ZY有限公司粉煤灰轻质保温建材项目投资效益分析
发布时间：2018-09-06 09:20
【摘要】：ZY有限公司（以下简称ZY公司）拟进行粉煤灰轻质保温建材建设项目，项目总投资10537.58万元。其中建设投资9801.78万元，流动资金735.79万元。项目建设期定为1年，建设工期拟安排为9个月。建设规模为蒸压粉煤灰加气混凝土砌块生产线1条，达产后可年产30万m3蒸压粉煤灰加气混凝土砌块，其中B05级、B07级各15万m3。估算正常年销售收入为7650.00万元。 本文在明确技术经济学基本理论和评价指标的基础上，综合考虑投资项目的政策影响、市场预期、技术保证、环保、节能等各方面因素，利用工程经济学、技术经济与管理、人力资源管理、财务分析、项目评估等方面的理论知识建立相应的评价指标对项目进行分析评价。并对以上内容进行归纳整理，采用静态分析与动态分析相结合的方法，科学论证与实践操作相结合，对项目指标体系进行评价与分析，为项目的投资决策作出正确结论，判断投资是否可行。本论文的主要研究内容如下： 第一，随着实心黏土砖逐步退出建筑市场，新型墙体材料已进入空前繁荣的发展时期。面对当地所特有的资源优势和政府的扶植政策，开发粉煤灰新型墙体材料完全符合我国国民经济可持续发展战略的需要。 发展节能、环保的建筑保温墙体材料，也是建筑行业节约能源、保护环境，实施可持续发展战略的客观要求。为了响应国家节能减排号召，顺应新型墙体材料发展潮流，ZY资源开发有限公司提出了建设年产30万m3蒸压粉煤灰加气混凝土砌块项目。项目投产后，可生产出优质建筑保温墙体材料，服务于建筑业，有效降低建筑能耗。在企业取得预期经济效益的同时，满足建筑节能降耗的需求，实现经济效益、社会效益与环境效益的统一，并可为图们市的建筑节能贡献一份力量。 第二，我国建筑业的发展必然带动建材业的发展，同时也会对建材业提出更高的要求。无论是新的节能建筑的建设，还是对既有建筑进行节能改造，都不同程度地促进了环保、节能建筑材料的发展，也为蒸压粉煤灰加气混凝土砌块产品提供了广阔的市场空间。 项目全部建成达产后，可年产30万m3蒸压粉煤灰加气混凝土砌块。粉煤灰是项目生产的主要原料，掺加量70%以上，项目生产用粉煤灰价格低于市场价格一倍以上，而项目生产的另一种原料脱硫石膏是SY有限公司自备电厂的废弃物，价格远远低于市场价格，因此，在基本相同的生产条件下，项目产品成本极低，具有极强的竞争力，能够具有稳定的市场占有率。可占图们市及周边全部墙材市场6%左右的市场份额。 项目产品蒸压粉煤灰加气混凝土砌块，将重点销往图们市区及周边地区建筑市场。在销售的过程中，，通过建立销售网络体系、强化传统销售方式，开拓潜在市场，扩大产品市场份额。在互联网等相关媒体上发布广告，宣传产品的优越性和可靠性，并参加各类活动提高项目产品的知名度，在新型墙体材料市场中抢占制高点。 第三，项目的拟建厂址位于图们市SY有限公司内，厂区内有铁路专用线，区域交通运输非常便利，完全可以满足本项目设备、原材料及产品的运输需要，布局合理。项目主要原材料粉煤灰、脱硫石膏来源于SY有限公司，其他材料均来自于延边州当地材料市场。本项目生产用水主要包括配料成型用水及蒸汽用水，年生产用水量约101190t；生活用水按人均0.1t/d考虑，年用水量约3600t；消防水池蓄水200t。生产生活用水合计104790t/a。利用厂区内1眼出水量25t/h机井供水，完全可以满足生产及消防用水需要。因此，从原材料供应、运输方面看，项目建设具有得天独厚的优势条件。 本项目为一般工业项目，采取的环境治理措施是比较有效的先进措施，其三废经过治理后，排放的废渣、粉尘、废水等均可达到国家排放标准要求，对周围的环境不会造成影响。 第四，项目总投资为项目建设投资、建设期利息及流动资金之和，本项目总投资为10537.58万元，其中建设投资包括工程建设直接费用、工程建设其他费用及基本预备费三个部分，合计为9801.78万元。项目建设投资全部通过自筹解决，则不发生建设期利息；流动资金估算采用分项详细估算法，即对存货、现金、应收账款和应付账款四项内容进行估算，估算金额为735.79万元。根据图们市墙材市场情况，确定项目蒸压粉煤灰加气砼砌块B05级的出厂价格为240.00元／m3，B07级的出厂价格为270.00元／m3，本项目正常年销售收入为7650.00万元。正常年总成本费用5096.55万元，其中固定成本为1511.64万元，可变成本3584.91万元，经营成本4742.63万元，达产年利润总额为2469.67万元。项目全部投资回收期（税前）为4.97年（包括建设期1年）。 由敏感性分析表可以看出：销售收入因素变动对企业经济效益影响最为敏感。当销售收入增加10%时，项目财务内部收益率为32.39％，高于设定基准收益率20.39个百分点，当销售收入降低17.76%，项目内部收益率才降至设定的基准收益率，销售收入风险较小。 盈亏平衡分析计算结果表明，当项目生产能力利用率达到41.12％时，企业可获得盈亏平衡，表明项目具有很强的抗风险能力。 综上所述，该项目盈利能力较强，具有较强的财务生存能力。该项目盈亏平衡点较低，具有较强的抗风险能力，对各种因素的变化具有较强的承受能力。该项目符合国家节能减排的战略产业政策，有利于推动当地节能减排目标的完成，而且可以享受国家减免税的优惠政策，具有较好的经济效益和社会效益。 本论文以技术经济学理论知识为指导，通过对资金筹措、生产规模、产品定价、成本估算、利税以及项目投资财务净现值（税前、税后）、投资回收期、盈亏平衡分析和敏感性分析等，科学的论证的本项目投资的合理性和可行性，鉴于该项目可行性分析以及可观的经济效益，该投资是可行的。
[Abstract]:ZY Company Limited (hereinafter referred to as ZY Company) intends to carry out the construction project of fly ash lightweight thermal insulation building materials with a total investment of 10.5358 million yuan. Among them, the construction investment is 98.01 78 million yuan and the working capital is 7.3579 million yuan. The annual output of autoclaved fly ash aerated concrete block after production is 300,000 m3, of which B05 and B07 are 150,000 m3 respectively. The annual sales revenue is estimated to be 7650 million yuan.
