过去曾写过一个汾酒的帖子，目前看来是比较失败的。虽然翌年首季数据给了我们及时回避的机会，但亦不能因此否认当初认识上的错误，为此我也比较遗憾，并更加谨慎地观察和等待汾酒。
前几天公布的三季报让我感觉比较好，认为是一个契机，便推荐给许多朋友买入。也听到了一些不同意见，认为三季度业绩是促销压货而来，类似于去年末季，容易对下一季造成非常大的影响。我的看法是：不可能。首先从现金流上我们可以看出，去年是赊销而今年是现款。其次，去年单季毛利相对下降而今年是大幅上升。我们知道一般企业促销是有5到8个点的折让的，没有毛利越促越高的道理。而且就算是促销压货造成的增长也应该以积极的心态来看待，毕竟在今年体制变化和上半年销售萎缩以及价格大幅提高的情况下经销商敢于现款接货的行为本身也说明渠道的理顺和市场的认可。并且良性的促销本来就是企业主动出击的表现，这有利于产销关系的平衡、渠道资源的占据和经销伙伴重视等多个方面，毕竟任何商家对压住了资金和仓库的产品都会额外重视，所以我向来是以乐观的心态面对企业的促销“拳”的，当然，这里是不包含“赊销和记库”这两种恶性促销的，因为它不但不能吸纳外部资源还会导致自身资源的浪费和外流，是企业虚弱的无奈之举。像汾酒去年末季就属于这样的恶搞，并以此导致了上半年市场的崩溃。还有，很多人把销售当作是一种稳定平衡的东西，认为这个季度多了下个季度就会少，这是完全错误的，事实上做过快速消费品的人都应该知道，增长本身会带来增长，因为增长意味着新的市场、新的合作关系、新的渠道方式和新的销售信心，并且产品本身的铺开是最好的营销宣传方式，它能够带来新增的消费体验和重复购买，这也是我过去为什么总是在消费品公司突破性增长后追高买入、在其停止增长时卖出的原因。
另外，关于管理的问题。无可争辩的是，市场对汾酒公司的管理评分是相当低的，对此我并不否认，其实我们稍加注意便可得知，在整个中国的白酒行业，除五粮液、泸洲老窖外大部分白酒企业的管理素质都非常之低（其中包括茅台），毕竟大家都是落后偏远地区、都是国有机制和传统经营模式，谁并不比谁好到哪里去，但为什么汾酒在这个问题上就特别突出呢？原因在于汾酒的工商联合经营的方式较其他方法更混乱和难以掌握与梳理，这有历史原因造成的路径依赖，也有公司在落后情况下的缺乏自信有关，不敢高举高打、宁缺毋滥，从而不断地降低经销伙伴的选择标准。其实像价格混乱、渠道混乱等问题并不是完全靠企业能解决的，如果经销商缺乏铺货能力和客情关系、供需不能衔接，厂家的治理只会起到丢失市场的效果。所以汾酒过去的问题是台没搭好戏就没法唱，里面更多的是决心和利益问题。今年的改革主要针对的就是这些方面，思路非常到位，也很正气，虽然付出了半年销售下滑的局面，但这是值得的，从三季度销售情况来看，我认为已经取得了初步的成果，企业敢放客户肯接这本身就表示对改革效果的肯定与自信，而且这样的调整只用了半年时间更说明汾酒的生命力。毕竟它拥有全行业最优异的自然禀赋：完美的出酒率、行业最高的投入产出比、灵活的生产能力和通行的香型口味还有众酒之祖的历史文化，在目前的经济波动中其他企业面临原有路径瓶颈、渠道和消费在经济起落中必然也会孕育新的机遇，这些都是我所期待的。因此，虽然熊市尚未结束但我依然选择买入并长期持有。毕竟，目前的价格在未来3年可能只有5到8倍的PE，我相信是极度安全的。
下面我把汾酒最新的数据分析贴出来，由于是电脑录入的，资产表中的个别项没有数据源，我的表格自动类比引用了过往数据，所以有些地方需要忽略来看。
| 山西汾酒 | 08Q3 | 08Q2 | 08Q1 | 07Q4 | 07Q3 | 07Q2 | 07Q1 | 06Q4 | 06Q3 | 06Q2 | 06Q1 | 05Q4 |
| 当季收盘价 | 10.15 | 13.01 | 19.93 | 36.8 | 40.03 | 33.58 | 32.19 | 30.99 | 17.63 | 17.37 | 11.36 | 8.03 |
| 赢利能力评分-注1 | 91.58 | 63.58 | 53.65 | 100.00 | 98.78 | 100.00 | 96.61 | 100.00 | 98.89 | 99.34 | 100.00 | 82.06 |
| 成长能力评分-注2 | 0.00 | 0.00 | 0.00 | 77.41 | 23.90 | 55.88 | 26.50 | 90.00 | 90.00 | 90.00 | 90.00 | 86.98 |
| 估值情况评分-注3 | 68.70 | 19.92 | 9.74 | 34.17 | 21.60 | 32.79 | 28.04 | 27.78 | 41.44 | 43.10 | 66.72 | 41.53 |
| 信用情况评分-注4 | 91.63 | 88.70 | 87.49 | 92.06 | 91.99 | 85.84 | 91.44 | 91.57 | 91.64 | 92.56 | 93.05 | 88.01 |
| 综合情况评价-注5 | 53.81 | 19.19 | 7.90 | 75.24 | 42.54 | 67.05 | 54.67 | 78.02 | 81.05 | 81.67 | 87.83 | 73.95 |
