云天化（2012年财报）学习笔记
2012年，公司对原材料没有定价权，对产品也没有定价权，价格完全随市场波动；
2012年，成本里天然气价格上涨，聚甲醛产品和玻璃纤维产品价格同比下降较大；
2012年，玻璃纤维以出口为主，玻璃纤维收入占比27.93%，净利润是-3.26亿；
基本面：
年度 | 尿素销量 | 硝铵销量 | 合成氨销量 | 无碱玻璃纤维销量 | | |
2001 | 65.79万吨 | 9.86万吨 | | 0.76万吨 | | |
2002 | 54.92 | 8.20 | | 2.28 | | |
2003 | 57.90 | 9.80 | | 3.75 | | |
2004 | 67.10 | 11.27 | | 7.79 | | |
2005 | 76.28 | 9.41 | | 11.07 | | |
2006 | 74.46 | 3.61 | | 15.30 | | |
2007 | 71.26 | 未披露 | | 22.69 | | |
2008 | 72.19 | 7.82 | | 30.81 | | |
2009 | 未披露 | 未披露 | | 未披露 | | |
2010 | 未披露 | 未披露 | | 未披露 | | |
2011 | 未披露 | 未披露 | | 未披露 | | |
2012 | 未披露 | 未披露 | | 未披露 | | |
分红：
年度 | 分红（亿） | 占当年归母净利润的比例 | 每股分红（元） | 送转增 | 扣除费用后实际募集资金（亿） |
1997 | | | | | 6.07（6.21） |
2001 | 7.36 | | 0.20 | | |
2002 | 1.47 | 96.07% | 0.40 | | |
2003 | 0 | 0 | 0 | | |
2004 | 2.07 | 43.30% | 0.40 | 10送3 | |
2005 | 5.28 | 74.01% | 1.00 | | |
2006 | 2.14 | 36.66% | 0.40 | | |
2007 | 2.14 | 31.47% | 0.40 | | |
2008 | 2.36 | 35.90% | 0.40 | | |
2009 | 0.59 | 76.31% | 0.10 | | |
2010 | 1.18 | 60.56% | 0.20 | | |
2011 | 1.38 | 82.21% | 0.20 | | 17.99（18.55） |
2012 | 0 | 0 | 0 | | |
简化利润表：单位：亿元
年度 | 总收入 | 同比＞15% （成长） | 毛利润 | 同比 | 毛利率＞40%有竞争优势 | 非国际归母净利润 | 同比＞15% （成长） | 净利率＞20%有竞争优势 | ROE＞20%有护城河 |
2001 | 8.85 | 15.83% | 2.48 | -7.80% | 28.02% | 1.54 | -4.41% | 17.40% | 12.98% |
2002 | 9.78 | 10.50% | 3.11 | 25.40% | 31.79% | 1.53 | -0.64% | 15.64% | 12.71% |
2003 | 13.66 | 39.67% | 4.59 | 47.58% | 33.60% | 2.00 | 30.71% | 14.64% | 14.23% |
2004 | 18.58 | 36.01% | 7.83 | 70.58% | 42.14% | 4.78 | 139.00% | 25.72% | 28.53% |
2005 | 26.75 | 43.97% | 11.07 | 41.37% | 41.38% | 6.70 | 40.16% | 25.04% | 25.09% |
2006 | 44.30 | 65.59% | 12.49 | 12.82% | 28.19% | 5.85 | -12.59% | 13.20% | 20.93% |
2007 | 60.05 | 33.21% | 14.82 | 18.65% | 24.67% | 6.82 | 16.67% | 11.35% | 22.08% |
2008 | 77.04 | 28.29% | 17.74 | 19.70% | 23.02% | 6.57 | -3.59% | 8.52% | 18.40% |
2009 | 60.27 | -21.7% | 10.53 | -40.6% | 17.47% | 0.77 | -88.24% | 1.27% | 1.80% |
2010 | 71.40 | 18.46% | 16.24 | 54.22% | 22.74% | 1.81 | 135.18% | 2.53% | 4.01% |
2011 | 101.16 | 41.67% | 20.01 | 23.21% | 19.78% | 1.68 | -7.22% | 1.66% | 2.97% |
2012 | 98.93 | -2.21% | 15.82 | -20.9% | 15.99% | -5.27 | -412.6% | - | -9.09% |
分季度收入：单位：亿元
年度 | Q1收入 | 归母净利 | Q2收入 | 归母净利 | Q3收入 | 归母净利 | Q4收入 | 归母净利 |
| | | | | | | | |
分市场收入:亿元
年度 | 尿素 | 占比 | 毛利率 | 玻璃纤维 | 毛利率 | 占比 | 合成氨 | 出口 |
