• 時代IPO | 毛利率遠不及同行,耐普礦機業績依賴關聯方

    公司 > | Time Weekly - 2020-01-06 20:10:19 來源:時代商學院
  • 時代商學院分析師 黃祐芊

    四肖期期中准天天中码XINGYEZHENGTICHANLIANGTINGZHIBUQIAN,YENEIGONGSIJINGZHENGYUFAJILIE。CISHIMOUQIUSHANGSHIWEIBUCHONGYUNYINGZIJIN、CHANYEJIGAISHENGJIHUOXUSHIQIYEHUANJIEJINGZHENGYALIDELIANGCEZHIYI。

    四肖期期中准天天中码12YUE26RI,JIANGXINAIPUKUANGJIXINCAILIAOGUFENYOUXIANGONGSI(XIACHENG“NAIPUKUANGJI”)GUOHUI。GAIGONGSIBENCIIPONIDENGLUCHUANGYEBAN,YUJIMUZI3.97YIYUAN,YONGYUCHANPINJISHUSHENGJI、YANFAZHONGXIN、YINGXIAOFUWUZHONGXINJIBUCHONGLIUDONGZIJINDENGXIANGMU。?

    ZHAOGUSHUPILU,2016—2018NIAN,NAIPUKUANGJIFENBIESHIXIANYINGYESHOURU2.16YIYUAN、2.76YIYUAN、3.26YIYUAN,LIANGNIANJIANYINGYESHOURUWENBUZENGCHANG。

    RANER,SHIDAISHANGXUEYUANZIXIFANYUEGAIGONGSIZHAOGUSHUHOUFAXIAN,NAIPUKUANGJIHEXINCHANPINMAOLILVZHUNIANXIAHUA,POYOUKAODIJIAQIANGDUOSHICHANGDEXIANYI。CIWAI,GONGSIGUANLIANJIAOYIJINEZHANDANGQIYINGYESHOURUBIZHONGJIAOGAO,QIEJIANGTONGJITUANZUOWEIQIHEYINGZHE,LIANXUSINIANWEILIENAIPUKUANGJIQIANWUDAKEHUMINGDAN,HOUZHEJINGLIYEJIBEIHOULIBUKAIJIANGTONGJITUANDECHIXUZHICHI。?

    核心毛利率持續下跌

    四肖期期中准天天中码JUZHAOGUSHU,KUANGYONGXIANGJIAONAIMOBEIJIANSHINAIPUKUANGJIHEXINCHANPIN。2016—2019NIANSHANGBANNIAN,GAICHANPINFENBIESHIXIANXIAOSHOUSHOURU1.42YIYUAN、1.75YIYUAN、2.34YIYUAN、1.22YIYUAN,ZHANDANGQIGONGSIZHUYINGYEWUSHOURUDE65.84%、63.4%、71.84%、70.68%。?

    MAOLILVSHIJIANDINGYIJIAQIYEYINGLINENGLIDEGUANJIANZHIBIAOZHIYI。NAIPUKUANGJIXIANGJIAONAIMOBEIJIANXIAOSHOUSHOURUZHANDANGQIYINGYESHOURUBIZHONGZHENGTICHENGSHANGSHENGQUSHI,BUGUOGAICHANPINDEMAOLILVQUEZHUNIANXIAHUA。ZHESHIFOUZAIANSHIZHU,NAIPUKUANGJIHEXINCHANPINYINGYESHOURUDEZENGCHANGSHIKAOQIJIANGDIMAOLILVQUDE?

    RUXIATUSUOSHI,BAOGAOQINEI,GAIGONGSIHEXINCHANPINDEMAOLILVFENBIEWEI59.73%、53.46%、52.48%、52.34%。LIANGNIANJIAN(2016—2018NIAN),GAICHANPINMAOLILVXIAHUACHAO7GEBAIFENDIAN。?

    四肖期期中准天天中码KUANGYONGJINSHUBEIJIANZUOWEIGAIGONGSIJINNIANXIAOSHOUZHANBIWENBUZENGCHANGDECHANPINZHIYI,QIMAOLILVYICONG2016NIANDE44.99%JIANGZHI2019NIANSHANGBANNIANDE34.43%,XIAHUAFUDUDA10GEBAIFENDIAN。

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    數據來源:耐普礦機招股書

    四肖期期中准天天中码ZHENGTILAIKAN,JINNIAN,NAIPUKUANGJIZONGHEMAOLILVJIAOWEIBODONG。BAOGAOQINEI,GAIGONGSIZONGHEMAOLILVFENBIEWEI48.59%、43.36%、48.11%HE 49.30%,CHENGXIANXIAJIANGHOUSHANGSHENGQUSHI。BUGUO,JIBIANRUCI,NAIPUKUANGJIRENGBUJITONGXINGKEBISHANGSHIGONGSIDEXIANGGUANSHUJU。

    2016—2019NIANSHANGBANNIAN,ZUOWEIGAIGONGSIJINGZHENGDUISHOUDETIANTIEGUFEN(300587.SZ)、ZHENANKEJI(300767.SZ),ZONGHEMAOLILVSUIZHUNIANXIAHUA,DANRENGGAOYUNAIPUKUANGJI。JINGJISUAN,BAOGAOQINEI,SHANGSHULIANGJIASHANGSHIGONGSIZONGHEMAOLILVJUNZHIFENBIEWEI66.2%、58.95%、55.85%、54.89%。?

