南方基金公司估值模型

公司名称：一汽轿车000800主营业务收入(万元)2001A2002A20031Q20032Q20033Q20034QE2003E20031-620031-9整车289,279.55421,268.64114,451.42187,774.39301,439.78285,814.02889,479.61302,225.81603,665.59红旗114,451.4268,523.00101,225.0060,325.00344,524.42MAZDA--119,251.39200,214.78225,489.02544,955.19备件55,247.3754,289.5211,286.6713,292.2814,314.8715,746.3654,640.1824,578.9538,893.82合计344,526.92475,558.16125,738.09201,066.67315,754.65301,560.38944,119.79326,804.76642,559.41主营业务成本(万元)2001A2002A20031Q20032Q20033Q20034QE2003E20031-620031-9整车244,971.40332,297.7484,644.04142,643.37232,525.32215,307.75675,120.48227,287.41459,812.73红旗84,644.0457,163.1987,821.5852,337.24281,966.05MAZDA--85,480.18144,703.74162,970.51393,154.43备件46,785.2842,823.7115,470.282,788.9510,767.6011,844.3640,871.1918,259.2329,026.83合计291,756.68375,121.45100,114.32145,432.32243,292.92227,152.11715,991.67245,546.64488,839.56主营业务成本/收入(%)2001A2002A20031Q20032Q20033Q20031-620031-9整车84.68%78.88%73.96%75.97%77.14%75.20%76.17%红旗73.96%83.42%86.76%MAZDA--71.68%72.27%备件84.68%78.88%137.07%20.98%75.22%74.29%74.63%合计84.68%78.88%79.62%72.33%77.05%75.14%76.08%毛利(万元)2001A2002A20031Q20032Q20033Q20034QE2003E20031-620031-9整车44,308.1588,970.9029,807.3845,131.0268,914.4670,506.28214,359.1474,938.40143,852.86红旗29,807.3811,359.8113,403.427,987.7662,558.37MAZDA--33,771.2155,511.0462,518.51151,800.77备件8,462.0911,465.81-4,183.6110,503.333,547.273,902.0013,768.996,319.729,866.99合计52,770.24100,436.7125,623.7755,634.3572,461.7374,408.27228,128.1281,258.12153,719.85毛利率(%)2001A2002A20031Q20032Q20033Q20031-620031-9整车15.32%21.12%26.04%24.03%22.86%24.80%23.83%红旗26.04%16.58%13.24%MAZDA--28.32%27.73%备件15.32%21.12%-37.07%79.02%24.78%25.71%25.37%合计15.32%21.12%20.38%27.67%22.95%24.86%23.92%整车销售数量(辆)2002A2003E2004E2005E2006E2007E2008E20031-920031-10红旗26,55726,00024,00024,00024,00024,00024,00021,17423,069销售量增长(%)---2.1%-7.7%0.0%0.0%0.0%0.0%MAZDA--24,00050,00065,00081,250101,563121,87514,08817,558销售量增长(%)----108.3%30.0%25.0%25.0%20.0%合计26,55750,00074,00089,000105,250125,563145,87535,26240,627销售量增长(%)--88.3%48.0%20.3%18.3%19.3%16.2%主营业务收入2002A2003E2004E2005E2006E2007E2008E20031-9整车421,268.64889,479.611,364,777.441,519,510.131,651,489.291,805,761.801,912,664.92603,665.59红旗421,268.64344,524.42286,220.29257,598.26231,838.43208,654.59187,789.13MAZDA0.00544,955.191,078,557.151,261,911.871,419,650.851,597,107.211,724,875.79备件54,289.5254,640.1859,694.