Marriott International Inc.、合并损益表结构（季度数据）
|
截至 3 个月 |
2020年3月31日 |
|
2019年12月31日 |
|
2019年9月30日 |
|
2019年6月30日 |
|
2019年3月31日 |
|
2018年12月31日 |
|
2018年9月30日 |
|
2018年6月30日 |
|
2018年3月31日 |
|
2017年12月31日 |
|
2017年9月30日 |
|
2017年6月30日 |
|
2017年3月31日 |
|
2016年12月31日 |
|
2016年9月30日 |
|
2016年6月30日 |
|
2016年3月31日 |
|
2015年12月31日 |
|
2015年9月30日 |
|
2015年6月30日 |
|
2015年3月31日 |
|
|
|
基础管理费 |
4.57% | |
5.55% | |
5.51% | |
5.82% | |
5.63% | |
5.45% | |
5.52% | |
5.55% | |
5.45% | |
4.83% | |
4.75% | |
4.92% | |
4.75% | |
4.91% | |
4.57% | |
4.77% | |
4.56% | |
4.64% | |
4.75% | |
5.18% | |
4.70% | |
|
|
加盟费 |
8.87% | |
9.33% | |
10.03% | |
9.90% | |
8.98% | |
8.60% | |
9.94% | |
8.78% | |
8.33% | |
7.00% | |
7.52% | |
7.18% | |
6.56% | |
5.43% | |
6.34% | |
6.02% | |
5.49% | |
5.42% | |
6.34% | |
5.99% | |
5.81% | |
|
|
激励管理费 |
0.00% | |
3.26% | |
2.54% | |
3.11% | |
3.25% | |
3.16% | |
2.99% | |
3.25% | |
3.09% | |
2.89% | |
2.40% | |
2.55% | |
2.75% | |
2.73% | |
2.05% | |
2.41% | |
2.68% | |
2.19% | |
1.90% | |
2.20% | |
2.53% | |
|
|
总费用收入 |
13.44% |
|
18.13% |
|
18.07% |
|
18.83% |
|
17.86% |
|
17.21% |
|
18.45% |
|
17.58% |
|
16.87% |
|
14.72% |
|
14.67% |
|
14.65% |
|
14.06% |
|
13.07% |
|
12.96% |
|
13.20% |
|
12.73% |
|
12.25% |
|
13.00% |
|
13.36% |
|
13.04% |
|
|
|
合同投资摊销 |
-0.53% | |
-0.32% | |
-0.30% | |
-0.28% | |
-0.28% | |
-0.26% | |
-0.26% | |
-0.24% | |
-0.36% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
|
|
净手续费收入 |
12.90% |
|
17.82% |
|
17.77% |
|
18.55% |
|
17.58% |
|
16.94% |
|
18.19% |
|
17.34% |
|
16.51% |
|
14.72% |
|
14.67% |
|
14.65% |
|
14.06% |
|
13.07% |
|
12.96% |
|
13.20% |
|
12.73% |
|
12.25% |
|
13.00% |
|
13.36% |
|
13.04% |
|
|
|
自有收入、租赁收入和其他收入 |
5.98% | |
7.93% | |
7.44% | |
7.88% | |
7.48% | |
7.73% | |
7.86% | |
7.82% | |
8.11% | |
7.71% | |
7.98% | |
7.90% | |
7.89% | |
9.82% | |
7.08% | |
6.28% | |
6.55% | |
6.93% | |
6.40% | |
6.59% | |
7.32% | |
|
|
成本报销收入 |
81.12% | |
74.25% | |
74.79% | |
73.57% | |
74.94% | |
75.33% | |
73.95% | |
74.84% | |
75.38% | |
77.57% | |
77.34% | |
77.45% | |
78.04% | |
77.11% | |
79.96% | |
80.52% | |
80.73% | |
80.81% | |
80.60% | |
80.05% | |
79.65% | |
|
|
收入 |
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
|
|
自有、租赁和其他直接 |
-5.81% | |
-6.22% | |
-6.17% | |
-6.24% | |
-6.48% | |
-6.07% | |
-6.24% | |
-6.17% | |
-6.71% | |
-6.09% | |
-6.29% | |
-6.13% | |
-6.44% | |
-6.73% | |
-4.92% | |
-4.43% | |
-4.40% | |
