同行業(yè)對比分析

1、同行業(yè)對比分析本章抽取2008、2009、2010年釀酒行業(yè)20家公司財務(wù)數(shù)據(jù)與茅臺酒業(yè)進(jìn)行同行業(yè)對比（見附件），同時選擇綜合能力相近的山西汾酒公司進(jìn)行案例具體分析。1、償債能力對比1.1、長期償債能力對比分析： 從長期償債能力指標(biāo)上看，除經(jīng)營現(xiàn)金流長期負(fù)債比率外，貴州茅臺基本上都強(qiáng)于山西汾酒。1.2短期償債能力對比分析：從短期償債能力指標(biāo)上看，貴州茅臺均高于山西汾酒公司，說明貴州茅臺短期償債能力高于山西汾酒，但同時也體現(xiàn)其在收益率較低的資產(chǎn)沉淀過多的問題。2、運(yùn)營能力對比分析:從管理比率上看，貴州茅臺全部落后于山西汾酒，特別是存貨周轉(zhuǎn)天數(shù)達(dá)到了山西汾酒的2.76倍，說明貴州臺資產(chǎn)利用效果不佳

2、，各項(xiàng)資產(chǎn)的周轉(zhuǎn)速度偏有所偏慢。3、 盈利能力對比分析：從盈利能力上看，貴州茅臺均優(yōu)于山西汾酒，充分體現(xiàn)了貴州茅臺的國酒品牌效應(yīng)。4、 杜邦分析法分析評價貴州茅臺和山西汾酒兩家公司股東回報最綜合性的指標(biāo)是凈資產(chǎn)收益率，凈資產(chǎn)收益率=銷售凈利率*總資產(chǎn)周轉(zhuǎn)率*權(quán)益乘數(shù)，我們對兩家公司凈資產(chǎn)收益率指標(biāo)進(jìn)行杜邦分析，詳見下表：分析：從上表可以看來，貴州茅臺在銷售凈利率指標(biāo)上優(yōu)于山西汾酒，在總資產(chǎn)周轉(zhuǎn)率上落后于山西汾酒，而權(quán)益乘數(shù)兩家公司基本持平。由此我們可以得出：貴州茅臺公司資產(chǎn)周轉(zhuǎn)能力需要提高，加強(qiáng)對存貨、應(yīng)收賬款、固定資產(chǎn)周轉(zhuǎn)速度等的管理；山西汾酒公司的盈利能力有待進(jìn)一步提高，可以采用降低成本費(fèi)

3、用、適當(dāng)提高售價等方法。 附件：2008年短期償債平均數(shù)最大值最小值貴州茅臺流動比率1.98136564.9144370.6832472.879655速動比率1.069584853.2661960.0664162.146948現(xiàn)金比率0.65430822.9039170.0427141.90406長期償債數(shù)據(jù)平均數(shù)最大值最小值貴州茅臺資產(chǎn)負(fù)債率0.360126550.6723740.1114470.269818有形凈值債務(wù)率0.846567253.028090.137640.384399利息保障倍數(shù)A66.927888385750.432009-6.067711固定支出償付倍數(shù)66.55070

4、8615750.432009-6.067711產(chǎn)權(quán)比率0.683223952.0522560.1254260.369522長期資產(chǎn)適合率2.758688958.9802441.0581135.242715盈利能力數(shù)據(jù)平均數(shù)最大值最小值貴州茅臺息稅前利潤655047500.655282799872.8-192438910.285282799872.8營業(yè)利潤率0.17422810.654039-0.2093020.654039營業(yè)毛利率0.509748050.9029670.2509320.902967銷售凈利率0.134280750.48543-0.2117680.48543資產(chǎn)報酬率0.11

5、199390.335327-0.1860840.335327總資產(chǎn)凈利潤率（ROA）0.07786680.253949-0.2231220.253949凈資產(chǎn)收益率（ROE）0.108908550.363993-0.5396560.337895營運(yùn)能力數(shù)據(jù)平均數(shù)最大值最小值貴州茅臺應(yīng)收賬款周轉(zhuǎn)率186.379993551534.1650213.734008236.659386應(yīng)收賬款周轉(zhuǎn)天數(shù)1.458773754.1321440.2028640.256765流動資產(chǎn)周轉(zhuǎn)率1.30933083.1742240.4827060.673299總資產(chǎn)周轉(zhuǎn)率0.65553361.0536110.2811

6、490.523143固定資產(chǎn)周轉(zhuǎn)率3.1717618.0907081.0217783.763031發(fā)展能力數(shù)據(jù)平均數(shù)最大值最小值貴州茅臺資本保值增值率1.14266491.8333050.7174931.374551固定資產(chǎn)增長率0.06808370.524835-0.1039970.198791總資產(chǎn)增長率0.11237870.503051-0.1593870.503051基本每股收益增長率0.5816604444412.5-1-0.270833凈資產(chǎn)收益率增長率0.7153554444416.196203-1.337322-0.376956凈利潤增長率0.5676140555614.427

