Dc Hu Giang ch 4

Phn tch hiu qu kinh doanh ca

cng ty c phn dc Hu Giang

ng link download BCTC ca cng ty dc Hu Giang nm 2011

- http://www.dhgpharma.com.vn/dhg/images/stories/quan-he-codong/BAO%20CAO%20TAI%20CHINH%20HOP%20NHAT-VNN.pdf
Nm 2010 :
http://www.dhgpharma.com.vn/1/upload/baocaotaichinh_hopnhat2010.zip
Ngun s liu trung bnh ngnh v thng tin lin quan
http://s.cafef.vn/hose/DHG-cong-ty-co-phan-duoc-hau-giang.chn

Danh sch nhm

M SN

TN
1. Phan Phc Ninh

CQ512376

2. Nguyn Cng Thnh

CQ512844

3. Phm Vn Bin

CQ510359

4. Nguyn Tri Dng

CQ510735

5. Nguyn Vn Tng

CQ513325

6. o Vn Tun

CQ513244

Mc lc
1. Tng quan chung v doanh nghip
2. Phn tch khi qut hiu qu kinh doanh
3. Phn tch hiu qu s dng TSC
4. Phn tch hiu qu s dng TSNH
5. Tng kt

Dc Hu Giang ch 4
1. Tng quan chung v doanh nghip
Thng tin lin h
Tn php nh: CNG TY C P N DC U G ANG
HAU GIANG PHARMACEUTICAL JOINT STOCK
Tn quc t:
COMPANY
Tn vit tt:
DHG
Tr s chnh: 288 Bis ng Nguyn Vn C, P An Ha Ninh Kiu Cn Th
in thoi:
+84 71 3891433
Fax:
+84 71 3895209
Website:
www.dhgpharma.com.vn
Ngnh:
Chm sc sc khe
Ban lnh o
Tn
Phm Th Vit Nga
unh Th Kim Ti
M Dung
La Ngc Vn
Bi Minh c
ng Phm uyn Nhung
Nguyn Ngc Dip
L Th ng Nhung
Nguyn Phng Tho
Trn Quc ng
Nguyn Nh Song
L nh Bu Tr
Nguyn Th ng Loan
L Chnh o
on nh Duy Khng
L Minh ng
Trn Th nh Nh

Chc v
Ch tch HQT
G Bn hng
G Cht lng
G u t v Pht trin
G ti chnh
K ton trng
Ph TG
Ph trch CBTT
Thnh vin BKS
Thnh vin BKS
Thnh vin HQT
Thnh vin HQT
Thnh vin HQT/G Sn xut
Thnh vin HQT/Ph TG
Thnh vin HQT/Ph TG
Thnh vin HQT/TG
Trng BKS/G Nhn s

SL CP
151,369
5,526
14,192
16,360
8,166
8,394
3,648
13,840
91,531
22,200
62,383
116,169
35,919
108,572
47,567
2

Dc Hu Giang ch 4
Hot ng kinh doanh
Lch s

nh thnh

Tin thn l X nghip Dc phm 2/9, thnh lp ngy 02/9/1974 (thuc S

Y t khu Ty Nam B).
Thng 11/1975, chuyn thnh Cng ty Dc phm Ty Cu Long, va sn
xut va cung ng thuc phc v nhn dn Ty Nam B.
Nm 1976, i tn thnh Cng ty Dc thuc Ty Y t tnh Hu Giang.
T nm 1976 - 1979: Theo Quyt nh 15/CP ca Chnh ph, Cng ty Dc
thuc Ty Y t tnh Hu Giang tch thnh 03 n v c lp: X nghip Dc
phm 2/9, Cng ty Dc phm v Cng ty Dc liu.
Ngy 19/9/1979, 3 n v trn hp nht thnh X nghip Lin hp Dc Hu
Giang.
Ngy 02/09/2004: chuyn thnh Cng ty C phn Dc Hu Giang vi vn
iu l ban u l 80.000.000.000 ng.
Ngy 21/12/2006: Nim yt c phiu trn sn HOSE.
Vn iu l n cui thng 10/2011 l 651.764.290.000 ng.

