中商官网
研究报告
山水水泥（HK0691）
主要经济指标
| 类别\年份 | 营业额 （元) |
营业利润 （元) |
利润总额 （元) |
净利润 （元) |
资产合计 （元) |
负债合计 （元) |
权益合计 （元) |
| 2005 | 2800352000.0000 | 485246000.0000 | 141624000.0000 | 103369000.0000 | 4444394000.0000 | 4140100000.0000 | 304294000.0000 |
| 2006 | 3500914000.0000 | 625111000.0000 | 255058000.0000 | 201616000.0000 | 4454876000.0000 | 3944195000.0000 | 510681000.0000 |
| 2007 | 4144552000.0000 | 771681000.0000 | 263069000.0000 | 211948000.0000 | 10281869000.0000 | 7708891000.0000 | 2572978000.0000 |
| 2008 | 7500761000.0000 | 1586448000.0000 | 712995000.0000 | 539357000.0000 | 12772617000.0000 | 8167068000.0000 | 4605549000.0000 |
| 2009 | 8727626000.0000 | 1780475000.0000 | 941281000.0000 | 701557000.0000 | 14609163000.0000 | 9380035000.0000 | 5229128000.0000 |
| 2010 | 11854068000.0000 | 2550102000.0000 | 1363205000.0000 | 979128000.0000 | 18950326000.0000 | 12801321000.0000 | 6149005000.0000 |
| 2011 | 16861956000.0000 | 5079125000.0000 | 3254001000.0000 | 2225290000.0000 | 25081673000.0000 | 16915000000.0000 | 8166673000.0000 |
| 2012 | 16160981000.0000 | 4111316000.0000 | 2204989000.0000 | 1518529000.0000 | 28033377000.0000 | 18636875000.0000 | 9396502000.0000 |
| 2013 | 16535204000.0000 | 3829237000.0000 | 1613894000.0000 | 1016707000.0000 | 32236396000.0000 | 22269670000.0000 | 9966726000.0000 |
| 2014 | 15596440000.0000 | 3346865000.0000 | 690123000.0000 | 347650000.0000 | 33695497000.0000 | 22329171000.0000 | 11366326000.0000 |
| 2015 | 11166212000.0000 | 1228285000.0000 | -6495603000.0000 | -6387259000.0000 | 27013700000.0000 | 22520535000.0000 | 4493165000.0000 |
| 2016 | 11284193000.0000 | 2476001000.0000 | -829295000.0000 | -738281000.0000 | 25920156000.0000 | 22663917000.0000 | 3256239000.0000 |
| 2017 | 14773644000.0000 | 4412403000.0000 | 967340000.0000 | 600817000.0000 | 25089959000.0000 | 21072428000.0000 | 4017531000.0000 |
| 2018 | 17872818000.0000 | 5923471000.0000 | 3046987000.0000 | 2196657000.0000 | 26072713000.0000 | 16486377000.0000 | 9586336000.0000 |
| 2019 | 21478831000.0000 | 7271722000.0000 | 4225988000.0000 | 2973104000.0000 | 26827805000.0000 | 14227366000.0000 | 12600439000.0000 |
| 2020 | 20891454000.0000 | 6964665000.0000 | 4333590000.0000 | 3186993000.0000 | 27677443000.0000 | 11795426000.0000 | 15882017000.0000 |
| 2021 | 24659544000.0000 | 7259549000.0000 | 4004183000.0000 | 2777298000.0000 | 28963687000.0000 | 10209805000.0000 | 18753882000.0000 |
| 2022 | 21488959000.0000 | 3899098000.0000 | 1297955000.0000 | 755411000.0000 | 31530193000.0000 | 12097593000.0000 | 19432600000.0000 |
| 2023 | 18116387000.0000 | 1912607000.0000 | -877539000.0000 | -883959000.0000 | 30773414000.0000 | 12370050000.0000 | 18403364000.0000 |
| 2024 | 14509866000.0000 | 2093842000.0000 | -64041000.0000 | -140608000.0000 | 30222319000.0000 | 12030113000.0000 | 18192206000.0000 |
| 2025 | 11560701000.0000 | 1624043000.0000 | -715339000.0000 | -983007000.0000 | 28741818000.0000 | 11757852000.0000 | 16983966000.0000 |
盈利能力分析
| 类别\年份 | 销售毛利率 （%) |
主营利润率 （%) |
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) |
| 2005 | 17.33 | 5.0600 | 3.19 | 35.9800 | 6.19 | -- | 0.63 |
| 2006 | 17.86 | 7.2900 | 5.73 | 41.0100 | 7.13 | -- | 0.79 |
| 2007 | 18.62 | 6.3500 | 2.56 | 8.3700 | 6.33 | -- | 0.40 |
| 2008 | 21.15 | 9.5100 | 5.58 | 11.8300 | 6.64 | -- | 0.59 |
| 2009 | 20.40 | 10.7900 | 6.44 | 13.6000 | 8.27 | -- | 0.60 |
