國美電器財務分析.docx

國美電器資產(chǎn)負債表單位：百萬 人民幣報告期2014-06-302013-12-312013-06-302012-12-312012-06-30報表類型中報年報中報年報中報非流動資產(chǎn)13003.02312978.49613132.60713389.17313346.684流動資產(chǎn)29369.22226345.48924033.67324323.5522136.898流動負債26383.03523834.23122066.34422867.58520013.775凈流動資產(chǎn)/(負債)2986.1872511.2581967.3291455.9652123.123非流動負債168.699172.296167.006175.556104.267少數(shù)股東權(quán)益 - (借)/貸-703.893-609.796-497.179-394.766凈資產(chǎn)/(負債)16524.415927.2515430.1115064.3515365.54已發(fā)行股本423.221421.551421.551421.551421.551儲備16101.1815505.715008.5614642.814943.99股東權(quán)益/(虧損)16524.40415927.25415430.10915064.34815365.54無形資產(chǎn)(非流動資產(chǎn))7422.6377434.3567461.8657473.5844134.82物業(yè)、廠房及設(shè)備(非流動資產(chǎn))5044.7785043.5755143.1515297.9195036.387附屬公司權(quán)益(非流動資產(chǎn))-聯(lián)營公司權(quán)益 (非流動資產(chǎn))其他投資(非流動資產(chǎn))149.04135106.38124.2156.06應收賬款(流動資產(chǎn))293.747245.492211.631203.07413.279存貨(流動資產(chǎn))9235.0478220.7346441.1217779.1646852.792現(xiàn)金及銀行結(jié)存(流動資產(chǎn))13073.5139015.8138413.0487067.3498232.021應付帳款(流動負債)7801.8995992.3255591.7836629.9596495.988銀行貸款(流動負債)1721.6132683.1712269.4372434.3741075.233非流動銀行貸款-總資產(chǎn)42372.24539323.98537166.2837712.72335483.582總負債25847.8423396.7321736.1722648.3720118.04股份數(shù)目(香港)16959228000股16875056000股16875056000股16875056000股16875056000股現(xiàn)金流量表單位：百萬 人民幣報告期2014-06-302013-12-312013-06-302012-12-312012-06-30報表類型中報年報中報年報中報經(jīng)營業(yè)務所得之現(xiàn)金流入凈額3276.8661995.0521509.1224139.6143050.762投資活動之現(xiàn)金流入凈額-299.519-327.908-131.686-829.354-447.788融資活動之現(xiàn)金流入凈額1076.778294.434-24.565-2666.496-322.458現(xiàn)金及現(xiàn)金等價物增加4054.1251961.5781352.871643.7642280.516會計年初之現(xiàn)金及現(xiàn)金等價物9015.8137067.3497067.3496413.8396413.839會計年終之現(xiàn)金及現(xiàn)金等價物13073.5139015.8138413.0487067.3498705.702外匯兌換率變動之影響3.575-13.114-7.1729.74611.347購置固定資產(chǎn)款項-371.261-435.924-211.214-811.731-473.723綜合損益表單位：百萬 