貴州茅臺與ST通葡的對比財務(wù)分析報告文案

概括從市場發(fā)展來看，白酒市場已經(jīng)趨于飽和，但隨著經(jīng)濟形勢的好轉(zhuǎn)，人們對白酒的偏好已經(jīng)從低端產(chǎn)品轉(zhuǎn)向高端產(chǎn)品。因此，在總需求下降的情況下，高端白酒仍能保持穩(wěn)中有升。趨勢。我們集團之所以在白酒行業(yè)選擇貴州茅臺，首先是因為我們集團對白酒行業(yè)非常感興趣。酒文化是我國特有的文化之一，滲透到人用相結(jié)合的好機會，也讓我們進一步接觸和了解中國市場優(yōu)秀企業(yè)的發(fā)展和運營。 經(jīng)濟引導(dǎo)了酒廠。改為公司制，1997年1月，成立(集團)有限責任公司，現(xiàn)代貴州茅臺資產(chǎn)負債水平分析表2009年9,743,150,000380,760,00021,386,3001,203,130,0002009年9,743,150,000380,760,00021,386,3001,203,130,0001,912,60096,001,5004,192,250,00017,000,00015,655,600,00010,000,0004,000,0004,005,140,000834,206,0003,170,940,0002,209,8203,168,730,000193,956,00024,915,000465,551,00021,469,600225,421,0004,114,040,00019,769,600,000139,121,0003,516,420,000463,949,000140,525,000137,208,000710,831,0005,108,060,00010,000,00010,000,0005,118,060,000943,800,0001,374,960,0001,585,670,00010,561,600,00014,466,000,000185,583,00014,651,600,00019,769,600,0002010年12,888,400,000204,811,0001,254,6001,529,870,00042,728,40059,101,9005,574,130,00020,300,300,00060,000,0004,000,0005,293,000,0001,098,950,0004,194,050,0002,198,3704,191,850,000263,458,00018,528,800452,317,00018,701,600278,438,0005,287,290,00025,587,600,000232,013,0004,738,570,000500,259,000419,883,000318,584,000818,881,0007,028,190,00010,000,00010,000,0007,038,190,000943,800,0001,374,960,0002,176,750,00013,903,300,00018,398,800,000150,616,00018,549,400,00025,587,600,000變動情況變動額3,145,250,000-175,949,000-20,131,700326,740,00040,815,800-36,899,6001,381,880,000-17,000,0004,644,700,00050,000,000變動率(%)32.28%-46.21%-94.13%27.16%2134.05%-38.44%32.96%-100.00%29.67%500.00%0.00%32.16%31.74%32.27%-0.52%32.29%35.83%-25.63%-2.84%-12.89%23.52%28.52%29.43%66.77%34.76%7.83%198.80%132.19%15.20%37.59%0.00%0.00%37.52%0.00%0.00%37.28%31.64%27.19%-18.84%26.60%29.43%流動資產(chǎn)15.91%15.91%-0.89%-0.10%1.65%0.21%-0.19%6.99%-0.09%23.49%0.25%0.00%6.51%1.34%5.18%0.00%5.18%0.35%-0.03%-0.07%-0.01%0.27%5.93%29.43%0.47%6.18%0.18%1.41%0.92%0.55%9.71%0.00%0.00%9.71%0.00%0.00%2.99%16.90%19.89%-0.18%19.72%29.43%應(yīng)收票據(jù)應(yīng)收賬款款項應(yīng)收利息其他應(yīng)收款一年內(nèi)到期的非流動資產(chǎn)流動資產(chǎn)合計非流動資產(chǎn)-1,287,860,000264,744,00-1,287,860,000264,744,0001,023,110,000長期股權(quán)投資-11,450-11,4501,023,120,00061,023,120,00069,502,000-6,386,200-13,234,000-2,768,00053,017,0001,173,250,0005,818,000,00092,892,0001,222,150,00036,310,000279,358,000181,376,000108,050,0001,920,130,000在建工程物資資產(chǎn)長期待攤費用遞延所得稅資產(chǎn)非流動資產(chǎn)合計流動負債應(yīng)付賬款款項應(yīng)付職工薪酬應(yīng)交稅費應(yīng)付股利其他應(yīng)付款流動負債合計------專項應(yīng)付款非流動負債合計1,920,130,0001,920,130,000------591,080,0003,341,700,00591,080,0003,341,700,0003,932,800,000-34,967,0003,897,800,0005,818,000,000余公積分配利潤歸屬于母公司股東權(quán)益合計少數(shù)股東權(quán)益所有者權(quán)益(或股東權(quán)益)合計負債和所有者權(quán)益(或股東權(quán)益)總計2、本期總資產(chǎn)的增長主要體現(xiàn)在流動資產(chǎn)的增長上。