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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
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◎记者张雪

截至4月16日,逾千家新三板挂牌公司交出2024年“成绩单”。从已披露数据来看,新三板市场呈现蓬勃发展的积极态势:多家企业凭借行业风口与自身优势实现业绩大幅增长,一批高研发强度的中小企业以技术创新驱动内生增长,亦有多家企业持续拓展全球市场新蓝海赋能业绩增长。

Wind数据显示,已披露2024年业绩的新三板公司中,16家企业营收突破30亿元,76家企业营收突破10亿元,近六成企业营收同比增长。为钢铁现货交易提供电子商务服务的钢银电商暂居营收榜首,2024年实现营收805.49亿元。

盈利方面,数据显示,在已披露业绩的新三板公司中,超半数企业盈利能力持续上升,70家企业归母净利润超过亿元。暂居新三板盈利榜榜首的是中投保,公司报告期内实现归母净利润13.66亿元,同比增长139.28%。

新三板挂牌公司中,华信股份、杰理科技研发投入超过2亿元,9家企业研发投入破亿元,35家企业研发投入突破5000万元,超半数企业持续在研发领域加码投入。

市场需求的扩容成为新三板公司业绩增长的重要驱动力。固润科技专注于高性能UV光引发剂的研发、生产与销售,受益于内需市场的扩大以及光引发剂市场规模的增长,公司产品销量大幅提升。2024年,固润科技实现营收4.82亿元,同比增长35.21%;实现净利润7704.89万元,同比增长393.35%。

斯瑞达产品主要是以高分子涂层为核心的功能胶带材料和膜材料,受益于2024年产品市场需求稳步增长,客户订单增加,公司实现营收3.13亿元,同比增长86.37%;实现归母净利润8466.56亿元,同比增长196.93%。

美德乐主要客户或终端客户包括先导智能、先惠技术等系统解决方案供应商,以及比亚迪、宁德时代等智能制造领军企业。随着新能源行业需求逐渐回暖,汽车智能制造装备需求随之扩张。2024年,公司实现营收11.38亿元,同比增长12.73%;实现归母净利润2.13亿元,同比增长2.70%。

面对市场竞争,研发优势成为企业构建差异化竞争力的关键。

维天信作为气象科技服务领域行业代表,2024年实现营收5.63亿元,同比增长47.36%;实现归母净利润1.51亿元,同比增长41.43%。公司持续加码研发,全年研发费用达7353.64万元,占营收的比重为10%。维天信表示,气象行业的增长得益于高性能计算、人工智能等技术的深度融合。通过技术升级,公司已推动气象服务从传统预报向实时动态分析转型,为交通、农业、能源等领域提供精准决策支持,进一步巩固市场竞争优势。

“南孚电池”的控股股东亚锦科技2024年实现营收46.38亿元,同比增长7.43%;实现归母净利润7.18亿元,同比增长5.99%。公司表示,2024年公司业绩稳定增长,旗下南孚电池拥有多项专利,多项研发成果投产,持续驱动电池产品创新和研发升级,不断增强研发创新能力,深耕碱性电池市场,多元化布局消费电池市场,并战略进军锂离子电池市场。

此外,海外市场逐渐成为新三板企业业绩增长的新亮点。科马材料2024年境外客户开拓顺利,营收达到2.49亿元,同比增长25.16%;归母净利润为7153.21万元,同比增长44.25%。

巴兰仕也受益于国内外汽车产业的发展以及产品在海外市场性价比优势的显现,2024年实现营收10.57亿元,同比增长33.10%;实现归母净利润1.29亿元,同比增长60.64%。

3月26日,阳光人寿发行50亿元无固定期限资本债券,即永续债,票面利率2.75%;3月13日,中韩人寿发行14亿元资本补充债券,票面利率2.8%……作为资本补充的重要手段,今年一季度,保险公司发债和增资规模达到539.83亿元,“补血”行动频频。

“偿二代”二期对保险公司偿付能力提出了更高要求。“为了支撑业务发展,保险公司主要依赖外源性的资本补充,以满足偿付能力要求。”普华永道中国金融行业管理咨询合伙人周瑾在接受《金融时报》记者采访时表示。

