300203聚光科技2023年三季度信貸審批財務(wù)分析報告

內(nèi)部資料，妥善保管第頁共NUMPAGES\*Arabic1頁聚光科技2023年三季度信貸審批財務(wù)分析報告一、綜述1、客戶概況 客戶概況行業(yè)歸屬企業(yè)規(guī)模行業(yè)內(nèi)排名儀器儀表制造業(yè)大型247/260 2、行業(yè)分析儀器儀表制造業(yè)2023年三季度盈利總額334,473.54萬元，較去年同期增長8.48%，處于歷史中間水平。 3、財務(wù)風(fēng)險信息輕度粉飾，報表較為可信。 報表粉飾度項目提示分?jǐn)?shù)現(xiàn)金支付能力現(xiàn)金支付能力出現(xiàn)較大幅度下降。4固定資產(chǎn)固定資產(chǎn)出現(xiàn)較大幅度下降。4應(yīng)付賬款應(yīng)付款大幅度下降。2營業(yè)外收入營業(yè)外收入成倍增長。2借款收入比有息負(fù)債占比超過行業(yè)均值的2倍。1 4、風(fēng)險提示從當(dāng)前盈利水平和財務(wù)狀況來看，該企業(yè)不存在資金缺口。該企業(yè)償還全部有息負(fù)債大概需要105.92個分析期。只是負(fù)債率相對較高，如果經(jīng)營形勢發(fā)生逆轉(zhuǎn)特別是盈利水平下降會存在一定風(fēng)險。資金鏈斷裂風(fēng)險等級為9級。從營業(yè)安全水平來看，企業(yè)承受銷售下降打擊的能力較低，經(jīng)營風(fēng)險較大。該企業(yè)經(jīng)營虧損，資產(chǎn)流動性欠佳，還債壓力很大，應(yīng)當(dāng)給予風(fēng)險關(guān)注。二、財務(wù)分析1、基本情況分析綜合考慮盈利、償債、經(jīng)營、發(fā)展方面，財務(wù)評分卡得分為44，行業(yè)內(nèi)排名為247/260。 基本情況分析項目名行業(yè)均值龍頭企業(yè)值(航天科技)2019年三季度2020年三季度2021年三季度2022年三季度2023年三季度總營業(yè)收入(萬元)774.65163,704.27113,269.3593,058.7671,825.5982,352.2885,112.19營業(yè)利潤(萬元)-766.6516,700.174,283.92-7,392.1-5,509.64-5,662.18利潤總額(萬元)-832.4216,719.994,337.59-7,276.08-5,494.15-5,857.19EBIT(萬元)12.862,15719,863.926,638.66-4,865.75-2,235.62-1,444.47EBITDA(萬元)180.94,148.7120,566.337,439.79-4,047.3-296.21-349.08總資產(chǎn)(萬元)23,897.08848,457.83945,099.98904,102.57993,604.041,076,482.36988,882.56總負(fù)債(萬元)6,965.39396,611.55468,050.02502,543.98586,099.54691,981.33656,224.92有息負(fù)債(萬元)1,725.7989,805.93279,192.49307,112.09370,735.71408,943.23387,803.31股東權(quán)益(萬元)18,295.91451,846.28477,049.97401,558.59407,504.5384,501.02332,657.64經(jīng)營活動現(xiàn)金流量(萬元)-936.2429,629.542,481.323,674.02-8,831.43-1,273.13投資活動現(xiàn)金流量(萬元)--2,213.78-23,147.35-14,429.18-11,005.07-3,401.07-1,246.11籌資活動現(xiàn)金流量(萬元)--4,721.64-18,210.4725,693.76-9,123.1625,423.521,825.43現(xiàn)金凈流量(萬元)--7,401.93-11,599.5513,551.63-16,484.413,451.68-756.93銷售毛利率(%)12.716.3643.9743.0645.4144.9543.32銷售凈利率(%)--0.0814.394.24-6.24-3.81-5.75ROE(%)--0.033.480.99-1.09-0.82-1.46ROA(%)--0.021.720.44-0.45-0.29-0.49資產(chǎn)負(fù)債率(%)37.146.7449.5255.5858.9964.2866.36資產(chǎn)周轉(zhuǎn)率(次)0.090.760.490.420.290.310.34 營業(yè)利潤、利潤總額、EBIT、EBITDA、經(jīng)營活動現(xiàn)金流量、籌資活動現(xiàn)金流量、現(xiàn)金凈流量、銷售凈利率(%)、ROE(%)、ROA(%)存在向下波動或呈明顯下降趨勢。2、盈利能力分析盈利能力評分卡得分為43，行業(yè)內(nèi)排名為151/260。2023年三季度利潤總額為負(fù)5,857.19萬元，與2022年三季度負(fù)5,494.15萬元相比虧損有所增長，增長6.61%。企業(yè)虧損的主要原因是內(nèi)部經(jīng)營業(yè)務(wù)，應(yīng)當(dāng)加強(qiáng)經(jīng)營業(yè)務(wù)的管理。3、資產(chǎn)結(jié)構(gòu)分析聚光科技2023年三季度資產(chǎn)總額為988,882.56萬元，其中流動資產(chǎn)為424,740.52萬元，非流動資產(chǎn)為564,142.04萬元。負(fù)債總額為656,224.92萬元，有息負(fù)債為387,803.31萬元，有息負(fù)債占總負(fù)債的59.1%。 