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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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  一、五年造假40亿的行政处罚

  2025年1月,易事特集团(300376.SZ)收到中国证监会《行政处罚决定书》,因2017-2021年通过虚假贸易、融资性代采及数据中心业务虚增营收40.74亿元、成本35.25亿元,被处以800万元罚款,原实控人何思模被顶格罚款1000万元并实施10年市场禁入。这样的处罚力度,目前来看在新能源行业财务造假中也算首屈一指了。

  从具体违规手法看,易事特通过三类业务系统性造假,一是与杭州某科技等客户虚构贸易链,资金闭环操作虚增收入;二是开展融资性代采、代理业务,实质为资金融通却计入营收;三是数据中心集成业务中代采设备未承担风险,仍按总额法确认收入。以2018年为例,虚增营收12.93亿元占当年披露数据的27.78%,几乎将三分之一的营收“注水”。

  值得关注的是,天健会计师事务所连续五年为其出具“标准无保留意见”,暴露出审计机构的失职。由处罚结果可知,易事特的造假行为具有“组织性、系统性、长期性”特征,成为六部委联合打击财务造假的典型案例。

  二、为了撤销ST,需要按照处罚事实进行整改

  自2024年7月被实施ST后,易事特启动多项整改措施:

  财务追溯调整。对2017-2021年财报进行差错更正,涉及营收、成本、利润的大幅调减。由于2022年期初数据变动相对应2022年度、2023年度财务报表进行追溯调整。

  管理层变动。原实控人何思模退出决策层,其子何佳接任董事长,但核心高管团队未发生实质性更换。能否真正扭转治理生态尚需观察。

  主动缩减高风险的总包业务,聚焦储能、充电桩等核心领域。2024年三季度营收同比下滑37.74%,净利润下降66.90%,显示转型阵痛明显。

  被ST后,因会计差错被广东证监局出具警示函,后引入第三方机构重构风控体系,修订《财务管理制度》《关联交易管理办法》等12项制度。

  然而,整改效果不明显,虚增利润导致的历史包袱尚未完全消化,2024年预计净利润同比下滑58%-68%;叠加行业竞争加剧,储能系统价格战压缩毛利率,转型之路不确定性更大。

  三、虚假诉讼进展:投资者索赔与刑事追责并行

  民事索赔:截至2025年4月,已有超千名投资者通过诉讼主张赔偿,暂定于2018年3月15日至2023年5月11日期间买入且后续持有或卖出受损的投资者可参与。部分案件已进入损失核算阶段,但因涉及金额巨大(虚增营收40亿),赔偿总额可能超过公司当前市值的5%。(王奕尧律师专栏)

  值得注意的是,易事特在2024年7月公告称已计提预计负债。若诉讼集中爆发,可能进一步加剧流动性压力。股民也是股东,公司赔偿影响市值及相关财务数据,这种循环影响在制度上并没有很好的解决机制,相信随着监管的持续推进,司法实践的持续深耕,能够降低循环影响给中小投资者的负面作用。

  四、经营现状:新能源赛道的突围与隐忧

  尽管深陷监管危机,易事特在业务层面仍有亮点:

  2024年全球储能系统出货量排名TOP15,国内排名TOP10,参与华电、中核汇能等百兆瓦级项目;充电桩业务服务中石化、国家电网,运营超5万座直流桩。

  推出浸没式液冷储能系统,散热效率提升50%,应用于南方电网粤港澳大湾区示范项目;布局钠电池、钙钛矿光伏等前沿领域,研发投入占比提升至8%。

  受益于“东数西算”战略,数据中心业务与百度、腾讯合作,参与韶关、庆阳等算力枢纽建设;充电桩业务获“县域充换电设施补短板”政策支持。

  但风险同样不容忽视:

  现金流承压。2024年三季度经营活动现金流净额-3.996亿元,同比下降159.64%,但应收账款周转天数减至382天,虽然好转但仍有流动性风险。

  债务压力攀升。截至2024年三季度,资产负债率达40.53%,流动负债合计24.215亿元,面临偿债高峰压力。

  行业竞争加剧。储能系统价格从2023年的1.2元/Wh降至0.8元/Wh,毛利率压缩至15%以下;光伏逆变器市场份额被阳光电源、华为等头部企业挤压。

  五、未来展望

  2025年4月29日将披露2024年年报,若财务数据全面修正且获得审计机构认可,可能成为风险出清的信号。

  若与投资者达成和解或通过先行赔付机制解决纠纷,可减轻财务压力;反之,不排除可能导致退市风险。

  储能、充电桩等新业务需在2025年实现营收占比超50%,同时控制研发投入节奏,避免过度扩张。

  从行业视角看,2025年全球光伏新增装机预计达400-500GW,储能配储比例超30%,为易事特提供结构性机会。

  对于投资者而言,需警惕财务异常信号(如营收与现金流背离、毛利率异常波动);对于企业而言,唯有回归主业、强化合规,才能在新能源赛道的长跑中立足。

  辽宁宏都律师事务所王奕尧律师提醒,易事特(300376)索赔条件:2018年3月15日至2023年5月11日买入,并在2023年5月112日及以后卖出或继续持有者。符合上述索赔条件的受损投资者可加入索赔。(以上索赔条件仅代表律师个人观点,最终以法院生效判决认定为准) (易事特维权入口)

  (王奕尧律师是辽宁宏都律师事务所的合伙人,拥有法律硕士的学位,并且是一位经验丰富的法律专业人士。曾在证券公司任职,现任检察院听证员,并且在资本市场的刑事案件处理方面有着丰富的经验。王律师专注于代理证券诉讼和资本市场案件,尤其擅长证券虚假陈述纠纷的处理,并且成功代理或正在代理数百件投资者维权案件。同时,王奕尧律师还精通上市、挂牌业务,不仅对二级市场,对于一级市场、一级半市场也有自己独到见解,执业证号:1210220170363252)

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