3965,216.1271,248.6277,839.1185,039.2338,893.82合计475,558.16944,119.791,424,471.841,584,726.251,722,737.901,883,600.911,997,704.15642,559.41主营业务收入增长(%)--98.53%50.88%11.25%8.71%9.34%6.06%主营业务成本/收入(%)2002A2003E2004E2005E2006E2007E2008E20031-9整车84.68%75.90%红旗84.68%81.84%81.84%81.84%81.84%81.84%81.84%MAZDA--72.14%72.14%72.14%72.14%72.14%72.14%备件84.68%74.80%74.80%74.80%74.80%74.80%74.80%合计84.68%75.84%74.20%73.83%73.56%73.33%73.17%20031Q20032Q20033Q20034QE红旗7,8055,2718,0984,82614.6613.0012.5012.5010.8410.8410.8410.84MAZDA05,2878,8019,912--22.5622.7522.75--16.1716.4416.44整车销售数量(辆)200301200302200303200304200305200306200307200308200309200310200311200312红旗3,0161,9872,8021,7011,2112,3592,7902,4692,8391,895销售量增长(%)---34.1%41.0%-39.3%-28.8%94.8%18.3%-11.5%15.0%-33.3%-100.0%#DIV/0!MAZDA0009441,8722,4712,6752,9573,1693,470销售量增长(%)--------98.3%32.0%8.3%10.5%7.2%9.5%-100.0%#DIV/0!合计2,6453,0834,8305,4655,4266,0085,365销售量增长(%)--#DIV/0!#DIV/0!#DIV/0!16.6%56.7%13.1%-0.7%10.7%-10.7%-100.0%#DIV/0!轿车价格10万以下10-15万15-20万20万以上2002年市场占有率20.90%37.60%18.40%22.30%2001A2002A20031H应收帐款+其他应收款43,30237,56637,339三年以上款项8,78419,72920,638三年以上款项比例(%)20.3%52.5%55.3%三年以上款项坏帐准备3,7238,9769,247坏帐准备/应收款(%)42.4%45.5%44.8%2001A2002A20031H存货---产成品40,40368,38167,352产成品跌价准备4702,3672,337产成品跌价准备比例1.16%3.46%3.47%市净率ROE净利率资产周转率权益乘数PRICEBVTATOTAL600104上海汽车3.5914.84%27.01%0.461.2813.85973,4301,244,293252,000927一汽夏利4.8916.49%11.82%0.502.878.73284,554816,215159,517625长安汽车4.5925.43%10.58%1.142.2416.57442,738991,879122,667600006东风汽车2.7513.74%9.80%0.771.9510.81392,980767,837100,0002004年M6销售量（辆）35,00040,00045,00050,00055,000主营业务收入增长率16.6%28.0%39.5%50.9%62.3%净利润（万元）70,01378,36886,72295,077103,432净利率6.36%6.48%6.59%6.67%6.75%EPS（元）0.4300.4820.5330.5840.636P/E2017161413市场零售价265,800经销商费用10,000主营业务收入218,632100.0%增值税（17%）37,168主营业务成本161,50073.9%出厂价218,632主营业务税金及附加17,4918.0%消费税（8%）17,491管理费用2,5001.1%进口KD件160,000营业费用8,3333.8%国产零部件与组装1,500利润28,80913.2%固定成本摊销2,500广告费用摊销8,333利润28,809经销商费用10,000增值税（17%）37,168消费税（8%）17,491进口KD件160,000国产零部件与组装1,500固定成本摊销2,500广告费用摊销8,333利润28,809公司名称：一汽轿车0008001、经营活动2001A2002A20031-92003E2004E2005E2006E2007E2008E主营业务收入同比增长率--38.0%--98.5%50.9%11.3%8.7%9.3%6.1%主营业务成本/主营业务收入79.7%76.6%76.1%75.8%74.2%73.8%73.6%73.3%73.2%主营业务税金及附加/主营业务收入4.98%2.24%6.27%6.27%6.27%6.27%6.27%6.27%6.27%营业费用/主营业务收入5.92%6.65%5.55%5.60%5.60%5.60%5.60%5.60%5.60%管理费用/主营业务收入8.09%7.65%5.92%6.00%6.00%6.00%6.00%6.00%6.00%财务费用/主