金融街控股-利潤(rùn)表分析

1二.利潤(rùn)表分析一、利潤(rùn)表總體分析項(xiàng)目20092010201120122013一、營(yíng)業(yè)收入6,231,485,1958,110,293,915

9,637,282,53317,233,868,06119,882,571,993營(yíng)業(yè)成本3,797,115,2764,501,495,1815,409,683,03611,811,128,20912,421,410,656營(yíng)業(yè)稅金及附加846,869,733943,134,1431,157,700,8031,635,386,5752,225,746,545銷售費(fèi)用164,756,267274,818,196399,134,613484,629,525384,355,707管理費(fèi)用325,869,202402,767,941503,748,903558,716,231493,520,681財(cái)務(wù)費(fèi)用290,431,147256,008,912265,401,115379,531,005215,087,318利潤(rùn)表比較趨勢(shì)分析單位：元資產(chǎn)減值損失-109,680,968-141,921,529198,829,36720,763,110-215,653,939加：公允價(jià)值變動(dòng)收益778,431,568353,105,3951,111,427,1261,224,908,653228,684,394投資收益190,935,85733,278,64059,209,0083,599,08799,962,662其中：對(duì)聯(lián)營(yíng)企業(yè)和合營(yíng)企業(yè)的投資收益-5,046,9935,988,196

258,407-6,661二、營(yíng)業(yè)利潤(rùn)1,885,491,9622,260,375,1042,873,420,8283,572,221,1434,686,752,079加：營(yíng)業(yè)外收入36,462,362284,881,4708,947,556118,945,62691,812,511減：營(yíng)業(yè)外支出4,493,06914,669,4265,382,29127,678,41064,483,459其中：非流動(dòng)資產(chǎn)處置損失55,47751,98686,843251,453167,439三、利潤(rùn)總額1,917,461,2552,530,587,1482,876,986,0923,663,488,3604,714,081,131減：所得稅費(fèi)用543,404,913696,970,561819,333,994966,945,4911,194,046,260四、凈利潤(rùn)（凈虧損以"－"號(hào)填列）1,374,056,3411,833,616,5862,057,652,0972,696,542,8683,520,034,870歸屬于母公司所有者的凈利潤(rùn)

1,365,641,3201,782,442,7992,017,512,3212,269,197,8192,891,517,256少數(shù)股東損益

8,415,02151,173,78740,139,776427,345,049628,517,6146報(bào)告日期201420132012201120102009營(yíng)業(yè)收入3.53623.19072.76561.54651.30151營(yíng)業(yè)成本4.02613.27133.11051.42471.18551營(yíng)業(yè)稅金及附加2.15142.62821.93111.36701.11371銷售費(fèi)用2.27712.33282.94142.42251.66801管理費(fèi)用1.91221.51451.71451.54591.23601財(cái)務(wù)費(fèi)用2.22770.74061.30680.91380.88151資產(chǎn)減值損失-1.98781.9662-0.1893-1.81281.29391公允價(jià)值變動(dòng)收益1.32280.29381.57361.42780.45361投資收益0.12230.52350.01890.31010.17431營(yíng)業(yè)利潤(rùn)2.18312.48571.89461.52401.19881營(yíng)業(yè)外收入3.26802.51813.26250.24557.81351營(yíng)業(yè)外支出3.623614.36086.16481.19823.26731非流動(dòng)資產(chǎn)處置損失6.33332.83334.16671.50000.83331利潤(rùn)總額2.20042.45851.91061.50041.31981所得稅費(fèi)用2.03642.19741.77941.50781.28261凈利潤(rùn)2.26522.56181.96251.49751.33451歸屬于母公司所有者的凈利潤(rùn)2.14372.11731.66161.47731.30521少數(shù)股東損益21.981074.646150.75424.76726.07721基本每股收益1.76361.74551.36361.21821.07271稀釋每股收益1.76361.74551.36361.21821.07271毛利2.77223.06492.22761