On the basis of defining the basic theory and evaluation index of technical economics, this paper comprehensively considers the policy influence of investment projects, market expectation, technical guarantee, environmental protection, energy saving and other factors, and establishes corresponding evaluation by using the theoretical knowledge of Engineering economics, technical economy and management, human resource management, financial analysis, project evaluation and so on. Price index carries on the analysis appraisal to the project, and carries on the induction reorganization to the above content, uses the static analysis and the dynamic analysis union method, the scientific demonstration and the practice operation union, carries on the appraisal and the analysis to the project index system, makes the correct conclusion for the project investment decision-making, judges whether the investment is feasible. The contents are as follows:
Firstly, with the gradual withdrawal of solid clay bricks from the construction market, new wall materials have entered an unprecedented period of prosperity. Facing the local unique resource advantages and the government's supporting policies, the development of new fly ash wall materials fully meets the needs of the sustainable development strategy of China's national economy.
To develop energy-saving and environmental-friendly building insulation wall materials is also the objective requirement of energy-saving, environmental protection and sustainable development strategy for the construction industry.In order to respond to the call of national energy-saving and emission reduction and conform to the development trend of new wall materials, ZY Resources Development Co., Ltd. proposed the construction of autoclaved fly ash aerated concrete block with an annual output of 300,000 m3. After the project is put into operation, high-quality building insulation wall materials can be produced to serve the construction industry and effectively reduce building energy consumption. While achieving the expected economic benefits, enterprises can meet the needs of building energy saving and consumption reduction, achieve the unity of economic benefits, social benefits and environmental benefits, and contribute to building energy saving in Tumen.
Second, the development of China's construction industry will inevitably lead to the development of building materials industry, but also put forward higher requirements for building materials industry. For a broad market space.
Fly ash is the main raw material for the project production. The price of fly ash for the project production is more than twice the market price. Another raw material for the project production is desulfurization gypsum, which is the waste from the self-provided power plant of SY Co., Ltd. The price is far from enough. Far below the market price, therefore, under the same basic production conditions, the project product cost is extremely low, has a strong competitiveness, and can have a stable market share.
The autoclaved fly ash aerated concrete block of the project product will be sold to the construction market of Tumen city and its surrounding areas. In the process of sales, through the establishment of sales network system, strengthening the traditional sales methods, opening up the potential market, expanding the market share of the product. Publish advertisements on the Internet and other relevant media to publicize the superiority and feasibility of the product. Reliability, and participate in various activities to enhance the visibility of the project products, in the new wall material market to seize the commanding height.
