盾安环境XXXX财报分析

目录第一篇基本面分析···························································································1一、企业层面分析······················································································1（一）企业基本情况·············································································1（二）企业竞争优势及行业地位······························································1二、行业层面分析······················································································2（一）背景·························································································2（二）行业整体分析·············································································3三、宏观经济层面分析················································································3（一）人民币升值带来的影响·································································3（二）金融危机带来的影响····································································4（三）通胀带来的影响··········································································4第二篇财务报告分析························································································5一、资产负债表分析···················································································5（一）资产负债表水平分析····································································5（二）资产负债表垂直分析···································································9二、利润表分析························································································12（一）利润表综合分析·········································································12（二）利润构成变动分析评价································································14（三）利润表分部分析·········································································14三、现金流量表分析··················································································16（一）现金流量表水平分析···································································16（二）现金流量表垂直分析···································································18第三篇财务效率分析·······················································································19一、企业盈利能力分析···············································································19（一）盈利能力历史分析······································································19（二）盈利能力同行业分析···································································20二、营运能力分析·····················································································21（一）总资产周转率分析······································································21（二）营运能力历史分析······································································21（三）营运能力同行业分析···································································22三、偿债能力分析·····················································································23（一）偿债能力历史分析······································································23（二）偿债能力同行业分析···································································24四、发展能力分析·····················································································25（一）发展能力趋势分析······································································25（二）发展能力同行业分析···································································26第四篇杜邦分析·····························································································27第五篇财务报告综合分析·················································································29第六篇对企业发展的前景·················································································302012年度财务报告分析1第一篇基本面分析一、企业层面分析（一）企业基本情况浙江盾安人工环境股份有限公司是由浙江盾安三尚机电有限公司整体变更设立的股份有限公司，于2001年12月19日在浙江省工商行政管理局登记注册。公司于2004年6月16日在深圳证券交易所挂牌交易。经浙江省工商行政管理局核准，公司名称由“浙江盾安人工环境设备股份有限公司”变更为“浙江盾安人工环境股份有限公司”。公司经营范围为制冷通用设备、家用电力器具部件、金属材料的制造、销售和服务，暖通空调工程设计、技术咨询及系统工程安装；实业投资；经营进出口业务（国家法律法规限止、禁止和许可经营的除外）。公司控股股东为浙江盾安精工集团有限公司，公司的实际控制人为姚新义。公司与实际控制人之间的产权及控制关系的方框图。（二）企业竞争优势及行业地位1、企业竞争优势盾安环境经过多年发展，在技术研发、基础管理和经营模式创新等方面形成了一系列可持续的核心竞争优势，为公司打造主业突出的优势地位、探索新的业务领域和盈利模式及成功实施产业升级转型奠定了坚实的基础。盾安环境是国内制冷配件的龙头企业，规模优势明显，技术水平高，主导产品市场领先优势明显，其中截止阀市场占有率全球第一，四通阀全球第二，储液器、平衡块和管路集成组件位居行业前列。盾安在制冷配件业务方面拥有相对垄断的行业地位和领先的制造技术，保证其能够获得相对稳定的利润。其特种空调产品在核电暖通系统方面取得一定的先入优势，在基于水地源、工业余热的可再生能源供热（冷）利用领域取得了先发优势。2012年度财务报告分析2（2）行业地位①制冷行业盾安环境是我国制冷配件行业的龙头企业，尤其对制冷配件行业主要产品截止阀和四通阀，盾安与主要竞争对手基本形成相对垄断的竞争格局，两家企业拥有该类产品全球打不飞的市场份额。因此竞争格局的形成，导致了盾安环境和主要竞争对手在国内外市场中均具有较强的价格优势，确保了公司的盈利能力的稳定性。②中央空调行业盾安环境在中央空调行业具有十多年的研发、生产、营销几点，主导核心产品水冷螺杆冷水机组具有很强的竞争优势，多项技术处于国际领先水平，推动公司在商用中央空调市场取得了良好的市场表现。③核电暖通行业在该行业，公司的起点较高，主动研发的核级水冷机组是实现国产化最先进的同类型产品之一。盾安环境从开发国内核电站的核级水冷机组市场资金，市场份额处于领跑者地位。④可再生能源供热（冷）行业盾安环境抓住行业发展机遇，采用差异化竞争策略，作为市场先行者不断推广应用在经济性、适用性和社会效益等方面具有突破优势的城市污水源热泵空调技术，在基于水地热源泵技术，利用城市原生污水、工业废水及余热等可再生能源作为热源的热泵空调开拓了一片崭新、广阔的市场空间，目前已经成为可再生能源供热（冷）市场的领跑者。3、企业战略分析在2012年度，盾安环境持续深化产业转型升级，企业可持续发展能力得到进一步增强制冷配件业务推陈出新，行业地位进一步巩固。核电暖通系统总包业务取得重大进展。制冷设备业务转型升级取得突破，可再生能源业务快速发展。另外，公司加快推进自主创新，企业核心竞争力进一步提升。强化技术创新平台建设，企业自主创新能力进一步提升。积极推进创新成果转化，技术、产品及工艺创新成果显著。还有，公司全面加强经营质量，企业品牌价值进一步提升。公司持续深入推广卓越绩效管理模式，并荣获中国质量协会颁发的“第十二届全国质量奖”。公司获得首批蒙特利尔多边基金资助，社会效益显著，有力提升了公司品牌价值。总体而言，盾安环境2012年为实现企业目标依旧采取了多元化成长型总体战略。二、行业层面分析（一）背景本公司主要从事电制冷式商用中央空调机组、户用中央空调机组及中央空调末端产品的研究、开发、生产和销售，属于制冷空调行业中的集中式空调