1、（一）魯抗醫(yī)藥近六年基本財(cái)務(wù)比率分析一 短期償債能力比率分析 1.流動比率=流動資產(chǎn)/流動負(fù)債流動資產(chǎn)流動負(fù)債流動比率2006746,610,386.99961,659,899.250.776376752007933,768,231.35989,865,751.130.9433281542008934,949,639.79972,648,936.230.9612405932009992,512,766.94890,068,659.271.1150968620101,488,435,324.321,315,259,223.761.13166689720111,629,193,952.131,59

2、9,830,2341.018354272分析：理論上速動比率應(yīng)在2:1，而該公司雖然流動比率自2006到2011持續(xù)增長，但仍未達(dá)到一般水平，表明企業(yè)財(cái)務(wù)狀況不夠穩(wěn)定，短期債務(wù)支付能力較差。2. 速動比率=速動資產(chǎn)/流動負(fù)債流動資產(chǎn)合計(jì)存貨流動負(fù)債 速動比率2006746,610,386.9923,040,696.51961,659,899.250.7524174512007933,768,231.35356,005,332.47989,865,751.130.5836780372008934,949,639.79446,180,748.51972,648,936.230.5025131612

3、009992,512,766.94361,903,794.75890,068,659.270.7084947520101,488,435,324.32475,370,244.991,315,259,223.760.77023985920111,629,193,952.13518,751,940.871,599,830,2340.694099904分析：2007年至2010年企業(yè)速動比率在波動中仍保持上漲，2011年略有下降。說明2007至2010企業(yè)短期債務(wù)支付壓力逐漸變小，發(fā)生債務(wù)的風(fēng)險(xiǎn)也逐漸降低。二 長期償債能力比率分析1. 資產(chǎn)負(fù)債率=負(fù)債總額/資產(chǎn)總額*100%負(fù)債總額資產(chǎn)總額資產(chǎn)負(fù)債

4、率20061,006,659,899.252,428,679,033.2741.45%20071,048,695,751.132,509,026,743.6341.80%20081,000,528,156.232,501,423,009.0840.00%2009841,175,808.522,340,323,940.8535.94%20101,247,141,672.763,025,123,083.6541.23%20111,591,339,464.263,481,294,378.1245.71%分析：一般情況下，該指標(biāo)的標(biāo)準(zhǔn)一般在50%左右，該企業(yè)資產(chǎn)負(fù)債率近六年基本在40%上下，低于標(biāo)準(zhǔn)水

5、平，說明該企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)較大。2. 產(chǎn)權(quán)比率=負(fù)債總額/所有者權(quán)益總額*100%負(fù)債總額所有者權(quán)益產(chǎn)權(quán)比率20061,006,659,899.251,421,339,490.8270.82%20071,048,695,751.131,460,330,992.5071.81%20081,000,528,156.231,500,894,852.8566.66%2009841,175,808.521,548,027,747.0554.34%20101,247,141,672.761,676,646,866.4774.38%20111,591,339,464.261,553,358,558.55102.

6、45%分析：一般認(rèn)為該指標(biāo)1:1最理想，而該企業(yè)2010年之前均低于標(biāo)準(zhǔn)，在2011年到平衡，說明企業(yè)長期債務(wù)支付能力較強(qiáng)。3. 有形凈值債務(wù)率=負(fù)債總額/（股東權(quán)益-無形資產(chǎn)凈值）*100%負(fù)債總額股東權(quán)益無形資產(chǎn)凈值有形凈值債務(wù)率20061,006,659,899.251,421,339,490.8250,608,278.880.73439627720071,048,695,751.131,460,330,992.5047,415,124.220.74222094520081,000,528,156.231,500,894,852.8561,378,599.770.695044712009

7、841,175,808.521,548,027,747.0558,249,840.910.56463168420101,247,141,672.761,676,646,866.4760,418,723.510.77163714720111,591,339,464.261,553,358,558.55115,149,890.361.106473281分析：2006-2010企業(yè)有形凈值債務(wù)率基本維持在70%，2011年上升，說明企業(yè)長期債務(wù)能力基本穩(wěn)定，2011年有所下降。三 營運(yùn)能力比率分析1. 應(yīng)收賬款周轉(zhuǎn)率=賒銷收入凈額/應(yīng)收賬款平均余額賒銷收入凈額期初應(yīng)收賬款期末應(yīng)收賬款應(yīng)收賬款周轉(zhuǎn)率2

