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1、贵州茅台财务分析报告一、 公司简介公司主营贵州茅台酒系列产品的生产和销售，同时进行饮料、食品、包装材料的生产和销售，防伪技术开发，信息产业相关产品的研制开发。 贵州茅台酒股份有限公司茅台酒年生产量已突破一万吨；43、38、33 茅台酒拓展了茅台酒家族低度酒的发展空间；茅台王子酒、茅台迎宾酒满足了中低档消费者的需求；15年、30 年、50 年、80 年陈年茅台酒填补了我国极品酒、年份酒、陈年老窖的空白；在国内独创年代梯级式的产品开发模式。形成了低度、高中低档、极品三大系列 70 多个规格品种，全方位跻身市场，从而占据了白酒市场制高点，称雄于中国极品酒市场。二、 贵州茅台近三年的资产负债表、利润表
2、贵州茅台资产负债表 单位：元报告期 2010-12-31 2009-12-31 2008-12-31流动资产货币资金 12,888,393,889.29 9,743,152,155.24 8,093,721,891.16应收票据 204,811,101.20 380,760,283.20 170,612,609应收账款 1,254,599.91 21,386,314.28 34,825,094.84预付账款 1,529,868,837.52 1,203,126,087.16 741,638,536.34应收利息 42,728,425.34 1,912,600 2,783,550其他应收款 59
3、,101,891.63 96,001,483.15 82,601,388.17存货 5,574,126,083.42 4,192,246,440.36 3,114,567,813.33一年内到期的非流动资产- 17,000,000 -流动资产合计 20,300,284,828.31 15,655,585,363.39 12,240,750,882.84非流动资产持有至到期投资 60,000,000 10,000,000 42,000,000长期股权投资 4,000,000 4,000,000 4,000,000固定资产 4,191,851,111.97 3,168,725,156.29 2,1
4、90,171,911.89工程物资 18,528,802.46 24,915,041.53 62,368,950.89在建工程 263,458,445.10 193,956,334.39 582,860,996.70无形资产 452,317,235.72 465,550,825.17 445,207,595.72长期待摊费用 18,701,578.16 21,469,624.81 10,146,520.77递延所得税资产 278,437,938.97 225,420,802.14 176,680,977.54非流动资产合计 5,287,295,112.38 4,114,037,784.33 3
5、,513,436,953.51资产总计 25,587,579,940.69 19,769,623,147.72 15,754,187,836.35流动负债应付账款 232,013,104.28 139,121,352.45 121,289,073.57预收账款 4,738,570,750.16 3,516,423,880.20 2,936,266,375.10应付职工薪酬 500,258,690.69 463,948,636.85 361,007,478.77应交税费 419,882,954.10 140,524,984.34 256,300,257.23应付股利 318,584,196.29
6、 137,207,662.62 -其他应付款 818,880,550.55 710,831,237.05 575,906,355.73流动负债合计 7,028,190,246.07 5,108,057,753.51 4,250,769,540.40非流动负债专项应付款 10,000,000 10,000,000 -非流动负债合计 10,000,000 10,000,000 -负债合计 7,038,190,246.07 5,118,057,753.51 4,250,769,540.40所有者权益实收资本（或股本）943,800,000 943,800,000 943,800,000资本公积金 1
7、,374,964,415.72 1,374,964,415.72 1,374,964,415.72盈余公积金 2,176,754,189.47 1,585,666,147.40 1,001,133,829.72未分配利润 13,903,255,455.61 10,561,552,279.69 7,924,671,271.03归属于母公司股东权益合计18,398,774,060.80 14,465,982,842.81 11,244,569,516.47所有者权益合计 18,549,389,694.62 14,651,565,394.21 11,503,418,295.95负债及所有者权益总计2
8、5,587,579,940.69 19,769,623,147.72 15,754,187,836.35贵州茅台利润表 单位：元报告期 2010-12-31 2009-12-31 2008-12-31一、营业总收入 11,633,283,740.18 9,669,999,065.39 8,241,685,564.11营业收入 11,633,283,740.18 9,669,999,065.39 8,241,685,564.11二、营业总成本 4,472,846,560.68 3,595,688,001.93 2,852,622,959.08营业成本 1,052,931,591.61 950,6