公司流動資產(chǎn)各項目的變化不一，但其增長主要體現(xiàn)在三個方面：一是貨幣資金大幅增加。本期貨幣資金有利于提高企業(yè)的償債能力和資金的流動性。二是庫存增加。本期存貨增加有所增強。三是預(yù)付款的增長。本期預(yù)付賬款增加32,674萬元，增長率為27.16%，對總資產(chǎn)的影響為1.65%。3、非流動資產(chǎn)變動主要體現(xiàn)在固定資產(chǎn)的增長上。包括固定資產(chǎn)原值的增加、萬元，增長32.16%，對總資產(chǎn)的影響為6.51%。二是本期固定資產(chǎn)凈值增加直接影響了公司非流動資產(chǎn)的增長，說明公司購買了更多的固定資產(chǎn)，擴大了公司的生產(chǎn)規(guī)模，有利于公司業(yè)務(wù)的發(fā)展。：公司債務(wù)，將擴大企業(yè)的財務(wù)實力，提高企業(yè)的經(jīng)濟實力，有利于企業(yè)規(guī)模的擴貴州茅臺資產(chǎn)負債垂直分析表目流動資產(chǎn)貨幣資金應(yīng)收票據(jù)應(yīng)收賬款預(yù)付款項應(yīng)收利息其他應(yīng)收款存貨一年內(nèi)到期的非流動資產(chǎn)流動資產(chǎn)合計非流動資產(chǎn)持有至到期投資長期股權(quán)投資固定資產(chǎn)原值累計折舊固定資產(chǎn)凈值固定資產(chǎn)減值準備固定資產(chǎn)凈額在建工程工程物資無形資產(chǎn)長期待攤費用遞延所得稅資產(chǎn)非流動資產(chǎn)合計資產(chǎn)總計流動負債應(yīng)付賬款預(yù)收款項應(yīng)付職工薪酬應(yīng)交稅費應(yīng)付股利其他應(yīng)付款流動負債合計非流動負債專項應(yīng)付款非流動負債合計負債合計所有者權(quán)益實收資本(或股本)資本公積盈余公積未分配利潤歸屬于母公司股東權(quán)益合計少數(shù)股東權(quán)益所有者權(quán)益(或股東權(quán)益)合計負債和所有者權(quán)益(或股東權(quán)益)總計2010年12,888,400,000204,811,0001,254,6001,529,870,00042,728,40059,101,9005,574,130,00020,300,300,00060,000,0004,000,0005,293,000,0001,098,950,0004,194,050,0002,198,3704,191,850,000263,458,00018,528,800452,317,00018,701,600278,438,0005,287,290,00025,587,600,000232,013,0004,738,570,000500,259,000419,883,000318,584,000818,881,0007,028,190,00010,000,00010,000,0007,038,190,000943,800,0001,374,960,0002,176,750,00013,903,300,00018,398,800,000150,616,00018,549,400,00025,587,600,0002009年9,743,150,000380,760,00021,386,3001,203,130,0001,912,60096,001,5004,192,250,00017,000,00015,655,600,00010,000,0004,000,0004,005,140,000834,206,0003,170,940,0002,209,8203,168,730,000193,956,00024,915,000465,551,00021,469,600225,421,0004,114,040,00019,769,600,000139,121,0003,516,420,000463,949,000140,525,000137,208,000710,831,0005,108,060,00010,000,00010,000,0005,118,060,000943,800,0001,374,960,0001,585,670,00010,561,600,00014,466,000,000185,583,00014,651,600,00019,769,600,0002010(%)50.37%0.80%0.00%5.98%0.17%0.23%21.78%79.34%0.23%0.02%20.69%4.29%16.39%0.01%16.38%1.03%0.07%1.77%0.07%1.09%20.66%100.00%0.91%18.52%1.96%1.64%1.25%3.20%27.47%0.04%0.04%27.51%3.69%5.37%8.51%54.34%71.91%0.59%72.49%100.00%金額單位：人民幣元2009(%)變動情況(%)49.28%1.93%49.28%1.93%0.11%6.09%0.01%0.49%21.21%0.09%79.19%0.05%0.02%20.26%4.22%16.04%0.01%16.03%0.98%0.13%2.35%0.11%1.14%20.81%100.00%0.70%17.79%2.35%0.71%0.69%3.60%25.84%0.05%0.05%25.89%4.77%6.95%8.02%53.42%73.17%0.94%74.11%100.00%-1.13%-0.10%-0.11%0.16%-0.25%0.58%-0.09%0.15%0.00%0.18%0.00%0.43%0.08%0.35%0.00%0.35%0.05%-0.05%-0.59%-0.04%-0.05%-0.15%0.00%0.00%0.20%0.73%-0.39%0.93%0.55%-0.40%1.63%0.00%-0.01%-0.01