Lnh vc Kinh doanh

Sn xut kinh doanh dc.

Xut khu: dc liu, dc phm theo quy nh ca B Y t.
Nhp khu: thit b sn xut thuc, dc liu, dc phm, trang thit b y t
theo quy nh ca B Y t.
Sn xut kinh doanh xut khu cc mt hng thc phm ch bin.
In bao b.
Kinh doanh cc ngnh ngh khc theo GCN KKD ca Cng ty.

Chin lc Pht trin v u t

Xy dng nh my t tiu chun WHO - GMP, u t dy chuyn sn xut

tin tin, hin i theo tiu chun quc t m bo cung cp y sn phm
cht lng cao cho ngi tiu dng.
y mnh nghin cu sn phm ph hp th trng, Ly s khc bit vt
tri lm li th trong cnh tranh, c bit u t vo cc sn phm c tr c
hm lng cng ngh cao v cc sn phm chc nng phng bnh.
M rng mng li phn phi ti Vit Nam v nc ngoi, hng ti xut

Dc Hu Giang ch 4
khu sang Chu u v cc nc Asean. M rng h thng i l cp 3.
Nng lc Cng ty
Cng ty C phn Dc Hu Giang (DHG) tin thn l X nghip Dc phm 2/9
thnh lp nm 1974. Nm 2004 chuyn sang hot ng theo m hnh c phn.
DHG hot ng trong lnh vc nghin cu v sn xut cc loi thuc dng bo ch:
vin nn, nang mm, si bt, siro v cc sn phm chit xut t thin nhin. DHG
c hn 200 sn phm lu hnh. Kh nng p ng 100% nhu cu thuc cm,
Vitamin v 80% nhu cu cc loa thuc khng sinh trn th trng Vit Nam. DHG
c h thng nh xng, dy chuyn my mc hin i, cng ngh tin tin t tiu
chun GMP-WHO, GLP, GSP do Cc Qun l Dc Vit Nam chng nhn. Sn
phm ca DHG c phn phi thng qua 10 Cng ty con, 44 n v bn hng v
c mt ti cc h thng bnh vin a khoa trn 64 tnh thnh v cc trung tm Y t.
Ngoi ra, DHG cn xut khu thuc sang cc nc nh Moldova, Ukraina, Nga,
Mng C, Rumani, Campuchia, Lo v Hn Quc. DHG ang m rng th trng
xut khu sang cc nc ng u, Chu u v cc nc trong khi ASEAN.
V th Cng ty

Nm 2009 th phn ca cng ty t gn 12% th phn thuc sn xut trong

nc v trn 5% th trng thuc tiu th ti Vit Nam. Qu 3/2009 cng ty
c th phn ng th 3 trn th trng dc phm Vit Nam, sau 2 tp on
Sanofi - Aventis v GSK.
Sn phm ca Dc Hu Giang c mt trong 98% h thng bnh vin a
khoa trn 64 tnh thnh v cc trung tm Y t. Ngoi ra, Dc Hu Giang
cn xut khu thuc sang cc nc nh Moldova, Ukraina, Nga, Mng C,
Rumani, Campuchia, Lo v Hn Quc.
Bn cnh chin lc m rng mng li phn phi trong nc, chin lc
lu di ca Dc Hu Giang l m rng th trng xut khu sang cc nc
ng u, Chu u v cc nc trong khi ASEAN.
Cng ty c khong 270 sn phm ang lu hnh trn th trng, c kh nng
p ng 100% nhu cu thuc cm, vitamin v 80% nhu cu thuc khng
sinh trn ton quc.
Cng ty l doanh nghip dn u th trng xut khu dc phm hin nay
vi hn 77 loi thuc c xut qua 12 quc gia nh Nga, Moldova,
Ukraina...

