深康佳公司财务分析报告.doc

深康佳公司2010年财务分析报告第一部分 一、 行业分析：中国家电业早已进入一个品牌制胜的时代。在中国家电业遭遇群体市场寒流的今天，仍发现有一个“家族”正在崛起，它以时尚、个性、高雅、方便、实用等为特点深深赢得了千万家庭的青睐，在赢得市场的同时，也扯起了利润与成长的细分行业大旗它就是小家电。从无到有、从小到大、从弱到强，时至今日，中国小家电业迈入了茁壮成长期，成为名副其实的“大市场”。 与传统家电产品不同，小家电在中国的销售仍然处于发展阶段，随着消费者需求增加，小家电产品的种类和数量都在提升，小家电平均利润率高，为企业带来的收益也高。未来小家电在中国的利润率和增长率均将提升至30%左右。二、 公司基本经营情况分析：公司各业务单元继续深入贯彻价值经营策略，强调进攻的意识、开放的心态、变革与创新意识，加快推进营销组织变革，着力提升研发能力，坚持产品创新，严格质量控制，打造差异化精品，实现了彩电、手机、白电等主营业务的快速发展。公司白电业务把握市场趋势，以节能为主线，以时尚外观、差异化保鲜技术和高性价比打造精品阵容，同时积极拓展康佳白电的销售渠道，提高渠道覆盖率，实现白电业务的稳步发展。为了争夺平板电视的市场份额，内、外资彩电品牌大都采取降价等措施，平板电视的价格竞争异常激烈，导致平板电视的毛利率较2009年同期有较大幅度下降。第二部分资产负债表分析（已省略本年度未发生交易的科目项目）资产负债表水平分析 单位：元报告期2010年2009年变动额变动率对总资产的影响流动资产货币资金3,764,409,203.043,624,480,380.25139,928,822.790.0386070.010313087交易性金融资产-3,673,164-应收票据4,149,313,159.562,807,539,700.271,341,773,459.290.4779180.098891896应收账款1,971,135,371.911,302,066,597.13669,068,774.780.5138510.04931196预付账款446,971,672.32275,850,813.27171,120,859.050.6203380.012612014应收利息25,298,029.6632,529,920.96-7,231,891.30-0.222315-0.000533008其他应收款92,135,651.5719,572,445.6672,563,205.913.7074160.005348081存货3,723,636,130.093,580,780,457.01142,855,673.080.0398950.010528803流动资产合计14,172,899,218.1511,646,493,478.552,526,405,739.600.2169240.186202112非流动资产0可供出售金融资产1,830,598.3610,268,121.10-8,437,522.74-0.821720-0.000621865长期股权投资113,754,190.1357,800,445.2355,953,744.900.9680500.004123924固定资产1,488,368,667.791,433,674,626.2954,694,041.500.0381500.004031081在建工程231,508,246.3461,087,946.18170,420,300.162.7897530.012560381固定资产清理-20,851,110.89-无形资产191,483,451.66167,502,525.5623,980,926.100.1431680.001767451商誉3,943,671.533,943,671.530.000.0000000长期待摊费用11,480,636.0215,774,783.95-4,294,147.93-0.272216-0.000316489递延所得税资产251,626,885.02150,686,419.10100,940,465.920.6698710.007439552非流动资产合计2,293,996,346.851,921,589,649.83372,406,697.020.1938010.027447259资产总计16,466,895,56513,568,083,128.382,898,812,436.620.2136490.213649372流动负债0短期借款5,917,298,397.162,770,014,0603,147,284,3371.1361980.231962342交易性金融负债64,957,121.86-64,957,121.86-0.004787494应付票据2,031,883,915.562,884,697,072.42-852,813,156.86-0.295634-0.062854358应付账款2,390,131,711.562,599,242,285.04-209,110,573.48-0.080451-0.015411947预收账款316,613,909.66279,331,464.3837,282,445.280.1334700.002747805应付职工薪酬218,113,645.42193,217,075.5224,896,569.900.1288530.001834936应交税费-170,794,740.44-132,897,711.14-37,897,029.300.285159-0.002793101应付利息26,751,070.3023,633,016.783,118,053.520.1319360.000229808应付股利7,976,122.23804,527.207,171,595.038.9140490.000528564其他应付款798,367,146