承德露露财务分析

特殊类别

一、销售情况

1.1业务情况

主营分行业

营业收入营业成本毛利率收入同比

植物蛋白饮料

200404959,526,490.92651,959,202.5532.05%#REF!

2005041,187,585,736.88829,959,021.4430.11%23.77% 2006041,103,315,883.71743,704,022.1032.59%-7.10% 2007041,385,761,542.99959,172,831.3630.78%25.60% 2008041,506,457,517.71###############29.20%8.71% 2009041,325,620,237.55871,316,739.4734.27%-12.00%

营收占比植物蛋白饮料合计

200404100.00%100.00%

200504100.00%100.00%

200604100.00%100.00%

20070499.40%99.40%

20080499.32%99.32%

20090499.77%99.77%

主营分产品

营业收入营业成本毛利率收入同比

植物蛋白饮料

200404956,490,450.779,079,368.5032.14%#REF!

2005041,186,598,151.98829,175,096.0730.12%24.06% 2006041,102,394,148.66742,686,230.5332.63%-7.10% 2007041,385,761,542.99959,172,831.3630.78%25.70% 2008041,506,457,517.71###############29.20%8.71% 2009041,325,620,237.55871,316,739.4734.27%-12.00%其他饮料营业收入营业成本毛利率收入同比2004043,036,040.152,879,834.05 5.15%#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!

营收占比合计

植物蛋白饮料

20040499.68%99.68%

20050499.92%99.92%

20060499.92%99.92%

20070499.40%99.40%

20080499.32%99.32%

20090499.77%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营收同比200104998,311,149.94690,669,201.9730.82%

2002041,075,392,412.14786,270,239.3326.%7.72% 2003041,048,908,111.01697,509,296.4833.50%-2.46% 200404959,526,490.92651,959,202.5532.05%-8.52% 2005041,187,585,736.88829,959,021.4430.11%23.77% 2006041,103,315,883.71743,704,022.1032.59%-7.10% 2007041,394,118,761.31967,529,540.5930.60%26.36% 2008041,516,792,783.12###############28.98%8.80% 2009041,328,680,422.56874,981,9.7734.15%-12.40%

1.2.2成本费用结构及费用率

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. 2002041,075,392,412.14786,270,239.33159,087,406.6335,439,519.95 2003041,048,908,111.01697,509,296.48215,3,486.2745,251,746.92 200404959,526,490.92651,959,202.55156,025,936.54,106,855.88 2005041,187,585,736.88829,959,021.44165,233,720.3658,132,343.11 2006041,103,315,883.71743,704,022.10158,817,671.7452,414,315.83 2007041,394,118,761.31967,529,540.59172,302,925.8342,904,769.28 2008041,516,792,783.12###############191,145,690.3569,247,366.49 2009041,328,680,422.56874,981,9.77190,392,796.0747,811,8.52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.% 20020414.79% 3.30% 20030420.53% 4.31% 20040416.26% 4.60% 20050413.91% 4.90% 20060414.39% 4.75% 20070412.36% 3.08%20080412.60% 4.57% 20090414.33% 3.60% 1.2.3利润成果

净利润净利润同比每股收益长期待摊费用20010497,826,993.46#VALUE!0.380.00 20020450,468,797.83-48.41%0.201,000,008.00 20030435,355,845.72-29.95%0.11827,016.00 20040441,582,908.6517.61%0.14654,024.00 20050448,8,545.17.57%0.14609,000.00 20060475,446,140.9154.32%0.351,373,000.00 20070491,823,463.8821.71%0.461,177,000.00 200804116,050,962.3526.38%0.581,000.00 200904141,446,882.4821.88%0.73785,000.00

净利润资产减值准备固定资产折旧/油气资无形资产摊销20010497,826,993.46-2,304,785.5722,567,868.60633,123.00 20020450,468,797.835,115,968.5534,500,4.455,043,492.50 20030435,355,845.723,176,939.6338,581,735.148,973,145.99 20040441,582,908.65-2,741,036.5839,729,763.159,003,537.72 20050448,8,545.24,983,553.5737,771,837.7,202,934.81 20060475,446,140.91562,772.5631,688,308.939,372,497.35 20070491,823,463.8829,493,732.9131,723,677.959,278,223.56 200804116,050,962.357,9,380.4429,807,711.4016,052,659.16 200904141,446,882.488,133,539.6528,661,521.8110,308,827.66

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

存货存货周转天数占总资产比

200104181,293,245.7515.92%

20020499,180,792.928.92%

200304121,517,632.805710.62%

200404,476,270.44588.01%

200504150,265,980.315212.90%

200604126,017,350.776711.65%

200704159,784,051.195315.02%

200804223,414,286.7622.03%

200904219,571,237.159119.65%

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!

