贵州茅台财务分析报告一、公司简介公司主营贵州茅台酒系列产品的生产和销售，同时进行饮料、食品、包装材料的生产和销售，防伪技术开发，信息产业相关产品的研制开发。贵州茅台酒股份有限公司茅台酒年生产量已突破一万吨；43°、38°、33°茅台酒拓展了茅台酒家族低度酒的发展空间；茅台王子酒、茅台迎宾酒满足了中低档消费者的需求；15年、30年、50年、80年陈年茅台酒填补了我国极品酒、年份酒、陈年老窖的空白；在国内独创年代梯级式的产品开发模式。形成了低度、高中低档、极品三大系列70多个规格品种，全方位跻身市场，从而占据了白酒市场制高点，称雄于中国极品酒市场。二、贵州茅台近三年的资产负债表、利润表贵州茅台资产负债表单位：元报告期2010-12-312009-12-312008-12-31流动资产货币资金应收票据应收账款预付账款应收利息其他应收款存货一年内到期的非流动资产流动资产合计非流动资产持有至到期投资长期股权投资固定资产工程物资在建工程无形资产长期待摊费用12,888,393,889,743,152,155,093,721,891,811,101,760,283,612,6091,254,599,386,314,825,094,529,868,837,203,126,087,638,536,728,425,101,891,912,6002,783,55096,001,483,601,388,574,126,083,192,246,440,114,567,813--17,000,000--20,300,284,828,655,585,363,240,750,882,000,0004,000,00010,000,0004,000,00042,000,0004,000,0004,191,851,111,168,725,156,190,171,911,528,802,458,445,317,235,701,578,915,041,368,950,956,334,860,996,550,825,207,595,469,624,146,520递延所得税资产278,437,938,420,802,680,977非流动资产合计5,287,295,112,114,037,784,513,436,953资产总计流动负债应付账款预收账款25,587,579,940,769,623,147,754,187,836,013,104,121,352,289,073,738,570,750,516,423,880,936,266,375应付职工薪酬500,258,690,948,636,007,478应交税费应付股利其他应付款流动负债合计非流动负债专项应付款非流动负债合计负债合计所有者权益419,882,954,584,196,880,550,524,984,300,257,207,662--710,831,237,906,355,028,190,246,108,057,753,250,769,540,000,00010,000,00010,000,00010,000,000----7,038,190,246,118,057,753,250,769,540实收资本（或股943,800,000943,800,000943,800,000本）资本公积金盈余公积金未分配利润1,374,964,415,374,964,415,374,964,415,176,754,189,585,666,147,001,133,829,903,255,455,561,552,279,924,671,271归属于母公司股18,398,774,060,465,982,842,244,569,516东权益合计所有者权益合计18,549,389,694,651,565,394,503,418,295负债及所有者权25,587,579,940,769,623,147,754,187,836益总计贵州茅台利润表单位：元报告期2010-12-312009-12-312008-12-31一、营业总收入11,633,283,740,669,999,065,241,685,564营业收入11,633,283,740,669,999,065,241,685,564二、营业总成本4,472,846,560,595,688,001,852,622,959营业成本1,052,931,591,672,855,713,319营业税金及附加1,577,013,104,508,549,761,604销售费用管理费用财务费用676,531,662,284,334,024,659,346,014,202,217,158,463,174,062-176,577,024-133,636,115-102,500,765资产减值损失-3,066,975-300,085,078三、其他经营收益------投资净收益四、营业利润营业外收入营业外支出469,0501,209,447,322,2507,160,906,229,075,520,510,390,384,855,307,144,796,643,247,9776,282,035,228,603,366,252五、利润总额7,162,416,731,080,539,884,385,300,638所得税六、净利润1,822,655,234,527,650,940,384,541,295,339,761,496,552,888,9444,000,759,343少数股东损益288,567,278,442,819,278,784归属于母公司股5,051,194,218,312,446,124,799,480,558东的净利润三、财务报表分析（一）、水平分析1、资产负债表的水平分析表贵州茅台资产负债表水平分析表金额单位：元项目2010变动情况变动额变动率对总资产影响流动资产：货币资金12,888,393,889,743,152,155,145,241,73432%15%应收票据应收账款204,811,101,760,283-175,949,182-46%-0%1,254,599,386,314-20,131,714-94%-0%预付帐款1,529,868,837,203,126,087,742,75027%1%应收利息42,728,425,912,60040,815,8252134%0%其他应收款59,101,891,001,483-36,899,592-38%-0%存货5,574,126,083,192,246,440,381,879,64332%6%一年内到期的非流动资产017,000,000-17,000,000-100%-0%流动资产合计20,300,284,828,655,585,363,644,699,46529%23%非流动资产：持有至到期投资长期股权投资60,000,0004,000,00010,000,00050,000,000500%0%4,000,00000%0%工程物资18,528,802,915,041-6,386,239-25%-0%固定资产4,191,851