| 每股收益（元） | 0.46 | 0.14 | 0.06 | 0.83 | 0.57 | 0.45 | 0.31 | 0.60 | 0.53 | 0.36 | 0.26 | 0.31 |
| 预估全年每股收益（元） | 0.67 | 0.26 | 0.17 | 0.83 | 0.65 | 0.76 | 0.72 | 0.60 | 0.54 | 0.55 | 0.68 | 0.31 |
| 每股净资产（元） | 3.66 | 3.25 | 3.29 | 3.24 | 2.96 | 2.82 | 3.18 | 2.58 | 2.51 | 2.34 | 2.44 | 2.19 |
| 每股自由现金流(元) | 1.24 | 0.42 | 0.04 | 0.03 | 0.48 | 0.52 | 0.14 | 0.81 | 0.97 | 0.42 | 0.27 | 0.24 |
| 当季净利润(亿) | 1.37 | 0.34 | 0.28 | 1.13 | 0.52 | 0.61 | 1.33 | 0.31 | 0.76 | 0.43 | 1.11 | 0.02 |
| 当季主营业务收入(亿) | 5.38 | 2.72 | 3.16 | 5.45 | 3.53 | 3.58 | 5.91 | 3.33 | 3.59 | 2.39 | 5.88 | 2.44 |
| 预估全年净利润(亿) | 2.91 | 1.14 | 0.76 | 3.60 | 2.80 | 3.30 | 3.13 | 2.61 | 2.33 | 2.37 | 2.95 | 1.32 |
| 预估全年主营业务收入(亿) | 15.97 | 11.44 | 9.86 | 18.47 | 16.67 | 17.43 | 15.28 | 15.19 | 15.35 | 16.78 | 22.82 | 10.72 |
| 市净率(倍) | 2.78 | 4.01 | 6.06 | 11.36 | 13.55 | 11.91 | 10.13 | 11.99 | 7.02 | 7.43 | 4.65 | 3.67 |
| 市销率(折算为全年数据) | 2.85 | 5.03 | 8.86 | 8.69 | 10.46 | 8.39 | 9.20 | 8.89 | 5.03 | 4.52 | 2.19 | 3.29 |
| 市盈率(折算为全年数据) | 15.10 | 49.25 | 114.21 | 44.31 | 61.88 | 44.07 | 44.48 | 51.34 | 32.71 | 31.74 | 16.68 | 26.28 |
| 市盈率(倍)(含债调整去息税)折为全年 | 15.10 | 49.25 | 114.21 | 44.31 | 61.88 | 44.07 | 44.48 | 51.34 | 32.71 | 31.74 | 16.68 | 26.35 |
| ＰＥＲ（以当期ＲＯＥ为增长标准） | 0.87 | 6.28 | 22.23 | 1.73 | 2.90 | 1.81 | 2.21 | 2.20 | 1.53 | 1.47 | 0.70 | 1.88 |
| ＰＥＧ（以３年均净利增长为标准） | 0.39 | 2.21 | 6.10 | 0.72 | 1.21 | 0.77 | 0.80 | 0.60 | 0.42 | 0.40 | 0.18 | 0.24 |
| ＰＥＧ（以３年均收入增长为标准） | 0.91 | 5.85 | 20.52 | 1.46 | 2.34 | 1.57 | 1.90 | 1.49 | 0.93 | 0.80 | 0.29 | 0.95 |
| 预估全年总资产报酬率 | 14.41% | 6.22% | 4.25% | 19.06% | 15.33% | 17.26% | 16.43% | 15.77% | 13.95% | 15.94% | 17.92% | 9.91% |
| 预估全年投入资本报酬率 | 18.38% | 8.14% | 5.31% | 25.64% | 21.89% | 27.01% | 22.77% | 21.67% | 19.85% | 21.95% | 25.86% | 13.26% |
| 预估全年股东权益报酬率 | 17.37% | 7.85% | 5.14% | 25.64% | 21.33% | 24.32% | 20.13% | 23.36% | 21.39% | 21.64% | 23.75% | 13.98% |
| 二级市场自由现金收益率-报表期 | 13.98% | 3.45% | 0.21% | 0.08% | 1.22% | 1.59% | 0.46% | 2.70% | 5.85% | 2.50% | 2.47% | 3.06% |
| 总收入同比增长率 | -13.50% | -38.06% | -46.63% | 21.61% | 9.78% | 14.78% | 0.62% | 41.72% | 43.24% | 56.61% | 112.94% | 27.99% |