資產(chǎn)負(fù)債結(jié)構(gòu)分析項目名行業(yè)均值龍頭企業(yè)值(航天科技)2019年三季度2020年三季度2021年三季度2022年三季度2023年三季度總資產(chǎn)(萬元)23,897.08848,457.83945,099.98904,102.57993,604.041,076,482.36988,882.56貨幣性資產(chǎn)(萬元)6,184.76107,392.3567,331.35106,573.8698,562.87137,794.95111,142.05貨幣資金(萬元)4,032.4778,762.8559,730.8684,035.1886,993.68129,476.0698,855.17應(yīng)收票據(jù)(萬元)311.5727,967.387,600.496,202.0411,569.198,318.8912,286.87經(jīng)營性資產(chǎn)(萬元)10,812.35381,696.25450,023.94391,208.59363,628.51364,027.11313,598.48存貨(萬元)3,690.5184,220.87155,754.89130,704.74153,483.5173,199.16156,230.88應(yīng)收賬款(萬元)5,169.62152,885.95204,671.43173,070.58146,512.54138,083.99105,720.46其他流動資產(chǎn)(萬元)116.0515,061.3725,375.199,508.87,928.217,232.1918,429.08合同資產(chǎn)(萬元)105.635,490.7300021,816.2216,103.3預(yù)付款項(萬元)407.4211,532.6837,950.0423,840.6620,330.310,781.536,562.57結(jié)構(gòu)性資產(chǎn)(萬元)5,661.49359,369.23427,744.7406,320.12531,412.66574,660.3564,142.04其他非流動資產(chǎn)(萬元)101.2127,308.432,816.6319,144.5322,682.71201,681.41139,622.69長期應(yīng)收款(萬元)-777.4580,612.32126,040.82206,260.0366,790.74117,667.56長期股權(quán)投資(萬元)14.34030,026.7334,846.68104,376.51100,652.1397,464.12投資性房地產(chǎn)(萬元)25.113,510.68132,312.2653,589.852,432.5549,675.7967,694.12固定資產(chǎn)(萬元)2,588.18136,203.1260,845.1268,370.362,510.4469,484.0653,654.49總負(fù)債(萬元)6,965.39396,611.55468,050.02502,543.98586,099.54691,981.33656,224.92有息負(fù)債(萬元)1,725.7989,805.93279,192.49307,112.09370,735.71408,943.23387,803.31短期借款(萬元)933.2819,468.15134,221.08108,151.8979,826.16119,754.69110,224.4應(yīng)付票據(jù)(萬元)81.2502,164.995,401.326,101.56,205.690一年到期非流動負(fù)債(萬元)124.7817,753.425,829.4322,216.8440,559.6841,382.9226,543.7長期借款(萬元)14.352,584.36136,977171,342.04244,248.38241,599.92251,035.21應(yīng)付債券(萬元)-000000非有息負(fù)債(萬元)4,846.8306,805.62188,857.53195,431.89215,363.83283,038.1268,421.61合同負(fù)債(萬元)875.8716,779.3200079,322.2783,406.96遞延收益(萬元)148.3111,016.6303,636.093,670.411,047.7613,695.32應(yīng)付職工薪酬(萬元)407.1314,663.255,592.087,377.248,047.7614,679.3810,117.81其他流動負(fù)債(萬元)221.821,243.91813.96,285.710,830.1313,053.056,391.71其他非流動負(fù)債(萬元)-8,497.395,178.972,971.842,971.842,971.844,933.93 貨幣資金、應(yīng)收賬款、合同資產(chǎn)、預(yù)付款項、其他非流動資產(chǎn)、長期應(yīng)收款、固定資產(chǎn)、應(yīng)付票據(jù)、一年到期非流動負(fù)債、應(yīng)付職工薪酬、其他流動負(fù)債存在向下波動或呈明顯下降趨勢。4、現(xiàn)金流分析從近三年情況來看，企業(yè)經(jīng)營活動創(chuàng)造的現(xiàn)金流量不能滿足企業(yè)資本性投資、存貨投資與現(xiàn)金股利支付的需要，這些支出的滿足還需要依靠外部融資解決。經(jīng)營性現(xiàn)金流：近三期分別為-1,273.13萬元、-8,831.43萬元、3,674.02萬元，較上年，金額大幅上升。投資性現(xiàn)金流：近三期分別為-1,246.11萬元、-3,401.07萬元、-11,005.07萬元，保持了負(fù)向凈流出，較上年，金額大幅上升。籌資性現(xiàn)金流：近三期分別為1,825.43萬元、25,423.52萬元、-9,123.16萬元，較上年，金額大幅下降。 5、營運能力分析營運能力評分卡得分為75，行業(yè)內(nèi)排名為85/260。