Cc d n ln

Dc Hu Giang ch 4

Xy dng mi nh my Non Beta-Lactam vi cngsut 4 t n v sn

phm, gm 2 khu: Khu 1 c cng sut 2,5 tn vsnphm - theo tiu chun
GMPWHO, khu 2 c cng sut 1,5 tn v snphm - theo tiu chun GMP
EU. Tng kinh ph c tnh hn 252 t ng.Thi gian d kin khi cng
vo qu 3/2009 v s hon thnh vo qu2/2011. Thc hin bng ngun v
t c v vn vay.
Muahoc xy mi cc a im kinh doanh nhm t tiu chun GDP ti :
HNi, TP HCM, Bn Tre, Gia Lai, ng Thp, Lm ng, Tr Vinh, Bc
Liu,Hu Giang, tng kinh ph c tnh 50 t ng. Thc hin bng ngun
vnt c.
Xydng nh my Non - Betalactam c vn u t 250 t ng, cng sut
dkin 4 t sn phm mi nm. Nh my c xy dng ti KCN Tr Nc 2
-Cn Th, tng din tch 20.309 m2. Nh my c u t xy dng vo
cuinm 2009 v d kin hon thnh vo qu 2/2011.
Dn u t xy dng nh my mi: u t dy chuyn sn xut thnh
phmthuc nc v trng, thuc vin Nonbetalactam. Tng din tch xy
dnggiai on 1 ca d n l 30.000 m2 trong din tch xy dng cc
hngmc cng trnh l 14.273 m2. Cng sut thit k 4 t n v sn
phm.Tng kinh ph u t: 301.817.542 ng (100% vn ch s hu). Thi
giand kin khi cng cui qu 3/2010 v hon thnh giai on 1 vo cui
qu2/2012.

Trin vng Cng ty

DHG l doanh nghip hng u trong ngnh dc phm Vit nam. Cng ty
t cc chng ch cht lng nh GMP ca WHO, ISO/IEC 17025 ca
VILAS, ISO 9001:2000.
Cng ty c h thng phn phi sn phm ca mnh ti 98% bnh vin v
trung tm y t trong c nc v xut khu 50 loi sn phm ra nc ngoi.
Cng ty bt u thu thnh qu u t vo Cng ty con nh Dc Sng hu
v DHG Travel. y l c s vng chc cho s tng trng.

Ri ro Kinh doanh chnh

Do nguyn vt liu chim t trng ln trong gi thnh sn phm (khong

40% - 60%) nn bin ng gi c nguyn vt liu s tc ng n li nhun
ca Cng ty. Hn na phn ln nguyn vt liu ca Dc Hu Giang l
ngoi nhp nn ngoi ri ro ph thuc vo ngun nguyn liu cung cp bn
ngoi, cng ty cn chu cc ri ro v t gi, ri ro v chi ph vn ti tng ..
5

Dc Hu Giang ch 4

Vit Nam gia nhp WTO cng vi s d b cc hng ro thu quan s thu
ht s tham gia cc cng ty hot ng trong lnh vc dc t nc ngoi c
tim lc ti chnh mnh v cng ngh hin i. Cng vi cc doanh nghip
sn xut tn dc trong nc, Dc Hu Giang phi i mt vi cnh tranh
khc lit hn v tt c cc mt gi c, cht lng v chng loi sn phm.

2. Phn tch khi qut hiu qu kinh doanh

Phn tch ROA

Ch tiu

2011

2010

Doanh thu
thun
Ti sn bnh
qun
Li nhun sau
thu
T sut li
nhun thun
S vng quay
ti sn
ROA

2,490,879,935,732

Chnh lch
tuyt i

Chnh lch
tng i (
%)
2,034,525,241,928 456,354,693,804
22.43%

1907720880864.50 1670853927123.00 236,866,953,742

14.18%

419,762,158,583

383,335,234,331

36,426,924,252

9.50%

16.85%

18.84%

-0.019895452

1.31

1.22

0.09

7.23%

22.00%

22.94%

-0.94%

-4.09%

Nm 2011, cng ty dc Hu Giang mc d c hiu sut s dng ti sn tng (S

vng quay ti sn tng 0.09 vng, tng ng 7.23%) nhng c kh nng sinh li
gim (t sut li nhun thun gim 1.99%) lm cho cng ty c t sut sinh li
ca ti sn gim 0.94%. Nh vy, nm 2011 dc Hu Giang hot ng km hiu
qu hn nm 2010, nhng c hai nm ROA u ln hn 22%, chng t cng ty
vn kinh doanh c hiu qu tt.
Phn tch ROE

