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专题:新浪财经上市公司研究院

热点栏目自选股数据中心行情中心资金流向模拟交易客户端

  出品:新浪财经上市公司研究院

  作者:昊

  日前,易成新能发布公告,拟收购公司控股股东中国平煤神马控股集团有限公司(以下称“平煤神马”)所持有的河南平煤神马储能有限公司(以下称“储能公司”)80%股权,交易对价为3549.70万元。

  收购完成后,再由储能公司股东各方对其同比例增资1.25亿元,其中,易成新能增资1亿元,本次交易公司合计出资1.355亿元。

  就在一个月前,易成新能刚收购了一家处于亏损中的企业,用于扩展锂电负极石墨化业务。

  事实上,易成新能近年来多次出现关联交易,仅3000万以上的大额资产收购或出售事项就超过10起,其中绝大部分交易对象是公司大股东平煤神马。然而,即便频繁进行资本运作,易成新能的业绩也始终没有改善迹象。

  业绩承压的同时,资金问题更令市场担忧。易成新能现金流常年入不敷出,负债率逐年攀升,2019年到2021年,公司每年都通过定增或可转债进行融资,合计募资64亿,仍无法缓解资金压力。

  2022年和2023年,易成新能又两次试图定增,计划分别融资16亿和23亿,但最后均以失败告终,公司经营表现似乎已让市场深感失望。

  时隔1个月再启关联收购近五年关联交易近20亿

  易成新能发布公告称,拟收购控股股东平煤神马持有的储能公司80%股权,并对其进行增资,合计出资约1.355亿。

  易成新能表示,公司现有行业先进的全钒液流储能系统,本次收购的储能公司主要生产、销售智能锂离子电池储能系统,收购完成后,公司将实现长时储能与短时储能的搭配。

  数据显示,储能公司2023年0收入,2024年实现营收2.07亿,净利润1194万元,而负债率则从2023年的73.8%进一步升至87.3%。

  就在一个多月前,3月31日,易成新能公告称,公司与公司管理层持股平台拟共同收购海南金海棠科技有限公司所持有的山西梅山湖科技有限公司(以下称“梅山湖”)70%的股权。其中,公司以自有资金7357.39万元收购海南金海棠所持有的梅山湖65.5456%的股权。

  易成新能表示,梅山湖已建成年产3.5万吨全工序超高功率石墨电极项目和年产3万吨锂电池负极材料石墨化项目,本次收购有利于提高石墨电极产能,做大做强石墨电极主业,同时梅山湖所处地区电价、天然气生产要素价格有绝对优势,能大幅降低产品生产成本。

  事实上,易成新能近年来多次出现关联交易,经初步统计,仅3000万元以上的大额资产收购或出售事项就超过10起,其中绝大部分交易对象是公司大股东平煤神马,交易金额合计近20亿元。

  然而,即便频繁进行资本运作,易成新能的业绩也并没有改善迹象。

  2024年,易成新能实现营收34.22亿,同比下降65.38%,连续第二年下滑,归母净利润-8.51亿,同比大幅转亏。今年一季度,公司实现营收9.69亿,同比略增9.50%,归母净利润-0.48亿,仍维持亏损状态。

  三年直接融资64亿负债率仍屡创新高近两次定增均以失败告终

  业绩承压的同时,公司资金链面临的问题或许更令市场担忧。

  数据显示,2021年至今,易成新能经营现金流以净流出为主,而同期资本开支却保持高位,现金流常年入不敷出,导致公司负债率逐年攀升,从2020年底的44%大幅上升至2024年底的59%,今年一季度末进一步升至61%。

  实际上,自2019年到2021年的三年间,为收购关联方资产、扩张产能和补充流动资金,易成新能每年都通过定增或可转债进行融资,合计募资达64亿,却仍无法缓解公司的资金压力。