2001 | 6.19 | | | 0.70 | | | | 0.46 |
2002 | 5.69 | | 37.26% | 1.49 | 45.99% | | | 1.09 |
2003 | 6.60 | 48.31% | 37.21% | 3.59 | 34.38% | 26.32% | | 2.80 |
2004 | 8.44 | 45.44% | 51.56% | 5.79 | 37.77% | 31.15% | | 4.41 |
2005 | 11.57 | 43.25% | 53.98% | 8.57 | 35.49% | 32.03% | | 6.00 |
2006 | 12.27 | 27.69% | 50.19% | 12.52 | 34.11% | 28.26% | | 8.02 |
2007 | 12.47 | 20.76% | 47.08% | 18.90 | 33.42% | 31.47% | | 12.75 |
2008 | 12.77 | 16.57% | 47.70% | 26.86 | 30.59% | 34.86% | | 19.84 |
2009 | 12.92 | 21.44% | 46.44% | 20.38 | 22.76 | 33.83% | | 12.37 |
2010 | 9.01 | 12.61% | 40.31% | 28.61 | 29.14% | 40.07% | | 15.93 |
2011 | 12.33 | 12.20% | 38.97% | 30.48 | 22.23% | 30.13% | 13.36 | 15.71 |
2012 | 12.65 | 12.78% | 41.26% | 27.64 | 16.09% | 27.93% | 14.25 | 15.48 |
简化资产负债表：
年度 | 货币资金 | 类现金＞有息负债 | 日常经营所需资金=经现流流出小计 | 经营资产 | 生产资产 | 占总资产比例 | 有息负债 | 有息负债/总资产 | 应付票据账款（上下游的地位） |
2001 | 3.05 | 3.05 | 7.33 | 1.36 | 12.78 | 66.73% | 5.47 | 28.56% | 0.22 |
2002 | 3.94 | 3.94 | 7.73 | 2.11 | 16.33 | 67.47% | 7.37 | 30.45% | 1.03 |
2003 | 9.34 | 9.34 | 10.79 | 3.30 | 19.41 | 57.54% | 15.11 | 44.79% | 1.62 |
2004 | 13.33 | 13.33 | 14.38 | 7.08 | 24.24 | 53.04% | 15.70 | 34.35% | 2.60 |
2005 | 12.62 | 12.62 | 21.43 | 8.31 | 41.00 | 65.18% | 20.29 | 32.25% | 3.20 |
2006 | 8.10 | 8.10 | 36.45 | 11.93 | 65.95 | 75.99% | 30.36 | 34.98% | 5.75 |
2007 | 13.51 | 13.51 | 54.43 | 19.85 | 93.61 | 72.97% | 60.75 | 47.35% | 7.21 |
2008 | 19.95 | 19.95 | 69.28 | 28.49 | 126.10 | 71.42% | 102.51 | 58.05% | 12.19 |
2009 | 26.36 | 26.36 | 50.64 | 25.12 | 140.93 | 72.26% | 111.54 | 57.19% | 9.40 |
2010 | 25.49 | 25.48 | 60.60 | 29.95 | 186.68 | 76.40% | 127.22 | 52.07% | 26.59 |
2011 | 22.27 | 22.27 | 99.76 | 45.74 | 197.61 | 72.99% | 136.70 | 50.49% | 20.80 |
2012 | 16.07 | 16.07 | 89.73 | 43.31 | 205.86 | 75.98% | 157.73 | 58.21% | 20.83 |
其中：
年度 | 应收账款原值（含增值税）＋商票＋合同资产 | 同比 ＜营收增幅 | 占营收比例＞15%说明产品不好卖＞25%周转就困难直接排除 | 账期 | 占总资产比例＜5%说明产品好卖 | 存货周转天数 | 预收款合同负债（上下游的地位） | 净资产 | 总资产 |
2001 | 0.17 | -29.16% | 1.92% | 8天 | 0.88% | 56天 | 0.29 | 11.90 | 19.15 |
2002 | 0.16 | -5.88% | 1.63% | 6天 | 0.66% | 61天 | 0.20 | 12.04 | 24.20 |
2003 | 0.96 | 500% | 7.02% | 26天 | 2.84% | 73天 | 0.95 | 14.05 | 33.73 |
2004 | 1.34 | 39.58% | 7.21% | 27天 | 2.93% | 87天 | 1.66 | 20.33 | 45.70 |
2005 | 1.72 | 28.35% | 6.42% | 24天 | 2.73% | 97天 | 3.47 | 26.71 | 62.90 |
2006 | 2.42 | 40.69% | 5.46% | 20天 | 2.78% | 60天 | 2.55 | 27.99 | 86.78 |
