財務報表分析案例

中國建筑財務報表分析摘要：本案例著重分析了中國建筑財務報表。在對三大報表數(shù)據(jù)及其變動進行整理與分析之后，又針對其所在行業(yè)進行了相關財務指標和比率分析，意在對該股票做出判斷和決議。關鍵詞：財務報表分析、財務指標分析、股票決議1企業(yè)背景介紹中國建筑股份有限企業(yè)（股票簡稱：中國建筑，股票代碼601668）是由國務院國有資產監(jiān)督管理委員會為實際控制人大盤藍籌股，由中國建筑工程總企業(yè)、中國石油天然氣集團企業(yè)、寶鋼集團有限企業(yè)、中國中化集團企業(yè)等4家世界500強企業(yè)共同發(fā)起，于12月10日正式創(chuàng)建，并于7月29日在上海證券交易所成功上市。主營業(yè)務包含房屋建筑工程、國際工程承包、房地產開發(fā)與投資、基礎設施建設與投資以及設計勘察五大領域。中國建筑是中國最大建筑房地產綜合企業(yè)集團，中國最大房屋建筑承包商，長久位居中國國際工程承包業(yè)務首位，是發(fā)展中國家和地域最大跨國建筑企業(yè)以及全球最大住宅工程建造商。中國建筑以承建“高、大、精、尖、新”工程著稱于世，承建了大量中國及其余國家或地域地標性建筑，“中國建筑，服務跨越五洲；過程精品，質量重于泰山”經營理念和品牌形象贏得國內外社會廣泛認可。國建筑是中國專業(yè)化經營歷史最久、市場化經營最早、一體化程度最高建筑房地產企業(yè)集團之一，截至5月，中建股份及所屬子企業(yè)現(xiàn)擁有各類施工、勘察、設計、工程監(jiān)理、工程造價、工程咨詢等經營資質共計770個，其中：具備房屋建筑工程施工總承包特級資質16個、公路工程施工總承包特級1個、市政公用工程施工總承包特級1個，施工資質629個，工程勘察設計資質115個。中國建筑股份有限企業(yè)具備房屋建筑、公路工程、市政公用總承包3個特級資質，是國內唯一一家同時擁有“三特”資質、“1+4”資質和建筑行業(yè)工程設計甲級資質建筑企業(yè)，在資質方面位列全國建筑行業(yè)之首。，企業(yè)主營業(yè)務占比情況如表1：表1企業(yè)主營業(yè)務占比情況單位：億元主營收入主營收入占比產品：基建建設3,673.6385.08%基建設計159.363.69%疏浚工程261.636.06%裝備制造201.24.66%其余業(yè)務21.970.51%共計4,317.79100.00%，企業(yè)營業(yè)總收入為4,317.79億元，其中基建建設占比最大，達85%，是主營業(yè)務。2三大報表分析2.1資產負債表分析資產負債表組成份析表2資產負債表組成項目金額占總資產比重貨幣資金100,201,668,027.0013.78%結算備付金211,327,2500.03%拆出資金0.00%以公允價值計量且其變動計入當期損益金融資產0.00%應收票據(jù)2,268,656,870.000.31%應收賬款71,088,208,416.009.78%預付款項21,891,428,700.003.01%應收保費應收分保賬款應收分保協(xié)議準備金應收利息43,057,073.000.01%應收股利164,168,368.000.02%其余應收款38,065,160,151.005.24%買入返售金融資產存貨138,818,884,389.0019.09%劃分為持有代售資產一年內到期非流動資產29,485,080,904.004.06%其余流動資產2,964,145,4050.41%流動資產共計405,201,785,554.0055.73%發(fā)放貸款及墊款可供出售金融資產21,046,789,8632.89%持有至到期投資580,976,7880.08%長久應收款79,502,813,075.0010.93%長久股權投資10,460,521,9951.44%投資性房地產1,157,931,2490.16%固定資產54,572,924,809.007.51%在建工程12,556,963,4031.73%工程物資0.00%固定資產清理3,412,5010.00%生產性生物資產油氣資產無形資產131,587,506,64418.10%開發(fā)支出3,003,5340.00%商譽4,937,199,7100.68%長久待攤費用327,297,7460.05%遞延所得稅資產3,423,113,376.000.47%其余非流動資產1,700,098,5460.23%非流動資產共計321,860,553,240.0044.27%資產總計727,062,338,793.00100.00%項目金額占總負債比重短期借款77,982,963,145.0010.73%向中央銀行借款吸收存款及同業(yè)存放拆入資金以公允價值計量且其變動計入當期損益金融負債47,693,732.000.01%應付票據(jù)11,716,827,183.001.61%應付賬款136,375,965,517.0018.76%預收款項85,962,740,045.0011.82%賣出回購金融