Dc Hu Giang ch 4

Ch tiu

2011

2010

+/-

16.85%

18.84%

-1.99%

1.31

1.22

0.09

7.23%

H s TS/VCSH

1.43337

1.45396

-0.02059

-1.42%

ROE

31.54%

33.36%

-1.82%

T sut li nhun
thun
S vng quay ti sn

Ta thy, so vi nm 2010 s vng quay ti sn nm 2011 tng 0.09 vng th hin

hiu sut s dng ti sn tng nhng t sut li nhun thun v h s TS/VCSH
u gim ln lt l 1.99% v 1.42%, lm cho t sut sinh li ca vn ch s hu
gim 1.82%. ROE c 2 nm u cao (hn 30%), chng t DHG l doanh nghip c
kh nng sinh li tt.
Bng phn tch tng hp

Ch tiu

2011

Chnh
lch
tng i
( %)
1907720880864.50 1670853927123.00 236,866,953,742 14.18%

Ti sn
bnh qun
VCSH
1,330,934,494,308
bnh qun
CP li
2,038,850,925
vay
LN sau
419,762,158,583
thu
T sut
16.85%
LN thun
T sut
48.53%

2010

Chnh lch
tuyt i

1,149,177,878,466 181,756,615,842

15.82%

2,010,709,744

28,141,181

1.40%

383,335,234,331

36,426,924,252

9.50%

18.84%

-1.99%

50.06%

-1.53%
7

Dc Hu Giang ch 4
LN gp
S vng
quay ca
ti sn
ROA
ROE
ROI

1.31

1.22

0.09

22.00%
31.54%
31.26%

22.94%
33.36%
32.27%

-0.94%
-1.82%
-1.01%

7.38%

Nhn xt:
T bng trn ta thy hiu qu hot ng kinh doanh ca cng ty v khi qut
nm 2011 km hn nm 2010, biu hin cc ch tiu ROA, ROE, ROI du gim,
Nguyn nhn ca vic gim nh ny c th do trong nm 2011 doanh nghip
xy ra mt v n xng sn xut ( ngy 4/8) lm thit hi ti sn, ng thi gy
gin on sn xut v theo gii trnh ca cng ty th trong nm 2011 gi nguyn
liu, nhin liu u vo( in, xng) tng dn n chi ph tng lm gi vn tng(
y l nguyn nhn chnh) nn d doanh thu tng ( doanh thu tng chm hn so vi
gi vn) nhng t sut Ln thun vn gim, dn n ch tiu ROA, ROE, ROI u
gim. mt thng tin khng km phn quan trng na l trong k LN thun sau thu
cao hn nhiu so vi d kin nn doanh nghip tng VCSH bng cch chia
hng cho c ng bng c phn khin h s n vay/ VCSH gim, H s
TS/VCSH gim ( mc d TS c tng nhng tc tng chm hn vi vn ch)
lm c ROE v ROI u gim. D vy cc ch tiu ny trong c hai nm u kh
cao, nm 2010 gim nhng khng nhiu; hn na quy m ti sn, VCSH, doanh
thu v li nhun u tng kh cao nn trong k doanh nghp vn kinh doanh c
hiu qu.
lm r hn vn ta xt thm mt s ch tiu khc na
Ch tiu
2011
2010
Chnh lch
t sut sinh li ca chi ph
20.49% 23.29%
-2.80%
t sut sinh li ca vn c phn ph thng 91.25% 143.33%
-52.08%
t sut sinh li kinh t ca ti sn
29.44% 30.71%
-1.27%

Dc Hu Giang ch 4
Nhn xt : c 3 ch tiu trn u gim, c bit l t sut sinh li ca vn c
phn ph thng ( gim 52.08%), nguyn nhn nh trn trnh by ln lt do chi
ph trong k tng cao, VSCH tng mnh, ti sn c nh tng.

