中国西电（2023年报）学习笔记
主营业务：高压开关、变压器、绝缘子和避雷器、电容器、整流器、输配电业务，工程，贸易；直销为主。
客户是：电厂、电网；结算大都集中在年底，第四季度营收高；
风险点：应收账款占比太高；
2023年，开发支出资本化太高；
基本面：
年度 | 国内收入 | 占比 | 国外收入 | 占比 | 开关销售量 | 变压器销售量 |
2009 | 128.86 | 92.02% | 8.25 | 5.89% | | |
2010 | 116.08 | 90.11% | 11.11 | 8.62% | | |
2011 | 99.02 | 88.02% | 13.46 | 11.96% | | |
2012 | 106.31 | 85.18% | 16.88 | 13.52% | | |
2013 | 115.75 | 88.69% | 12.30 | 9.42% | | |
2014 | 120.31 | 86.74% | 15.37 | 11.08% | | |
2015 | 113.81 | 86.85% | 14.27 | 10.88% | | |
2016 | 123.78 | 88.54% | 13.76 | 9.84% | 7279台组 | 13895万千伏安 |
2017 | 122.08 | 86.30% | 16.67 | 11.78% | 7203 | 13831 |
2018 | 114.60 | 83.71% | 18.48 | 13.49% | 5996 | 13193 |
2019 | 119.98 | 78.50% | 29.96 | 19.60% | 5345 | 14317 |
2020 | 120.42 | 76.20% | 33.51 | 21.20% | 5373 | 15167 |
2021 | 101.29 | 71.43% | 36.71 | 25.88% | 5373 | 15042 |
2022 | 152.32 | 84.59% | 25.46 | 14.13% | 6557 | 16370 |
2023 | 181.75 | 87.18% | 22.67 | 10.87% | 7533 | 18322 |
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） |
2010 | 2.6142 | 40.91% | 0.06 | | 100.09（103.253） |
2011 | 0 | 0 | 0 | | |
2012 | 0 | 0 | 0 | | |
2013 | 4.1007 | 123.72% | 0.08 | | 33.02（33.19）定向增发 |
2014 | 5.1258 | 74.93% | 0.10 | | |
2015 | 7.1752 | 79.39% | 0.14 | | |
2016 | 5.1258 | 45.45% | 0.10 | | |
2017 | 2.7167 | 30.23% | 0.053 | | |
2018 | 1.7427 | 30.62% | 0.034 | | |
2019 | 2.5629 | 62.02% | 0.05 | | |
2020 | 1.5377 | 63.47% | 0.03 | | |
2021 | 1.6402 | 30.15% | 0.032 | | |
2022 | 2.3066 | 37.67% | 0.045 | | |
2023 | 3.3830 | 38.22% | 0.066 | | |
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 |
2010 | 128.82 | -7.99% | 30.62 | -12.6% | 23.76% | 6.39 | -44.64% | 4.96% | 4.71% |
2011 | 112.49 | -12.9% | 17.51 | -42.8% | 15.56% | -5.18 | -181.0% | --- | -3.61% |
2012 | 124.80 | 12.15% | 24.93 | 42.37% | 18.06% | 1.17 | --- | 0.93% | 0.84% |
2013 | 130.51 | 4.57% | 28.42 | 13.99% | 21.77% | 3.21 | 173.52% | 2.45% | 2.10% |
2014 | 138.69 | 6.27% | 33.47 | 17.76% | 24.13% | 6.84 | 14.95% | 4.93% | 3.83% |
2015 | 131.04 | -5.52% | 34.75 | 3.82% | 26.51% | 9.03 | 32.14% | 6.89% | 4.98% |
2016 | 139.79 | 6.68% | 41.06 | 18.15% | 28.99% | 11.27 | 24.77% | 8.06% | 6.07% |
2017 | 141.46 | 1.19% | 40.01 | -2.55% | 28.28% | 8.98 | -20.33% | 6.34% | 4.71% |
2018 | 136.89 | -3.23% | 33.60 | -16.0% | 24.54% | 5.69 | -36.66% | 4.15% | 2.93% |
2019 | 152.83 | 11.64% | 33.24 | -1.07% | 21.74% | 4.13 | -27.40% | 2.70% | 2.10% |
2020 | 158.02 | 3.40% | 26.07 | -21.5% | 16.49 | 2.42 | -41.37% | 1.53% | 1.22% |
2021 | 141.80 | -10.2% | 30.77 | 18.02% | 21.69% | 5.44 | 123.10% | 3.83% | 2.70% |