%1.62%0.00%-1.09%-1.58%0.49%0.91%-1.27%-0.35%-1.62%0.00%資產(chǎn)結(jié)構(gòu)分析：資產(chǎn)負債項目分析資產(chǎn)負債項目分析表2010年0一年內(nèi)到期的非流動資產(chǎn),000,000002009年00,00032.28%-46.21%-94.13%2134.05%-38.44%32.96%-100.00%500.00%32.27%35.83%66.77%34.76%198.80%132.19%37.28%31.64%持有至到期投資固定資產(chǎn)在建工程應(yīng)付賬款預(yù)收款項應(yīng)交稅費應(yīng)付股利盈余公積未分配利潤貨幣資金應(yīng)收票據(jù)應(yīng)收賬款應(yīng)收利息其他應(yīng)收款存貨資產(chǎn)負債項目分析評估比上年同期增加2134.05%。應(yīng)收利息增加主要是本期定期存款應(yīng)計利息增加所stst通葡資產(chǎn)負債水平分析表2010年2009年變動額9,694,680800,00018,775,10014,935,1009,598,62069,690,000123,493,000189,960,00073,042,800116,917,000116,917,00016,390,2002,216,630826,019136,350,000259,843,00035,000,00029,291,30020,786,9003,520,33018,063,00020,193,900126,855,000126,855,000140,000,000285,557,0007,152,180-299,721,000132,988,000132,988,000259,843,0002,820,79028,812,1007,106,34010,447,50076,911,400126,098,000189,190,00066,385,700122,804,000122,804,00016,390,2004,119,280848,798144,162,000270,260,00012,900,00035,242,60023,483,8005,601,76016,362,30020,816,600114,407,000114,407,000140,000,000285,557,0007,152,180-276,856,000155,853,000155,853,000270,260,0006,873,890800,000-10,037,0007,828,760-848,880-7,221,400-2,605,000770,0006,657,100-5,887,000-5,887,000-1,902,650-22,779-7,812,000-10,417,00022,100,000-5,951,300-2,696,900-2,081,4301,700,700-622,70012,448,00012,448,000-22,865,000-22,865,000-22,865,000-10,417,000項目流動資產(chǎn)貨幣資金應(yīng)收票據(jù)應(yīng)收賬款預(yù)付款項其他應(yīng)收款存貨流動資產(chǎn)合計非流動資產(chǎn)固定資產(chǎn)原值累計折舊固定資產(chǎn)凈值固定資產(chǎn)凈額在建工程無形資產(chǎn)遞延所得稅資產(chǎn)非流動資產(chǎn)合計資產(chǎn)總計流動負債短期借款應(yīng)付賬款預(yù)收款項應(yīng)付職工薪酬應(yīng)交稅費其他應(yīng)付款流動負債合計非流動負債負債合計所有者權(quán)益實收資本(或股本)資本公積盈余公積未分配利潤歸屬于母公司股東權(quán)益合計所有者權(quán)益(或股東權(quán)益)合計負債和所有者權(quán)益(或股東權(quán)益)總計金額單位：人民幣元變動率(%)243.69%-34.84%110.17%-8.13%-9.39%-2.07%0.41%10.03%-4.79%-4.79%0.00%-46.19%-2.68%-5.42%-3.85%171.32%-16.89%-11.48%-37.16%10.39%-2.99%10.88%10.88%0.00%0.00%0.00%8.26%-14.67%-14.67%-3.85%對總資產(chǎn)影響2.54%0.30%-3.71%2.90%-0.31%-2.67%-0.96%0.28%2.46%-2.18%-2.18%-0.70%-0.01%-2.89%-3.85%8.18%-2.20%-1.00%-0.77%0.63%-0.23%4.61%4.61%0.00%0.00%0.00%-8.46%-8.46%-8.46%-3.85%2、本期總資產(chǎn)減少主要體現(xiàn)為非流動資產(chǎn)減少。僅從這一變化來看，該公司的于累計折舊費用的增加，固定資產(chǎn)的凈值和凈值發(fā)生了變化，從而影響了非流動資產(chǎn)的減少。說明企業(yè)的生產(chǎn)設(shè)備沒有得到很好的效益，使生產(chǎn)效率下降，不利于企業(yè)生產(chǎn)經(jīng)營的發(fā)展。2、本期權(quán)益總額減少主要體現(xiàn)為股東權(quán)益減少，未分配利潤為主要方面。