中商官网
研究报告
天润乳业（600419）
主要经济指标
| 类别\年份 | 营业收入 （元) |
营业利润 （元) |
利润总额 （元) |
净利润 （元) |
资产总计 （元) |
负债合计 （元) |
股东权益合计 （元) |
| 1998 | 120000000.0000 | 11949900.0000 | 11997200.0000 | 8038100.0000 | 196000000.0000 | 127000000.0000 | 68674800.0000 |
| 1999 | 134000000.0000 | 14945600.0000 | 14545100.0000 | 10028500.0000 | 253000000.0000 | 174000000.0000 | 78879900.0000 |
| 2000 | 147000000.0000 | 15328900.0000 | 18219400.0000 | 12509800.0000 | 249000000.0000 | 155000000.0000 | 93389700.0000 |
| 2001 | 161000000.0000 | 14047100.0000 | 13943900.0000 | 11257300.0000 | 401000000.0000 | 122000000.0000 | 279000000.0000 |
| 2002 | 162000000.0000 | 13892500.0000 | 13816000.0000 | 12111800.0000 | 464000000.0000 | 167000000.0000 | 297000000.0000 |
| 2003 | 153000000.0000 | 12327400.0000 | 12297900.0000 | 10431600.0000 | 514000000.0000 | 213000000.0000 | 301000000.0000 |
| 2004 | 151000000.0000 | -15295600.0000 | -15691300.0000 | -13316000.0000 | 547000000.0000 | 266000000.0000 | 281000000.0000 |
| 2005 | 274000000.0000 | -92213800.0000 | -98248300.0000 | -98547300.0000 | 710000000.0000 | 448000000.0000 | 261000000.0000 |
| 2006 | 382000000.0000 | -12702500.0000 | 280000.0000 | 278200.0000 | 592000000.0000 | 371000000.0000 | 221000000.0000 |
| 2007 | 486000000.0000 | -56560900.0000 | -50964900.0000 | -52768300.0000 | 727000000.0000 | 513000000.0000 | 214000000.0000 |
| 2008 | 483000000.0000 | -24971700.0000 | 7034600.0000 | 6084300.0000 | 623000000.0000 | 444000000.0000 | 179000000.0000 |
| 2009 | 374000000.0000 | -46921400.0000 | -25718600.0000 | -25734100.0000 | 458000000.0000 | 331000000.0000 | 127000000.0000 |
| 2010 | 345000000.0000 | -4139400.0000 | 9978500.0000 | 9942400.0000 | 299000000.0000 | 161000000.0000 | 138000000.0000 |
| 2011 | 403000000.0000 | -16654700.0000 | 4074000.0000 | 3924300.0000 | 295000000.0000 | 153000000.0000 | 142000000.0000 |
| 2012 | 161000000.0000 | -40212900.0000 | -37687800.0000 | -38332700.0000 | 227000000.0000 | 123000000.0000 | 104000000.0000 |
| 2013 | 87481800.0000 | -34174100.0000 | 37450700.0000 | 35870600.0000 | 457000000.0000 | 176000000.0000 | 281000000.0000 |
| 2014 | 327000000.0000 | 17930300.0000 | 21888900.0000 | 18201000.0000 | 492000000.0000 | 195000000.0000 | 297000000.0000 |
| 2015 | 589000000.0000 | 57507800.0000 | 64491300.0000 | 55872500.0000 | 1076000000.0000 | 384000000.0000 | 691000000.0000 |
| 2016 | 875000000.0000 | 89151300.0000 | 101000000.0000 | 84747000.0000 | 1162000000.0000 | 379000000.0000 | 783000000.0000 |
| 2017 | 1240000000.0000 | 137000000.0000 | 121000000.0000 | 105000000.0000 | 1429000000.0000 | 495000000.0000 | 934000000.0000 |
| 2018 | 1462000000.0000 | 157000000.0000 | 135000000.0000 | 118000000.0000 | 1807000000.0000 | 728000000.0000 | 1079000000.0000 |
| 2019 | 1627000000.0000 | 185000000.0000 | 159000000.0000 | 142000000.0000 | 2025000000.0000 | 847000000.0000 | 1178000000.0000 |