.73661.48241利潤(rùn)表同比趨勢(shì)分析7報(bào)告日期20142013201220112010營(yíng)業(yè)收入1.10831.15371.78831.18831.3015營(yíng)業(yè)成本1.23071.05172.18331.20181.1855營(yíng)業(yè)稅金及附加0.81861.36101.41261.22751.1137銷售費(fèi)用0.97610.79311.21421.45231.6680管理費(fèi)用1.26260.88331.10911.25071.2360財(cái)務(wù)費(fèi)用3.00800.56671.43001.03670.8815資產(chǎn)減值損失-1.0110-10.38780.1044-1.40101.2939公允價(jià)值變動(dòng)收益4.50270.18671.10213.14750.4536投資收益0.233727.76670.06081.77910.1743營(yíng)業(yè)利潤(rùn)0.87831.31201.24321.27121.1988營(yíng)業(yè)外收入1.29780.771813.29050.03147.8135營(yíng)業(yè)外支出0.25232.32955.14500.36673.2673非流動(dòng)資產(chǎn)處置損失2.23530.68002.77781.80000.8333利潤(rùn)總額0.89501.28681.27341.13691.3198所得稅費(fèi)用0.92681.23491.18021.17561.2826凈利潤(rùn)0.88421.30541.31051.12221.3345歸屬于母公司所有者的凈利潤(rùn)1.01241.27421.12481.13191.3052少數(shù)股東損益0.29451.470710.64650.78446.0772基本每股收益1.01041.28001.11941.13561.0727稀釋每股收益1.01041.28001.11941.13561.0727毛利0.90451.37591.28271.17151.4824利潤(rùn)表環(huán)比趨勢(shì)分析利潤(rùn)表結(jié)構(gòu)分析報(bào)告日期201420132012201120102009營(yíng)業(yè)收入111111營(yíng)業(yè)成本69.38%62.47%68.53%56.13%55.50%60.93%營(yíng)業(yè)稅金及附加8.27%11.19%9.49%12.01%11.63%13.59%銷售費(fèi)用1.70%1.93%2.81%4.14%3.39%2.64%管理費(fèi)用2.83%2.48%3.24%5.23%4.97%5.23%財(cái)務(wù)費(fèi)用2.94%1.08%2.20%2.75%3.16%4.66%資產(chǎn)減值損失0.99%-1.08%0.12%2.06%-1.75%-1.76%公允價(jià)值變動(dòng)收益4.67%1.15%7.11%11.53%4.35%12.49%投資收益0.11%0.50%0.02%0.61%0.41%3.06%營(yíng)業(yè)利潤(rùn)18.68%23.57%20.73%29.82%27.87%30.26%營(yíng)業(yè)外收入0.54%0.46%0.69%0.09%3.51%0.59%營(yíng)業(yè)外支出0.07%0.32%0.16%0.06%0.18%0.07%非流動(dòng)資產(chǎn)處置損失0.00%0.00%0.00%0.00%0.00%0.00%利潤(rùn)總額19.15%23.71%21.26%29.85%31.20%30.77%所得稅費(fèi)用5.02%6.01%5.61%8.50%8.59%8.72%凈利潤(rùn)14.12%17.70%15.65%21.35%22.61%22.05%毛利30.62%37.53%31.47%43.87%44.50%39.07%二、利潤(rùn)質(zhì)量分析9核心利潤(rùn)=營(yíng)業(yè)收入-營(yíng)業(yè)成本-營(yíng)業(yè)稅金及附加-銷售費(fèi)用-管理費(fèi)用-財(cái)務(wù)費(fèi)用1）收入質(zhì)量分析賣什么-賣給誰(shuí)-靠什么101.核心利潤(rùn)的實(shí)現(xiàn)過(guò)程質(zhì)量分析營(yíng)業(yè)收入與營(yíng)業(yè)成本絕對(duì)值變動(dòng)趨勢(shì)圖1112營(yíng)業(yè)收入與營(yíng)業(yè)成本結(jié)構(gòu)百分比趨勢(shì)圖1314年份行業(yè)營(yíng)業(yè)收入營(yíng)業(yè)成本營(yíng)業(yè)利潤(rùn)率金額（億收入比例金額成本比例利潤(rùn)率2013房產(chǎn)開(kāi)發(fā)18894.40%120億96.74%90.53%物業(yè)出租6.733.38%1.02億0.82%7.65%物業(yè)經(jīng)營(yíng)4.332.18%3.00億2.42%1.78%土地開(kāi)發(fā)556萬(wàn)0.03%285萬(wàn)0.02%0.04%其他收入257萬(wàn)0.01%------其他（補(bǔ)充）50.2萬(wàn)0.00%2.99萬(wàn)0.00%0.01%2012房產(chǎn)開(kāi)發(fā)16293.80%