財(cái)務(wù)指標(biāo)分析萬(wàn)科A&金地集團(tuán)小郭PPT12財(cái)務(wù)指標(biāo)分析vs.小組成員某某某2010302312341某某某2010302312342某某某2010302312343某某某2010302312344某某某2010302312345

財(cái)務(wù)指標(biāo)短期償債能力與流動(dòng)性指標(biāo)萬(wàn)科A20102009200820072006流動(dòng)比率1.591.911.761.962.19速動(dòng)比率0.560.590.430.590.64現(xiàn)金比率0.290.340.310.350.49金地集團(tuán)20102009200820072006流動(dòng)比率2.182.212.192.291.99速動(dòng)比率0.780.560.380.550.27現(xiàn)金比率0.420.390.280.230.19分析從數(shù)據(jù)可知，從2007起至最近幾年萬(wàn)科的流動(dòng)比率，速動(dòng)比率，現(xiàn)金比率稍有下降，說(shuō)明它的短期償債能力變?nèi)?，?dǎo)致這樣的原因可能是2007年政府為解決房地產(chǎn)過(guò)熱的問(wèn)題進(jìn)行大力度的宏觀調(diào)控，出臺(tái)了一系列房地產(chǎn)政策。但作為同行業(yè)的金地集團(tuán)，它的短期償債能力反而越來(lái)越強(qiáng)，難道政策對(duì)該企業(yè)的短期償債能力沒(méi)有影響？長(zhǎng)期償債能力指標(biāo)萬(wàn)科A20102009200820072006負(fù)債比率0.750.670.670.660.65負(fù)債權(quán)益比2.952.032.071.951.86權(quán)益乘數(shù)3.953.033.072.952.86利息倍數(shù)25.2916.9510.2821.3939.11現(xiàn)金對(duì)利息的保障倍數(shù)26.4028.8521.5332.5426.98金地集團(tuán)20102009200820072006負(fù)債比率0.710.700.700.640.67負(fù)債權(quán)益比2.472.292.371.751.99權(quán)益乘數(shù)3.473.292.382.752.99利息倍數(shù)130.664.402.627.25-現(xiàn)金對(duì)利息的保障倍數(shù)17.3918.8319.4924.8317.85分析數(shù)據(jù)中表明，萬(wàn)科和金地的負(fù)債比率逐年上升，可能原因是企業(yè)運(yùn)用財(cái)務(wù)杠桿效應(yīng)，而且長(zhǎng)期采用高負(fù)債的籌資戰(zhàn)略符合房地產(chǎn)行業(yè)的特點(diǎn)，還有利于降低企業(yè)的財(cái)務(wù)成本和資本成本，但高負(fù)債同時(shí)也給企業(yè)帶來(lái)較大的財(cái)務(wù)風(fēng)險(xiǎn)。資產(chǎn)管理或資金周轉(zhuǎn)指標(biāo)萬(wàn)科A20102009200820072006存貨周轉(zhuǎn)率0.300.260.410.420.43存貨周轉(zhuǎn)天數(shù)1,229.521,382.52899.51864.68850.48應(yīng)收賬款周轉(zhuǎn)率31.8241.0944.4241.0849.14應(yīng)收賬款周轉(zhuǎn)期11.478.888.228.897.43總資產(chǎn)周轉(zhuǎn)率0.240.210.340.350.36資本密集度4.254.702.912.822.79金地集團(tuán)20102009200820072006存貨周轉(zhuǎn)率0.280.220.240.020.32存貨周轉(zhuǎn)天數(shù)1293.411644.141547.2719945.361142.41應(yīng)收賬款周轉(zhuǎn)率1648.941090.381097.781990.255269.78應(yīng)收賬款周轉(zhuǎn)期0.220.330.330.180.07總資產(chǎn)周轉(zhuǎn)率0.310.270.320.410.41資本密集度3.283.753.092.412.45分析萬(wàn)科和金地的總資產(chǎn)周轉(zhuǎn)率逐年下降，這說(shuō)明兩企業(yè)的資產(chǎn)沉淀越來(lái)越多，銷售回籠的速度也在放緩。