承德露露财务分析

营收占比植物蛋白饮料合计200404100.00%200504100.00%200604100.00%20070499.40%20080499.32%20090499.77%

100.00%

100.00%100.00%99.40%99.32%99.77%

主营分产品植物蛋白饮料营业收入营业成本毛利率200404956,490,450.77649,079,368.502005041,186,598,151.98829,175,096.072006041,102,394,148.66742,686,230.532007041,385,761,542.99959,172,831.362008041,506,457,517.71###############2009041,325,620,237.55871,316,739.47

32.14%

30.12%32.63%30.78%29.20%34.27%

收入同比

#REF!

24.06%-7.10%25.70%8.71%-12.00%

其他饮料营业收入营业成本毛利率收入同比2004043,036,040.152,879,834.055.15%#REF!200504987,584.90783,925.3720.62%-67.47%200604921,735.051,017,791.57-10.42%-6.67%2007040.000.00#DIV/0!-100.00%2008040.000.00#DIV/0!#DIV/0!2009040.000.00#DIV/0!#DIV/0!植物蛋白饮料营收占比200404200504200604200704200804200904

合计

99.68%99.92%99.92%99.40%99.32%99.77%

99.68%99.92%99.92%99.40%99.32%99.77%

1.2总体销售1.2.1营收情况

主营收入主营成本毛利率

200104998,311,149.94690,669,201.972002041,075,392,412.14786,270,239.332003041,048,908,111.01697,509,296.48200404959,526,490.92651,959,202.552005041,187,585,736.88829,959,021.442006041,103,315,883.71743,704,022.102007041,394,118,761.31967,529,540.592008041,516,792,783.12###############2009041,328,680,422.56874,981,989.771.2.2成本费用结构及费用率

营收同比

30.82%

26.89%33.50%32.05%30.11%32.59%30.60%28.98%34.15%

7.72%-2.46%-8.52%23.77%-7.10%26.36%8.80%-12.40%

费用主营收入主营成本销售费用管理费用200104998,311,149.94690,669,201.97166,949,602.3416,349,970.892002041,075,392,412.14786,270,239.33159,087,406.6335,439,519.952003041,048,908,111.01697,509,296.48215,389,486.2745,251,746.92200404959,526,490.92651,959,202.55156,025,936.5644,106,855.882005041,187,585,736.88829,959,021.44165,233,720.3658,132,343.112006041,103,315,883.71743,704,022.10158,817,671.7452,414,315.832007041,394,118,761.31967,529,540.59172,302,925.8342,904,769.282008041,516,792,783.12###############191,145,690.3569,247,366.492009041,328,680,422.56874,981,989.77190,392,796.0747,811,889.52同比主营收入同比主营成本同比销售费用同比管理费用同比200104#VALUE!#VALUE!#VALUE!#VALUE!2002047.72%13.84%-4.71%116.76%200304-2.46%-11.29%35.39%27.69%200404-8.52%-6.53%-27.56%-2.53%20050423.77%27.30%5.90%31.80%200604-7.10%-10.39%-3.88%-9.84%20070426.36%30.10%8.49%-18.14%2008048.80%11.33%10.94%61.40%200904-12.40%-18.77%-0.39%-30.95%占收入比销售费用管理费用20010416.72%1.64%20020414.79%3.30%20030420.53%4.31%20040416.26%4.60%20050413.91%4.90%20060414.39%4.75%20070412.36%3.08%

200804200904

1.2.3利润成果

净利润净利润同比每股收益

20010497,826,993.46#VALUE!20020450,468,797.83-48.41%20030435,355,845.72-29.95%20040441,582,908.6517.61%20050448,889,545.8917.57%20060475,446,140.9154.32%20070491,823,463.8821.71%200804116,050,962.3526.38%200904141,446,882.4821.88%

12.60%

14.33%4.57%3.60%

长期待摊费用

0.380.200.110.140.140.350.460.580.730.00

1,000,008.00827,016.00654,024.00609,000.001,373,000.001,177,000.00981,000.00785,000.00