聚光科技2023年三季度總資產(chǎn)周轉(zhuǎn)次數(shù)為0.34次，比2022年三季度周轉(zhuǎn)速度加快，周轉(zhuǎn)天數(shù)從1156.04天縮短到1048.63天。企業(yè)的資產(chǎn)規(guī)模有較大幅度的下降，但營業(yè)收入?yún)s有較大幅度的提高，表明企業(yè)在資金占用明顯減少的同時，使經(jīng)營業(yè)務(wù)得到迅速發(fā)展，企業(yè)總資產(chǎn)的周轉(zhuǎn)有較大幅度的提高。 營運能力分析項目名行業(yè)均值龍頭企業(yè)值(航天科技)2019年三季度2020年三季度2021年三季度2022年三季度2023年三季度總資產(chǎn)周轉(zhuǎn)天數(shù)307.17475.62739.11852.61,235.351,156.041,048.63固定資產(chǎn)周轉(zhuǎn)天數(shù)54.98308.16194.95261.3316.12303.29232流動資產(chǎn)周轉(zhuǎn)天數(shù)169.84276.8404.96468.94580.99531.02451.85現(xiàn)金周期天數(shù)30.36170.04264.29240.4324.47234.29305.26存貨周轉(zhuǎn)天數(shù)51.88124.77205.42208.35337.51331.65295.08應(yīng)收賬款周轉(zhuǎn)天數(shù)14.6487.06160.17168.93182.64148.27111.84應(yīng)付賬款周轉(zhuǎn)天數(shù)21.3641.8101.3136.88195.68245.63101.65營業(yè)周期114.03211.84365.6377.28520.15479.92406.92 聚光科技2023年三季度營業(yè)周期為406.92天，2022年三季度為479.92天，2023年三季度比2022年三季度縮短73.00天。從存貨、應(yīng)收賬款、應(yīng)付賬款三者占用資金數(shù)量及其周轉(zhuǎn)速度的關(guān)系來看，企業(yè)經(jīng)營活動的資金占用有較大幅度的下降，營運能力明顯提高。6、償債能力分析償債能力評分卡得分為25，行業(yè)內(nèi)排名為259/260。債務(wù)規(guī)模：聚光科技2023年三季度資產(chǎn)負(fù)債率為66.36%，顯著高于平均水平。有息負(fù)債387,803.31萬元，金額超過營業(yè)收入，債務(wù)負(fù)擔(dān)沉重。較上一年，有息負(fù)債降低了5.17%，資金壓力得到一定改善。償債指標(biāo)：公司償債指標(biāo)極差，指標(biāo)顯著低于行業(yè)平均水平。 償債能力分析項目名行業(yè)均值龍頭企業(yè)值(航天科技)2019年三季度2020年三季度2021年三季度2022年三季度2023年三季度流動比率(%)261.49206.58165.15154.06137.99120.42116.49速動比率(%)200.94128.77115.43113.6192.1678.8673.64資產(chǎn)負(fù)債率(%)37.146.7449.5255.5858.9964.2866.36財務(wù)費用(萬元)-1,324.583,143.932,301.072,410.333,258.534,412.71利潤總額(萬元)-832.4216,719.994,337.59-7,276.08-5,494.15-5,857.19折舊及攤銷(萬元)97.171,991.7702.41801.13818.461,939.41,095.39EBITDA利息保障倍數(shù)(萬元)-3.136.543.23-1.68-0.09-0.08有息負(fù)債(萬元)1,725.7989,805.93279,192.49307,112.09370,735.71408,943.23387,803.31凈有息負(fù)債(扣除現(xiàn)金后)(萬元)-917.9111,043.08219,461.63223,076.91283,742.03279,467.18288,948.14短期有息負(fù)債(萬元)1,446.2637,221.57142,215.49135,770.05126,487.34167,343.31136,768.1參考1：貨幣資金(萬元)4,032.4778,762.8559,730.8684,035.1886,993.68129,476.0698,855.17參考2：營業(yè)收入(萬元)774.65163,704.27113,269.3593,058.7671,825.5982,352.2885,112.19參考3：經(jīng)營活動凈現(xiàn)金流量(萬元)-936.2429,629.542,481.323,674.02-8,831.43-1,273.13 7、發(fā)展能力分析發(fā)展能力評分卡得分為31，行業(yè)內(nèi)排名為246/260。8、行業(yè)值比較 盈利能力指標(biāo)名稱實際值優(yōu)秀良好一般較差極差凈資產(chǎn)收益率(%)-5.8449.0910.840.33-25.34-73.43總資產(chǎn)報酬率(%)-1.0337.619.911.12-16.52-50.42銷售(營業(yè))利潤率(%)-6.6532.1317.638.360.58-24.59成本費用利潤率(%)-6.0538.8719.398.05-0.46-24.46資本收益率(%)-43.24152.0475.2630.994.91-64.86 營運能力指標(biāo)名稱實際值優(yōu)秀良好一般較差極差總資產(chǎn)周轉(zhuǎn)率(次)0.340.670.33-1.25-2.09-3.84應(yīng)收賬款周轉(zhuǎn)率(次)3.225.702.48-3.03-9.83-20.56流動資產(chǎn)周轉(zhuǎn)率(次)0.8