資產款應付手續(xù)費及傭金應付職員薪酬1,696,576,611.000.23%應交稅費10,175,162,109.001.40%應付利息899,021,510.000.12%應付股利113,311,814.000.02%其余應付款20,540,744,467.002.83%應付分保賬款保險協(xié)議準備金代理買賣證券款代理承銷證券款劃分為持有代售負債一年內到期非流動負債21,541,245,424.002.96%其余流動負債3,040,486,971.000.42%流動負債共計370,092,738,529.0050.90%長久借款141,581,570,230.0019.47%應付債券32,045,410,376.004.41%長久應付款8,699,498,371.001.20%長久應付職員薪酬1,843,603,726.000.25%專題應付款146,271,836.000.02%預計負債440,725,915.000.06%遞延收益6,503,332,686.000.89%遞延所得稅負債5,148,755,895.000.71%其余非流動負債2,387,556,736.000.33%非流動負債共計198,796,725,771.0027.34%負債共計568,889,464,300.0078.24%實收資本（或股本）16,174,735,425.002.22%其余權益工具13,942,183,077.001.92%資本公積24,020,037,183.003.30%減：庫存股其余綜合收益10,251,682,928.001.41%專題貯備1,873,227,816.000.26%盈余公積3,461,015,619.000.48%通常風險準備107,788,349.000.01%未分配利潤65,041,395,576.008.95%歸屬于母企業(yè)全部者權益共計134,872,065,973.0018.55%少數(shù)股東權益23,300,808,521.003.20%全部者權益共計158,172,874,493.0021.76%負債和全部者權益總計727,062,338,793.00100.00%在資產負債表主要資產項目中，流動資產與非流動資產比重大約為1.26:1，即流動資產占總資產比率為55.7%左右。通常來說，這一比率越高，企業(yè)使用流動資產償還債務能力越強，企業(yè)風險越小。對于中國建筑來說，這一比率偏低，說明其資產流動性相對通常，但也不差。在各項資產中，除存貨外，應收類資產所占比重也較大。企業(yè)放寬信用政策有利于吸引客戶，增加銷售收入，不過過分信用政策則會占用企業(yè)過多流動資金，影響企業(yè)經營能力。在非流動資產中，固定資產、無形資產占據(jù)較大比重，這與企業(yè)在基礎設施建設上投入加大關于。在全部負債中，流動負債占比重為65%左右。其中短期借款、應付賬款、預收賬款這三類流動負債占總資產41%以上。而在非流動負債中，長久借款所占比重較大，這將會給企業(yè)債務償還能力造成一定影響。在對資產負債表中各項資產和負債組成進行總體分析后，能夠大致了解中建資產負債結構，為下一步分析提供了方向。比如，應收票據(jù)和應收賬款、長久借款、應付票據(jù)和應付賬款等這幾項，需要在深入分析時著重考慮。水平分析表3資產負債表水平分析項目同比增減率貨幣資金100,201,668,027.0078,039,806,80928.40%結算備付金211,327,250197,223,0287.15%拆出資金以公允價值計量且其變動計入當期損益金融資產應收票據(jù)2,268,656,870.002,772,093,781-18.16%應收賬款71,088,208,416.0059,953,717,59718.57%預付款項21,891,428,700.0016,319,644,76134.14%應收保費應收分保賬款應收分保協(xié)議準備金應收利息43,057,073.0078,957,192-45.47%應收股利164,168,368.00105,156,71256.12%其余應收款38,065,160,151.0042,036,789,415-9.45%買入返售金融資產存貨138,818,884,389.00119,015,846,34116.64%劃分為持有代售資產一年內到期非流動資產29,485,080,904.0028,558,006,3783.25%其余流動資產2,964,145,4057,532,160,855-60.65%流動資產共計405,201,785,554.00354,609,402,86914.27%發(fā)放貸款及墊款可供出售金融資產21,046,789,86322,205,110,171-5.22%持有至到期投資580,976,788327,968,84977.14%長久應收款79,502,813,075.0074,624,967,9996.54%長久股權投資10,460,521,99510,086,165,7753.71%投資性房地產1,157,931