,111,168,725,156,023,125,95632%5%在建工程无形资产263,458,445,956,334,502,11135%0%452,317,235,550,825-13,233,589-2%-0%长期待摊费用18,701,578,469,624-2,768,047-12%-0%递延所得税资产278,437,938,420,802,017,13723%0%非流动资产合计5,287,295,112,114,037,784,173,257,32828%5%资产合计25,587,579,940,769,623,147,817,956,79329%29%流动负债：应付帐款232,013,104,121,352,891,75266%0%预收帐款4,738,570,750,516,423,880,222,146,87034%6%应付职工薪酬500,258,690,948,636,310,0547%0%应交税费应付股利419,882,954,524,984,357,970198%1%318,584,196,207,662,376,534132%0%其他应付款818,880,550,831,237,049,31415%0%流动负债合计7,028,190,246,108,057,753,920,132,49337%9%非流动负债：专项应付款非流动负债合计10,000,00010,000,00010,000,00010,000,000000%0%0%0%负债合计7,038,190,246,118,057,753,920,132,49337%9%所有者权益股本943,800,000943,800,000资本公积1,374,964,415,374,964,415%0%0%0%盈余公积2,176,754,189,585,666,147,088,04237%2%未分配利润13,903,255,455,561,552,279,341,703,17631%16%归属于母公司股18,398,774,060,465,982,842,932,791,21827%19%东权益所有者权益合计18,549,389,694,651,565,394,897,824,30026%19%负债和所有者权25,587,579,940,769,623,147,817,956,79329%29%益合计2、利润表的水平分析表贵州茅台利润水平分析表金额单位：元项目2010年度2009年度变动额变动率一、营业收入减：营业成本11,633,283,740,669,999,065,963,284,67520%1,052,931,591,672,855,258,73610%营业税金及附加1,577,013,104,508,549,504,55567%销售费用管理费用财务费用676,531,662,284,334,247,3278%1,346,014,202,217,158,463,855,73910%-176,577,024-133,636,115-42,940,90932%资产减值损失-3,066,975-300,085-2,766,890922%加：投资净收益469,0501,209,447-740,397-61%二、营业利润7,160,906,229,075,520,510,085,385,71917%加：营业外收入减：营业外支出5,307,144,247,977-940,832-15%3,796,643,228,603,568,040209%三、利润总额7,162,416,731,080,539,884,081,876,84717%减：所得税四、净利润1,822,655,234,527,650,940,004,29419%5,339,761,496,552,888,944786,872,55317%3、流动资产水平分析柱形图流动资产水平分析25,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000金资币据票收应货应款账收预款帐付收应款收应他息利其2010年12月31日2009年12月31日货的存期到流非产资动流计合产资动内年一4、水平分析的结论（1）结合资产负债表水平分析和流动资产水平分析柱形图可以进行资产负债表变动分析。该公司2010年总资产比2009年增加了5,817,956,793元，上升了29%，说明该公司2010年资产规模有所扩大。进一步分析可以发现流动资产上升4,644,699,465元，上升幅度为29%，使总资产规模上升23%。说明总资产规模上升主要是由于流动资产规模扩大引起的。特别是货币资金上升3,145,241,734元，上升幅度为32%，使总资产规模上升15%，说明公司资产流动性，特别是货币资金的变现能力上升很大。另外，存货项目2010年增加了1,381,879,643元，增长幅度为32%，使总资产上升6%。同时非流动资产中的固定资产项目2010年增加1,023,125,956元，增长幅度为32%，使总资产规模扩大5%。（2）根据利润水平分析表可以进行利润变动分析。该公司2010年实现净利润5,339,761,496元，比上年上升786,872,553元，上升率为17%。净利润上升主要是由利润总额比上年上升1,081,876,847元引起的，由于所得税比上年也上升1,081,876,847元，二者相抵，导致净利润上升1,081,876,847元。公司2010年利润总额为7,162,416,731元，比2009年上升1,081,876,847元，关键原因是公司营业利润上升1,085,385,719元，同时由于营业外收入下降940,832元，营业外支出增加2,568,040元，增减因素相抵，导致利润总额上升。公司2010年营业收入比2009年增加1,963,284,675元，增长率为20%，同时营业成本也增加102,258,736元，增加率为10%，营业税金及附加也增加636,504,555元，增加率为67%，同时销售费用、管理费用、财务费用、资产减值损失的增加以及投资净收益的减少，但是，营业利润还是比较大的上升。（二）、垂直分析1、资产负债表的垂直分析表贵州茅台资产负债表垂直分析表金额单位：元项目2010析变动静态分析动态分情况流动资产：货币资金12,888,393,889,743,152,155%49%1%应收票据应收账款预付帐款应收利息204,811,101,760,283,254,599,386,314,529,868,837,203,126,087,728,425,912,600其他应收款59,101,891,001,483存货5,574,126,083,192,246,440一年内到期的非流017,000,0000%0%5%0%0%21%0%1%-1%0%-0%6%-0%0%0%0%-0%21%0%0%-0%动资产流动资产合计20,300,284,828,655,585,363%79%0%非流动资产：持有至到期投资60,000,00010,000,0000%0%0%