財(cái)務(wù)報(bào)告分析-以中科英華為例

...v.中科英華財(cái)務(wù)報(bào)表分析小組成員：蘇小平石志霜目錄：TOC\o"1-3"\h\u中科英華財(cái)務(wù)報(bào)表分析⑤2011年3月23日，公司2011年度第一期短期融資券已按照相關(guān)程序在全國(guó)銀行間債券市場(chǎng)公開(kāi)發(fā)行完畢。此次發(fā)行總額為4億元人民幣，期限365天，每X面值100元，發(fā)行利率為5.25%。主承銷商為中國(guó)民生銀行股份XX。起息日為2011年3、資產(chǎn)負(fù)債表12345會(huì)計(jì)年度2006-12-312007-12-312008-12-312009-12-312010-12-31貨幣資金107,511,573.47287,724,812.73483,491,422.43259,338,872.771,216,746,772.08應(yīng)收票據(jù)34,304,943.7541,434,485.7669,216,199.5083,825,462.6398,140,675.58應(yīng)收賬款136,542,456.98120,532,362.96127,370,256.49145,055,644.62254,679,190.29預(yù)付款項(xiàng)43,846,985.91282,997,849.89806,361,700.77714,680,223.611,105,588,706.13其他應(yīng)收款60,569,870.9641,050,134.8225,045,344.9829,606,246.1820,976,548.36存貨141,706,770.00173,204,857.09160,189,784.83172,307,690.47372,840,859.64一年內(nèi)到期的非流動(dòng)資產(chǎn)037,142.57000其他流動(dòng)資產(chǎn)318,637.610000流動(dòng)資產(chǎn)合計(jì)524,801,238.68946,981,645.821,671,674,709.001,404,814,140.283,068,972,752.08長(zhǎng)期應(yīng)收款0040,000,000.0040,000,000.0040,000,000.00長(zhǎng)期股權(quán)投資177,126,566.34145,443,560.50156,184,256.07173,612,897.78232,986,597.05固定資產(chǎn)336,821,315.00366,972,472.13336,710,662.06431,135,145.401,088,141,449.26在建工程101,033,232.024,460,794.2359,216,499.15476,602,122.32216,570,150.82工程物資38,343,722.000015,210.460油氣資產(chǎn)0178,983,205.82178,262,555.56267,388,907.47257,345,701.50無(wú)形資產(chǎn)11,027,942.4629,252,966.9354,056,427.84108,446,497.05122,989,414.11開(kāi)發(fā)支出04,523,267.716,645,095.7817,443,456.9022,184,704.58商譽(yù)008,950,156.3110,340,645.589,609,353.03長(zhǎng)期待攤費(fèi)用148,571.2100851,328.001,341,660.80遞延所得稅資產(chǎn)012,557,502.137,281,295.957,702,344.107,872,002.43其他非流動(dòng)資產(chǎn)067,445,818.1360,042,139.5252,693,348.5245,344,557.53非流動(dòng)資產(chǎn)合計(jì)664,501,349.03809,639,587.58907,349,088.241,586,231,903.582,044,385,591.11資產(chǎn)總計(jì)1,189,302,587.711,756,621,233.402,579,023,797.242,991,046,043.865,113,358,343.19短期借款186,500,000.00380,700,000.00449,500,000.00366,000,000.00514,000,000.00應(yīng)付票據(jù)57,815,675.0040,000,000.0010,960,000.0050,622,930.65465,000,000.00應(yīng)付賬款38,592,437.4781,611,557.01106,153,915.13155,089,446.77257,210,554.41預(yù)收款項(xiàng)4,968,748.1119,185,264.4125,632,211.4216,027,435.3062,571,369.23應(yīng)付職工薪酬2,921,350.371,379,658.621,726,917.342,518,156.374,226,844.14應(yīng)交稅費(fèi)22,896,790.0138,400,329.8517,463,722.23-8,057,140.12-55,170,107.76應(yīng)付利息00000應(yīng)付股利789,576.960.440.4400其他應(yīng)付款6,242,471.7825,143,866.2337,452,711.1523,112