期2012年2012年年度业内竞争对手财务指标分析拟文：网神投融资管理部时间：2013年1月27日一、整体分析营业收入营业利润净利润每股收益公司名称2012年（万元）同比增长2012年（万元）同比增长2013年（万元）同比增长2013年（元/股）同比增长启明星辰72,781.1570.69%4,735.8632.82%7,362.4822.10%0.3719.35%任子行19,297.4210.20%2,378.87-32.77%3,720.73-3.52%0.6-17.81%北信源18,995.7849.63%5,800.5156.70%6,010.7534.26% 1.1123.33%卫士通31,742.97-37.56%-1,896.45-121.55%970.23-89.19%0.1-80.00%蓝盾股份34,520.3923.83%5,093.518.68%5,809.0811.03%0.63-11.27%行业均值35,467.5423.36%3,222.46-11.22%4,774.65-5.06%0.56-13.28%注：数据来源上市公司2012年度报告。
二、盈利能力分析净利润率营业利润率毛利率净资产收益率公司名称2012年去年同去年同期2012年去年同期2012年去年同期启明星辰任子行北信源10.12%14.14% 6.51%8.36%60.72%66.06% 6.00% 5.79% 22.45%22.57%14.42%20.71%56.66%55.66%9.52%27.11% 31.64%35.27%30.54%29.16%88.00%89.90%10.15%29.47%卫士通蓝盾股份均值3.06%17.66%-5.97%17.31%58.44%58.55% 1.62%14.58% 16.83%18.77%14.76%16.81%44.32%45.00%8.84%21.03% 16.82%21.68%12.05%18.47%61.63%63.03%7.23%19.60%注：净利润率=净利润/营业收入营业利润率=营业利润/营业收入，营业利润率能更好反应公司主营业务盈利的状况毛利率=（营业收入-营业成本）/营业收入净资产收益率=净利润/净资产，反映公司利用自有资本的效率三、应收账款分析（1）应收账款占比分析公司名称启明星辰任子行北信源卫士通蓝盾股份均值应收账款占营业收入比例应收账款占流动资产比例应收账款周转率2012年去年同期2012年去年同期2012年去年同期0.480.610.330.29 2.06 1.630.210.100.100.17 4.7210.260.820.510.250.401.22 1.970.660.370.300.28 1.52 2.730.460.280.250.27 2.15 3.550.530.370.250.28 2.33 4.03注：应收账款与营业收入的比例用来衡量公司抗风险能力，过高会导致坏账风险的增加。
应收账款占流动资产的比重用来衡量流动资产的优质性，越低越好。
应收账款周转率=营业收入/应收账款。
反映公司应收账款周转速度的比率。
它说明一定期间内公司应收账款转为现金的平均次数。
比率越大往往说明周转效率越高。
（2）2012年应收账款账龄结构四、三项费用分析公司名称启明星辰任子行北信源卫士通蓝盾股份行业均值营业总成本占营收比重管理费用占营收比重销售费用占营收比重2012年去年同期2012年去年同期2012年去年同期93.74%91.86%20.39%24.96%31.41%31.57% 87.44%79.79%30.41%25.00%10.45%9.42% 69.46%70.86%26.23%27.47%27.65%29.61% 105.89%83.06%32.72%22.38%24.23%16.73% 85.24%83.19%16.58%16.87%9.06%7.11% 88.35%81.75%25.27%23.34%20.56%18.89%五、现金流量分析附件：主营业务构成情况 1、启明星辰营业收入营业成本毛利率(%)营业收入比上 年同期增减 （%）营业成本比上年 同期增减（%）毛利率比上 年同期增减 （%）分行业 信息网络安全 708,308,273.38 278,220,218.6460.72% 73.42% 99.43% -5.12% 分产品 华北 305,733,400.49 143,412,146.38 53.09% 73.49% 120.45% -10% 西南 68,327,034.41 24,453,086.01 64.21% 23.62% 59.16% -7.99% 华南 78,679,531.77 35,120,261.27 55.36% 44.41% 66.65% -5.96% 华东58,755,393.9916,535,327.4471.86%101.74%159.09%-6.23%东北 26,817,004.557,257,197.08 72.94% 7.02%13.44% -1.53% 西北 55,751,302.84 17,855,309.24 67.97% 28.15% -3.59% 10.54% 华中114,244,605.3333,586,891.2270.6%361.27%400.17%-2.29%2、任子行营业收入营业成本毛利率(%)营业收入比 上年 同期增 减（%）营业成本比 上年 同期 增减（%）毛利率比 上年同 期 增减 （%）分行业 分产品出口 30,704,136.64 4,052,616.38 86.8% 东北地区 7,561,571.66 2,114,625.95 72.03% 7% -21.62% 10.21% 华北地区 54,666,097.04 30,042,072.64 45.04% -26.24% -31.69% 4.39% 华东地区 12,523,295.87 7,307,610.54 41.65% 9.51% 63.51% -19.27% 华南地区 41,267,670.90 19,206,194.96 53.46% 4.34% 61.67% -16.5% 华中地区 11,798,567.28 7,382,315.54 37.43% -2.43% 66.01% -25.8% 西北地区 16,624,189.24 6,536,489.22 60.68% -0.69% 39.99% -11.42% 西南地区17,820,072.167,319,469.0958.93%27.04%80.41%-12.15%3、北信源营业收入营业成本毛利率(%)营业收入比上年同期增减（%）营业成本比上年 