鲁抗医药基本财务比率分析.doc

鲁抗医药2006-2011基本财务比率分析（一）鲁抗医药近六年基本财务比率分析一 短期偿债能力比率分析 1.流动比率=流动资产/流动负债流动资产流动负债流动比率2006746,610,386.99961,659,899.250.776376752007933,768,231.35989,865,751.130.9433281542008934,949,639.79972,648,936.230.9612405932009992,512,766.94890,068,659.271.1150968620101,488,435,324.321,315,259,223.761.13166689720111,629,193,952.131,599,830,2341.018354272分析：理论上速动比率应在2:1，而该公司虽然流动比率自2006到2011持续增长，但仍未达到一般水平，表明企业财务状况不够稳定，短期债务支付能力较差。2. 速动比率=速动资产/流动负债流动资产合计存货流动负债 速动比率2006746,610,386.9923,040,696.51961,659,899.250.7524174512007933,768,231.35356,005,332.47989,865,751.130.5836780372008934,949,639.79446,180,748.51972,648,936.230.5025131612009992,512,766.94361,903,794.75890,068,659.270.7084947520101,488,435,324.32475,370,244.991,315,259,223.760.77023985920111,629,193,952.13518,751,940.871,599,830,2340.694099904分析：2007年至2010年企业速动比率在波动中仍保持上涨，2011年略有下降。说明2007至2010企业短期债务支付压力逐渐变小，发生债务的风险也逐渐降低。二 长期偿债能力比率分析1. 资产负债率=负债总额/资产总额*100%负债总额资产总额资产负债率20061,006,659,899.252,428,679,033.2741.45%20071,048,695,751.132,509,026,743.6341.80%20081,000,528,156.232,501,423,009.0840.00%2009841,175,808.522,340,323,940.8535.94%20101,247,141,672.763,025,123,083.6541.23%20111,591,339,464.263,481,294,378.1245.71%分析：一般情况下，该指标的标准一般在50%左右，该企业资产负债率近六年基本在40%上下，低于标准水平，说明该企业财务风险较大。2. 产权比率=负债总额/所有者权益总额*100%负债总额所有者权益产权比率20061,006,659,899.251,421,339,490.8270.82%20071,048,695,751.131,460,330,992.5071.81%20081,000,528,156.231,500,894,852.8566.66%2009841,175,808.521,548,027,747.0554.34%20101,247,141,672.761,676,646,866.4774.38%20111,591,339,464.261,553,358,558.55102.45%分析：一般认为该指标1:1最理想，而该企业2010年之前均低于标准，在2011年到平衡，说明企业长期债务支付能力较强。3. 有形净值债务率=负债总额/（股东权益-无形资产净值）*100%负债总额股东权益无形资产净值有形净值债务率20061,006,659,899.251,421,339,490.8250,608,278.880.73439627720071,048,695,751.131,460,330,992.5047,415,124.220.74222094520081,000,528,156.231,500,894,852.8561,378,599.770.695044712009841,175,808.521,548,027,747.0558,249,840.910.56463168420101,247,141,672.761,676,646,866.4760,418,723.510.77163714720111,591,339,464.261,553,358,558.55115,149,890.361.106473281分析：2006-2010企业有形净值债务率基本维持在70%，2011年上升，说明企业长期债务能力基本稳定，2011年有所下降。三 营运能力比率分析1. 应收账款周转率=赊销收入净额/应收账款平均余额赊销收入净额期初应收账款期末应收账款应收账款周转率20061,113,639,966.83367,039,868.57434,273,006.812.77953843320071,400,388,659.87353,869,097.82282,738,085.914.39953772320081,731,855,641.56239,563,017.69266,041,103.366.85063894620091,945,165,047.09264,185,216.37266,041,103.367.33711237920102,167,927,742.17264,185,216.37266,259,835.038.1739955420112,299,466,273.26266,259,835.03311,088,935.207.965605512分析：2006-2011企业应收账款周转率逐步升高，说明企业赊销收入资金回笼速度逐步加快，发生坏账的可能性表笑，短期债务的偿还能力增强。2. 