2022 | 180.06 | 26.98% | 29.58 | -3.86% | 16.42% | 6.12 | 12.55% | 3.39% | 2.94% |
2023 | 208.47 | 12.36% | 37.16 | 25.62% | 17.82% | 8.85 | 42.99% | 4.24% | 4.14% |
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 |
2015 | 27.05 | 1.62 | 29.87 | 2.48 | 25.61 | 1.46 | 48.49 | 3.46 |
2016 | 24.31 | 2.32 | 30.80 | 2.31 | 32.41 | 2.90 | 52.26 | 3.73 |
2017 | 24.78 | 3.04 | 36.68 | 2.89 | 26.63 | 0.56 | 53.36 | 2.48 |
2018 | 24.12 | 1.75 | 33.06 | 0.78 | 25.42 | -0.03 | 54.28 | 3.17 |
2019 | 27.16 | 0.86 | 38.71 | 1.09 | 29.83 | 0.95 | 57.11 | 1.22 |
2020 | 24.40 | 0.31 | 35.87 | 0.85 | 34.17 | 0.95 | 63.56 | 0.30 |
2021 | 31.04 | 0.88 | 44.70 | 1.54 | 44.44 | 0.84 | 21.60 | 2.15 |
2022 | 34.13 | 1.30 | 46.29 | 2.43 | 41.84 | 0.95 | 57.79 | 1.43 |
2023 | 46.73 | 1.85 | 45.45 | 2.35 | 44.26 | 0.99 | 72.01 | 3.64 |
分市场收入:亿元
年度 | 开关 | 占比 | 毛利率 | 变压器 | 占比 | 毛利率 | 工程贸易 | 占比 | 毛利率 |
2009 | 51.69 | 36.92% | 26.73% | 48.24 | 34.45% | 27.27% | | | |
2010 | 39.35 | 30.54% | 27.34% | 46.95 | 36.44% | 22.95% | 16.21 | 12.58% | 11.55% |
2011 | 34.49 | 30.66% | 16.69% | 42.53 | 37.80% | 10.93% | 16.27 | 14.46% | 17.66% |
2012 | 43.08 | 34.51% | 24.19% | 42.06 | 33.70% | 17.11% | 16.43 | 13.16% | 13.99% |
2013 | 42.64 | 32.67% | 23.67% | 48.34 | 37.03% | 19.22% | 12.19 | 9.34% | 16.62% |
2014 | 45.52 | 32.82% | 28.40% | 50.45 | 36.37% | 18.66% | 26.92 | 19.41% | 26.00% |
2015 | 47.64 | 36.35% | 33.30% | 43.06 | 32.86% | 21.46% | 24.43 | 18.64% | 19.45% |
2016 | 50.35 | 36.01% | 36.74% | 52.90 | 37.84% | 20.71% | 23.06 | 16.49% | 30.27% |
2017 | 52.29 | 36.96% | 33.25% | 53.51 | 37.82% | 19.96% | 21.48 | 15.18% | 32.59% |
2018 | 44.92 | 32.81% | 30.45% | 53.46 | 39.05% | 19.03% | 26.30 | 19.21% | 21.99% |
2019 | 42.62 | 27.88% | 25.72% | 60.43 | 39.54% | 20.86% | 37.96 | 24.83% | 15.62% |
2020 | 49.56 | 31.36% | 18.63% | 53.63 | 33.93% | 6.23% | 40.63 | 25.71% | 17.80% |
2021 | 42.87 | 30.23% | 22.93% | 58.03 | 40.92% | 18.76% | 26.60 | 18.75% | 27.82% |
2022 | 57.58 | 31.97% | 23.69% | 55.75 | 30.96% | 9.36% | 52.33 | 29.06% | 10.44% |
2023 | 76.63 | 36.75% | 25.23% | 78.23 | 37.52% | 8.47% | 36.57 | 17.54% | 15.80% |
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） |
2009 | 26.06 | 20.83 | 120.77 | 126.13 | 51.30 | 23.83% | 37.13 | 17.25% | 55.40 |
2010 | 72.01 | 63.59 | 146.52 | 122.81 | 56.65 | 21.37% | 10.25 | 3.86% | 48.72 |
2011 | 71.10 | 59.44 | 145.64 | 130.89 | 67.24 | 23.02% | 19.41 | 6.64% | 54.73 |
2012 | 64.10 | 53.41 | 122.65 | 134.52 | 70.21 | 24.01% | 11.29 | 3.86% | 63.29 |
2013 | 92.17 | 78.25 | 152.15 | 130.31 | 72.23 | 22.22% | 7.98 | 2.45% | 63.66 |
