分析十家上市公司三年的運(yùn)營(yíng)、盈利、償債和發(fā)展能力指標(biāo)

PAGEPAGE4分析十家上市公司三年的運(yùn)營(yíng)、盈利、償債和發(fā)展能力指標(biāo)，并選擇一家進(jìn)行針對(duì)性分析。選擇了深市十家醫(yī)藥類上市公司，具體以“000597東北制藥”為例分析各能力。000597東北制藥000650仁和藥業(yè)000028國(guó)藥一致000153豐原藥業(yè)000516國(guó)際醫(yī)學(xué)000566海南海藥000756新華制藥000788北大醫(yī)藥000919金陵藥業(yè)000963華東醫(yī)藥營(yíng)運(yùn)能力分析：?jiǎn)挝唬ㄈf元）公司期末營(yíng)業(yè)收入①營(yíng)業(yè)成本②流動(dòng)資產(chǎn)流動(dòng)平均③存貨存貨平均④總資產(chǎn)平均資產(chǎn)總額⑤流動(dòng)資產(chǎn)周轉(zhuǎn)率①/③存貨周轉(zhuǎn)率②/④總資產(chǎn)周轉(zhuǎn)率①/⑤東北制藥20112649268752158723720123864912908452653862651568415085835.5599328593282.51.463.390.65201338705926758237056031797310678595467.57554606773941.222.800.572014433332296706413665392112.597809102297857287806373.51.112.900.54仁和藥業(yè)201111052516035160279201220875212652511241111146820095180652094871848831.877.001.13201317993899951126706119558.52516722631232872221179.51.514.420.812014225321122275142481134593.53034027753.52597102462911.674.410.91國(guó)藥一致2011647149131127766576201218011761640872786344716746.5173468152297.59295848480802.5110.772.12201321199471943608946574866459183127178297.5110579010176872.4510.902.0820142395433220026310992131022894232233207680128289411943422.3410.592.01豐原藥業(yè)2011562401791613182320121657761276836214959194.520162190391450491384362.806.711.20201315299011312692147771482122620694198102171575.51.985.470.89201416989512487294797934722538723306.5223753210927.51.825.360.81國(guó)際醫(yī)學(xué)20118883346513145122012340264275222139030113931.545004575.5363355338933.52.9960.151.002013356567284950136679137854.533033901.5361164362259.52.5973.040.98201438833530812813715513691740393671351325356244.52.8483.941.09豐原藥業(yè)201176524201218097750177012.5159766481224571384362.35%16.22%2013271910543091465.516042598022022171575.52.97%12.84%20144112114693110061.543785433848123210927.53.74%22.81%國(guó)際醫(yī)學(xué)2011111819201211086119338115578.593113992330338933.59.59%0.69%201312152128273123805.5257853027880362259.59.82%2.18%201435026159736144004.53562748311045356244.524.32%3.10%海南海藥201113322320127913148960141091.58844139910243239063.55.61%4.28%20131017715896415396212755530218057311671.56.61%5.79%201417061172849165906.520623748328106357264.510.28%7.87%新華制藥201117497420122626177699176336.53498602595233316231.49%2.87%20133831179682178690.550528654137063738812.14%3.67%20146833191187185434.591497208163574047253.68%4.04%北大醫(yī)學(xué)201110401020127500110049107029.59693160111294319325.57.01%3.54%201374921177831139169762285112613393485.56.58%3.21%2014-3796113328115555.5-213387826649442057-3.29%1.50%金陵藥業(yè)2011232526201217926246577239551.522385-389219963078587.48%7.14%201319006257446252011.524220-694235263251647.54%7.24%20142451627509826627230502-1253292493463319.21%8.45%華東制藥20111794530201262056234206206829.578752136319238361912330.00%14.92%201374766301514267860942291214210637171060727.91%14.97%201494276251865276689.511728715404132691834030.534.07%15.91%以“東北制藥”為例，根據(jù)上表所給的數(shù)據(jù)：①凈資產(chǎn)收益率：是企業(yè)本期利潤(rùn)與凈資產(chǎn)的比率，反映盈利能力的核心指標(biāo)，企業(yè)的根本目的是所有者權(quán)益或股東權(quán)益價(jià)值最大化，而凈資產(chǎn)收益率即可直接反映資本的增值能力，又影響著企業(yè)股東價(jià)值的大小。