.17763,923,600.6634,443,545.510.0450880.002538571流动负债合计11,601,298,299.489,381,965,390.862,219,332,908.620.2365530.163570114非流动负债长期借款510,000,000-510,000,000-0.037588213长期应付款30,000,000-30,000,000-0.002211071递延所得税负债563,067.211,308,715.59-745,648.38-0.569756-5.49561E-05其他非流动负债100,896,753.5178,541,048.4822,355,705.030.2846370.001647669非流动负债合计641,459,820.7279,849,764.07561,610,056.657.0333340.041391997负债合计12,242,758,120.209,461,815,154.932,780,942,965.270.2939120.204962111所有者权益0实收资本（或股本）1,203,972,7041,203,972,70400资本公积金1,272,239,687.121,257,449,727.5814,789,959.540.0117620.001090055盈余公积金809,307,995.80809,307,995.800.000.0000000未分配利润696,746,297.76613,778,898.8482,967,398.920.1351750.006114895外币报表折算差额16,380,548.05-9,141,464.6625,522,012.71-2.7918950.001881033归属于母公司股东权益合计3,998,647,232.733,875,367,861.56123,279,371.170.0318110.009085983所有者权益合计4,224,137,444.804,106,267,973.45117,869,471.350.0287050.00868726负债及所有者权益总计16,466,895,56513,568,083,128.382,898,812,436.620.2136490.213649372（一）首先，从资产负债表的水平分析来看，该公司总资产本期增加2,898,812,436.62元，增长幅度为21.36%，说明深康佳公司本年资产规模有较大幅度的增长。（1）流动资产本期增加2,526,405,739.60元，增长率的幅度为21.69%，2010年和2009年的分析数据来看：1、应交税费账户减少幅度最大为，原因可能是企业销售给客户的货没有以前年度多了，说明企业的效益有下滑的趋势。2、外币报表折算差额账户减少幅度为-197.3%，这个账户减少的原因也有可能是该公司在对外出售环节出现了问题，再加上，近年来我国人民币对外币相对升值幅度提升较高。总资产本期增加3、应付股利账户减少幅度为-88.68%，该企业付给股东的利润少了，可能是经营规模的缩小，效益下滑。4、其他应收款账户的减少额减少了75.92%，长期待摊费用减少了20.71%，应收账款账户减少了1.8% ，公司销售方向有可能有所改变，自2008年起，公司主要投资在电视机行业上，收入来源有所改变。5、从资产负债表的垂直分析的数据来看，2008、2009、2010年，我公司的流动资产都在总资产中占据相当大的比重，其中，2008年占84.9%，2009年占85.8%，2010年占86.1%，账户中都是流动资产，有可能是因为公司经营不是太稳定。6、2008年短期借款占12.8%，2009年是20.4%，2010年是35.9%，三年来每年的短期借款都是逐年增加的，公司的流动资金本身不足，经营效果不是太明显，只能靠借款来维持公司的日常的持续经营，从这张表来看，公司有必要改善自身的经营模式，扩大资金的来源。资产负债表垂直分析 单位：元报告期2010年2009年2010年结构百分比2009年结构百分比变动情况流动资产货币资金3,764,409,203.043,624,480,380.250.2286050.267133-0.038528交易性金融资产-3,673,164-0.000271应收票据4,149,313,159.562,807,539,700.270.2519790.2069220.045057应收账款1,971,135,371.911,302,066,597.130.1197030.0959650.023738预付账款446,971,672.32275,850,813.270.0271440.0203310.006813应收利息25,298,029.6632,529,920.960.0015360.002398-0.000862其他应收款92,135,651.5719,572,445.660.0055950.0014430.004152存货3,723,636,130.093,580,780,457.010.2261290.263912-0.037783流动资产合计14,172,899,218.1511,646,493,478.550.8606900.8583740.002316非流动资产可供出售金融资产1,830,598.3610,268,121.100.0001110.000757-0.000646长期股权投资113,754,190.1357,800,445.230.0069080.0042600.002648固定资产1,488,368,667.791,433,674,626.290.0903860.105665-0.015279在建工程231,508,246.3461,087,946.180.0140590.0045020.009557固定资产清理-20,851,110.89-