【正文】 安全等級安全很安全很安全很安全很安全注：安全邊際率40%以上30%40%20%30%10%20%10%以下，安全等級很安全安全較安全值得注意危險即銷售量的最小值（即為虧損臨界點銷售量）第一年：銷售量下降30%，公司由贏利轉(zhuǎn)為虧損第二年：銷售量下降40%，公司由贏利轉(zhuǎn)為虧損第三年：銷售量下降43%，公司由贏利轉(zhuǎn)為虧損第四年：銷售量下降44%，公司由贏利轉(zhuǎn)為虧損第五年：銷售量下降45%，公司由贏利轉(zhuǎn)為虧損注：由于公司銷售額比較容易預(yù)計，公司還處于整合期，其他各項數(shù)據(jù)暫處于不穩(wěn)定狀態(tài)，所以未納入敏感分析中。從銷售量看，公司比較安全，公司在生產(chǎn)經(jīng)營過程中適當(dāng)關(guān)注市場對單價和單位變動成本的影響，以免利潤有大幅度振蕩。短評：結(jié)合動態(tài)和靜態(tài)的指標(biāo)分析來看，該項目NPV遠大于0,內(nèi)含報酬率也遠大于預(yù)定的資本成本，且回收期短，投資利潤率高，所以對于投資者來說，該項投資是可行的，值得投資。財務(wù)分析一、各項報表資產(chǎn)負債表資產(chǎn)項目20082009201020112012流動資產(chǎn)：　　　　　貨幣資金3,226,1774,435,2735,955,3588,064,24910,915,092固定資產(chǎn)179,420255,630331,840446,155560,470減：累計折舊81,610201,325282,935383,598503,313資產(chǎn)總額3,323,9874,489,5786,004,2638,126,80610,972,250所有者權(quán)益　　　　　實收資本2,700,0002,700,0002,700,0002,700,0002,700,000盈余公積（20%）389,9921,235,4842,459,2094,208,3256,595,968未分配利潤233,995554,094845,0541,218,4811,676,282所有者權(quán)益合計3,323,9874,489,5786,004,2638,126,80610,972,250預(yù)計利潤表摘要2008200920102011201213,297,34220,754,34627,889,67538,841,02750,772,139減：主營業(yè)務(wù)成本（原材料等）6,648,67110,377,17313,944,83819,420,51425,386,070公司主營業(yè)務(wù)稅金及附加023,10046,20092,400184,8006,648,67110,354,07313,898,63819,328,11425,201,270減：銷售、管理費用4,658,7106,066,6157,700,01010,472,53313,123,0571,989,9614,287,4586,198,6288,855,58112,078,213減：所得稅(所有稅收都包括在這里)40,00060,00080,000110,000140,0001,949,9614,227,4586,118,6288,745,58111,938,213利潤分配表項目/年份20082009201020112012稅后凈利1,949,9614,227,4586,118,6288,745,58111,938,213加：年初未分配利潤0233,995554,094845,0541,218,481可供分配的利潤1,949,9614,461,4536,672,7229,590,63513,156,693減：法定盈余公積（10%）194,996422,746611,863874,5581,193,821法定公益金（5%）97,498211,373305,931437,279596,911可供股東分配的利潤1,657,4673,827,3355,754,9278,278,79811,365,961減：任意盈余公（5%）97,498211,373305,931437,279596,911股利分紅（80%）1,325,9733,061,8684,603,9426,623,0389,092,769未分配利潤233,995554,094845,0541,218,4811,676,282注：，公司規(guī)定從第一年起，每年給股東分紅為提取贏余公積后的80%，剩余20%用作滾動發(fā)展。公司在第五年已經(jīng)積累了相當(dāng)?shù)奈捶峙淅麧?，本公司擬在此后采取逐步收購風(fēng)險投資者的股份，使風(fēng)險投資退出企業(yè)。由于公司年經(jīng)營時間由兩部分組成而且由多家直銷店組成，所以附上分利潤表，以更直觀反映經(jīng)營成果。A部分（5個月部分，公司匯總）項目200820092010201120123,497,3424,654,3465,979,6758,251,02710,417,139減：主營業(yè)務(wù)成本1,748,6712,327,1732,989,8384,125,5145,208,5701,748,6712,327,1732,989,8384,125,5145,208,570減：銷售管理費用1,748,6712,327,1732,989,8384,125,5145,208,57000000B部分（7個月部分，分報表）2008年部分：摘要單店單月單店一年4家（一級）350,0002,450,0009,800,000減：主營業(yè)務(wù)成本（原材料等）175,0001,225,0004,900,000175,0001,225,0004,900,000減：銷售、管理費用87,434612,0352,448,13987,566612,9652,451,861減：所得稅83310,00040,00086,733602,9652,411,8612009年部分：2009經(jīng)營2008年成立直銷店部分摘要單店單月單店一年4家（一級）385,0002,695,00010,780,000減：主營業(yè)務(wù)成本（原材料等）192,5001,347,5005,390,000192,5001,347,5005,390,000減：銷售、管理費用72,642508,4932,033,973119,858839,0073,356,028減：所得稅83310,00040,000119,025829,0073,316,0282009年成立2家一級直銷店部分（包括公司）摘要單月一年2家（一級）350,0002,450,0004,900,000減：主營業(yè)務(wù)成本（原材料等）175,0001,225,0002,450,000175,0001,225,0002,450,000減：銷售、管理費用87,434612,0351,224,07087,566612,9651,225,930減：所得稅83310,00020,00086,733602,9651,205,9302010年部分：2010經(jīng)營2008年成立直銷店部分摘要單店單月單店一年4家（一級）385,0002,695,00010,780,000減：主營業(yè)務(wù)成本（原材料等）192,5001,347,5005,390,000192,5001,347,5005,390,000減：銷售、管理費用71,329499,3041,997,217121,171848,1963,392,783減：所得稅83310,00040,000120,338838,1963,352,7832010經(jīng)營2009年成立直銷店部分摘要單店單月單店一年2家（一級）385,0002,695,0005,390,000減：主營業(yè)務(wù)成本（原材料等）192,5001,347,5002,695,000192,5001,347,5002,695,000減：銷售、管理費用72,642508,4931,016,986119,858839,0071,678,014減：所得稅83310,00020,000119,025829,0071,658,0142010年成立2家二級直銷店部分（包括公司）摘要單月一年2家（二級）350,0002,450,0004,900,000減：主營業(yè)務(wù)成本（原材料等）175,0001,225,0002,450,000175,0001,225,0002,450,000減：銷售、管理費用83,684585,7851,171,57091,316639,2151,278,430減：所得稅83310,00020,00090,483629,2151,258,4302011年部分：2011經(jīng)營2008年成立直銷店部分摘要單店單月單店一年4家（一級）385,0002,695,00010,780,000減：主營業(yè)務(wù)成本（原材料等）192,5001,347,5005,390,000192,5001,347,5005,390,000減：銷售、管理費用71,632501,4222,005,687120,868846,0783,384,313減：所得稅83310,00040,000120,035836,0783,344,3132011經(jīng)營2009年成立直銷店部分摘要單店單月單店一年2家（一級）385,0002,695,0005,390,000減：主營業(yè)務(wù)成本（原材料等）192,5001,347,5002,695,000192,5001,347,5002,695,000減：銷售、管理費用71,329499,304998,608121,171848,1961,696,392減：所得稅83310,00020,000120,338838,1961,676,3922011經(jīng)營2010年成立直銷店部分摘要單店單月單店一年2家（二級）385,0002,695,000