該指標(biāo)越高，反映企業(yè)的盈利越好。觀察“東北制藥”，凈資產(chǎn)收益率12年僅僅0.70%，13年比12年更低，為負(fù)數(shù)，14年比13年高，但也僅僅為3.84%，該指標(biāo)明顯偏低，說明該公司的盈利一般，觀其在整個(gè)行業(yè)中應(yīng)該處于最底水平。②總資產(chǎn)報(bào)酬率：是息稅前利潤(rùn)與平均總資產(chǎn)之間的比率。總資產(chǎn)報(bào)酬率高，說明企業(yè)資產(chǎn)的運(yùn)用效果好，也意味著企業(yè)的資產(chǎn)盈利能力強(qiáng)。因此該比率越高越好?？础皷|北制藥”的近三年的資產(chǎn)報(bào)酬率顯示，最高3.18%，在此浮動(dòng)，再相較其他企業(yè)很多10%、20%左右的，該資產(chǎn)報(bào)酬率還是比較低的，說明該企業(yè)的盈利能力不強(qiáng)，有待加強(qiáng)經(jīng)營(yíng)管理。因此，該企業(yè)在盈利能力方面的指標(biāo)比較低，在行業(yè)間處于較低水平，資產(chǎn)運(yùn)用效率較差，盈利能力不高。三、償債能力分析:單位（萬元）公司期末貨幣資金①預(yù)付賬款存貨流動(dòng)資產(chǎn)②速動(dòng)資產(chǎn)③總資產(chǎn)④流動(dòng)負(fù)債⑤負(fù)債總額⑥流動(dòng)比率②/⑤速動(dòng)比率③/⑤現(xiàn)金比率①/⑤資產(chǎn)負(fù)債率⑥/④東北制藥20128523216016841502653861652205993283410404236850.780.4824.99%70.69%2013153904143521067853705602494237554604491655955540.820.5634.26%78.83%201417660111648978094136653042088572874411945811690.940.6940.03%67.79%仁和制藥2012449613673200951124118864320948736376382803.092.44123.60%18.27%2013539225845251671267069569423287237065389863.422.58145.48%16.74%20146340337643034014248110837725971041561435063.432.61152.55%16.75%國(guó)藥一致20129539989511734687863446039259295847129847456791.100.8513.38%80.22%2013111356643718312794657475701011057908490378741261.110.8913.12%79.05%2014867569604232233109921385737612828947687767977731.431.1211.28%62.19%豐原藥業(yè)20126574360220162621493838514504961166675471.020.6310.75%46.57%201330893409421226921476682719810265507926721.411.0247.16%46.78%2014167893534253879479765876223753938651090601.010.7017.89%48.74%國(guó)際醫(yī)學(xué)2012126966145545001390301330753633552346992440170.590.5754.10%67.16%201312540159533031366791327813611642252872328900.610.5955.66%64.48%201410726370840391371551324083513251787081915890.770.7460.02%54.53%海南海藥201269238414233337167714130235276151767801271912.181.7090.18%46.06%2012731188503302451665021277543471921360761882281.220.9453.73%54.21%2014953755935281951986551645253673371246141944881.591.3276.54%52.95%新華制藥201242214839948967139987826213628271020431851281.370.8141.37%51.02%201238072386353199139289822273849351025852052531.360.8037.11%53.32%201432877424658889146241831064245151601092333280.910.5220.53%54.96%北大醫(yī)學(xué)2012592423580366781715481312903640651999792540160.860.6629.62%69.77%2012718753941490192072101542504229062388363051230.870.6530.09%72.15%2014632285719604632203761541944612082838103478800.780.5422.28%75.43%金陵藥業(yè)20129759253853781420064715744831988869949733122.872.25139.52%22.92%20139448329173723920566416550833044067823729943.032.44139.31%22.09%20147269941894109521939317410936222283552871242.632.0887.01%24.05%華東制藥201277436150341532785159903476786538734094034196671.260.8518.91%64.18%201385382206771715296027194105137673414546794658271.330.9018.78%60.71%2014100533257081814646967624895909007206279466488551.110.7816.01%72.04%以“東北制藥”為例，根據(jù)上表所給的數(shù)據(jù)：（1）短期償債能力：①流動(dòng)比率：是指流動(dòng)資產(chǎn)與流動(dòng)負(fù)債的比率，表示每一元的流動(dòng)負(fù)債，有多少流動(dòng)資產(chǎn)作為補(bǔ)還保證。