企业价值评估案例分析PPT学习教案

1、会计学1企业价值评估案例分析企业价值评估案例分析10/14/20212第1页/共51页10/14/20213第2页/共51页10/14/20214199719981999200020012002总资产总资产122028093144493484479208净资产净资产2407721329197830114651负债负债98020371815295554364556销售收入销售收入1594353240045961876011983净利润净利润9756558570511891617第3页/共51页10/14/20215第4页/共51页10/14/20216L+MNL/NNS贸易等贸易等合同金额合同金

2、额（万元）（万元）8706.894998.141242.6163.37598.94比例比例（%）563280.43.4第5页/共51页10/14/20217第6页/共51页10/14/20218第7页/共51页10/14/202191999200020012002销售收入销售收入4003.725961.078759.5811982.83净利润净利润584.56704.961189.091617.13总资产总资产3143.864933.698446.919208.43净资产净资产1328.911978.463011.114651.39第8页/共51页10/14/202110第9页/共51页10/

3、14/202111第10页/共51页10/14/202112第11页/共51页10/14/202113第12页/共51页10/14/202114第13页/共51页10/14/202115第14页/共51页10/14/202116第15页/共51页10/14/202117第16页/共51页10/14/202118第17页/共51页10/14/202119电压等级合同金额（万元）备注200020012002平均合同数额：157.8110KV64.6036.60110KV138.14146.55137.77 合同数增加：9.0 24.0220KV170.04199.84172.1635KV120.7

4、588.88220.62 平均值：16.50500KV339.15230.65381.09 合同数增加%：41% 77%6KV63.75135.6536.29合同数（个）22.031.055.0 %平均值：59%第18页/共51页10/14/202120电压等级合同金额（万元）备注200020012002平均合同数额：187.27110KV106.61203.68235.90500KV542.73合同数增加：220KV278.0232.0310KV46.90平均值：35KV106.61102.30合同数增加%：20% 50%6KV115.8389.35合同数（个）15.012.06.0 %平均

5、值：35%第19页/共51页10/14/202121电压等级合同金额（万元）备注200020012002平均合同数额：91.8710KV38.3026.0110KV123.8982.9596.61 合同数增加：6.0 15.0 /10.50220KV116.6788.3586.1535KV115.0881.07115.30 合同数增加%：18% 38%6KV165.5789.8860.30合同数（个）33.039.054.0 %平均值： 28%第20页/共51页10/14/202122电压等级合同金额（万元）备注200020012002平均合同数额：14.54110KV36.5120.5403

6、5KV5.5012.0第21页/共51页10/14/202123电压等级合同金额（万元）备注20002001200210KV10.358.0平均合同数额：60% 63%6KV38.00合同数（个）5.08.03.0 %平均值：1%第22页/共51页10/14/20212420032004200520062007L合同数量71.5088.0104.50121.0137.50合同金额11283.613887.516491.419095.321699.2M合同数量5.05.04.04.03.0合同金额936.34936.34749.07749.07561.80N合同数量64.5075.085.509

7、6.0106.50合同金额5925.326889.907854.498819.079783.66NS合同数量6.06.06.06.06.0合同金额87.2687.2687.2687.2687.26第23页/共51页10/14/20212520032004200520062007贸易等合同金额335.0335.0335.0335.0335.0合同金额合计18567.522136.025517.229085.732466.9销售收入14282.717027.719628.622373.624974.6增长率（%）20%19%15%14%12%第24页/共51页10/14/202126年份新建市场改

8、造市场合计增长率 19961697172000018971719972672422000028724251.4%19983009002400032490013.1%第25页/共51页10/14/202127年份新建市场改造市场合计增长率 199919671827700224418-30.9%20002972414300034024151.6%20013339364500037893611.4%20023935533.9%20034223737.3%20044512216.8%20054800976.4%20065090026.0%20075379365.7%第26页/共51页10/14/202

9、128年份年份市场容量合计市场容量合计增长率增长率市场占有率增加假设市场占有率增加假设市场占有率市场占有率销售收入销售收入增长率增长率20023935533.9%0.73%3.04%11982.037%20034223737.3%0.50%3.54%14971.2925%20044512216.8%0.50%4.04%18249.9322%20054800976.4%0.50%4.54%21818.3520%20065090026.0%0.45%4.99%25422.4817%20075379365.7%0.40%5.39%29019.3414%第27页/共51页10/14/202129年份年

10、份110KVA以上变电设备容量以上变电设备容量（万（万KVA）NS销售收入销售收入（万元）（万元）发电量发电量（亿千瓦时）（亿千瓦时）NS销售收入销售收入（万元）（万元）199610750.0199757054.111593.9011198.01593.90199863760.853531.9211577.03531.92199971255.964003.7212305.404003.72200079632.135961.0713472.705961.07第28页/共51页10/14/202130年份年份110KVA以上变电设备容量以上变电设备容量（万（万KVA）NS销售收入销售收入（万元）（

