福田汽车之殇：巨亏35亿出售宝沃甩包袱能否止血？-小产权房558

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　　研读年报，.fan_blank class=infotextkey>g558.com/futian/ tar_blank class=infotextkey>get=_blank class=infotextkey>福田_blank class=infotextkey>get=_blank class=infotextkey>汽车当前较_blank class=infotextkey>get=_blank class=infotextkey>高的无形_blank class=infotextkey>get=_blank class=infotextkey>资产余额_blank class=infotextkey>部分与研发支出资本化_blank class=infotextkey>get=_blank class=infotextkey>有关。

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　　_blank class=infotextkey>get=_blank class=infotextkey>简_blank class=infotextkey>单的说，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司对于研发支出的_blank class=infotextkey>get=_blank class=infotextkey>处理_blank class=infotextkey>get=_blank class=infotextkey>方式_blank class=infotextkey>get=_blank class=infotextkey>有两种，_blank class=infotextkey>get=_blank class=infotextkey>一种是_blank class=infotextkey>get=_blank class=infotextkey>费用化，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>小_blank class=infotextkey>get=_blank class=infotextkey>产权_blank class=infotextkey>get=_blank class=infotextkey>房能_blank class=infotextkey>get=_blank class=infotextkey>买吗，_blank class=infotextkey>get=_blank class=infotextkey>一种是资本化。这两种_blank class=infotextkey>get=_blank class=infotextkey>处理_blank class=infotextkey>get=_blank class=infotextkey>方式对于当期利润的_blank class=infotextkey>get=_blank class=infotextkey>影响_blank class=infotextkey>get=_blank class=infotextkey>有所_blank class=infotextkey>不同：_blank class=infotextkey>get=_blank class=infotextkey>费用化的研发支出 _blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>get=_blank class=infotextkey>降低当期利润，资本化的研发支出则_blank class=infotextkey>get=_blank class=infotextkey>需要在_blank class=infotextkey>get=_blank class=infotextkey>未来摊销，_blank class=infotextkey>get=_blank class=infotextkey>影响_blank class=infotextkey>get=_blank class=infotextkey>未来的利润。通_blank class=infotextkey>get=_blank class=infotextkey>常来说，_blank class=infotextkey>如果_blank class=infotextkey>不_blank class=infotextkey>get=_blank class=infotextkey>考虑起价因素，研发支出资本化_blank class=infotextkey>比例越_blank class=infotextkey>get=_blank class=infotextkey>高，对_blank class=infotextkey>get=_blank class=infotextkey>未来利润_blank class=infotextkey>get=_blank class=infotextkey>压力越_blank class=infotextkey>get=_blank class=infotextkey>大；_blank class=infotextkey>get=_blank class=infotextkey>费用化_blank class=infotextkey>比例越_blank class=infotextkey>get=_blank class=infotextkey>高，对当期利润_blank class=infotextkey>get=_blank class=infotextkey>影响越_blank class=infotextkey>get=_blank class=infotextkey>大。

　　根据财报，.fan_blank class=infotextkey>g558.com/futian/ tar_blank class=infotextkey>get=_blank class=infotextkey>福田_blank class=infotextkey>get=_blank class=infotextkey>汽车_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>get=_blank class=infotextkey>5年及_blank class=infotextkey>get=_blank class=infotextkey>201_blank class=infotextkey>get=_blank class=infotextkey>6年资本化率_blank class=infotextkey>get=_blank class=infotextkey>均为57%，而在_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年增加至64%。根据.fan_blank class=infotextkey>g558.com/futian/ tar_blank class=infotextkey>get=_blank class=infotextkey>福田_blank class=infotextkey>get=_blank class=infotextkey>汽车_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年年报_blank class=infotextkey>get=_blank class=infotextkey>提供的可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司资本化率在同_blank class=infotextkey>get=_blank class=infotextkey>行业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>中处于相对较_blank class=infotextkey>get=_blank class=infotextkey>高_blank class=infotextkey>get=_blank class=infotextkey>水平，在_blank class=infotextkey>get=_blank class=infotextkey>十家可比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>中_blank class=infotextkey>get=_blank class=infotextkey>排名_blank class=infotextkey>第二。