存货周转率=销售成本/存货平均额销售成本期初存货期末存货存货周转率20061,006,659,899.25251,873,110.25217,819,758.624.28646022120071,048,695,751.13217,819,758.62356,005,332.473.65510594620081,000,528,156.23380,867,995.86446,180,748.512.4195143592009841,175,808.52446,180,748.51361,903,794.752.08190050320101,247,141,672.76361,903,794.75475,370,244.992.97905252920111,591,339,464.26475,370,244.99518,751,940.873.201496731分析：2006-2011企业存货周转率有所下降，说明企业存货周转较慢，占用资金增多，一方面影响企业流动资金的周转，同时企业的利润率也变小。3. 营业周期=应收账款周转天数=存货周转天应收账款周转天数存货周转天数营业周期2006129.517906983.98538221213.5032891200781.8267787898.49235709180.3191359200852.54984284148.7901895201.3400324200949.06562438172.9189265221.9845509201044.04210869120.8437906164.8858993201145.19430437112.4474051157.6417095分析：2006-2011企业营业周期逐渐变短，说明企业的资产利用效率提高，资产变现能力增强，财务风险降低 ，债务支付能力增强，盈利水平提高。4.流动资产周转率=销售收入/平均流动资产总额销售收入期初流动资产期末流动资产流动资产周转率20061,006,659,899.25797,670,431.99746,610,386.991.30372648120071,048,695,751.13746,610,386.99733,768,231.351.41679397220081,000,528,156.23968,368,066.98934,949,639.791.0513517032009841,175,808.52934,949,639.79992,512,766.940.87283238920101,247,141,672.76992,512,766.941,488,435,324.321.00537506420111,591,339,464.261,488,435,324.321,629,193,952.131.020865102分析：近六年企业流动资产周转率较为稳定但总体仍成下降趋势，表明公司流动资产利用效率有所降低，经营活动能力较差。5.固定资产周转率=销售净额/固定资产平均净值销售净额期初固定资产净值期末固定资产净值固定资产周转率20061,006,659,899.251,542,788,990.021,499,257,437.720.66183072720071,048,695,751.131,493,671,591.101,383,993,005.410.72885196720081,000,528,156.231,406,804,320.461,337,673,878.440.7291208632009841,175,808.521,337,673,878.441,231,983,279.990.65469886220101,247,141,672.761,231,983,279.991,271,244,991.080.99642664420111,591,339,464.261,271,244,991.081,211,245,101.781.282051009分析：近六年企业固定资产周转率逐步提高，说明固定资产使用效率逐渐提高，固定资产结构合理，能充分发挥效力。6.总资产周转率=销售收入/平均资产总额销售收入期初资产总额期末资产总额总资产周转率20061,006,659,899.252,585,362,689.832,428,679,033.270.40153630720071,048,695,751.132,428,741,006.852,509,026,743.630.42476511820081,000,528,156.232,581,960,635.352,501,423,009.080.3936465262009841,175,808.522,423,125,286.232,340,323,940.850.3531792920101,247,141,672.762,478,403,834.323,025,123,083.650.45321543520111,591,339,464.263,025,123,083.653,481,294,378.120.489159964分析：近六年企业总资产周转率虽然有所波动但总体仍保持上涨趋势，说明总资产利用越来越充分，全部资产经营利用的效果增强，企业偿债能力和盈利能力得到提高。四 企业盈利能力比率分析1. 所有者权益报酬率=净利率/平均所有者权益*100%净利润期初所有者权益期末所有者权益所有者权益报酬率2006-96,537,929.691,498,466,120.771,421,339,490.82-6.61%200725,620,330.531,421,384,430.681,460,330,992.501.78%200838,803,275.581,489,871,595.431,500,894,852.852.59%200940,678,894.201,480,215,354.181,648,648,135.792.60%2010133,831,319.421,524,249,002.601,648,648,135.798.44%201118,823,356.651,676,646,866.471,693,569,503.121.12%分析：2006-2011企业所有者权益报酬率整体较低，说明企业的盈利能力较低。2.