,2491,205,651,272-3.96%固定資產54,572,924,809.0051,676,922,7445.60%在建工程12,556,963,40311,386,925,72410.28%工程物資固定資產清理3,412,501生產性生物資產油氣資產無形資產131,587,506,64497,967,567,17534.32%開發(fā)支出3,003,5344,147,006-27.57%商譽4,937,199,7101,537,119,298221.20%長久待攤費用327,297,746262,272,45424.79%遞延所得稅資產3,423,113,376.002,881,475,75418.80%其余非流動資產1,700,098,5461,612,191,4335.45%非流動資產共計321,860,553,240.00275,778,485,65416.71%資產總計727,062,338,793.00630,387,888,52315.34%項目金額短期借款77,982,963,145.0068,124,750,26514.47%向中央銀行借款吸收存款及同業(yè)存放拆入資金以公允價值計量且其變動計入當期損益金融負債47,693,732.0048,399,487-1.46%應付票據(jù)11,716,827,183.0014,167,497,153-17.30%應付賬款136,375,965,517.00128,706,365,2695.96%預收款項85,962,740,045.0070,304,481,03122.27%賣出回購金融資產款應付手續(xù)費及傭金應付職員薪酬1,696,576,611.001,381,483,43822.81%應交稅費10,175,162,109.0011,411,263,177-10.83%應付利息899,021,510.002,047,043,756-56.08%應付股利113,311,814.00139,680,198-18.88%其余應付款20,540,744,467.0018,303,360,58212.22%應付分保賬款保險協(xié)議準備金代理買賣證券款代理承銷證券款劃分為持有代售負債一年內到期非流動負債21,541,245,424.0014,395,706,98449.64%其余流動負債3,040,486,971.009,025,978,406-66.31%流動負債共計370,092,738,529.00338,056,009,7469.48%長久借款141,581,570,230.00101,848,580,03739.01%應付債券32,045,410,376.0033,834,953,224-5.29%長久應付款8,699,498,371.009,066,033,916-4.04%長久應付職員薪酬1,843,603,726.001,949,070,000-5.41%專題應付款146,271,836.00146,255,2980.01%預計負債440,725,915.00586,408,769-24.84%遞延收益6,503,332,686.004,617,680,89540.84%遞延所得稅負債5,148,755,895.005,690,543,588-9.52%其余非流動負債2,387,556,736.002,395,816,339-0.34%非流動負債共計198,796,725,771.00160,135,342,06624.14%負債共計568,889,464,300.00498,191,351,81214.19%實收資本（或股本）16,174,735,425.0016,174,735,425其余權益工具13,942,183,077.004,985,550,000179.65%資本公積24,020,037,183.0021,064,901,75214.03%減：庫存股其余綜合收益10,251,682,928.0012,056,795,560-14.97%專題貯備1,873,227,816.001,450,222,94629.17%盈余公積3,461,015,619.003,461,015,6180.00%通常風險準備107,788,349.00107,788,349未分配利潤65,041,395,576.0057,775,070,19412.58%歸屬于母企業(yè)全部者權益共計134,872,065,973.00117,076,079,84415.20%少數(shù)股東權益23,300,808,521.0015,120,456,86754.10%全部者權益共計158,172,874,493.00132,196,536,71119.65%負債和全部者權益總計727,062,338,793.00630,387,888,52315.34%資產負債表水平分析主要衡量是當期報表中各項目較于上期變動情況。上表所表示是當期變動較大項目，下面將依照中國建筑年報附注內容對項目變動較大科目原因進行分析。預付款項：主要是因為伴隨業(yè)務收入增加，預付給分包商、供給商款項增加所致。