同行业对比分析Word文档下载推荐.docx

1、应收账款周转天数350197营运资金周转率营运资金周转天数总资产周转率54.44%92.71%；总资产周转天数670394固定资产周转率360.90%484.15%固定资产周转天数10175净资产周转率73.94%126.85%从管理比率上看，贵州茅台全部落后于山西汾酒，特别是存货 周转天数达到了山西汾酒的2.76倍，说明贵州台资产利用效果不佳, 各项资产的周转速度偏有所偏慢。3、盈利能力对比两家公司盈利问比率对照表贵州茅台:L西汾酒总资产益率25.63%6 19.81%净资产34.81%b 27.10%销售毛:率90.17%6 74.87%销售净47.08%6 21.36%从盈利能力上看，贵

2、州茅台均优于山西汾酒，充分体现了贵 州茅台的国酒品牌效应。4、杜邦分析法分析评价贵州茅台和山西汾酒两家公司股东回报最综合性的指标是净资产收益率，净资产收益率二销售净利率*总资产周转率*权益乘数，我 们对两家公司净资产收益率指标进行杜邦分析，详见下表：净资产收益率27.10%其中：1、销售净利率21.36%2、总资产周转率92.71%3、权益乘数从上表可以看来，贵州茅台在销售净利率指标上优于山西汾 酒，在总资产周转率上落后于山西汾酒，而权益乘数两家公司基本 持平。由此我们可以得出：贵州茅台公司资产周转能力需要提高， 加强对存货、应收账款、固定资产周转速度等的管理；山西汾酒公 司的盈利能力有待进一

3、步提高，可以采用降低成本费用、适当提高 售价等方法。附件:2008年短期偿债平均数最大值最小值贵州茅台1.9813654.914430.683242.879656751.0695843.266190.066412.146948580.6543082.903910.04271241.90406盈利能力长期偿债数据0.3601260.672370.111440.26981资产负债率550.8465670.38439有形净值债务率253.028090.13764966.92788750.4326.06771利息保障倍数A8385009166.55070固定支出偿付倍数86150.6832232.05

4、2250.125420.36952产权比率952.7586888.980241.058115.24271长期资产适合率36550475052827991924389息税前利润0.65872.810.2801742280 654030 20930营业利润率Wr all TJ . OPT W贵州茅厶口0.5097480.902960.25093营业毛利率050.1342800.21176销售净利率0.485430.1119930.335320.18608资产报酬率0.0778660.253940.22312总资产净利润率（ROA0.1089080.363990.539650.33789净资产收益率

5、（ROE营运能力186.37991534.163.73400236.659935550213861.4587734.132140.202860.256761.3093303.174220.482700.67329流动资产周转率0.6555331.053610.281140.523148.090701.021773.763033.171761发展能力据1.1426641.833300.717491.37455资本保值增值率0.0680830.524830.103990.19879固定资产增长率0.1123780.503050.15938总资产增长率0.5816600.27083基本每股收益增长率

6、4444412.5-1净资产收益率增长率0.71535516.1962-031.337320.376950.56761414.42780.964160.26851净利润增长率05556810.24751211.30791.038020.22624利润总额增长率27778780.21827711.84830.22741营业利润增长率9444456-1.52450.0336181.688230.560520.05979营业收入增长率2009年1.11405745 1.4943010.8631571.273671 :0.140745450.544787-0.2236930.2548810.14206

7、730.600212-0.3618840.446793基本每股收益增长 率0.3599985-5.153846-0.466667净资产收益率增长 率156.6139183128.357143-5.566175-0.528235162.5063533240.077379-2.698391-0.4546921.609887224.116591-1.748367-0.4461341.600524684228.153668-1.955346-0.4507110.832713714.137609-0.644635-0.17619134.7824121132.3676875.052995452.15827

8、1.77736197.4633210.1382150.2267691.329933853.2266170.4620950.6176710.67457861.1000280.2534680.4891341固定资产周转率3.383592059.9916541.0135333.0517885578418.5946903768.32588247.7594690376448.90.191730450.6282860.0362580.51882980.9016880.2244790.1527710.4708260.038204资产报酬率A0.13133570.3596320.0293030.30081总资

9、产净利润率（ROA0.097194050.2827260.0188460.230297（ROE0.149232850.3939070.0157030.298109长期偿债能力0.37830950.660140.0979070.2588850.86136912.541520.1106590.36078225.261340167121.8373473.42082824.74629111.5383140.703281451.9423910.1085340.3493182.655508657.6925810.970274.621127短期偿债能力1.98854047.4844180.5493013.0

10、64881.15761854.9877890.1706632.2441680.840390754.0477670.017921.9074082010年1.2053182.0857980.972111.2660350.0501917142860.4978330.125640.3228830.169633047620.6802870.233420.2942880.260800571.356228953.8666670.1842110.045412781.7397194742.7848020.2702870.261219101.358995263.822949-0.182911.319790.563

11、424156.377990.1657391.379410.50773257.8864480.1670370.659400.208245253.3223330.158597717.3446919272.5047.22747768421.676737230.188895.3128740.1888961.269093383.3757370.441430.573060.678776666671.2361320.280450.4546463.9220954713.365231.14009622.775214曰 /古最人值最小值贵州茅台1078708775698583974636210.806.58.59

12、0.205633660.036490.6155530.521605140.909490.183542860.163314660.029940.4590070.144824610.028709050.3646160.2730170.016860.1084110.2841550.2086860.170959190.028780480.3996920.274540 00.364019660.090720.6679420.2750630.769099710.101614293.0108310.38891356.5068953386.89683.87317081155.80360282.36337460.648214610.099782.0115260.379433.008306090.93606528.4883944.4232720 |2.17575771438.0957510.609032.8884091.321656380.169295.7147372.0952990.955887610.067715.0101891.833814