宁波能源（2013年报）学习笔记
主营业务：发电、蒸汽和热水，投资。蒸汽是根据用户的需求量，即时生产、即时采购、即时销售，产品的特性决定了不存在库存；
客户是：电网、热力公司；
风险点：煤炭占生产成本的70%以上，煤炭价格上涨，商品贸易的毛利率为负；
2013年，利润主要来自于投资收益，商品销售收入腰斩；
基本面：
年度 | 上网电量 | 蒸汽销量 | | | 宁波市内收入 | 占比 |
2004 | 26799万千瓦时 | 99万吨 | | | | |
2005 | 31050 | 121 | | | 5.63亿元 | 98.08% |
2006 | 34954 | 144 | | | 7.02 | 97.36% |
2007 | 37188 | 170 | | | 8.46 | 99.76% |
2008 | 14633 | 170 | | | 8.75 | 100% |
2009 | 33540 | | | | 9.38 | 99.89% |
2010 | --- | | | | 4.04 | 47.03% |
2011 | --- | 165.42 | | | 7.01 | 70.73% |
2012 | 13226 | 253.39 | | | 7.83 | 76.99% |
2013 | | 269.85 | | | 6.07 | |
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） |
2004 | 0.1680 | 64.61% | 0.10 | | 1.9338（1.9666） |
2005 | 0.1680 | 72.91% | 0.10 | | |
2006 | 0.1680 | 63.20% | 0.10 | | |
2007 | 0.1680 | 49.64% | 0.10 | | |
2008 | 0.1680 | 61.84% | 0.10 | | |
2009 | 0.1680 | 36.34% | 0.10 | | |
2010 | 0.1680 | 21.45% | 0.10 | | |
2011 | 0.1680 | 19.56% | 0.10 | | |
2012 | 0.2100 | 30.58% | 0.125 | | |
2013 | 0.2100 | 14.70% | 0.125 | 10送5,10增10 | 非公开发行1.3亿股 |
| | | | | 1.2亿 |
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 |
2004 | 2.27 | 35.71% | 0.40 | -9.09% | 17.62% | 0.26 | -7.04% | 11.45% | 10.58% |
2005 | 5.74 | 152.7% | 1.21 | 202.5% | 21.08% | 0.22 | -14.33% | 3.83% | 6.39% |
2006 | 7.21 | 25.46% | 1.48 | 22.31% | 20.52% | 0.29 | 31.23% | 4.02% | 8.13% |
2007 | 8.48 | 17.52% | 0.87 | -41.2% | 10.25% | 0.33 | 27.33% | 3.89% | 9.11% |
2008 | 8.75 | 3.17% | 0.70 | -19.5% | 8.00% | 0.27 | -19.73% | 3.08% | 7.02% |
2009 | 9.39 | 7.31% | 1.06 | 51.42% | 11.28% | 0.46 | 70.15% | 4.89% | 11.37% |
2010 | 8.59 | -8.52% | 1.19 | 12.26% | 13.85% | 0.78 | 69.44% | 9.08% | 17.38% |
2011 | 9.91 | 15.45% | 1.22 | 2.52% | 12.31% | 0.85 | 9.64% | 8.57% | 13.15% |
2012 | 10.17 | 2.55% | 1.67 | 36.88% | 16.42% | 0.68 | -19.97% | 6.68% | 8.99% |
2013 | 7.72 | -24.0% | 1.28 | -23.3% | 16.58% | 1.42 | 107.86% | 18.39% | 15.48% |
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 | 电力 | 占比 | 毛利率 | 蒸汽 | 占比 | 毛利率 | 商品销售 | 占比 | 毛利率 |
2004 | 1.10 | 48.45% | 21.40% | 1.09 | 48.01% | 13.04% | ＋投资 | | |
2005 | 1.41 | 24.56% | 17.00% | 1.41 | 24.56% | 6.47% | 2.91 | 50.69% | 30.33% |
2006 | 1.64 | 22.74% | 29.09% | 1.63 | 22.60% | 7.00% | 3.92 | 54.36% | 25.86% |
2007 | 1.74 | 20.51% | 18.99% | 2.04 | 24.05% | 8.50% | 4.67 | 55.07% | 7.44% |
2008 | 0.64 | 7.31% | -8.26% | 2.81 | 32.11% | 14.95% | 5.27 | 60.22% | 5.98% |
2009 | 1.10 | 11.71% | 13.56% | 2.39 | 25.45% | 22.49% | 5.35 | 56.97% | 6.51% |
2010 | - | - | - | 3.15 | 36.67% | 22.47% | 4.95 | 57.62% | 0.02% |
2011 | - | - | - | 4.32 | 43.59% | 23.39% | 5.10 | 51.46% | - |
