%（一）以后不能重分类进损益其余综合收益1.重新计量设定受益计划净负债或净资产变动2.权益法下被投资单位不能重分类进损益其余综合收益中享受份额（二）以后将重分类进损益其余综合收益1.权益法下在被投资单位以后将重分类进损益其余综合收益中享受份额2.可供出售金融资产公允价值变动损益3.持有至到期投资重分类为可供出售金融资损益4.现金流量套期损益有效部分5.外币财务报表折算差额七、综合收益总额8,211,725,237.009,589,665,516-14%归属于母企业全部者综合收益总额*归属于少数股东综合收益总额八、每股收益：（一）基本每股收益0.60.60%（二）稀释每股收益0.60.60%从利润表变动分析中能够得出一个总括性结论：企业营业利润、总利润展现上升趋势。但，即使营业总收入11%增加，但营业税金及附加以及管理费用和财务费用增加极大，从而造成了营业利润仅增加4%。另外，资产减值损失较去年增加较大，主要为坏账准备计提以及存货跌价准备计提，应收账款和存货管理依然任重道远。另外，公允价值变动收益/（损失）降低87%，主要是因为以公允价值计量且其变动计入当期损益金额资产公允价值变动所致。其余如营业外收入较去年增加103%，主要是因为本年转回以前年度预计负债所致。2.3现金流量表分析表6现金流量表变动分析汇报期变动率单位元元经营活动现金流入小计292,122,204,52457,264,100,000-8.27%经营活动现金流出小计46,545,500,00054,124,700,000-14.00%经营活动产生现金流量净额5,984,530,0003,139,380,00090.63%投资活动现金流入小计879,970,000787,868,00011.69%投资活动现金流出小计9,802,690,00013,459,700,000-27.17%投资活动产生现金流量净额-8,922,720,000-12,671,800,00029.59%筹资活动现金流入小计20,612,100,00012,719,600,00062.05%筹资活动现金流出小计15,876,100,0003,541,670,000348.27%筹资活动产生现金流量净额4,736,030,0009,177,890,000-48.40%经营活动产生现金流量净额较上年增加70%，主要是因为加大债权清收力度及合理安排资金支付所致。其中销售商品、提供劳务收到现金降低了8.44%，购置商品、接收劳务支付现