,175.7158,355,766.62一年內(nèi)到期的非流動(dòng)負(fù)債10,000,000.00015,000,000.0053,470,000.00125,850,250.00其他流動(dòng)負(fù)債353,300.19000400,000,000.00流動(dòng)負(fù)債合計(jì)331,080,349.89586,420,676.56663,889,477.71658,783,004.681,832,044,676.64長(zhǎng)期借款13,000,000.0010,640,000.00373,024,417.60690,614,310.00983,611,750.00專項(xiàng)應(yīng)付款551,668.2015,000.00030,794,000.00850,000.00預(yù)計(jì)負(fù)債024,820,030.5626,389,940.3432,896,622.5035,343,837.34遞延所得稅負(fù)債029,102,930.7233,234,175.6830,598,049.379,826,916.22其他非流動(dòng)負(fù)債0200,000.003,200,000.006,200,000.0043,275,810.70非流動(dòng)負(fù)債合計(jì)13,551,668.2064,777,961.28435,848,533.62791,102,981.871,072,908,314.26負(fù)債合計(jì)344,632,018.09651,198,637.841,099,738,011.331,449,885,986.552,904,952,990.90實(shí)收資本〔或股本〕334,123,794.00651,541,398.00677,541,398.001,016,312,097.001,150,312,097.00資本公積191,985,029.3038,270,029.18441,283,758.73102,866,635.95713,472,785.10盈余公積105,864,719.5565,477,837.3366,668,971.4266,668,971.4267,747,690.77減：庫(kù)存股00000未分配利潤(rùn)146,752,679.2392,548,985.01127,226,025.45133,382,870.03121,587,692.50少數(shù)股東權(quán)益65,281,920.24258,716,927.19168,238,937.30223,621,243.39159,520,231.91外幣報(bào)表折算價(jià)差662,427.30-1,132,581.15-1,673,304.99-1,691,760.48-4,235,144.99歸屬母公司所有者權(quán)益〔或股東權(quán)益〕779,388,649.38846,705,668.371,311,046,848.611,317,538,813.922,048,885,120.38所有者權(quán)益〔或股東權(quán)益〕合計(jì)844,670,569.621,105,422,595.561,479,285,785.911,541,160,057.312,208,405,352.29負(fù)債和所有者〔或股東權(quán)益〕合計(jì)1,189,302,587.711,756,621,233.402,579,023,797.242,991,046,043.865,113,358,343.19根據(jù)圖表對(duì)資產(chǎn)負(fù)債表進(jìn)展初步分析圖表分析〔圖一〕〔圖二〕〔圖三〕〔圖四〕〔圖五〕〔圖六〕〔圖七〕〔圖八〕分析小結(jié)〔圖一〕到〔圖八〕是由資產(chǎn)負(fù)債表分析所得。由表格及圖中可以看出，從06年到10年這五年里，無(wú)論是資產(chǎn)還是負(fù)債和所有者權(quán)益，都呈現(xiàn)上升趨勢(shì)。在〔圖一〕中，存貨量以及應(yīng)收賬款穩(wěn)步上升，波動(dòng)不大。貨幣資金與流動(dòng)資產(chǎn)呈現(xiàn)出相似的波動(dòng)，在09年出現(xiàn)轉(zhuǎn)折，均低于08年和10年，流動(dòng)性相比擬低。在〔圖二〕中，可以看出無(wú)形資產(chǎn)以及長(zhǎng)期股權(quán)投資呈現(xiàn)穩(wěn)步增長(zhǎng)，起伏不大。在建工程在09年的量突然增增高，明顯高于其他年度。固定資產(chǎn)和非流動(dòng)資產(chǎn)呈現(xiàn)一樣的增長(zhǎng)趨勢(shì)，并且固定資產(chǎn)在10年增長(zhǎng)幅度很大，非流動(dòng)資產(chǎn)09年增長(zhǎng)幅度較大。在〔圖四〕中，應(yīng)付職工薪酬處于平穩(wěn)狀態(tài)，應(yīng)付賬款根本呈現(xiàn)勻速增長(zhǎng)。短期借款09年有所減少，低于前后兩年。流動(dòng)負(fù)債在06至09年處與緩慢增長(zhǎng)狀態(tài)，在09到10年大幅度增長(zhǎng)。由〔圖五〕可見(jiàn)，長(zhǎng)期負(fù)債以及非流動(dòng)負(fù)債的增長(zhǎng)趨勢(shì)根本一致，均是在07年以后直線增長(zhǎng)。在〔圖七〕中，盈余公積和未分配利潤(rùn)變化不大，實(shí)收資本穩(wěn)步增長(zhǎng)，資本公積波動(dòng)較大，07年和09年較少，在08年和10年接近、超過(guò)了500,000,000。所有者權(quán)益呈現(xiàn)增長(zhǎng)狀態(tài)，由于09年資本公積很少，所以08至09年期間，所有者權(quán)益的增長(zhǎng)平緩。