8、0061,113,639,966.83367,039,868.57434,273,006.812.77953843320071,400,388,659.87353,869,097.82282,738,085.914.39953772320081,731,855,641.56239,563,017.69266,041,103.366.85063894620091,945,165,047.09264,185,216.37266,041,103.367.33711237920102,167,927,742.17264,185,216.37266,259,835.038.1739955420112,2

9、99,466,273.26266,259,835.03311,088,935.207.965605512分析：2006-2011企業(yè)應(yīng)收賬款周轉(zhuǎn)率逐步升高，說明企業(yè)賒銷收入資金回籠速度逐步加快，發(fā)生壞賬的可能性表笑，短期債務(wù)的償還能力增強(qiáng)。2. 存貨周轉(zhuǎn)率=銷售成本/存貨平均額銷售成本期初存貨期末存貨存貨周轉(zhuǎn)率20061,006,659,899.25251,873,110.25217,819,758.624.28646022120071,048,695,751.13217,819,758.62356,005,332.473.65510594620081,000,528,156.23380,86

10、7,995.86446,180,748.512.4195143592009841,175,808.52446,180,748.51361,903,794.752.08190050320101,247,141,672.76361,903,794.75475,370,244.992.97905252920111,591,339,464.26475,370,244.99518,751,940.873.201496731分析：2006-2011企業(yè)存貨周轉(zhuǎn)率有所下降，說明企業(yè)存貨周轉(zhuǎn)較慢，占用資金增多，一方面影響企業(yè)流動資金的周轉(zhuǎn)，同時(shí)企業(yè)的利潤率也變小。3. 營業(yè)周期=應(yīng)收賬款周轉(zhuǎn)天數(shù)=存貨周轉(zhuǎn)天應(yīng)

11、收賬款周轉(zhuǎn)天數(shù)存貨周轉(zhuǎn)天數(shù)營業(yè)周期2006129.517906983.98538221213.5032891200781.8267787898.49235709180.3191359200852.54984284148.7901895201.3400324200949.06562438172.9189265221.9845509201044.04210869120.8437906164.8858993201145.19430437112.4474051157.6417095分析：2006-2011企業(yè)營業(yè)周期逐漸變短，說明企業(yè)的資產(chǎn)利用效率提高，資產(chǎn)變現(xiàn)能力增強(qiáng)，財(cái)務(wù)風(fēng)險(xiǎn)降低 ，債務(wù)支付能力增

12、強(qiáng)，盈利水平提高。4.流動資產(chǎn)周轉(zhuǎn)率=銷售收入/平均流動資產(chǎn)總額銷售收入期初流動資產(chǎn)期末流動資產(chǎn)流動資產(chǎn)周轉(zhuǎn)率20061,006,659,899.25797,670,431.99746,610,386.991.30372648120071,048,695,751.13746,610,386.99733,768,231.351.41679397220081,000,528,156.23968,368,066.98934,949,639.791.0513517032009841,175,808.52934,949,639.79992,512,766.940.87283238920101,247,1

13、41,672.76992,512,766.941,488,435,324.321.00537506420111,591,339,464.261,488,435,324.321,629,193,952.131.020865102分析：近六年企業(yè)流動資產(chǎn)周轉(zhuǎn)率較為穩(wěn)定但總體仍成下降趨勢，表明公司流動資產(chǎn)利用效率有所降低，經(jīng)營活動能力較差。5.固定資產(chǎn)周轉(zhuǎn)率=銷售凈額/固定資產(chǎn)平均凈值銷售凈額期初固定資產(chǎn)凈值期末固定資產(chǎn)凈值固定資產(chǎn)周轉(zhuǎn)率20061,006,659,899.251,542,788,990.021,499,257,437.720.66183072720071,048,695,751.1

14、31,493,671,591.101,383,993,005.410.72885196720081,000,528,156.231,406,804,320.461,337,673,878.440.7291208632009841,175,808.521,337,673,878.441,231,983,279.990.65469886220101,247,141,672.761,231,983,279.991,271,244,991.080.99642664420111,591,339,464.261,271,244,991.081,211,245,101.781.282051009分析：近六年