营业务收入-0.92%-0.82%0.28%0.09%-0.09%-0.35%-0.41%-0.48%-0.55%实际税率63.4%23.4%4.6%6.0%15.0%15.0%15.0%15.0%15.0%股利分配比率335.5%131.7%--75.0%75.0%75.0%75.0%75.0%75.0%2、营运资金2001A2002A20031-92003E2004E2005E2006E2007E2008E货币资金/主营业务收入65.55%55.40%60.40%65.00%20.00%20.00%20.00%20.00%20.00%应收帐款周转天数(相对于主营业务收入)--24.116.115.015.015.015.015.015.0存货周转天数(相对于主营业务成本)--122.680.360.060.060.060.060.060.0应付帐款周转天数(相对于主营业务成本)--99.0114.885.085.085.085.085.085.0预付帐款增加/主营业务成本---0.39%0.38%0.50%0.50%0.50%0.50%0.50%0.50%待摊费用增加/营业费用和管理费用---0.28%0.22%0.22%0.00%0.00%0.00%0.00%0.00%预收帐款(负债)增加/主营业务收入--2.06%1.51%1.51%1.51%1.51%1.51%1.51%1.51%预提费用增加/营业费用和管理费用--0.09%29.28%30.00%0.00%0.00%0.00%0.00%0.00%其他流动资产增加/主营业务收入增加------0.00.00.00.00.00.0其他流动负债增加/主营业务收入增加------0.00.00.00.00.00.0其他长期资产增加/主营业务收入增加------0.00.00.00.00.00.0其他长期负债增加/主营业务收入增加------0.00.00.00.00.00.0其他长期资产增加/主营业务收入增加------0.00.00.00.00.00.0其他长期负债增加/主营业务收入增加------0.00.00.00.00.00.0坏帐准备/应收帐款19.21%25.94%--28.00%28.00%28.00%28.00%28.00%28.00%短期投资跌价准备0.00.00.00.00.00.00.00.00.0存货跌价准备(含工程亏损准备)5.52%4.33%3.50%3.50%3.50%3.50%3.50%3.50%长期投资减值准备0.00.00.00.00.00.00.00.00.0固定资产减值准备0.54%0.23%0.08%在建工程减值准备0.00.00.00.00.00.00.00.00.03、资本性投资a、假定固定资产采用直线法折旧b、现有固定资产和新建固定资产的折旧年限均为8－45年，残值率3％，年折旧率为2.16％－12.13％.c、各年的固定资产投资如下：d、无形资产无采用直线法折旧20031H2003E2004E2005E2006E2007E2008E固定资产投资42,000.0120,000.060,000.00.00.00.0无形资产投资137.20.00.00.00.00.04、债务和利息a、公司最低现金余额为主营业务收入20.00%b、公司长期银行债务，利率为6.00%20031H2003E2004E2005E2006E2007E2008Ec、公司现金不足时增加循环贷款，利率为4.00%0.00.00.00.00.00.00.0d、公司现金余额时利息收入，利率为2.00%5、短期投资当年变现公司名称：一汽轿车000800（单位：万元)利润 表 关于同志近三年现实表现材料材料类招标技术评分表图表与交易pdf视力表打印pdf用图表说话 pdf 会计年度截止日：12/312001A2002A20031-92003E2004E2005E2006E2007E2008E函数关系注释主营业务收入344,526.92475,558.16642,559.41944,119.791,424,471.841,584,726.251,722,737.901,883,600.911,997,704.15=O11*(1+P12)增长率（YOY)38.0%98.5%50.9%11.3%8.7%9.3%6.1%=经营活动预测!M14减：折扣与折让主营业务收入净额344,526.92475,558.16642,559.41944,119.791,424,471.841,584,726.251,722,737.901,883,600.911,997,704.15减：主营业务成本274,590.32364,448.37488,839.56715,991.671,057,018.631,170,004.131,267,233.861,381,214.201,461,701.02=-P11*经营活动预测!M16主营业务税金及附加17,166.3610,673.0840,295.1659,196.3189,314.3899,362.34108,015.67118,101.78125,256.05主营业务利润52,770.24100,436.71113,424.69168,931.81278,138.82315,359.79347,488.37384,284.94410,747.08=P11+P14毛利率15.3%21.1%17.7%17.9%19.5%19.9%20.2%20.4%20.6%=P16/P11加：其他业务利润87.26102.25773.84773.840.000.000.000.000.00减：存货跌价损失-1,490