通過(guò)對(duì)比，金地的總資產(chǎn)周轉(zhuǎn)率總體上比萬(wàn)科的要高，說(shuō)明金地的總資產(chǎn)使用效率較高，企業(yè)的營(yíng)運(yùn)能力較強(qiáng)。金地集團(tuán)的存貨周轉(zhuǎn)率逐年上升，說(shuō)明存貨周轉(zhuǎn)速度變快，企業(yè)管理存貨能力增強(qiáng)。雖然萬(wàn)科集團(tuán)存貨周轉(zhuǎn)率有起伏，但總體上仍優(yōu)勝于金地集團(tuán)。盈利性指標(biāo)萬(wàn)科A20102009200820072006銷售利潤(rùn)率0.170.140.110.150.14資產(chǎn)收益率0.040.030.040.050.05權(quán)益收益率0.160.090.120.160.14金地集團(tuán)20102009200820072006銷售利潤(rùn)率0.160.160.110.180.15資產(chǎn)收益率0.040.040.030.050.06權(quán)益收益率0.150.120.090.110.14分析萬(wàn)科和金地集團(tuán)最近幾年的盈利性指標(biāo)總體上呈上升的趨勢(shì)，說(shuō)明企業(yè)逐漸改進(jìn)經(jīng)營(yíng)管理，合理控制了期間費(fèi)用，提高的盈利水平，權(quán)益收益率逐年提高，也表明企業(yè)權(quán)益資本獲利能力增強(qiáng)，運(yùn)營(yíng)效益好，對(duì)企業(yè)投資者保證程度高。市場(chǎng)價(jià)值的度量指標(biāo)萬(wàn)科A20102009200820072006市盈率16.9629.4714.6486.2549.97市值面值比2.423.732.4213.288.12金地集團(tuán)20102009200820072006市盈率15.5641.0111.3272.1438.46市值面值比1.843.711.2910.924.49分析可以看到萬(wàn)科和金地集團(tuán)的市場(chǎng)價(jià)值度量指標(biāo)在2007年最高，隨后幾年來(lái)呈快速下降趨勢(shì)，這可能是由于2007金融危機(jī)的影響。同時(shí)可以看到萬(wàn)科的市場(chǎng)價(jià)值指標(biāo)略高于金地集團(tuán)，說(shuō)明投資者略看好萬(wàn)科的成長(zhǎng)前景。杜邦分析萬(wàn)科A杜邦分析萬(wàn)科A20102009200820072006銷售凈利率17.43%13.15%11.32%14.97%13.52%總資產(chǎn)周轉(zhuǎn)率0.29%0.38%0.37%0.47%0.49%權(quán)益乘數(shù)4.003.033.032.942.86ROE16.47%14.26%12.65%16.55%16.48%分析萬(wàn)科2006-2010五年以來(lái)，銷售凈利率略有波動(dòng)中上升，經(jīng)營(yíng)效率提高；總資產(chǎn)周轉(zhuǎn)率逐年下降，資產(chǎn)運(yùn)用效率逐年下降；權(quán)益乘數(shù)逐年上升，說(shuō)明公司越來(lái)越注重負(fù)債的作用，運(yùn)用財(cái)務(wù)杠桿來(lái)籌資?？偟恼f(shuō)來(lái)，ROE在經(jīng)歷了2007金融危機(jī)后不斷上升，其經(jīng)營(yíng)業(yè)績(jī)不斷上升。金地集團(tuán)杜邦分析金地集團(tuán)20102009200820072006銷售凈利率15.99%15.98%11.21%17.67%15.35%總資產(chǎn)周轉(zhuǎn)率0.31%0.27%0.32%0.41%0.41%權(quán)益乘數(shù)3.453.333.332.783.03ROE15.24%11.83%9.04%11.43%14.42%分析金地集團(tuán)2006-2010五年以來(lái)，銷售凈利率略有波動(dòng)，已經(jīng)恢復(fù)到金融危機(jī)以前的水平；總資產(chǎn)周轉(zhuǎn)率略有上升，資產(chǎn)運(yùn)用效率有所增強(qiáng)；權(quán)益乘數(shù)總體呈上升趨勢(shì)，說(shuō)明公司越來(lái)越注重負(fù)債的作用，運(yùn)用財(cái)務(wù)杠桿來(lái)籌資?？