本期明公司今年處于虧損經(jīng)營狀態(tài)，公司經(jīng)營存在一定問題，投入的資源沒有得到相st通st通葡資產(chǎn)負債垂直分析表金額單位：人民幣元流動資產(chǎn)流動資產(chǎn)貨幣資金應(yīng)收票據(jù)應(yīng)收賬款預(yù)付款項其他應(yīng)收款存貨流動資產(chǎn)合計非流動資產(chǎn)固定資產(chǎn)原值累計折舊固定資產(chǎn)凈值固定資產(chǎn)凈額在建工程無形資產(chǎn)遞延所得稅資產(chǎn)非流動資產(chǎn)合計資產(chǎn)總計流動負債短期借款應(yīng)付賬款預(yù)收款項應(yīng)付職工薪酬應(yīng)交稅費其他應(yīng)付款流動負債合計非流動負債負債合計所有者權(quán)益實收資本(或股本)資本公積盈余公積未分配利潤歸屬于母公司股東權(quán)益合計所有者權(quán)益(或股東權(quán)益)合計負債和所有者權(quán)益(或股東權(quán)益)總計2010年9,694,680800,00018,775,10014,935,1009,598,62069,690,000123,493,000189,960,00073,042,800116,917,000116,917,00016,390,2002,216,630826,019136,350,000259,843,00035,000,00029,291,30020,786,9003,520,33018,063,00020,193,900126,855,000126,855,000140,000,000285,557,0007,152,180-299,721,000132,988,000132,988,000259,843,0002009年2,820,79028,812,1007,106,34010,447,50076,911,400126,098,000189,190,00066,385,700122,804,000122,804,00016,390,2004,119,280848,798144,162,000270,260,00012,900,00035,242,60023,483,8005,601,76016,362,30020,816,600114,407,000114,407,000140,000,000285,557,0007,152,180-276,856,000155,853,000155,853,000270,260,0002010(%)3.73%0.31%7.23%5.75%3.69%26.82%47.53%73.11%28.11%45.00%45.00%6.31%0.85%0.32%52.47%100.00%13.47%11.27%8.00%1.35%6.95%7.77%48.82%48.82%53.88%109.90%2.75%-115.35%51.18%51.18%100.00%2009(%)1.04%10.66%2.63%3.87%28.46%46.66%70.00%24.56%45.44%45.44%6.06%1.52%0.31%53.34%100.00%4.77%13.04%8.69%2.07%6.05%7.70%42.33%42.33%51.80%105.66%2.65%-102.44%57.67%57.67%100.00%變動情況2.69%0.31%-3.44%3.12%-0.17%-1.64%0.87%0.00%3.10%3.55%-0.44%-0.44%0.24%-0.67%0.00%-0.87%0.00%0.00%8.70%-1.77%-0.69%-0.72%0.90%0.07%6.49%0.00%6.49%0.00%2.08%4.24%0.11%-12.91%-6.49%-6.49%0.00%資產(chǎn)結(jié)構(gòu)分析：樣的資本結(jié)構(gòu)，可以知道公司的資產(chǎn)相對較弱，風險較大。從動態(tài)分析來看，公資資產(chǎn)負債項目表分析9,694,680800,0009,598,62069,690,0000002,216,63029,291,30035,000,0003,520,33020,786,900-299,721,000金據(jù)款應(yīng)收款產(chǎn)項產(chǎn)款款應(yīng)付職工薪酬項費變動率(%)243.69%100.00%-34.84%-8.13%-9.39%-4.79%110.17%-46.19%-16.89%171.32%-37.16%-11.48%10.39%8.26%2,820,790-28,812,10076,911,4000007,106,3404,119,28035,242,6005,601,76023,483,800-276,856,000STTong葡萄牙資產(chǎn)負債項目表1、報告期內(nèi)，流動資產(chǎn)占總資產(chǎn)的比例.73%，固定資產(chǎn)占總資產(chǎn)的比例為45.00%。利潤比上年增加10853.90萬元，增長率為17.86%。結(jié)果，利潤總額增加10818.8萬元。3，營業(yè)利潤分析。營業(yè)利潤是指公司的營業(yè)收入與營業(yè)成本、稅金、期間費用、和其他業(yè)務(wù)利潤，還包括企業(yè)公允價值變動產(chǎn)生的凈收入和對外投資的凈收是營業(yè)毛利比上年增加18,610.43萬元，但營業(yè)稅金及附加比上年增加63,650.10萬元，銷售費用有比上年增加55248萬元，管理費用比上年增加12885萬元，財務(wù)費用比上年增加4294.1萬元，資產(chǎn)減值損失比上年增加2766895元，投資減少收入比上期增加74.04萬元。增減因素抵消，營業(yè)利潤2，營業(yè)利潤分析。營業(yè)總利潤是公司營業(yè)收入與營業(yè)成本之間的差額。本例中，貴州茅臺公司營業(yè)毛利較上年增加10,853.90萬元，增長率為17.86%。最重要的是營業(yè)收入大幅增加。公司營業(yè)收入增加19633萬元，增長20.30%；但營業(yè)利潤的增加主要是由于營業(yè)收入的增加。營業(yè)收入比上年增加19633萬從這張表中，我們可以看到貴州茅臺今年各項財務(wù)業(yè)績的構(gòu)成。其中，營業(yè)利潤利能力較上年略有下降。貴州茅臺公司各項財務(wù)業(yè)績結(jié)構(gòu)發(fā)生變化的原因，從營業(yè)利潤結(jié)構(gòu)來看，主要是營業(yè)稅金及附加結(jié)構(gòu)、財務(wù)費用結(jié)構(gòu)增加所致，說明認為營業(yè)稅金及附加和財務(wù)費用的增加是營業(yè)利潤減少的根本原因。利潤總額下降的主要原因是營業(yè)外支出占比上升和營業(yè)外收入占比下降。