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中广天择毛利率滑坡 去年现金流为负业绩揠苗助长?

2017-08-25 07:31:12   中国经济网

2012年至2016年,中广天择综合毛利率分别为为23.07%、31.52%、32.74%、28.26%和23.54%,主营业务毛利率分别为23.16%、31.68%、32.91%、28.33%、23.55%。中广天择综合毛利率低于行业均值。2014年至2016年,同行业可比公司综合毛利率平均值分别为30.58%、32.23%、32.73%。

2012年至2016年,中广天择营业成本为14,699.89万元、12,921.51万元、12,948.17万元、20,714.01万元和34,619.83万元。报告期内,公司主营业务成本主要以视频节目及相关服务的成本为主,占比均在80%以上。

2012年至2016年,中广天择期间费用金额分别为3,108.37万元、2,812.72万元、3,584.63万元、5,088.39万元、5,898.22万元。

2012年至2016年,中广天择负债总额分别为1,752.00万元、4,575.06万元、4,339.75万元、5,775.59万元、7,757.39万元。截至2017年6月30日,中广天择负债总额为8,069.36万元。资产负债率分别为7.66%、16.37%、14.55%、16.43%、18.69%。

2012年至2016年,中广天择货币资金金额分别为9,079.94万元、11,110.59万元、5,256.80万元、3,284.68万元、7,987.31万元。

报告期内,中广天择经营活动产生的现金流量净额分别为-2,285.14万元、7,023.16万元、5,297.39万元、5,566.46万元、-357.16万元。截至2017年6月30日,中广天择经营活动产生的现金流量净额为4,588.90万元。

2016年,公司经营活动产生的现金流量净额低于净利润。公司表示,2016年度,公司经营活动产生的现金流量净额为-357.16万元,同期净利润为4,005.26万元,差异为4,362.42万元。

报告期内,公司发生的关联销售交易主要是向长沙广电及其下属电视频道销售电视节目。2012年至2016年,公司向长沙广电销售电视节目及制作服务的收入分别为3,695.71万元、3,333.40万元、2,819.85万元、2,798.98万元、2,896.86万元,占营业收入的比例分别为19.34%、17.67%、14.65%、9.69%、6.40%。

此外,2012年至2016年,中广天择取得的政府补助收入分别为246.56万元、532.85万元、784.28万元、840.25万元、893.79万元,占当期净利润的比例分别为56.19%、23.68%、21.82%、22.06%、22.32%。

中广天择2014年至2016年免征企业所得税,中广天择所得税优惠金额分别为1,003.62万元、1,033.36万元、1,185.46万元,占当期净利润的比例分别为27.92%、27.13%、29.60%。

2014年至2016年,中广天择税收优惠和政府补贴两者合计金额为1787.9万元、1873.61万元、2079.25万元,占净利润的比例为49.73%、49.18%、51.91%。

中国经济网记者就上述问题向公司董事会办公室发去采访函,截至发稿,未收到回复。

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