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阅读：3556回复：11
超图软件年报精读（完）
<p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">超图的</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">2010</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年年报终于在</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">4</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">18</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">日晚间登陆深圳证券交易所的信息披露页面上，虽然比原定日期晚了十几天，但在这期间也不失热闹，创造了一个先河：用新浪微博告知年报推迟的信息，也让我们有幸“认识”超图了不起的人物之一、证券事务代表：快乐谭飞艳（</span><span style="line-height: 150%; font-size: 12pt;"><font face="Calibri">
</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">博名）。我猜测谭代表的微博不会太热闹的，毕竟这个身份出言素来谨慎，不适合微博那种可以畅所欲言的场所，更何况我们这个行业更是素来谨慎，似乎是在犯罪的边缘行走一样，稍有不慎就被纠一个泄露国家机密数据罪。</span><span style="line-height: 150%; font-size: 12pt;"><font face="Calibri"> <span lang="EN-US"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></span></font></span></p><p> </p><p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">看年报是一件枯燥的事情，超图年报洋洋洒洒十三万字在众多上市公司年报中字数还算是少的了。散户投资人往往不善看年报，不但是毫无乐趣，关键是看不出个所以然，而世界上最乐于看年报的人可能是巴菲特吧，老巴认为年报都不看去做股票投资简直不可思议。我认真看了，看了一整天，甚至看出了鬼吹灯的乐趣，更不可思议的是都找到错字漏字，我佩服自己的悟性，老巴可以收我做关门弟子了。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p><p> </p><p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在写下本博文整体之前，先做两点声明：</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p><p> </p><p style="margin: 0cm="0cm" 0cm="0cm" 0pt="0pt" 50.4pt; line-height: 150%; text-indent: -29.4pt; mso-char-indent-count: 0; mso-list: l1="l1" level1="level1" lfo1;" class="MsoListParagraph"><span style="line-height: 150%; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;" lang="EN-US"><span style="mso-list: Ignore;"><font face="Calibri">1.</font><span style="'font:" 7pt="7pt" /normal "Times New="New" Roman"; font-size-adjust: none; font-stretch: normal;'> </span></span></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">我是地学专业出身，并不懂财务和投资，但是并不妨碍我看懂那些数字。上面的吹嘘那是瞎扯，所以各位大牛批评我不懂瞎说我得承认，我只是力争从年报中读出超图在本行业中经营的状况；</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p><p> </p><p style="margin: 0cm="0cm" 0cm="0cm" 0pt="0pt" 50.4pt; line-height: 150%; text-indent: -29.4pt; mso-char-indent-count: 0; mso-list: l1="l1" level1="level1" lfo1;" class="MsoListParagraph"><span style="line-height: 150%; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;" lang="EN-US"><span style="mso-list: Ignore;"><font face="Calibri">2.</font><span style="'font:" 7pt="7pt" /normal "Times New="New" Roman"; font-size-adjust: none; font-stretch: normal;'> </span></span></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">我的解读也并不构成投资的建议。股票只有可搞和不可搞的区别，尤其对于普通散户。知道可搞和不可搞的，根本不会看我的博文，也用不到，不知道可搞和不可搞的，看这个博文也是白看。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p><p> </p><p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">所有上市公司的年报都分为</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">12</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">部分，通常比较重要的部分是：</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">a</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">主要财务数据和指标，</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">b</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">股本变动及股东情况，</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">c</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">董事、监事和高级管理人员，</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">d</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">公司治理结构，</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">e</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">董事会报告，</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">f</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">重要事项和</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">g</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">财务会计报告。如果你很忙，只看</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">a</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">即可，如果再有点时间就去看看</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">g</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。通读超图年报，初始印象深刻的三件事：</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p><p> </p><p style="margin: 0cm="0cm" 0cm="0cm" 0pt="0pt" 57pt; line-height: 150%; text-indent: -36pt; mso-char-indent-count: 0; mso-list: l2="l2" level1="level1" lfo2;" class="MsoListParagraph"><span style="line-height: 150%; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;" lang="EN-US"><span style="mso-list: Ignore;"><font face="Calibri">i.</font><span style="'font:" 7pt="7pt" /normal "Times New="New" Roman"; font-size-adjust: none; font-stretch: normal;'> </span></span></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">经营业绩非常好，增长趋势明显；</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p><p> </p><p style="margin: 0cm="0cm" 0cm="0cm" 0pt="0pt" 57pt; line-height: 150%; text-indent: -36pt; mso-char-indent-count: 0; mso-list: l2="l2" level1="level1" lfo2;" class="MsoListParagraph"><span style="line-height: 150%; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;" lang="EN-US"><span style="mso-list: Ignore;"><font face="Calibri">ii.