| 2010 | 21.51 | 11.5000 | 7.19 | 17.2200 | 8.18 | -- | 0.63 |
| 2011 | 30.12 | 19.2000 | 12.97 | 28.8700 | 6.12 | -- | 0.67 |
| 2012 | 25.44 | 13.4500 | 7.87 | 17.5500 | 6.72 | -- | 0.58 |
| 2013 | 23.16 | 9.6100 | 5.01 | 11.0000 | 6.46 | -- | 0.51 |
| 2014 | 21.46 | 4.3100 | 2.05 | 3.2800 | 5.96 | -- | 0.46 |
| 2015 | 11.00 | -57.9100 | -24.05 | -158.4800 | 8.16 | -- | 0.41 |
| 2016 | 21.94 | -7.0200 | -3.20 | -23.8300 | 6.06 | -- | 0.44 |
| 2017 | 29.87 | 6.4900 | 3.86 | 15.3500 | 6.88 | -- | 0.59 |
| 2018 | 33.14 | 16.7900 | 11.69 | 23.0700 | 8.19 | -- | 0.69 |
| 2019 | 33.86 | 19.4700 | 15.75 | 23.7900 | 7.12 | -- | 0.80 |
| 2020 | 33.34 | 20.6400 | 15.66 | 20.3000 | 6.09 | -- | 0.75 |
| 2021 | 29.44 | 16.0900 | 13.82 | 15.0200 | 6.30 | -- | 0.85 |
| 2022 | 18.14 | 6.0500 | 4.12 | 3.9400 | 5.45 | -- | 0.68 |
| 2023 | 10.56 | -4.7700 | -2.85 | -4.8200 | 7.56 | -- | 0.59 |
| 2024 | 14.43 | -0.2300 | -0.21 | -0.7700 | 6.51 | -- | 0.48 |
| 2025 | 14.05 | -6.0500 | -2.49 | -5.7200 | 5.53 | -- | 0.40 |
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 |
| 2005 | 93.15 | 6.85 | 0.36 | 0.26 |
| 2006 | 88.54 | 11.46 | 0.47 | 0.31 |
| 2007 | 74.98 | 25.02 | 0.51 | 0.40 |
| 2008 | 63.94 | 36.06 | 0.60 | 0.43 |
| 2009 | 64.21 | 35.79 | 0.67 | 0.50 |
| 2010 | 67.55 | 32.45 | 0.65 | 0.48 |
| 2011 | 67.44 | 32.56 | 1.03 | 0.79 |
| 2012 | 66.48 | 33.52 | 0.84 | 0.60 |
| 2013 | 69.08 | 30.92 | 0.60 | 0.44 |
| 2014 | 66.27 | 33.73 | 0.72 | 0.51 |
| 2015 | 83.37 | 16.63 | 0.18 | 0.12 |
| 2016 | 87.44 | 12.56 | 0.19 | 0.13 |
| 2017 | 83.99 | 16.01 | 0.22 | 0.14 |
| 2018 | 63.23 | 36.77 | 0.44 | 0.33 |
| 2019 | 53.03 | 46.97 | 0.56 | 0.38 |
| 2020 | 42.62 | 57.38 | 0.73 | 0.50 |
| 2021 | 35.25 | 64.75 | 0.83 | 0.54 |
| 2022 | 38.37 | 61.63 | 0.84 | 0.53 |
| 2023 | 40.20 | 59.80 | 0.79 | 0.59 |
| 2024 | 39.81 | 60.19 | 0.87 | 0.66 |
| 2025 | 40.91 | 59.09 | 0.79 | 0.61 |
成本费用分析
| 类别\年份 | 销售成本 （元) |
销售费用 （元) |
管理费用 （元) |
财务费用 （元) |
| 2005 | 2315106000.0000 | -- | 150354000.0000 | 120313000.0000 |
| 2006 | 2875803000.0000 | -- | 190857000.0000 | 135119000.0000 |
| 2007 | 3372871000.0000 | -- | 262887000.0000 | 168838000.0000 |
| 2008 | 5914313000.0000 | -- | 553251000.0000 | 348025000.0000 |
| 2009 | 6947151000.0000 | -- | 469138000.0000 | 309585000.0000 |
| 2010 | 9303966000.0000 | -- | 689621000.0000 | 363070000.0000 |
| 2011 | 11782831000.0000 | -- | 1095831000.0000 | 619582000.0000 |
| 2012 | 12049665000.0000 | -- | 910365000.0000 | 925434000.0000 |
| 2013 | 12705967000.0000 | -- | 1092379000.0000 | 967688000.0000 |
| 2014 | 12249575000.0000 | -- | 1246446000.0000 | 1140985000.0000 |
| 2015 | 9937927000.0000 | -- | 2316895000.0000 | 1597179000.0000 |
| 2016 | 8808192000.0000 | -- | 1414882000.0000 | 1030649000.0000 |
| 2017 | 10361241000.0000 | -- | 2079507000.0000 | 1021372000.0000 |
| 2018 | 11949347000.0000 | -- | 1337313000.0000 | 778320000.0000 |
| 2019 | 14207109000.0000 | -- | 1500670000.0000 | 509770000.0000 |
| 2020 | 13926789000.0000 | -- | 1358311000.0000 | 347110000.0000 |
| 2021 | 17399995000.0000 | -- | 1472882000.0000 | 231734000.0000 |
| 2022 | 17589861000.0000 | -- | 1503136000.0000 | 163444000.0000 |
| 2023 | 16203780000.0000 | -- | 1535013000.0000 | 218273000.0000 |
| 2024 | 12416024000.0000 | -- | 1168523000.0000 | 215934000.0000 |
| 2025 | 9936658000.0000 | -- | 1073075000.0000 | 181615000.0000 |