根據(jù)重大事項(xiàng)對(duì)資產(chǎn)負(fù)債表進(jìn)展進(jìn)一步分析08年，被屢次認(rèn)定為高新技術(shù)企業(yè)；09年收購(gòu)世新泰德投資參謀XX，收購(gòu)創(chuàng)亞動(dòng)力電池研發(fā)XX，收購(gòu)XX市正源石油開(kāi)發(fā)XX公司50%的股權(quán)，收購(gòu)國(guó)福華清新能源產(chǎn)業(yè)投資XX，一系列的收購(gòu)對(duì)公司持續(xù)經(jīng)營(yíng)能力和產(chǎn)業(yè)開(kāi)展有積極的影響。10年本公司全資子公司聯(lián)合銅箔〔XX〕XX與其他5家公司合資發(fā)起設(shè)立中融人壽保險(xiǎn)股份XX，股權(quán)構(gòu)造發(fā)生改變；公司向戰(zhàn)略投資者西部礦業(yè)集團(tuán)XX非公開(kāi)發(fā)行限售股份于2011年24、利潤(rùn)表12345會(huì)計(jì)年度2006-12-312007-12-312008-12-312009-12-312010-12-31一、營(yíng)業(yè)收入546,469,026.57629,657,530.30896,660,155.60717,097,957.021,124,801,700.45減：營(yíng)業(yè)本錢347,004,698.45411,715,667.84638,607,649.03577,192,706.39905,312,283.50營(yíng)業(yè)稅金及附加4,548,145.174,173,193.605,352,511.794,158,968.554,277,847.62銷售費(fèi)用9,194,421.1110,564,382.8325,020,606.4821,069,282.1341,838,699.42管理費(fèi)用55,476,439.7071,962,289.31110,574,097.9872,469,381.42110,204,444.64財(cái)務(wù)費(fèi)用11,812,460.1922,099,281.0127,687,137.2221,135,866.9330,895,364.88資產(chǎn)減值損失0-7,065,984.327,624,368.47-5,053,967.3011,442,374.63投資收益21,569,619.5046,609,833.2627,116,882.39-4,919,770.955,865,778.42其中：對(duì)聯(lián)營(yíng)企業(yè)和合營(yíng)企業(yè)的投資收益053,521,863.1822,342,760.87-371,334.374,189,358.74影響營(yíng)業(yè)利潤(rùn)的其他科目230,615.460000二、營(yíng)業(yè)利潤(rùn)140,233,096.91162,818,533.29108,910,667.0221,205,947.9526,696,464.18加：補(bǔ)貼收入55,763.000000營(yíng)業(yè)外收入2,633.202,535,298.431,683,135.519,247,759.366,662,751.02減：營(yíng)業(yè)外支出1,396,125.542,916,820.40951,823.15598,993.051,221,426.25其中：非流動(dòng)資產(chǎn)處置凈損失0658,126.59493,301.7145,852.77708,234.03三、利潤(rùn)總額138,895,367.57162,437,011.32109,641,979.3829,854,714.2632,137,788.95減：所得稅38,250,515.7553,048,370.4233,790,477.4610,940,730.10-2,884,473.46四、凈利潤(rùn)100,644,851.82109,388,640.9075,851,501.9218,913,984.1635,022,262.41歸屬于母公司所有者的凈利潤(rùn)59,376,174.1175,396,562.5538,325,461.656,156,844.5829,936,025.70少數(shù)股東損益41,268,677.7133,992,078.3537,526,040.2712,757,139.585,086,236.71〔一〕根本每股收益00.120.060.010.03〔二〕稀釋每股收益00.120.060.010.031〕根據(jù)圖表對(duì)資產(chǎn)負(fù)債表進(jìn)展初步分析圖表分析〔圖九〕〔圖十〕〔圖十一〕〔圖十二〕分析小結(jié)〔圖九〕到〔圖十二〕是由利潤(rùn)表分析所得。由表格及圖中可以看出，在〔圖九〕中營(yíng)業(yè)收入和營(yíng)業(yè)本錢均在上升，呈現(xiàn)出一樣趨勢(shì)，09年的量較前后兩年都要少些。在〔圖十〕中管理費(fèi)用在09年大為減少，財(cái)務(wù)費(fèi)用、銷售費(fèi)用的曲線也呈現(xiàn)向下曲折的形態(tài)。在〔圖十一〕中總利潤(rùn)和營(yíng)業(yè)利潤(rùn)的曲線幾乎重合，營(yíng)業(yè)外收入和營(yíng)業(yè)外支出波動(dòng)不大。在〔圖十二〕中凈利潤(rùn)呈現(xiàn)大幅度下滑，09年到達(dá)最低點(diǎn)，10年有所上升。2〕根據(jù)重大事項(xiàng)對(duì)利潤(rùn)表進(jìn)展進(jìn)一步分析公司于2007年6月11日與XX環(huán)球宇斯浦投資控股XX協(xié)商，以37.5萬(wàn)元/畝的價(jià)格轉(zhuǎn)讓上述28畝土地。