2007 | 2.44 | 0.82% | 4.06% | 15天 | 1.90% | 86天 | 3.38 | 33.20 | 128.28 |
2008 | 5.13 | 110.24% | 6.65% | 25天 | 2.90% | 98天 | 3.07 | 36.73 | 176.56 |
2009 | 5.90 | 15.00% | 9.78% | 36天 | 3.02% | 64天 | 1.36 | 44.60 | 195.03 |
2010 | 6.56 | 11.18% | 9.18% | 34天 | 2.68% | 78天 | 1.96 | 46.24 | 244.32 |
2011 | 7.95 | 21.18% | 7.85% | 29天 | 2.93% | 97天 | 2.01 | 62.37 | 270.71 |
2012 | 8.29 | 4.27% | 8.37% | 31天 | 3.05% | 95天 | 1.70 | 52.04 | 270.93 |
四费：
年度 | 销售费用 | 销售费用占营收比例 | 管理费用 | 研发费用 | 研发费用占营收比例 | 财务费用 | 四费合计 | 毛利润 | 占毛利润的比例应＜30%大于70%直接排除 |
2001 | 0.15 | 1.69% | 0.74 | | | 0.09 | 0.98 | 2.48 | 39.51% |
2002 | 0.20 | 2.04% | 0.89 | | | 0.24 | 1.33 | 3.11 | 42.76% |
2003 | 0.31 | 2.26% | 1.31 | | | 0.50 | 2.12 | 4.59 | 46.18% |
2004 | 0.29 | 1.56% | 1.55 | | | 0.51 | 2.35 | 7.83 | 30.01% |
2005 | 1.06 | 3.96% | 1.85 | | | 0.62 | 3.53 | 11.07 | 31.88% |
2006 | 1.24 | 2.79% | 2.56 | | | 1.22 | 5.02 | 12.49 | 40.19% |
2007 | 1.33 | 2.21% | 2.95 | | | 1.70 | 5.98 | 14.82 | 40.35% |
2008 | 1.85 | 2.40% | 3.42 | | | 3.24 | 8.52 | 17.74 | 48.02% |
2009 | 1.61 | 2.67% | 4.28 | | | 4.50 | 10.39 | 10.53 | 98.67% |
2010 | 2.47 | 3.45% | 6.67 | | | 3.76 | 12.91 | 16.24 | 79.49% |
2011 | 3.73 | 3.66% | 7.74 | | | 5.32 | 16.79 | 20.01 | 83.90% |
2012 | 3.79 | 3.83% | 8.87 | 2.43 | 2.45% | 6.77 | 19.44 | 15.82 | 122.88% |
员工及薪酬：
年度 | 员工数 | 薪酬总额（亿元） | 平均年薪（万） | 人均归母净利润（万） | 生产人员 | 销售人员 | 研发技术人员 |
2001 | 1589 | | | 9.69 | 1036 | 108 | 239 |
2002 | 1628 | | | 9.39 | 1055 | 128 | 239 |
2003 | 1888 | | | 10.59 | 1099 | 135 | 241 |
2004 | 1792 | | | 26.67 | 1217 | 146 | 245 |
2005 | 1996 | | | 33.56 | 1296 | 109 | 282 |
2006 | 1952 | | | 29.96 | 1366 | 105 | 157 |
2007 | 2141 | 3.5923 | 16.77 | 31.85 | 1611 | 111 | 183 |
2008 | 8185 | 5.0271 | 6.14 | 8.02 | 6552 | 346 | 695 |
2009 | 9319 | 5.6044 | 6.01 | 0.82 | 7729 | 398 | 534 |
2010 | 10499 | 7.0803 | 6.74 | 1.72 | 8208 | 388 | 821 |
2011 | 10511 | 8.9705 | 8.53 | 1.59 | 7835 | 225 | 688 |
2012 | 10579 | 9.7784 | 9.24 | -4.98 | 7805 | 337 | 678 |
现金流量表：
年度 | 销售收现＞营收(真钱) | 营收 | 经现流净额累计＞归母净利润是印钞机 | 归母净利润 | 投现流净额 | 筹现流净额 | 吸收投资 | 借款 |
2001 | 9.78＞ | 8.85 | 3.18＞ | 1.54 | -5.36 | 2.01 | 0.26 | 6.25 |
2002 | 10.54＞ | 9.78 | 3.01＞ | 1.53 | -5.59 | 3.46 | 1.73 | 6.15 |
2003 | 14.97＞ | 13.66 | 4.26＞ | 2.00 | -3.93 | 5.07 | 4.26 | 7.24 |
2004 | 21.04＞ | 18.58 | 7.03＞ | 4.78 | -6.91 | 3.81 | 2.45 | 9.31 |