其余流動資產：主要是因為購置理財產品到期造成期末余額降低所致。持有至到期投資：主要是因為增持國債所致。無形資產：主要是因為BOT項目歸集特許經營權增加所致。商譽：主要是因為收購子企業(yè)所致。應付利息：主要是因為本年支付企業(yè)債利息降低所致。主要是因為到期日在一年內應付債券增加所致。其余流動負債：主要是因為償還超短融債券所致。長久借款：主要是因為為滿足業(yè)務發(fā)展需要，向銀行借款增加所致。遞延收益：主要是因為收到政府補助所致。其余權益工具：主要是因為發(fā)行首期優(yōu)先股所致。少數(shù)股東權益:主要是因為子企業(yè)發(fā)行永續(xù)債所致。垂直分析表4資產負債表垂直分析項目比重%比重同比增減率貨幣資金100,201,668,027.0078,039,806,80913.78%12.38%28.40%結算備付金211,327,250197,223,0280.03%0.03%7.15%拆出資金以公允價值計量且其變動計入當期損益金融資產應收票據(jù)2,268,656,870.002,772,093,7810.31%0.44%-18.16%應收賬款71,088,208,416.0059,953,717,5979.78%9.51%18.57%預付款項21,891,428,700.0016,319,644,7613.01%2.59%34.14%應收保費應收分保賬款應收分保協(xié)議準備金應收利息43,057,073.0078,957,1920.01%0.01%-45.47%應收股利164,168,368.00105,156,7120.02%0.02%56.12%其余應收款38,065,160,151.0042,036,789,4155.24%6.67%-9.45%買入返售金融資產存貨138,818,884,389.00119,015,846,34119.09%18.88%16.64%劃分為持有代售資產一年內到期非流動資產29,485,080,904.0028,558,006,3784.06%4.53%3.25%其余流動資產2,964,145,4057,532,160,8550.41%1.19%-60.65%流動資產共計405,201,785,554.00354,609,402,86955.73%56.25%14.27%發(fā)放貸款及墊款可供出售金融資產21,046,789,86322,205,110,1712.89%3.52%-5.22%持有至到期投資580,976,788327,968,8490.08%0.05%77.14%長久應收款79,502,813,075.0074,624,967,99910.93%11.84%6.54%長久股權投資10,460,521,99510,086,165,7751.44%1.60%3.71%投資性房地產1,157,931,2491,205,651,2720.16%0.19%-3.96%固定資產54,572,924,809.0051,676,922,7447.51%8.20%5.60%在建工程12,556,963,40311,386,925,7241.73%1.81%10.28%工程物資固定資產清理3,412,501生產性生物資產油氣資產無形資產131,587,506,64497,967,567,17518.10%15.54%34.32%開發(fā)支出3,003,5344,147,0060.00%0.00%-27.57%商譽4,937,199,7101,537,119,2980.68%0.24%221.20%長久待攤費用327,297,746262,272,4540.05%0.04%24.79%遞延所得稅資產3,423,113,376.002,881,475,7540.47%0.46%18.80%其余非流動資產1,700,098,5461,612,191,4330.23%0.26%5.45%非流動資產共計321,860,553,240.00275,778,485,65444.27%43.75%16.71%資產總計727,062,338,793.00630,387,888,523100.00%100.00%15.34%項目金額短期借款77,982,963,145.0068,124,750,26510.73%10.81%14.47%向中央銀行借款吸收存款及同業(yè)存放拆入資金以公允價值計量且其變動計入當期損益金融負債47,693,732.0048,399,4870.01%0.01%-1.46%應付票據(jù)11,716,827,183.0014,167,497,1531.61%2.25%-17.30%應付賬款136,375,965,517.00128,706,365,26918.76%20.42%5.96%預收款項85,962,740,045.0070,304,481,03111.82%11.15%22.27%賣出回購金融資產款應付手續(xù)費及傭金應付職員薪酬1,696,576,611.001,381,483,4380