200104200204200304200404200504200604200704200804200904

净利润资产减值准备固定资产折旧/油气资无形资产摊销

97,826,993.46-2,304,785.5722,567,868.60633,123.0050,468,797.835,115,968.5534,500,894.455,043,492.5035,355,845.723,176,939.6338,581,735.148,973,145.9941,582,908.65-2,741,036.5839,729,763.159,003,537.7248,889,545.8924,983,553.5737,771,837.789,202,934.8175,446,140.91562,772.5631,688,308.939,372,497.3591,823,463.8829,493,732.9131,723,677.959,278,223.56116,050,962.357,964,380.4429,807,711.4016,052,659.16141,446,882.488,133,539.6528,661,521.8110,308,827.66长期待摊费用摊销

无形资产摊销费用资产减值损失

减值同比

二、运营情况

2.2存货

存货

200104200204200304200404200504200604200704200804200904

存货周转天数

181,293,245.7599,180,792.92121,517,632.8089,476,270.44150,265,980.31126,017,350.77159,784,051.19223,414,286.76219,571,237.15

6457585267536491

占总资产比

15.92%8.92%10.62%8.01%12.90%11.65%15.02%22.03%19.65%

2.3净资产收益率

净资产收益率=销售净利润率*总资产周转率*权益乘数

时间净资产收益率少数权益收益率综合净资产收益率20010414.76%#DIV/0!14.76%2002047.22%-3.96%6.80%2003043.80%23.76%4.58%2004045.10%13.02%5.45%2005045.97%16.77%6.48%20060414.09%23.56%14.78%20070415.94%12.52%15.73%20080418.89%29.32%19.26%20090421.54%13.57%21.29%销售净利润率（净利润/主营业务收入）9.80%4.69%3.37%4.33%4.12%6.84%6.59%7.65%10.65%2.4现金转换周期

净应收款天数=平均应收款净存货天数=平均库存净应付款天数=平均应现金转换周期=应收天200104200204-5644416200304-3573420200404-758447200504052-56108200604-1067-89146200704-2653-6592200804-3464-2151200904-519146-62.5现金流

销售商品、提供劳务

收到的现金占流入比

94.78%99.67%99.88%76.67%87.29%98.07%99.78%99.74%99.92%

购买商品、接受劳务支付的现金占流出比

73.63%70.74%73.82%57.60%55.71%70.52%72.57%74.99%71.21%

经营活动现金流入小计

1,274,758,194.271,220,893,882.701,272,160,024.891,449,114,802.311,628,090,968.411,270,298,543.661,622,905,337.261,778,416,332.971,610,303,697.14

经营活动现金流出小计

1,134,058,465.841,066,511,040.401,192,269,269.931,356,345,672.411,482,194,367.71956,672,423.841,484,216,718.961,610,684,330.381,320,442,654.89

200104200204200304200404200504200604200704200804200904

200104200204200304200404200504

投资活动产生现金流每股投资现金流筹资活动产生现金流每股筹资现金流

-103,810,656.97-0.4086,718,698.730.33-104,053,022.51-0.40-89,011,949.49-0.34-26,496,573.99-0.1030,855,647.160.12-6,315,195.61-0.02-59,794,012.69-0.23-10,239,309.31-0.03-317,658,471.33-1.02

200604200704200804200904-244,789,864.70-73,153,579.97-4,327,495.16-25,381,260.55-1.29-0.38-0.02-0.13-28,837,136.39-144,396,343.33-208,626,392.42-129,957,931.09-0.15-0.76-1.10-0.68

2.7其他项目占比

其他应收款/总资产其他经营性现金流入/总非营业收入/销售额少数股东损益/净利润

200104

200204200304200404200504200604200704200804200904

1.04%3.46%4.70%0.29%2.77%0.11%4.05%23.33%1.28%12.71%0.35%1.93%0.42%0.22%0.27%0.25%0.56%0.07%-0.56%-1.10%-0.99%-2.62%-1.78%-0.05%-0.23%-0.23%-0.20%0.00%-2.19%20.23%10.83%12.24%11.54%4.92%5.35%1.95%

不动1,600,000,000.001,400,000,000.0043成本同比毛利率增减

#REF!#REF!

27.30%-1.94%-10.39%2.48%28.97%-1.81%11.20%-1.58%-18.31%5.07%

成本同比毛利率增减#REF!#REF!

