1、財務分析2心山西汾酒6008092維賽特財經(jīng) HYPERLINK http:/www.vsa www.vsa（更新：12.04.19）主要財務指標指標報告期111|2012-03-31|1112011-12-31|112011-09-30|112011-06-30|111基本每股收益（元）111.1400|11.8030|11.6300|11.5213|基本每股收益1.1700|1.8280|1.6800|1.5504|（扣除后）（元）|稀釋每股收益（元）1.1400|1.8030|1.6300|1.5213|每股凈資產(chǎn)（元）6.8910|5.7530|5.5800|5.4716|每股經(jīng)營現(xiàn)金

2、凈流量（元）0.6647|3.6883|2.2936|1.8149|每股現(xiàn)金流量（元）0.5589|2.1696|0.9944|0.8229|每股資本公積金（元）0.6879|0.6879|0.6879|0.6879|每股盈余公積金（元）0.5947|0.5947|0.5947|0.5947|每股未分配利潤（元）4.6083|3.4707|3.3020|3.1890|凈資產(chǎn)收益率（%）16.5100|31.3380|29.2650|27.8040|加權(quán)凈資產(chǎn)收益率（%）18.0000|34.5000|33.9000|30.6700|凈資產(chǎn)收益率（扣除）（%）-|-|-|-|加權(quán)凈資產(chǎn)收益率18

3、.4400|34.9800|34.6300|-|（扣除后）（%）|總資產(chǎn)（萬元）566058.48|491175.34|412666.81|399547.45|歸屬母公司股東權(quán)益298323.47|249070.23|241769.20|236878.01|（萬元）|主營業(yè)務收入（萬元）-|446666.49|-|289481.88|營業(yè)收入（萬元）221401.41|448814.81|356365.73|289481.88|主營成本（萬元）-|106112.80|-|70388.31|營業(yè)成本（萬元）50993.98|107719.23|85078.88|70388.31|投資收益（萬元）

4、-|61.16|22.72|22.72|凈利潤（萬元）59356.09|92456.04|85513.33|77119.03|營業(yè)利潤（萬元）81446.56|136570.42|118007.87|103785.40|利潤總額（萬元）79463.09|133749.60|116167.48|102105.15|歸屬母公司凈利潤（萬元）49253.24|78054.75|70753.71|65862.52|1經(jīng)營現(xiàn)金流量凈額（萬元）128775.36|11159674.71|199293.77|178570.27|1指標報告期1112011-03-31|JL12010-12-31|L12010

5、-09-30|L12010-06-30|1基本每股收益（元）|1.1700|1.1420|1.2400|0.7714|基本每股收益|1.1800|1.1680|1.2700|0.7958|（扣除后）（元）|稀釋每股收益（元）|1.1700|1.1420|1.2400|0.7714|每股凈資產(chǎn)（元）|5.3700|4.4500|4.5500|4.0795|每股經(jīng)營現(xiàn)金凈流量（元）|1.1473|1.8820|1.4497|0.2873|每股現(xiàn)金流量（元）|0.8191|0.8628|0.5362|-0.2751|每股資本公積金（元）|0.6879|0.6879|0.6879|0.6879|1每股

6、盈余公積金（元）10.5947|0.5947|0.4604|0.4604|1每股未分配利潤（元）13.0872|2.1677|2.4001|1.9312|1凈資產(chǎn)收益率（%）121.7700|25.6663|27.2700|18.9100|1加權(quán)凈資產(chǎn)收益率（%）125.6200|27.5500|29.6900|17.4700|1凈資產(chǎn)收益率（扣除）（%）1-|-|-|-|1加權(quán)凈資產(chǎn)收益率125.8700|28.1600|30.2500|-|1（扣除后）（%）1|1總資產(chǎn)（萬元）1379940.48|345581.09|289850.01|261096.70|1歸屬母公司股東權(quán)益123247

7、0.16|192661.69|196909.86|176610.10|1（萬元）1|1主營業(yè)務收入（萬元）1-|299876.45|-|159807.43|1營業(yè)收入（萬元）1187239.62|301662.50|239260.61|160920.76|1主營成本（萬元）1-|69774.27|-|38573.17|1營業(yè)成本（萬元）145437.94|70615.36|56013.19|38978.02|1投資收益（萬元）122.72|16.19|16.19|-|1凈利潤（萬元）157886.67|60192.47|64791.58|39133.54|1營業(yè)利潤（萬元）172781.34|