.044,384.87-3,084.764,203.57-2,892.013,818.16营业费用20,378.9831,642.4235,679.0152,870.7179,770.4288,744.6796,473.32105,481.65111,871.43=-P11*经营活动预测!M18管理费用27,882.3136,403.5738,034.0556,647.1985,468.3195,083.58103,364.27113,016.05119,862.25=-P11*经营活动预测!M20利息费用122.17186.877,299.287,689.25836.930.000.000.00=-债务预测!R37利息收入8,771.188,985.726,375.557,088.518,973.9310,946.95=债务预测!R44汇兑损失财务费用-3,170.43-3,897.111,813.12828.09-1,296.48-5,538.61-7,088.51-8,973.93-10,946.95营业利润7,766.6436,390.0838,672.3560,849.70109,811.70140,154.92150,535.72177,653.18186,142.19加：投资收益-1,157.53402.291,021.802,043.602,043.602,043.602,043.602,043.60加：期货收益补贴收入营业外收入1.040.6816.1416.14减：营业外支出942.20943.17-737.53-737.53加：以前年度损益调整税前利润6,825.4834,290.0639,828.3162,625.17111,855.30142,198.52152,579.32179,696.78188,185.79=P32+P36+P38减：所得税4,327.348,038.431,842.393,757.5116,778.2921,329.7822,886.9026,954.5228,227.87=-P41*经营活动预测!M22实际税率63.4%23.4%4.6%6.0%15.0%15.0%15.0%15.0%15.0%加：财政返还0.000.00减：少数股东损益7.27153.46553.97553.97加：未确认的投资损失-65.45-1,381.17-4,985.76-4,985.76减：购并利润净利润2,425.4224,717.0032,446.1953,327.9395,077.00120,868.74129,692.42152,742.26159,957.92=P41+P43净利率0.7%5.2%5.0%5.6%6.7%7.6%7.5%8.1%8.0%=P46/P11增长率(%)--919.1%115.8%78.3%27.1%7.3%17.8%4.7%=P46/O46-1发行在外股份数量(万股）162,750.0162,750.0162,750.0162,750.0162,750.0162,750.0162,750.0162,750.0162,750.0=$F$50EPS0.0150.1520.1990.3280.5840.7430.7970.9390.983=P46/P50摊薄EPS增长率--919.1%115.8%78.3%27.1%7.3%17.8%4.7%股利8,137.5032,550.0039,995.9571,307.7590,651.5597,269.31114,556.70119,968.44=P46*经营活动预测!M24每股股利0.0500.2000.2460.4380.5570.5980.7040.737=P55/P50增长率--300.0%22.9%78.3%27.1%7.3%17.8%4.7%=P57/O57-1未分配利润-5,712.08-7,833.0013,331.9823,769.2530,217.1832,423.1038,185.5739,989.48报告期股价200311248.402001A2002A20031-92003E2004E2005E2006E2007E2008EP/E563.6555.3131.6025.6414.3811.3110.548.958.55P/B3.033.062.832.942.802.642.482.322.17D/P0.60%2.38%--2.93%5.22%6.63%7.12%8.38%8.78%BVpershare2.772.742.972.853.003.193.393.623.872001A2002A20031-92003E2004E2005E2006E2007E2008EROE0.54%5.54%6.71%11.48%19.47%23.31%23.54%25.92%25.42%净利率0.70%5.20%5.05%5.65%6.67%7.63%7.53%8.11%8.01%资产周转率0.570.710.770.861.571.751.681.741.67权益乘数1.351.491.722.361.861.751.861.841.902001A2002A20031-92003E2004E2005E2006E2007E2008EEBIT/I37.6173.9--8.414.1160.8#DIV/0!#DIV/0!#DIV/0!