Thirdly, the proposed site of the project is located in SY Company Limited of Tumen City. There are special railway lines in the factory area. The regional transportation is very convenient. It can completely meet the transportation needs of the equipment, raw materials and products of the project. The main raw materials of the project are fly ash, desulphurization gypsum comes from SY Company Limited and other materials come from Yanbian. This project mainly includes batching and molding water and steam water, the annual production water consumption is about 10190t; domestic water consumption per capita is 0.1t/d, the annual water consumption is about 3600t; fire pool water storage is 200t. The total production and domestic water consumption is 104790t/a. The water supply can be completely satisfied by using one well outlet water volume of 25t/h in the factory area. Water for production and fire fighting is needed. Therefore, from the aspects of raw material supply and transportation, the project construction has unique advantages.
This project is a general industrial project. The environmental treatment measures adopted are more effective and advanced measures. After the treatment of the three wastes, the waste residue, dust and waste water discharged can meet the requirements of the national discharge standards and will not affect the surrounding environment.
Fourthly, the total investment of the project is the construction investment of the project. The total investment of the project is 105.3758 million yuan, including the direct cost of the project construction, the other cost of the project construction and the basic reserve fee. The total investment of the project is 98.01.78 million yuan. All the construction investment of the project is solved by self-financing, but it will not happen. Interest during the construction period; the liquidity is estimated by the method of sub-item detailed estimation, i.e. inventory, cash, accounts receivable and accounts payable. The estimated amount is 7.3579 million yuan. According to the wall material market situation of Tumen City, the factory price of autoclaved fly ash aerated concrete block B05 grade is 240.00 yuan/m3, B07 grade is determined. The normal annual sales revenue of this project is 7650.5 million yuan/m3. The total annual cost of the project is 50965.5 million yuan, of which the fixed cost is 15.5164 million yuan, the variable cost is 35.8491 million yuan, the operating cost is 47.4263 million yuan, and the total annual profit is 24.6967 million yuan.
From the sensitivity analysis table, it can be seen that the change of sales income is the most sensitive factor to the economic benefits of enterprises. When sales income increases by 10%, the financial internal rate of return of the project is 32.39%, which is higher than the set benchmark rate of return of 20.39 percentage points. When sales income decreases by 17.76%, the internal rate of return of the project is reduced to the set benchmark rate of return. The risk of selling revenue is small.
The results of break-even analysis show that when the utilization ratio of project production capacity reaches 41.12%, the enterprise can obtain break-even, which indicates that the project has a strong ability to resist risks.
To sum up, the project has a strong profitability and financial viability. The project has a low break-even point, a strong ability to resist risks, and a strong ability to withstand changes in various factors. It can enjoy preferential policies of state tax reduction and exemption, and has better economic and social benefits.
Guided by the theoretical knowledge of technical economics, this paper scientifically demonstrates the rationality and feasibility of the project investment through fund raising, production scale, product pricing, cost estimation, profit and tax, as well as the project investment financial net present value (before and after tax), investment payback period, profit and loss balance analysis and sensitivity analysis. It is feasible to conduct investment analysis and considerable economic benefits.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.92
本文编号：2225900
[Abstract]:ZY Company Limited (hereinafter referred to as ZY Company) intends to carry out the construction project of fly ash lightweight thermal insulation building materials with a total investment of 10.5358 million yuan. Among them, the construction investment is 98.01 78 million yuan and the working capital is 7.3579 million yuan. The annual output of autoclaved fly ash aerated concrete block after production is 300,000 m3, of which B05 and B07 are 150,000 m3 respectively. The annual sales revenue is estimated to be 7650 million yuan.
On the basis of defining the basic theory and evaluation index of technical economics, this paper comprehensively considers the policy influence of investment projects, market expectation, technical guarantee, environmental protection, energy saving and other factors, and establishes corresponding evaluation by using the theoretical knowledge of Engineering economics, technical economy and management, human resource management, financial analysis, project evaluation and so on. Price index carries on the analysis appraisal to the project, and carries on the induction reorganization to the above content, uses the static analysis and the dynamic analysis union method, the scientific demonstration and the practice operation union, carries on the appraisal and the analysis to the project index system, makes the correct conclusion for the project investment decision-making, judges whether the investment is feasible. The contents are as follows:
Firstly, with the gradual withdrawal of solid clay bricks from the construction market, new wall materials have entered an unprecedented period of prosperity. Facing the local unique resource advantages and the government's supporting policies, the development of new fly ash wall materials fully meets the needs of the sustainable development strategy of China's national economy.