8、88932.60|87365.44|54028.10|1利潤總額（萬元）171918.29|86676.82|85610.17|52662.89|1歸屬母公司凈利潤（萬元）150608.47|49449.03|53697.20|33397.44|1經(jīng)營現(xiàn)金流量凈額（萬元）149669.84|81476.71|62760.35|12438.35|每股指標指標報告期12012-03-31111|2011-12-31|12010-12-31|12009-12-31|1審計意見1-|標準無保留|標準無保留|標準無保留|11|意見|意見|意見|每股收益（元）|1.1400|1.8030|1.1420|0

9、.8200|每股收益（扣除）（元）1.1700|1.8280|1.1680|0.8250|每股凈資產(chǎn)（元）6.8910|5.7530|4.4500|3.8100|每股資本公積金（元）0.6879|0.6879|0.6879|0.6879|每股未分配利潤（元）4.6083|3.4707|2.1677|1.6598|每股經(jīng)營現(xiàn)金凈流量（元）0.6647|3.6883|1.8820|1.0357|每股現(xiàn)金流量（元）|0.5589|2.1696|0.8628|0.3823|經(jīng)營發(fā)展能力|指標報告期1|2012-03-31|1112011-12-31|112010-12-31|112009-12-31|

10、111|存貨周轉(zhuǎn)率1|0.4293|110.9509|0.7743|110.7183|應收賬款周轉(zhuǎn)率|49.1868|183.6240|85.3347|50.9731|總資產(chǎn)周轉(zhuǎn)率|0.4188|1.0727|1.0115|0.9271|營業(yè)收入增長率（%）|18.2450|48.7804|40.7368|35.2746|營業(yè)利潤增長率（%）|11.9058|53.5662|32.5667|38.0306|利潤總額增長率（%）|10.4908|54.3084|30.9312|49.1416|凈利潤增長率(%)I2.5385I53.6007I31.4494I45.5508總資產(chǎn)增長率(%)I48

11、.9861I42.1303I37.7584I18.5897股東權(quán)益增長率(%)I28.3276I29.2785I16.8646I12.3957凈資產(chǎn)增長率(%)I19.7750I29.2790I16.8650I12.8980財務分析指標報告期1I2012-03-31I112011-12-31I112011-09-30I112011-06-30I11*盈利能力*II1凈利潤率(%)1I26.8093I1120.6000I23.9959I1126.6404I總資產(chǎn)收益率(%)I10.4859I18.8234I20.7221I19.3016I凈資產(chǎn)收益率(%)I16.5100I31.3380I29.

12、2650I27.8040I營業(yè)利潤率(%)I36.7868I30.4291I33.1143I35.8521I銷售毛利率(%)I76.9676I75.9992I76.1260I75.6847I銷售凈利率(%)1I26.8093I120.6000I1123.9959I26.6404IJ1I*經(jīng)營能力*II存貨周轉(zhuǎn)率1I0.4293I10.9509I10.8158I10.6939I固定資產(chǎn)周轉(zhuǎn)率I3.6712I8.5828I8.2368I6.6745I流動資產(chǎn)周轉(zhuǎn)率I0.5060I1.3110I1.1670I1.0000I總資產(chǎn)周轉(zhuǎn)率I0.4188I1.0727I0.9400I0.7770I股東權(quán)益

13、周轉(zhuǎn)率1I0.8089I1i2.0321I11.6406I11.3479I1I*償債能力*II1流動比率(%)1nI1.9092I11.7222I12.1293I12.1911I速動比率(%)I1.4560I1.1860I1.4330I1.5110I產(chǎn)權(quán)比率I0.8332I0.9357I0.6355I0.6286I應收賬款周轉(zhuǎn)率I49.1868I183.6240I43.9757I45.9538I利息保障倍數(shù)I-I-I-I-I資產(chǎn)負債率1I0.4391I1|0.4745I10.3723I10.3727I1*成長能力*II1營業(yè)收入增長率(%)I18.2450I148.7804I148.9446I

14、179.8909I營業(yè)利潤增長率(%)I11.9058I53.5662I35.0739I92.0952I總資產(chǎn)增長率(%)I48.9861I42.1303I42.3725I53.0266I固定資產(chǎn)增長率(%)I37.7349I39.7651I-2.3491I-3.3769I股東權(quán)益增長率(%)I28.3276I29.2785I22.7817I34.1248I凈利潤增長率(%)1I2.5385Iii53.6007I131.9822I197.0663I1*資本構(gòu)成*II股東權(quán)益比率(%)|52.7019|50.7090|58.5870|59.2866固定資產(chǎn)比率(%)|10.5377|12.412

