上市公司盈利能力分析——以云天化集团为例

XCLW52177  上市公司盈利能力分析——以云天化集团为例  (字数：11823)

中文摘要

纵观当代企业发展，可知盈利能力与利润始终是企业各方关注的焦点，其中，盈利能力主要是指企业在日常经营中以参与或开展经济活动而获取收入的能力，利润则是利益相关方分析企业财务报表的核心指标，涉及了企业投资者的投资回报、债权人的本息来源现，更是企业员工薪资福利不断改善的有力保障。在企业信息的利用者看来，企业的盈利能力始终是其关注的核心所在，若企业可以获取足够的利润，便可还清债务、支付股本与利息、投资等。此外，还有以下三类用于评价企业盈利能力的指标：一是经营获取利润的能力；二是企业资产为其收益的贡献；三是股东从企业获取的投资收益。由此可见，分析企业的盈利能力有着较高的重要性，本文在研究期间主要涉及了以下七个指标：销售的毛利率、净利率、营业的利润率、总资产与总营业的报酬率、市盈率以及股东所享有的每股收益。随着目前国内GDP增速放缓，化工行业大多数产品的产能过剩，在此背景下，全行业的固定资产投资完成额同比也持续降低，到2016年甚至进入出现负增长情况，当前行业产能仍在收缩，处于产能周期的底部。由于化工行业的投产时间一般在2年以上，我们预计未来至少2年内行业供给不会出现大幅的增长。基于此时化工行业的现状，本文做出了以云天化集团为例的上市公司盈利能力分析。

关键词：盈利能力；存在问题；解决措施

ABSTRACT

Profitability refers to the ability of an enterprise to make profits during its operation, in which profit is the focus of close attention of interested parties. Profit is not only an important source for investors to obtain investment returns, creditors to collect principal and benefits, but also an important performance of managers'management performance. It is also a powerful guarantee for the continuous improvement of employees' salaries and benefits. In the view of the users of enterprise information, the profitability of enterprises is always the core of their concern. If enterprises can obtain enough profits, they can pay off debts, pay equity and interest, and invest. In addition, there are three kinds of indicators used to evaluate the profitability of enterprises: one is the ability of operating to obtain profits; the other is the contribution of enterprise assets to its earnings; and the third is the investment income of shareholders from enterprises. Thus, it is of great importance to analyze the profitability of enterprises. During the research period, this paper mainly involves the following seven indicators: first, gross sales interest rate; second, net sales interest rate; third, operating profit rate; fourth, total assets return rate; fifth, total operating return rate; sixth, price-earnings ratio; seventh, earnings per share. With the current slowdown of domestic GDP growth and overcapacity of most products in the chemical industry, under this background, the investment in fixed assets of the whole industry has continued to decrease year on year, and even entered a negative growth situation in 2016. At present, the industry's capacity is still shrinking and at the bottom of the production cycle. Since the production time of the chemical industry is usually more than two years, we do not expect a substantial increase in supply in the next two years or so. Based on the current situation of the chemical industry at this time, this paper makes an analysis of the profitability of listed companies taking Yuntianhua Group as an example.

Keywords: profitability; There are problems; The measures

目录

一、 绪论4

（一） 研究背景4

（二） 研究目的及意义4

（三） 国内外研究状况5

二、 云天化集团概况5

（一） 云天化集团公司介绍5

（二） 云天化集团当前盈利能力状况6

三、 影响企业盈利能力的因素及指标7

（一） 影响企业盈利能力的因素7

（二） 影响企业盈利能力的指标8

四、 云天化集团盈利能力分析10

（一） 销售毛利趋势分析10

（二） 销售净利率趋势分析10

（三） 营业利润率趋势分析11

（四） 总资产报酬率趋势分析12

（五） 总营业费用率趋势分析12

（六） 市盈率趋势分析13

（七） 每股收益趋势分析14

结论15

参考文献17