0.001537无形资产191,483,451.66167,502,525.560.0116280.012345-0.000717商誉3,943,671.533,943,671.530.0002390.000291-0.000052长期待摊费用11,480,636.0215,774,783.950.0006970.001163-0.000466递延所得税资产251,626,885.02150,686,419.100.0152810.0111060.004175非流动资产合计2,293,996,346.851,921,589,649.830.1393100.141626-0.002316资产总计16,466,895,56513,568,083,128.381.0000001.000000流动负债短期借款5,917,298,397.162,770,014,0600.3593450.2041570.155188交易性金融负债64,957,121.86-0.003945-应付票据2,031,883,915.562,884,697,072.420.1233920.212609-0.089217应付账款2,390,131,711.562,599,242,285.040.1451480.191570-0.046422预收账款316,613,909.66279,331,464.380.0192270.020587-0.00136应付职工薪酬218,113,645.42193,217,075.520.0132460.014241-0.000995应交税费-170,794,740.44-132,897,711.14-0.010372-0.009795-0.000577应付利息26,751,070.3023,633,016.780.0016250.001742-0.000117应付股利7,976,122.23804,527.200.0004840.0000590.000425其他应付款798,367,146.17763,923,600.660.0484830.056303-0.00782流动负债合计11,601,298,299.489,381,965,390.860.7045220.6914730.013049非流动负债长期借款510,000,000-0.030971-长期应付款30,000,000-0.001822-递延所得税负债563,067.211,308,715.590.0000340.000096-0.000062其他非流动负债100,896,753.5178,541,048.480.0061270.0057890.000338非流动负债合计641,459,820.7279,849,764.070.0389550.0058850.03307负债合计12,242,758,120.209,461,815,154.930.7434770.6973580.046119所有者权益实收资本（或股本）1,203,972,7041,203,972,7040.0731150.088736-0.015621资本公积金1,272,239,687.121,257,449,727.580.0772600.092677-0.015417盈余公积金809,307,995.80809,307,995.800.0491480.059648-0.0105未分配利润696,746,297.76613,778,898.840.0423120.045237-0.002925外币报表折算差额16,380,548.05-9,141,464.660.000995-0.0006740.001669归属于母公司股东权益合计3,998,647,232.733,875,367,861.560.2428290.285624-0.042795所有者权益合计4,224,137,444.804,106,267,973.450.2565230.302642-0.046119负债及所有者权益总计16,466,895,56513,568,083,128.381.0000001.0000000二、利润表分析利润表水平分析 报告期2010年2009年变动额变动率一、营业总收入17,111,454,066.3413,259,033,591.953,852,420,474.390.290550623营业收入17,111,454,066.3413,259,033,591.953,852,420,474.390.290550623二、营业总成本17,168,048,096.3913,153,736,796.994,014,311,299.400.305184098营业成本14,442,666,069.2910,769,730,028.663,672,936,040.630.341042536营业税金及附加7,400,354.344,847,731.842,552,622.500.52656017销售费用2,013,458,045.981,670,999,719.23342,458,326.750.204942181管理费用540,003,130.29455,895,588.8984,107,541.400.184488605财务费用-33,944,892.4254,509,219.18-88,454,111.60-1.622736721资产减值损失198,465,388.91197,754,509.19710,879.720.003594759三、其他经营收益25,311,972.25-18,108,688.1843,420,660.43-2.397780557公允价值变动净收益-68,630,285.8616,155,044.16-84,785,330.02-5.248226447投资净收益97,155,678.443,220,262.1493,935,416.