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  • 公司資訊
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    海螺水泥22年專注主業日賺8200萬 產能增逾70倍負債率連續9年下降

    日賺8200萬元,水泥巨無霸海螺水泥(600585.SH)的盈利能力大幅提升。

    海螺水泥原本是皖南山區一家小規模水泥廠,20多年后的今天,已經是總資產達1500億元的大型跨國集團。這背后,是其聚焦主業持續進行的規模擴張。

    通過投資建設、并購、項目托管、聯營等途徑,海螺水泥走出了一條全國布局、走向海外的擴張路徑,并獨創了適合自身的“熟料基地+異地粉磨站”的海螺模式。

    1997年,海螺水泥正式登陸香港市場,5年后,公司在上海證券交易所掛牌。截至去年底,22年間,公司產能增長約73倍,凈銷量增長超百倍,綜合實力國內遙遙領先。

    產銷量大幅上升也給海螺水泥帶來了十分可觀的經濟效益。去年,公司凈利潤(歸屬于上市公司股東的凈利潤,下同)接近300億元,同比增幅接近90%,平均每日的凈利潤達8200萬元。

    海螺水泥展現出強大盈利能力之時,也積極回報投資者。wind數據顯示,上市以來,公司累計股權融資(A股+H股)約170億元,累計現金分紅約540億元,分紅金額是募資總額的3.18倍。

    上市以來,公司股價也大幅上揚。以A股為例,考慮復權因素,股價較發行價上漲了23倍。

    凈利潤2年增210億

    隨著水泥去產能及供給側結構性改革,水泥龍頭企業海螺水泥展現出強大的盈利能力。

    年報顯示,2018年,公司實現營業收入1284.03億元,同比增長70.50%,凈利潤達298.14億元,同比增長88.05%,扣除非經常性損益的凈利潤為298.19億元,同比增長111.81%。

    而在2016年,海螺水泥的營業收入為559.32億元,凈利潤85.30億元。短短兩年之間,營業收入增加了724.71億元,凈利潤增加了212.84億元,增速足夠驚人。

    同業中,金隅集團總資產2682.76億元,比海螺水泥多1187億元,去年其營業收入831.17億元,凈利潤只有32.60億元。而冀東水泥、華新水泥、上峰水泥、四川雙馬、尖峰集團的凈利潤分別為14.83億元51.81億元、14.72億元、6.96億元、 5.89億元。由此可見,海螺水泥一家創造的凈利潤超過其他同業上市公司凈利潤之和。

    截至去年底,海螺水泥市占率為13%,而其實現的凈利潤占行業凈利潤的25.60%,行業領頭羊地位優勢明顯。

    1997年,海螺水泥赴港上市之時,募資總額為5.23億元,當時市值不過5.99億元。到2002年登陸A股時,營業收入為30億元,凈利潤為2.64億元,總資產為89億元。

    上市之后,借助所募資金,通過投資并購、控參股及項目托管等途徑,海螺水泥持續進行高速擴張,先后在云南、陜西、甘肅、廣西、湖南、江西等區域進行戰略布局。不僅如此,公司還積極布局海外市場,相繼在印度尼西亞、緬甸、老撾、柬埔寨等國投資。

    以2018年為例,海螺水泥通過共同出資等方式相繼設立蕪湖東南亞國際貿易公司、八宿海螺水泥、滁州海螺新型建材、卡爾希海螺(在烏茲別克斯坦)、江蘇海螺建材等公司,受讓廣英水泥80%股權。

    在擴張過程中,海螺水泥通過引進消化、自主研發與集成創新,不斷更新換代水泥工業技術,并躋身世界先進行列。目前,公司生產線全部采用先進的新型干法水泥工藝技術。

    持續擴張使得公司產能迅猛增長。截至去年底,海螺水泥產能達到3.53億噸,較1997年的476萬噸增長了73倍。成為世界上最大的單一品牌水泥制造商。

    海螺水泥在做強水泥主業之時,還不斷向產業鏈上下游延伸。目前,其產品除了水泥外,還有商品熟料及骨料。

    負債一年減少30億

    與大多數企業擴張時負債激增不同,海螺水泥資產負債率不斷下降,資產負債結構持續優化。

    截至去年底 海螺水泥總資產為1495.47億元,較上年的1221.43億元增加274.04億元。同期,總負債為331.29億元,較上年的301.78億元減少了29.51億元。

    在資產端,應收票據及應收賬款為143.67億元,其中應收賬款只有12.33億元,其余為應收票據,其中絕大部分為銀行承兌匯票。存貨60.23億元,同比增加13.18億元,增幅為28%,遠遠低于營業收入增幅。截至去年底,公司貨幣資金376.19億元,同比增加128.59億元。此外,公司投入超百億資金進行投資理財。由此可見,公司現金流十分充沛。

    在負債端,除了總負債在減少外,短期債務只有41.28億元,上年同期為56.20億元,減少了14.92億元。同時,長期借款也減少了22.53億元。

    資產在增加、負債在減少,使得海螺水泥的資產負債率下降。截至今年一季度末,其資產負債率低至19.48%。

    實際上,2011年以來的9年多時間,海螺水泥的資產負債率在持續下降。2011年,其資產負債率為44.24%,2015年降至30.13%,去年底為22.15%。

    不僅僅資產負債結構優化、負債率下降,海螺水泥的期間費用管控也很好。去年,其銷售費用、管理費用(含研發費用)為37.33億元、38.23億元,分別較2017年上升4.51%、10.49%,增幅遠遠低于同期營業收入增長幅度。

    A股上市以來,海螺水泥經營現金流持續凈流入。2016年至今年一季度,其凈流入金額為131.97億元、173.63億元、360.59億元、50.12億元,同比增幅為33.19%、31.57%、107.68%、64.12%,經營現金流凈額與凈利潤相匹配。

    強大的盈利能力、穩健的財務結構下,海螺水泥有了回報投資者的實力。wind數據顯示,港股方面,公司累計分紅314億元,A股累計分紅226億元,合計分紅金額達540億元。公司在兩個市場股權融資累計約為170億元,分紅金額是募資總額的3.18倍。

    2011年以來,海螺水泥資產負債率持續下降。

    2011年,其資產負債率為44.24%,2015年降至30.13%,去年底為22.15%。(信息來源:長江商報 中國經濟網)

     
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