</font><span style="'font:" 7pt="7pt" /normal "Times New="New" Roman"; font-size-adjust: none; font-stretch: normal;'> </span></span></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">收购日本超图，将日本超图的报表合并进来；</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p><p> </p><p style="margin: 0cm="0cm" 0cm="0cm" 0pt="0pt" 57pt; line-height: 150%; text-indent: -36pt; mso-char-indent-count: 0; mso-list: l2="l2" level1="level1" lfo2;" class="MsoListParagraph"><span style="line-height: 150%; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;" lang="EN-US"><span style="mso-list: Ignore;"><font face="Calibri">iii.</font><span style="'font:" 7pt="7pt" /normal "Times New="New" Roman"; font-size-adjust: none; font-stretch: normal;'> </span></span></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">用超募资金购置房产（另附公告说明）。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p><p> </p><p style="margin: 0cm="0cm" 0cm="0cm" 0pt="0pt" 21pt; line-height: 150%;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">下面对年报中的一些重要内容分别解读之。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p> |
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1楼#
发布于：2011-11-22 13:41
<p style="margin: 0cm="0cm" 0cm="0cm" 0pt="0pt" 42.6pt; line-height: 150%; text-indent: -21.6pt; mso-char-indent-count: 0; mso-list: l0="l0" level1="level1" lfo3;" class="MsoListParagraph"><span style="color: red; line-height: 150%; font-size: 12pt; mso-bidi-font-family: 宋体; mso-bidi-theme-font: minor-fareast;" lang="EN-US"><span style="mso-list: Ignore;"><font face="Calibri">一、</font><span style="'font:" 7pt="7pt" /normal "Times New="New" Roman"; font-size-adjust: none; font-stretch: normal;'> </span></span></span><span style="color: red; line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">总体战略</span><span style="color: red; line-height: 150%; font-size: 12pt;" lang="EN-US"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></span></p>
<p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在董事会报告的公司总体经营情况说明部分（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">P11</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">）提出超图在“十二五”期间“<i><span style="color: rgb(54, 95, 145); mso-themecolor: accent1; mso-themeshade: 191;">公司总体战略定位将继续坚持</span></i></span><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">GIS</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">核心平台软件研发，进一步提升市场竞争力，加大重点行业应用平台的研发和营销力度，大力推进基于云计算的地理信息服务</span></i><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">”。对此我理解公司战略做三件事：核心传统平台软件的研发和销售，行业应用开发和面向云计算的服务式产品业务。我认为云计算现在是人人必须谈的噱头，短期内给公司带来业绩不现实，大家采取的都是走一步看一步的策略，超图也是如此。平台软件是起家的把式，也是谈自主创新的关键工作，而真正能拿到营业收入的是行业软件开发，也就是做项目。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p> <p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">超图认为自己的优势有四方面：产品优势、品牌和客户资源优势、人才技术优势以及管理团队优势。对于产品，提到了“<i><span style="color: rgb(54, 95, 145); mso-themecolor: accent1; mso-themeshade: 191;">公司在服务式</span></i></span><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">GIS</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">、二三维一体化</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">GIS</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">、地理信息共享资源服务平台和</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">GIS</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">国际技术合作等领域有多项突破，取得一系列成果，形成了本公司在高端</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">GIS</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">市场的独特竞争优势。</span></i><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">”所以我也明白了超图的市场活动也是围绕着服务、共享平台和二三维一体化来进行宣传，这是战略使然。而对于产品线，只在一个地方提过要要推出</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">SuperMap GIS V7.0</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">P30</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">），但是给出的时间是未来几年。我对这有点担心，平台核心产品系列看来不是那么容易快速推新，集中一两项技术可能也是无奈之举。如果没有很好的产品规划，如果没有优秀的技术人员保障，如果竞争对手</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">Esri</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">有“颠覆性”的新产品面世，可能会面临比较大的技术压力。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p> |
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2楼#
发布于：2011-11-22 13:41
<p style="margin: 0cm="0cm" 0cm="0cm" 0pt="0pt" 42.6pt; line-height: 150%; text-indent: -21.6pt; mso-char-indent-count: 0; mso-list: l0="l0" level1="level1" lfo3;" class="MsoListParagraph"><span style="color: red; line-height: 150%; font-size: 12pt; mso-bidi-font-family: 宋体; mso-bidi-theme-font: minor-fareast;" lang="EN-US"><span style="mso-list: Ignore;"><font face="Calibri">二、</font><span style="'font:" 7pt="7pt" /normal "Times New="New" Roman"; font-size-adjust: none; font-stretch: normal;'> </span></span></span><span style="color: red; line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">总体经营情况</span><span style="color: red; line-height: 150%; font-size: 12pt;" lang="EN-US"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></span></p>