2002047.22%-3.96% 6.80% 4.69%200304 3.80%23.76% 4.58% 3.37%200404 5.10%13.02% 5.45% 4.33%200504 5.97%16.77% 6.48% 4.12%20060414.09%23.56%14.78% 6.84%20070415.94%12.52%15.73% 6.59%20080418.%29.32%19.26%7.65%20090421.54%13.57%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200104200204-54416200304-3573420200404-758447200504052-56108200604-1067-146200704-2653-6592200804-34-2151200904-519146-62.5现金流

销售商品、提供劳务

收到的现金占流入比

购买商品、接受劳务支付的现金占流出比

经营活动现金流入小计

经营活动现金流出小计

20010494.78%73.63%1,274,758,194.271,134,058,465.8420020499.67%70.74%1,220,3,882.701,066,511,040.4020030499.88%73.82%1,272,160,024.1,192,269,269.9320040476.67%57.60%1,449,114,802.311,356,345,672.4120050487.29%55.71%1,628,090,968.411,482,194,367.7120060498.07%70.52%1,270,298,543.66956,672,423.8420070499.78%72.57%1,622,905,337.261,484,216,718.9620080499.74%74.99%1,778,416,332.971,610,684,330.38200904

99.92%

71.21%

1,610,303,697.14

1,320,442,654.

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

200104-103,810,656.97-0.4086,718,698.730.33200204-104,053,022.51-0.40-,011,949.49-0.34200304-26,496,573.99-0.1030,855,7.160.12200404-6,315,195.61-0.02-59,794,012.69-0.23200504

-10,239,309.31-0.03-317,658,471.33-1.02

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 1.04% 3.46%-0.56%0.00% 200204 4.70%0.29%-1.10%-2.19% 200304 2.77%0.11%-0.99%20.23% 200404 4.05%23.33%-2.62%10.83% 200504 1.28%12.71%-1.78%12.24% 2006040.35% 1.93%-0.05%11.54% 2007040.42%0.22%-0.23% 4.92% 2008040.27%0.25%-0.23% 5.35% 2009040.56%0.07%-0.20% 1.95%

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!

营成同比毛利率增减预收账款

13.84%-3.93%

-11.29% 6.62%

-6.53%-1.45%

27.30%-1.94%

-10.39% 2.48%

30.10%-1.99%#############

11.33%-1.62%#############

-18.77% 5.16%#############

财务费用净利润所得税率

2,986,363.7797,826,993.4611.61%

6,183,749.3950,468,797.8327.86%

12,401,832.1835,355,845.7242.19%

12,101,544.1041,582,908.6535.07%

9,588,470.1948,8,545.48.90%

19,655,586.8475,446,140.9137.23%

12,351,967.5191,823,463.8841.45%

7,566,692.90#############23.18%

-1,250,982.55#############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%2

2.12%

0.81%19.62%

1.78%20.93%

0.%16.32%0.50%17.67%

-0.09%17.83%

无形资产固定资产商誉

28,133,278.92#############0.00

81,959,985.42#############0.00

73,829,495.43#############0.00

,825,957.71#############0.00

61,823,022.90#############0.00

40,817,276.55#############0.00

31,539,052.99#############2,814,000.00

316,486,393.83#############2,814,000.00

306,177,566.17#############0.00

毛利率减值和摊销后毛利率长期待摊费用摊销净利润率减值和摊销占销售比

0.009.80% 2.09%30.82%28.72%

139,992.00 4.69% 4.17%26.%22.72%

172,992.00 3.37% 4.85%33.50%28.65%

172,992.00 4.33% 4.81%32.05%27.24%

45,024.00 4.12% 6.06%30.11%24.05%

196,000.00 6.84% 3.79%32.59%28.80%

196,000.00 6.59% 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

96.69% 1.50

91.% 1.48

85.86% 1.47

101.94% 1.54

102.03% 2.12

131.08% 1.82

149.57% 1.68

66,167,301.62

-5,931,835.38

77,886,562.06

82,879,010.

414,397,635.36

168,680,591.40

265,101,836.22

-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140,699,728.430.54 154,382,842.300.60 79,0,754.960.31 92,769,129.900.36 145,6,600.700.47 313,626,119.82 1.65 138,688,618.300.73 167,732,002.590.88 2,861,042.25 1.52

净利润

利率

无形资产固定资产商誉净利润净利润同比净利润分布每股收益长期待摊费用