1、华谊兄弟财务分析报告华谊兄弟财务分析报告一、公司简介华谊兄弟传媒股份有限公司是中国大陆一家知名综合性民营娱乐集团,由王中军、王中磊兄弟在1994年创立,随后全面投入传媒产业,投资及运营电影、电视剧、艺人经纪、唱片、娱乐营销等领域,并且在2005年成立华谊兄弟传媒集团。2009年9月27日,证监会创业板发行审核委员会公告,华谊兄弟传媒股份有限公司获得通过,这意味着华谊兄弟成为了首家获准公开发行股票的娱乐公司,也迈出了其境内上市至关重要的一步。发行4200万股A股,发行后总股本约为16800万股,发行前每股净资产为2.22元。二、行业分析华谊兄弟2010年主营业务收入为107171.40万元,毛利
2、率为47.23%,净利润为14920.54,销售净利率为13.92%。而对比同期华策影视相关数据,主营业务收入为28183.74万元,仅为华谊兄弟的三成不到,毛利率为56.81%,净利润为9617.76万元,销售净利率高达34.13%,是华谊兄弟的二倍多。首先导致净利率差异的主要原因是费用问题,华谊兄弟期间费用近3亿,占主营收入约三成,而华策影视期间费用仅为3000万元,约占主营收入一成多,由此导致净利率差异过大。其次,从华策影视的财务数据分析,电视剧制作及代理进口看来收益是相当高的,而华谊兄弟的业绩主要是由几部大片贡献的,而完全忽视了电视剧的贡献,实际上可能电视剧的收入更稳定,不象电影那样太
3、依赖票房。第三,2011年华谊兄弟的业绩主要将依靠电视剧板块作贡献,从华策影视的业绩看,目前电视剧产业无论是售价、收入还是盈利水平都越来越高,华谊在电视剧上取得的收获可能将不亚于电影。另外,华谊即使上市了也并非内地第一,早在08年7月,橙天娱乐就已经成为首家上市的娱乐公司,并成功收购了38岁“高龄”的嘉禾,直接接手香港电影市场。而此次华谊将成为橙天最大的竞争对手。中国电影衍业在过去六年实现复合增长35%,在经济转型与民众对影视内容需求还在快速释放态势下,中国电影还将保持持续繁荣。这将成就公司中长期的投资价值。由于我国的娱乐产业起步较晚,但发展却很快,在立法和监督上还不能完全跟上,这就给许多娱乐
4、公司和艺人以“可乘之机”。 如果中国娱乐产业想做出一番成绩,面临的最大挑战便是国际化的竞争。就拿中国电影业为例,每年能占据票房前几名的几乎都是进口大片,虽然国产影片中也不乏号称大片的电影,可上映过后总免不了口水成河,板砖成堆的下场。随着中国市场的开放,会有越来越多的境外公司与本土公司竞争。三、战略分析优势(S):华谊兄弟财务状况良好,市场占有率高,品牌知名度高,人才优势明显,其出品的影视作品在国内外各大影展中均有获奖。另外产业链、营运体系、海外发行方面都具有优势。劣势(W):华谊兄弟发行方式不具多样化,电影周边产业发展能力弱,影片拍摄技术及后期制作技术低,电影年产量低。另外核心专业人才少,对冯
5、小刚团队具有依赖性。机会(O):较高的政策壁垒,融资多元化,商业大片的成功运作,国内电影市场对高质量大片的需求旺盛,经济增长刺激居民的娱乐消费,技术革新带来的机会等威胁(T):首先外资企业及进口电影电视剧的强烈冲击,其次是侵权盗版的猖獗,另外行业整体竞争加剧,最重要的是行业整体应收账款余额太大,造成资金不能及时回流。四、会计分析(一)资产负债表分析资产负债表水平分析表报告期日期13-12-3112-12-31变动额变动对总额的影响流动资产:货币资金(元)1,137,400,910.54641,530,918.62495869991.977.29%11.98%交易性金融资产(元)0000.00%
6、0.00%应收票据(元)0000.00%0.00%应收账款(元)1,147,184,254.611,000,731,038.19146453216.414.63%3.54%预付款项(元)462,454,255.70386,344,838.6476109417.0619.70%1.84%应收利息(元)0000.00%0.00%其他应收款(元)67,155,413.1853,164,456.5613990956.6226.32%0.34%应收股利(元)0000.00%0.00%存货(元)574,800,806.17700,506,566.74-125705760.6-17.94%-3.04%一年内
7、到期的非流动资产(元)0000.00%0.00%其他流动资产(元)4,152,439.0611,591,700.61-7439261.55-64.18%-0.18%流动资产合计(元)3,393,148,079.262,793,869,519.36599278559.921.45%14.48%非流动资产: 发放贷款及垫款(元)0000.00%0.00%可供出售金融资产(元)2,189,270,592.00588,416,400.001600854192272.06%38.69%持有至到期投资(元)0000.00%0.00%长期应收款(元)41,228,230.5332,190,530.53903
8、770028.08%0.22%长期股权投资(元)877,909,185.95385,995,099.07491914086.9127.44%11.89%投资性房地产(元)0000.00%0.00%固定资产(元)316,594,061.41272,795,803.8543798257.5616.06%1.06%在建工程(元)0000.00%0.00%工程物资(元)0000.00%0.00%固定资产清理(元)0000.00%0.00%生产性生物资产(元)0000.00%0.00%油气资产(元)0000.00%0.00%无形资产(元)1,502,666.6801502666.68#DIV/0!0.0
9、4%开发支出(元)0000.00%0.00%商誉(元)353,569,777.7732,694,922.45320874855.3981.42%7.75%长期待摊费用(元)4,461,100.023,716,311.89744788.1320.04%0.02%递延所得税资产(元)34,666,800.4428,266,158.146400642.322.64%0.15%其他非流动资产(元)0000.00%0.00%非流动资产合计(元)3,819,202,414.801,344,075,225.932475127189184.15%59.82%资产总计(元)7,212,350,494.064,1