| 净利润同比增长率 | -19.09% | -68.20% | -78.99% | 37.59% | 7.18% | 26.22% | 19.89% | 97.54% | 76.39% | 79.07% | 122.90% | 48.69% |
| 当季收入同比增长率 | 52.53% | -23.89% | -46.63% | 63.71% | -1.72% | 49.58% | 0.62% | 36.56% | 19.70% | -5.10% | 112.94% | -18.36% |
| 当季净利润同比增长率 | 165.79% | -44.74% | -78.99% | 260.07% | -31.65% | 42.58% | 19.89% | 1503.64% | 71.18% | 18.72% | 122.90% | -61.10% |
| 净利润率 | 17.71% | 10.53% | 8.88% | 19.47% | 18.93% | 20.52% | 22.55% | 17.21% | 19.39% | 18.66% | 18.93% | 12.35% |
| 税前利润率 | 30.12% | 18.80% | 11.16% | 36.16% | 34.07% | 36.90% | 40.27% | 32.75% | 36.83% | 35.55% | 37.65% | 25.60% |
| 主营业务利润率 | 61.90% | 59.23% | 59.59% | 61.57% | 62.33% | 62.76% | 62.13% | 55.18% | 54.86% | 53.67% | 51.60% | 50.83% |
| 当季净利润率 | 25.54% | 12.46% | 8.88% | 20.76% | 14.66% | 17.16% | 22.55% | 9.44% | 21.08% | 18.00% | 18.93% | 0.80% |
| 当季税前利润率 | 42.48% | 27.66% | 41.31% | 41.14% | 26.46% | 31.33% | 27.95% | 18.19% | 39.79% | 30.38% | 10.96% | 5.59% |
| 当季主营业务利润率 | 64.82% | 58.80% | 59.59% | 59.75% | 61.18% | 63.79% | 62.13% | 56.30% | 57.62% | 58.74% | 51.60% | 49.78% |
| 当季权益报酬率 | 8.68% | 2.41% | 1.97% | 8.07% | 4.04% | 5.02% | 9.69% | 2.81% | 6.96% | 4.25% | 10.51% | 0.21% |
| 经营性现金流同比增长率 | 110.76% | -12.53% | -52.94% | -80.67% | -43.33% | 24.37% | -42.09% | 154.05% | 205.69% | 37.17% | 61.10% | 222.25% |
| 综合业务利润率 | 61.90% | 59.23% | 59.59% | 61.57% | 62.33% | 62.76% | 62.13% | 55.18% | 54.86% | 53.67% | 51.60% | 50.83% |
| 当季综合业务利润率 | 64.82% | 58.80% | 59.59% | 59.75% | 61.18% | 63.79% | 62.13% | 56.30% | 57.62% | 58.74% | 51.60% | 49.78% |
| 资本支出与销售收入比 | -0.01% | 4.84% | 4.73% | 3.39% | 3.65% | 1.90% | 1.47% | 2.52% | 2.35% | 1.50% | 1.04% | 4.81% |
| 总市值(亿) | 43.94 | 56.32 | 86.28 | 159.32 | 173.30 | 145.38 | 139.36 | 134.16 | 76.32 | 75.20 | 49.18 | 34.76 |
| 总市值与报表期现金流量之比 | 数据为空 | 数据为空 | 数据为空 | 数据为空 | 数据为空 | 数据为空 | 数据为空 | 54.66 | 23.78 | 75.79 | 42.73 | 128.55 |
| 总市值中的现金比例 | 12.95% | 5.97% | 2.20% | 1.08% | 2.10% | 3.29% | 3.57% | 2.87% | 6.04% | 3.18% | 5.19% | 4.03% |
| 生息负债与净资产比率 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.09% | 0.11% |
| 营业费用与收入之比 | 20.41% | 27.46% | 39.61% | 19.65% | 21.18% | 19.81% | 17.15% | 14.02% | 10.72% | 11.85% | 9.44% | 14.85% |