.23%0.22%22.81%應交稅費10,175,162,109.0011,411,263,1771.40%1.81%-10.83%應付利息899,021,510.002,047,043,7560.12%0.32%-56.08%應付股利113,311,814.00139,680,1980.02%0.02%-18.88%其余應付款20,540,744,467.0018,303,360,5822.83%2.90%12.22%應付分保賬款保險協(xié)議準備金代理買賣證券款代理承銷證券款劃分為持有代售負債一年內到期非流動負債21,541,245,424.0014,395,706,9842.96%2.28%49.64%其余流動負債3,040,486,971.009,025,978,4060.42%1.43%-66.31%流動負債共計370,092,738,529.00338,056,009,74650.90%53.63%9.48%長久借款141,581,570,230.00101,848,580,03719.47%16.16%39.01%應付債券32,045,410,376.0033,834,953,2244.41%5.37%-5.29%長久應付款8,699,498,371.009,066,033,9161.20%1.44%-4.04%長久應付職員薪酬1,843,603,726.001,949,070,0000.25%0.31%-5.41%專題應付款146,271,836.00146,255,2980.02%0.02%0.01%預計負債440,725,915.00586,408,7690.06%0.09%-24.84%遞延收益6,503,332,686.004,617,680,8950.89%0.73%40.84%遞延所得稅負債5,148,755,895.005,690,543,5880.71%0.90%-9.52%其余非流動負債2,387,556,736.002,395,816,3390.33%0.38%-0.34%非流動負債共計198,796,725,771.00160,135,342,06627.34%25.40%24.14%負債共計568,889,464,300.00498,191,351,81278.24%79.03%14.19%實收資本（或股本）16,174,735,425.0016,174,735,4252.22%2.57%其余權益工具13,942,183,077.004,985,550,0001.92%0.79%179.65%資本公積24,020,037,183.0021,064,901,7523.30%3.34%14.03%減：庫存股其余綜合收益10,251,682,928.0012,056,795,5601.41%1.91%-14.97%專題貯備1,873,227,816.001,450,222,9460.26%0.23%29.17%盈余公積3,461,015,619.003,461,015,6180.48%0.55%0.00%通常風險準備107,788,349.00107,788,3490.01%0.02%未分配利潤65,041,395,576.0057,775,070,1948.95%9.17%12.58%歸屬于母企業(yè)全部者權益共計134,872,065,973.00117,076,079,84418.55%18.57%15.20%少數(shù)股東權益23,300,808,521.0015,120,456,8673.20%2.40%54.10%全部者權益共計158,172,874,493.00132,196,536,71121.76%20.97%19.65%負債和全部者權益總計727,062,338,793.00630,387,888,52315.34%流動資產中，貨幣資金比重較去年增加較大，結合前述永續(xù)債發(fā)行，優(yōu)先股發(fā)行，超短期融資券發(fā)行等，可見企業(yè)金融創(chuàng)新方面具備大膽意識，資金存量有大幅增加，對企業(yè)下一步戰(zhàn)略實施貯備了充分彈藥，也增強了企業(yè)底氣。與此同時其余應收款幣種有大幅降低，說明中國建筑在職員個人備用金和借款管理上成效顯著。非流動資產中，除了長久應收款、固定資產和無形資產項目占總流動資產比重較大外，其余各項比重均在7%以下，其中僅無形資產幣種改變較大，前已述原因。在負債類中，應付賬款比重降低較大，長久借款比重增加較大，企業(yè)有經過長久借款緩解信譽壓力嫌疑。在全部者權益各科目中，其余權益工具比重改變較大，主要是因為今年發(fā)行首批優(yōu)先股所致。值得注意是，存貨占總資產比重較大，且相較于有所上升。中建需注意對工程項目標結算，降低已完工未結算項目金額，同時對于材料類存貨應確定材料采購計劃，合理控制材料庫存，降低材料類存貨資金占用。