账上有超5亿,还要募集11亿加码“低效”产能,民爆光电打的什么算盘?|IPO速递

9月27日,深圳民爆光电股份有限公司(下称“民爆光电”)将上会,欲创业板上市,公开发行不超过2617万股。民爆光电此次IPO是其第二次创关,2020年7月公司第一次递交IPO材料,却在2021年9月对撤回了申请。

从招股说明书上看,民爆光电并不缺钱,公司报告期内常年用超过3亿元(2021年是4.5亿元)的资金购买理财产品而且账上货币资金充足,两项相加超过5亿元,在这种情况下,公司却要向二级市场再募集11亿元。经营方面,公司主营业务的毛利率持续走低,且超9成的海外营收占比极易受汇率变化及贸易政策影响。在这种情况下,公司欲用募集资金再次加码LED照明灯具的前景如何呢?

营收超九成依靠外销,毛利持续下降

民爆光电是一家专注于绿色照明业务领域的企业,主要从事LED照明产品的研发、设计、制造、销售及服务。2019年-2021年(下称“报告期”),民爆光电分别实现营业收入10.82亿元、10.59亿元、14.97亿元,净利润分别为19997.66万元、17428.96万元、16793.32万元,呈现营收波动大、净利润持续下降的特点,特别是2021年,公司在营收同比增长41.43%的情况下,其净利润却还同比下降了3.65%,增收不增利。

民爆光电的业绩之所以呈现上述的情况或许主要与其毛利率有关。报告期内,民爆光电主营业务的毛利率分别为37.51%、34.11%、28.19%,呈现持续下降的趋势,特别是2021年民爆光电的毛利率较2019年下降了9.32个百分点。

除此之外,民爆光电的产品主要是销售至境外,该部分营收超九成。报告期内,民爆光电在境外产生的销售收入分别为10.27亿元、10.15亿元、14.29亿元,占当期营业收入的94.91%、95.9%、95.46%。贸易政策及汇率的变动对公司影响极大,民爆光电也表示,如果未来美国或者其他进口国家、地区的贸易政策持续发生重大变化,对出口产品继续加征高额关税或实施反倾销、反补贴等政策,导致产品竞争能力大幅下降、市场环境发生重大不利变化,将会对公司的生产经营造成重大不利影响。

4.5亿元购买理财产品,股东曾占用千万资金

钛媒体APP注意到,民爆光电实际上是一家轻资产运营公司。招股说明书显示,截至2019年末、2020年末、2021年末,民爆光电的流动资产分别为67285.33万元、81549.99万元、110475.51万元,分别占当期资产总额的71.3%、74.81%、77.37%。在这些流动资产中,交易性金融资产分别为32200.1万元、43458.72万元、45345.63万元,占当期流动资产总额的47.86%、53.29%、41.05%,而民爆光电的交易性金融资产主要是购买的银行理财产品。银行理财产品加上货币资金,公司目前拥有5.63亿元的“闲置”资金,但却又要再募集11.02亿。

在流动性极其充足的情况下,民爆光电拟将募集资金110171.92万元中的20000万元用于补充流动资金项目。其余资金用于:59020.56万元用于LED照明灯具自动化扩产项目,31151.36万元用于总部大楼及研发中建设项目。

除此之外,钛媒体还注意到,2019年6月,王瑞春、苏涛、王丽、钟小东、张盼和刘志优将其持有民爆光电的股份全部转让给了立勤投资。股权转让完成后,上述股东通过立勤投资间接持有民爆光电的股权。

与此同时,上述股权转让后后涉及到的个人所得税具体如下:

数据来源:招股说明书

也就是说,上述股权转让涉及1000多万元的个人所得税,而这部分资金由上述股权转让方向民爆光电短期拆借所缴纳,并于之后偿还给了民爆光电,形成了两个月多的资金占用。

为何上述股东要从直接持有民爆光电的股份变更为间接持有?上述转让股权产生了1000多万元个人所得税,为何上述股东愿意承担所得税也要变更股权?有关上述问题,钛媒体 APP 发函至公司,但截至截稿,没有收到公司的回复。 

中国“好老板”,1元送股权

民爆光电成立于2010年,由谢祖华、刘志优出资设立,其中谢祖华持股比例为60%,刘志优为40%。截至招股说明书签署日,谢祖华为实控人。

需要指出的是,在民爆光电设立之初,刘志优所持有民爆光电40%的股权实际上是代谢祖华所持有,2013年上述股权代持被清理:刘志优代谢祖华持有15.24%民爆光电的股权按照不同数量分别以1元的价格转让给王丽、李乐群、税春春、唐锦兰、张盼、闫瑞丽,该部分股权转让主要是股权激励;刘志优将代谢祖华持有12.76%民爆光电的股权以1元的价格转会给谢祖华;还剩12%民爆光电的股权未进行转让,该原由主要是谢祖华将12%的股权留作对刘志优的激励。钛媒体APP查询民爆光电的招股说明书,其并未披露刘志优的履历,仅仅显示刘志优目前是民爆光电子公司惠州民爆的法定代表人。

除了送股权,谢祖华还让其姐姐来赚钱。招股说明书显示,报告期内,民爆光电向惠州市仲恺高新区恩佳惠便利店(下称“恩佳惠”)采购商品的金额分别为9.21万元、19.47万元、9.11万元。恩佳惠是谢祖华姐姐曾经经营的店,且恩佳惠成立于2019年,并于2021年注销。这也意味着,恩佳惠刚成立民爆光电就向其采购商品,直至其注销前还仍就向其采购商品。这就不禁令人感到疑惑,为何恩佳惠刚成立民爆光电就向其采购产品?同时,恩佳惠明明每年都能从民爆光电赚到营收,但却为何又要在2021年突然注销?对此,一位券商资深人士向钛媒体APP表示,虽然上述交易产生的金额并不是很大,但该行为确实较为怪异。(本文首发于钛媒体 APP,作者|邓皓天)

更多精彩内容,关注钛媒体微信号(ID:taimeiti),或者下载钛媒体App

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    ما اجرای عدالت و محاکمه آمر و مباشر شهادت سپهبد قاسم سلیمانی را از طریق یک دادگاه عادلانه تا حصول نتیجه قطعی دنبال خواهیم کرد.
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    اما در مقابل، یکجانبه‌گرایی به دنبال عقب نگه داشتن کشورها
    از مسیر توسعه مستقل خود است.
    امير و رئيس حكومت اسلامى نگهبان مردم است و در برابر آنها مسئول
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    اَعِّنِى عَلَى تَرْبيتِهِم وَ تَأديبِهِم وَ
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