| 管理费用与收入之比 | 8.83% | 9.97% | 7.44% | 4.98% | 6.36% | 5.06% | 4.65% | 8.28% | 7.02% | 5.84% | 4.30% | 10.05% |
| 财务费用与收入之比 | 0.02% | 0.24% | 0.71% | -0.19% | -0.16% | -0.17% | -0.11% | -0.11% | -0.09% | -0.05% | 0.01% | -0.05% |
| 期间费用占收入比 | 29.27% | 37.67% | 47.77% | 24.44% | 27.38% | 24.71% | 21.69% | 22.18% | 17.66% | 17.63% | 13.75% | 24.86% |
| 当季期间费用占收入比 | 20.08% | 25.97% | 47.77% | 17.43% | 34.58% | 29.69% | 21.69% | 38.29% | 17.72% | 27.17% | 13.75% | 42.57% |
| 期间费用占收入比同比增长率 | 6.88% | 52.49% | 120.23% | 10.20% | 55.08% | 40.13% | 57.77% | -10.78% | -10.11% | -4.79% | -17.42% | 6.08% |
| 当季期间费用占收入比同比增长率 | -41.92% | -12.54% | 120.23% | -54.48% | 95.17% | 9.27% | 57.77% | -10.06% | -18.05% | 32.13% | -17.42% | 24.06% |
| 债务杠杆 | 1.27 | 1.31 | 1.25 | 1.35 | 1.43 | 1.57 | 1.39 | 1.48 | 1.54 | 1.47 | 1.56 | 1.41 |
| 生息负债率 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.06% | 0.07% |
| 资产负债率 | 21.57% | 23.61% | 19.94% | 25.68% | 29.96% | 36.12% | 27.83% | 32.49% | 34.98% | 31.89% | 35.72% | 29.08% |
| 每股生息负债(元) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 生息债务占负债比率 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.20% | 0.30% |
| 每股现金保有额(元) | 1.31 | 0.78 | 0.44 | 0.40 | 0.84 | 1.10 | 1.15 | 0.89 | 1.06 | 0.55 | 0.59 | 0.32 |
| 存货环比增长率 | 数据为空 | 数据为空 | 数据为空 | 数据为空 | 数据为空 | 数据为空 | 2.72% | 14.53% | -4.64% | 15.66% | -11.91% | 16.59% |
| 应收帐款环比增长率 | 数据为空 | 数据为空 | 数据为空 | 数据为空 | 数据为空 | 数据为空 | 35.33% | -3.31% | -2.39% | -35.38% | 35.46% | -31.15% |
| 存货同比增长率 | 数据为空 | 数据为空 | 数据为空 | 2.72% | 17.64% | 12.19% | 29.76% | 11.28% | 13.28% | 8.27% | -2.03% | 16.64% |
| 应收帐款同比增长率 | 数据为空 | 数据为空 | 数据为空 | 35.33% | 30.85% | 27.72% | -17.47% | -17.39% | -41.17% | -26.16% | 20.76% | -5.48% |
| 预收帐款同比增长率 | 252.69% | 141.31% | 11.05% | -86.22% | -45.49% | -9.90% | -60.13% | 2.48% | 154.78% | 132.27% | 565.35% | 135.26% |
| 存货周转率 – 单期值 | 0.88 | 0.65 | 0.58 | 1.00 | 0.87 | 0.91 | 0.82 | 0.98 | 1.12 | 1.17 | 1.98 | 0.81 |
| 总资产周转率-单期值 | 0.79 | 0.62 | 0.55 | 0.98 | 0.91 | 0.91 | 0.80 | 0.92 | 0.92 | 1.13 | 1.39 | 0.80 |
| 净资产周转率-单期值 | 1.01 | 0.81 | 0.69 | 1.32 | 1.30 | 1.43 | 1.11 | 1.36 | 1.41 | 1.66 | 2.16 | 1.13 |