-4.88% | |
-4.89% | |
-4.96% | |
-5.52% | |
|
|
报销费用 |
-82.82% | |
-81.36% | |
-77.02% | |
-77.42% | |
-77.65% | |
-78.48% | |
-76.32% | |
-73.29% | |
-76.02% | |
-77.57% | |
-77.34% | |
-77.45% | |
-78.04% | |
-77.11% | |
-79.96% | |
-80.52% | |
-80.73% | |
-80.81% | |
-80.60% | |
-80.05% | |
-79.65% | |
|
|
收入成本 |
-88.63% |
|
-87.58% |
|
-83.19% |
|
-83.66% |
|
-84.14% |
|
-84.55% |
|
-82.56% |
|
-79.46% |
|
-82.73% |
|
-83.66% |
|
-83.63% |
|
-83.57% |
|
-84.48% |
|
-83.83% |
|
-84.88% |
|
-84.96% |
|
-85.13% |
|
-85.70% |
|
-85.49% |
|
-85.01% |
|
-85.17% |
|
|
|
毛利 |
11.37% |
|
12.42% |
|
16.81% |
|
16.34% |
|
15.86% |
|
15.45% |
|
17.44% |
|
20.54% |
|
17.27% |
|
16.34% |
|
16.37% |
|
16.43% |
|
15.52% |
|
16.17% |
|
15.12% |
|
15.04% |
|
14.87% |
|
14.30% |
|
14.51% |
|
14.99% |
|
14.83% |
|
|
|
折旧、摊销和其他 |
-3.20% | |
-3.33% | |
-0.98% | |
-1.06% | |
-1.08% | |
-1.17% | |
-1.03% | |
-1.07% | |
-1.08% | |
-1.23% | |
-1.20% | |
-1.47% | |
-1.17% | |
-1.30% | |
-0.91% | |
-0.77% | |
-0.82% | |
-0.86% | |
-0.87% | |
-0.87% | |
-1.25% | |
|
|
一般、行政和其他 |
-5.77% | |
-4.97% | |
-4.16% | |
-4.32% | |
-4.43% | |
-4.58% | |
-4.38% | |
-4.01% | |
-4.93% | |
-4.41% | |
-3.51% | |
-3.90% | |
-3.78% | |
-4.29% | |
-4.08% | |
-3.95% | |
-4.11% | |
-5.07% | |
-4.16% | |
-4.12% | |
-4.13% | |
|
|
合并相关成本和（费用）回收 |
0.04% | |
0.99% | |
-0.17% | |
-3.26% | |
-0.18% | |
-1.72% | |
-0.24% | |
-0.33% | |
-0.68% | |
-1.00% | |
-0.49% | |
-0.36% | |
-0.92% | |
-2.49% | |
-5.78% | |
-0.36% | |
-0.21% | |
0.00% | |
0.00% | |
0.00% | |
0.00% | |
|
|
营业收入 |
2.44% |
|
5.10% |
|
11.49% |
|
7.71% |
|
10.18% |
|
7.98% |
|
11.80% |
|
15.12% |
|
10.58% |
|
9.70% |
|
11.16% |
|
10.70% |
|
9.66% |
|
8.08% |
|
4.34% |
|
9.97% |
|
9.73% |
|
8.36% |
|
9.47% |
|
10.00% |
|
9.45% |
|
|
|
收益（损失）和其他收入净额 |
-0.09% | |
2.57% | |
0.19% | |
0.02% | |
0.10% | |
0.06% | |
0.36% | |
2.11% | |
1.18% | |
11.18% | |
0.11% | |
0.43% | |
0.00% | |
0.04% | |
0.08% | |
0.00% | |
0.00% | |
0.19% | |
0.00% | |
0.54% | |
0.00% | |
|
|
利息支出 |
-1.99% | |
-1.77% | |
-1.89% | |
-1.92% | |
-1.94% | |
-1.78% | |
-1.70% | |
-1.57% | |
-1.50% | |
-1.23% | |
-1.29% | |
-1.26% | |
-1.26% | |
-1.37% | |
-1.40% | |
-1.46% | |
-1.25% | |
-1.24% | |
-1.20% | |
-1.14% | |
-1.02% | |
|
|
利息收入 |
0.13% | |
0.11% | |
0.15% | |
0.11% | |
0.12% | |
0.11% | |
0.10% | |
0.11% | |
0.10% | |
0.24% | |
0.16% | |
0.14% | |
0.13% | |
0.24% | |
0.23% | |
0.18% | |
