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财联社4月15日讯(编辑李响)昨日,康佳集团股份有限公司(以下简称“康佳集团”)发布了2024年年报,其中净利润同比下滑52.31%,经营活动产生的现金流量净额同比下滑68.56%,多项重要财务数据均出现历史性大幅下滑,转型发展之路再次蒙上了诸多阴影。

值得注意的是,在年报发布前的4月10日,康佳集团旗下上市公司深康佳A(000016.SZ)一纸公告,让市场关注。

公告显示,为推进央企之间专业化整合,优化资源配置,拟由其他央企集团对本公司实施专业化整合,也就是说,其控股股东将由目前的华侨城集团变更为“其他央企集团”。

消息一出便在资本市场快速发酵。尽管公司年度净利润创历史最大亏损,但公司股价实现了六连涨,截至今日收盘报5.68元,涨幅高达7.58%,总市值升至137亿元。

image公开资料显示,康佳集团主要从事彩电和白电产品的研发、生产和销售,是中国大型综合家电生产企业之一。公司实际控制人为国务院国有资产监督管理委员会。

在联合资信评级报告中,联合资信认为中国家用电器行业已过高速增长期,由增量市场转为存量市场。目前康佳集团近年来聚焦主业,推进业务结构调整,开展包括存储芯片贸易及半导体、环保及新材料、PCB等多元化业务,但整体毛利率偏低,对公司营收创利帮助偏小。

从公司财务数据也可以一窥公司近年来转型发展面临的困境。

从近五年营收表现来看,公司业绩逐年下台阶,从2020年500亿元总营收水平下降至2024年的111.15亿元,净利润从此前微利到加速亏损,2024年净利润亏损38.84亿元,创下历史最差记录。

康佳集团表示,公司已逐步聚焦消费电子和半导体两大主业,主动退出非核心业务及对核心业务赋能较弱且持续亏损的业务,导致营收出现一定程度下滑。而对于另一反映业务经营能力的现金流表现,也较2023年下降68.56%至1.74亿元,对此公司表示,主要因销售回款规模同比缩小,且收到的政府补助减少。

从偿债能力来看,公司流动比率和速动比率跌至0.63倍和0.49倍,经营活动净现金/流动负债只有0.01,目前公司有息债务高达203.69亿元,受净利润大幅下滑,EBITDA利息保障倍数下探至-2.79倍,资产负债率攀升至历史最高的92.65%,也是首次触及90%关口上方。

财联社注意到,康佳集团主体评级为AA,但其旗下7只存续债合计47亿元,评级均高达AAA,均得到其控股股东华侨城集团的担保,其中超一半(24亿元)今年即将面临到期兑付。

不过目前华侨城旗下的四家上市公司华侨城A(000069.SZ)、华侨城亚洲(3366.HK)、云南旅游(002059.SZ)、深康佳A近三年净利润持续为负。随着公告显示,康佳集团控股股东将由华侨城集团变更为“其他央企集团”,康佳集团未来转型发展的道路走向何方,值得持续关注。(原作者:李响来自:财联社)

《财联社》原文链接:https://www.cls.cn/detail/2004514

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