15、1|10.3984|10.7930流動資產(chǎn)比率(%)|83.8400|81.7130|79.2760|81.6650無形資產(chǎn)比率(%)|2.2851|0.5534|0.6661|0.6958資產(chǎn)負債表摘要指標(萬元)|12012-03-31|112011-12-31|112011-09-30|112011-06-30|111總資產(chǎn)|1566058.48|1491175.34|1412666.81|1399547.45|流動資產(chǎn)|474583.15|401353.77|327145.23|326288.89|非流動資產(chǎn)|91475.32|89821.57|85521.58|73258.56|固定

16、資產(chǎn)|59649.41|60964.99|42910.60|43123.24|貨幣資金|226231.78|202035.84|151160.70|143736.52|存貨|112615.83|124973.40|106998.12|101303.36|應收賬款|6687.88|2314.59|13633.58|10025.00|其他應收款|4551.38|1096.42|2108.11|1877.43|可供出售金融資|-|-|-|-|產(chǎn)|無形資產(chǎn)|12934.74|12717.92|12748.93|12779.93|111短期借款|1-|1-|1-|1-|預收賬款|107217.90|11

17、5580.81|60509.01|42711.91|應付賬款|14265.40|13026.83|7422.88|16768.49|流動負債|248570.91|233043.86|153638.04|148912.99|長期借款|-|-|-|-|總負債|11248570.91|1233043.86|1153638.04|1148912.99|111資本公積|129779.51|129779.51|129779.51|129779.51|未分配利潤|199506.21|150252.97|142951.94|138060.74|歸屬于母公司所|298323.47|249070.23|24176

18、9.20|236878.01|有者權(quán)益合計|所有者權(quán)益合計|11317487.57|1258131.47|1259028.77|1250634.47|1指標(萬元)|1L12011-03-31|L12010-12-31|L12010-09-30|L12010-06-30|1總資產(chǎn)|379940.48|345581.09|289850.01|261096.70|流動資產(chǎn)|313862.28|283456.18|233287.24|209012.04|非流動資產(chǎn)|66078.20|62124.91|56562.76|52084.66|固定資產(chǎn)|43307.42|43619.61|43942.85|

19、44630.35|貨幣資金|143571.28|108110.18|93970.78|58849.24|存貨|80519.50|101585.20|79691.77|84275.76|應收賬款|5800.93|2573.82|12410.71|12141.36|其他應收款|1594.84|1031.40|2138.18|1766.33|可供出售金融資|產(chǎn)|無形資產(chǎn)|-|2810.94|1-|2841.94|1-|2870.53|1-|2903.95|111短期借款|1-|1-|1-|1-|預收賬款|41669.47|80308.47|24038.78|19866.51|應付賬款|5880.11

20、|9439.34|3736.87|6093.64|流動負債|126892.17|139619.44|79489.26|76393.98|長期借款|-|-|-|-|總負債|126892.17|1139619.44|179489.26|176393.98|111資本公積|129779.51|129779.51|129779.51|129779.51|未分配利潤|133652.90|93844.43|103905.66|83605.90|歸屬于母公司所|232470.16|192661.69|196909.86|176610.10|有者權(quán)益合計|所有者權(quán)益合計|253048.31|205961.65

21、|210360.75|184702.71|利潤表摘要指標（萬元）11|2012-03-31|1112011-12-31|112011-09-30|112011-06-30|11營業(yè)總收入11|221401.41|1448814.81|1356365.73|1289481.88|營業(yè)收入|221401.41|448814.81|356365.73|289481.88|營業(yè)總成本|139954.85|312305.55|238380.58|185719.19|營業(yè)成本|50993.98|107719.23|85078.88|70388.31|財務費用|-474.38|-1165.46|-397.0

22、2|-321.32|管理費用|9125.68|32033.05|22342.47|13917.26|營業(yè)利潤|81446.56|136570.42|118007.87|103785.40|投資收益丨一丨61.16|22.72|22.72|營業(yè)外收支凈額|-1983.47|1-2820.82|1-1840.38|1-1680.25|111利潤總額|179463.09|1133749.60|1116167.48|1102105.15|所得稅費用|20107.00|41293.57|30654.15|24986.12|歸屬母公司凈利|49253.24|78054.75|70753.71|65862.