资产负债率26.1%33.2%41.8%57.7%46.2%42.8%46.2%45.7%47.5%公司名称：一汽轿车000800（单位：万元)资产负债表函数关系注释会计年度截止日：12/312001A2002A20031-92003E2004E2005E2006E2007E2008E资产货币资金225,825.78263,440.57388,102.02613,677.86284,894.37352,660.24356,190.56541,202.79553,492.37短期投资300.00500.00500.000.000.000.000.000.00减：短期投资跌价准备短期投资0.00300.00500.00500.000.000.000.000.000.00应收票据41,945.3253,734.96109,523.84109,523.840.000.000.000.000.00应收股利754.16应收利息应收帐款37,813.6631,770.3825,099.4140,032.4077,047.4853,203.9988,390.9066,425.6197,769.25其他应收款5,488.485,796.113,734.430.000.000.000.000.000.00减：坏帐准备8,320.309,744.5311,209.0721,573.2914,897.1224,749.4518,599.1727,375.39应收帐款净额34,981.8227,821.9628,833.8428,823.3355,474.1938,306.8763,641.4547,826.4470,393.86预付帐款3,215.621,792.583,626.105,372.5410,657.6316,507.6522,843.8229,749.8937,058.40应收补贴款存货133,217.33124,279.0196,238.62111,115.51236,397.46148,261.43268,363.40185,734.42294,824.82其中:工程 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减：存货跌价准备(含工程亏损准备)7,347.755,379.083,889.048,273.915,189.159,392.726,500.7010,318.87存货净额125,869.58118,899.9396,238.62107,226.47228,123.55143,072.28258,970.68179,233.71284,505.95内部往来待摊费用205.1915.11180.00256.05256.05256.05256.05256.05256.05待处理流动资产净损失一年内到期的长期债券投资其他流动资产0.000.000.000.000.000.00流动资产总额432,043.31466,759.26627,004.43865,380.09579,405.79550,803.10701,902.57798,268.88945,706.63长期股权投资14,748.5416,187.6916,673.2716,187.6916,187.6916,187.6916,187.6916,187.6916,187.69长期债权投资长期投资合计14,748.5416,187.6916,673.2716,187.6916,187.6916,187.6916,187.6916,187.6916,187.69减：长期投资减值准备长期投资净额14,748.5416,187.6916,673.2716,187.6916,187.6916,187.6916,187.6916,187.6916,187.69其中：合并价差-214.71-214.71-214.71股权投资差额-177.63固定资产原值235,968.27238,120.19259,291.21减：累计折旧93,211.30102,128.00106,260.58118,566.69142,656.75174,532.49209,101.08243,816.09278,604.32固定资产净值142,756.98135,992.19153,030.63减：固定资产减值准备764.20315.75126.17315.75315.75315.75315.75315.75315.75固定资产净额141,992.78135,676.44152,904.46工程物资在建工程8,435.9539,045.7318,612.1319,522.879,761.434,880.722,440.361,220.18610.09减：在建工程减值准备0.000.000.000.000.000.00固定资产清理772.68待处理固定资产净损失固定资产合计150,428.73174,722.17172,289.27200,283.48296,193.42324,317.68289,749.09255,034.08220,245.85无形资产130.31621.34758.50742.97727.43711.90696.37680.83665.30递延资产开办费长期待摊费用11,909.308,460.6014,715.3014,715.3014,715.3014,715.3014,715.3014,715.3014,715.30其他长期资产0.000.000.000.000.000.00其中：临时设施净值无形资产及其他资产合计12,039.619,081.9415,473.8015,458.2715,442.7315,427.2015,411.6715,396.1315,380.60递延税款借项资产总额609,260.19666,751.06831,440.771,097,309.52907,229.63906,735.661,