10、37,944,745.29307440574974.30%74.30%流动负债: 短期借款(元)668,022,269.30593,159,983.9574862285.3512.62%1.81%交易性金融负债(元)0000.00%0.00%应付票据(元)0000.00%0.00%应付账款(元)501,039,579.87496,102,331.764937248.111.00%0.12%预收款项(元)76,885,881.1787,660,631.36-10774750.19-12.29%-0.26%应付职工薪酬(元)4,508,904.114,229,088.61279815.56.62%
11、0.01%应交税费(元)256,161,045.2593,175,747.93162985297.3174.92%3.94%应付利息(元)27,137,644.8822,922,355.674215289.2118.39%0.10%应付股利(元)0000.00%0.00%其他应付款(元)109,571,638.1523,436,803.5586134834.6367.52%2.08%一年内到期的非流动负债(元)0000.00%0.00%其他流动负债(元)600,000,000.00300,000,000.00300000000100.00%7.25%流动负债合计(元)2,243,326,962
12、.731,620,686,942.83622640019.938.42%15.05%非流动负债: 长期借款(元)502,185,670.00300,000,000.0020218567067.40%4.89%应付债券(元)0000.00%0.00%长期应付款(元)0000.00%0.00%专项应付款(元)0000.00%0.00%预计负债(元)0000.00%0.00%递延所得税负债(元)506,445,979.9292,527,585.66413918394.3447.35%10.00%其他非流动负债(元)1,936,040.7901936040.79#DIV/0!0.05%非流动负债合计(
13、元)1,010,567,690.71392,527,585.66618040105.1157.45%14.94%负债合计(元)3,253,894,653.442,013,214,528.49124068012561.63%29.98%所有者权益(或股东权益): 实收资本(或股本)(元)1,209,600,000.00604,800,000.00604800000100.00%14.62%资本公积金(元)1,631,908,054.31988,550,613.88643357440.465.08%15.55%减:库存股(元)0000.00%0.00%盈余公积金(元)136,508,445.236
14、7,946,535.1868561910.05100.91%1.66%一般风险准备(元)0000.00%0.00%未分配利润(元)964,456,051.52458,428,881.87506027169.7110.38%12.23%外币报表折算差额(元)0000.00%0.00%少数股东权益(元)15,983,289.565,004,185.8710979103.69219.40%0.27%归属于母公司所有者权益合计(元)3,942,472,551.062,119,726,030.93182274652085.99%44.05%所有者权益合计(元)3,958,455,840.622,124,
15、730,216.80183372562486.30%44.31%负债和所有者权益总计(元)7,212,350,494.064,137,944,745.29307440574974.30%74.30%资产负债表垂直分析表报告期日期13-12-3112-12-312013年(%)2012(%)变动情况(%)流动资产:货币资金(元)1,137,400,910.54641,530,918.6215.77%15.50%0.27%交易性金融资产(元)000.00%0.00%0.00%应收票据(元)000.00%0.00%0.00%应收账款(元)1,147,184,254.611,000,731,038.1
16、915.91%24.18%-8.28%预付款项(元)462,454,255.70386,344,838.646.41%9.34%-2.92%应收利息(元)000.00%0.00%0.00%其他应收款(元)67,155,413.1853,164,456.560.93%1.28%-0.35%应收股利(元)000.00%0.00%0.00%存货(元)574,800,806.17700,506,566.747.97%16.93%-8.96%一年内到期的非流动资产(元)000.00%0.00%0.00%其他流动资产(元)4,152,439.0611,591,700.610.06%0.28%-0.22%流
17、动资产合计(元)3,393,148,079.262,793,869,519.3647.05%67.52%-20.47%非流动资产:发放贷款及垫款(元)000.00%0.00%0.00%可供出售金融资产(元)2,189,270,592.00588,416,400.0030.35%14.22%16.13%持有至到期投资(元)000.00%0.00%0.00%长期应收款(元)41,228,230.5332,190,530.530.57%0.78%-0.21%长期股权投资(元)877,909,185.95385,995,099.0712.17%9.33%2.84%投资性房地产(元)000.00%0.0