偟恼f(shuō)來(lái)，ROE在經(jīng)歷了2007金融危機(jī)后不斷上升，并超過(guò)危機(jī)以前的水平，經(jīng)營(yíng)業(yè)績(jī)不斷上升，趨勢(shì)強(qiáng)勁。杜邦分析萬(wàn)科A20102009200820072006銷售凈利率17.43%13.15%11.32%14.97%13.52%總資產(chǎn)周轉(zhuǎn)率0.29%0.38%0.37%0.47%0.49%權(quán)益乘數(shù)4.003.033.032.942.86ROE16.47%14.26%12.65%16.55%16.48%金地集團(tuán)20102009200820072006銷售凈利率15.99%15.98%11.21%17.67%15.35%總資產(chǎn)周轉(zhuǎn)率0.31%0.27%0.32%0.41%0.41%權(quán)益乘數(shù)3.453.333.332.783.03ROE15.24%11.83%9.04%11.43%14.42%分析萬(wàn)科和金地集團(tuán)兩家公司對(duì)比看來(lái)，銷售凈利率不相上下，萬(wàn)科近年增長(zhǎng)趨勢(shì)更加強(qiáng)勁；總資產(chǎn)周轉(zhuǎn)率萬(wàn)科呈下降趨勢(shì)，而金地呈上升趨勢(shì)，說(shuō)明金地的資產(chǎn)運(yùn)用的效率正迎頭趕超；權(quán)益乘數(shù)都呈上升趨勢(shì)，萬(wàn)科的增長(zhǎng)幅度更大，說(shuō)明萬(wàn)科越來(lái)越注重財(cái)務(wù)杠桿的使用。總的說(shuō)來(lái)，兩家公司的ROE都在提高，經(jīng)營(yíng)業(yè)績(jī)?cè)谏仙?，萬(wàn)科的業(yè)績(jī)水平優(yōu)于金地集團(tuán)，金地集團(tuán)的增長(zhǎng)速度越來(lái)越快。16.47%凈資產(chǎn)收益率1/(1-0.75)權(quán)益乘數(shù)4.0993%總資產(chǎn)收益率0.2871%總資產(chǎn)周轉(zhuǎn)率17.4304%主營(yíng)業(yè)務(wù)利潤(rùn)率7,283,130,000凈利潤(rùn)50,713,800,000主營(yíng)業(yè)務(wù)收入50,713,800,000主營(yíng)業(yè)務(wù)收入215,638,000,000資產(chǎn)總額50,713,800,000主營(yíng)業(yè)務(wù)收入40,127,298,000全部成本-202,232,000其他利潤(rùn)3,101,140,000所得稅流動(dòng)資產(chǎn)1,643,160,000長(zhǎng)期資產(chǎn)35,697,610,000主營(yíng)業(yè)務(wù)成本2,079,090,000營(yíng)業(yè)費(fèi)用504,228,000財(cái)務(wù)費(fèi)用1,846,370,000管理費(fèi)用貨幣資金短期投資存貨32,777,080,000其他流動(dòng)資產(chǎn)應(yīng)收賬款0長(zhǎng)期投資0固定資產(chǎn)-373,952,000其他資產(chǎn)373,952,000無(wú)形資產(chǎn)萬(wàn)科2010-12-3114.26%凈資產(chǎn)收益率1/(1-0.67)權(quán)益乘數(shù)4.6727%總資產(chǎn)收益率0.3806%總資產(chǎn)周轉(zhuǎn)率13.1544%主營(yíng)業(yè)務(wù)利潤(rùn)率5,329,740,000凈利潤(rùn)48,881,000,000主營(yíng)業(yè)務(wù)收入48,881,000,000主營(yíng)業(yè)務(wù)收入137,609,000,000資產(chǎn)總額48,881,000,000主營(yíng)業(yè)務(wù)收入41,646,670,000全部成本282,830,000其他利潤(rùn)2,187,420,000所得稅流動(dòng)資產(chǎn)1,265,650,000長(zhǎng)期資產(chǎn)38,117,280,000主營(yíng)業(yè)務(wù)成本1,513,720,000營(yíng)業(yè)費(fèi)用573,680,000財(cái)務(wù)費(fèi)用1,441,990,000管理費