3029.1701148四、营业利润-28,068,637.47124,672,101.26-152,740,738.73-1.225139684营业外收入127,596,472.6927,314,858.06100,281,614.633.671321096营业外支出11,820,845.346,088,845.815,731,999.530.941393444非流动资产处置净损失7,340,335.653,814,873.373,525,462.280.924136121五、利润总额87,706,989.88145,898,113.51-58,191,123.63-0.398847677所得税-13,482,505.07-1,488,458.74-11,994,046.338.058030772六、净利润101,189,494.95147,386,572.25-46,197,077.30-0.313441561少数股东损益17,241,633.63-3,690,717.9320,932,351.56-5.671620524归属于母公司股东的净利润83,947,861.32151,077,290.18-67,129,428.86-0.444338317七、每股收益基本每股收益0.070.13-0.06-0.461538462稀释每股收益0.070.13-0.06-0.461538462利润表垂直分析 单位：元报告期2010年2009年2010年结构百分比（%）2009年结构百分比（%）一、营业总收入17,111,454,066.3413,259,033,591.951.000000000001.000000营业收入17,111,454,066.3413,259,033,591.951.000000000001.000000二、营业总成本17,168,048,096.3913,153,736,796.991.003307377039.920585营业成本14,442,666,069.2910,769,730,028.660.844034996288.187582营业税金及附加7,400,354.344,847,731.840.000432479574.501257销售费用2,013,458,045.981,670,999,719.230.117279380553.446972管理费用540,003,130.29455,895,588.890.037389435422.728280财务费用-33,944,892.4254,509,219.18-4.586927984861.195651资产减值损失198,465,388.91197,754,509.190.098569418573.627909三、其他经营收益25,311,972.25-18,108,688.180.04687375097-9.157156公允价值变动净收益-68,630,285.8616,155,044.162.02181479944-8.921157投资净收益97,155,678.443,220,262.140.489534618471.993348四、营业利润-28,068,637.47124,672,101.26-0.288903725669.402805营业外收入127,596,472.6927,314,858.060.007456787262.190936营业外支出11,820,845.346,088,845.810.000688537522.229133非流动资产处置净损失7,340,335.653,814,873.37-0.261513785916.265347五、利润总额87,706,989.88145,898,113.510.687377856393.824455所得税-13,482,505.07-1,488,458.74-11.020204六、净利润101,189,494.95147,386,572.251.153722127371.111594少数股东损益17,241,633.63-3,690,717.93-1.27881528992-2.504107归属于母公司股东的净利润83,947,861.32151,077,290.180.00490594551-4.093439七、每股收益基本每股收益0.070.130.000000004069.804636稀释每股收益0.070.130.000000000839.883123利润表分析内容：1、从上述分析表格来看，营业收入账户，2008-2009年占8.6%，2010-2009年则占据了29.1%，销售收入有明显的增加，公司致力于电视机一项，在此行业中努力创造出品牌的个性，所以，销售方面明显改善。2、投资收益账户来看的话，2009-2008年占-186.8%，2010-2009年则占到了291.7%，公司决策方面更加明智，选择了好的投资方式为公司带来了翻了几倍的收益，也说明了决策层更敢于投资，敢于为公司创造更多的利益，这是我们应该为公司做的。3、公允价值变动净收益账户，2009-2008年占-229.4%，2010-2009年则占据了-524.8%，我觉得之所以该项收益一直在减少，可能是因为公司所选择的成本计量模式与本公司的实际情况不相符合，相关的会计政策有可能也要做出与公司实际情况相一致的改变才能为公司创造更多的利益。4、营业外收入账户中，2009-2008年占-2%，2010-2009年占367.1%，公司经营范围可能叫2008、2009年有所扩大，利益创造的更多。5、从利润的结构百分比来看，少数股东的权益在2009、2010年分别占-0.0025%和-127.8%，股东的权益没有得到保障，利润中应付股利不是太多，导致股东没有都获得相应的权益收入。