15、企業(yè)固定資產(chǎn)周轉(zhuǎn)率逐步提高，說明固定資產(chǎn)使用效率逐漸提高，固定資產(chǎn)結(jié)構(gòu)合理，能充分發(fā)揮效力。6.總資產(chǎn)周轉(zhuǎn)率=銷售收入/平均資產(chǎn)總額銷售收入期初資產(chǎn)總額期末資產(chǎn)總額總資產(chǎn)周轉(zhuǎn)率20061,006,659,899.252,585,362,689.832,428,679,033.270.40153630720071,048,695,751.132,428,741,006.852,509,026,743.630.42476511820081,000,528,156.232,581,960,635.352,501,423,009.080.3936465262009841,175,808.522,423

16、,125,286.232,340,323,940.850.3531792920101,247,141,672.762,478,403,834.323,025,123,083.650.45321543520111,591,339,464.263,025,123,083.653,481,294,378.120.489159964分析：近六年企業(yè)總資產(chǎn)周轉(zhuǎn)率雖然有所波動但總體仍保持上漲趨勢，說明總資產(chǎn)利用越來越充分，全部資產(chǎn)經(jīng)營利用的效果增強(qiáng)，企業(yè)償債能力和盈利能力得到提高。四 企業(yè)盈利能力比率分析1. 所有者權(quán)益報(bào)酬率=凈利率/平均所有者權(quán)益*100%凈利潤期初所有者權(quán)益期末所有者權(quán)益所有者權(quán)益報(bào)

17、酬率2006-96,537,929.691,498,466,120.771,421,339,490.82-6.61%200725,620,330.531,421,384,430.681,460,330,992.501.78%200838,803,275.581,489,871,595.431,500,894,852.852.59%200940,678,894.201,480,215,354.181,648,648,135.792.60%2010133,831,319.421,524,249,002.601,648,648,135.798.44%201118,823,356.651,676,64

18、6,866.471,693,569,503.121.12%分析：2006-2011企業(yè)所有者權(quán)益報(bào)酬率整體較低，說明企業(yè)的盈利能力較低。2.銷售凈利率=凈利潤/主營業(yè)務(wù)收入*100%凈利潤主營業(yè)務(wù)收入銷售凈利率2006-96,537,929.691,113,639,966.83-8.67%200725,620,330.531,400,388,659.871.83%200838,803,275.581,522,939,375.392.55%200940,678,894.201,631,961,383.182.49%2010133,831,319.421,674,696,106.187.99%20

19、1118,823,356.651,704,559,759.081.10%分析：2006-2010企業(yè)銷售凈利率逐步提高，說明企業(yè)銷售收入對凈利潤的貢獻(xiàn)增大，盈利能力增強(qiáng)，但2011年有所減弱。3.資產(chǎn)凈利率=凈利潤/平均資產(chǎn)總額*100%凈利潤平均資產(chǎn)總額資產(chǎn)凈利率2006-96,537,929.692507020862-3.85%200725,620,330.5324688838751.04%200838,803,275.5825416918221.53%200940,678,894.2023817246141.71%2010133,831,319.4227517634594.86%2011

20、18,823,356.6532532087310.58%分析：2006-2010企業(yè)資產(chǎn)凈利率有所提高，說明企業(yè)總資產(chǎn)的綜合利用能力有所增強(qiáng)，盈利能力也有所加強(qiáng)，但2011年有所減弱。4.股東權(quán)益報(bào)酬率=凈利潤/股東權(quán)益平均值*100%凈利潤股東權(quán)益平均值股東權(quán)益報(bào)酬率2006-96,537,929.691459902806-6.61%200725,620,330.5314408577121.78%200838,803,275.5814953832242.59%200940,678,894.2015644317452.60%2010133,831,319.4215864485698.44%20

21、1118,823,356.6516851081851.12%分析：2006-2011，企業(yè)股東權(quán)益特報(bào)酬率逐步增強(qiáng)，說明企業(yè)獲得投資者投資的機(jī)會增大，企業(yè)的價(jià)值也有所增加，但2011年有所下降。5.普通股每股收益=凈利潤/普通股股數(shù)凈利潤普通股股數(shù)普通股每股收益2006-96,537,929.69411,754,215-0.234455231200725,620,330.53518,515,4750.049410927200838,803,275.58581,575,475.000.066720963200940,678,894.20581,575,4750.0699460282010133,

22、831,319.42581,575,475.000.230118575201118,823,356.65581,575,475.000.032366146分析：2006-2010企業(yè)普通股每股收益逐漸提高，說明企業(yè)每股收益逐漸提高，企業(yè)的盈利能力增強(qiáng)。2001年有所下降。6.市盈率=普通股每股市價(jià)/普通股每股收益普通股每股市價(jià)普通股每股收益市盈率20064.1-0.234455231-17.4873470720073.50.04941092770.8345335520088.10.066720963121.40112620094.30.06994602861.4759715520106.50.

