中商官网
研究报告
明发集团（HK0846）
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) |
| 2006 | 1296200000.0000 | 419195000.0000 | 720387000.0000 | 480594000.0000 | 7289548000.0000 | 6649832000.0000 | 639716000.0000 |
| 2007 | 2168677000.0000 | 969691000.0000 | 973467000.0000 | 415328000.0000 | 9336006000.0000 | 8147646000.0000 | 1188360000.0000 |
| 2008 | 2061065000.0000 | 1135120000.0000 | 956752000.0000 | 448413000.0000 | 10125488000.0000 | 8261898000.0000 | 1863590000.0000 |
| 2009 | 3681027000.0000 | 1531874000.0000 | 1865612000.0000 | 987461000.0000 | 12895854000.0000 | 8199977000.0000 | 4695877000.0000 |
| 2010 | 3007872000.0000 | 1228068000.0000 | 1713259000.0000 | 1167848000.0000 | 18210217000.0000 | 12582877000.0000 | 5627340000.0000 |
| 2011 | 2978828000.0000 | 1519796000.0000 | 2535757000.0000 | 1596967000.0000 | 26862787000.0000 | 19592958000.0000 | 7269829000.0000 |
| 2012 | 3741096000.0000 | 1191103000.0000 | 2545769000.0000 | 1764745000.0000 | 32314091000.0000 | 22473146000.0000 | 9840945000.0000 |
| 2013 | 6269093000.0000 | 2201624000.0000 | 2302942000.0000 | 1399229000.0000 | 35371471000.0000 | 24128713000.0000 | 11242758000.0000 |
| 2014 | 3792610000.0000 | 985948000.0000 | 1736932000.0000 | 829310000.0000 | 40570688000.0000 | 28861496000.0000 | 11709192000.0000 |
| 2015 | 3039665000.0000 | 886291000.0000 | 742883000.0000 | 379042000.0000 | 51886873000.0000 | 39309297000.0000 | 12577576000.0000 |
| 2016 | 5089696000.0000 | 1147453000.0000 | 824647000.0000 | 1169435000.0000 | 60904508000.0000 | 47641759000.0000 | 13262749000.0000 |
| 2017 | 10071416000.0000 | 2418242000.0000 | 1898816000.0000 | 1024220000.0000 | 67192831000.0000 | 52776561000.0000 | 14416270000.0000 |
| 2018 | 11641880000.0000 | 3322027000.0000 | 2575394000.0000 | 855076000.0000 | 75373285000.0000 | 60085472000.0000 | 15287813000.0000 |
| 2019 | 12660897000.0000 | 3997976000.0000 | 2701690000.0000 | 952112000.0000 | 75725420000.0000 | 59040954000.0000 | 16684466000.0000 |
| 2020 | 12858570000.0000 | 3770656000.0000 | 2446220000.0000 | 1075004000.0000 | 76106159000.0000 | 58592909000.0000 | 17513250000.0000 |
| 2021 | 16416421000.0000 | 4949872000.0000 | 3756126000.0000 | 1882657000.0000 | 73745719000.0000 | 54286855000.0000 | 19458864000.0000 |
| 2022 | 10568374000.0000 | 2288265000.0000 | 977751000.0000 | 47961000.0000 | 71186822000.0000 | 51571020000.0000 | 19615802000.0000 |
| 2023 | 9524999000.0000 | 1944471000.0000 | 149671000.0000 | -467127000.0000 | 70667754000.0000 | 51652317000.0000 | 19015437000.0000 |
| 2024 | 7030291000.0000 | 1516849000.0000 | -1144824000.0000 | -1791055000.0000 | 62326638000.0000 | 45525061000.0000 | 16801577000.0000 |
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) |
| 2006 | 32.34 | 55.6300 | 9.88 | 93.0300 | 0.31 | -- | 0.18 |
| 2007 | 44.71 | 44.9300 | 10.43 | 39.0000 | 0.30 | -- | 0.23 |
| 2008 | 55.07 | 46.6600 | 9.45 | 24.9500 | 0.18 | -- | 0.20 |
| 2009 | 41.62 | 50.6800 | 14.47 | 21.3200 | 0.55 | -- | 0.29 |