2007年9月，公司將持有的中科XX科技谷XX5%股權(quán)轉(zhuǎn)讓給XX證大置業(yè)XX，轉(zhuǎn)讓金額1050萬(wàn)元，該資產(chǎn)的帳面價(jià)值為1000萬(wàn)元。08年的一些收購(gòu)購(gòu)置事項(xiàng)使得公司在07、08年的利潤(rùn)呈下滑趨勢(shì)。但經(jīng)過(guò)運(yùn)行，到2009、2010年時(shí)，公司的利潤(rùn)又有所上升。5、現(xiàn)金流量表12345報(bào)告年度2006-12-312007-12-312008-12-312009-12-312010-12-31一、經(jīng)營(yíng)活動(dòng)產(chǎn)生的現(xiàn)金流量銷售商品、提供勞務(wù)收到的現(xiàn)金616,236,615.79648,028,663.961,001,179,331.46800,332,654.191,197,788,294.22收到的稅費(fèi)返還531,343.78975,388.25642,279.81539,666.56902,301.12收到其他與經(jīng)營(yíng)活動(dòng)有關(guān)的現(xiàn)金52,977,158.9368,208,671.57183,238,060.4537,173,491.9591,712,533.45經(jīng)營(yíng)活動(dòng)現(xiàn)金流入小計(jì)669,745,118.50717,212,723.781,185,059,671.72838,045,812.701,290,403,128.79購(gòu)置商品、承受勞務(wù)支付的現(xiàn)金349,272,269.51458,598,230.09727,676,356.36601,719,085.22909,610,447.68支付給職工以及為職工支付的現(xiàn)金24,645,802.6732,977,062.5153,698,942.6055,147,506.1972,727,920.32支付的各項(xiàng)稅費(fèi)115,100,736.59103,749,193.10151,827,558.6259,120,186.8086,368,313.43支付其他與經(jīng)營(yíng)活動(dòng)有關(guān)的現(xiàn)金58,087,672.3421,869,232.0982,910,095.77109,533,531.93104,580,577.33經(jīng)營(yíng)活動(dòng)現(xiàn)金流出小計(jì)547,106,481.11617,193,717.791,016,112,953.35825,520,310.141,173,287,258.76經(jīng)營(yíng)活動(dòng)產(chǎn)生的現(xiàn)金流量?jī)纛~122,638,637.39100,019,005.99168,946,718.3712,525,502.56117,115,870.03二、投資活動(dòng)產(chǎn)生的現(xiàn)金流量收回投資收到的現(xiàn)金34,954,640.0342,200,000.00016,251,000.00109,929,889.00取得投資收益收到的現(xiàn)金00014,665,644.6969,800.00處置固定資產(chǎn)、無(wú)形資產(chǎn)和其他長(zhǎng)期資產(chǎn)收回的現(xiàn)金凈額43,054.2910,039,168.131,828,843.93802,439.175,066,158.24處置子公司及其他營(yíng)業(yè)單位收到的現(xiàn)金凈額00172,510,825.4900收到其他與投資活動(dòng)有關(guān)的現(xiàn)金6,892,164.15268,352.043,700,000.004,929,944.236,781,000.00投資活動(dòng)現(xiàn)金流入小計(jì)41,889,858.4752,507,520.17178,039,669.4236,649,028.09121,846,847.24購(gòu)建固定資產(chǎn)、無(wú)形資產(chǎn)和其他長(zhǎng)期資產(chǎn)支付的現(xiàn)金43,216,478.14229,027,617.15720,523,655.85358,100,588.93587,389,760.73投資支付的現(xiàn)金98,149,376.431,556,419.55185,859,300.0057,200,000.00538,322,985.00取得子公司及其他營(yíng)業(yè)單位支付的現(xiàn)金凈額0042,274,550.73103,548,317.430支付其他與投資活動(dòng)有關(guān)的現(xiàn)金1,431.20040,000,000.0000投資活動(dòng)現(xiàn)金流出小計(jì)141,367,285.77230,584,036.70988,657,506.58518,848,906.361,125,712,745.73投資活動(dòng)產(chǎn)生的現(xiàn)金流量?jī)纛~-99,477,427.30-178,076,516.53-810,617,837.16-482,199,878.27-1,003,865,898.49三、籌資活動(dòng)產(chǎn)生的現(xiàn)金流量吸收投資收到的現(xiàn)金0130,000,000.00446,460,000.009,547,474.00771,900