人民幣報告期2014-09-302014-06-302013-12-312013-09-302013-06-302013-03-312012-12-312012-09-30報表類型三季報中報年報三季報中報一季報年報三季報營業(yè)額44645.47329124.15356400.66241659.77827114.47612337.94251097.138564.87除稅前盈利/(虧損)1269.621846.1121194.675707.837432.00796.848-759.015-756.243稅項-416.136-247.598-517.23-288.288-212.098-69.448-182.86-106.249除稅后盈利/(虧損)853.485598.514677.445419.549219.90927.4-941.875-862.492少數(shù)股東權(quán)益164.30294.097215.03162.916102.41348.933213.37733.671股東應占盈利/(虧損)1017.787692.611892.475582.465322.32276.333-728.498-828.821股息277.044535.48594.093除稅及股息后盈利/(虧損)1017.787415.567356.99582.465228.22976.333-728.498-828.821基本每股盈利(仙)4.1000005.3000001.900000-4.300000攤薄每股盈利(仙)-4.1000005.300000-1.900000-4.400000-每股股息(仙)-1.6300003.160000-0.560000-銷售成本37890.4424693.8147898.5435357.5822964.8110506.7144276.4933698.1折舊-284.434552.703-266.281-470.544-銷售及分銷費用5465.1793569.977152.645384.6193595.051653.7757381.275635.094一般及行政費用1276.594840.1871564.271129.19762.085380.9981490.1081099.974利息費用/融資成本35.35421.4760.56949.28935.34123.312227.708187.436毛利6755.0364430.3458502.1226302.2044149.6691831.236820.6114866.773經(jīng)營盈利1088.254738.1961014.519573.324349.11762.306-811.8-759.561應占聯(lián)營公司盈利-0.4280.307一：償債能力分析短期償債能力2014-9-302014-6-302014-3-31流動比率1.113速動比率0.763現(xiàn)金比率0.496現(xiàn)金流量比率0.807短期償債能力是企業(yè)以流動資產(chǎn)支付流動負債的能力。而上表中的分析來看，其2014年上半年的流動比率為1.113，低于理想狀態(tài)2。其速動比率為0.763，與理想的1：1也有一定的差距，但是這受到行業(yè)的影響，相對來說國美的速動比率還是較為理想的。其現(xiàn)金比率高于理想狀態(tài)0.20兩倍以上，這也正好彌補了其速動比率較低的缺點。兩者相輔相成，使其接近理想的狀態(tài)。而其現(xiàn)金流量比率雖然低于1，但是由于其現(xiàn)金比率較高，倒是可以彌補此項，而因為我們只分析了前半年的數(shù)據(jù)情況，影響因素較多，故而也會有一定的浮動。長期償債能力2014-9-302014-6-302014-3-31資產(chǎn)負債率0.610產(chǎn)權(quán)比率1.564利息保障倍數(shù)4.0514.417現(xiàn)金總負債比率0.814從上表可得，國美的無論是產(chǎn)權(quán)比例還是利息保障倍數(shù)，還有現(xiàn)金總負債比率都是較高的，也就是說，國美的長期償債能力是很高的。二：運營能力分析流動資產(chǎn)營運能力2014-9-302014-6-302014-3-31流動資產(chǎn)周轉(zhuǎn)率0.992存貨周轉(zhuǎn)率2.674應收賬款周轉(zhuǎn)率固定資產(chǎn)營運能力：固定資產(chǎn)周轉(zhuǎn)率為2.139.總資產(chǎn)營運能力：總資產(chǎn)周轉(zhuǎn)率為0.760。其運營能力來看，流動資產(chǎn)運營能力中流動資產(chǎn)周轉(zhuǎn)率基本為1，也就是說明其企業(yè)的周轉(zhuǎn)速度較快，資源的利用率較高。而其存貨周轉(zhuǎn)率也同樣較高，其庫存積壓的的可能性較小，資源利用率大。其固定資產(chǎn)周轉(zhuǎn)率為2.139，也就是說其固定資產(chǎn)在這一會計周期內(nèi)得到了充分的利用。三：盈利能力分析資產(chǎn)盈利能力分析2014-9-302014-6-302014-3-31總資產(chǎn)收益率0.687總資產(chǎn)凈利率0.018凈資產(chǎn)收益率0.045成本費用利潤率0.0290.030經(jīng)營活動現(xiàn)金流轉(zhuǎn)額的盈利能力2014-9-302014-6-302014-3-31銷售毛利率0.1510.152銷售凈利率0.0240.025股權(quán)資本盈利能力2014-9-302014-6-302014-3-31每股收益0.0860.087市盈率0.244每股股利4.10每股凈資產(chǎn)0.974其盈利能力從以上三個表中分別得到體