| 应收帐款周转率–单期值 | 18.00 | 12.89 | 11.10 | 20.81 | 18.78 | 19.64 | 17.21 | 23.15 | 22.63 | 24.15 | 21.22 | 13.50 |
| 流动资产周转率–单期值 | 1.11 | 0.85 | 0.72 | 1.31 | 1.16 | 1.17 | 1.12 | 1.21 | 1.31 | 1.44 | 2.11 | 1.15 |
| 固定资产周转率–单期值 | 5.17 | 3.70 | 3.19 | 5.98 | 5.40 | 5.64 | 4.85 | 4.73 | 4.70 | 5.05 | 6.81 | 3.13 |
| 股本同比变动率 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 税前利润同比增长率 | -23.54% | -68.44% | -85.21% | 34.27% | 1.54% | 19.14% | 7.60% | 81.28% | 67.53% | 71.74% | 131.16% | 40.17% |
| 其他税费(亿) | 4.07 | (0.38) | (0.15) | (2.52) | (1.51) | (1.16) | (0.76) | (1.79) | (1.50) | (1.03) | (0.79) | (1.06) |
| 每股营运资金(元) | 2.51 | 2.13 | 2.24 | 2.18 | 1.94 | 1.85 | 2.21 | 1.82 | 1.77 | 1.56 | 1.70 | 1.36 |
| 短期借款占营运资金的比例 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.14% | 0.17% |
| 每股资本性支出(元) | (0.00) | 0.07 | 0.03 | 0.14 | 0.11 | 0.04 | 0.02 | 0.09 | 0.06 | 0.03 | 0.01 | 0.12 |
| 每股投入资本净额(元) | 3.66 | 3.25 | 3.29 | 3.24 | 2.96 | 2.82 | 3.18 | 2.79 | 2.71 | 2.49 | 2.63 | 2.31 |
| 每股经营活动产生的现金流（元） | 1.24 | 0.49 | 0.08 | 0.17 | 0.59 | 0.56 | 0.16 | 0.90 | 1.03 | 0.45 | 0.28 | 0.36 |
| 投资支出占收入之比 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.61% | 2.47% | 1.66% | 1.04% | 5.03% |
| 存货储存期(天) | 410.19 | 553.17 | 615.45 | 358.96 | 411.47 | 397.47 | 438.23 | 368.99 | 321.43 | 306.55 | 182.28 | 443.52 |
| 应付帐款付款期(天) | 22.41 | 29.29 | 36.44 | 53.19 | 21.27 | 29.03 | 28.63 | 33.19 | 16.11 | 9.03 | 16.85 | 33.04 |
| 应收帐款回收期(天) | 20.00 | 27.93 | 32.42 | 17.30 | 19.17 | 18.33 | 20.91 | 15.55 | 15.91 | 14.91 | 16.97 | 26.67 |
| 预付帐款占用期(天) | 20.11 | 25.78 | 28.14 | 12.28 | 19.44 | 19.32 | 40.39 | 34.42 | 13.79 | 14.75 | 5.82 | 13.92 |
| 预收帐款信用期（天） | 11.10 | 13.96 | 9.13 | 0.83 | 3.01 | 3.80 | 5.30 | 7.29 | 6.01 | 4.38 | 8.90 | 10.08 |
| 现金占总资产比例 | 28.18% | 18.29% | 10.70% | 9.12% | 19.91% | 24.99% | 26.09% | 23.26% | 27.56% | 16.10% | 15.50% | 10.49% |
| 存货占总资产比例 | 20.86% | 22.89% | 23.69% | 22.32% | 23.05% | 22.02% | 22.08% | 24.73% | 21.39% | 25.25% | 19.71% | 27.60% |
| 总资产同比增加比例 | 10.51% | -3.78% | -6.80% | 13.85% | 9.19% | 28.63% | 15.84% | 24.16% | 24.83% | 16.91% | 30.49% | 10.83% |
| 应付款项占总资产比例 | 1.14% | 1.21% | 1.40% | 3.31% | 1.19% | 1.61% | 1.44% | 2.23% | 1.07% | 0.74% | 1.82% | 2.06% |