11、万元）发电量发电量（亿千瓦时）（亿千瓦时）NS销售收入销售收入（万元）（万元）200188992.928759.5814742.508759.58200299454.0811982.8315200.4611982.832003111144.9514153.2316153.82 12820.632004124210.0917255.2917166.97 15079.892005138811.0420722.6418243.66 17480.852006155128.3424597.2419387.89 20032.402007173363.7428927.3020603.87 22743.98第

12、29页/共51页10/14/202131年份年份GDP（亿元）（亿元）增长率（增长率（%）NS销售收入（万元）销售收入（万元）增长率（增长率（%）19966779519977477210.29%1593.901998795536.39%3531.92121.59%1999820543.14%4003.7213.36%2000894048.96%5961.0748.89%第30页/共51页10/14/202132年份年份GDP（亿元）（亿元）增长率（增长率（%）NS销售收入（万元）销售收入（万元）增长率（增长率（%）2001959337.30%8759.5846.95%20021036088.0

13、%11982.8336.80%20031109127.05%1414718.06%20041187317.05%1688419.34%20051271027.05%1981417.35%20061360637.05%2295015.83%20071456557.05%2630714.63%第31页/共51页10/14/202133第32页/共51页10/14/20213420032004200520062007按品种及价格按品种及价格14282.7017027.6919628.6322373.6224974.56按市场占有率按市场占有率14971.2918249.9321818.3525422

14、.4829019.34按发电量按发电量12820.6315079.8917480.8520032.4022743.98按变电设备容量按变电设备容量 14153.2317255.5920722.6424597.2428927.30按按GDP14147.2416883.9119813.5122949.6526306.89按按NS管理层管理层14500.017400.020880.025056.030067.20按员工发展规划按员工发展规划 15300.016800.018500.020300.022300.0全距全距2479.373170.044337.505390.087767.20Min128

15、20.6315079.8917480.8520032.4022300.0Max15300.018249.9321818.3525422.4830067.20平均值平均值14310.7316956.7219834.8622961.6326334.18第33页/共51页10/14/202135样本平均值14310.7316956.7219834.8622961.6326334.18样本数据个数77777样本标准差787.78958.781482.172203.333132.71样本平均误差297.75362.39560.21832.781184.05置信水平0.950.950.950.950.95

16、自由度66666T值2.452.452.452.452.45误差范围728.57886.731370.782037.741897.28置信下限13582.15 16069.99 18464.08 20923.89 23436.91第34页/共51页10/14/20213619981999200020012002平均值一、商品销售收入商品销售成本（直接成本率）74.0%80.1%78.0%75.3%73.7%76.2%商品销售税金及附加率%0.04%0.06%0.07%0.04%0.07%0.05%二、商品销售利润（毛利率）26%20%22%25%26%24%加：代销代购收入第35页/共51页1

17、0/14/20213719981999200020012002平均值三、主营业务利润率26%20%22%24.7%24.2%23%加：其他业务利润率2.37%5.64%1.08%0.28%0.56%2%减：经营费用率7%6%6%7.5%6%6.57% 管理费用率3%3%4%2%4%3.18% 财务费用率0.02%0.54%0.50%0.36%0.47%0.38% 汇兑损失四、营业利润率EBT%17%16%13%15%14%15%五、利润率（税前）17%16%13%15%14%15%所得税率8%7%11%10%11%9%净利润率16%15%12%14%13%14%第36页/共51页10/14/2

18、02138第37页/共51页10/14/20213920032004200520062007一、主营业务收入143107252169567155198348551229616283263341831减：折扣与折让主营业务收入净额143107252169567155198348551229616283263341831减：主营业务成本107330439127175367148761314172212212197506373主营业务税金及附加7870993262109092126289144838二、主营业务利润3569810442298527494780465727778265690620加：其

19、他业务利润减：存货跌价损失 营业费用940214611140562130315001508579017301558 管理费用45508115392236630748473017988374270 财务费用709841859109102147411978641388120第38页/共51页10/14/20214020032004200520062007三、营业利润2103530624906620291175893369233038626671加：投资收益 补贴收入 营业外收入减：营业外支出加：以前年度损益调整四、利润总额EBT21035306249066202911758933692330386

20、26671税前利润率15%15%15%15%15%减：所得税31552963735993436763850538495794001五：净利润1788001021170627247499502863848032832670第39页/共51页10/14/202141第40页/共51页10/14/20214220032004200520062007一、固定资产74795548847139103347111195079013693901二、资本支出12026641367585148757216160791743111三、折旧率14%四、折旧额962951114286913427301559985179

21、5128五、营运资本增加额1717287020348059218183412296162826334183六、占销售收入%12%12%11%10%10%七、营运资本5956369279911751101730091124691720151025903八、占销售收入%42%47%51%54%57%第41页/共51页10/14/202143于相同行业的19家软件信息上市公司和14家电子设备制造上市公司100周交易的系数平均值：1.0552%。第42页/共51页10/14/202144第43页/共51页10/14/20214520032004200520062007税前利润EBT21035306 24906620291175893369233038626671加：利息支出709841859109102147411978641388120息税前收入EBIT21745147 25765729301390623489019440014791减：税率EBIT32617723864859452085952335296002219加：折旧9629511142869