　　_blank class=infotextkey>get=_blank class=infotextkey>由于过往_blank class=infotextkey>get=_blank class=infotextkey>年度的资本化率较_blank class=infotextkey>get=_blank class=infotextkey>高，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司无形_blank class=infotextkey>get=_blank class=infotextkey>资产余额由_blank class=infotextkey>get=_blank class=infotextkey>2014_blank class=infotextkey>get=_blank class=infotextkey>年底的_blank class=infotextkey>36.91_blank class=infotextkey>get=_blank class=infotextkey>亿元增加至_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年底的69.17_blank class=infotextkey>get=_blank class=infotextkey>亿元，增加了87.40%。

　　_blank class=infotextkey>get=_blank class=infotextkey>2018_blank class=infotextkey>get=_blank class=infotextkey>年底，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司无形_blank class=infotextkey>get=_blank class=infotextkey>资产余额_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降至44.84_blank class=infotextkey>get=_blank class=infotextkey>亿元，_blank class=infotextkey>get=_blank class=infotextkey>主要因_blank class=infotextkey>get=_blank class=infotextkey>北京宝沃_blank class=infotextkey>get=_blank class=infotextkey>资产_blank class=infotextkey>get=_blank class=infotextkey>重_blank class=infotextkey>get=_blank class=infotextkey>分类至持_blank class=infotextkey>get=_blank class=infotextkey>有待售_blank class=infotextkey>get=_blank class=infotextkey>资产，而_blank class=infotextkey>原_blank class=infotextkey>get=_blank class=infotextkey>有相关无形_blank class=infotextkey>get=_blank class=infotextkey>资产的摊销仍_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>get=_blank class=infotextkey>影响当期利润。财报_blank class=infotextkey>get=_blank class=infotextkey>显示，.fan_blank class=infotextkey>g558.com/futian/ tar_blank class=infotextkey>get=_blank class=infotextkey>福田_blank class=infotextkey>get=_blank class=infotextkey>汽车_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年的无形_blank class=infotextkey>get=_blank class=infotextkey>资产摊销_blank class=infotextkey>get=_blank class=infotextkey>费用为7.14亿，同比增加67.97%。

　　在无形_blank class=infotextkey>get=_blank class=infotextkey>资产摊销增加的_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>降低了_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年研发_blank class=infotextkey>get=_blank class=infotextkey>投入资本化率，提_blank class=infotextkey>get=_blank class=infotextkey>高了研发_blank class=infotextkey>get=_blank class=infotextkey>投入_blank class=infotextkey>get=_blank class=infotextkey>费用化率，这进一步蚕食了_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的利润。

　　_blank class=infotextkey>g>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年研发支出资本化率_blank class=infotextkey>get=_blank class=infotextkey>降低，研发_blank class=infotextkey>get=_blank class=infotextkey>费用增加_blank class=infotextkey>g>

　　财报_blank class=infotextkey>get=_blank class=infotextkey>显示，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司研发_blank class=infotextkey>get=_blank class=infotextkey>投入资本化率为4_blank class=infotextkey>get=_blank class=infotextkey>2.55%，较_blank class=infotextkey>get=_blank class=infotextkey>上一年_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降了_blank class=infotextkey>get=_blank class=infotextkey>21.45%；而研发_blank class=infotextkey>get=_blank class=infotextkey>费用为15.17_blank class=infotextkey>get=_blank class=infotextkey>亿元，较_blank class=infotextkey>get=_blank class=infotextkey>上年增加了6.5_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>亿元，这直接减_blank class=infotextkey>get=_blank class=infotextkey>少当期利润。

_blank class=infotextkey>gn="center">_blank class=infotextkey>g alt=".fan_blank class=infotextkey>g558.com/futian/ tar_blank class=infotextkey>get=_blank class=infotextkey>福田_blank class=infotextkey>get=_blank class=infotextkey>汽车之殇：巨亏_blank class=infotextkey>35亿，_blank class=infotextkey>get=_blank class=infotextkey>出售宝沃甩包袱能否止血？" src="_blank class=infotextkey>getim_blank class=infotextkey>g.jrj.com.cn/ima_blank class=infotextkey>ges//05/weixin/one_0507070_blank class=infotextkey>30_blank class=infotextkey>get=_blank class=infotextkey>215_blank class=infotextkey>get=_blank class=infotextkey>2.jp_blank class=infotextkey>g">

　　研发_blank class=infotextkey>get=_blank class=infotextkey>费用_blank class=infotextkey>get=_blank class=infotextkey>中，增加较_blank class=infotextkey>get=_blank class=infotextkey>多的是_blank class=infotextkey>get=_blank class=infotextkey>人工费。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>人工费为5.91_blank class=infotextkey>get=_blank class=infotextkey>亿元，同比_blank class=infotextkey>get=_blank class=infotextkey>增长了61.7_blank class=infotextkey>get=_blank class=infotextkey>2%。