| 2010 | 40.83 | 57.0300 | 9.41 | 21.0900 | 0.28 | -- | 0.17 |
| 2011 | 51.02 | 85.7600 | 9.44 | 22.8000 | 0.16 | -- | 0.11 |
| 2012 | 31.84 | 68.3600 | 7.88 | 19.9000 | 0.23 | -- | 0.12 |
| 2013 | 35.12 | 36.9000 | 6.51 | 13.6500 | 0.39 | -- | 0.18 |
| 2014 | 26.00 | 46.0000 | 4.28 | 7.4800 | 0.22 | -- | 0.09 |
| 2015 | 29.16 | 23.1700 | 1.43 | 3.3000 | 0.13 | -- | 0.06 |
| 2016 | 22.54 | 5.5000 | 1.35 | 9.4000 | 0.19 | -- | 0.08 |
| 2017 | 24.01 | 18.6100 | 2.83 | 7.6000 | 0.32 | -- | 0.15 |
| 2018 | 28.54 | 21.9800 | 3.42 | 6.1300 | 0.31 | -- | 0.15 |
| 2019 | 31.58 | 21.7700 | 3.57 | 6.3800 | 0.19 | -- | 0.17 |
| 2020 | 29.32 | 19.2600 | 3.21 | 6.7000 | 0.20 | -- | 0.17 |
| 2021 | 30.15 | 23.0200 | 5.09 | 10.4900 | 0.26 | -- | 0.22 |
| 2022 | 21.65 | 10.1200 | 1.37 | 0.2700 | 0.21 | -- | 0.15 |
| 2023 | 20.41 | -0.5400 | 0.21 | -2.6700 | 0.19 | -- | 0.13 |
| 2024 | 21.58 | -16.2500 | -1.84 | -11.3900 | 0.16 | -- | 0.11 |
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 |
| 2006 | 91.22 | 8.78 | 0.72 | 0.26 |
| 2007 | 87.27 | 12.73 | 0.91 | 0.30 |
| 2008 | 81.60 | 18.40 | 0.96 | 0.27 |
| 2009 | 63.59 | 36.41 | 1.68 | 0.98 |
| 2010 | 69.10 | 30.90 | 1.47 | 0.68 |
| 2011 | 72.94 | 27.06 | 1.18 | 0.44 |
| 2012 | 69.55 | 30.45 | 1.10 | 0.46 |
| 2013 | 68.22 | 31.78 | 1.16 | 0.60 |
| 2014 | 71.14 | 28.86 | 1.17 | 0.59 |
| 2015 | 75.76 | 24.24 | 1.17 | 0.62 |
| 2016 | 78.22 | 21.78 | 1.08 | 0.56 |
| 2017 | 78.54 | 21.46 | 1.08 | 0.56 |
| 2018 | 79.72 | 20.28 | 1.05 | 0.55 |
| 2019 | 77.97 | 22.03 | 1.02 | 0.18 |
| 2020 | 76.99 | 23.01 | 1.06 | 0.19 |
| 2021 | 73.61 | 26.39 | 1.12 | 0.21 |
| 2022 | 72.44 | 27.56 | 1.09 | 0.20 |
| 2023 | 73.09 | 26.91 | 1.07 | 0.19 |
| 2024 | 73.04 | 26.96 | 1.07 | 0.20 |
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) |
| 2006 | 877005000.0000 | -- | 65953000.0000 | -1712000.0000 |
| 2007 | 1198986000.0000 | -- | 102170000.0000 | 30935000.0000 |
| 2008 | 925945000.0000 | -- | 110983000.0000 | 46491000.0000 |
| 2009 | 2149153000.0000 | -- | 183741000.0000 | 49592000.0000 |
| 2010 | 1779804000.0000 | -- | 183247000.0000 | 75992000.0000 |
| 2011 | 1459032000.0000 | -- | 250985000.0000 | 196151000.0000 |
| 2012 | 2549993000.0000 | -- | 286685000.0000 | 184912000.0000 |
| 2013 | 4067469000.0000 | -- | 330084000.0000 | 267110000.0000 |
| 2014 | 2806662000.0000 | -- | 370283000.0000 | 6925000.0000 |
| 2015 | 2153374000.0000 | -- | 508446000.0000 | -72214000.0000 |
| 2016 | 3942243000.0000 | -- | 670142000.0000 | -125083000.0000 |
| 2017 | 7653174000.0000 | -- | 689596000.0000 | -100529000.0000 |
| 2018 | 8319853000.0000 | -- | 701844000.0000 | -72788000.0000 |
| 2019 | 8662921000.0000 | -- | 802246000.0000 | -86830000.0000 |
| 2020 | 9087914000.0000 | -- | 681489000.0000 | -29372000.0000 |
| 2021 | 11466549000.0000 | -- | 751463000.0000 | -26458000.0000 |
| 2022 | 8280109000.0000 | -- | 757527000.0000 | -23247000.0000 |
| 2023 | 7580528000.0000 | -- | 566067000.0000 | -20270000.0000 |
| 2024 | 5513442000.0000 | -- | 687964000.0000 | -52025000.0000 |