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豪门契约妻 - 的传播特点及受众心理探究
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豪门契约妻 - 的传播特点及受众心理探究

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  来源:环球老虎财经app

  业绩“巨亏”、市值缩水至“巅峰期”两成,种种迹象表明沐邦高科的跨界光伏谋局玩“崩了”。

  从玩具商转型到光伏,沐邦高科的跨界似乎已经出现“裂痕”。

  4月22日,沐邦高科再度下跌4.54%,今年跌幅已超57%。经统计,年内公司股价以接近57%的跌幅位列全市场跌幅榜前十。

  据悉,沐邦高科原本主营玩具,被称为“中国版乐高”,后在2022年开始跨界光伏。不过,沐邦高科转型光伏难言成功,近年来公司动荡不断,业绩也持续大幅亏损。

  深入剖析沐邦高科的光伏转型局发现,公司实际上是通过“零元购”的方式购买了豪安能源。然而,公司所购得的这一光伏资产本身同样问题重重,以至于外界频频质疑其经营“真实性”。

  对于沐邦高科实控人廖志远来说,其带领公司从玩具转型光伏的初衷无非在于增加公司故事性,提升公司估值中枢;而现如今公司股价的低迷表现也预示着,这场转型谋划并没有达到预期的效果。

  跨界光伏

  “失利”

  沐邦高科的光伏资本局似乎“玩脱”了。

  年内,沐邦高科以接近57%的总跌幅位列沪深京三市跌幅榜第九的位置。而与历史最高逾180亿元市值相比,当前公司市值更是只剩下不到两成。

  资料显示,沐邦高科成立于2003年,公司以益智玩具起家,原本主营为玩具。2022年,公司收购豪安能源,正式转型光伏。

  目前,沐邦高科的光伏业务主要生产单晶硅棒与硅片。2024年,公司光伏业务分部收入占据总营收超76%。

  而跨界光伏几年后,沐邦高科也开始遭遇动荡。进入2025年,公司各项问题集中发酵。

  1月17日晚间,沐邦高科发布公告称,董事会收到总经理郭俊华的辞职报告,而后在1月22日晚间,沐邦高科进一步宣称公司副总经理兼董事会秘书张明骏因个人原因提交辞职报告。

  这其中,郭俊华此前曾是晶科能源COO,称得上是光伏业内顶尖人士,其在沐邦高科年薪高达877万元。

  人才“失血”只是一方面。根据沐邦高科2月12日公告,公司累计已冻结金额约为7046万元,占公司2023年未经审计净资产的9.46%,占2024年第三季度末净资产的3.7%,以及占2024年第三季度末货币资金余额的24.72%。

  人才“失血”、资金冻结之外,沐邦高科业绩同样不佳。

  据悉,沐邦高科在2024年年报预告中透露,其预计2024年度实现营业收入3.3亿一3.5亿元,扣除与主营业务无关的业务收入和不具备商业实质的收入后的营业收入为3.1亿一3.3亿元;实现净利润-5.2亿元到-4.2亿元,扣非后净利为-14.4亿元到-11.7亿元。

  值得注意的是,根据交易所规定,上市公司出现“最近一个会计年度经审计的利润总额、净利润、扣除非经常性损益后的净利润三者孰低为负值,且扣除后的营业收入低于3亿元”的情形,公司股票交易将被实施退市风险警示。而按照沐邦高科的2024年业绩来看,其已比较接近这一标准。

  进一步剖析沐邦高科来看,其黯淡的业绩也略显独特。

  具体而言,沐邦高科在2024年前三季度录得营业收入4.86亿元,而这一数值大于2024年年度净利润。这意味着,公司在2024年第四季度罕见取得负营收。

  对此,沐邦高科表示主要系2024年第一季度销售的单晶炉发生了销售退回。

  另外,沐邦高科2024年归母净利润和扣非净利润之间存在近10亿的差额,而公司2024年前三季度非经常性损益仅568.68万元。

  此番情形下,预示着沐邦高科在2024年第四季度新增一笔数目较大的非经常性损益。

  亏损业绩的

  背后

  回复交易所问询函时,沐邦高科透露了其非经常性损益项目的由来。

  据沐邦高科所述,公司在2024年年报决算时根据业绩对赌方业绩完成情况确认了9.8亿元的业绩补偿收入,而这笔款项的来源正与收购豪安能源有关。

  回顾2022年上半年,沐邦高科斥资9.8亿元买下豪安能源100%股权。着眼估值来看,彼时豪安能源合并口径归母所有者权益账面价值为1.23亿元,采用收益法评估后股东全部权益价值为10.5亿元,增值率高达751.24%。