销售净利率=净利润/主营业务收入*100%净利润主营业务收入销售净利率2006-96,537,929.691,113,639,966.83-8.67%200725,620,330.531,400,388,659.871.83%200838,803,275.581,522,939,375.392.55%200940,678,894.201,631,961,383.182.49%2010133,831,319.421,674,696,106.187.99%201118,823,356.651,704,559,759.081.10%分析：2006-2010企业销售净利率逐步提高，说明企业销售收入对净利润的贡献增大，盈利能力增强，但2011年有所减弱。3.资产净利率=净利润/平均资产总额*100%净利润平均资产总额资产净利率2006-96,537,929.692507020862-3.85%200725,620,330.5324688838751.04%200838,803,275.5825416918221.53%200940,678,894.2023817246141.71%2010133,831,319.4227517634594.86%201118,823,356.6532532087310.58%分析：2006-2010企业资产净利率有所提高，说明企业总资产的综合利用能力有所增强，盈利能力也有所加强，但2011年有所减弱。4.股东权益报酬率=净利润/股东权益平均值*100%净利润股东权益平均值股东权益报酬率2006-96,537,929.691459902806-6.61%200725,620,330.5314408577121.78%200838,803,275.5814953832242.59%200940,678,894.2015644317452.60%2010133,831,319.4215864485698.44%201118,823,356.6516851081851.12%分析：2006-2011，企业股东权益特报酬率逐步增强，说明企业获得投资者投资的机会增大，企业的价值也有所增加，但2011年有所下降。5.普通股每股收益=净利润/普通股股数净利润普通股股数普通股每股收益2006-96,537,929.69411,754,215-0.234455231200725,620,330.53518,515,4750.049410927200838,803,275.58581,575,475.000.066720963200940,678,894.20581,575,4750.0699460282010133,831,319.42581,575,475.000.230118575201118,823,356.65581,575,475.000.032366146分析：2006-2010企业普通股每股收益逐渐提高，说明企业每股收益逐渐提高，企业的盈利能力增强。2001年有所下降。6.市盈率=普通股每股市价/普通股每股收益普通股每股市价普通股每股收益市盈率20064.1-0.234455231-17.4873470720073.50.04941092770.8345335520088.10.066720963121.40112620094.30.06994602861.4759715520106.50.23011857528.246307420119.30.032366146287.3372703分析：2006-2011企业市盈率波动较大，说明企业的投资风险波动较大。五 发展能力比率分析1.销售增长率=本期营业收入增加额/基期营业收入总额本期营业收入总额 基期营业收入总额本期营业收入增长额销售增长额20061,113,639,966.831,115,936,150.84-2296184.01-0.20%20071,400,388,659.871,113,639,966.8328674869325.75%20081,522,939,375.391,385,280,004.92137659370.59.94%20091,631,961,383.181,522,939,375.39109022007.87.16%20101,674,696,106.181,631,961,38362%20111,704,559,759.081,674,696,106.1829863652.91.78%分析：2007-2011企业销售增长额呈下降趋势，说明企业收入的增长速度逐渐降低。2.资本累计率=本期所有者权益增长额/基期所有者权益*100%本期所有者权益增长额基期所有者权益资本累计率2006-77126629.951,498,466,120.77-5.15%200738946561.821,421,384,430.682.74%200811023257.421,489,871,595.430.74%2009168432781.61,480,215,354.1811.37%2010124399133.21,524,249,002.608.16%201116922636.651,676,646,866.471.00%分析：2006-2011企业资本累计率波动较大，表明企业资本累计不足，应对风险持续发展的能力较弱。3.总资产增长率=本期资产增加额/基期资产总额*100%本期资产增加额基期资产总额总资产增长率2006-156683656.62,585,362,689.83-6.06%200780285736.782,428,741,006.853.31%2008-80537626.272,581,960,635.35-3.12%2009-82801345.382,423,125,286.23-3.42%2010546719249.32,478,403,834.3222.06%2011456171294.53,025,123,083.6515.08%分析：2006-2011企业总资产增长率波动很大，并有三年呈负增长，说明企业一定时期内资产经营扩张速度波动很大。4.