佳兆业案例讨论详细情节.docx

佳兆业集团报告期2014-062013-122013-062012-122012-062011-122011-062010-12一.偿债能力分析流动比率1.801.661.601.691.832.032.342.20速动比率0.570.560.520.510.540.660.921.00资产负债率28.18%75.22%77.58%74.02%73.64%71.35%68.02%62.18%产权比率--3.043.462.852.792.492.131.64利息保障倍数16.159.014.1185.9260.5441.7729.9855.94权益乘数--4.044.463.853.793.493.132.64二.盈利能力分析销售净利率19.82%14.64%14.60%17.33%29.34%17.55%24.75%46.89%销售毛利率40.29%33.81%36.42%32.50%48.20%29.84%33.43%38.82%税前利润率33.29%29.71%33.23%27.67%44.83%26.71%39.14%70.19%总资产收益率1.39%3.92%1.57%4.16%1.50%5.58%3.03%16.38%股东权益回报率--15.52%6.54%15.35%5.48%17.33%8.76%43.76%三.营运效率分析总资产周转率0.070.270.110.240.050.320.120.35存货周转率0.070.300.120.280.050.440.180.49存货周转天数5128.211200.003114.191301.527843.14820.052030.46740.28流动资产周转率0.080.310.120.280.060.390.150.42应收帐款周转率(次)5.1712.765.1611.182.6921.2510.8857.76应收帐款周转天数(天)69.6228.2169.7732.20134.0716.9433.106.23四.现金流动性分析现金到期债务比-1.62-0.35-0.46-0.230.19-1.96-1.700.70现金流动负债比-0.19-0.03-0.04-0.020.01-0.24-0.360.13现金债务总额比-0.33-0.02-0.03-0.020.01-0.14-0.180.07现金股利保障倍数-------14.51--------五.估值水平市盈率--3.38--4.53--2.79--2.66最大市盈率--3.81--4.89--7.06--3.33最小市盈率--2.14--2.55--2.79--1.74股息率--6.00%--0.00%--0.00%--0.00%最大股息率--9.49%--0.00%--0.00%--0.00%最小股息率--5.32%--0.00%--0.00%--0.00%市净率0.520.450.420.630.480.451.060.96最大市净率--0.51--0.68--1.13--1.21最小市净率--0.29--0.35--0.45--0.63市现率-0.97-7.05-4.06-13.0429.63-1.32-2.747.86市销率0.480.510.410.790.640.491.261.24市值118.11亿126.51亿86.28亿117.74亿74.56亿65.73亿139.78亿113.29亿市盈率相对盈利增长比率(PEG)--0.09--0.43---0.06--0.01每股盈利年均复合增长率-0.100.40-0.020.10-0.29-0.45-0.474.44每股销售收入1.664.951.803.030.582.720.911.86每股收益0.330.740.260.530.170.480.230.87每股股息--0.150.000.000.000.000.000.00每股净资产4.465.514.183.823.173.002.682.39每股现金流量-2.37-0.35-0.43-0.180.05-1.02-1.040.29息税前利润28.30亿74.35亿29.47亿41.19亿12.65亿35.68亿17.44亿63.96亿EBITDA28.80亿75.29亿29.88亿41.73亿12.87亿36.06亿17.60亿64.18亿