同期增减（%）毛利率比上年 同 期增减 （%）分行业 金融行业 11,016,556.88 527,587.87 95.21% 184.49% 137.86% 0.94% 军工行业 7,603,130.61 1,810,308.53 76.19% 164.85% 571.56% -14.42% 能源行业 41,043,398.44 1,606,929.15 96.08% 53.59% 411.56% -2.74% 政府行业 10,063,886.50 1,795,574.21 82.16% -42.87% 90.97% -12.5% 其他行业119,115,252.616,355,322.8886.27%60.1%58.5%0.14%2分产品软件产品138,734,369.6 4,715,143.8396.6%43.72%309.42%-2.21% 4技术服务27,435,513.65 2,530,911.43 90.78% 93.86% 140.97% -1.8% 硬件及其他22,672,341.76 14,849,667.38 34.5% 53.21% 50.57% 1.15% 分地区华东45,311,733.23 11,212,089.15 75.26% 8.24% 40.26% -5.65% 华南21,422,665.77 162,673.75 99.24% 65.53% 225.79% -0.37% 华中19,707,792.05 232,486.11 98.82% 248.61% 1,873.17% -0.97% 华北65,058,390.23 3,387,345.48 94.79% 46.3% 407.33% -3.71% 西北5,534,594.69 133,470.47 97.59% -4.49% 840.25% -2.17% 西南17,467,928.95 214,196.59 98.77% 135.34% 78.65% 0.39% 东北14,339,120.13 6,753,461.09 52.9% 95.44% 110.58% -3.39% 港澳台0.00 0.00 0% -100% -100% -93.17%4、卫士通营业收入营业成本毛利率(%)营业收入比上年同期增减（%）营业成本比上年同期增减（%）毛利率比上年同期增减（%）分行业信息安全行业317,100,862.23 131,865,701.70 58.42% -37.61% -37.41% -0.13% 分产品单机产品169,481,274.83 30,621,900.46 81.93% -36.84% -50.91% 5.18% 系统产品21,777,193.83 2,935,447.38 86.52% -64.44% -67.93% 1.47% 安全服务与集成110,840,476.16 85,222,646.29 23.11% -28.48% -27.53% -1.01% 其他15,001,917.41 13,085,707.57 12.77% -36.59% -39.24% 3.81% 分地区东北8,528,417.62 2,521,245.57 70.44% -57.31% -74.91% 20.75% 华北108,076,773.15 46,385,313.41 57.08% -19.05% 23.68% -14.83% 华东54,040,387.38 24,647,406.30 54.39% -50.51% -53.21% 2.64% 华南17,589,282.39 3,272,565.54 81.39% -40.86% -66.74% 14.47% 华中8,470,798.30 1,924,774.01 77.28% -32.91% -43.71% 4.36% 西北17,400,235.73 9,753,714.50 43.94% -59.41% -38.81% -18.88% 西南101,994,093.79 43,276,415.50 57.57% -36.21% -46.72% 8.37% 境外1,000,873.87 84,266.87 91.58% 157.29% 565.29% -5.16%5、蓝盾股份营业收入营业成本毛利率(%)营业收入比上年同期增减（%）营业成本比上年同期增减（%）毛利率比上年同期增减2110,208,524.82 39.03%48.88%55.84%-2.72% 344,123,786.95 55.9% 66.39%90.65%-5.61%7166,308,601.91 32.37%23.73%28.62%-2.58%5170,693,539.55 45.27%17.03%15.9%0.54%（%）分行业 政府机关180,761,284.6系统集成商100,046,058.5教育机构 31,431,059.75 19,289,832.08 38.63% -42.17% -44.83% 2.96% 制造贸易 7,896,489.86 4,694,221.78 40.55% -23.48% -17.53% -4.29% 电信业 16,482,739.25 9,892,317.30 39.98% 23.85% 68.05% -15.78% 其他 8,586,230.93 3,988,187.82 53.55% -55.39% -69.15% 20.73% 分产品 安全产品 78,634,397.68 21,358,917.1472.84%48.09%20.68% 6.17% 安全集成245,902,317.2安全服务 20,667,147.99 4,529,351.70 78.08% -23.24% -28.52% 1.62% 分地区东北 149,743.59 34,228.60 77.14% -93.81% -96.69% 19.9% 华北 7,228,394.47 5,114,016.28 29.25% 53.1% 112.4% -19.75% 华东 2,231,930.61 1,120,448.2649.8%18.23%-24.82% 28.75% 华南311,869,632.7华中 6,445,303.44 4,139,678.15 35.77% 494.6% 840.66% -23.63% 西北 3,865,682.84 1,759,702.12 54.48% 2,666.27% 2,720.03% -0.87% 西南13,413,175.249,335,257.7930.4%557.1%1,408.34%-39.28%出师表两汉：诸葛亮先帝创业未半而中道崩殂，今天下三分，益州疲弊，此诚危急存亡之秋也。