2014 | 82.18 | 62.14 | 145.75 | 125.58 | 72.83 | 23.56% | 3.34 | 1.08% | 59.82 |
2015 | 102.84 | 92.52 | 133.88 | 126.73 | 72.02 | 22.12% | 3.08 | 0.94% | 62.45 |
2016 | 99.36 | 89.18 | 146.69 | 130.78 | 76.36 | 22.02% | 4.49 | 1.29% | 63.88 |
2017 | 78.01 | 69.95 | 153.55 | 141.73 | 74.44 | 22.09% | 4.85 | 1.43% | 65.29 |
2018 | 74.70 | 66.54 | 149.20 | 143.01 | 74.43 | 21.54% | 5.97 | 1.72% | 76.48 |
2019 | 37.19 | 30.36 | 169.34 | 167.21 | 71.38 | 20.18% | 9.23 | 2.60% | 78.94 |
2020 | 39.66 | 33.69 | 171.94 | 172.57 | 64.52 | 17.84% | 5.97 | 1.65% | 90.88 |
2021 | 55.68 | 49.94 | 174.52 | 172.81 | 64.74 | 16.65% | 2.49 | 0.64% | 83.73 |
2022 | 72.67 | 67.07 | 197.30 | 177.81 | 63.59 | 15.56% | 5.93 | 1.45% | 91.93 |
2023 | 95.05 | 92.67 | 214.08 | 176.93 | 64.66 | 14.76% | 15.34 | 3.50% | 97.07 |
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 |
2009 | 66.97 | 41.89% | 47.83% | 175天 | 31.12% | 185天 | 39.08 | 40.91 | 215.19 |
2010 | 70.58 | 5.39% | 54.78% | 200天 | 26.63% | 176天 | 29.50 | 147.39 | 264.97 |
2011 | 69.88 | -0.99% | 62.12% | 227天 | 23.92% | 209天 | 41.36 | 139.46 | 292.08 |
2012 | 75.30 | 7.75% | 60.33% | 221天 | 25.75% | 190天 | 40.04 | 140.70 | 292.35 |
2013 | 71.76 | -4.32% | 54.98% | 201天 | 22.08% | 195天 | 35.32 | 176.84 | 324.98 |
2014 | 75.99 | 5.89% | 54.79% | 200天 | 24.58% | 148天 | 24.10 | 180.25 | 309.05 |
2015 | 81.74 | 7.56% | 62.37% | 228天 | 25.10% | 146天 | 29.81 | 184.34 | 325.57 |
2016 | 83.53 | 2.18% | 59.79% | 219天 | 24.09% | 124天 | 40.60 | 189.94 | 346.62 |
2017 | 90.81 | 8.71% | 64.19% | 235天 | 26.94% | 151天 | 26.31 | 193.32 | 336.97 |
2018 | 94.88 | 4.48% | 69.26% | 253天 | 27.46% | 134天 | 20.46 | 196.37 | 345.42 |
2019 | 112.16 | 18.21% | 73.38% | 268天 | 31.71% | 133天 | 20.30 | 198.25 | 353.67 |
2020 | 115.24 | 2.74% | 72.92% | 267天 | 31.86% | 120天 | 15.36 | 198.15 | 361.64 |
2021 | 107.82 | -6.43% | 66.90% | 245天 | 24.40% | 152天 | 27.58 | 205.41 | 388.73 |
2022 | 131.80 | 22.24% | 73.19% | 268天 | 32.26% | 95天 | 23.95 | 210.53 | 408.43 |
2023 | 124.96 | -5.18% | 59.94% | 219天 | 28.54% | 76天 | 38.29 | 216.41 | 437.78 |
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 |
2009 | 9.28 | 6.62% | 8.83 | | | 1.36 | 19.47 | 35.05 | 55.54% |
2010 | 8.97 | 6.96% | 10.48 | | | 0.71 | 20.16 | 30.62 | 65.83% |
2011 | 9.67 | 8.59% | 11.38 | 3.09 | | 0.86 | 21.91 | 17.51 | 125.12% |
2012 | 10.94 | 8.82% | 11.89 | 3.90 | 3.13% | 0.13 | 22.96 | 24.93 | 92.09% |
2013 | 10.34 | 7.92% | 14.15 | 5.65 | 4.32% | 0 | 24.49 | 28.42 | 86.17% |
2014 | 10.39 | 7.49% | 16.68 | 5.89 | 4.25% | -0.59 | 27.07 | 33.47 | 80.87% |