  高溢价收购豪安能源之际,一份对赌协议也随之出炉。

  内容显示,豪安能源原实控人张忠安夫妇承诺其公司2022-2025年净利润数为1.4亿元、1.6亿元、1.8亿元、2亿元。倘若实际净利润数达到承诺净利润数的90%及以上,即可免除补偿义务;而一旦未达标,那么补偿金额按(当期承诺净利润数-当期实际净利润数)×3计算,累计补偿上限为9.8亿元。

  纵观2022年及2023年,豪安能源“精准”实现业绩承诺。具体来看,2022年豪安能源先是录得净利润1.31亿元,达到93.87%的完成率;2023年,豪安能源再取得1.55亿元扣非净利润,按照扣除非经常性损益前后孰低原则实现96.88%的业绩承诺完成率。

  不过,时间来到2024年,沐邦高科光伏业务营收为2.65亿元,相较2023年15.57亿元同比减少82.95%。此番情形下,或也间接预示着豪安能源无力兑现业绩承诺,需要支付业绩补偿款项。

  而对于沐邦高科来说,先前花费9.8亿元购买资产,如今又收到9.8亿元业绩补偿收入,预示着其实际上是用了两年多的时间免费得到了豪安能源。

  值得注意的是,作为沐邦高科“零元购”而来的资产,豪安能源在经营“真实性”方面屡屡遭遇外界质疑。

  据沐邦高科披露,豪安能源自2021年至2023年期间存在客户及供应商重合的情况,具体涉及湖南红太阳、共青城和峰、江阴宏德、安阳瑞兴、常州晨羲、润阳上海、宁夏润阳等企业。

  企查查统计显示,其中一些与豪安能源产生较大交易金额的企业规模较为“迷你”。

  譬如,2021年至2023年豪安能源对江阴宏德销售及采购累计超6500万元,而后者注册资本为200万元,参保人数为0;同期,豪安能源对常州晨羲销售及采购累计超1.8亿元,而其注册资本仅有200万元,员工人数为1人。

  有趣的是,2024年沐邦高科光伏业务前十大客户的“门槛”已低至235.33万元年度收入确认金额。但这种基础上,湖南红太阳、共青城和峰、江阴宏德、安阳瑞兴、常州晨羲、润阳上海、宁夏润阳的名字均未再出现。

  此外,沐邦高科现有以豪安能源为核心的光伏业务亦与豪安能源“旧主”张忠安存在多层次间接联系。

  2024年,共青城奇峰为沐邦高科贡献了3178.54万元的销售额,是公司光伏第三大客户。但穿透股权发现,共青城奇峰实控人熊强为江西豪安新材料有限公司监事,持股40%。

  转型光伏资本局

  “玩崩”

  在沐邦高科转型光伏的背后,豪安能源的原实控人张忠安可谓是“出钱又出力”。

  据悉,在2022年沐邦高科就豪安能源与张忠安签订《股权收购协议》时约定,后者需要在两年内使用不低于1.5亿元认购沐邦高科的股份。

  2024年二季度,张忠安履行承诺,以1.5083亿元通过集中竞价方式、大宗交易方式累计持有沐邦高科股份790.39万股,占公司总股本的1.82%。

  按此计算,张忠安手持沐邦高科成本价约为19.08元/股。

  不太走运的是,张忠安入股沐邦高科初期恰逢二级市场低迷,公司股价一度于2024年8月15日最低跌至10.75元。不过,正是在同日,沐邦高科宣布控股股东打算在未来的一年时间里择机增持公司股票,拟增持金额在5000万元至1亿元。

  最终,受此消息以及此后不久的“924行情”影响,沐邦高科股价在2024年三季度先抑后扬,报收18.26元,收涨近17%。并且,后来沐邦高科又于2024年11月最高涨至34.69元,57个交易日内大涨超210%。

  根据沐邦高科2024年三季报显示,张忠安已退出公司前十大股东名单。据推算,到当年第三季度末,张忠安手中持股刚刚触及“成本线”,但已至少减持430万股。

  张忠安之外,弘悦晟泽、寿宁投资、宁波宁聚等机构亦曾看好沐邦高科的光伏转型。据悉,因收购豪安能源及补充流动资金的缘故,沐邦高科还曾在2024年2月末正式推出一份经过多次修订的定增方案。根据计划,沐邦高科向弘悦晟泽、寿宁投资、宁波宁聚等12个机构及个人投资者发起募资14.18亿元,价格则只有15.58元/股,禁售期到8月27日。

  而对于沐邦高科实控人廖志远而言,本想依托豪安能源,讲沐邦高科的“转型故事”,从而重塑其二级市场估值。

  但现如今,沐邦高科低迷的股价和业绩不及预期或许预示着廖志远的转型谋划“玩崩”了。

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