(fèi)用貨幣資金短期投資存貨16,521,867,529其他流動(dòng)資產(chǎn)應(yīng)收賬款0長(zhǎng)期投資0固定資產(chǎn)-81,966,300其他資產(chǎn)81,966,300無(wú)形資產(chǎn)萬(wàn)科2009-12-3112.65%凈資產(chǎn)收益率1/(1-067)權(quán)益乘數(shù)3.8913%總資產(chǎn)收益率0.3738%總資產(chǎn)周轉(zhuǎn)率11.319%主營(yíng)業(yè)務(wù)利潤(rùn)率4,033,170,000凈利潤(rùn)40,991,800,000主營(yíng)業(yè)務(wù)收入40,991,800,000主營(yíng)業(yè)務(wù)收入119,237,000,000資產(chǎn)總額40,991,800,000主營(yíng)業(yè)務(wù)收入33,587,573,000全部成本-1,688,637,000其他利潤(rùn)1,682,420,000所得稅流動(dòng)資產(chǎn)1,449,480,000長(zhǎng)期資產(chǎn)29,539,170,000主營(yíng)業(yè)務(wù)成本1,860,350,000營(yíng)業(yè)費(fèi)用657,253,000財(cái)務(wù)費(fèi)用1,530,800,000管理費(fèi)用貨幣資金短期投資存貨6,656,225,000其他流動(dòng)資產(chǎn)應(yīng)收賬款0長(zhǎng)期投資0固定資產(chǎn)0其他資產(chǎn)0無(wú)形資產(chǎn)萬(wàn)科2008-12-3116.55%凈資產(chǎn)收益率1/(1-0.66)權(quán)益乘數(shù)5.3125%總資產(chǎn)收益率0.4736%總資產(chǎn)周轉(zhuǎn)率14.9677%主營(yíng)業(yè)務(wù)利潤(rùn)率4,844,240,000凈利潤(rùn)35,526,600,000主營(yíng)業(yè)務(wù)收入35,526,600,000主營(yíng)業(yè)務(wù)收入100,094,000,000資產(chǎn)總額35,526,600,000主營(yíng)業(yè)務(wù)收入28,040,880,000全部成本-317,380,000其他利潤(rùn)2,324,100,000所得稅流動(dòng)資產(chǎn)604,057,000長(zhǎng)期資產(chǎn)24,723,070,000主營(yíng)業(yè)務(wù)成本1,194,540,000營(yíng)業(yè)費(fèi)用359,500,000財(cái)務(wù)費(fèi)用1,763,770,000管理費(fèi)用貨幣資金短期投資存貨11,048,217,000其他流動(dòng)資產(chǎn)應(yīng)收賬款0長(zhǎng)期投資0固定資產(chǎn)0其他資產(chǎn)0無(wú)形資產(chǎn)萬(wàn)科2007-12-3116.48%凈資產(chǎn)收益率1/(1-0.65)權(quán)益乘數(shù)4.8538%總資產(chǎn)收益率0.492%總資產(chǎn)周轉(zhuǎn)率13.5224%主營(yíng)業(yè)務(wù)利潤(rùn)率2,154,640,000凈利潤(rùn)17,848,200,000主營(yíng)業(yè)務(wù)收入17,848,200,000主營(yíng)業(yè)務(wù)收入48,507,900,000資產(chǎn)總額17,848,200,000主營(yíng)業(yè)務(wù)收入14,393,332,000全部成本-212,148,000其他利潤(rùn)1,088,080,000所得稅流動(dòng)資產(chǎn)3,830,125,300長(zhǎng)期資產(chǎn)12,775,500,000主營(yíng)業(yè)務(wù)成本625,717,000營(yíng)業(yè)費(fèi)用140,152,000財(cái)務(wù)費(fèi)用851,963,000管理費(fèi)用貨幣資金短期投資存貨2,763,480,950其他流動(dòng)資產(chǎn)應(yīng)收賬款3,252,550,000長(zhǎng)期投資510,291,000固定資產(chǎn)67,284,300其他資產(chǎn)0無(wú)形資產(chǎn)萬(wàn)科2006-12-3115.