Ta so snh thm vi trung bnh ngnh

T sut LN thun
S vng quay ti
sn
ROI
ROA
ROE
H s TS/VCSH

DHG
Y t
16.85% 7.63%
1.31
1.34
31.14%
22.00%
31.54%
1.43337

15.40%
13.03%
27.38%
2.08

35.00%
30.00%
25.00%
20.00%
DHG
15.00%

Y t

10.00%
5.00%
0.00%
ROI

ROA

ROE

T bng so snh trn ta thy cc ch tiu hiu qu ca doanh nghip u cao

hn trung bnh ngnh kh nhiu, chng t doanh nghip kinh doanh rt hiu qu v
n nh. ROI gia DHG v trung bnh ngnh chnh lch kh nhiu (15.74%), cn
ROE th kh t (4.16%), nguyn nhn l do doanh nghip theo ui chnh sch an
ton s dng n by ti chnh thp (h s TS/VCSH) hn TB ngnh, doanh
9

Dc Hu Giang ch 4
nghip s dng t vn vay hn. iu ny kh hp l v y l doanh nghip lun
dn u ngnh c quy m ti sn ngun vn ln, pht trin n nh, nn khng cn
theo ui chnh sch mo him

3. Phn tch hiu qu s dng TSC

Ch tiu

Chnh lch tuyt

Chnh
i
lch tng
i
Doanh thu thun v bn hng 2,034,525,241,928 2,490,879,935,732 456,354,693,804
22.43%
v cung cp dch v
Li nhun sau thu thu nhp
383,335,234,331
419,762,158,583
36,426,924,252
9.50%
doanh nghip
TSC bnh qun
270,227,063,141
381,446,738,904 111,219,675,763
41.16%
sc sn xut ca TSC
7.53
6.53
-1
-13.28%
sut hao ph ca TSC
0.13
0.15
0.02
15.31%
t sut sinh li ca TSC
142.00%
110.00%
-32.00%
2010

2011

Nhn xt: ch tiu sc sn xut ca TSC trong 2 nm 2010 v 2011 c chiu

hng gim chng t doanh nghip s dng TSC trong vic to ra doanh thu
km hn.
Sc sn xut ca TSC cho bit kh nng to doanh thu ca TSC. C
th:
- Nm 2010, c 1 ng TSC bnh qun th to ra c 7,53 ng
doanh thu.
- Nm 2011, c 1 ng TSC bnh qun th to c 6,53 ng doanh
thu. Ta thy sc sn xut ca TSC nm 2011 so vi nm 2010 gim
1,15 ln, iu ny cho thy doanh nghip s dng TSC to doanh
thu km hiu qu hn.
T sut sinh li ca TSC cng gim 32% cho thy kh nng sinh li
ca TSC cng gim mnh
10

Dc Hu Giang ch 4
Nh vy, nm 2011 hiu qu s dng TSC km hn nm 2010
nguyn nhn do trong nm ( khong cui nm) doanh nghip mi
hon thnh xong nh my mi v a vo hot ng nn TSC bnh
qun tng mnh (41.16%) nhng doanh thu v li nhun th khng
tng tng ng
So snh doanh nghip cng ngnh
Ch tiu
DHG
Dc Cu Long Traphaco
sc sn xut ca TSC
6.53
2.46
7.84
sut hao ph ca TSC
0.153
0.41
0.13
t sut sinh li ca TSC 110.00%
-12.00% 66.92%
Nhn xt: nhn thy sc sn xut ca TSC ca cng ty trong nm cao hn
Dc Cu Long nhng li thp hn Traphaco, (mc 6.53 vn l cao trong ngnh)
T sut sinh li ca TSC th cao hn hn 2 cng ty kia. Tng hp li trong
nm doanh nghi s dng rt hiu qu TSC
4. Phn tch hiu qu s dng TSNH
nh gi khi qut
Ch tiu

2010

Doanh thu thun v bn

hng v cung cp dch
v
Li nhun sau thu thu
nhp doanh nghip
Gi vn hng bn
Hng tn kho bnh
qun
TSNH bnh qun
T sut sinh li ca
TSNH
S vng quay ca
TSNH
H s m nhim ca
TSNH
S vng quay ca HTK