,000.00取得借款收到的現(xiàn)金202,500,000.00380,700,000.00888,563,925.20808,420,856.001,089,425,695.00收到其他與籌資活動(dòng)有關(guān)的現(xiàn)金00030,200,000.00400,000.00籌資活動(dòng)現(xiàn)金流入小計(jì)202,500,000.00510,700,000.001,335,023,925.20848,168,330.002,260,125,695.00歸還債務(wù)支付的現(xiàn)金193,500,000.00198,860,000.00446,380,000.00535,680,000.00564,470,000.00分配股利、利潤(rùn)或償付利息支付的現(xiàn)金29,992,926.0523,320,226.9347,055,568.6560,224,133.45126,770,716.04支付其他與籌資活動(dòng)有關(guān)的現(xiàn)金4,049,000.0007,668,440.793,349,212.3313,548,116.25籌資活動(dòng)現(xiàn)金流出小計(jì)227,541,926.05222,180,226.93501,104,009.44599,253,345.78704,788,832.29籌資活動(dòng)產(chǎn)生的現(xiàn)金流量?jī)纛~-25,041,926.05288,519,773.07833,919,915.76248,914,984.221,555,336,862.71四、匯率變動(dòng)對(duì)現(xiàn)金的影響-135,515.26-249,023.27-1,005,564.6791,217.33-645,934.94四(2)、其他原因?qū)ΜF(xiàn)金的影響00000五、現(xiàn)金及現(xiàn)金等價(jià)物凈增加額-2,016,231.22210,213,239.26191,243,232.30-220,668,174.16667,940,899.31期初現(xiàn)金及現(xiàn)金等價(jià)物余額79,527,804.6977,511,573.47287,724,812.73478,968,045.03258,299,870.87期末現(xiàn)金及現(xiàn)金等價(jià)物余額77,511,573.47287,724,812.73478,968,045.03258,299,870.87926,240,770.18附注：1、將凈利潤(rùn)調(diào)節(jié)為經(jīng)營(yíng)活動(dòng)現(xiàn)金流量?jī)衾麧?rùn)100,644,851.82109,388,640.9075,851,501.9218,913,984.1635,022,262.41加：資產(chǎn)減值準(zhǔn)備7,029,839.46-7,065,984.327,635,578.01-5,053,967.3011,442,374.63固定資產(chǎn)折舊、油氣資產(chǎn)折耗、生產(chǎn)性生物資產(chǎn)折舊37,586,113.2146,192,005.3959,606,449.4968,520,190.9587,722,282.91無(wú)形資產(chǎn)攤銷1,091,772.281,240,539.001,481,383.293,242,635.184,696,418.24長(zhǎng)期待攤費(fèi)用攤銷111,428.64135,743.02215,685.57369,440.12212,832.00處置固定資產(chǎn)、無(wú)形資產(chǎn)和其他長(zhǎng)期資產(chǎn)的損失509,539.62-1,179,941.5357,298.57-162,276.52567,648.42固定資產(chǎn)報(bào)廢損失00126,273.03015,200.15財(cái)務(wù)費(fèi)用10,845,118.0723,176,089.7833,195,944.7124,766,177.5830,489,865.92投資損失-21,569,619.50-46,609,833.26-27,116,882.394,919,770.95-5,865,778.42遞延所得稅資產(chǎn)減少0-169,276.242,853,075.19867,576.22-169,658.33遞延所得稅負(fù)債增加014,042,866.125,328,202.13-2,636,126.31-20,771,133.15存貨的減少-27,827,812.49-31,793,282.22-28,920,289.3316,944,563.61-202,308,658.33經(jīng)營(yíng)性應(yīng)收工程的減少24,452,217.80-129,645,855.17-65,810,921.22-45,608,934.68-118,214,598.46經(jīng)營(yíng)性應(yīng)付工程的增加-10,706,315.00122,307,294.52104,443,419.40-72,557,531.40294,276,812.04其他471,503.480000經(jīng)營(yíng)活動(dòng)產(chǎn)生的現(xiàn)金流量?jī)纛~2122,638,637.39100,019,005.99168,946,718.3712,525,502.56117,115,870.033、現(xiàn)金及現(xiàn)金等價(jià)物凈變動(dòng)情況現(xiàn)金的期末余額77,511,573.47287,724,812.73478,968,045.03258,299,870.87926,240,770.18減：現(xiàn)金的期初余額79,527,804.6977,511,573.47287,724,812.73478,968,045.03258,299,870.87現(xiàn)金及現(xiàn)金等價(jià)物凈增加額-2,016,231.22210,213,239.26191,243,232.30-220,668,174.16667,940,899.311〕根據(jù)圖表對(duì)資產(chǎn)負(fù)債表進(jìn)展初步分析圖表分析〔圖十三〕〔圖十四〕〔圖十五〕〔圖十六〕〔圖十七〕〔圖十八〕〔圖十九〕〔圖二十〕〔圖二十一〕分析小結(jié)〔圖十三〕到〔圖二十一〕是由現(xiàn)金流量表所得。