财务报表分析作业.ppt

Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,会计,0802,王韵 余琼 李军 张爱琳 张泽荣,汽车业十字路口的选择,技工贸,VS,贸工技,2,技工贸,VS,贸工技,技工贸,先自主研发技术,再扩大贸易,贸工技,先扩大贸易,再研发或买来技术,汽车行业四种类型,2000,年,200,万辆,2010,年,1826,万辆,发展,自主研发型,吉利、奇瑞,克隆型,先贴牌后买来型,上汽,跳代发展型,3,上汽（贴牌生产）,VS,吉利（自主研发）,盈利能力,财务安全性,营运能力,财务成长性,4,1,2,3,4,盈利能力比较,经营者评价,上汽,2008,2009,2010,吉利,2008,2009,2010,毛利率,11.55,12.71,19.39,毛利率,15.18,18.06,18.41,营业利润率,-0.92,6.07,8.64,营业利润率,13.07,7.95,5.28,销售净利率,-0.81,5.84,7.31,销售净利率,20.19,9.37,7.71,资产净利率,-0.81,6.6,12.44,资产净利率,13.25,9.11,7.19,成本费用利润率,-0.45,6.29,9.36,成本费用利润率,23.26,12,10.13,EBITDA,利润率,3.44,8.78,10.75,EBITDA,利润率,22.82,11.54,10.67,基本获利率,1.28,8.22,19,基本获利率,14.98,15.29,15.27,投资人评价,净资产收益率,1.89,15.52,20.75,净资产收益率,2.05,2.11,2.36,每股收益,-0.13,1.2377,2.47,每股收益,0.1692,0.1947,0.2197,市盈率,亏损,21.11,5.94,市盈率,24.64,15.41,14.25,市净率,亏损,4.03,2.05,市净率,4.28,3.03,3.86,5,盈利能力比较,毛利率比较,基本获利率比较,市盈率,净资产收益率,6,财务安全性比较,上汽,2008,2009,2010,吉利,2008,2009,2010,资产负债率,64.27,66.15,64.28,资产负债率,52.89,62.26,62.65,产权比率,146.21,174.11,164.89,产权比率,112.25,164.95,167.73,有形净值债务率,0.68,2.09,1.94,有形净值债务率,1.36,1.94,2.00,流动比率,1.02,0.93,1.10,流动比率,0.97,1.37,1.33,速动比率,0.88,0.83,0.96,速动比率,0.87,1.30,1.24,现金比率,40.53,38.77,47.44,现金比率,16.87,50.50,37.19,现金流量比率,21.17,27.05,18.88,现金流量比率,10.78,10.65,16.78,长期债务与营运资金比率,1.44,-0.32,0.19,长期债务与营运资金比率,0.16,1.39,0.71,营业利润,/,利率总额,2.02,0.98,1.01,营业利润,/,利率总额,7.10,1.64,1.95,每股经营现金流量,/EPS,17.81,3.2734,1.68,每股经营现金流量,/EPS,3.00,4.05,84.83,已获利倍数,2.80,15.86,85.03,已获利倍数,16.60,15.46,8.76,7,财务安全性比较,流动比率,速动比率,现金比率,长期债务与营运资金比率,8,营运能力比较,上汽,2008,2009,2010,吉利,2008,2009,2010,存货周转率,12.20,15.39,19.03,存货周转率,8.81,21.97,20.37,应收账款周转率,29.88,40.10,82.79,应收账款周转率,23.88,69.54,50.59,流动资产周转率,1.91,2.13,2.84,流动资产周转率,3.06,4.20,4.67,总资产周转率,1.01,1.13,1.72,总资产周转率,1.54,2.73,3.01,其他指标,投资报酬率,-0.79,5.87,9.98,投资报酬率,8.66,6.29,5.63,9,营运能力比较,应收账款周转率,流动资产周转率,总资产周转率,投资报酬率,10,财务成长性比较,上汽,2008,2009,2010,吉利,2008,2009,2010,资本的保值增值率,0.90,1.20,1.75,资本的保值增值率,18.78,1.48,1.28,营业利率增长率,-117.40,969.40,220.31,营业利率增长率,42414.86,290.11,45.62,净利率增长率,-115.72,10.54,181.61,净利率增长率,183.24,52.30,17.49,主营业务收入,增长率,1.27,31.75,125.01,主营业务收入,增长率,32461.78,228.03,42.86,11,财务成长性比较,主营业务收入增长率,净利润增长率,资本保值增值率,12,综述整体发展状况,上汽,吉利,抗风险能力强,不用看脸色,品牌弱势,起步艰难,抗风险能力弱,技术受制于人,产品不愁销路,先进管理模式和经验,较容易进行初期资本积累,通过收购建设管理和营销,13,结论,技工贸,VS,贸工技,有利也有弊,根据具体情况选择,市场环境稳定、初始资金较为短缺时应采用,上汽模式,，,使企业快速积累资本但不易形成依赖，一旦形成一定规模后，抓紧研发技术，走,吉利模式,，形成自主品牌,企业自主研发能力强、起始资金较为雄厚时应采用,吉利模式,，增强抗风险能力，加大竞争优势，可通过收购等方式建设管理和营销模式,14,会计,0802,王韵 余琼 李军 张爱琳 张泽荣,汽车业十字路口的选择,技工贸,VS,贸工技,