  值得注意的是,上述三次直接融资后,2022年9月,易成新能发布新一轮定增计划,拟发行6.49亿股,募资16亿,用于锂离子电池负极材料研制与生产建设项目(二期)、锂离子电池生产建设项目,并补充流动资金。

  2023年3月,公司再次宣布,拟发行6.53亿股,募资23.05亿,用于锂离子电池负极材料研制与生产建设项目(二期)、年产3万吨高性能锂离子电池负极材料项目,以及两个分布式光伏电站项目,并补充流动资金。

  令人遗憾的是,易成新能的这两次定增计划,并未如此前几次顺利落地,最后均以失败收场,公司的经营表现似乎已让市场深感失望。

  要不断完善稳就业稳经济的政策工具箱,既定政策早出台早见效,根据形势变化及时推出增量储备政策。

  一季度经济数据超预期之后,如何推动经济持续回升向好,成为市场关注的重大议题。

  据新华社,中共中央政治局4月25日召开会议,分析研究当前经济形势和经济工作。中共中央总书记习近平主持会议。

  会议对我国当前经济形势作出判断,认为经济呈现向好态势,社会信心持续提振,高质量发展扎实推进,社会大局保持稳定。同时,我国经济持续回升向好的基础还需要进一步稳固,外部冲击影响加大。要强化底线思维,充分备足预案,扎实做好经济工作。

  会议强调,要不断完善稳就业稳经济的政策工具箱,既定政策早出台早见效,根据形势变化及时推出增量储备政策,加强超常规逆周期调节,全力巩固经济发展和社会稳定的基本面。

  加紧实施更加积极有为的宏观政策

  今年一季度,多项经济指标超出市场预期。GDP同比增长5.4%,比上年四季度环比增长1.2%。一季度,全国固定资产投资同比增长4.2%,比上年全年加快1.0个百分点。3月份规模以上工业增加值同比实际增长7.7%,比前值大幅回升1.8个百分点;社会消费品零售总额同比增长5.9%,比1-2月份加快1.9个百分点。

  国家统计局副局长盛来运日前在国新办发布会上表示,今年一季度经济开局良好,高质量发展向新向好,彰显了中国经济强大的韧性和潜力。也清醒地看到,当前外部环境更趋复杂严峻,全球贸易保护主义快速升温,世界经济秩序面临重创,国内结构转型任务仍然比较繁重。所以,持续推动经济回升向好,需要付出更加艰巨的努力。

  政治局会议指出,统筹国内经济工作和国际经贸斗争,坚定不移办好自己的事,坚定不移扩大高水平对外开放,着力稳就业、稳企业、稳市场、稳预期,以高质量发展的确定性应对外部环境急剧变化的不确定性。

  具体到宏观政策,会议明确,要加紧实施更加积极有为的宏观政策,用好用足更加积极的财政政策和适度宽松的货币政策。加快地方政府专项债券、超长期特别国债等发行使用。兜牢基层“三保”底线。适时降准降息,保持流动性充裕,加力支持实体经济。创设新的结构性货币政策工具,设立新型政策性金融工具,支持科技创新、扩大消费、稳定外贸等。强化政策取向一致性。

  “加紧”一词意味着宏观政策加力提效的迫切性在上升。中国银河证券首席经济学家章俊此前对第一财经分析,当下中国的货币政策站在十字路口,将在二季度逐步走向实质性宽松,配合财政政策协同发力。近日,财政部公告,2025年超长期特别国债、中央金融机构注资特别国债将于4月24日开始发行。5月23日将发行50年期特别国债。这意味着政府债券发行的节奏可能在二季度进一步加快,为后续新一轮增量财政政策留足空间。

  粤开证券首席经济学家罗志恒建议,为了应对关税影响,中国可以积极扩大内需,短期根据形势需要追加财政预算、适时降准降息、探索推出“中央房地产稳定基金”。具体而言,在财政政策方面,在赤字率4.0%的基础上,及时根据形势调整并宣布追加预算,确保必要的支出强度。在货币政策方面,用好总量和结构性政策工具,适时降准降息,提振居民消费和企业投资需求。