由表格及圖中可以看出，在〔圖十三〕中銷售商品、提供勞務(wù)收到的現(xiàn)金與經(jīng)營(yíng)活動(dòng)現(xiàn)金流入的曲線呈現(xiàn)一樣的趨勢(shì)，09年大為減少，收到其他與經(jīng)營(yíng)活動(dòng)有關(guān)的現(xiàn)金變化不大，但09年有所減少。在〔圖十四〕中經(jīng)營(yíng)活動(dòng)現(xiàn)金流出和購(gòu)置商品、承受勞務(wù)支付的現(xiàn)金呈現(xiàn)正相關(guān)，其曲線09年都向下彎曲。支付給職工以及為職工支付的現(xiàn)金和支付其他與經(jīng)營(yíng)活動(dòng)有關(guān)的現(xiàn)金變化不大呈上升趨勢(shì)，但所占比重不大。在〔圖十五〕中經(jīng)營(yíng)活動(dòng)產(chǎn)生的現(xiàn)金流量?jī)纛~07年、09年都較前后兩年少，09年大為下降。在〔圖十六〕中投資活動(dòng)現(xiàn)金流入和收回投資收到的現(xiàn)金在06、07年以及09、10年呈現(xiàn)正相關(guān)，曲線走向趨勢(shì)一樣。在08年投資活動(dòng)現(xiàn)金流入遠(yuǎn)多余其他年份。而收回投資收到的現(xiàn)金在08年卻為0。處置固定資產(chǎn)、無(wú)形資產(chǎn)和其他長(zhǎng)期資產(chǎn)收回的現(xiàn)金凈額以及收到其他與投資活動(dòng)有關(guān)的現(xiàn)金變化不大，所占比重也不大。在〔圖十七〕中投資支付的現(xiàn)金07和09年較少，投資活動(dòng)現(xiàn)金流出與購(gòu)建固定資產(chǎn)、無(wú)形資產(chǎn)和其他長(zhǎng)期資產(chǎn)支付的現(xiàn)金都是06到08年呈上升趨勢(shì)，08到09年有所減少，09到10年又有所增多。在〔圖十八〕中投資活動(dòng)產(chǎn)生的現(xiàn)金流量?jī)纛~呈不多增多的趨勢(shì)，但09年較前后兩年少。在〔圖十九中〕取得借款收到的現(xiàn)金06到08年增長(zhǎng)較大，08到10年增長(zhǎng)平緩?；I資活動(dòng)現(xiàn)金流入總體上升，但09年較少，數(shù)量幾乎與取得借款收到的現(xiàn)金一樣。在〔圖二十〕中籌資活動(dòng)現(xiàn)金流出和歸還債務(wù)支付的現(xiàn)金趨勢(shì)一樣，06到07年變化較小，07到08年大幅度上升，08到10年勻速增長(zhǎng)。歸還債務(wù)支付的現(xiàn)金占籌資活動(dòng)現(xiàn)金流出比重大。在〔圖二十一〕中籌資活動(dòng)產(chǎn)生的現(xiàn)金流量?jī)纛~由06年的負(fù)數(shù)轉(zhuǎn)正并不斷增長(zhǎng)，籌資現(xiàn)金流量為正。但09年較少。根據(jù)重大事項(xiàng)對(duì)現(xiàn)金流量表進(jìn)展進(jìn)一步分析在中科英華的各項(xiàng)現(xiàn)金流量中，其投資活動(dòng)值得注意，07年投資組建中科XX科技谷XX，08年完成向西部礦業(yè)集團(tuán)XX購(gòu)置XX西礦聯(lián)合銅箔XX40%的股權(quán)，09年達(dá)成一些列收購(gòu)協(xié)議?？梢?jiàn)中科英華的投資比擬活潑。其籌資活動(dòng)，增發(fā)債券可以反映出，10年籌資現(xiàn)金量量大增。在經(jīng)營(yíng)活動(dòng)方面，銷售商品、提供勞務(wù)收到的現(xiàn)金與經(jīng)營(yíng)活動(dòng)現(xiàn)金流入的曲線呈現(xiàn)一樣的趨勢(shì)，09年大為減少。表達(dá)中科英華在經(jīng)營(yíng)方面的管理不夠好。6、比率分析各年度各項(xiàng)比率總攬12345會(huì)計(jì)年度2006-12-312007-12-312008-12-312009-12-312010-12-31債務(wù)狀況流動(dòng)比率1.591.612.522.131.68速動(dòng)比率1.161.322.281.871.47現(xiàn)金比率0.320.490.730.390.66權(quán)益負(fù)債比率2.261.31.190.910.71長(zhǎng)期資產(chǎn)適合率00.890.520.750.65流動(dòng)資產(chǎn)對(duì)負(fù)債總額比率1.521.451.520.971.06不良債權(quán)比率00.530.730.680.67存貨流動(dòng)負(fù)債比率〔對(duì)金融企業(yè)無(wú)意義〕0.430.30.240.260.2債務(wù)償付比率11.21.080.891.22負(fù)債構(gòu)造比率09.051.520.831.71壞帳備抵率00.180.120.10清算價(jià)值比率3.