24%凈資產(chǎn)收益率1/(1-0.71)權(quán)益乘數(shù)4.3024%總資產(chǎn)收益率0.3053%總資產(chǎn)周轉(zhuǎn)率15.9899%主營(yíng)業(yè)務(wù)利潤(rùn)率2,694,040,000凈利潤(rùn)19,592,500,000主營(yíng)業(yè)務(wù)收入19,592,500,00072,816,500,00019,592,500,000主營(yíng)業(yè)務(wù)收入15,520,624,200全部成本-284,425,800其他利潤(rùn)1,093,410,000所得稅流動(dòng)資產(chǎn)352,056,000長(zhǎng)期資產(chǎn)貨幣資金短期投資存貨11,773,906,000其他流動(dòng)資產(chǎn)應(yīng)收賬款14,149,640,000主營(yíng)業(yè)務(wù)成本514,351,000營(yíng)業(yè)費(fèi)用32,141,200財(cái)務(wù)費(fèi)用824,492,000管理費(fèi)用0長(zhǎng)期投資0固定資產(chǎn)0其他資產(chǎn)0無(wú)形資產(chǎn)金地集團(tuán)2010-12-31主營(yíng)業(yè)務(wù)收入資產(chǎn)總額11.83%凈資產(chǎn)收益率1/(1-0.7)權(quán)益乘數(shù)3.4825%總資產(chǎn)收益率0.267%總資產(chǎn)周轉(zhuǎn)率15.981%主營(yíng)業(yè)務(wù)利潤(rùn)率1,776,230,000凈利潤(rùn)12,098,200,000主營(yíng)業(yè)務(wù)收入12,098,200,00055,517,800,00012,098,200,000主營(yíng)業(yè)務(wù)收入9,919,737,000全部成本162,456,000其他利潤(rùn)564,689,000所得稅流動(dòng)資產(chǎn)296,391,000長(zhǎng)期資產(chǎn)貨幣資金短期投資存貨4,112,690,300其他流動(dòng)資產(chǎn)應(yīng)收賬款8,832,370,000主營(yíng)業(yè)務(wù)成本411,541,000營(yíng)業(yè)費(fèi)用180,237,000財(cái)務(wù)費(fèi)用495,589,000管理費(fèi)用0長(zhǎng)期投資0固定資產(chǎn)0其他資產(chǎn)0無(wú)形資產(chǎn)金地集團(tuán)2009-12-31主營(yíng)業(yè)務(wù)收入資產(chǎn)總額9.04%凈資產(chǎn)收益率1/(1-0.7)權(quán)益乘數(shù)3.1175%總資產(chǎn)收益率0.3232%總資產(chǎn)周轉(zhuǎn)率11.2098%主營(yíng)業(yè)務(wù)利潤(rùn)率840,860,000凈利潤(rùn)9,762,030,000主營(yíng)業(yè)務(wù)收入9,762,030,00035,101,600,0009,762,030,000主營(yíng)業(yè)務(wù)收入7,882,053,000全部成本-591,709,000其他利潤(rùn)447,408,000所得稅流動(dòng)資產(chǎn)234,060,000長(zhǎng)期資產(chǎn)貨幣資金短期投資存貨1,514,979,000其他流動(dòng)資產(chǎn)應(yīng)收賬款6,741,940,000主營(yíng)業(yè)務(wù)成本408,099,000營(yíng)業(yè)費(fèi)用253,342,000財(cái)務(wù)費(fèi)用478,672,000管理費(fèi)用0長(zhǎng)期投資0固定資產(chǎn)0其他資產(chǎn)0無(wú)形資產(chǎn)金地集團(tuán)2008-12-31主營(yíng)業(yè)務(wù)收入資產(chǎn)總額11.43%凈資產(chǎn)收益率1/(1-0.64)權(quán)益乘數(shù)5.2254%總資產(chǎn)收益率0.4144%總資產(chǎn)周轉(zhuǎn)率17.667%主營(yíng)業(yè)務(wù)利潤(rùn)率964,970,000凈利潤(rùn)7,487,480,000主營(yíng)業(yè)務(wù)收入7,487,480,00025,315,000,0007,48