0.16% | |
0.27% | |
0.14% | |
0.16% | |
0.23% | |
|
|
收益权益（亏损） |
-0.09% | |
0.06% | |
0.04% | |
0.00% | |
0.16% | |
0.15% | |
1.21% | |
0.39% | |
0.26% | |
0.17% | |
0.11% | |
0.21% | |
0.20% | |
0.04% | |
0.08% | |
0.13% | |
0.00% | |
0.08% | |
0.22% | |
0.05% | |
0.09% | |
|
|
所得税前利润 |
0.41% |
|
6.07% |
|
9.97% |
|
5.92% |
|
8.62% |
|
6.52% |
|
11.76% |
|
16.16% |
|
10.62% |
|
20.07% |
|
10.24% |
|
10.22% |
|
8.72% |
|
7.02% |
|
3.32% |
|
8.82% |
|
8.64% |
|
7.66% |
|
8.64% |
|
9.62% |
|
8.74% |
|
|
|
（准备金）所得税福利 |
0.26% | |
-0.88% | |
-2.65% | |
-1.55% | |
-1.14% | |
-0.53% | |
-1.80% | |
-3.83% | |
-2.24% | |
-16.65% | |
-3.32% | |
-3.07% | |
-2.16% | |
-2.55% | |
-1.55% | |
-2.49% | |
-2.84% | |
-2.21% | |
-2.77% | |
-3.12% | |
-2.85% | |
|
|
净收入 |
0.66% |
|
5.19% |
|
7.32% |
|
4.37% |
|
7.48% |
|
5.99% |
|
9.96% |
|
12.33% |
|
8.38% |
|
3.42% |
|
6.92% |
|
7.14% |
|
6.56% |
|
4.47% |
|
1.78% |
|
6.33% |
|
5.81% |
|
5.45% |
|
5.87% |
|
6.51% |
|
5.89% |
|
根据报告：
10-Q (报告日期： 2020-03-31), 10-K (报告日期： 2019-12-31), 10-Q (报告日期： 2019-09-30), 10-Q (报告日期： 2019-06-30), 10-Q (报告日期： 2019-03-31), 10-K (报告日期： 2018-12-31), 10-Q (报告日期： 2018-09-30), 10-Q (报告日期： 2018-06-30), 10-Q (报告日期： 2018-03-31), 10-K (报告日期： 2017-12-31), 10-Q (报告日期： 2017-09-30), 10-Q (报告日期： 2017-06-30), 10-Q (报告日期： 2017-03-31), 10-K (报告日期： 2016-12-31), 10-Q (报告日期： 2016-09-30), 10-Q (报告日期： 2016-06-30), 10-Q (报告日期： 2016-03-31), 10-K (报告日期： 2015-12-31), 10-Q (报告日期： 2015-09-30), 10-Q (报告日期： 2015-06-30), 10-Q (报告日期： 2015-03-31).
从数据中可以观察到，公司在2015年至2019年期间，整体财务表现表现出一定的波动性与逐步改善的趋势。在收入结构方面，加盟费作为主要的收入来源，其占比持续上升，从2015年的5.81%逐步增加至2019年接近10%，显示公司在加盟模式的依赖性不断增强。同时，基础管理费和激励管理费作为相对稳定的收入类别，虽有短期波动，但整体比例较为平稳。
在成本和费用方面，毛利率有所提升，从2015年的14.83%上升至2018年最高的20.54%，反映出毛利水平的逐步改善及成本控制的成效。特别是收入成本部分，虽然有一定波动，但整体呈现出逐步下降的趋势，支持毛利率的提升。此外，整体费用（包括折旧、行政等）在2015至2018年间保持较为稳定，2019年则略有上升，但未显著影响盈利能力。
营业收入方面，呈现出逐步上升的趋势，从2015年的9.45%增长到2018年的最大值15.12%，随后在2019年有所下降，但依然保持在较高水平。值得注意的是，2019年第四季度出现短暂的明显下降，或反映年度内外部压力或市场环境调整。同时，净收入（利润）指标在2015至2018年均显示增长，尤其是2018年达到了较高的比率，但在2019年出现一定回落，表现出盈利能力在进入2019年后受到一定挑战。
财务结构方面，利息支出占比略有下降，从2015年的-1.02%逐步减轻到2019年的-1.77%，表明公司财务成本有所优化，但仍保持一定规模的融资成本。利息收入变化不大，波动均匀。所得税前利润率在2018年前后短期显著提升，说明盈利水平有所改善，尤其是在2018年达到16.16%的高点后，在2019年回落至9.97%，受部分外部或内部因素影响。
从整体看，公司的收入结构和利润水平在此期间展现出积极的趋势，特别是毛利的逐步提升与营业收入增长相辅相成。然而，2019年后部分指标的下行（尤其是净收入与营收的下降）提示公司可能面临一定的市场竞争压力或外部环境的不确定性。在财务表现的改善过程中，公司逐步增强了加盟业务的比重，同时通过成本控制与结构优化，实现了盈利能力的稳步提升。这些变化表明公司保持一定的成长动力，同时也需要关注外部不确定因素带来的潜在风险。