2,034,525,241,928

383,335,234,331

2011

Chnh lch tuyt

i

2,490,879,935,732 456,354,693,804

419,762,158,583

Chnh lch
tng i

22.43%

36,426,924,252

9.50%

1,015,992,884,307
326,915,732,734

1,282,117,010,705 266,124,126,398
431,145,517,262 104,229,784,528

26.19%
31.88%

1,327,251,227,102
28.88%

1,466,362,952,475 139,111,725,374
28.63%
-0.26%

10.48%

1.53

1.70

0.17

10.82%

0.65

0.59

-0.06

-9.76%

3.11

2.97

-0.13

-4.31%
11

Dc Hu Giang ch 4

Nhn xt : hiu qu s dng ti sn ngn hn ca doanh nghip trong

nm 2011 c du hin km hn nm 2010 th hin cc ch tiu T sut sinh li
ca TSNH gim 0.26%, s vong quay HTK gim 0.13 vng ( 4.31%), tuy nhin s
vng quay TSNH li tng y li l du hiu tt, ta tm hiu nguyn nhn
Nguyn nhn :
- T sut sinh li ca TSNH gim do tc tng ca Ln sau thu
chm hn ca TSNH bnh qun
- S vng quay TSNH tng do doanh thu thun trong nm tng
mnh(22.43%) hn hn TDH bnh qun ( 10.48%)
- S vng quay HTK gim do gi vn hng bn c tc tng
nhiu hn HTK bnh qun ( 31.88% v 26.19%)
Phn tch tc lun chuyn ca TSNH
TG 1 vng quay ca TSNH

Nm 2010: 238 ngy 1 vng quay

Nm 2011 : 215 ngy 1 vng quay
Gim 23 ngy tng ng gim 9.66%
nh hng ca nhn t TSNH
lm tng s s ngy 1 vng quay l 25 ngy ( 10.5%), TSNH bnh
qun tng ch yu do gi tr HTK bnh qun trong k tng cao (31.48%)
nh hng ca nhn t tng mc lun chyn
Lm gim s ngy mt vng quay l 48 ngy( 20.17%), do doanh thu
thun trong k tng mnh (22.43%)

Nhn t tng mc lun chuyn nh hng mnh hn( tc ng tt)

nhn t TSNH ( tc ng xu) dn n s ngy mt vng quay TSNH trong nm
2011 gim. cho thy doanh nhip s dng TSNH hiu qu hn
Xc nh vn lu ng tit kim/ lng ph trong k
Vn lu ng tit kim (lng ph) tng i
= 1,466,362,952,475 - 456,354,693,804*238/365
= -157,827,252,194( tit kim)
Nh vy : doanh nghip tit kim vn lu ng trong nm 2011
12

Dc Hu Giang ch 4

So snh vi mt s doanh nghip khc

Ch tiu
DHG
Dc Cu Long
TSNH bnh qun
1,466,362,952,475 576,742,068,227
HTK bnh qun
431,145,517,262 215,466,540,279
T sut sinh li ca
28.63%
-5.34%
TSNH
S vng quay ca TSNH
1.70
1.09
S vng quay ca HTK
2.97
1.96
Thi gian1 vng quay
215
334
(ngy)
Vn lu ng tit kim( -157,827,252,194 66,001,726,894
lng ph) tng i

Traphaco
555,867,454,401
257,223,718,386
16.31%
1.54
2.02
235
161,393,245,676

Nhn xt : tt c cc ch tiu v hiu qu s dng TSNH ca Dc Hu

Giang u tt hn hai cng ty cng ngnh kt hp phn tch trn cho
thy trong nm cng ty s dng rt hiu qu TSNH ca mnh
5. Tng kt
Trong nm 2011 doanh nghip kinh doanh c hiu qu tt, thm ch rt tt.
Mc d cc ch tiu hiu qu k ny gim so vi k trc nhng l do nguyn nhn
khch quan ( gi NVL, nhin liu u vo tng ) hn na d bo trc t u
k, nguyn nhn na l do doanh nghip ch ng tng quy m ti sn v VCSH,
mc gim ny cng l nh c th chp nhn c. Bn cnh tt c cc ch tiu
hiu qu u tt v hn hn trung bnh ngnh.
Kin ngh: doanh nghip nn tip tc duy tr v pht huy hn na hiu qu
t c ny cho cc nm tip theo.

13