<p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在董事会报告的主营业务分行业、产品情况表（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">P12</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">）中明确说明“</span><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">GIS </font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">软件收入包括</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri"> GIS </font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">基础平台软件产品、相关行业应用平台软件产品和</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">GIS </font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">定制软件的销售收入</span></i><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">”，这部分的销售收入是</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">1.86</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">个亿。在</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">GIS</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">行业中，我们心知肚明，几乎没有行业应用平台和业务定制系统分离的项目，可以认为是一类销售收入。我其实特别想看到纯粹的基础平台软件的销售额是多少，因为这样就可以了解行业中的一类细分市场的规模以及更加客观的竞争情况。如果在主营收入中项目开发的比例远远超过平台销售，那超图的竞争对手已经不是</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">Esri</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">，而是数字政通、城信所、厦门精图这样的行业应用提供商了。我认为超图是有意将其混为一谈。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p> <p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">另一方面超图代理销售的其他软件的销售额也不少，有</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">1600</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">多万，我估计大部分是</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">Oracle</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">贡献的。虽然毛利率只有</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">10%</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">多点，但苍蝇也是肉，而且这部分的销售收入增长</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">45%</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">之多，可能也是因为行业项目的贡献吧。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p> |
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3楼#
发布于：2011-11-22 13:42
各地主营业务的情况如下表：<br/>
地区 <br/> 2010年营业收入 <br/> 2009年营业收入 <br/> 比上年增加 <br/> 北京 <br/> 82,582,827.85 <br/> 43,962,454.34 <br/> 87.85% <br/> 东北 <br/> 7,207,061.01 <br/> 26,450,550.37 <br/> -72.75% <br/> 华北 <br/> 20,894,065.96 <br/> 13,464,567.45 <br/> 55.18% <br/> 华东 <br/> 25,631,562.64 <br/> 20,931,534.62 <br/> 22.45% <br/> 华南 <br/> 23,479,520.13 <br/> 12,082,196.47 <br/> 94.33% <br/> 华中 <br/> 7,710,903.94 <br/> 15,739,176.94 <br/> -51.01% <br/> 西北 <br/> 23,336,881.14 <br/> 9,617,264.28 <br/> 142.66% <br/> 西南 <br/> 8,462,031.11 <br/> 3,903,712.69 <br/> 116.77% <br/> 国际 <br/> 3,233,129.12 <br/> 6,601,259.22 <br/> -51.02% <br/> |
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4楼#
发布于：2011-11-22 13:42
<p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">值得注意的是西北的巨幅增长和东北的大幅下降。我一度吃惊西北的购买力。后来看到数字浐灞（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">1259</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万）和曲江土地储备中心（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">839</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万）两个项目合计就贡献了</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">2100</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万的销售额（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">P137-138</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">），这是重大项目支撑的业绩。同理，东北地区因为没有了去年象大连市测绘院</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">575</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万的项目，销售增长自然无以为继。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></span></p>
<p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">政府补助有</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">1069</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万，比去年增长</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">73%</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。看来政府的扶持还是不错，从这一点上来看，超图的政府关系值得钦佩。虽然这一千多万对于销售收入来说不算太多，但却占了经营活动现金流量净额</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">2697</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">P18</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">）的</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">40%</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。不可谓不多。政府补助叫做非正常损益，<i>非经常性损益是指企业获得的不是一般正常经营带来的损益，比如投资转让收益或损失、补贴收入、债务重组收益或损失等。它的最大特点是本期发生的这些损益，并不代表企业今后也一定能够获得相同的损益，是一种非持续性损益</i>。换句话说，就是你不能指望政府老是给你补贴。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p> <p style="margin: 0cm="0cm" 0cm="0cm" 0pt="0pt" 42.6pt; line-height: 150%; text-indent: -21.6pt; mso-char-indent-count: 0; mso-list: l0="l0" level1="level1" lfo1;" class="MsoListParagraph"><span style="color: red; line-height: 150%; font-size: 12pt; mso-bidi-font-family: 宋体; mso-bidi-theme-font: minor-fareast;" lang="EN-US"><span style="mso-list: Ignore;"><font face="Calibri">三、</font><span style="'font:" 7pt="7pt" /normal "Times New="New" Roman"; font-size-adjust: none; font-stretch: normal;'> </span></span></span><span style="color: red; line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">会计报表</span><span style="color: red; line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p> <p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">所有的上市公司年报中会计报表都是包括四张表，这四张表是年报的核心部分。通过这四张表，基本可以勾勒出一家上市公司的轮廓。第一张表是资产负债表，代表了上市公司的“全景照片”，说明了上市公司的钱从哪里来到哪里去；第二张表是利润表，记录上市公司的过去一年的“快照”，说明上市公司报告期内都干了些什么，干的怎么样；第三张表是现金流量表，被视为上市公司的“终极考验”，它“认钱不认人”，展示上市公司过去一年的现金变化；最后是所有者权益变动表，相当于“简明成果总结”，它告诉我们投资者在上市公司的钱是否增值，怎么增值以及增值了多少。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p> <p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">先说说资产负债表。现金资产（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">3.9</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿）的比例很高。资金充裕这是一个能干事情、敢干事情的有力保障。但这是募集的资金，有花完的时候，日后还得靠自己挣。固定资产大幅增加是因为预付房款转为固定资产。