凈投資收益占比的下降以及管理費用和銷售費用的下降，將對營業(yè)利潤、利潤總額和凈利潤結(jié)構(gòu)產(chǎn)生86.84%。同時，營業(yè)利潤也是導(dǎo)致利潤總額增長的有利因素。營業(yè)利潤比上和其他業(yè)務(wù)利潤，還包括企業(yè)公允價值變動產(chǎn)生的凈收入和對外投資的凈收從這張表中，我們可以看到貴州茅臺今年各項財務(wù)業(yè)績的構(gòu)成。其中，營業(yè)利潤額構(gòu)成為-27.56比上年的-54..644長27.084%。本年度凈利潤構(gòu)成為營業(yè)利潤結(jié)構(gòu)來看，主要是由于營業(yè)成本、銷售費用、管理費用、財務(wù)費用等結(jié)構(gòu)的減少。利潤構(gòu)成的根本原因。但利潤總額增加的主要原因是營業(yè)外收入占比大幅提升。此外，營業(yè)稅金及附加的增長將對營業(yè)利潤、利潤總額和凈利潤結(jié)構(gòu)表2010_2009年_增加或減少減少(%)11,756,243,820.833,182,338,064.7827.07%勞務(wù)收到的現(xiàn)金額增額額額金凈增加4,222.4323.9584-25.66%26.25%7.24%額投資現(xiàn)金返還取得投資收益收到的現(xiàn)金3,443.87874,885,737,303.4,827,128,112.69771,463,605.1855,664,507.517.22%8,875,483,081.7,718,194,684.851,157,288,396.6014.99%456,201,476,519.4,223,937,144.191,977,539,375.3846.82%1,731,400.00,000.002,080,397.26-8,000,000.00-32.00%-348,997.26-16.78%額額加現(xiàn)金,726.513,788.52,726.5127,080,397.2647,966,729.25177.13%1,356,601,530.09375,312,258.4327.67%0,000,000.0056,522,892.711,838,436,681.10,000,000.0040,000,000.00400.00%56,522,892.71471,835,151.14流出小計23額3,389,554-1,339,521,132.83-423,868,421.8931.64%105,801.61158,121.82-52,320.21-33.09%105,801.61158,121.82-52,320.21-33.09%1,032.1,235,143,869.1057,807,163.314.68%1,032.-1,292,845,230-1,234,985,747.283,145,241,734.1,649,430,264.081,495,811,469.9790.69%59,743,152,155.8,093,721,891.161,649,430,264.0820.38%9,743,152,155.243,145,241,734.0532.28%額價物的影響額額額483.5257,807,163.31.69%.68%億元。經(jīng)營活動、投資活動和籌資活動產(chǎn)生的現(xiàn)金流量凈額較2009年分別變動經(jīng)營活動現(xiàn)金流入的增長遠快于現(xiàn)金流出的增長，導(dǎo)致經(jīng)營活動產(chǎn)生的現(xiàn)金流量凈額增幅較大。經(jīng)營活動現(xiàn)金流入增加的主要原因是銷售商品和提供勞務(wù)收到的應(yīng)能力。通過經(jīng)營活動收取的現(xiàn)金不僅可以滿足經(jīng)營本身的需要，剩余的部分還投資或償還債務(wù)。投資活動產(chǎn)生的現(xiàn)金凈流出比上年增加4.72億元，主要是本年購建固定資產(chǎn)、無形資產(chǎn)和其他長期資產(chǎn)支付的現(xiàn)金增加3.75億元，較上年增加28%。公資產(chǎn)負債表上持有至到期投資項目的分析，可以看出公司今年對該項目的投資有出的增加大于現(xiàn)金流入的增加。貴州茅臺籌資活動的現(xiàn)金流出主要為分配股利、月-12月82,282,542.23勞務(wù)收到的現(xiàn)金客戶存款和同業(yè)凈增加額金資金凈增加增額6,682,147.10,167,506.5343,802.492.9593-4,305,432.147.56-39.18%9.73%金長期資產(chǎn)收到的20,033,014.4117,665,273.6913,587,889.91102,629,980.50-12,462,473.9717866400.88589.74-4,278,510.9762.79%.27%-23.95%73219808.4429,410,172.0640.17%8950714.51-21,413,188.48-239.23%1,732,548.49長期資產(chǎn)支付的金投資活動現(xiàn)金流1,732,548.49-1,732,548.49現(xiàn)金流量凈額從借款中獲得現(xiàn)35,000,000.00金-17700.681,714,847.819688.03%1,714,847.819688.03%-1,714,847.819688.03%21,500,000.00159.26%金的加額現(xiàn)金及現(xiàn)金初余額,000.00068,915.67,893.21.951350000021,500,000.00159.26%25600000-12,700,000.00-49.61%36669.4655.532820786.95-205,585.03-16.62%-12,905,585.03-48.09%34,405,585.03-257.98%11,277,548.74-256.10%-4,403,655.53-60.95%6,873,893.21243.69%經(jīng)營活動、投資活動和籌資活動產(chǎn)生的現(xiàn)金流量凈額較2009年變動分別為-2.1經(jīng)營活動現(xiàn)金流出增長快于現(xiàn)金流入，導(dǎo)致經(jīng)營活動產(chǎn)生的現(xiàn)金流量凈額負增長。