9、72,855.27 799,713,319.24营业税金及附加 1,577,013,104.90 940,508,549.66 681,761,604.71销售费用 676,531,662.09 621,284,334.75 532,024,659.80管理费用 1,346,014,202.04 1,217,158,463.04 941,174,062.44财务费用 -176,577,024.91 -133,636,115.78 -102,500,765.33资产减值损失 -3,066,975.05 -300,085.01 450,078.22三、其他经营收益- - -投资净收益 469,05
10、0 1,209,447.26 1,322,250四、营业利润 7,160,906,229.50 6,075,520,510.72 5,390,384,855.03营业外收入 5,307,144.91 6,247,977 6,282,035.79营业外支出 3,796,643.04 1,228,603.08 11,366,252.66五、利润总额 7,162,416,731.37 6,080,539,884.64 5,385,300,638.16所得税 1,822,655,234.40 1,527,650,940.64 1,384,541,295.05六、净利润 5,339,761,496.97
11、 4,552,888,944 4,000,759,343.11少数股东损益 288,567,278.71 240,442,819.27 201,278,784.60归属于母公司股东的净利润5,051,194,218.26 4,312,446,124.73 3,799,480,558.51三、 财务报表分析（一） 、水平分析1、资产负债表的水平分析表贵州茅台资产负债表水平分析表 金额单位：元变动情况 项目 2010.12.31 2009.12.31变动额 变动率对总资产影响流动资产： 货币资金 12,888,393,889.29 9,743,152,155.24 3,145,241,734 32
12、.28% 15.91%应收票据 204,811,101.20 380,760,283.20 -175,949,182 -46.21% -0.89%应收账款 1,254,599.91 21,386,314.28 -20,131,714 -94.13% -0.10%预付帐款 1,529,868,837.52 1,203,126,087.16 326,742,750 27.16% 1.65%应收利息 42,728,425.34 1,912,600 40,815,825 2134.05% 0.21%其他应收款 59,101,891.63 96,001,483.15 -36,899,592 -38.44
13、% -0.19%存货 5,574,126,083.42 4,192,246,440.36 1,381,879,643 32.96% 6.99%一年内到期的非流动资产0 17,000,000 -17,000,000 -100.00% -0.09%流动资产合计 20,300,284,828.31 15,655,585,363.39 4,644,699,465 29.67% 23.49%非流动资产： 持有至到期投资 60,000,000 10,000,000 50,000,000 500.00% 0.25%长期股权投资 4,000,000 4,000,000 0 0.00% 0.00%工程物资 18
14、,528,802.46 24,915,041.53 -6,386,239 -25.63% -0.03%固定资产 4,191,851,111.97 3,168,725,156.29 1,023,125,956 32.29% 5.18%在建工程 263,458,445.10 193,956,334.39 69,502,111 35.83% 0.35%无形资产 452,317,235.72 465,550,825.17 -13,233,589 -2.84% -0.07%长期待摊费用 18,701,578.16 21,469,624.81 -2,768,047 -12.89% -0.01%递延所得税资
15、产 278,437,938.97 225,420,802.14 53,017,137 23.52% 0.27%非流动资产合计 5,287,295,112.38 4,114,037,784.33 1,173,257,328 28.52% 5.93%资产合计 25,587,579,940.69 19,769,623,147.72 5,817,956,793 29.43% 29.43%流动负债： 应付帐款 232,013,104.28 139,121,352.45 92,891,752 66.77% 0.47%预收帐款 4,738,570,750.16 3,516,423,880.20 1,222,
16、146,870 34.76% 6.18%应付职工薪酬 500,258,690.69 463,948,636.85 36,310,054 7.83% 0.18%应交税费 419,882,954.10 140,524,984.34 279,357,970 198.80% 1.41%应付股利 318,584,196.29 137,207,662.62 181,376,534 132.19% 0.92%其他应付款 818,880,550.55 710,831,237.05 108,049,314 15.20% 0.55%流动负债合计 7,028,190,246.07 5,108,057,753.51 1,920,132,493 37.59% 9.71%流 动 资 产 水 平 分 析0.005,000,000,000.0010,000,000,000.0015,000,000,000.0020,000,000,000.0025,000,00