23、52|潤|凈利潤|1159356.09|192456.04|185513.33|177119.03|1指標（萬元）|2011-03-31|112010-12-31|12010-09-30|12010-06-30|11營業(yè)總收入11|187239.62|1301662.50|1239260.61|1160920.76|營業(yè)收入|187239.62|301662.50|239260.61|160920.76|營業(yè)總成本|114481.01|212746.10|151911.37|106892.66|營業(yè)成本|45437.94|70615.36|56013.19|38978.02|財務費用|-207

24、.64|-443.71|-302.73|-171.79|管理費用|6990.37|30432.05|18851.58|10947.04|營業(yè)利潤|72781.34|188932.60|187365.44|154028.10|111投資收益|122.72|116.19|116.19|1-|營業(yè)外收支凈額|-|1-|1-|1-|111利潤總額|171918.29|186676.82|185610.17|152662.89|所得稅費用|14031.63|26484.35|20818.59|13529.35|歸屬母公司凈利|50608.47|49449.03|53697.20|33397.44|潤|凈

25、利潤|1157886.67|160192.47|164791.58|139133.54|1現(xiàn)金流量表摘要指標（萬元）|1112012-03-31|112011-12-31|112011-09-30|112011-06-30|111經(jīng)營現(xiàn)金流入小計|1190329.55|1556814.73|1403468.16|1281267.95|經(jīng)營現(xiàn)金流出小計|161554.19|397140.03|304174.39|202697.69|經(jīng)營現(xiàn)金流量凈額|1128775.36|1159674.71|199293.77|178570.27|111投資現(xiàn)金流入小計|1-|1179.07|171.88|16

26、9.64|投資現(xiàn)金流出小計|4579.42|25748.49|24439.14|11197.85|投資現(xiàn)金流量凈額|-4579.42|-25569.42|-24367.26|-11128.21|I籌資現(xiàn)金流入小計丨-丨-丨-丨-1籌資現(xiàn)金流出小計|-|40179.63|31875.98|31815.72|籌資現(xiàn)金流量凈額|11-|-40179.63|11-31875.98|1-31815.72|111匯率變動對現(xiàn)金影|11-|-|1-|1-|響|現(xiàn)金及現(xiàn)金等價物|24195.94|93925.66|43050.52|35626.34|凈增加額|I指標（萬元）丨2011-03-31|2010-1

27、2-31|2010-09-30丨2010-06-30|經(jīng)營現(xiàn)金流入小計|155361.77|389068.76|274684.88|162458.34|經(jīng)營現(xiàn)金流出小計|105691.93|307592.05|211924.53|150020.00|經(jīng)營現(xiàn)金流量凈額|1149669.84|181476.71|162760.35|112438.35|11投資現(xiàn)金流入小計|169.64|1-25.84|130.48|10.10|投資現(xiàn)金流出小計|3478.38|18495.99|6587.50|1516.33|投資現(xiàn)金流量凈額|-3408.74|-18521.83|-6557.03|-1506.2

28、3|丨籌資現(xiàn)金流入小計丨-|200.00|-|-|丨籌資現(xiàn)金流出小計丨10800.00|25802.95|32990.80|22841.12|丨籌資現(xiàn)金流量凈額丨11-10800.00|1-25602.95|1-32990.80|1-22841.12|111丨匯率變動對現(xiàn)金影丨1-|1-|1-|1-|丨響丨丨現(xiàn)金及現(xiàn)金等價物丨丨凈增加額丨11|35461.10|1|37351.92|1|23212.53|1|-11909.01|1異動分析111111丨財務指標（萬元）丨2012-03-31|2011-12-31|2010-12-31|2011年變動幅度|111111貨幣資金|226231.78

29、|202035.84|108110.18|86.88應收賬款|6687.88|2314.59|2573.82|-10.07其他應收款|4551.38|1096.42|1031.40|6.30應付賬款|14265.40|13026.83|9439.34|38.01在建工程|11816.63|20392.15|11827.63|72.41存貨的減少|(zhì)-|-23388.20|-23128.18|-1.12流動負債合計|248570.91|233043.86|139619.44|66.91負債合計|248570.91|233043.86|139619.44|66.91主營業(yè)務收入|221401.41|448814.81|301662.50|48.78主營業(yè)務利潤|81446.56|136570.42|88932.60|53.57營業(yè)利潤|81446.56|136570.42|88932.60|53.57利潤總額|79463.09|133749.60|86676.82|54.31歸屬于母公司所有|49253.24|78054.75|49449.03|57.85者的凈利潤|未分配利潤|199506.21|150252.97|93844.43|60.11營業(yè)外收