2012 | 0.63 | 6.19% | 3.43% | 4.64 | 45.62 | 21.27% | 4.18 | 41.10% | -0.97% |
2013 | 0.97 | 12.56% | 2.68% | 4.28 | 55.44% | 26.96% | 2.01 | 26.3% | -0.59% |
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） |
2004 | 1.15 | 1.15 | 2.36 | 0.59 | 3.28 | 64.82% | 0.59 | 11.66% | 0.76 |
2005 | 0.92 | 1.15 | 7.09 | 0.95 | 3.64 | 65.46% | 1.32 | 23.74% | 0.29 |
2006 | 1.04 | 1.04 | 7.21 | 0.90 | 3.57 | 64.20% | 1.20 | 21.58% | 0.43 |
2007 | 1.32 | 1.32 | 8.87 | 0.91 | 3.28 | 59.09% | 1.00 | 18.01% | 0.36 |
2008 | 1.37 | 1.37 | 9.44 | 1.05 | 3.35 | 57.56% | 1.30 | 22.33% | 0.24 |
2009 | 4.45 | 4.15 | 9.97 | 0.35 | 3.18 | 39.01% | 1.40 | 4.78% | 0.64 |
2010 | 7.61 | 7.19 | 9.50 | 0.70 | 1.06 | 9.62% | 2.60 | 23.61% | 0.50 |
2011 | 3.14 | 2.60 | 11.90 | 1.77 | 4.49 | 34.48% | 2.69 | 20.66% | 0.56 |
2012 | 5.28 | 4.06 | 10.90 | 2.00 | 5.62 | 34.39% | 4.07 | 24.90% | 1.28 |
2013 | 5.89 | 4.98 | 7.23 | 0.53 | 5.79 | 32.76% | 4.31 | 24.39% | 0.92 |
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 |
2004 | 0.27 | 170.00% | 11.89% | 44天 | 5.33% | 10天 | 0 | 3.46 | 5.06 |
2005 | 0.58 | 114.8% | 10.10% | 37天 | 10.43% | 19天 | 0.002 | 3.52 | 5.56 |
2006 | 0.64 | 10.34% | 8.87% | 33天 | 11.51% | 13天 | 0 | 3.63 | 5.56 |
2007 | 0.48 | -25.0% | 5.66% | 21天 | 8.64% | 16天 | 0.05 | 3.81 | 5.55 |
2008 | 0.72 | 50.00% | 8.22% | 31天 | 12.37% | 10天 | 0.01 | 3.91 | 5.82 |
2009 | 0.27 | -62.5% | 2.87% | 11天 | 3.31% | 0天 | 0 | 4.21 | 8.15 |
2010 | 0.43 | 59.25% | 5.00% | 19天 | 3.90% | 14天 | 0 | 6.07 | 11.01 |
2011 | 0.53 | 23.25% | 5.34% | 20天 | 4.07% | 29天 | 0.21 | 7.04 | 13.02 |
2012 | 0.74 | 39.62% | 7.27% | 27天 | 4.52% | 43天 | 0.19 | 8.56 | 16.34 |
2013 | 0.48 | -35.1% | 6.21% | 23天 | 2.71% | 2天 | 0.01 | 9.86 | 17.67 |
四费：
年度 | 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 |
2004 | 0.02 | 0.88% | 0.08 | | | 0.03 | 0.13 | 0.40 | 32.50% |
2005 | 0.76 | 13.2% | 0.12 | | | 0.04 | 0.93 | 1.21 | 76.85% |
2006 | 0.84 | 11.6% | 0.14 | | | 0.07 | 1.06 | 1.48 | 71.62% |
2007 | 0.14 | 1.65% | 0.13 | | | 0.10 | 0.39 | 0.87 | 44.82% |
2008 | 0.13 | 1.48% | 0.15 | | | 0.07 | 0.35 | 0.70 | 50.00% |
2009 | 0.18 | 1.91% | 0.16 | | | 0.10 | 0.45 | 1.06 | 42.45% |
2010 | 0.17 | 1.97% | 0.17 | | | -0.01 | 0.35 | 1.19 | 29.41% |
2011 | 0.37 | 3.73% | 0.20 | | | 0.03 | 0.60 | 1.22 | 49.18% |
2012 | 0.38 | 3.73% | 0.39 | | | 0.15 | 0.93 | 1.67 | 55.68% |
2013 | 0.36 | 4.66% | 0.41 | | | 0.13 | 0.91 | 1.28 | 71.09% |
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% |
2004 | 180 | | | | 113 | 4 | 39 | 0.10 | 0 |
2005 | 173 | | | | 131 | 4 | 19 | 0.13 | 0 |
2006 | 172 | | | | 129 | 5 | 19 | 0.12 | 0 |