6、我们可以看到，在2010年，公司经营收益方面的是比较成功的，说明该公司已经看到了自身发展中存在的问题，做出了相应的政策方面的改变，平时更应该对公司各种数据加以研究才能更好的管理公司的经营。三、 现金流量表分析现金流量表水平分析 单位：元报告期2010年2009年变动额（元）变动率一、经营活动产生的现金流量销售商品、提供劳务收到的现金17,807,481,097.1215,133,741,038.912,673,740,058.210.1766741收到的税费返还263,800,363.587,084,976.74176,715,386.762.0292293收到其他与经营活动有关的现金301,933,158.96146,134,323.76155,798,835.201.0661344经营活动现金流入小计18,373,214,619.5815,366,960,339.413,006,254,280.170.1956310购买商品、接受劳务支付的现金14,884,670,227.3512,072,565,468.072,812,104,759.280.2329335支付给职工以及为职支付的现金1,131,125,096.33914,638,306.02216,486,790.310.2366911支付的各项税费1,560,026,786.471,345,298,981.26214,727,805.210.1596134支付其他与经营活动有关的现金1,230,191,856.45740,354,025.83489,837,830.620.6616265经营活动现金流出小计18,806,013,966.615,072,856,781.183,733,157,185.420.2476742经营活动产生的现金流量净额-432,799,347.02294,103,558.23-726,902,905.25-2.4715883二、投资活动产生的现金流量收回投资收到的现金83,676,969.35197,82083,479,149.35421.9954977取得投资收益收到的现金534,616.6454,354.16480,262.488.8357999处置固定资产、无形资产和其他长期39,188,058.9714,575,955.0824,612,103.891.6885414处置子公司及其他营业单位收到的现金净额15,000,00043,622,774.5-28,622,774.5-0.6561429收到其他与投资活动有关的现金138,399,644.9658,450,903.7479,948,741.221.3677931投资活动现金流入小计448,582,431.91348,264,933.03100,317,498.880.2880494购建固定资产、无形资产和其他长期资产支付的现金45,048,449.9837,370,5467,677,903.980.2054534取得子公司及其他营业单位支付的现金净额011,462,345.89-11,462,345.89-1.0000000支付其他与投资活动有关的现金493,630,881.89397,097,824.9296,533,056.970.2430964投资活动现金流出小计-355,231,236.93-338,646,921.18-16,584,315.750.0489723三、筹资活动产生的现金流量-子公司吸收少数股东投资收到的现金4,255,378,615.462,777,811,3351,477,567,280.460.5319178取得借款收到的现金2,881,363,489.831,557,658,931.781,323,704,558.050.8498039发行债券收到的现金7,136,742,105.294,341,563,342.62,795,178,762.690.6438185筹资活动现金流入小计3,220,756,533.571,354,172,885.781,866,583,647.791.3783939偿还债务支付的现金-子公司支付给少数股东的股利1,230,191,856.45740,354,025.83489,837,830.620.6616265支付其他与筹资活动有关的现金6,515,377,640.854,381,872,508.882,133,505,131.970.4868935筹资活动现金流出小计621,364,464.44-40,309,166.28661,673,630.72-16.4149669四、现金及现金等价物净增加额-13,760,302.77-10,222,921.54-3,537,381.230.3460245汇率变动对现金的影响-180,426,422.28-95,075,450.77-85,350,971.510.8977183现金及现金等价物净增加额749,951,416.29845,026,867.06-95,075,450.77-0.1125117期初现金及现金等价物余额569,524,994.01749,951,416.29-180,426,422.28-0.24058411、将净利润调节为经营活动的现金流量：101,189,494.96147,386,572.25-46,197,077.29-0.3134416净利润198,465,388.91197,754,509.19710,879.720.0035948加：资产减值准备127,173,138.01112,825,031.9714,348,106.040.1271713固定资产折旧、油气资产折耗、生产性生物资产折旧7,973,892.588,391,555.2-417,662.62-0.0497718无形资产摊销10,895,202.0912,161,827.04-1,266,624.95-0.1041476预提费用增加-14,450,464.04-1,785,020.69-12,665