23、23011857528.246307420119.30.032366146287.3372703分析：2006-2011企業(yè)市盈率波動較大，說明企業(yè)的投資風(fēng)險(xiǎn)波動較大。五 發(fā)展能力比率分析1.銷售增長率=本期營業(yè)收入增加額/基期營業(yè)收入總額本期營業(yè)收入總額 基期營業(yè)收入總額本期營業(yè)收入增長額銷售增長額20061,113,639,966.831,115,936,150.84-2296184.01-0.20%20071,400,388,659.871,113,639,966.8328674869325.75%20081,522,939,375.391,385,280,004.92137659370

24、.59.94%20091,631,961,383.181,522,939,375.39109022007.87.16%20101,674,696,106.181,631,961,38362%20111,704,559,759.081,674,696,106.1829863652.91.78%分析：2007-2011企業(yè)銷售增長額呈下降趨勢，說明企業(yè)收入的增長速度逐漸降低。2.資本累計(jì)率=本期所有者權(quán)益增長額/基期所有者權(quán)益*100%本期所有者權(quán)益增長額基期所有者權(quán)益資本累計(jì)率2006-77126629.951,498,466,120.77-5.15%200738946

25、561.821,421,384,430.682.74%200811023257.421,489,871,595.430.74%2009168432781.61,480,215,354.1811.37%2010124399133.21,524,249,002.608.16%201116922636.651,676,646,866.471.00%分析：2006-2011企業(yè)資本累計(jì)率波動較大，表明企業(yè)資本累計(jì)不足，應(yīng)對風(fēng)險(xiǎn)持續(xù)發(fā)展的能力較弱。3.總資產(chǎn)增長率=本期資產(chǎn)增加額/基期資產(chǎn)總額*100%本期資產(chǎn)增加額基期資產(chǎn)總額總資產(chǎn)增長率2006-156683656.62,585,362,689.83

26、-6.06%200780285736.782,428,741,006.853.31%2008-80537626.272,581,960,635.35-3.12%2009-82801345.382,423,125,286.23-3.42%2010546719249.32,478,403,834.3222.06%2011456171294.53,025,123,083.6515.08%分析：2006-2011企業(yè)總資產(chǎn)增長率波動很大，并有三年呈負(fù)增長，說明企業(yè)一定時(shí)期內(nèi)資產(chǎn)經(jīng)營擴(kuò)張速度波動很大。4.營業(yè)利潤增長率=本期營業(yè)利潤增長額/基期營業(yè)利潤總額*100%基期營業(yè)利潤本期營業(yè)利潤本期營業(yè)利潤增

27、長額營業(yè)利潤增長率20062,009,783.91-85,281,528.72-87291312.63-43.433183142007-926,089.6428,052,372.8028978462.44-31.2912068200821,947,880.2533,753,565.2611805685.010.537896365200933,753,565.2635,266,994.741513429.480.044837618201035,266,994.74135,157,368.7399890373.992.8324039162011135,157,368.73-14,233,077.4

28、3-149390446.2-1.105307447分析：企業(yè)營業(yè)利潤是企業(yè)凈利潤的主要來源，營業(yè)利潤增長率分營企業(yè)經(jīng)營活動盈利水平的增長速度，該企業(yè)近六年?duì)I業(yè)利潤增長率波動 很大，并有三年為負(fù)增長，說明企業(yè)盈利水平極不穩(wěn)定。5.凈利潤增長率=本期凈利潤增長額/基期凈利潤總額*100%基期凈利潤本期凈利潤本期凈利潤增長額凈利潤增長率20064,976,569.80-96,537,929.69-101514499.5-20.398488032007-96,537,929.6925,620,330.53122158260.2-1.26539134200823,333,001.9738,803,275

