作者:admin 日期:2023-12-14 07:02:05 浏览:52 分类:资讯
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原标题:每经热评丨手握13.5亿现金及金融资产 水星家纺为何要募资10亿?
来源:每日经济新闻
每经评论员 杜恒峰
近日,水星家纺(SH603365,股价14.39元,市值37.81亿元)公告称,董事会会议审议通过了发行可转债的议案,拟发行总额不超过人民币10.15亿元,扣除发行费用后将用于南通产业基地、智能仓储基地、补充流动资金三个项目,对应使用的募资金额分别为6.44亿元、1.41亿元和2.3亿元。其中南通产业基地项目建设期30个月,建成后可年产套件产品40万套、被芯产品175万条、枕芯产品85万只;生产项目正常达产后预计将新增年销售收入5.53亿元,年均净利润4848万元,税后内部收益率13.30%。
然而,耐人寻味的是,在上述公告发布的次日,水星家纺股价却大跌6.73%。显然,项目的预期回报并没有抵消投资者对权益摊薄的担忧。毕竟,可转债名为债,但最终多以转股结束,本质上等同于增发股份。
按照公司自己的模拟测算,可转债全部转股后公司总股本将增加6762.12万股,即总股本将增加约25.7%,在不考虑募投项目带来收益的情况下,对应每股收益将下降20%——以2022年为例,其每股收益将从1.05元下降至0.84元;即便考虑投产后达成4848万元净利润,对应6762.12万股的新增股本(另外两个募投项目不直接产生收益),相当于每股收益0.7元,这也远低于公司现有业务的盈利水平。
实际上,水星家纺也对权益摊薄作了核算,笔者留意到,在假定2024年全部未转股、全部转股两种情形下,其对应的每股收益数据是相同的,但总股本已完全不同,每股收益应该也不同,此处数据存有疑问。
可转债募投项目的预期收益可能不及现有业务是一方面,新项目是否需要募集如此多的资金,则是更重要的一个问题。根据水星家纺的公告,在发行可转债募集资金到位之前,公司将通过自筹资金先行投入,并在募集资金到位后予以置换。从现有资金面状况看,水星家纺已经具备实施上述项目的条件。
截至今年三季度末,公司账上有现金10.68亿元,还有2.83亿元的交易性金融资产,两项合计13.51亿元,对应短期借款只有5039.79万元,现有资金完全可以覆盖有息负债。2015年以来,水星家纺经营活动现金流均为净流入,也没有动用现金储备弥补经营活动的需求。从偿债能力看,水星家纺的流动比率(流动资产/流动负债)为4.58,速动比例(流动资产扣除存货/流动负债)也有2.89倍,资产负债率不到20%,若融资成功(即全部转股),其负债率将进一步下降至15%左右,如此低的杠杆率固然有助于稳健经营,但也存在资本效率损耗的问题。
值得一提的是,发行可转债不会立即摊薄股权,可转债的债券属性也有助于发行成功,其初始定价也不存在增发、配股那样的大比例折扣,对现有股东普遍友好。但是,可转债也存在转股价格可能下修的情况,且转债投资者往往不是长期投资者,其转股后的抛售压力较大。
笔者认为,对水星家纺来说,确保融资成功固然重要,但在现有资金足够项目运作的情况下,确实需要考虑融资的必要性。尤其是在负债率极低、现在利率水平处于历史低位的有利条件下,债权融资的成本也很低,调整资本结构可以为股东创造更多价值。当然,如果非要融资,大幅减少募资规模可以是一个选项,比如直接取消补充流动资金的2.3亿元,也应当纳入考虑之中。
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