| 应收款项占总资产比例 | 5.15% | 5.65% | 5.84% | 5.51% | 5.69% | 5.43% | 5.45% | 4.63% | 4.74% | 5.47% | 7.65% | 6.96% |
| 预收款项占总资产比例 | 2.85% | 2.82% | 1.65% | 0.26% | 0.89% | 1.12% | 1.38% | 2.17% | 1.79% | 1.61% | 4.01% | 2.63% |
| 预付款项占总资产比例 | 1.02% | 1.07% | 1.08% | 0.76% | 1.09% | 1.07% | 2.03% | 2.31% | 0.92% | 1.22% | 0.63% | 0.87% |
| 固定资产占总资产比例 | 15.30% | 16.79% | 17.38% | 16.37% | 16.91% | 16.15% | 16.51% | 19.37% | 19.50% | 22.37% | 20.37% | 25.67% |
| 无形资产占总资产比例 | 1.50% | 1.66% | 0.71% | 0.67% | 0.70% | 0.68% | 0.69% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 流动比例 | 3.49 | 3.12 | 3.74 | 2.95 | 2.54 | 2.16 | 2.80 | 2.75 | 2.54 | 2.66 | 2.45 | 2.74 |
| 速动比率 | 2.53 | 2.15 | 2.55 | 2.08 | 1.77 | 1.55 | 2.01 | 1.84 | 1.82 | 1.74 | 1.81 | 1.65 |
| 综合税率 | 22.86% | 23.33% | 20.03% | 29.24% | 27.18% | 27.59% | 28.03% | 30.28% | 31.65% | 32.57% | 33.81% | 31.15% |
| 实际所得税率 | 26.19% | 34.59% | 41.26% | 37.82% | 34.05% | 33.11% | 31.78% | 36.00% | 34.28% | 35.16% | 35.83% | 38.60% |
| 可持续增长率 | 17.87% | 8.58% | 6.15% | 25.64% | 24.67% | 29.29% | 25.04% | 23.36% | 27.36% | 30.93% | 40.82% | 13.98% |
| 最大内部融资增长率 | 139.35% | 53.15% | 35.26% | 78.39% | 273.25% | 105.76% | 285.55% | 262.86% | 395.46% | 449.99% | 734.65% | 123.67% |
| 净利润现金含量 | 268.21% | 341.25% | 118.05% | 21.00% | 102.96% | 124.08% | 52.71% | 149.47% | 194.74% | 125.92% | 109.11% | 116.22% |
| 主营业务收入现金含量 | 123.87% | 143.40% | 128.06% | 72.62% | 96.38% | 85.06% | 49.58% | 93.68% | 91.13% | 89.13% | 67.71% | 88.69% |
| 经营性现金周期（天） | 186.25 | 268.16 | 386.29 | 221.20 | 205.60 | 200.06 | 236.06 | 205.24 | 190.41 | 182.94 | 157.60 | 267.23 |
| 单位收入需投入现金 | 0.71 | 0.40 | 0.48 | 0.31 | 0.32 | 0.30 | 0.30 | 0.33 | 0.30 | 0.30 | 0.28 | 0.37 |
| 单位收入产生的现金 | 0.40 | 0.20 | 0.23 | 0.17 | 0.39 | 0.17 | 0.43 | 0.38 | 0.42 | 0.42 | 0.43 | 0.35 |
| 单位收入可用于增长的现金 | 0.40 | 0.15 | 0.18 | 0.13 | 0.35 | 0.15 | 0.41 | 0.35 | 0.39 | 0.41 | 0.42 | 0.30 |
| 投资评级及建议-电脑得出仅供参考 | 回避 | 回避 | 回避 | 良-可关注 | 回避 | 中性 | 回避 | 良-可关注 | 优-买入 | 优-买入 | 优异-强买 | 良-可关注 |
| 增设敏感性建议 | 优-买入 | 回避 | 回避 | 优-买入 | 回避 | 优-买入 | 回避 | 良-可关注 | 良-可关注 | 回避 | 优异-强买 | 回避 |
| 山西汾酒 | 08Q3 | 08Q2 | 08Q1 | 07Q4 | 07Q3 | 07Q2 | 07Q1 | 06Q4 | 06Q3 | 06Q2 | 06Q1 | 05Q4 |