,443.357.0954042固定资产报废损失68,630,285.86-16,155,044.1684,785,330.02-5.2482264公允价值变动损失-19,086,601.9949,818,043.93-68,904,645.92-1.3831263财务费用-97,155,678.44-3,220,262.14-93,935,416.3029.1701148投资损失-100,846,673.48-39,907,041.8-60,939,631.681.5270396递延所得税资产减少-745,648.38745,648.38-1,491,296.76-2.0000000递延所得税负债增加-303,809,063.77-1,144,389,743.27840,580,679.50-0.7345231存货的减少-1,608,744,445.61-450,849,914.52-1,157,894,531.092.5682483经营性应收项目的减少1,197,711,826.281,419,420,106.75-221,708,280.47-0.1561964其他-432,799,347.02294,103,558.23-726,902,905.25-2.4715883经营活动产生的现金流量净额-2、债务转为资本-3、一年内到期的可转换公司债券-4、融资租入固定资产-5、现金及现金等价物净增加情况：569,524,994.01749,951,416.29-180,426,422.28-0.2405841现金的期末余额749,951,416.29845,026,867.06-95,075,450.77-0.1125117减：现金的期初余额-现金等价物的期末余额-减：现金等价物的期初余额-180,426,422.28-95,075,450.77-85,350,971.510.8977183现金流量表垂直分析 单位：元报告期2010年2010年流入结构百分比2010年流出结构百分比2010年各活动净流量占现金总量百分比一、经营活动产生的现金流量销售商品、提供劳务收到的现金17,807,481,097.120.694293265收到的税费返还263,800,363.50.01021887收到其他与经营活动有关的现金301,933,158.960.011772028经营活动现金流入小计18,373,214,619.580.711725687-101.8321728购买商品、接受劳务支付的现金14,884,670,227.350.576589474支付给职工以及为职工支付的现金1,131,125,096.330.043816545支付的各项税费1,560,026,786.470.060430968支付其他与经营活动有关的现金1,230,191,856.450.047654107经营活动现金流出小计18,806,013,966.60.728491094-104.230931经营活动产生的现金流量净额-432,799,347.022.398758128二、投资活动产生的现金流量收回投资收到的现金83,676,969.350.003262469取得投资收益收到的现金534,616.642.07095342处置固定资产、无形资产和其他长期39,188,058.970.001527897处置子公司及其他营业单位收到的现金净额15,000,000-收到其他与投资活动有关的现金138,399,644.96-投资活动现金流入小计448,582,431.91-0.767069719购建固定资产、无形资产和其他长期资产支付的现金45,048,449.980.017376798投资支付的现金-0.001745048支付其他与投资活动有关的现金493,630,881.890投资活动现金流出小计-355,231,236.930.019121846-2.735912377投资活动产生的现金流量净额-0.62373248三、筹资活动产生的现金流量-子公司吸收少数股东投资收到的现金4,255,378,615.46-取得借款收到的现金2,881,363,489.830.165912332收到其他与筹资活动有关的现金-0.111615765发行债券收到的现金7,136,742,105.29-筹资活动现金流入小计3,220,756,533.570.277528097-39.55486128偿还债务支付的现金-0.124762879子公司支付给少数股东的股利1,230,191,856.45-支付其他与筹资活动有关的现金6,515,377,640.850.047654107筹资活动现金流出小计621,364,464.440.172416987-36.11099504筹资活动产生的现金流量净额-3.44386624四、现金及现金等价物净增加额-13,760,302.77汇率变动对现金的影响-180,426,422.28现金及现金等价物净增加额749,951,416.29期初现金及现金等价物余额569,524,994.01补充资料：1、将净利润调节为经营活动的现金流量：101,189,494.96净利润198,465,388.91加：资产减值准备127,173,138.01固定资产折旧、油气资产折耗、生产性生物资产折旧7,973,892.58无形资产摊销10,895,202.09长期待摊费用摊销-待摊费用减少-预提费用增加-14,450,464.04处置固定资产、无形资产和其他长期资产的损失-固定资产报废损失68,630,285.86公允价值变动损失-19,086,601.99财务费用-97,155,678.44投资损失-100,846,673.48递延所得税资产减少-745,648.38递延所得税负债增加-303,809,063.77存货的减少-1,608,744,445.61经营性应收项目的减少1,197,711