首先，經(jīng)營活動現(xiàn)金流入增加的主要原因是銷售商品、提供勞務(wù)收到的現(xiàn)金持投資或償還債務(wù)的資金需求，還需要收回投資或新增債務(wù)以獲得現(xiàn)金以維持正達月-12月幣金資金凈增加_(%)15,076,959,60111,942,131,829.041,323,134,827,-25.66%26.25%金金金流量凈額4,222.,813,443.4,885,737,303.27,128,112.698,875,483,081.6,201,476,519.8160,350,102.49771,463,605.184.854,223,937,144.1900,000.0080,397.267.24%3.34021.44%4.87.44%0.8864,5071,157,288,4.99%1,977,539,46.82%,000%-348,997.2%6金凈額金流量凈額金15,72656,315,726.5150,000,000.00080,397.26,966,729177.13%27.67%8.4340,000,000400.00%56,522,892.718,436,681.-1,763,389,554-1,339,521,132.8322,8921,835,1534.53%-423,868,431.64%0.00現(xiàn)金金潤金流量凈額4、匯率變動對現(xiàn)金響105,801.61158,121.82-52,320.21-33.09%105,801.61158,121.82-52,320.21-33.09%4.68%,951,032.0,292,845,230-1,234,985,747.2807,1634.68%59,48%3.52743,152,155.億元。經(jīng)營活動、投資活動和籌資活動產(chǎn)生的現(xiàn)金流量凈額較2009年分別變動經(jīng)營活動現(xiàn)金流入的增長遠快于現(xiàn)金流出的增長，導(dǎo)致經(jīng)營活動產(chǎn)生的現(xiàn)金流量凈額增幅較大。經(jīng)營活動現(xiàn)金流入增加的主要原因是銷售商品和提供勞務(wù)收到的用于投資或償還債務(wù)。投資活動產(chǎn)生的現(xiàn)金凈流出比上年增加4.72億元，主要是本年購建固定資資產(chǎn)負債表上持有至到期投資項目的分析，可以看出公司今年對該項目的投資有出的增加大于現(xiàn)金流入的增加。貴州茅臺籌資活動的現(xiàn)金流出主要為分配股利、ST普通現(xiàn)金流量表層月-12月幣__82,282,542.2371182943.71收到的現(xiàn)金和同業(yè)存款金金凈增加增加或減少少(%)11,099,598.5215.59%計金計6,682,147.107,506.53,802.491473.97951-4,305,432.1469.7410.97,172.06188.48-39.18%9.73%40.17%.23%額計計48.4917700.681,714,847.819688.03%1,714,847.819688.03%-1,714,847.819688.03%金計金潤計金等價0.000.008,915.673.219,694,680.161350000021,500,000.00159.26%1350000021,500,000.00159.26%25600000-12,700,000.00-49.61%9.4.532820786.95-205,585.03-16.62%-12,905,585.03-48.09%34,405,585.03-257.98%11,277,548.74-256.10%-4,403,655.53-60.95%6,873,893.21243.69%經(jīng)營活動、投資活動和籌資活動產(chǎn)生的現(xiàn)金流量凈額較2009年變動分別為-2.1經(jīng)營活動現(xiàn)金流出增長快于現(xiàn)金流入，導(dǎo)致經(jīng)營活動產(chǎn)生的現(xiàn)金流量凈額負增長。首先，經(jīng)營活動現(xiàn)金流入增加的主要原因是銷售商品、提供勞務(wù)收到的現(xiàn)金持投資或償還債務(wù)的資金需求，還需要收回投資或新增債務(wù)以獲得現(xiàn)金以維持正0.273670575變更0.2736705753、本年增減金額(減761,42,888,0.172829287008值變動凈額益變4.其他上述(1)和(2)小761,42,888,0.17282928計7008(3)業(yè)主投資減資股份支付金額(四)利潤分配2.分配給所有者(或股-1,441,937,(五)所有者權(quán)益內(nèi)部(或股本)(或股本)4.其他年末余額694.624604,7415,353,897,824,300.，1增幅為26.6%。從受影響的主要項目來看，主要原因是凈貴州茅臺垂直分析表變更0.0047353、本年增減金額(減幅4.其他上述(1)和(2)小計(3)業(yè)主投資減資(四)利潤分配1、提取盈余公積2.分配給所有者(或股2.分配給所有者(或股-1,441,937-1,404,741-0.07773-0.095870.018141東),196.56,845.745021657155(五)所有者權(quán)益內(nèi)部(或股本)(或股本)4.其他18,549,38914,651,5651001004、年末余額,694.62,394.21193,743,896.94-37,890,749.75-0.19557132193,743,896.94-37,890,749.75-0.19557132更額(減幅以“－”號填(1)凈利潤-22,864,995.83-37,890,749.7515,025,753.92-0.396554674額4.