114億96.76%87.44%物業(yè)租賃5.733.32%6586萬(wàn)0.56%9.36%物業(yè)經(jīng)營(yíng)4.402.55%2.93億2.48%2.71%土地開(kāi)發(fā)5012萬(wàn)0.29%2338萬(wàn)0.20%0.49%其他收入530萬(wàn)0.03%------2011房產(chǎn)開(kāi)發(fā)84.187.24%49.4億91.37%81.95%物業(yè)租賃5.035.22%5043萬(wàn)0.93%10.70%土地開(kāi)發(fā)3.723.86%1.87億3.46%4.37%物業(yè)經(jīng)營(yíng)3.563.69%2.29億4.24%2.99%按主要收入來(lái)源劃分營(yíng)業(yè)收入及利潤(rùn)率

152010年2009年16由此可見(jiàn)，房產(chǎn)開(kāi)發(fā)收入是該公司的主營(yíng)業(yè)務(wù)收入的主要來(lái)源，但也是主營(yíng)業(yè)務(wù)成本的主要來(lái)源。近年來(lái)，其在主營(yíng)業(yè)務(wù)收入中的比例逐漸上升，2012年和2013年房產(chǎn)開(kāi)發(fā)收入提高，說(shuō)明銷售情況可能好轉(zhuǎn)。2）費(fèi)用質(zhì)量分析營(yíng)業(yè)成本銷售費(fèi)用管理費(fèi)用財(cái)務(wù)費(fèi)用171819三項(xiàng)期間費(fèi)用絕對(duì)值趨勢(shì)變動(dòng)圖20三項(xiàng)期間費(fèi)用結(jié)構(gòu)百分比趨勢(shì)變動(dòng)圖21222324利潤(rùn)總額構(gòu)成比例分析25投資收益/利潤(rùn)總額0.005540.021200.000980.020580.013150.09958公允價(jià)值變動(dòng)收益/利潤(rùn)總額0.244050.048510.334360.386320.139540.40597資產(chǎn)減值損失/利潤(rùn)總額0.05167-0.045750.005670.06911-0.05608-0.05720營(yíng)業(yè)利潤(rùn)/利潤(rùn)總額0.975610.994200.975090.998760.893220.98333核心利潤(rùn)/利潤(rùn)總額0.777700.878740.645410.660980.684450.420581.核心利潤(rùn)的實(shí)現(xiàn)過(guò)程質(zhì)量分析1）利潤(rùn)自身結(jié)構(gòu)的質(zhì)量分析26毛利率0.306250.375260.314660.438670.444960.390662728292）企業(yè)利潤(rùn)結(jié)構(gòu)與現(xiàn)金流結(jié)構(gòu)之間的對(duì)應(yīng)關(guān)系分析（1）核心利潤(rùn)產(chǎn)生現(xiàn)金流入量的能力：同口徑核心利潤(rùn)與經(jīng)營(yíng)現(xiàn)金流量?jī)纛~比較分析同口徑核心利潤(rùn)=核心利潤(rùn)+固定資產(chǎn)折舊+其他長(zhǎng)期資產(chǎn)價(jià)值攤銷+財(cái)務(wù)費(fèi)用-所得稅費(fèi)用30同口徑核心利潤(rùn)(萬(wàn)元)291509327849186468142236134459經(jīng)營(yíng)活動(dòng)產(chǎn)生的現(xiàn)金流量?jī)纛~(萬(wàn)元)-32118-290595-192590-222546-248109（2）投資收益產(chǎn)生現(xiàn)金流入量的能力投資收益與現(xiàn)金應(yīng)回收金額比較現(xiàn)金應(yīng)回收金額=現(xiàn)金流量表中的“取得投資收益收到的現(xiàn)金”金額+年末資產(chǎn)負(fù)債表中“應(yīng)收股利”與“應(yīng)收利息”之和-年初資產(chǎn)負(fù)債表中“應(yīng)收股利”與“應(yīng)收利息”之和31現(xiàn)金應(yīng)回收金額22949997334379275187投資收益2336999636059213328190943.企業(yè)的利潤(rùn)結(jié)構(gòu)與資產(chǎn)結(jié)構(gòu)之間的對(duì)應(yīng)關(guān)系分析狹義營(yíng)業(yè)利潤(rùn)狹義營(yíng)業(yè)利潤(rùn)=核心利潤(rùn)+經(jīng)營(yíng)性資產(chǎn)減值損失+投資性房地產(chǎn)等經(jīng)營(yíng)性資產(chǎn)的公允價(jià)值變動(dòng)損益廣義投資收益廣義投資收益=投資收益+投資性資產(chǎn)減值損失+金融資產(chǎn)的公允價(jià)值變動(dòng)損益32從上表可知，凈利潤(rùn)的來(lái)源主要是營(yíng)業(yè)收入，在2009年，2011年和2012年，公允價(jià)值變動(dòng)收益的占比也比較高。