  大力发展服务消费

  面对复杂严峻国际形势,扩大内需成为稳增长的关键之举。

  政治局会议指出,要提高中低收入群体收入,大力发展服务消费,增强消费对经济增长的拉动作用。尽快清理消费领域限制性措施,设立服务消费与养老再贷款。加大资金支持力度,扩围提质实施“两新”政策,加力实施“两重”建设。

  服务消费逐渐成为经济增长的新引擎,也成为挖掘消费潜力的重要领域。今年一季度,服务零售额同比增长5.0%,高于同期商品零售额增速0.4个百分点。

  近几日,提振服务消费的文件密集落地。比如,商务部等部门陆续发布了《服务消费提质惠民行动2025年工作方案》《关于促进家政服务消费扩容升级若干措施》等文件。

  中国国际经济交流中心副理事长王一鸣表示,扩大国内需求要以提振消费为重点,要优化财政支出结构,增加公共服务支出,来促进消费的扩大。当前商品消费相对饱和,政策重点应转向服务消费,服务消费领域面临一些制度性约束,建议放宽中高端医疗、休闲度假、养老服务领域的准入限制,满足中高收入群体多样化的服务消费需求。

  政治局会议还提到,要多措并举帮扶困难企业。对受关税影响较大的企业,提高失业保险基金稳岗返还比例。

  野村中国首席经济学家陆挺建议,针对出口企业可以出台一些扶持政策。参照以往历史经验,可以给出口企业一定贷款展期,甚至免息政策。

  中国企业资本联盟副理事长柏文喜也提到,通过财政税收、金融支持、消费券补贴等政策,进一步扶持外贸企业。可以继续加大对出口转内销企业的财政补贴力度,如设立专项扶持资金,用于支持企业开拓国内市场、品牌建设等。同时,给予符合条件的出口转内销企业税收优惠,以减轻企业负担。

  柏文喜还建议,通过搭建对接平台、提供信息服务、加强培训指导,建立出口转内销的长效机制。比如,政府和行业协会应继续搭建外贸企业与国内采购商、零售商、电商等对接平台,促进交流合作。定期组织举办各类展会、洽谈会,为企业提供更多市场机会。

  周五日股日经225指数周五收盘上涨,在白宫软化贸易立场后,投资者追捧科技股,而且日美财政部长会谈后日元走软。日经指数连续第三个交易日上涨,收高1.9%,报37,705,74点。该指数几乎完全收复了自美国总统特朗普4月2日宣布加征关税以来的跌幅。本周上涨了0.89%。东证股价指数涨1.37%至2,628.03点,周涨幅为1.3%。

  T&D资产管理公司的高级交易员YusukeSakai说:“随着特朗普对关税计划的语气有所缓和,投资者开始关注其他因素,如企业盈利和芯片行业的前景。”Sakai说,日美两国财政部长会谈后,投资者对日元进一步上涨的担忧有所缓解。

  个股方面,电机制造商尼得科(Nidec)大涨12.48%。它成为日经指数中百分比涨幅最大的股票,因为该公司公布的季度利润高于预期,并预测全年营业利润将创历史新高。芯片相关股票东京电子和爱德万测试(Advantest)分别上涨4.24%和4.64%,对日经指数的提振作用最大。卡车制造商日野汽车下跌5%,是日经指数中表现最差股票。

  韩国综合指数周五收盘上涨1.0%,至2546.30点,造船和半导体类股领涨。该指数本周累计上涨2.5%,连续第三周收涨。外国和机构投资者为净买入者,随著首尔和华盛顿寻求在7月初前达成一揽子贸易协议,市场对美国关税的担忧有所缓解。韩华海洋股价上涨11%。存储芯片制造商SK海力士股价上涨3.4%。与此同时,移动互联网公司Kakao股价下跌3.8%,因SK电讯剥离了在该公司的股份。

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