[中报点评]山水水泥:营收毛利大幅增长,仍然录得亏损

2017-08-30 16:54:49

根据山水水泥公布的2017年上半年半年报显示,山水水泥实现营业收入63.15亿元,毛利18.65亿元,营业利润5.74亿元,净利润亏损1亿元,其中归属上市公司亏损4369.5万元。

  根据山水水泥公布的2017年上半年半年报显示,山水水泥实现营业收入63.15亿元,毛利18.65亿元,营业利润5.74亿元,净利润亏损1亿元,其中归属上市公司亏损4369.5万元。

  营收毛利大幅度上涨,仍然录得亏损

  我们从年报中可以看出,今年以来得益于水泥价格的突飞猛涨,山水水泥的水泥销售单价由去年181.8元每吨上涨到264元每吨,主营收入增长了37.26%。其中毛利润的数据更为亮眼,29.50%的毛利润率已经是近四年来以来的最高值,该水平也和今年取得盈利的台泥,华润水泥齐平。然而即使拥有如此亮眼的毛利水平,山水水泥今年上半年仍然录得亏损,山水集团净亏损1亿元,较去年同期亏损收窄87.62%。

  水泥业务销量回落,混凝土业务同比高增长

  图1:2014-2017半年业务数据  图2:2014-2017半年业绩数据

  数据来源:山水水泥半年报,中国水泥研究院

  今年上半年,山水水泥实现水泥销售1826万吨,较去年1984万吨同比下降7.64%。从近四年以来的销售数据来看,事实上山水水泥的水泥销量一直处于回落的趋势。当然从行业层面来看,这也是和行业步入平台期是密不可分的,但是山水水泥的股权纷争也正在这个时期开始的,这让人不得不深思股权纷争是否对公司的生产运营产生了影响?当然,我们也看到其中较为积极的方面,今年以来山水水泥的混凝土业务开始增长,上半年累计销售混凝土156.7万立方米,较去年同期增长了63.7%,混凝土是水泥的下游直接用户,加强混凝土业务对于山水来说可以加强行业一体化的进程,这也是目前国际上大型水泥企业的发展趋势。

  分区域来看,山东和东北区域仍然是山水水泥的主要市场,上半年山东区域山水实现销售额43.2亿元,较去年同期增长49.7%;东北区域由于区域宏观经济环境的持续低迷,仅仅录得6%的增长,其水泥销售单价也是山水所有营业区域中增长最低的;山西和新疆占得山水上半年营业收入的11.5%,其中山西实现77.2%的高速增长,但是新疆却较去年同期下降了15.6%。

  原材料、煤炭和管理费用大幅度上涨

  我们从上面的业务数据分析中可以看出,在销量下降,销售收入大幅度增长的情况下仍然录得亏损,其唯一的可能性就是企业成本或者其他财务费用出现了大幅度增长。

  首先我们看到企业的成本,年报列出的五个成本项目,电力,折旧和摊销,以及其他项目都未出现较大的变化,甚至都还出现了小幅度下降,但是煤炭和原材料这两方面成本上涨较快。根据其年报披露,山水采购煤炭价格从去年同期373元/吨,同比上涨63.27%至609元/吨,这也使得总体煤炭成本较去年同比增长了51.47%。除煤炭外,今年以来山水原材料成本也出现了大幅度上涨,对于水泥行业来说,原材料主要就是指的石灰石,在石灰石价格长期稳定的当下,山水水泥原材料销售成本在销量减少的情况下还出现20.67%的增长超出我们的预期。

  图3:2014-2017上半年销售成本(人民币千元)

  数据来源:山水水泥半年报,中国水泥研究院

  此外,我们对比今年和去年山水的财务费用变化情况,期间公司的销售费用从2.09亿元增长到2.56亿元,管理费用从6.95亿元增长到10.59亿元,管理费用同比大幅度增长52.37%,我们在年报中看到其解释为山东山水管理人员工资、安保费用和停产费用显著增加所致,这不得不让人联想到今年上半年发生的山水水泥和水泥集团两方面发生“武斗”。

  控制权之争和大众持股不足继续困扰山水水泥  

  山水水泥仍然在经历着控制权之争和大众持股不足两个问题,这对于山水水泥的生产经营都产生了负面和不利影响。

  目前控制权争夺双方对公司至2015年以来的公司盈利情况反应并不一致,山水集团实际主持山水集团工作的宓敬田表示2016年和2017年上半年山水集团已经是取得了盈利,员工持股方山水投资指责上市公司山水水泥在公司实体盈利的情况下,故意做低公司盈利,以期低价增发山水水泥,损害山水职工利益,而山水水泥则反控宓敬田违规披露公司经营业务数据,在被董事会罢免的情况发还非法霸占山水部分办公楼。这也导致山水水泥的年报审计方毕马威对公司2016年年报做出无法出具意见的审计意见。自2015年4月至今,山水水泥已经累计停牌2年4个月,山水水泥究竟什么时候能够解决纷争,恢复上市也是大众非常关注的。目前,济南市政府正主动鼓励公司各方股东以负责任的态度合作、和解和规范的解决纠纷。

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