452.652.31.991.72營(yíng)運(yùn)資產(chǎn)與總資產(chǎn)的比率0.160.210.390.250.24現(xiàn)金與總資產(chǎn)的比率0.090.160.190.090.24獲利能力凈資產(chǎn)收益率0.080.090.0300.01總資產(chǎn)收益率0.050.040.0100.01資本金收益率0.180.120.060.010.03主營(yíng)業(yè)務(wù)利潤(rùn)率00.260.120.030.02主營(yíng)收入毛利潤(rùn)率(金融企業(yè)指標(biāo)名稱變化〕0.370.350.290.20.2主營(yíng)收入稅前利潤(rùn)率(金融企業(yè)指標(biāo)名稱變化〕0.180.20.080.020.02主營(yíng)收入稅后利潤(rùn)率(金融企業(yè)指標(biāo)名稱變化〕0.110.120.040.010.03扣除非經(jīng)常損益后的凈利潤(rùn)率0.120.120.0400.02營(yíng)業(yè)利潤(rùn)率-0.140.260.120.030.02營(yíng)業(yè)比率0.650.650.710.80.8本錢費(fèi)用利潤(rùn)率0.330.310.140.040.03銷售期間費(fèi)用率0.120.170.180.160.16非經(jīng)常性損益比率-0.0500.010.190.16收益留存比率02.15.0632.496.32運(yùn)營(yíng)能力應(yīng)收帳款周轉(zhuǎn)率5.044.97.235.265.63應(yīng)收帳款回收期(天)〔對(duì)金融企業(yè)無(wú)意義〕71.3873.4949.7768.3863.97流動(dòng)資產(chǎn)周轉(zhuǎn)率1.110.860.680.470.5固定資產(chǎn)周轉(zhuǎn)率〔對(duì)金融企業(yè)無(wú)意義〕01.792.551.871.48存貨周轉(zhuǎn)率〔對(duì)金融企業(yè)無(wú)意義〕2.742.613.833.473.32存貨銷售期(天)〔對(duì)金融企業(yè)無(wú)意義〕131.61137.6893.97103.69108.39總資產(chǎn)周轉(zhuǎn)率(金融企業(yè)指標(biāo)名稱變化〕0.480.430.410.260.28凈資產(chǎn)周轉(zhuǎn)率0.370.770.830.550.67主營(yíng)利潤(rùn)比重010.990.710.83流動(dòng)資產(chǎn)對(duì)總資產(chǎn)的比率0.440.540.650.470.6財(cái)務(wù)能力資產(chǎn)負(fù)債率0.290.370.430.480.57資本化比率00.070.250.380.34資本固定化比率0.850.960.691.21資本周轉(zhuǎn)率00000固定資產(chǎn)與長(zhǎng)期負(fù)債率05.670.770.551.01固定資產(chǎn)與股東權(quán)益比率00.430.260.330.53權(quán)益系數(shù)1.532.071.972.272.5長(zhǎng)期負(fù)債比率(6)00.040.170.260.21產(chǎn)權(quán)比率0.440.770.841.11.42凈值與負(fù)債比率2.261.31.190.910.71凈值與固定資產(chǎn)比率02.313.893.061.88有形資產(chǎn)凈值債務(wù)率0.440.80.871.21.51股東權(quán)益比率0.660.480.510.440.4成長(zhǎng)能力主營(yíng)業(yè)務(wù)增長(zhǎng)率0.890.150.42-0.20.57應(yīng)收款項(xiàng)增長(zhǎng)率-0.76-0.050.210.160.54凈利潤(rùn)增長(zhǎng)率0.920.27-0.49-0.843.86固定資產(chǎn)投資擴(kuò)X率00.09-0.080.281.52總資產(chǎn)擴(kuò)X率0.090.480.470.160.71每股收益增長(zhǎng)率0.92-0.35-0.51-0.893.3凈資產(chǎn)增長(zhǎng)率(%)0.10.090.5500.56現(xiàn)金流量每股經(jīng)營(yíng)現(xiàn)金凈流量(元)0.370.150.250.010.1資產(chǎn)的經(jīng)營(yíng)現(xiàn)金流量回報(bào)率(%)0.10.060.0700.02凈利潤(rùn)現(xiàn)金含量2.072.794.99022.31經(jīng)營(yíng)現(xiàn)金凈流量對(duì)負(fù)債的比率0.360.150.150.010.04經(jīng)營(yíng)活動(dòng)產(chǎn)生的現(xiàn)金凈流量增長(zhǎng)率2.05-0.180.69-0.938.35營(yíng)業(yè)活動(dòng)收益質(zhì)量-1.60.611.550.594.39主營(yíng)業(yè)務(wù)現(xiàn)金比率0.220.160.190.020.1現(xiàn)金流量構(gòu)造比率-60.830.480.88-0.060.18單股指標(biāo)每股凈資產(chǎn)2.331.31.941.31.78調(diào)整后每股凈資產(chǎn)2.31.291.9300每股收益0.180.120.060.010.03扣除非經(jīng)常損益的每股收益0.20.110.0600.02每股主營(yíng)收入1.640.971.320.710.98每股經(jīng)營(yíng)活動(dòng)產(chǎn)生的現(xiàn)金流量?jī)纛~0.370.150.250.010.1每股資本公積0.570.060.650.10.62債務(wù)狀況分析20062007200820092010流動(dòng)資產(chǎn)合計(jì)524,801,238.68946,981,645.821,671,674,709.001,404,814,140.283,068,972,752.08流動(dòng)負(fù)債合計(jì)331,080,349.89586,420,676.56663,889,477.71658,783,004.681,832,044,676.64流動(dòng)比率1.5851174461.6148503692.5180015122.1324383451.675162615流動(dòng)比率=流動(dòng)資產(chǎn)/流動(dòng)負(fù)債20062007200820092010流動(dòng)資產(chǎn)合計(jì)524,801,238.68946,981,645.821,671,674,709.001,404,814,140.283,068,972,752.08流動(dòng)負(fù)債合計(jì)331,080,349.89586,420,676.56663,889,477.71658,783,004.681,832,044,676.64存貨141,706,770.00173,204,857.09160,189,784.83172,307,690.47372,840,859.64速動(dòng)比率1.1571042161.3194909722.2767116741.8708837981.471651825從上表可以看出，中科英華的流動(dòng)比率從06到10年呈現(xiàn)先上升再下降的趨勢(shì)，在06到08年短期償債能力不斷增強(qiáng)，08到10年短期償債能力有所下降，在08、09兩年流動(dòng)比率超過(guò)一般認(rèn)為的生產(chǎn)型公司合理的最低流動(dòng)比率2，說(shuō)明在這兩年中，中科英華不能償債的風(fēng)險(xiǎn)最小。速動(dòng)比率=〔流動(dòng)資產(chǎn)—存貨〕/流動(dòng)負(fù)債在上表中，速動(dòng)比率也呈現(xiàn)先上升再下降的趨勢(shì)，在速動(dòng)比率中，各年數(shù)據(jù)均大于通常認(rèn)為正常的的速動(dòng)比率值1，最高是08年接近到達(dá)2.3，其次是09年接近到達(dá)1.9，可見(jiàn)中科英華短期償債能力十分強(qiáng)。在資本市場(chǎng)上，通過(guò)負(fù)債融資能獲得開(kāi)展資金的可能性更大。所以中科英華的開(kāi)展資金不成問(wèn)題。流動(dòng)比率與速動(dòng)比率之差0.428013230.2953593960.2412898380.2615545470.20351079再由上表中流動(dòng)比率與速動(dòng)比率之差可以看出，中科英華存貨所占流動(dòng)資產(chǎn)的比重不大，可見(jiàn)中科英華的存貨囤積較少，也反映出其銷售能力較強(qiáng)?，F(xiàn)金比率0.320.490.730.390.66現(xiàn)金比率=〔現(xiàn)金+有價(jià)證券〕/流動(dòng)負(fù)債現(xiàn)金比率是速動(dòng)資產(chǎn)扣除應(yīng)收帳款后的余額與流動(dòng)負(fù)債的比率。速動(dòng)資產(chǎn)扣除應(yīng)收帳款后計(jì)算出來(lái)的金額，最能反映企業(yè)直接償付流動(dòng)負(fù)債的能力。現(xiàn)金比率一般認(rèn)為20%以上為好。上表中我們可以看出，中科英華的現(xiàn)金比率均高于0.2，所以其償付流動(dòng)負(fù)債的能力強(qiáng)。但這一比率過(guò)高，就意味著企業(yè)流動(dòng)負(fù)債未能得到合理運(yùn)用，在08年和10年分別到達(dá)了0.73和0.66，這樣使得中科英華的時(shí)機(jī)本錢增加。獲利能力分析凈資產(chǎn)收益率0.080.090.0300.01ROE=P/〔E0+NP÷2+Ei×Mi÷M0-Ej×Mj÷M0〕，其中：P為報(bào)告期利潤(rùn)；NP為報(bào)告期凈利潤(rùn)；E0為期初凈資產(chǎn)；Ei為報(bào)告期發(fā)行新股或債轉(zhuǎn)股等新增凈資產(chǎn)；Ej為報(bào)告期回購(gòu)或現(xiàn)金分紅等減少凈資產(chǎn)；M0為報(bào)告期月份數(shù)；Mi為新增凈資產(chǎn)下一月份起至報(bào)告期期末的月份數(shù)；Mj為減少凈資產(chǎn)下一月份起至報(bào)告期期末的月份數(shù)。凈資產(chǎn)收益率又稱股東權(quán)益收益率，是凈利潤(rùn)與平均股東權(quán)益的百分比，是公司稅后利潤(rùn)除以凈資產(chǎn)得到的百分比率，該指標(biāo)反映股東權(quán)益的收益水平，用以衡量公司運(yùn)用自有資本的效率。指標(biāo)值越高，說(shuō)明投資帶來(lái)的收益越高。07到10年凈資產(chǎn)收益率在不斷下降，可見(jiàn)中科英華獲利能力較弱?？傎Y產(chǎn)收益率0.050.040.0100.01總資產(chǎn)收益率＝凈利潤(rùn)/平均資產(chǎn)總額從上表計(jì)算所得數(shù)據(jù)可以看出，中科英華資產(chǎn)運(yùn)用效率比擬低，資金利用效果也比擬差，總資產(chǎn)收益率連年降低，表達(dá)其盈利的不是那么穩(wěn)定也不那么持久。也反映出其綜合經(jīng)