2007 | 166 | 0.1371 | 8.25 | 19.87 | 122 | 5 | 19 | 0.12 | 0.01＜ |
2008 | 153 | 0.1532 | 10.01 | 17.64 | 109 | 5 | 19 | 0.12 | 0.01＜ |
2009 | 136 | 0.1580 | 11.61 | 33.82 | 92 | 5 | 19 | 0.03 | 0.01＜ |
2010 | 139 | 0.1213 | 8.72 | 56.11 | 60 | 15 | 21 | 0 | 0 |
2011 | 232 | 0.1712 | 7.37 | 36.63 | 99 | 9 | 64 | 0.40 | 0.15＜ |
2012 | 259 | 0.2870 | 11.08 | 26.25 | 62 | 6 | 113 | 0.55 | 0.09 |
2013 | 278 | 0.3331 | 11.98 | 51.07 | 164 | 9 | 26 | 0.71 | 0.09＜ |
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 |
2004 | 2.50 | 2.27 | 0.29＞ | 0.26 | -0.89 | 1.23 | 1.96 | 0 |
2005 | 6.16＞ | 5.74 | -0.38 | 0.22 | -0.42 | 0.52 | 0.03 | 2.50 |
2006 | 7.98＞ | 7.21 | 0.79＞ | 0.29 | -0.26 | -0.35 | 0 | 1.50 |
2007 | 9.66＞ | 8.48 | 0.83＞ | 0.33 | -0.12 | -0.43 | 0 | 1.90 |
2008 | 9.72＞ | 8.75 | 0.35＞ | 0.27 | -0.35 | 0.05 | 0 | 2.10 |
2009 | 11.46＞ | 9.39 | 1.55＞ | 0.46 | 1.36 | -0.14 | 0 | 2.20 |
2010 | 9.86＞ | 8.59 | 0.41 | 0.78 | 1.63 | 0.98 | 0.24 | 3.10 |
2011 | 11.30＞ | 9.91 | 0.15 | 0.85 | -3.26 | -1.48 | 0 | 3.16 |
2012 | 10.52＞ | 10.17 | 0.79＞ | 0.68 | -0.15 | 0.82 | 0.62 | 4.16 |
2013 | 8.75＞ | 7.72 | 1.96＞ | 1.42 | -1.29 | 0.27 | 0 | 7.01 |
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 |
2004 | 0.29 | 1.06 | --- | | 0.64 | 0.18 |
2005 | -0.38 | 0.42 | --- | | -0.28 | 0.24 |
2006 | 0.79 | 0.26 | 0.53 | | 0.17 | 0.30 |
2007 | 0.83 | 0.19 | 0.64 | | 0.27 | 0.31 |
2008 | 0.35 | 0.36 | --- | | 0.05 | 0.30 |
2009 | 1.55 | 0.12 | 1.43 | | 2.78 | 0.26 |
2010 | 0.41 | 0.09 | 0.32 | | 3.03 | 0.11＞ |
2011 | 0.15 | 1.51 | --- | | -4.59 | 0.31 |
2012 | 0.79 | 1.33 | --- | | 1.45 | 0.51 |
2013 | 1.96 | 0.72 | 1.24 | | 0.91 | 0.53 |
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 |
2004 | 35.71% | 5.04% | 52.03% | -9.09% | -7.04% | 170.0% | -- | 14.28% | -70.00% |
2005 | 152.7% | 146.4% | 142.2% | 202.5% | -14.33% | 114.8% | 2557% | 44.43% | 298.26% |
2006 | 25.46% | 29.54% | 22.31% | 22.31% | 31.23% | 10.34% | 10.36% | 19.60% | -23.25% |
2007 | 17.52% | 21.05% | 18.72% | -41.2% | 27.33% | -25.0% | -12.5% | -13.3% | 36.52% |
2008 | 3.17% | 0.62% | 5.78% | -19.5% | -19.73% | 50.00% | -7.14% | 15.38% | -72.05% |
2009 | 7.31% | 17.90% | 3.47% | 51.42% | 70.15% | -62.5% | 42.49% | 10.66% | 221.67% |
2010 | -8.52% | -13.9% | -11.16 | 12.26% | 69.44% | 59.25% | -5.55% | 6.25% | 68.75% |
2011 | 15.45% | 14.60% | 17.43% | 2.52% | 9.64% | 23.25% | 112.1% | 17.64% | 11.11% |
2012 | 2.55% | -6.90% | -2.17% | 36.88% | -19.97% | 39.62% | 3.07% | 92.20% | -58.95% |
2013 | -24.0% | -16.8% | -24.18 | -23.3% | 107.86% | -35.1% | -3.24% | 6.25% | -31.57% |
今天就学习到这里。