To develop energy-saving and environmental-friendly building insulation wall materials is also the objective requirement of energy-saving, environmental protection and sustainable development strategy for the construction industry.In order to respond to the call of national energy-saving and emission reduction and conform to the development trend of new wall materials, ZY Resources Development Co., Ltd. proposed the construction of autoclaved fly ash aerated concrete block with an annual output of 300,000 m3. After the project is put into operation, high-quality building insulation wall materials can be produced to serve the construction industry and effectively reduce building energy consumption. While achieving the expected economic benefits, enterprises can meet the needs of building energy saving and consumption reduction, achieve the unity of economic benefits, social benefits and environmental benefits, and contribute to building energy saving in Tumen.
Second, the development of China's construction industry will inevitably lead to the development of building materials industry, but also put forward higher requirements for building materials industry. For a broad market space.
Fly ash is the main raw material for the project production. The price of fly ash for the project production is more than twice the market price. Another raw material for the project production is desulfurization gypsum, which is the waste from the self-provided power plant of SY Co., Ltd. The price is far from enough. Far below the market price, therefore, under the same basic production conditions, the project product cost is extremely low, has a strong competitiveness, and can have a stable market share.
The autoclaved fly ash aerated concrete block of the project product will be sold to the construction market of Tumen city and its surrounding areas. In the process of sales, through the establishment of sales network system, strengthening the traditional sales methods, opening up the potential market, expanding the market share of the product. Publish advertisements on the Internet and other relevant media to publicize the superiority and feasibility of the product. Reliability, and participate in various activities to enhance the visibility of the project products, in the new wall material market to seize the commanding height.
Thirdly, the proposed site of the project is located in SY Company Limited of Tumen City. There are special railway lines in the factory area. The regional transportation is very convenient. It can completely meet the transportation needs of the equipment, raw materials and products of the project. The main raw materials of the project are fly ash, desulphurization gypsum comes from SY Company Limited and other materials come from Yanbian. This project mainly includes batching and molding water and steam water, the annual production water consumption is about 10190t; domestic water consumption per capita is 0.1t/d, the annual water consumption is about 3600t; fire pool water storage is 200t. The total production and domestic water consumption is 104790t/a. The water supply can be completely satisfied by using one well outlet water volume of 25t/h in the factory area. Water for production and fire fighting is needed. Therefore, from the aspects of raw material supply and transportation, the project construction has unique advantages.
This project is a general industrial project. The environmental treatment measures adopted are more effective and advanced measures. After the treatment of the three wastes, the waste residue, dust and waste water discharged can meet the requirements of the national discharge standards and will not affect the surrounding environment.
Fourthly, the total investment of the project is the construction investment of the project. The total investment of the project is 105.3758 million yuan, including the direct cost of the project construction, the other cost of the project construction and the basic reserve fee. The total investment of the project is 98.01.78 million yuan. All the construction investment of the project is solved by self-financing, but it will not happen. Interest during the construction period; the liquidity is estimated by the method of sub-item detailed estimation, i.e. inventory, cash, accounts receivable and accounts payable. The estimated amount is 7.3579 million yuan. According to the wall material market situation of Tumen City, the factory price of autoclaved fly ash aerated concrete block B05 grade is 240.00 yuan/m3, B07 grade is determined. The normal annual sales revenue of this project is 7650.5 million yuan/m3. The total annual cost of the project is 50965.5 million yuan, of which the fixed cost is 15.5164 million yuan, the variable cost is 35.8491 million yuan, the operating cost is 47.4263 million yuan, and the total annual profit is 24.6967 million yuan.
From the sensitivity analysis table, it can be seen that the change of sales income is the most sensitive factor to the economic benefits of enterprises. When sales income increases by 10%, the financial internal rate of return of the project is 32.39%, which is higher than the set benchmark rate of return of 20.39 percentage points. When sales income decreases by 17.76%, the internal rate of return of the project is reduced to the set benchmark rate of return. The risk of selling revenue is small.
The results of break-even analysis show that when the utilization ratio of project production capacity reaches 41.12%, the enterprise can obtain break-even, which indicates that the project has a strong ability to resist risks.
To sum up, the project has a strong profitability and financial viability. The project has a low break-even point, a strong ability to resist risks, and a strong ability to withstand changes in various factors. It can enjoy preferential policies of state tax reduction and exemption, and has better economic and social benefits.
Guided by the theoretical knowledge of technical economics, this paper scientifically demonstrates the rationality and feasibility of the project investment through fund raising, production scale, product pricing, cost estimation, profit and tax, as well as the project investment financial net present value (before and after tax), investment payback period, profit and loss balance analysis and sensitivity analysis. It is feasible to conduct investment analysis and considerable economic benefits.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.92
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本文编号：2225900
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