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Posted by: LeandraLin
« on: October 30, 2024, 06:10:04 AM »

财说 | 上市五年融资额等于市值,泉峰汽车已连续十个季度亏损

2024.10.30
            界面新闻记者 | 陶知闲界面新闻编辑 | 陈菲遐

上市五年的泉峰汽车(603982.SH)还未摆脱亏损泥潭。今年前三季度,公司营收15.69亿元,同比上涨4%;归属净利润亏损3.8亿元,同比下滑0.37%。单季度看,第三季度营收5.44亿元,归属净利润1.27亿元。公司已连续十个季度亏损。

亏损并不影响泉峰汽车“伸手要钱”。仅上市五年,公司通过直接融资已获得资金23亿元,与当前的市值相当。

赔本赚吆喝

泉峰汽车主要从事铝合金及黑色金属类汽车零部件生产销售,产品主要应用于汽车的传动系统、引擎系统等电控系统等。公司主要客户为国内外头部tier1、OEM厂商、电池厂商等,如特斯拉、弗迪动力(比亚迪旗下)、蜂巢传动(长城旗下)、宁德时代、华为、博世、博格华纳、采埃孚等。

作为汽车产业链的一员,泉峰汽车业绩和乘用车行业表现关联度较高。上半年,国内汽车产销分别为1389.1万辆和1404.7万辆,同比分别增长4.9%和6.1%。其中,新能源汽车产销分别完成492.9万辆和494.4万辆,同比分别增长30.1%和32%,市场占有率达35.2%。

按理说,行业高速增长应该带动泉峰汽车业绩提升,然而上半年泉峰汽车仅实现营收10.25亿元,同比增长9.1%;归属净利润亏损2.54亿元,同比下降8.63%。公司自2022年以来连续亏损,典型的“赔本赚吆喝”。

连连亏损的泉峰汽车却非常喜欢从资本市场“吸金”。这家2019年上市募资4.9亿元的公司,2022年再度通过定增成功募集资金11.93亿元,主要用于国内(5.31亿元)、欧洲(2.96亿元)产能建设及补充流动资金。在此期间的2021年,公司还发行6.2亿元可转债。公司上市以来合计募资23亿元,令人尴尬的正好和目前总市值(22亿元)相当。

泉峰汽车固定资产和在建工程合计总额由2019年的9.51亿元“疯”涨至2024年9月底的39.58亿元,涨幅高达316%。具体建设方面,2020年至今,公司相继投入建设马鞍山生产基地、匈牙利生产基地,截至6月底,投资规模已分别达到17.46亿元和1.27亿欧元。目前匈牙利生产基地基本未实现收入,马鞍山生产基地上半年仅实现营收3.53亿元。

“未达理想水平”

对于常年亏损,泉峰汽车给出的解释都是转型期阵痛。公司表示,近年来仍处于从传统汽车零部件向新能源汽车零部件、从中小型零部件向中大型零部件的转型期,同时业务还在向整车厂渗透。从利润来看,由于公司近年新建的两大工厂,投资较大导致固定成本大幅增长,而因处于产能爬坡期,固定成本未得到相应摊薄;且公司较多新项目在初期生产效率与直通率均处于爬坡过程,因此导致单位变动成本较高;同时公司在研新项目较多,研发费用依然处于较高水平。以2023年为例,公司资产减值合计5899万元,其中存货跌价准备2477万元,固定资产减值准备3422万元。

泉峰汽车的解释难以令投资者信服。公司主要竞争对手包括广东鸿图(002101.SZ)、文灿股份(603348.SH)、双环传动(002472.SZ)等公司。今年上半年广东鸿图和文灿股份毛利率都在15%左右,双环传动的毛利率更是高达22.75%,三家公司上半年都实现净利润且同比增长。作为对比,泉峰汽车毛利率仅为0.85%,亏损之下净利润还同比下滑8.63%。

泉峰汽车曾表示“大量新品爬坡阶段的生产效率及一次合格率未达理想水平”。多年来如此大的投资最终“未达理想水平”,公司经营管理能力令人质疑。

更令人担心的还有泉峰汽车高企的资产负债率。截至9月底,公司资产负债率达71.13%。同期公司的流动比率和速动比例分别为1.04和0.68,资金压力较大。

有息负债方面,截至9月底,泉峰汽车有息负债高达36.7亿元,是归母净资产的1.9倍。其中有息负债中一年内到期的非流动负债为9.2亿元,短期借款6.2亿元,长期借款15.9亿元,应付债券5.4亿元。

此外,泉峰汽车还有对外担保的隐形债务。截至6月底,公司对控股子公司提供的担保总额为9.44 亿元,是彼时公司净资产的46%。

高负债带给泉峰汽车的是高财务费用,直接影响利润。前三季度公司财务费用达1.22亿元,同比增长62%,同期研发费用为1.05亿元。财务费用已超研发费用。

汽车压铸件行业本身便属于资金密集型产业,需要大量资金购买生产设备,对企业的资金实力要求较高。与此同时,伴随着新能源汽车崛起,汽车轻量化正成为世界汽车发展的潮流,行业未来也将更新不断。

高资产负债率、低运营管理能力,泉峰汽车如何让市场相信?

Source: 财说 | 上市五年融资额等于市值,泉峰汽车已连续十个季度亏损

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