满足偿付能力要求

2021年底,原银保监会发布了《保险公司偿付能力监管规则(Ⅱ)》,加强了资本认定标准,对实际资本进行分级,并新增了交易对手、大类资产及房地产集中度风险的最低资本要求等。“偿二代”二期工程正式开启。

2021年末,保险业平均综合偿付能力充足率为232.1%,平均核心偿付能力充足率为219.7%。

“偿二代”二期实施叠加长端利率持续下行,导致保险公司按照评估标准需计提更多的准备金,利润及净资产波动加剧,保险公司核心偿付能力充足率和综合偿付能力充足率出现了普遍下降。

金融监管总局发布的数据显示,2024年四季度末,保险业综合偿付能力充足率为199.4%,核心偿付能力充足率为139.1%。

当前,仍处于“偿二代”二期工程的过渡期,业内普遍认为,未来保险公司资本补充需求依然强烈。2024年12月20日,金融监管总局发布《关于延长保险公司偿付能力监管规则(Ⅱ)实施过渡期有关事项的通知》,将原定2024年底结束的“偿二代”二期工程过渡期延长至2025年底。

尽管时间延长,但距离过渡期结束也仅剩下不到9个月。

据国泰君安证券分析师刘欣琦分析,随着过渡期政策结束,预计大量保险公司会通过发债融资方式缓解资本压力。

青睐发债补充资本

相较于增加注册资本金,保险公司对发债的偏好更加明显。

今年一季度,保险公司“补血”近540亿元,其中永续债和资本补充债券的规模达到523亿元,占比达到96.88%。具体而言,永续债发行规模为457亿元,资本补充债券发行规模为66亿元。另有4家保险公司合计增资16.83亿元。

股权融资和债权融资是保险公司主要的资本补充方式,为何发债更得保险公司青睐?

刘欣琦表示,寿险行业近几年面临转型压力,导致增长承压,不利于权益资产定价和获取回报,保险公司通过股权融资补充资本的难度较大;相比之下,债权融资约束少、发行周期短、发行成本低。

周瑾也认为,近几年,实体企业对保险公司的出资能力和出资意愿都有所降低,保险公司通过股权方式补充资本有些难度。因此,保险公司通过资本补充债和永续债等方式来实现资本补充。“通过发债补充资本,并不涉及现有股东股权结构改变或新股东入股价确定的问题,容易在股东层面达成一致。加上今年年初市场利率处于低点,发债成本也相对较低,导致今年保险公司的发债规模增长显著。”周瑾说。

据刘欣琦介绍,保险公司发行资本补充债券可以补充附属资本,进而提升综合偿付能力充足率。资本补充债券可采用公募发行,为了满足部分特殊险种(如农险)的业务发展需求,对综合偿付能力充足率有要求的保险公司主要选择发行资本补充债券。

发行永续债可以补充核心二级资本,进而提升核心偿付能力充足率。“核心偿付能力充足率较为紧缺的公司,尤其是人身险公司将聚焦永续债的发行。”刘欣琦表示。

一季度的发债情况也证实了这一点。记者统计发现,一季度共有8家保险公司发行永续债,8家均为人身险公司,分别为交银人寿、泰康养老、泰康人寿、平安人寿、太平人寿、招商信诺人寿、工银安盛人寿以及阳光人寿。

提升“造血”能力

业内人士告诉记者,在当前利率环境和监管环境下,保险公司需要更多的资金来满足日益严格的资本要求,同时,还需要应对市场波动带来的不确定性。此外,随着业务规模的扩大和服务范围的拓宽,保险公司对资本的需求也将进一步增长。

“从当前的形势判断,行业的资本仍然面临着巨大的压力。”周瑾认为,一方面,行业整体的盈利水平仍然不高,且业绩分化,中小公司的经营呈现进一步恶化的迹象,内生性资本补充能力仍然不足;另一方面,实体企业的经营也面临巨大挑战,外源性资本补充渠道也不畅通。

因此,保险公司提升自身“造血”能力迫在眉睫。

“去年中央经济工作会议指出,要实施更加积极的财政政策与适度宽松的货币政策,有利于维持稳定的经济增长和进一步刺激消费。因此,保险业需要紧跟中央政策导向,寻找经营机会,改善经营业绩,转型高质量发展模式,提高对投资人的吸引力,内外部多渠道寻求资本补充。”周瑾说。

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