7、881-0.964164-0.268518利潤總額增長率0.2475122777811.307978-1.038021-0.226241營業(yè)利潤增長率0.2182779444411.848356-1.5245-0.227414營業(yè)收入增長率-0.033618851.688231-0.560524-0.0597982009年發(fā)展能力數(shù)據(jù)平均數(shù)最大值最小值貴州茅臺資本保值增值率1.114057451.4943010.8631571.273671總資產(chǎn)增長率0.140745450.544787-0.2236930.254881固定資產(chǎn)增長率0.14206730.600212-0.3618840.44

8、6793基本每股收益增長率0.35999857-5.153846-0.466667凈資產(chǎn)收益率增長率156.6139183128.357143-5.566175-0.528235凈利潤增長率162.506353053240.077379-2.698391-0.454692利潤總額增長率1.609887224.116591-1.748367-0.446134營業(yè)利潤增長率1.600524684228.153668-1.955346-0.450711營業(yè)收入增長率0.832713714.137609-0.644635-0.17619營運(yùn)能力數(shù)據(jù)平均數(shù)最大值最小值貴州茅臺應(yīng)收賬款周轉(zhuǎn)率134.782

9、4121132.3676875.052995452.158279應(yīng)收賬款周轉(zhuǎn)天數(shù)1.77736197.4633210.1382150.226769流動資產(chǎn)周轉(zhuǎn)率1.329933853.2266170.4620950.617671總資產(chǎn)周轉(zhuǎn)率0.67457861.1000280.2534680.489134固定資產(chǎn)周轉(zhuǎn)率3.383592059.9916541.0135333.0517盈利能力數(shù)據(jù)平均數(shù)最大值最小值貴州茅臺息稅前利潤885578418.445946903768.932588247.785946903768.9營業(yè)利潤率0.191730450.6282860.0362580.6282

10、86營業(yè)毛利率0.51882980.9016880.2244790.901688銷售凈利率0.1527710.4708260.0382040.470826資產(chǎn)報酬率A0.13133570.3596320.0293030.30081總資產(chǎn)凈利潤率（ROA）0.097194050.2827260.0188460.230297凈資產(chǎn)收益率（ROE）0.149232850.3939070.0157030.298109長期償債能力數(shù)據(jù)平均數(shù)最大值最小值貴州茅臺資產(chǎn)負(fù)債率0.37830950.660140.0979070.258885有形凈值債務(wù)率0.86136912.541520.1106590.360

11、782利息保障倍數(shù)A25.261340167121.8373473.420828固定支出償付倍數(shù)24.746291167121.8373471.538314產(chǎn)權(quán)比率0.703281451.9423910.1085340.349318長期資產(chǎn)適合率2.655508657.6925810.970274.621127短期償債能力數(shù)據(jù)平均數(shù)最大值最小值貴州茅臺流動比率1.98854047.4844180.5493013.06488速動比率1.15761854.9877890.1706632.244168現(xiàn)金比率0.840390754.0477670.017921.9074082010年發(fā)展能力數(shù)據(jù)平均

12、數(shù)最大值最小值貴州茅臺資本保值增值率1.2053182.0857980.9721161.266035固定資產(chǎn)增長率0.0501917142860.497833-0.1256450.322883總資產(chǎn)增長率0.169633047620.680287-0.2334270.294288基本每股收益增長率0.260800578953.866667-1.356223-0.184211凈資產(chǎn)收益率增長率-0.0454127894742.784802-1.739715-0.270287凈利潤增長率0.261219105263.822949-1.358991-0.18291利潤總額增長率0.563424156

13、.37799-1.319797-0.165739營業(yè)利潤增長率0.50773257.886448-1.379418-0.167037營業(yè)收入增長率0.208245253.322333-0.659407-0.1585970000營運(yùn)能力0000數(shù)據(jù)平均數(shù)最大值最小值貴州茅臺應(yīng)收賬款周轉(zhuǎn)率717.344691769272.5048427.2274729272.504842應(yīng)收賬款周轉(zhuǎn)天數(shù)1.67673723815.3128740.1888960.188896流動資產(chǎn)周轉(zhuǎn)率1.2690933813.3757370.441430.57306總資產(chǎn)周轉(zhuǎn)率0.678776666671.2361320.28

14、0450.454646固定資產(chǎn)周轉(zhuǎn)率3.922095476213.3652371.1400962.77521400盈利能力00數(shù)據(jù)平均數(shù)最大值最小值貴州茅臺息稅前利潤1078708775.86985839706.546362108.596985839706.5營業(yè)利潤率0.205633666670.6155530.0364920.615553營業(yè)毛利率0.521605142860.909490.1835420.90949銷售凈利率0.163314666670.4590070.0299410.459007資產(chǎn)報酬率A0.144824619050.3646160.0287010.273017總資產(chǎn)凈利潤率（ROA）0.1084110.2841550.0168660.208686凈資產(chǎn)收益率（ROE）0.170959190480.3996920.0287880.2745400長期償債能力00數(shù)據(jù)平均數(shù)最大值最小值貴州茅臺資產(chǎn)負(fù)債率0.364019666670.6679420.0907290.275063有形凈值債務(wù)率0.769099714293.0108310.1016160.388913利息保障倍數(shù)56.506895308386.8968113.873173固定支出償付倍數(shù)55.803602846386.8968112