　　_blank class=infotextkey>g>_blank class=infotextkey>get=_blank class=infotextkey>财务_blank class=infotextkey>get=_blank class=infotextkey>费用攀升，_blank class=infotextkey>get=_blank class=infotextkey>短期偿债能力承压_blank class=infotextkey>g>

　　据年报披露，.fan_blank class=infotextkey>g558.com/futian/ tar_blank class=infotextkey>get=_blank class=infotextkey>福田_blank class=infotextkey>get=_blank class=infotextkey>汽车_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>财务_blank class=infotextkey>get=_blank class=infotextkey>费用为7.68_blank class=infotextkey>get=_blank class=infotextkey>亿元，同比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上涨了71.95pct。.fan_blank class=infotextkey>g558.com/futian/ tar_blank class=infotextkey>get=_blank class=infotextkey>福田_blank class=infotextkey>get=_blank class=infotextkey>汽车_blank class=infotextkey>get=_blank class=infotextkey>解释，_blank class=infotextkey>get=_blank class=infotextkey>财务_blank class=infotextkey>get=_blank class=infotextkey>费用的_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上涨源于_blank class=infotextkey>get=_blank class=infotextkey>贷款导致的借款增加。

　　根据年报_blank class=infotextkey>get=_blank class=infotextkey>资料_blank class=infotextkey>get=_blank class=infotextkey>显示，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>连续两年_blank class=infotextkey>get=_blank class=infotextkey>经营性净_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>流为负，依靠自_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>资_blank class=infotextkey>get=_blank class=infotextkey>金维持运转已经较_blank class=infotextkey>困难。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年，.fan_blank class=infotextkey>g558.com/futian/ tar_blank class=infotextkey>get=_blank class=infotextkey>福田_blank class=infotextkey>get=_blank class=infotextkey>汽车的_blank class=infotextkey>get=_blank class=infotextkey>长期借款_blank class=infotextkey>get=_blank class=infotextkey>金额达5_blank class=infotextkey>3._blank class=infotextkey>08_blank class=infotextkey>get=_blank class=infotextkey>亿元，同比_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上涨了88.78%；_blank class=infotextkey>get=_blank class=infotextkey>短期借款为9_blank class=infotextkey>get=_blank class=infotextkey>2.65_blank class=infotextkey>get=_blank class=infotextkey>亿元，同比_blank class=infotextkey>get=_blank class=infotextkey>小幅_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降1.9_blank class=infotextkey>3%。

　　尽管_blank class=infotextkey>get=_blank class=infotextkey>短期借款_blank class=infotextkey>get=_blank class=infotextkey>金额_blank class=infotextkey>get=_blank class=infotextkey>小幅_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降，但是_blank class=infotextkey>get=_blank class=infotextkey>由于基数庞_blank class=infotextkey>get=_blank class=infotextkey>大，加_blank class=infotextkey>get=_blank class=infotextkey>上巨额的亏损和_blank class=infotextkey>get=_blank class=infotextkey>持续的净_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>流出，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的_blank class=infotextkey>get=_blank class=infotextkey>短期偿债能力仍然_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>面临一_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>压力。财报_blank class=infotextkey>get=_blank class=infotextkey>数据_blank class=infotextkey>get=_blank class=infotextkey>显示：.fan_blank class=infotextkey>g558.com/futian/ tar_blank class=infotextkey>get=_blank class=infotextkey>福田_blank class=infotextkey>get=_blank class=infotextkey>汽车的_blank class=infotextkey>get=_blank class=infotextkey>流动比率为0.96，_blank class=infotextkey>get=_blank class=infotextkey>低于1._blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2的_blank class=infotextkey>get=_blank class=infotextkey>行业均值。

　　年_blank class=infotextkey>get=_blank class=infotextkey>一季度_blank class=infotextkey>get=_blank class=infotextkey>出售宝沃_blank class=infotextkey>get=_blank class=infotextkey>汽车_blank class=infotextkey>get=_blank class=infotextkey>股权，_blank class=infotextkey>如果_blank class=infotextkey>get=_blank class=infotextkey>能够_blank class=infotextkey>get=_blank class=infotextkey>顺利补血，或许_blank class=infotextkey>get=_blank class=infotextkey>能够在某种程度_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>改善_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的整_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>流，_blank class=infotextkey>get=_blank class=infotextkey>降低偿债_blank class=infotextkey>get=_blank class=infotextkey>压力。

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