023,251.011,084,886.781,197,520.77负债和股东权益循环贷款40,200.0022,348.2555,263.60342,615.5741,846.700.000.000.000.00应付票据8,000.00应付帐款77,680.36120,029.15187,434.04213,446.42278,863.63266,069.80324,148.71319,156.54361,635.72预收帐款(负债)5,995.9515,810.8625,538.5430,067.0751,576.5975,505.96101,519.30129,961.68160,127.01代销商品款应付工资2,601.281,927.071,058.900.000.000.000.000.000.00应付福利190.08101.99108.060.000.000.000.000.000.00应付股利8,163.2032,582.652,047.63应交税金7,300.041,174.1431,258.420.000.000.000.000.000.00其他应交款2,254.702,272.854,136.69其他应付款7,999.956,585.975,571.060.000.000.000.000.000.00预提费用880.50943.7422,528.2833,799.1133,799.1133,799.1133,799.1133,799.1133,799.11一年内到期的长期负债242.867.007.007.00其他流动负债流动负债153,508.93211,783.67334,952.23619,935.17406,086.03375,374.87459,467.12482,917.32555,561.84长期银行贷款0.000.000.000.000.000.00应付债券长期应付款3,497.543,497.543,497.543,497.543,497.543,497.543,497.543,497.543,497.54住房周转金其他长期负债2,167.345,838.129,284.229,284.229,284.229,284.229,284.229,284.229,284.22长期负债合计5,664.889,335.6612,781.7512,781.7612,781.7612,781.7612,781.7612,781.7612,781.76递延税款贷项负债总额159,173.81221,119.32347,733.99632,716.93418,867.79388,156.63472,248.88495,699.08568,343.60少数股东权益-711.18-557.72-3.74-3.74-3.74-3.74-3.74-3.74-3.74股本162,750.00162,750.00162,750.00减：已归还投资股本净额162,750.00162,750.00162,750.00162,750.00162,750.00162,750.00162,750.00162,750.00162,750.00资本公积金241,821.30241,827.79241,916.82241,916.82241,916.82241,916.82241,916.82241,916.82241,916.82其中：补充流动资本盈余公积金19,686.8825,181.7325,181.7325,181.7325,181.7325,181.7325,181.7325,181.7325,181.73其中：公益金7,562.2310,309.6610,309.66未确认的投资损失-6,615.33-5,234.16-248.41-248.41-248.41-248.41-248.41-248.41-248.41未分配利润33,154.7121,664.1054,110.2934,996.0858,765.3388,982.52121,405.62159,591.19199,580.67外币报表折算差额-0.010.100.100.100.100.100.100.10资本汇差调整股东权益合计450,797.56446,189.46483,710.53464,596.32488,365.57518,582.76551,005.86589,191.43629,180.91负债和股东权益609,260.19666,751.06831,440.771,097,309.51907,229.62906,735.651,023,251.001,084,886.771,197,520.76检查0.000.000.000.010.010.010.010.010.01公司名称：一汽轿车000800（单位：万元)现金流量表会计年度截止日：12/312003E2004E2005E2006E2007E2008E经营活动产生的现金流量税后利润53,327.9395,077.00120,868.74129,692.42152,742.26159,957.92折旧和摊销16,454.2224,105.5931,891.2834,584.1234,730.5434,803.75坏帐准备1,464.5410,364.22-6,676.189,852.33-6,150.288,776.22短期投资跌价准备0.000.000.000.000.000.00存货跌价准备（含工程亏损准备）-1,490.044,384.87-3,084.764,203.57-2,892.013,818.16长期投资减值准备0.000.000