27.75%-2.02%-10.43%2.51%29.15%-1.85%11.20%-1.58%-18.31%5.07%成本同比毛利率增减#REF!#REF!

-72.78%15.48%29.83%-31.04%-100.00%#DIV/0!#DIV/0!#DIV/0!#DIV/0!#DIV/0!

1,200,000,000.0021,000,000,000.00800,000,000.001600,000,000.000400,000,000.00-200,000,000.00-0.00-营成同比

13.84%-11.29%-6.53%27.30%-10.39%30.10%11.33%-18.77%

毛利率增减

-3.93%6.62%-1.45%-1.94%2.48%-1.99%-1.62%5.16%预收账款预收同比预收占营业收入比1,600,000,00044,609,290.324.47%1,400,000,0004,235,658.73-90.50%0.39%1,200,000,00035,476,140.71737.56%3.38%1,000,000,00036,308,336.322.35%3.78%800,000,00014,290,741.90-60.64%1.20%600,000,00073,947,478.20417.45%6.70%400,000,000#############78.34%9.46%200,000,000#############17.73%10.24%#############42.31%16.63%财务费用

2,986,363.776,183,749.3912,401,832.1812,101,544.109,588,470.1919,655,586.8412,351,967.517,566,692.90-1,250,982.55净利润所得税率97,826,993.4611.61%50,468,797.8327.86%35,355,845.7242.19%41,582,908.6535.07%48,889,545.8948.90%75,446,140.9137.23%91,823,463.8841.45%#############23.18%#############27.60%

财务费用同比净利润同比费用率费用率增减

#VALUE!#VALUE!21.02%#VALUE!

107.07%-48.41%22.19%1.18%100.56%-29.95%30.13%7.94%-2.42%17.61%27.72%-2.41%-20.77%17.57%26.00%-1.72%104.99%54.32%25.76%-0.24%-37.16%21.71%24.01%-1.74%-38.74%26.38%21.33%-2.68%-116.53%21.88%23.50%2.17%

财务费用合计

0.30%18.66%0.58%18.66%1.18%26.03%1.26%22.12%0.81%19.62%1.78%20.93%0.89%16.32%

0.50%-0.09%

无形资产

28,133,278.9281,959,985.4273,829,495.4364,825,957.7161,823,022.9040,817,276.5531,539,052.99316,486,393.83306,177,566.17

17.67%17.83%

固定资产商誉#############0.00#############0.00#############0.00#############0.00#############0.00#############0.00#############2,814,000.00#############2,814,000.00#############0.00

长期待摊费用摊销净利润率减值和摊销占销售比毛利率减值和摊销后毛利率0.009.80%2.09%30.82%28.72%

139,992.004.69%4.17%26.89%22.72%172,992.003.37%4.85%33.50%28.65%172,992.004.33%4.81%32.05%27.24%45,024.004.12%6.06%30.11%24.05%196,000.006.84%3.79%32.59%28.80%196,000.006.59%5.07%30.60%25.53%196,000.007.65%3.56%28.98%25.42%196,000.0010.65%3.56%34.15%30.59%商誉减值

减现金流府表

总资产周转率（主营业务收入/权益乘数（总资产总额）资产/净资产）87.65%1.7296.69%1.5091.64%1.4885.86%1.47101.94%1.54102.03%2.12131.08%1.82149.57%1.68118.93%1.68平均净款支出66,167,301.62-5,931,835.3877,886,562.0682,879,010.89414,397,635.36168,680,591.40265,101,836.22-41,558,841.81-115,257,453.59

经营活动产生的现金流量净额每股净额140,699,728.430.54154,382,842.300.6079,890,754.960.3192,769,129.900.36145,896,600.700.47313,626,119.821.65138,688,618.300.73167,732,002.590.88289,861,042.251.52

净利润

40.00%30.00%20.00%10.00%营业收入营业成本毛利率收入同比成本同比0.00%-10.00%-20.00%-30.00%00,000.0000,000.0040.00%30.00%00,000.0000,000.0000,000.0000,000.0000,000.0020.00%10.00%0.00%主营收入主营成本毛利率营收同比营成同比-10.00%-20.00%-30.00%00,000.000.00净利润净利润同比净利润分布每股收益长期待摊费用无形资产固定资产商誉

利率