2015 | 9.71 | 7.40% | 15.63 | 4.92 | 3.76% | 0.08 | 25.42 | 34.75 | 73.15% |
2016 | 10.75 | 7.69% | 17.84 | 6.49 | 4.64% | 0.08 | 28.67 | 41.06 | 69.82% |
2017 | 10.77 | 7.61% | 19.36 | 7.85 | 5.56% | 0.83 | 30.97 | 40.01 | 77.40% |
2018 | 10.85 | 7.92% | 13.08 | 8.35 | 6.10% | 0.32 | 29.13 | 33.60 | 86.69% |
2019 | 10.28 | 6.72% | 12.86 | 7.53 | 4.92% | -0.67 | 30.67 | 33.24 | 92.26% |
2020 | 5.41 | 3.42% | 13.37 | 5.65 | 3.57 | 1.19 | 25.62 | 26.07 | 98.27% |
2021 | 5.88 | 4.14% | 12.03 | 7.38 | 5.20% | 0.85 | 26.14 | 30.77 | 84.95% |
2022 | 6.25 | 3.47% | 11.78 | 5.81 | 3.22% | -0.09 | 23.84 | 29.58 | 80.59% |
2023 | 7.78 | 3.73% | 12.94 | 7.17 | 3.43% | 0.93 | 28.82 | 37.16 | 77.55% |
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 | 无形资产 | 商誉＜净资产的10% |
2009 | 15332 | 9.5402 | 6.22 | 7.53 | 10250 | 802 | 1955 | 8.87 | 0 |
2010 | 15646 | 11.4190 | 7.29 | 4.08 | 10211 | 813 | 2292 | 9.85 | 0.29＜ |
2011 | 16879 | 12.9282 | 7.65 | -3.06 | 11347 | 1052 | 2111 | 12.94 | 0.29＜ |
2012 | 14711 | 13.3628 | 9.08 | 0.79 | 8975 | 891 | 2089 | 13.68 | 0.29＜ |
2013 | 13999 | 15.6012 | 11.14 | 2.29 | 8492 | 837 | 2197 | 14.32 | 0.11＜ |
2014 | 14758 | 17.3528 | 11.75 | 4.63 | 8609 | 914 | 2523 | 14.44 | 0.11＜ |
2015 | 14249 | 18.3975 | 12.91 | 6.33 | 8302 | 892 | 2425 | 15.41 | 0.11＜ |
2016 | 13540 | 19.3963 | 14.32 | 8.32 | 7507 | 927 | 2432 | 17.98 | 0.11＜ |
2017 | 14507 | 21.2180 | 14.62 | 6.19 | 7833 | 905 | 3187 | 19.66 | 0.04＜ |
2018 | 14537 | 20.8323 | 14.33 | 3.91 | 7863 | 913 | 2974 | 20.21 | 0 |
2019 | 13116 | 21.0389 | 16.04 | 3.14 | 7045 | 725 | 2613 | 19.14 | 0 |
2020 | 12220 | 19.7275 | 16.14 | 1.98 | 6472 | 963 | 2429 | 17.15 | 0 |
2021 | 12622 | 20.2283 | 16.02 | 4.30 | 6006 | 1385 | 2647 | 16.88 | 0.25＜ |
2022 | 10152 | 20.3818 | 20.07 | 6.02 | 4943 | 1205 | 2220 | 17.37 | 0.24＜ |
2023 | 9312 | 21.7443 | 23.35 | 9.50 | 4502 | 1061 | 2151 | 19.47 | 0.23＜ |
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 |
2009 | 122.24 | 140.01 | 10.35 | 11.55 | -14.59 | 3.67 | 0 | 40.90 |
2010 | 137.78＞ | 128.82 | -3.79 | 6.39 | -6.40 | 53.42 | 101.27 | 1.77 |
2011 | 136.96＞ | 112.49 | -0.96 | -5.18 | -4.99 | 1.80 | 0 | 8.37 |
2012 | 130.93＞ | 124.80 | 11.39＞ | 1.17 | -10.36 | -7.08 | 0 | 1.14 |
2013 | 146.43＞ | 130.51 | 2.90 | 3.21 | -9.33 | 31.33 | 34.47 | 0.52 |
2014 | 139.25＞ | 138.69 | 0.02 | 6.84 | -8.36 | -7.80 | 0.53 | 3.41 |
2015 | 150.42＞ | 131.04 | 31.58＞ | 9.03 | 2.64 | -3.87 | 0.75 | 3.46 |
2016 | 157.97＞ | 139.79 | 6.74 | 11.27 | -4.39 | -5.13 | 0.18 | 4.28 |