营业利润增长率=本期营业利润增长额/基期营业利润总额*100%基期营业利润本期营业利润本期营业利润增长额营业利润增长率20062,009,783.91-85,281,528.72-87291312.63-43.433183142007-926,089.6428,052,372.8028978462.44-31.2912068200821,947,880.2533,753,565.2611805685.010.537896365200933,753,565.2635,266,994.741513429.480.044837618201035,266,994.74135,157,368.7399890373.992.8324039162011135,157,368.73-14,233,077.43-149390446.2-1.105307447分析：企业营业利润是企业净利润的主要来源，营业利润增长率分营企业经营活动盈利水平的增长速度，该企业近六年营业利润增长率波动 很大，并有三年为负增长，说明企业盈利水平极不稳定。5.净利润增长率=本期净利润增长额/基期净利润总额*100%基期净利润本期净利润本期净利润增长额净利润增长率20064,976,569.80-96,537,929.69-101514499.5-20.398488032007-96,537,929.6925,620,330.53122158260.2-1.26539134200823,333,001.9738,803,275.5815470273.610.663021142200938,803,275.5840,678,894.201875618.620.048336605201040,678,894.20133,831,319.4293152425.222.2899448732011133,831,319.4218,823,356.65-115007962.8-0.859350138分析：近六年企业净利润增长率波动很大，说明企业的经济效益不好，净利润波动大。六.现金流量分析1.流动性分析 现金到期债务比=经营现金净流量/本期到期债务本期到期长期债务债务本期应付票据本期到期债务经营现金净流量现金到期债务比2006485,793,153.6757,950,000543743153.756,244,212.330.1034389342007589,900,000100,000,000689900000137,295,792.880.1990082522008551,528,000.0061,190,000.00612718000209,387,241.370.3417350912009640,079,000.0023,080,000.00663159000199,492,194.740.3008210622010575,065,000.00200,480,000.00775545000308,883,167.290.3982788462011793,900,000.00181,870,000.00975770000123,285,170.210.126346547分析：2006-2010企业现金到期债务比逐步提高，说明企业偿还到期债务的能力有所提高，但2011年有所下降。现金流动负债比=经营现金净流量/流动负债经营现金净流量流动负债现金流动负债比200656,244,212.33961,659,899.250.0584865942007137,295,792.88989,865,751.130.1387014282008209,387,241.37972,648,936.230.2152752482009199,492,194.74890,068,659.270.2241312432010308,883,167.291,315,259,223.760.2348458482011123,285,170.211,599,830,233.640.077061408分析：2006-2011企业现金流动负债比逐步提高，说明企业偿还流动负债的能力有所提高。现金债务总额比=经营现金净流量/债务总额经营现金净流量债务总额现金流动负债比200656,244,212.33485,793,153.670.1157781082007137,295,792.88589,900,0000.2327441822008209,387,241.37551,528,000.000.379649342009199,492,194.74640,079,000.000.3116680832010308,883,167.29575,065,000.000.5371273982011123,285,170.21793,900,000.000.155290553分析：2006-2010企业现金流动负债比逐渐增加，说明企业承担的债务能力有所增强，但2011有所下降。全部资产现金回收率=经营现金净流量/全部资产经营现金净流量全部资产全部资产现金回收率200656,244,212.332,428,741,066.850.0231577642007137,295,792.882,581,960,635.350.0531750142008209,387,241.372,501,423,009.080.083707252009199,492,194.742,478,403,834.320.0804922072010308,883,167.293,025,123,083.650.1021059832011123,285,170.213,481,294,378.120.035413601分析：2006-2010企业全部资产现金回收率逐渐增强，说明企业资产产生现金的能力较强，但2011年有所下降。 （二）同企业2011年基本财务比率分析 一 同行业企业2011年短期偿债能力比率天士力鲁抗医药普洛股份流动比率1.451.020.74速动比率1.180.700.48分析：从流动比率来看天士力的短期偿债能力略优于鲁抗医药和普洛股份，从速动比率看，天士力发生债务的风险低于鲁抗医药和普洛股份。总体而言天士力短期偿债能力优于鲁抗与普洛。二 同行业企业2011年长期偿债能力比率天士力鲁抗医药普洛股份资产负债率43.0845.7160.87产权比率75.69102.45155.59有形净值债务率81.7110.65231.93分析：从资产负债率看天士力的企业财务风险小于鲁抗医药和普洛股份，从产权比率看