其他和(2)小計-22,864,995.83-37,890,749.7515,025,753.92-0.396554674(3)業(yè)主投資資.業(yè)主投入資金支((四)利潤分配積者(或股東)(五)所有者權(quán)增資本(或股為資本(或股4.其他4、年末余額132,988,151.36155,853,147.19-22,864,995.83-0.146708592公司經(jīng)營狀況每況愈下。但從今年利潤的大幅增長和效益的提升來看，同期增加文異-0.0711政策變更-0.07113、本年增減金額(減幅4.其他上述(1)和(2)小計(3)業(yè)主投資減資 (四)利潤分配2.分配給所有者(或股(五)所有者權(quán)益內(nèi)部(或股本)(或股本)4.其他2008=2.882009=3.062010=2.89流動比率是為每一美元的流動負債擔保多少流動資產(chǎn)。一般來說，將流動比率保負債2009年速動比率=2.24速動比率表示每一美元流動負債能保證多少速動資產(chǎn)。速動比率越高，短期償債債務(wù)能力強勁，但公司也面臨流動性過剩，影響業(yè)務(wù)盈利能力。2008=1.412009=1.102010=0.97_負債ST較大的償債資產(chǎn)負債率反映了資產(chǎn)對債權(quán)人權(quán)益的保護程度。一般來說，資產(chǎn)負債率越小，長期償債能力越強。這一比率的行業(yè)平均水平為45.8%。從表中可以看出，公司資產(chǎn)負債率呈上升趨勢，但仍遠低于行業(yè)平均水平，表明公司長期償債能力仍保持在較好水平。雖然可以看出公司長期償債能力很強，但財務(wù)風險可控。但同時也反映出茅臺保守的管理態(tài)度，很可能成為公司未來發(fā)展的絆腳石。權(quán)益比率和權(quán)益乘數(shù)總負債/總股東權(quán)益4.93%總資產(chǎn)/總股東權(quán)益9年股票乘數(shù)=1.35權(quán)益比率代表一美元股東權(quán)益所借債務(wù)總額，反映公司資本結(jié)構(gòu)的合理性；權(quán)益乘數(shù)表示股東權(quán)益所擁有的總資產(chǎn)。權(quán)益比率和權(quán)益乘數(shù)越低，公司的債務(wù)水平T表明公司長期償債能力仍維持在一定水平?？梢钥闯?，公司的債務(wù)負擔過重，公司的財務(wù)實力不強，公司有破產(chǎn)的危險。權(quán)益比率和權(quán)益乘數(shù)貴貴州茅臺償債能力匯總總負債/總股東權(quán)益總資產(chǎn)/總股東權(quán)益償償債能力201020092008流動比率.896.88速動比率.10.24.15資產(chǎn)負債率%27.5125.8926.98產(chǎn)權(quán)比率%37.9434.9336.95權(quán)益乘數(shù)stst通葡償債能力匯總償債能力201020092008流動比率0.971.101.41速動比率0.420.430.68資產(chǎn)負債率%48.8242.3334.88產(chǎn)權(quán)比率%95.3973.4153.57權(quán)益乘數(shù)1.951.731.54償債能力很強，尤其是短期償債能力。主要問題是過剩的流動資產(chǎn)不能得到有效營業(yè)利潤率是指公司的營業(yè)利潤與營業(yè)收入的比率。它是衡量企業(yè)經(jīng)營效率的一個指標，它反映了企業(yè)管理者在不考慮營業(yè)外成本的情況下，通過經(jīng)營獲得利潤越多，企業(yè)的盈利能力越成本費用利潤率是企業(yè)在一定時期內(nèi)的總利潤與總成本費用的比率。成本費用利潤率指標顯示了每一美元的成本可以獲得多少利潤，反映了經(jīng)營費用帶來的經(jīng)營成果。指標越高，利潤越大，反映企業(yè)的經(jīng)濟效益越好。總資產(chǎn)凈利率是指公司在一定時期內(nèi)獲得的報酬總額與平均資產(chǎn)總額的比率。它代表了企業(yè)包括凈資產(chǎn)和負債在內(nèi)的所有資產(chǎn)的整體盈利能力，用 于評價企業(yè)使用所有資產(chǎn)的整體盈利能力，是評價企業(yè)資產(chǎn)經(jīng)營效率的重要 總資產(chǎn)凈利率=(總利潤+利息支出)/平均總資產(chǎn)X100%股本回報率又稱股東權(quán)益回報率，是凈利潤占平均股東權(quán)益的百分比，是公司稅后利潤除以凈資產(chǎn)所得的百分比。該指標反映了股東權(quán)益的收入水平，用來營業(yè)利潤率是指公司的營業(yè)利潤與營業(yè)收入的比率。它是衡量企業(yè)經(jīng)營效率的一個指標，它反映了企業(yè)管理者在不考慮營業(yè)外成本的情況下，通過經(jīng)營獲得利潤越多，企業(yè)的盈利能力越成本費用利潤率是企業(yè)在一定時期內(nèi)的總利潤與總成本費用的比率。成本費用利潤率指標顯示了每一美元的成本可以獲得多少利潤，反映了經(jīng)營費用帶來的經(jīng)營成果。指標越高，利潤越大，反映企業(yè)的經(jīng)濟效益越好?？傎Y產(chǎn)凈利率是指公司在一定時期內(nèi)獲得的報酬總額與平均資產(chǎn)總額的比率。它代表了企業(yè)包括凈資產(chǎn)和負債在內(nèi)的所有資產(chǎn)的整體盈利能力，用于評價企業(yè)使用所有資產(chǎn)的整體盈利能力，是評價企業(yè)資產(chǎn)經(jīng)營效率的重要總資產(chǎn)凈利率=(總利潤+利息支出)/平均總資產(chǎn)X100%股本回報率又稱股東權(quán)益回報率，是凈利潤占平均股東權(quán)益的百分比，是公司稅后利潤除以凈資產(chǎn)所得的百分比。該指標反映了股東權(quán)益的收入水平，用來衡量公司的使用資本效率。指標值越高，投資回報率越高。