贵州茅台的盈利能力的分析.docx

1、贵州茅台的盈利能力的分析盈利能力的分析-茅台2014年5月7日1.茅台基本情况概述2.搜集茅台2009年至2012年的年度报告3.整理茅台2009年至2012年利润表的资料4.用趋势分析法和比率分析法分析茅台的利润表结构5.计算茅台2009年至2012年盈利能力和资产运营能力财务比率6.盈利能力分析1.公司基本情况茅台集团，其前身是中国茅台酒厂，1997 年成功改制为#公司（以下简称集团公司），1999 年，由#公司联合中国食品发酵研究所发起的茅台酒股份正式成立， 2001 年 8 月，茅台股票在上交所挂牌上市股票代码（600519），属白酒行业，经营围为：茅台酒系列产品的生产与销售；饮料、食

2、品、包装材料的生产与销售；防伪技术开发；信息产业相关产品的研制、开发等。主要产品为茅台酒与其系列白酒。2012年总股本为1038180000股。2. 茅台2009-2012年度报告汇总会计年度2009-12-312010-12-312011-12-312012-12-31货币资金9,743,152,155.2412,888,393,889.2918,254,690,162.0422,061,999,850.17交易性金融资产-应收票据380,760,283.20204,811,101.20252,101,396.08204,079,117.80应收账款21,386,314.281,254,59

3、9.912,225,396.4817,818,147.27预付款项1,203,126,087.161,529,868,837.521,861,027,424.033,872,870,407.89其他应收款96,001,483.1559,101,891.6347,287,488.89137,968,684.11应收关联公司款-应收利息1,912,600.0042,728,425.34225,182,760.05264,612,813.22应收股利-存货4,192,246,440.365,574,126,083.427,187,117,552.869,665,727,593.42其中：消耗性生物资

4、产-一年到期的非流动资产17,000,000.00-其他流动资产-流动资产合计15,655,585,363.3920,300,284,828.3127,829,632,180.4336,225,076,613.88可供出售金融资产-持有至到期投资10,000,000.0060,000,000.0060,000,000.0050,000,000.00长期应收款-长期股权投资4,000,000.004,000,000.004,000,000.004,000,000.00投资性房地产-固定资产3,168,725,156.294,191,851,111.975,426,012,349.616,807,

5、333,231.09在建工程193,956,334.39263,458,445.10251,446,326.43392,672,323.95工程物资24,915,041.5318,528,802.464,918,294.642,676,942.59固定资产清理-生产性生物资产-油气资产-无形资产465,550,825.17452,317,235.72808,425,512.33862,615,899.20开发支出-商誉-长期待摊费用21,469,624.8118,701,578.1613,805,361.4410,177,029.43递延所得税资产225,420,802.14278,437,9

6、38.97502,628,950.53643,656,913.32其他非流动资产-非流动资产合计4,114,037,784.335,287,295,112.387,071,236,794.988,773,132,339.58资产总计19,769,623,147.7225,587,579,940.6934,900,868,975.4144,998,208,953.46短期借款-交易性金融负债-应付票据-应付账款139,121,352.45232,013,104.28172,343,585.06345,280,977.68预收款项3,516,423,880.204,738,570,750.167,

7、026,648,776.805,091,386,269.55应付职工薪酬463,948,636.85500,258,690.69577,522,908.06269,657,755.58应交税费140,524,984.34419,882,954.10788,080,887.252,430,093,461.38应付利息-应付股利137,207,662.62318,584,196.29-其他应付款710,831,237.05818,880,550.55916,123,206.951,389,984,092.02应付关联公司款-一年到期的非流动负债-其他流动负债-流动负债合计5,108,057,753

8、.517,028,190,246.079,480,719,364.129,526,402,556.21长期借款-应付债券-长期应付款-专项应付款10,000,000.0010,000,000.0016,770,000.0017,770,000.00预计负债-递延所得税负债-其他非流动负债-非流动负债合计10,000,000.0010,000,000.0016,770,000.0017,770,000.00负债合计5,118,057,753.517,038,190,246.079,497,489,364.129,544,172,556.21实收资本（或股本）943,800,000.00943,8

9、00,000.001,038,180,000.001,038,180,000.00资本公积1,374,964,415.721,374,964,415.721,374,964,415.721,374,964,415.72盈余公积1,585,666,147.402,176,754,189.472,640,916,373.353,036,434,460.46减：库存股-未分配利润10,561,552,279.6913,903,255,455.6119,937,119,181.9628,700,075,247.50少数股东权益185,582,551.40150,615,633.82412,199,64

10、0.261,304,382,273.57外币报表折算价差-非正常经营项目收益调整-归属母公司所有者权益（或股东权益）14,465,982,842.8118,398,774,060.8024,991,179,971.0334,149,654,123.68所有者权益（或股东权益）合计14,651,565,394.2118,549,389,694.6225,403,379,611.2935,454,036,397.25负债和所有者（或股东权益）合计19,769,623,147.7225,587,579,940.6934,900,868,975.4144,998,208,953.463.茅台2009年

11、至2012年利润表会计年度2009/12/312010/12/312011/12/312012/12/31一、营业总收入 9,669,999,065.3911,633,283,740.1818,402,355,207.3026,455,335,152.99其中：营业收入9,669,999,065.3911,633,283,740.1818,402,355,207.3026,455,335,152.99利息收入已赚保费 手续费与佣金收入二、营业总成本3,595,688,001.934,472,846,560.686,069,573,782.227,627,698,585.34其中：营业成本 95

12、0,672,855.271,052,931,591.611,551,233,976.062,044,306,468.76营业税金与附加940,508,549.661,577,013,104.902,477,391,798.012,572,644,755.42销售费用 621,284,334.75676,531,662.09720,327,727.891,224,553,444.02管理费用1,217,158,463.041,346,014,202.041,673,872,427.752,204,190,581.13财务费用 -133,636,115.78-176,577,024.91-350,751,496.92-420,975,922.49资产减值损失-300,085.01-3,066,975.05-2,500,650.572,979,258.50加：公允价值变动收益（损失以”号填列）投资收益（损失以“”号填列）1,209,447.26469,050.003,383,000.003,103,250.00其中：对联营企业和合营企业的投资收益 汇兑收益（损失以“”号填列）三、营业利润（亏损以“”号填列） 6,075,520,510.727,16