云天化(2015年财报)学习笔记

年度

尿素销量

硝铵销量

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

磷酸一铵销量

磷酸二铵销量

尿素销量

复合肥销量

锂电池隔膜销量

玻璃纤维销量

2015

153.08

402.24万吨

184.18

136.54

3681.34万㎡

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

2013

1.12

19.05%

0.10

2014

0

0

0

2015

0

0

0

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%

2013

558.96

-4.80%

71.81

-13.1%

12.84%

5.92

212.51%

1.05%

4.98%

2014

544.92

-2.51%

51.59

-28.1%

9.46%

-25.83

-535.8%

--

-37.6%

2015

502.66

-7.75%

72.58

40.68%

14.43%

1.01

--

0.20%

1.81%

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

2015

116.47

0.29

137.76

0.05

136.83

0.08

111.59

0.58

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

磷酸一铵

毛利率

磷酸二铵

毛利率

尿素

毛利率

复合肥

锂电池隔膜

国外

2013

47.87

4.66%

199.78

11.32%

68.95

9.16%

53.77

131.70

2014

30.51

22.97%

79.94

21.82%

17.97

12.19%

14.90

182.56

2015

35.42

26.85%

106.48

29.52%

22.47

22.64%

29.78

1.42

141.71

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

2013

79.40

68.15

468.08

215.39

347.81

52.96%

397.95

60.60%

108.68

2014

78.55

61.28

477.91

234.04

358.36

52.30%

423.97

61.88%

139.28

2015

54.24

42.50

413.32

223.35

341.62

50.92%

384.71

57.35%

173.46

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

2013

38.95

44.36%

6.96%

26天

5.93%

70天

34.49

82.13

656.68

2014

30.72

--21.1%

5.63%

21天

4.48%＜

110

42.64

55.29

685.09

2015

67.88

120.96%

13.50%

50天

10.11

89天

15.56

56.34

670.77

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%

2013

33.05

5.91%

22.96

2.00

0.36%

23.19

79.20

71.81

110.29%

2014

28.91

5.30%

22.64

2.07

0.38%

23.78

75.34

51.59

146.03%

2015

27.35

5.44%

19.51

2.08

0.41%

22.86

69.72

72.58

96.05%

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

2013

19942

25.1653

12.61

2.96

13519

777

2376

2014

20216

21.6376

10.70

-12.77

12667

1146

2683

2015

14888

21.0271

14.12

0.67

9735

334

1805

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

2013

435.45

558.96

-24.34

5.92

-32.29

48.48

0.20

434.22

2014

465.58

544.92

-4.02

-25.83

-15.68

12.82

0.23

415.89

2015

430.79

502.66

28.21＞

1.01

-8.16

-39.58

0.23

370.55

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

2013

-24.34

22.32

-

-8.86

23.31＞

2014

-4.02

15.67

-

-6.87

18.69＞

2015

28.21

14.22

13.99

-18.77

19.02＞

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%

2013

-4.80%

-10.3%

-3.43%

-13.1%

212.51%

44.36%

27.36%

-15.7%

82.37%

2014

-2.51%

6.91%

1.27%

-28.1%

-535.8%

-21.1%

-12.5%

-1.39%

-71.68%

2015

-7.75%

-7.47%

-12.8%

40.68%

----

120.9%

-5.40%

-13.8%

-39.68%