一般認(rèn)為，該指標(biāo)應(yīng)達(dá)到2:1以上，表示企業(yè)的償付能力越強(qiáng)，企業(yè)所面臨的短期流動(dòng)風(fēng)險(xiǎn)越小，債權(quán)人安全程度越高?？础皷|北制藥”所顯示的數(shù)據(jù)，雖然逐年增加，但是每年都不到1:1，更不到2:1了，說明該企業(yè)短期償債能力很弱，流動(dòng)資產(chǎn)可能會(huì)發(fā)生呆賬或降價(jià)的危險(xiǎn)，若企業(yè)解散，大約有賬面的一大半的價(jià)值取不到現(xiàn)金。②速動(dòng)比率：指企業(yè)的速動(dòng)資產(chǎn)與流動(dòng)負(fù)債的比率，用來衡量企業(yè)流動(dòng)資產(chǎn)中可以立即變現(xiàn)償付流動(dòng)負(fù)債的能力。一般認(rèn)為，在企業(yè)的全部流動(dòng)資產(chǎn)中，存貨大約占50%。所以，速動(dòng)比率的一般標(biāo)準(zhǔn)為1:1，就是說每一元的流動(dòng)負(fù)債，都有一元幾乎可以立即變現(xiàn)的資產(chǎn)來償付?？础皷|北制藥”所顯示的數(shù)據(jù)，雖然逐年增加，但是每年都不到1:1，償債能力較差。③現(xiàn)金比率：是指現(xiàn)金類資產(chǎn)對(duì)流動(dòng)負(fù)債的比率，可以直接反映企業(yè)的直接償付能力，當(dāng)企業(yè)面臨支付工資日或者大宗進(jìn)口日等需要大量現(xiàn)金時(shí)，這一指標(biāo)更能顯示其重要作用?，F(xiàn)金比率越高，表示企業(yè)可立即用于支付債務(wù)的現(xiàn)金類資產(chǎn)越多，但如果這一比率過高，表明企業(yè)通過負(fù)債方式籌集的流動(dòng)資金沒有得到充分利用，一般比率在20%左右最合適。看“東北制藥”所顯示的數(shù)據(jù)，這三年逐年增加，平均在30%左右，該比率也還比較合適，說明該企業(yè)直接償付能力較高。（2）長(zhǎng)期償付能力：①資產(chǎn)負(fù)債率：通過負(fù)債與資產(chǎn)的對(duì)比，反映在企業(yè)總資產(chǎn)中，有多少是用過舉債獲得的，該指標(biāo)越大，說明企業(yè)的債務(wù)負(fù)擔(dān)越重，對(duì)債權(quán)人來說，該比率越低越好，因?yàn)槠髽I(yè)的債務(wù)負(fù)擔(dān)越輕，其總體償債能力越強(qiáng)，債權(quán)人權(quán)益的保證程度越高?？础皷|北制藥”所顯示的數(shù)據(jù)，通過比較可知，該比率13年比12年上升8.13%，14年比13年下降11.04%，但總體在6、70%左右晃動(dòng)，表明該企業(yè)債務(wù)負(fù)擔(dān)略有重，這一比率相對(duì)較高，無論是企業(yè)本身，還是投資者或債權(quán)人，雖然可以接受，但長(zhǎng)期負(fù)債能力風(fēng)險(xiǎn)有點(diǎn)大。綜上所述，該企業(yè)不管是短期或是長(zhǎng)期償債能力較差，有點(diǎn)不利于債權(quán)人，企業(yè)有待加強(qiáng)償債能力。四、發(fā)展能力分析:單位（萬元）公司期末股東權(quán)益①增長(zhǎng)額②凈利潤(rùn)③增加額④營(yíng)業(yè)收入⑤增加額⑥股東權(quán)益增長(zhǎng)率②/①凈利潤(rùn)增長(zhǎng)率④/③收入增長(zhǎng)率⑥/⑤東北制藥2011174936-383233882782012175642706122139544386491-17870.40%-103.19%-0.46%2013159905-15737-16520-17741387059568-8.96%-1452.99%0.15%20142761181162138382249024333324627372.68%-150.74%11.96%仁和制藥20111142113058122077120121712075699627614-2967208752-1201949.90%-9.70%-5.44%20131938852267821600-6014179938-2881413.25%-21.78%-13.80%20142162052232032385107852253214538311.51%49.93%25.22%國(guó)藥一致20111426803278215130342012183905412254836815586180117628814228.89%47.54%19.04%201323166447759534225054211994731877125.97%10.45%17.70%201448512225345866984135622395433275486109.41%25.39%12.99%豐原藥業(yè)2011765249921516492012775019771809817165776141271.28%82.36%9.32%2013105430279292719910152990-1278636.04%50.30%-7.71%2014114693926341121393169895169058.79%51.23%11.05%國(guó)際醫(yī)學(xué)2011111819127253378132012119338751911086-163934026424516.72%-12.88%0.73%20131282738935121521066356567163037.49%9.62%4.79%20141597363146335026228743883353176824.53%188.23%8.91%海南海藥201113322310232721852012148960157377913-2319949892280411.81%-22.66%31.59%20131589641000410177226410184868596.72%28.61%7.22%201417284913885170616884134322324748.73%67.64%31.88%新華制藥20111749747962293753201217769927252626-533629715233991.56%-67.02%1.16%2013179682198338311205316965198131.12%45.89%6.67%20141911871150568333002358975420106.40%78.36%13.25%北大醫(yī)學(xué)201110401011494195569201211004960397500-3994194794-7755.81%-34.75%-0.40%201311778377347492