18、0%0.00%固定资产(元)316,594,061.41272,795,803.854.39%6.59%-2.20%在建工程(元)000.00%0.00%0.00%工程物资(元)000.00%0.00%0.00%固定资产清理(元)000.00%0.00%0.00%生产性生物资产(元)000.00%0.00%0.00%油气资产(元)000.00%0.00%0.00%无形资产(元)1,502,666.6800.02%0.00%0.02%开发支出(元)000.00%0.00%0.00%商誉(元)353,569,777.7732,694,922.454.90%0.79%4.11%长期待摊费用(元)4,
19、461,100.023,716,311.890.06%0.09%-0.03%递延所得税资产(元)34,666,800.4428,266,158.140.48%0.68%-0.20%其他非流动资产(元)000.00%0.00%0.00%非流动资产合计(元)3,819,202,414.801,344,075,225.9352.95%32.48%20.47%资产总计(元)7,212,350,494.064,137,944,745.29100.00%100.00%0.00%流动负债:短期借款(元)668,022,269.30593,159,983.959.26%14.33%-5.07%交易性金融负债(
20、元)000.00%0.00%0.00%应付票据(元)000.00%0.00%0.00%应付账款(元)501,039,579.87496,102,331.766.95%11.99%-5.04%预收款项(元)76,885,881.1787,660,631.361.07%2.12%-1.05%应付职工薪酬(元)4,508,904.114,229,088.610.06%0.10%-0.04%应交税费(元)256,161,045.2593,175,747.933.55%2.25%1.30%应付利息(元)27,137,644.8822,922,355.670.38%0.55%-0.18%应付股利(元)00
21、0.00%0.00%0.00%其他应付款(元)109,571,638.1523,436,803.551.52%0.57%0.95%一年内到期的非流动负债(元)000.00%0.00%0.00%其他流动负债(元)600,000,000.00300,000,000.008.32%7.25%1.07%流动负债合计(元)2,243,326,962.731,620,686,942.8331.10%39.17%-8.06%非流动负债:长期借款(元)502,185,670.00300,000,000.006.96%7.25%-0.29%应付债券(元)000.00%0.00%0.00%长期应付款(元)000.
22、00%0.00%0.00%专项应付款(元)000.00%0.00%0.00%预计负债(元)000.00%0.00%0.00%递延所得税负债(元)506,445,979.9292,527,585.667.02%2.24%4.79%其他非流动负债(元)1,936,040.7900.03%0.00%0.03%非流动负债合计(元)1,010,567,690.71392,527,585.6614.01%9.49%4.53%负债合计(元)3,253,894,653.442,013,214,528.4945.12%48.65%-3.54%所有者权益(或股东权益):实收资本(或股本)(元)1,209,600,
23、000.00604,800,000.0016.77%14.62%2.16%资本公积金(元)1,631,908,054.31988,550,613.8822.63%23.89%-1.26%减:库存股(元)000.00%0.00%0.00%盈余公积金(元)136,508,445.2367,946,535.181.89%1.64%0.25%一般风险准备(元)000.00%0.00%0.00%未分配利润(元)964,456,051.52458,428,881.8713.37%11.08%2.29%外币报表折算差额(元)000.00%0.00%0.00%少数股东权益(元)15,983,289.565,0
24、04,185.870.22%0.12%0.10%归属于母公司所有者权益合计(元)3,942,472,551.062,119,726,030.9354.66%51.23%3.44%所有者权益合计(元)3,958,455,840.622,124,730,216.8054.88%51.35%3.54%负债和所有者权益总计(元)7,212,350,494.064,137,944,745.29100.00%100.00%0.00%(二)利润表分析利润表水平分析表报告期日期13-12-3112-12-31增减额增减(%)一、营业总收入:营业收入(元)2,013,963,791.471,386,401,58
25、2.40627562209.145.27%利息收入(元)000#DIV/0!二、营业总成本:营业成本(元)910,232,363.16684,617,607.25225614755.932.95%利息支出(元)000#DIV/0!营业税金及附加(元)19,797,839.9739,672,318.91-19874478.94-50.10%销售费用(元)382,666,937.65281,046,798.38101620139.336.16%管理费用(元)94,617,542.2279,394,374.5715223167.6519.17%财务费用(元)73,467,194.3561,128,389.5912338804.7620.19%资产减值损失(元)84,357,007.1642,586,924.6941770082.4798.08%三、其他经营收益:公允价值变动净收益(元)000#DIV/0!投资净收益(元)373,926,030.2256,175,197.55317750832.7565.64%其中:对联营企业和合营企业的投资收益(元)26,167,853.79-662,152.6326830006
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