应收账款和预付款项有些高了，一般来说，产品极为抢手的公司，是先收款再发货，年报中体现为预收账款多，产品热销的公司，是一手交货一手拿钱，在年报中体现为货币资金多，而身处竞争激烈市场的上市公司，产品竞争力不强，没有实力要求收货人提供汇票，只能接受没有保障的延期付款方式，于是形成了应收账款。本年度超图应收账款增加</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">52.07%</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">，而营业收入才增长</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">32.59%</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">，加上预付账款增加了</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">409%</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">，进一步说明超图在大量的参与项目开发，并实施转包，这会加大回款的难度。而且一年内应收账款所占的比例才占</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">61.75%</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">P120</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">），通常来说至少应该在</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">85%</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以上。大连测绘院去年的项目还有</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">331</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万没有收回，这个风险蛮大。但超图的预收账款比去年也有很大的提高，这是好事，但相对应付账款来说（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">4000</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万对</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">8000</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万）还是少了些。另外应付款项和预付款项相加有</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">5033</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万，年报解释这是外包增加所致，看来超图外包出来的项目都至少有</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">5000</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">多万了，正经是个大老爷。在资产表里面今年增加了</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">541</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万的存货，我仔细查了查这个存货的内容，是“<i><span style="color: rgb(54, 95, 145); mso-themecolor: accent1; mso-themeshade: 191;">《中国地理纪行》杂志及相关数据</span></i>”（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">P123</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">），这个存货是日本超图的库存商品，而且这个杂志居然是一本日本杂志。日本超图多少有点古怪，花</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">680</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">多万（减值</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">140</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">多万）买了世界上最贵的杂志？难道是被日本政府派了苛捐杂税？这个库存实在有点搞笑。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p> |
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5楼#
发布于：2011-11-22 13:43
<p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><a href="http://blog.3snews.net/batch.download.php?aid=9832" target="_blank"><img src="http://blog.3snews.net/attachment/2011/04/39273_201104221706211HwBQ.jpg"/></a></span></p>
<p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">利润表往往预示着公司的将来。利润</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">=</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">收入</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">-</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">费用。这是会计的第二恒等式。收入不说了，这里解释几个费用。排在第一的是营业成本，指生产人员的薪酬，原材料费，生产设备设施折旧和水电费等，这部分有</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">6400</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">多万；第二项是营业税金，包括营业税，消费税，资源税，不必细说；第三项是管理费用，包括行政管理人员薪酬，办公费，无形资产摊销，房产税，土地使用税和印花税。这部分比去年的</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">4480</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">多万增加了</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">65%</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">，按照年报的解释是研发人员增加所致，那么研发人员的薪水看来是放到管理费用里面了；第三项是销售费用，包括市场费，运输费，销售人员薪酬，各个办事处经费等，这部分的费用</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">3480</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">多万元。年报中超图共有员工</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">877</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">人（截止</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">2</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月底</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">936</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">人），</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">598</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">个研发人员，估计现在销售人员（包括售前工程师？）应该超过</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">133</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">人（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">P69</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">），而在</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">P138</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">页的细项列表中，管理费用（包括高管）的工资部分是</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">4684</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万，销售费用的工资部分是</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">1352</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万，这样看来研发和销售薪水都不过</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">10</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万元，这个待遇吸引力不大。第四项是财务费用，指的是利息支出和收入，不提。在费用这一大类里面，比较难于猜测的是营业成本，因为在超图年报中没有细项说明此部分的构成。我认为也有很大部分是工资支出。