2005 | 30.26＞ | 26.75 | 9.52＞ | 6.70 | -16.25 | 6.09 | 1.08 | 13.47 |
2006 | 43.51 | 44.30 | 7.28＞ | 5.85 | -24.97 | 13.14 | 6.05 | 22.19 |
2007 | 64.57＞ | 60.05 | 10.35＞ | 6.82 | -33.34 | 28.44 | 12.74 | 31.06 |
2008 | 77.48＞ | 77.04 | 9.61＞ | 6.57 | -36.92 | 34.01 | 0.13 | 68.89 |
2009 | 61.61＞ | 60.27 | 12.28＞ | 0.77 | -23.62 | 17.80 | 9.45 | 72.01 |
2010 | 71.08 | 71.40 | 12.12＞ | 1.81 | -26.48 | 13.74 | 0.85 | 47.70 |
2011 | 99.48 | 101.16 | 1.36 | 1.68 | -31.84 | 27.43 | 20.02 | 72.91 |
2012 | 100.94＞ | 98.93 | 12.72＞ | -5.27 | -24.35 | 5.45 | 1.03 | 94.60 |
自由现金流：
| 经现流净额 | 资本开支（含扩建） | ≈自由现金流 | 财报披露的自由现金流 | 现金类净增加额＞0 | 折旧摊销＞资本开支说明维持盈利能力不需要大量资本支出 |
2001 | 3.18 | 5.41 | - | | -0.17 | 0.82 |
2002 | 3.01 | 4.46 | - | | 0.89 | 1.25 |
2003 | 4.26 | 4.05 | 0.21 | | 5.40 | 1.76 |
2004 | 7.03 | 6.53 | 0.50 | | 3.98 | 1.90 |
2005 | 9.52 | 16.06 | - | | -0.70 | 2.10 |
2006 | 7.28 | 25.02 | - | | -4.52 | 2.88 |
2007 | 10.35 | 33.72 | - | | 5.40 | 3.89 |
2008 | 9.61 | 33.28 | - | | 6.44 | 5.24 |
2009 | 12.28 | 23.71 | - | | 6.41 | 7.89 |
2010 | 12.12 | 24.33 | - | | -0.88 | 8.61 |
2011 | 1.36 | 21.40 | - | | -3.20 | 10.46 |
2012 | 12.72 | 14.97 | - | | -6.19 | 9.75 |
增长率一致吗？
| 总收入增长率 | 销售收到的现金增长率 | 营业成本增长率 | 毛利润增长率 | 归母净利润增长率 | 应收账款增长率 | 销售费用增长率 | 管理费用增长率 | 所得税增长率 |
2001 | 15.83% | | 28.68% | -7.80% | -4.41% | -29.1% | 25.00% | 23.33% | -27.27% |
2002 | 10.50% | 7.79% | 4.70% | 25.40% | 0.64% | -5.88% | 33.33% | 20.27% | 16.66% |
2003 | 39.67% | 42.03% | 35.57% | 47.58% | 30.71% | 500.0% | 55.00% | 47.19% | 7.40% |
2004 | 36.01% | 42.93% | 18.52% | 70.58% | 139.00% | 39.58% | -6.45% | 18.32% | 89.65% |
2005 | 43.97% | 43.82% | 45.86% | 41.37% | 40.16% | 28.35% | 259.7% | 19.31% | 30.90% |
2006 | 65.59% | 43.78% | 102.8% | 12.82% | -12.59% | 40.69% | 16.49% | 37.81% | 25.00% |
2007 | 33.21% | 48.40% | 39.38% | 18.65% | 16.67% | 0.82% | 7.25% | 15.23% | -49.84% |
2008 | 28.29% | 19.99% | 31.12% | 19.70% | -3.59% | 110.2% | 38.66% | 15.93% | 74.21% |
2009 | -21.7% | -20.4% | -16.1% | -40.6% | -88.24% | 5.90% | -12.9% | 25.14% | -64.19% |
2010 | 18.46% | 15.37% | 10.89% | 54.22% | 135.18% | 11.18% | 53.22% | 55.80% | 143.26% |
2011 | 41.67% | 39.95% | 47.13% | 23.21% | -7.22% | 21.18% | 50.80% | 16.04% | -59.21% |
2012 | -2.21% | 1.46% | 2.41% | -20.9% | -412.6% | 4.27% | 1.54% | 14.61% | 10.71% |
今天就学习到这里。