| 2020 | 1768000000.0000 | 195000000.0000 | 174000000.0000 | 154000000.0000 | 2590000000.0000 | 867000000.0000 | 1724000000.0000 |
| 2021 | 2109000000.0000 | 186000000.0000 | 180000000.0000 | 161000000.0000 | 3472000000.0000 | 1170000000.0000 | 2302000000.0000 |
| 2022 | 2410000000.0000 | 232000000.0000 | 215000000.0000 | 201000000.0000 | 3936000000.0000 | 1398000000.0000 | 2538000000.0000 |
| 2023 | 2714000000.0000 | 245000000.0000 | 173000000.0000 | 140000000.0000 | 5700000000.0000 | 3047000000.0000 | 2653000000.0000 |
| 2024 | 2804000000.0000 | 117000000.0000 | 3405700.0000 | 14899700.0000 | 6192000000.0000 | 3546000000.0000 | 2646000000.0000 |
盈利能力分析
| 类别\年份 | 销售毛利率 （%) |
营业利润率 （%) |
总资产利润率 （%) |
净资产收益率 | 存货周转率 | 应收账款周转率 （次) |
总资产周转率 （次) |
| 1998 | 10.00 | 10.00 | 6.12 | 18.9500 | 1.2800 | 3.39 | 0.61 |
| 1999 | 11.94 | 10.85 | 5.75 | 13.6100 | 1.5700 | -- | 0.53 |
| 2000 | 9.52 | 12.39 | 7.32 | 15.0100 | 2.0200 | -- | 0.59 |
| 2001 | 8.70 | 8.66 | 3.48 | 7.1600 | 2.7500 | 2.93 | 0.40 |
| 2002 | 8.02 | 8.53 | 2.98 | 4.1000 | 2.1400 | 2.36 | 0.35 |
| 2003 | 5.23 | 8.04 | 2.39 | 3.4900 | 1.2600 | 1.90 | 0.30 |
| 2004 | -10.60 | -10.39 | -2.87 | -4.6000 | 1.2900 | 2.10 | 0.28 |
| 2005 | -33.94 | -35.86 | -13.84 | -- | 2.6400 | 5.66 | 0.39 |
| 2006 | -3.40 | 0.07 | 0.05 | 0.4900 | 2.5800 | 13.06 | 0.65 |
| 2007 | -9.47 | -10.49 | -7.01 | -30.2600 | 2.6200 | 15.15 | 0.67 |
| 2008 | -6.00 | 1.46 | 1.13 | 7.1900 | 3.6600 | 21.51 | 0.78 |
| 2009 | -12.30 | -6.88 | -5.62 | -18.7600 | 2.9900 | 15.88 | 0.82 |
| 2010 | -7.83 | 2.89 | 3.34 | 7.4700 | 4.5600 | 16.58 | 1.15 |
| 2011 | -3.97 | 1.01 | 1.38 | 2.6800 | 10.1800 | 24.34 | 1.37 |
| 2012 | -24.84 | -23.41 | -16.60 | -31.0300 | 5.3100 | 11.52 | 0.71 |
| 2013 | -39.46 | 42.81 | 8.19 | 19.4900 | 2.5800 | 4.42 | 0.19 |
| 2014 | 5.50 | 6.69 | 4.45 | 4.8300 | 9.5900 | 15.51 | 0.66 |
| 2015 | 9.85 | 10.95 | 5.99 | 11.7000 | 4.9500 | 26.12 | 0.55 |
| 2016 | 10.17 | 11.54 | 8.69 | 11.2000 | 4.7600 | 29.51 | 0.75 |
| 2017 | 10.08 | 9.76 | 8.47 | 12.5900 | 7.1000 | 39.74 | 0.87 |
| 2018 | 9.99 | 9.23 | 7.47 | 13.0300 | 7.1100 | 37.31 | 0.81 |
| 2019 | 10.14 | 9.77 | 7.85 | 14.5200 | 6.2200 | 35.40 | 0.80 |
| 2020 | 9.95 | 9.84 | 6.72 | 9.9900 | 5.6000 | 28.24 | 0.68 |
| 2021 | 7.63 | 8.53 | 5.18 | 9.0200 | 5.1500 | 29.17 | 0.61 |
| 2022 | 8.01 | 8.92 | 5.46 | 8.5700 | 4.3800 | 29.22 | 0.61 |
| 2023 | 6.08 | 6.37 | 3.04 | 6.0700 | 3.3400 | 22.53 | 0.48 |
| 2024 | 1.68 | 0.12 | 0.06 | 1.8300 | 3.2600 | 20.81 | 0.45 |
偿债能力分析
| 类别\年份 | 资产负债率 （%) |
股东权益比率 （%) |
流动比率 | 速动比率 |
| 1998 | 64.80 | 35.04 | 1.0700 | 0.4300 |
| 1999 | 68.77 | 31.18 | 0.9000 | 0.5100 |
| 2000 | 62.25 | 37.51 | 0.9500 | 0.5500 |
| 2001 | 30.42 | 69.58 | 2.2700 | 1.9300 |
| 2002 | 35.99 | 64.01 | 1.8300 | 1.2400 |
| 2003 | 41.44 | 58.56 | 1.7100 | 1.2000 |
| 2004 | 48.63 | 51.37 | 1.4300 | 0.8400 |
| 2005 | 63.10 | 36.76 | 0.5500 | 0.2400 |