    關聯方持續輸血

    四肖期期中准天天中码ZHAOGUSHUPILU,JIANGXITONGYEJITUAN(DEXING)XIANGJIAOSHIYEYOUXIANGONGSI(XIACHENG“DEXINGXIANGJIAO”)、JIANGXITONGYEJITUAN(DEXING)BENGYEYOUXIANGONGSI(XIACHENG“DEXINGBENGYE”)YUNAIPUKUANGJICUNZAIGUANLIANGUANXI。GONGSICHIYOUDEXINGXIANGJIAO27.5%GUQUAN、CHIYOUDEXINGBENGYE49%GUQUAN。

    BAOGAOQINEI,NAIPUKUANGJILAIZIGUANLIANFANGDEXINGBENGYEDEXIAOSHOUSHOURUFENBIEWEI1700.69WANYUAN、1706.9WANYUAN、1658.98WANYUAN、835.8WANYUAN,FENBIEZHANDANGQIYINGYESHOURUBIZHONGDE7.89%、6.21%、5.09%、4.85%。KEYIKANDAO,NAIPUKUANGJIDUIDEXINGBENGYEDEGUANLIANJIAOYIZHANBIBUXIAO。

    image.png

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    四肖期期中准天天中码CIWAI,SHIDAISHANGXUEYUANTONGGUOTIANYANCHAGUQUANTOUXIFAXIAN,DEXINGXIANGJIAOYUDEXINGBENGYEDESHIJIKONGZHIRENWEIJIANGXITONGYEJITUANYOUXIANGONGSI(XIACHENG“JIANGTONGJITUAN)。GAIGONGSIZAIBAOGAOQINEIJUNCHUXIANZAINAIPUKUANGJIQIANWUDAKEHUMINGDANZHONG。

    四肖期期中准天天中码2016—2019NIANSHANGBANNIAN,JIANGTONGJITUANFENBIEDUINAIPUKUANGJIYINGYESHOURUGONGXIAN3164.84WANYUAN、3196.36WANYUAN、2980.91WANYUAN、1949.42WANYUAN,FENBIEZHANDANGQIYINGYESHOURUBILIDE14.7%、11.57%、9.15%、11.32%。?

    SHIDAISHANGXUEYUANRENWEI,GUANLIANJIAOYISHOUDAOZHENGJIANHUIGAODUGUANZHUDEYUANYIN,ZHUYAOSHIWEIHECHAQIYEJIANSHIFOUCUNZAILIYISHUSONG、DUIGUANLIANFANGSHIFOUCUNZAIZHONGDAYILAI、QIYEWEILAIYEWUDULIXINGJICAIWUZHUANGKUANGDENGWENTI。JIANGTONGJITUANSUIBUGOUCHENGNAIPUKUANGJIGUANLIANFANG,DANLIANGZHEZHIJIANJISHIGONGYINGSHANGYUKEHUDEGUANXI,YISHIHEYINGGUANXI,JIAOYIJIAGEDEGONGYUNXINGSHINANPANDUAN。

    【嚴正聲明】本文(報告)基于已公開的資料信息撰寫,文中的信息或所表述的意見均不構成對任何人的投資建議。文章版權歸原作者及原出處所有,未經時代周報時代商學院授權,任何媒體、網站及微信公眾平臺不得引用、復制、轉載、摘編或以其他任何方式使用上述內容。獲得授權轉載,仍須注明出處。(聯系郵箱:TimesBusiness@163.com)


ZHEGELIJINGYINIANDEQUANSHANGBINGGOUAN,ZHONGJIANGXUEZILUODI,ZHONGXINZHENGQUANRUHEZHENGHEBIQILISHIHUANYAOCHANGDEGUANGZHOUZHENGQUAN?CHENGWEISHICHANGGUANZHUDEXIAYIGEJIAODIAN。ZAIZHENGJIANHUIYAOTUIJINDAZAOHANGMUJIQUANSHANGBEIJINGXIA,ZHONGXINZHENGQUANSHOUGOUQIAFENGQISHI。

SUIZHUYUEDONGXIBEIZHENXINGFAZHANZHANLVEMINGQUEYAOBAHEYUANJIANSHECHENGWEIQUANGUODITANSHIFANCHENGSHI、HUANZHUSANJIAOXINXINGCHANYEJIJUDI、LINGNANJIANKANGXIUXIANLVYOUMINGCHENG、XIANDAISHENGTAIYUANLINCHENGSHI,RUHESHIXIAN“LVFUSHUANGYING”CHENGWEIHEYUANFAZHANDEXINMINGTI。

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