软件企业如果将研发人员工资放到管理费用里面的话，基本上营业成本都很低，比如同是软件开发的在深圳中小板上市的广联达（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">002410</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">）营业成本只有</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">1100</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">多万，而广联达的营业收入超过</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">4.5</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">个亿，相比之下，超图的营业成本“高的离谱”，而销售费用却又过低，所以我觉得这几个会计科目很有问题。总的来说利润（归属于母公司股东的净利润</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">4507</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万）和利润增长还算不错，但我还是觉得营业收入相对于这么大的应收账款，盈利水平含金量不足，另外与费用增长（至少</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">60%</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以上）相比，营业收入的增长（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">32.59%</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">）也不算优秀。但是因为今年是大发展的一年，不好说，看明年的情况。超图的投资收益不高，母公司才</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">210</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">多万，比去年的</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">238</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万还有所降低，说明没有拿钱去投资其他公司，超图目前还是希望自食其力，靠自己的主营业务挣钱，这一点非常可贵。营业外收入在财务分析中属于“不务正业”的项目，超图有</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">2050</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万，比去年的</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">1062</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万几乎增加了</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">100%</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">，相当惊人。在明细表中（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">P140</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">）我们看到，除了政府项目的补助外，增值税退税、朝阳区和中关村科技园的补贴就有</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">1328</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万，让人羡慕（广联达的退税更高有</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">4600</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万）。但显然这和超图的产品在市场上的能力无关。营业外收入所占比例越少越好。投资者要看的是找到上市公司真正的利润源。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></span></p> <p> </p> <div><img src="http://blog.3snews.net/attachment/2011/04/39273_201104221706211HwBQ.jpg"/></div> |
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6楼#
发布于：2011-11-22 13:43
<p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">我们再看看现金流量表。现金流量表被称为“终极考验”，因为与其他几张表相比，现金流量表造假或者粉饰的难度非常高。在其他报表的编制中，涉及大量人为估计的成分，另外在企业的会计制度中，不用等到货款到账，只要交了货，就可以在利润表的营业收入中添上一笔（确认收入超前于收到现金），同时在资产负债表中反应为应收账款或应收票据，因而利润表中有很多时候有虚假的成分存在。而现金流量表的价值就在于描述企业当前经营情况比较客观，会计师事务所审计现金流量表时，很简单，将该表与银行对账单核实一下即可。所以我建议大家看上市公司的年报，一定要仔仔细细的看现金流量表。在现金流量表中的各项数据中，经营活动产生的现金流量最重要，不用解释。其中的一项数据：<span style="color: red;">经营活动产生的现金流量净额</span>又是重中之重。和我三季报分析的观点一致，我觉得超图年报中比较突出的风险因素就是这个数值不高，母公司部分只有</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">1984</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万多（广联达是多少？</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">1.94</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿！超图的</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">10</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">倍），即便是合并也就是</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">2697</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万，年报中没有细说加上子公司为何会多出这么多现金净额，即便是用合并数字，与净利润的</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">4507</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万相比，也只有</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">60%</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">而已，如果用母公司的数据对比会更加糟糕。而去年这个数字是</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">67%</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">，从这个比较来看，今年超图的产品比去年不好卖了。当然我说的“产品”已经不仅仅是平台了，还有应用产品部分。要知道市场上一些好股票，其上市公司的现金净额要高于净利润，这说明产品很好卖，预收账款很多所致，这也是投资者所爱的股票。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></span></p>
<p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">所有权益变动表对投资者而言的重要性与上面三个表相比弱了不少，我们不必细研究。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p> |
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7楼#
发布于：2011-11-22 13:44
<p style="margin: 0cm="0cm" 0cm="0cm" 0pt="0pt" 42.6pt; line-height: 150%; text-indent: -21.6pt; mso-char-indent-count: 0; mso-list: l0="l0" level1="level1" lfo1;" class="MsoListParagraph"><span style="color: red; line-height: 150%; font-size: 12pt; mso-bidi-font-family: 宋体; mso-bidi-theme-font: minor-fareast;" lang="EN-US"><span style="mso-list: Ignore;"><font face="Calibri">四、</font><span style="'font:" 7pt="7pt" /normal "Times New="New" Roman"; font-size-adjust: none; font-stretch: normal;'> </span></span></span><span style="color: red; line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">收购日本超图</span><span style="color: red; line-height: 150%; font-size: 12pt;" lang="EN-US"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></span></p>
