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  来源:国际金融报

  曾经的“中国彩电大王”康佳集团(股票名称:深康佳A)积重难返。

  4月15日,深康佳A披露最新财报,2024年,该公司营业收入进一步减少至111.15亿元,较2023年同期的178.49亿元下降了37.73%;亏损情况依旧严峻,归母净利润亏损额达到32.96亿元,同比扩大52.31%;扣除非经常性损益后的净亏损更是增至32.06亿元。

  细究其财务轨迹,深康佳A的衰落轨迹清晰可见,自2019年营收达到551.19亿元的顶峰后,其营收规模便急剧下滑,至今已不足120亿元。此外,深康佳A的归母净利润已经连续三年为负,而扣非净利润则长达14年处于赤字状态,累计亏损接近200亿元。

  与此同时,近年来深康佳A的资产负债率屡创新高。截至2024年末,资产负债率已达92.65%,创近十年新高。其中,流动负债达190.33亿元,而在手货币资金仅为41.16亿元,债务压力不小。

  2023年7月,康佳集团曾高调宣布以“电子科技业务”为核心战略,试图通过“消费电子+半导体”双轮驱动实现突围。然而最新财报数据表明,这一战略转型尚未显现成效,转型之路步履维艰。

  公司在财报中将业绩颓势归因于三大因素:主营业务持续亏损、新业务孵化不及预期,以及资产减值计提的拖累。但更深层次的问题或许在于,在消费电子行业剧烈变革的浪潮中,这家老牌企业始终未能找到与时代同频的创新节奏。从“彩电大王”到接连告亏,留给这家老牌企业重整旗鼓的时间,还有多少呢?

  战略困局待解

  伴随战略聚焦,康佳集团在2023年宣布回归彩电、白电等核心主业,同时果断收缩了盈利薄弱的工贸与环保业务。值得注意的是,工贸业务曾是其营收支柱——2022年,该板块营收高达160.53亿元,占总收入的54.22%,主要涉及传统家电产业链中IC芯片存储、液晶屏等物料的采购与分销。然而仅一年后,这一业务便从财报中彻底消失。

  调整后的康佳业务架构分为消费电子、半导体及存储芯片以及其他业务三大板块,但2024年财报显示,各板块均面临增长困境:消费电子业务(现占营收91.2%)营收微降0.67%至101.37亿元,但占比大幅提升的主因是其他业务线的大幅萎缩;半导体业务遭遇“滑铁卢”,营收从2023年的3.4亿元暴跌94.99%至1.7亿元,仅贡献总收入的1.53%。康佳在财报中坦承,该业务仍处产业化初期,未能形成规模效益,导致收入断崖式下滑。

  显然,回归主业的消费电子增长乏力,而被视为第二曲线的半导体业务尚未走出投入期,这也使得康佳的转型之路扑朔迷离。作为昔日的“彩电一哥”,康佳集团的半导体转型战略已推进六年之久。早在2018年,公司就完成了半导体业务的总体设计与战略规划,明确了该板块的产品方向,并雄心勃勃地提出“5-10年跻身国际半导体公司前列”的战略目标。

  目前,康佳半导体业务主要布局在光电领域,重点聚焦MicroLED及MiniLED芯片、巨量转移、显示三大业务板块。然而,这一业务板块至今未能带来实质性收益,2024年营收更是出现断崖式下滑。

  康佳显然不愿放弃半导体梦想,3个月前,公司突然祭出大动作:拟通过发行股份方式收购宏晶微电子78%股权,交易完成后后者将成为其控股子公司。根据公告,此次交易涉及向17名交易对方发行股份,同时配套募资不超过35名特定投资者。

  标的公司宏晶微电子成立于2009年,主营业务为音视频图像信号处理芯片设计。值得关注的是,该公司曾于2015年在新三板挂牌,后于2019年终止挂牌。2024年8月,宏晶微电子完成了新的IPO辅导备案,拟于科创板上市,但此后IPO进程未有新进展。

  财务数据显示,宏晶微电子近两年业绩波动明显:2022—2023年营收维持在2.9亿元左右,但2024年前11个月营收已降至2.69亿元;净利润方面,2023年实现2763万元盈利后,2024年前11个月又回落至1299万元。截至2024年11月末,公司总资产7.33亿元,负债3.3亿元。

  这场收购究竟是康佳半导体转型的“救命稻草”,还是又一次战略摇摆?在主营业务持续萎靡的情况下,重金押注尚未形成稳定盈利能力的芯片资产,康佳的转型之路愈发充满悬念。

  将迎来新“东家”?

  康佳集团发轫于上世纪80年代初,是改革开放后诞生的首家中外合资电子企业公司,至今已有四十多年的历史。1992年,深康佳A在深圳证券交易所上市。1998年,康佳电视机市场占有率首次实现第一,曾在长达十年左右的时间内,牢牢占据了中国彩电行业龙头的位置,风光无两。

  然而,伴随着技术的变革与市场竞争态势的变化,康佳集团当前的市场地位早已今昔非比,其根基业务彩电业务的营收更是逐年萎缩。2015年,康佳的彩电类业务营收超过120亿元,到2024年已下滑至50.28亿元。

  深康佳A近10年彩电营收变化情况 (马云飞 制图)

  “康佳不再只是一家彩电公司,将转型投资控股平台,做大投资业务,彩电业务则独立进行公司化运作。”2017年,时任康佳集团董事局主席的刘凤喜在接受媒体采访时如是表述。这番表态拉开了康佳多元化扩张的序幕。当年财报显示,电子业务营收占比从2016年的84.57%骤降至51.71%,而供应链管理业务异军突起,仅用一年时间就取代彩电成为公司第一大收入来源。此后数年,康佳更是一路狂奔,相继布局环保、半导体等新兴领域。

  然而这场转型实验在2023年戛然而止,公司宣布重新聚焦消费电子和半导体两大主业。这意味着在经历六年试错后,康佳的战略指针又重新拨回了起点,但彩电市场早已物是人非——行业整体进入存量竞争阶段,海信、小米、TCL、创维四大品牌垄断近80%市场份额,留给康佳的生存空间所剩无几。

  更严峻的是,品牌认知度正成为康佳难以逾越的障碍。多位消费者反馈显示,在索尼、海信等强势品牌的挤压下,康佳在消费者心智中的存在感持续弱化。一位家电供应链的业内人士则向记者表示,当下消费者选购电视时,往往首先考虑画质、智能功能等产品力,其次是品牌溢价,康佳在这两个维度都不占优势。

  在半导体业务尚未成型、彩电市场强敌环伺的当下,这个曾经的行业霸主正面临其发展史上最严峻的战略抉择。

  一周前,深康佳A发布公告称,其接到其控股股东华侨城的通知,为推进中央企业之间的专业化整合、优化资源配置,拟由其他央企集团对康佳实施专业化整合。值得一提的是,目前,深康佳A的控股股东华侨城集团,也是后者发展电子科技业务的重要平台。截至2024年12月27日,华侨城集团对深康佳A的直接持股比例达21.75%。

  近期市场传闻称,央企华润集团可能成为康佳的“白衣骑士”,接手这家陷入困境的老牌家电企业。但截至发稿,康佳方面尚未就股权变动发布任何官方消息。而无论最终接盘者是谁,留给这家老牌企业翻盘的时间和机会,都在快速流逝。

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