2.2利潤表分析表5利潤表變動分析項目本期金額上期金額增減變動比率一、營業(yè)總收入279,833,137,161252,444,299,56911%其中：營業(yè)收入279,833,137,161252,444,299,56911%利息收入已賺保費手續(xù)費及傭金收入二、營業(yè)總成本269,323,842,159.00242,472,031,78511%其中：營業(yè)成本242,020,870,139219,850,332,17710%利息支出手續(xù)費及傭金支出退保金賠付支出凈額提取保險協(xié)議準備金凈額保單紅利支出分保費用營業(yè)稅金及附加7,119,349,3826,245,383,80514%銷售費用429,054,123332,941,74429%管理費用12,772,123,89610,446,553,82722%財務費用5,959,374,847.005,081,056,38617%資產減值損失1,023,069,773515,763,84698%加：公允價值變動收益（損失以“-”號填列）-15,305,616-123,025,502-88%投資收益（損失以“-”號填列）2,217,332,5712,353,083,049-6%其中：對聯(lián)營企業(yè)和合營企業(yè)投資收益235,942,99557,642,693309%匯兌收益（損失以“-”號填列）三、營業(yè)利潤（虧損以“-”號填列）12,711,321,956.0012,202,325,3314%加：營業(yè)外收入625,661,663307,668,335103%其中：非流動資產處置利得56,054,457減：營業(yè)外支出85,694,84096,674,954-11%其中：非流動資產處置損失34,819,60613,656,273155%四、利潤總額（虧損以“-”號填列）13,251,288,779.0012,413,318,7127%減：所得稅費用3,149,504,6352,646,705,64819%五、凈利潤（虧損以“-”號填列）10,101,784,145.009,766,613,0643%歸屬于母企業(yè)全部者凈利潤10,056,751,495.009,765,094,4223%少數(shù)股東損益45,032,6501,518,6422865%六、其余綜合收益稅后凈額-1,890,058,907-176,947,548968%（一）以后不能重分類進損益其余綜合收益1.重新計量設定受益計劃凈負債或凈資產變動2.權益法下被投資單位不能重分類進損益其余綜合收益中享受份額（二）以后將重分類進損益其余綜合收益1.權益法下在被投資單位以后將重分類進損益其余綜合收益中享受份額2.可供出售金融資產公允價值變動損益3.持有至到期投資重分類為可供出售金融資損益4.現(xiàn)金流量套期損益有效部分5.外幣財務報表折算差額七、綜合收益總額8,211,725,237.009,589,665,516-14%歸屬于母企業(yè)全部者綜合收益總額*歸屬于少數(shù)股東綜合收益總額八、每股收益：（一）基本每股收益0.60.60%（二）稀釋每股收益0.60.60%從利潤表變動分析中能夠得出一個總括性結論：企業(yè)營業(yè)利潤、總利潤展現(xiàn)上升趨勢。但，即使營業(yè)總收入11%增加，但營業(yè)稅金及附加以及管理費用和財務費用增加極大，從而造成了營業(yè)利潤僅增加4%。另外，資產減值損失較去年增加較大，主要為壞賬準備計提以及存貨跌價準備計提，應收賬款和存貨管理依然任重道遠。另外，公允價值變動收益/（損失）降低87%，主要是因為以公允價值計量且其變動計入當期損益金額資產公允價值變動所致。其余如營業(yè)外收入較去年增加103%，主要是因為本年轉回以前年度預計負債所致。2.3現(xiàn)金流量表分析表6現(xiàn)金流量表變動分析匯報期變動率單位元元經營活動現(xiàn)金流入小計292,122,204,52457,264,100,000-8.27%經營活動現(xiàn)金流出小計46,545,500,00054,124,700,000-14.00%經營活動產生現(xiàn)金流量凈額5,984,530,0003,139,380,00090.63%投資活動現(xiàn)金流入小計879,970,000787,868,00011.69%投資活動現(xiàn)金流出小計9,802,690,00013,459,700,000-27.17%投資活動產生現(xiàn)金流量凈額-8,922,720,000-12,671,800,00029.59%籌資活動現(xiàn)金流入小計20,612,100,00012,719,600,00062.05%籌資活動現(xiàn)金流出小計15,876,100,0003,541,670,000348.27%籌資活動產生現(xiàn)金流量凈額4,736,030,0009,177,890,000-48.40%經營活動產生現(xiàn)金流量凈額較上年增加70%，主要是因為加大債權清收力度及合理安排資金支付所致。其中銷售商品、提供勞務收到現(xiàn)金降低了8.44%，購置商品、接收勞務支付現(xiàn)