.000.000.000.00固定资产减值准备0.000.000.000.000.000.00在建工程减值准备0.000.000.000.000.000.00营运资金的变动应收票据的减少/(增加)-55,788.88109,523.840.000.000.000.00应收股利的减少/(增加)754.160.000.000.000.000.00应收利息的减少/(增加)0.000.000.000.000.000.00应收帐款的减少/(增加)-8,262.02-37,015.0823,843.49-35,186.9121,965.29-31,343.64其他应收款的减少/(增加)5,796.110.000.000.000.000.00预付帐款的减少/(增加)-3,579.96-5,285.09-5,850.02-6,336.17-6,906.07-7,308.51应收补贴款的减少/(增加)0.000.000.000.000.000.00存货的减少/(增加)13,163.50-125,281.9588,136.03-120,101.9782,628.99-109,090.41内部往来的减少/(增加)0.000.000.000.000.000.00待摊费用的减少/(增加)-240.940.000.000.000.000.00一年内到期的长期债券投资的减少/(增加)0.000.000.000.000.000.00其他流动资产的减少/(增加)0.000.000.000.000.000.00长期待摊费用的减少/(增加)-6,254.700.000.000.000.000.00其他长期资产的减少/(增加)0.000.000.000.000.000.00递延税款借项的减少/(增加)0.000.000.000.000.000.00应付票据的增加/(减少)-8,000.000.000.000.000.000.00应付帐款的增加/(减少)93,417.2765,417.20-12,793.8258,078.90-4,992.1742,479.18预收帐款(负债)的增加/(减少)14,256.2121,509.5223,929.3726,013.3428,442.3730,165.33代销商品款的增加/(减少)0.000.000.000.000.000.00应付工资的增加/(减少)-1,927.070.000.000.000.000.00应付福利的增加/(减少)-101.990.000.000.000.000.00应付股利的增加/(减少)-32,582.650.000.000.000.000.00应交税金的增加/(减少)-1,174.140.000.000.000.000.00其他应交款的增加/(减少)-2,272.850.000.000.000.000.00其他应付款的增加/(减少)-6,585.970.000.000.000.000.00预提费用的增加/(减少)32,855.370.000.000.000.000.00一年内到期的长期负债的增加/(减少)0.00-7.000.000.000.000.00其他流动负债的增加/(减少)0.000.000.000.000.000.00长期应付款的增加/(减少)0.000.000.000.000.000.00其他长期负债的增加/(减少)3,446.100.000.000.000.000.00递延税款贷项的增加/(减少)0.000.000.000.000.000.00少数股东权益的增加/(减少)553.980.000.000.000.000.00未确认的投资损失的增加/(减少)4,985.750.000.000.000.000.00外币报表折算差额的增加/(减少)0.110.000.000.000.000.00合计112,214.05162,793.13260,264.13100,799.64299,568.92132,258.02投资活动的现金流量短期投资-200.00500.000.000.000.000.00长期投资0.000.000.000.000.000.00固定资产投资-42,000.00-120,000.00-60,000.000.000.000.00无形资产投资-137.160.000.000.000.000.00合计-42,337.16-119,500.00-60,000.000.000.000.00融资活动产生的现金流量长期贷款的增加/(减少)0.000.000.000.000.000.00股利分配-39,995.95-71,307.75-90,651.55-97,269.31-114,556.70-119,968.44股份发行0.000.000.000.000.000.00资本公积金的增加/(减少)89.030.000.000.000.000.00计入循环贷款前融资活动产生的现金流量-39,906.92-71,307.75-90,651.55-97,269.31-114,556.70-119,968.44循环贷款的增加(减少)320,267.32-300,768.87-41,846.700.000.000.00合计280,360.40-372,076.63-132,498.25-97,269.31-114,556.70-119,968.44现金净变动350,237.29-328,783.5067,765.873,530.32185,012.2312,289.58期初现金余额263,440.57613,677.86284,894.37352,660.24356,190.56541,202.79期末现金余额613,677.86284,894.37