29、.5815470273.610.663021142200938,803,275.5840,678,894.201875618.620.048336605201040,678,894.20133,831,319.4293152425.222.2899448732011133,831,319.4218,823,356.65-115007962.8-0.859350138分析：近六年企業(yè)凈利潤增長率波動很大，說明企業(yè)的經(jīng)濟(jì)效益不好，凈利潤波動大。六.現(xiàn)金流量分析1.流動性分析 現(xiàn)金到期債務(wù)比=經(jīng)營現(xiàn)金凈流量/本期到期債務(wù)本期到期長期債務(wù)債務(wù)本期應(yīng)付票據(jù)本期到期債務(wù)經(jīng)營現(xiàn)金凈流量現(xiàn)金到期債務(wù)比2006

30、485,793,153.6757,950,000543743153.756,244,212.330.1034389342007589,900,000100,000,000689900000137,295,792.880.1990082522008551,528,000.0061,190,000.00612718000209,387,241.370.3417350912009640,079,000.0023,080,000.00663159000199,492,194.740.3008210622010575,065,000.00200,480,000.00775545000308,883,16

31、7.290.3982788462011793,900,000.00181,870,000.00975770000123,285,170.210.126346547分析：2006-2010企業(yè)現(xiàn)金到期債務(wù)比逐步提高，說明企業(yè)償還到期債務(wù)的能力有所提高，但2011年有所下降。現(xiàn)金流動負(fù)債比=經(jīng)營現(xiàn)金凈流量/流動負(fù)債經(jīng)營現(xiàn)金凈流量流動負(fù)債現(xiàn)金流動負(fù)債比200656,244,212.33961,659,899.250.0584865942007137,295,792.88989,865,751.130.1387014282008209,387,241.37972,648,936.230.2152752

32、482009199,492,194.74890,068,659.270.2241312432010308,883,167.291,315,259,223.760.2348458482011123,285,170.211,599,830,233.640.077061408分析：2006-2011企業(yè)現(xiàn)金流動負(fù)債比逐步提高，說明企業(yè)償還流動負(fù)債的能力有所提高?，F(xiàn)金債務(wù)總額比=經(jīng)營現(xiàn)金凈流量/債務(wù)總額經(jīng)營現(xiàn)金凈流量債務(wù)總額現(xiàn)金流動負(fù)債比200656,244,212.33485,793,153.670.1157781082007137,295,792.88589,900,0000.2327441822

33、008209,387,241.37551,528,000.000.379649342009199,492,194.74640,079,000.000.3116680832010308,883,167.29575,065,000.000.5371273982011123,285,170.21793,900,000.000.155290553分析：2006-2010企業(yè)現(xiàn)金流動負(fù)債比逐漸增加，說明企業(yè)承擔(dān)的債務(wù)能力有所增強(qiáng)，但2011有所下降。全部資產(chǎn)現(xiàn)金回收率=經(jīng)營現(xiàn)金凈流量/全部資產(chǎn)經(jīng)營現(xiàn)金凈流量全部資產(chǎn)全部資產(chǎn)現(xiàn)金回收率200656,244,212.332,428,741,066.850.0

34、231577642007137,295,792.882,581,960,635.350.0531750142008209,387,241.372,501,423,009.080.083707252009199,492,194.742,478,403,834.320.0804922072010308,883,167.293,025,123,083.650.1021059832011123,285,170.213,481,294,378.120.035413601分析：2006-2010企業(yè)全部資產(chǎn)現(xiàn)金回收率逐漸增強(qiáng)，說明企業(yè)資產(chǎn)產(chǎn)生現(xiàn)金的能力較強(qiáng)，但2011年有所下降。 （二）同企業(yè)2011年基本財(cái)務(wù)比率分析 一 同行業(yè)企業(yè)2011年短期償債能力比率天士力魯抗醫(yī)藥普洛股份流動比率1.451.020.74速動比率1.180.700.48分析：從流動比率來看天士力的短期償債能力略優(yōu)于魯抗醫(yī)藥和普洛股份，從速動比率看，天士力發(fā)生債務(wù)的風(fēng)險(xiǎn)低于魯抗醫(yī)藥和普洛股份?？傮w而言天士力短期償債能力優(yōu)于魯抗與普洛。二 同行業(yè)企業(yè)2011年長期償債能力比率天士力魯抗醫(yī)藥普洛股份資產(chǎn)負(fù)債率43.0845.7160.87產(chǎn)權(quán)比率75.69102.45155.59有形凈值債務(wù)率81.7110.65231.93分析：從資產(chǎn)負(fù)債率看天士力的企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)小于魯抗醫(yī)藥和普洛股份，從產(chǎn)權(quán)比率看，天