<p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">超图年报中的大事是收购日本超图，超图母公司用募集资金中的</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">1710</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万以每股</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">808.5</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">人民币，取得了日本超图株式会社</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">36.6%</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的股权。此举得到了长期应收款</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">1110</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万元（日本超图的长期房屋租赁押金），增加了</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">131</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万的商誉，接管了</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">477</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万的一年内到期负债（日本超图向银行贷的款），另外还有</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">845</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万的长期贷款。日本超图株式会社的期末净资产是</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">4201</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万，净利润是</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">-27</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万。其资产中比较有趣的两点一是无形资产</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">2487</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万元，其中软件</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">1661</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万元，专利</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">826</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万元。这里面不知道日本超图囤了啥软件这么值钱，有</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">1661</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万，要知道母公司的软件无形资产才</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">22</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万元，还有两个专利（模拟无线电通讯的数字地图系统、车载监控系统）就有</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">826</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万？第二是存货</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">541</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万的杂志。近</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">2500</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万的无形资产加上杂志，在再加上押金再加上虚一点的商誉差不多就是这个净资产，几乎没有什么货币资金和主营业务的应收款项。按照这个分析，虽然没有具体给出日本超图的会计报表，基本可以判断日本超图报告期内没有做像样的业务，净利润为负不足为奇。我不知道收购日本超图的决策本因，作为一个投资者，从年报的角度去看，日本超图是一块不良资产。现在需要用母公司的钱去填债务，如果继续这样经营，必定会拖累合并公司的业绩。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p> <p style="margin: 0cm="0cm" 0cm="0cm" 0pt="0pt" 42.6pt; line-height: 150%; text-indent: -21.6pt; mso-char-indent-count: 0; mso-list: l0="l0" level1="level1" lfo1;" class="MsoListParagraph"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"></span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span> </p> |
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8楼#
发布于：2011-11-22 13:44
<p style="margin: 0cm="0cm" 0cm="0cm" 0pt="0pt" 42.6pt; line-height: 150%; text-indent: -21.6pt; mso-char-indent-count: 0; mso-list: l0="l0" level1="level1" lfo1;" class="MsoListParagraph"><span style="color: red; line-height: 150%; font-size: 12pt; mso-bidi-font-family: 宋体; mso-bidi-theme-font: minor-fareast;" lang="EN-US"><span style="mso-list: Ignore;"><font face="Calibri">五、</font><span style="'font:" 7pt="7pt" /normal "Times New="New" Roman"; font-size-adjust: none; font-stretch: normal;'></span></span></span><span style="color: red; line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">股东情况</span><span style="color: red; line-height: 150%; font-size: 12pt;" lang="EN-US"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></span></p><p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">可以通过年报中公布的“前十名无限售条件股东持股情况表”来判断“主力”进出和市场对上市公司的投资看好情况。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">2010</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">12</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">25</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">日解禁的大股东有高投名力（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">708</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万股），中科院地理所（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">405</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万股），吴秋华（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">400</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万股），沈舟峰（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">300</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万股），江苏高科（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">195.7</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万股），社保基金（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">190</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万股），刘纪远（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">88.8</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万股），庄大方（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">44.4</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万股）。截止</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">12</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">31</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">日从前</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">10</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">名无限售条件股东持股情况来看，除了庄教授看不出来跑没跑之外，其他大股东都没有走，加入了两个机构：东方证券和建信基金，另外一个自然人刘巧平（</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">45</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万股）。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">09</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年年报中前</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">10</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">名无限售条件股东第一大康琳的股份才</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">10.5</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万股，她走或是没走，从年报中我们不得而知。