352,660.24356,190.56541,202.79553,492.37公司名称：一汽轿车000800（单位：万元)资本性投资、折旧、摊销固定资产投资和折旧假设：现有固定资产的折旧年限/折旧率8.00%使用直线折旧法新建固定资产的折旧年限/折旧率8.00%200320042005200620072008初始固定资产净值174,722.1713,977.7713,977.7713,977.7713,977.7713,977.7713,977.772003固定资产投资+在建工程转61,522.872,460.914,921.834,921.834,921.834,921.834,921.832004固定资产投资+在建工程转129,761.435,190.4610,380.9110,380.9110,380.9110,380.912005固定资产投资+在建工程转64,880.722,595.235,190.465,190.465,190.462006固定资产投资+在建工程转2,440.3697.61195.23195.232007固定资产投资+在建工程转1,220.1848.8197.612008固定资产投资+在建工程转610.0924.40在建工程期初余额39,045.7319,522.879,761.434,880.722,440.361,220.18+新增在建工程0.000.000.000.000.000.00－转固定资产19,522.879,761.434,880.722,440.361,220.18610.09－在建工程减值准备0.000.000.000.000.000.00在建工程期末余额19,522.879,761.434,880.722,440.361,220.18610.09期初固定资产净值174,722.17200,283.48296,193.42324,317.68289,749.09255,034.08+固定资产投资42,000.00120,000.0060,000.000.000.000.00－折旧16,438.6924,090.0631,875.7534,568.5934,715.0134,788.22－固定资产减值准备0.000.000.000.000.000.00期末固定资产净值200,283.48296,193.42324,317.68289,749.09255,034.08220,245.85216,722.17320,283.48356,193.42324,317.68289,749.09255,034.08无形资产投资和折旧假设：原值剩余摊销剩余摊销期限无形资产的摊销年限为软件760.56621.3433-57商誉4,402.502,379.477土地使用权2002200320042005200620072008期初无形资产净值621.34742.97727.43711.90696.37680.83摊销15.5315.5315.5315.5315.5315.53无形资产投资137.160.000.000.000.000.00期末无形资产净值621.34742.97727.43711.90696.37680.83665.30公司名称：一汽轿车000800（单位：万元)债务、现金和利息循环贷款@4.00%2002A200320042005200620072008期初现金余额263,440.57613,677.86284,894.37352,660.24356,190.56541,202.79当期现金流量＋经营活动产生的现金流量112,214.05162,793.13260,264.13100,799.64299,568.92132,258.02＋投资活动产生的现金流量-42,337.16-119,500.00-60,000.000.000.000.00＋计入循环贷款前融资活动产生的现金流量-39,906.92-71,307.75-90,651.55-97,269.31-114,556.70-119,968.44-最低现金余额613,677.86284,894.37316,945.25344,547.58376,720.18399,540.83现金剩余/(缺口）-320,267.32300,768.8777,561.6911,642.98164,482.61153,951.54循环贷款期初余额22,348.25342,615.5741,846.700.000.000.00循环贷款的增加/(减少)320,267.32-300,768.87-41,846.700.000.000.00循环贷款期末余额342,615.5741,846.700.000.000.000.00利息费用7,299.287,689.25836.930.000.000.00银行长期贷款@6.00%期初余额0.000.000.000.000.000.00当期增加/(减少)0.000.000.000.000.000.00期末余额0.000.000.000.000.000.000.00利息费用0.000.000.000.000.000.00利息费用合计7,299.287,689.25836.930.000.000.00现金@2.00%期初余额263,440.57613,677.86284,894.37352,660.24356,190.56541,202.79期末余额613,677.86284,894.37352,660.24356,190.56541,202.79553,492.37利息收入8,771.188,985.726,375.557,088.518,973.9310,946.95