2017 | 132.96 | 141.46 | -3.36 | 8.98 | -10.94 | -4.66 | 0.21 | 5.03 |
2018 | 140.63＞ | 136.89 | -6.55 | 5.69 | 5.19 | -1.79 | 0.03 | 7.09 |
2019 | 151.24 | 152.83 | -15.08 | 4.13 | -22.30 | 1.16 | 0.03 | 9.25 |
2020 | 160.39＞ | 158.02 | 0.43 | 2.42 | 6.95 | -3.83 | 0.02 | 14.01 |
2021 | 177.97＞ | 141.80 | 15.96＞ | 5.44 | -2.35 | 2.87 | 7.00 | 7.05 |
2022 | 174.44 | 180.06 | 5.08 | 6.12 | -3.50 | 15.37 | 0.02 | 20.73 |
2023 | 219.11＞ | 208.47 | 12.15＞ | 8.85 | 20.44 | -7.71 | 11.14 | 34.20 |
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 |
2009 | 10.35 | 9.76 | 0.59 | | -0.73 | 2.67 |
2010 | -3.79 | 6.58 | --- | | 42.75 | 3.55 |
2011 | -0.96 | 7.38 | --- | | -4.15 | 4.04 |
2012 | 11.39 | 5.43 | 5.96 | | -6.03 | 4.64 |
2013 | 2.90 | 6.95 | --- | | 24.84 | 5.40 |
2014 | 0.02 | 4.59 | --- | | -16.11 | 5.71＞ |
2015 | 31.58 | 3.25 | 28.33 | | 30.38 | 6.01＞ |
2016 | 6.74 | 4.45 | 2.29 | | -3.33 | 6.80＞ |
2017 | -3.36 | 4.66 | --- | | -19.23 | 7.63＞ |
2018 | -6.55 | 5.61 | --- | | -3.40 | 8.11＞ |
2019 | -15.08 | 2.36 | --- | | -36.18 | 7.53＞ |
2020 | 0.43 | 2.92 | --- | | 3.33 | 7.78＞ |
2021 | 15.96 | 1.71 | 14.25 | | 16.24 | 6.67＞ |
2022 | 5.08 | 4.22 | 0.86 | | 17.12 | 6.67＞ |
2023 | 12.15 | 6.48 | 5.67 | | 24.59 | 9.02＞ |
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 |
2009 | 7.92% | -7.07% | 8.73% | 5.57% | 14.66% | 41.89% | 4.21% | -0.01% | 49.76% |
2010 | -7.99% | 12.71% | -6.44% | -12.6% | -44.64% | 5.39% | -3.34% | 18.71% | -40.34% |
2011 | -12.98 | -0.59% | -4.19% | -42.8% | -181.03 | -0.99% | 7.76% | 5.35% | -28.05% |
2012 | 12.15% | -4.40% | 6.49% | 42.37% | --- | 7.75% | 13.19% | 4.53% | 8.24% |
2013 | 4.57% | 11.83% | 2.22% | 13.99% | 173.52% | -4.32% | -5.57% | 18.97% | -25.21% |
2014 | 6.27% | -4.90% | 3.07% | 17.76% | 104.95% | 5.89% | 0.58% | 20.91% | 98.02% |
2015 | -5.52% | 8.02% | -8.48% | 3.82% | 32.14% | 7.56% | -6.59% | -6.32% | 10.98% |
2016 | 6.68% | 5.01% | 2.53% | 18.15% | 24.77% | 2.18% | 10.74% | 14.16% | -8.27% |
2017 | 1.19% | -15.8% | 2.75% | -2.55% | -20.33% | 8.71% | 0.18% | 8.50% | 14.63% |
2018 | -3.23% | 5.76% | 1.81% | -16.0% | -36.66% | 4.48% | 0.68% | -4.63% | -31.38% |
2019 | 11.64% | 7.54% | 15.78% | -1.07% | -27.40% | 18.21% | -5.17% | -1.68% | 2.32% |
2020 | 3.40% | 6.04% | 10.33% | -21.5% | -41.37% | 2.74% | -47.4% | 3.97% | -67.42% |
2021 | -10.2% | 10.95% | -15.8% | 18.02% | 123.10% | -6.43% | 8.69% | -10.0% | 48.83% |
2022 | 26.98% | -1.98% | 35.52% | -3.86% | 12.55% | 22.24% | 6.41% | -2.03% | 142.18% |
2023 | 12.36% | 21.82% | 10.47 | 25.62% | 42.99% | -5.18% | 21.52% | 7.16% | -45.62% |
今天就学习到这里。