另外，</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">12</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">31</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">日没走，不意味着现在还没有走。远的不说，</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">4</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">20</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">日年报出来第二天，在大宗交易平台上就成交了</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">40</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万股，成交价是</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">25.5</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">，有一位大股东获利</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><font face="Calibri">1040</font></span><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万走掉了。</span><span style="line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p>
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9楼#
发布于：2011-11-22 13:45
<p style="margin: 0cm="0cm" 0cm="0cm" 0pt="0pt" 42.6pt; line-height: 150%; text-indent: -21.6pt; mso-char-indent-count: 0; mso-list: l0="l0" level1="level1" lfo1;" class="MsoListParagraph"><span style="color: red; line-height: 150%; font-size: 12pt; mso-bidi-font-family: 宋体; mso-bidi-theme-font: minor-fareast;" lang="EN-US"><span style="mso-list: Ignore;"><font face="Calibri">六、</font><span style="'font:" 7pt="7pt" /normal "Times New="New" Roman"; font-size-adjust: none; font-stretch: normal;'> </span></span></span><span style="color: red; line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">利润分配</span><span style="color: red; line-height: 150%; font-size: 12pt;" lang="EN-US"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></span></p>
<p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">分配方案算是大方的，拿出资本公积金发放红股“<i><span style="color: rgb(54, 95, 145); mso-themecolor: accent1; mso-themeshade: 191;">公司拟以</span></i></span><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">2010</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">年</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">12</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">月</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">31</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">日公司总股份</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">7500</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">万股为基数，以资本公积金向全体股东每</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">10 </font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">股转增</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">6</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">股，合计转增</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">4,500</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">万股。转增后，公司总股份数为</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">12,000</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">万股。</span></i><span style="'line-height:" 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New="New" Roman";'>”并将</span><span style="'line-height:" 150%; font-size: 12pt; mso-hansi-font-family: "Times New="New" Roman";' lang="EN-US"><font face="Calibri">1500</font></span><span style="'line-height:" 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New="New" Roman";'>万的利润发放现金红利“</span><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">公司拟以</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri"> 2010</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">年</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">12</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">月</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">31</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">日公司总股份</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">7500</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">万股为基数，按每</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">10</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">股派发现金红利</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">2</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">元（含税），共分配现金股利</span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-size: 12pt; mso-themecolor: accent1; mso-themeshade: 191;" lang="EN-US"><font face="Calibri">1,500</font></span></i><i><span style="color: rgb(54, 95, 145); line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-themecolor: accent1; mso-themeshade: 191;">万元（含税），剩余未分配利润结转以后年度。</span></i><span style="'line-height:" 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New="New" Roman";'>”超图基本上可以算作小盘绩优股，上市不久，资本公积金还比较雄厚，我感觉有比较强的股本扩张冲动。</span><span style="color: red; line-height: 150%; font-size: 12pt;" lang="EN-US"><o:p></o:p></span></p> <p style="margin: 0cm="0cm" 0cm="0cm" 0pt="0pt" 42.6pt; line-height: 150%; text-indent: -21.6pt; mso-char-indent-count: 0; mso-list: l0="l0" level1="level1" lfo1;" class="MsoListParagraph"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"> </p><p style="margin: 0cm="0cm" 0cm="0cm" 0pt; line-height: 150%; text-indent: 21pt;" class="MsoNormal"><span style="line-height: 150%; font-family: 宋体; font-size: 12pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"></span></p></span> |
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