| 2006 | 62.67 | 37.33 | 0.5900 | 0.1300 |
| 2007 | 70.56 | 29.44 | 0.5900 | 0.1900 |
| 2008 | 71.27 | 28.73 | 0.4500 | 0.1000 |
| 2009 | 72.27 | 27.73 | 0.5800 | 0.1300 |
| 2010 | 53.85 | 46.15 | 0.7100 | 0.3500 |
| 2011 | 51.86 | 48.14 | 0.8000 | 0.5000 |
| 2012 | 54.19 | 45.81 | 0.5700 | 0.2900 |
| 2013 | 38.51 | 61.49 | 1.7100 | 1.2300 |
| 2014 | 39.63 | 60.37 | 1.7200 | 1.2900 |
| 2015 | 35.69 | 64.22 | 1.5900 | 0.8600 |
| 2016 | 32.62 | 67.38 | 1.2600 | 0.6600 |
| 2017 | 34.64 | 65.36 | 1.2600 | 0.5900 |
| 2018 | 40.29 | 59.71 | 0.7000 | 0.3600 |
| 2019 | 41.83 | 58.17 | 0.6600 | 0.3200 |
| 2020 | 33.47 | 66.56 | 1.1300 | 0.6800 |
| 2021 | 33.70 | 66.30 | 1.7100 | 1.1900 |
| 2022 | 35.52 | 64.48 | 1.2900 | 0.7800 |
| 2023 | 53.46 | 46.54 | 0.9000 | 0.3900 |
| 2024 | 57.27 | 42.73 | 0.9900 | 0.5900 |
成本费用分析
| 类别\年份 | 营业成本 （元) |
销售费用 （元) |
管理费用 （元) |
财务费用 （元) |
| 1998 | 108000000.0000 | 8123000.0000 | 7856500.0000 | 3887100.0000 |
| 1999 | 118000000.0000 | 8242700.0000 | 6968300.0000 | 4008800.0000 |
| 2000 | 133000000.0000 | 11136000.0000 | 8075300.0000 | 4318600.0000 |
| 2001 | 147000000.0000 | 12023400.0000 | 12377700.0000 | 2068300.0000 |
| 2002 | 149000000.0000 | 12599000.0000 | 11702000.0000 | 2714400.0000 |
| 2003 | 145000000.0000 | 12640400.0000 | 17832800.0000 | 2997300.0000 |
| 2004 | 167000000.0000 | 15283600.0000 | 18284900.0000 | 3813500.0000 |
| 2005 | 367000000.0000 | 17978900.0000 | 51468300.0000 | 18593900.0000 |
| 2006 | 395000000.0000 | 15892000.0000 | 20883500.0000 | 14340600.0000 |
| 2007 | 532000000.0000 | 18915300.0000 | 25714500.0000 | 17097700.0000 |
| 2008 | 512000000.0000 | 16258300.0000 | 29268800.0000 | 12832900.0000 |
| 2009 | 420000000.0000 | 18101500.0000 | 37674900.0000 | 2980500.0000 |
| 2010 | 372000000.0000 | 9898000.0000 | 24650700.0000 | 7144800.0000 |
| 2011 | 419000000.0000 | 5923500.0000 | 18989400.0000 | 2311200.0000 |
| 2012 | 201000000.0000 | 5812100.0000 | 30017400.0000 | 2026200.0000 |
| 2013 | 122000000.0000 | 9858600.0000 | 39239300.0000 | 1933400.0000 |
| 2014 | 309000000.0000 | 39335700.0000 | 20464900.0000 | 1926400.0000 |
| 2015 | 531000000.0000 | 87159700.0000 | 44225700.0000 | 3740100.0000 |
| 2016 | 786000000.0000 | 124000000.0000 | 52553800.0000 | 1537000.0000 |
| 2017 | 1115000000.0000 | 156000000.0000 | 46310700.0000 | 1735400.0000 |
| 2018 | 1316000000.0000 | 175000000.0000 | 54031600.0000 | 1439600.0000 |
| 2019 | 1462000000.0000 | 191000000.0000 | 63671600.0000 | 5033100.0000 |
| 2020 | 1592000000.0000 | 108000000.0000 | 70714700.0000 | 6022900.0000 |
| 2021 | 1948000000.0000 | 96540800.0000 | 64728200.0000 | 7244000.0000 |
| 2022 | 2217000000.0000 | 125000000.0000 | 80767400.0000 | 13555700.0000 |
| 2023 | 2549000000.0000 | 147000000.0000 | 96892500.0000 | 32040000.0000 |
| 2024 | 2757000000.0000 | 155000000.0000 | 106000000.0000 | 52086800.0000 |