92=344.06數(shù)/周轉(zhuǎn)率周轉(zhuǎn)天數(shù)=1.054.71/261636350.3=8.29.29=43.43率0.36數(shù)損臺不僅在市場占有率上處于領(lǐng)先地位，而且在銷售質(zhì)量管控和應(yīng)收賬款管控方面=0.2951=0.26021、2008年存貨周轉(zhuǎn)率=20446,860,095.30/[(575,796,786.29+9,717,272.17)/2]=63.35轉(zhuǎn)率=2140,233,327.50/75610488.12=28.31轉(zhuǎn)天數(shù)=360/28.31=12.72貴州茅臺庫存周轉(zhuǎn)率(次)ST通葡萄牙庫存周轉(zhuǎn)率(次)貴州茅臺庫存周轉(zhuǎn)天數(shù)5.681580.65折線圖顯示，貴州茅臺的庫存周轉(zhuǎn)率呈下降趨勢，變化不大。該指標一直在佳的主要原因是其庫存總量近年來大幅增加。一是由于貴州茅臺長期實行“饑餓營銷”的銷售策略，不僅增加產(chǎn)量，而且嚴格限制出貨數(shù)量；二是貴州茅臺庫存基酒量增加所致；等待。全球氣候異常導(dǎo)致內(nèi)陸地區(qū)各種自然災(zāi)害增多，嚴重影動性和獲取能力。9產(chǎn)周轉(zhuǎn)率(次)(次)ST通葡萄牙流動資產(chǎn)周轉(zhuǎn)期2.7622.59545.45上圖顯示：從以上數(shù)據(jù)可以看出，茅臺目前的資產(chǎn)周轉(zhuǎn)率較低，嚴重低于行業(yè)標準，主要是受庫存占用的影響。已拒絕。而且，從流動資產(chǎn)的周轉(zhuǎn)天數(shù)來看，一次周轉(zhuǎn)所需的天數(shù)在逐年增加，說明流動資產(chǎn)需要較長時間才能經(jīng)歷生產(chǎn)和銷售2008-2010年下降較快，說明企業(yè)流動資產(chǎn)利用存在問題，主要是因為越來越多的庫存積壓造成的影響，運營能力大打折扣。=113.96產(chǎn)周轉(zhuǎn)率(次)ST通葡萄牙固定資產(chǎn)周轉(zhuǎn)率(次)產(chǎn)周轉(zhuǎn)期ST通葡萄牙固定資產(chǎn)周轉(zhuǎn)期14.3099.8425.17113.4587.843.170.57113.96631.58上圖顯示，貴州茅臺的固定換手率呈下降趨勢，變化不大。一般而言，固定資產(chǎn)周轉(zhuǎn)率越高，企業(yè)固定資產(chǎn)利用越充分，固定資產(chǎn)投資合理，結(jié)構(gòu)合理，利用效 (44.68%)大于營業(yè)收入增速。ST同普呈明顯下降趨勢，變化幅度較大。說明固定資產(chǎn)使用效率低，提供的生，企業(yè)經(jīng)營能力薄弱。茅臺酒股份有限公司61.28周轉(zhuǎn)率(次)ST通葡萄牙總資產(chǎn)周轉(zhuǎn)率ST通葡萄牙總資產(chǎn)周轉(zhuǎn)期572.9754.96資本公積獎金獎金其他小計；業(yè)全部資產(chǎn)使用效率低，全部資產(chǎn)用于經(jīng)營的效果較差。最終會影響企業(yè)的獲取業(yè)應(yīng)采取多種措施提高資產(chǎn)利用率。這種變化增加或減少(+，-)發(fā)行新公發(fā)行新公積金股轉(zhuǎn)換股份總數(shù)943,800,000股份總數(shù)943,800,000.00法定盈余公積全部的1,585,666,147.401,585,666,147.402,176,754,189.472,176,754,189.47未分配利潤項目未分配利潤加：當年凈利潤可分配利潤減：提取法定盈余公積期末未分配利潤2010.12.3110,561,552,279.693,341,703,175.923,341,703,175.9213,903,255,455.612009.12.317,924,671,271.032,636,881,008.662,636,881,008.6610,561,552,279.69項目2010.12.315,339,761,496.972009.12.314,552,888,944.00所有者權(quán)益總額項目年初所有者權(quán)益加：今年增加2010.12.3114,651,565,394.213,897,824,300.412009.12.3111,503,418,295.953,148,147,098.26增值率=(年末所有者權(quán)益÷年初所有者權(quán)益)×100%=(18,549,389,694.62÷14,651,565,394.21)x100%126.6%增值率=(年末所有者權(quán)益÷年初所有者權(quán)益)×100%=(14,651,565,394.21÷11,503,418,295.95)x100%平均資本=[(年初實收資本+年初資本公積)+(年末實收資本+年末資本公積)]÷2=2318764415.72資本回報率=(凈利潤÷平均資本)×100%=(5,339,761,496.97÷2318764415.72)×100%=230.3%09__資本回報率=(凈利潤÷平均資本)×100%=(4,552,888,944.00÷2318764415.72)×100%=196.3%2010.12.312010.12.31-22,864,995.832009.12.31-37,890,749.75這這種變化增加或減少(+，-)發(fā)行新獎公積其小股金金他計轉(zhuǎn)換股票00140,000,000.140,000,000.股份總數(shù)2009.12.31本期增加2010.12.31權(quán)溢價285,556,580.48285,556,580.48285,556,580.48285,556,580.482009.12.31本期增加2010.12.317,152,184.777,152,184.77全部的7,152,184.777,152,184.772010.12.31-276,855,618.06-222010.12.31-276,855,618.06-22,864,995.83-299,720,613.892009.12.31-238,964,868.31-37,890,749.75-276,855,618.06加：當年凈利潤-299,720,613.89-276,855,618.06-299,720,