投資收益和公允價(jià)值變動(dòng)收益屬于非經(jīng)常性收益，在剔除這兩個(gè)項(xiàng)目后，我們可以得到：項(xiàng)目20092010201120122013剔除后凈收益年增長(zhǎng)率257.62%-38.71%65.50%117.39%未剔除前凈收益增長(zhǎng)率33.45%12.22%31.05%30.54%剔除前凈利潤(rùn)1,374,056,341.781,833,616,586.812,057,652,097.922,696,542,868.363,520,034,870.81剔除后凈利潤(rùn)404,688,915.251,447,232,551.21887,015,962.801,468,035,128.113,191,387,813.79剔除后凈收益下降百分比-239.53%-26.70%-131.97%-83.68%-10.30%從上表，我們可以看到在剔除投資收益和公允價(jià)值變動(dòng)收益后，2009年，2011年和2012年的凈收益總額較未剔除前的降幅較為明顯。2011年剔除后的凈收益年增長(zhǎng)率為負(fù)值，說(shuō)明該公司在這一年的成本費(fèi)用方面存在問(wèn)題，2012年和2013年剔除后的凈收益增長(zhǎng)率較剔除前要好，說(shuō)明這兩年的主營(yíng)業(yè)務(wù)可能經(jīng)營(yíng)的比較好。三、盈利能力分析351.以營(yíng)業(yè)收入和營(yíng)業(yè)利潤(rùn)為基礎(chǔ)的盈利能力分析以營(yíng)業(yè)收入為基礎(chǔ)的盈利能力分析36銷售毛利率0.30620.37530.31470.43870.44500.3907息稅前利潤(rùn)率0.22080.24790.23460.32610.34360.3543營(yíng)業(yè)利潤(rùn)率0.18680.23570.20730.29820.27870.3026銷售凈利率0.14120.17700.15650.21350.22610.2205銷售利潤(rùn)率（稅前利潤(rùn)率）0.19150.23710.21260.29850.31200.307737以成本為基礎(chǔ)的盈利能力分析38營(yíng)業(yè)成本利潤(rùn)率0.26930.37730.30240.53120.50210.4966營(yíng)業(yè)費(fèi)用利潤(rùn)率0.21700.30190.23990.36210.36250.3547全部支出利潤(rùn)率0.21680.30060.23950.36190.36160.35442.以資產(chǎn)為基礎(chǔ)的盈利能力分析總資產(chǎn)收益率0.05950.06750.06230.05520.0577流動(dòng)資產(chǎn)收益率0.06560.08230.07280.06310.0648固定資產(chǎn)收益率0.77060.89940.68290.65720.7683393.以權(quán)益為基礎(chǔ)的盈利能力分析凈資產(chǎn)收益率12.14%15.47%13.64%11.52%11.05%40加權(quán)凈資產(chǎn)收益率(%)13.7911.9711.5210.989.1041（一）、金融街控股股份公司盈利能力分析：盈利能力指標(biāo)20132012201120102009加權(quán)凈資產(chǎn)收益率(%)13.7911.9711.5210.989.10攤薄凈資產(chǎn)收益率(%)11.786.606.297.523.80攤薄總資產(chǎn)收益率(%)4.633.853.453.393.24毛利率(%)26.3321.9831.8532.8725.48凈利率(%)14.5413.1720.9321.9821.92實(shí)際稅率(%)25.3326.3928.4827.5428.34盈利質(zhì)量指標(biāo)20132012201120102009預(yù)收款/營(yíng)業(yè)收入0.600.841.411.100.45銷售現(xiàn)金流/營(yíng)業(yè)收入0.871.041.501.761.20經(jīng)營(yíng)現(xiàn)金流/營(yíng)業(yè)收入-0.15-0.11-0.23-0.31-0.25從凈資產(chǎn)收益率來(lái)看，呈上升狀態(tài)，公司的盈利能力還是比較可觀的。銷售毛利率從2011年底到2012年下降的比較快，在2013年底略有回升，對(duì)應(yīng)的凈利率與毛利率相比，說(shuō)明在控制成本方面的能力還有待加強(qiáng)。從盈利質(zhì)量指標(biāo)來(lái)看，經(jīng)營(yíng)現(xiàn)金流與營(yíng)業(yè)收入的比值為負(fù)，說(shuō)明企業(yè)的資源不足以抵償債務(wù)。42項(xiàng)目20092010201120122013營(yíng)業(yè)收入占凈利潤(rùn)百分比453.51%442.31%468.36%639.11%564.84%投資收益占凈利潤(rùn)百分比13.90%1.81%2.88%0.13%2.84%公允價(jià)值變動(dòng)收益占凈利潤(rùn)百分比56.65%19.26%54.01%45.43%6.50%從上表可以看到：近五年來(lái)，營(yíng)業(yè)收入占凈利潤(rùn)的百分比大于等于442.31%，說(shuō)明營(yíng)業(yè)收入相對(duì)來(lái)說(shuō)還是比較可觀的，但這也從側(cè)面反映該公司的營(yíng)業(yè)成本相對(duì)較高；在2012年投資收益占凈利潤(rùn)的百分比為最低（0.13%），而結(jié)合現(xiàn)金流量表分析可知2012年投資活動(dòng)現(xiàn)金流量?jī)?/p>