炒股就看金麒麟分析师研报cryptoandnftgames，权威，专业，及时，全面，助您挖掘潜力主题机会！
资本风云|实控人曾身陷囹圄，永清环保2023年货币资金“腰斩”
来源：子弹财经
4月22日，永清环保股份有限公司（以下简称“永清环保”）披露了2023年年度报告。
这一年，永清环保归母净利润扭亏为盈，但营收延续了下滑态势。财报显示，2023年，公司实现营业收入6cryptoandnftgames.46亿元，同比下滑9.47%；归母净利润7984.66万元，同比增长120.63%。
4月26日，永清环保发布2024年一季报，公司实现营业收入1.08亿元，同比下滑47.20%；归母净利润2585.26万元，同比增长21.57%。一季报中，公司的营业收入依然呈现下滑趋势。
不仅如此，公司货币资金减少、资产负债率高企、新增订单减少等问题仍难以忽视。
2019年，中国裁判文书网发布刘正军案刑事判决书，永清环保的实际控制人刘正军因涉单位行贿罪，被判处有期徒刑一年三个月，处罚金20万元。如今，“80后”王峰接棒董事长一职，新的管理团队能否挽救业绩低迷的永清环保？
1
营收继续下滑，
2023年扭亏为盈
永清环保是一家减污降碳综合服务企业，可以为污染排放及碳排放重点行业的企业提供一揽子污染治理修复，双碳咨询服务和新能源投资建设运营解决方案，主要业务分为环保业务和双碳业务两类。
回顾过往数年的发展，永清环保业绩表现犹如坐上“过山车”，起伏不定。
2016年，是永清环保上市以来的营收巅峰，公司实现营业收入15.36亿元、归母净利润1.42亿元。在此之后，永清环保营业收入开始走“下坡路”。
2021年-2023年，公司的营业收入分别为9.99亿元、7.13亿元、6.46亿元，分别同比增长33.39%、-28.93%、-9.47%；归母净利润分别为7013.41万元、-3.87亿元、7984.66万元，分别同比增长115.45%、-627.56%、120.63%。
图 / Wind（单位：亿元）
由此可见，近年来，永清环保的业绩并不稳定，呈现较大波动。
其中，对于2022年业绩的大幅下挫，永清环保曾解释称，公司拥有江苏永之清和甘肃禾希两个危废处置项目，2022年江苏永之清危废处置量和处置价格受宏观环境、市场和行业周期等多因素影响，均出现较大幅度下滑。
此外，公司土壤修复业务新增合同额减少，同时施工和结算产值减少，导致营业收入、毛利均有所减少。
图 / 永清环保2022年财报
到了2023年，公司营业收入再度下滑9.47%，归母净利润实现扭亏为盈，但仍值得注意的是，扣除非经常性损益后的归母净利润仍然亏损。财报显示，2023年，企业的扣非归母净利润为-1541.87万元。
一般而言，扣除非经常性损益后的归母净利润，是单纯地反映企业经营业绩的指标，把资本溢价等因素剔除，只看经营利润的高低。
财报显示，2023年，永清环保的投资收益为3676万元，占利润总额比例为45.99%；公允价值变动损益金额为7540.2万元，占利润总额比例为94.33%。
图 / 永清环保2023年财报
此外，‘界面新闻·子弹财经’注意到，永清环保多项产品的业绩表现也并不尽如人意。
公司环保业务主要为土壤修复、危废运营、大气治理、环境咨询和环境检测业务等。新能源双碳业务包括可再生能源投资运营、可再生能源建设工程和双碳咨询业务等，其中可再生能源投资运营业务主要为垃圾焚烧发电运营、新能源光伏发电投资运营和储能投资运营。
财报显示，2023年，公司环境运营服务营业收入同比下滑6.51%、环境咨询服务同比下滑32.92%、BOT建设服务期收入同比下滑94.47%，仅有环境工程服务的收入同比增长12.48%。
图 / 永清环保财报
那么，永清环保的盈利能力又如何？财报显示，2023年，环境运营服务的毛利率为30.32%，较2022年同期减少5.92%；环境咨询服务毛利率为35.53%，比2022年同期减少12.46%。
图 / 永清环保财报
业绩跌宕起伏的永清环保，在资本市场也明显承压。Wind数据显示，2011年3月，永清环保在深交所创业板首发上市，发行价格为40元/股。截至2024年4月30日，公司股价报收6.01元/股，和上市之初的风光已经不可同日而语。
图 / Wind
2
货币资金大减，
新增订单减少
永清环保不仅面临经营上的压力，还要承受资金上的压力。
财报显示，截至2023年末，公司的货币资金为6716.45万元，较2022年同期的1.38亿元下滑51.3%，货币资金已经“腰斩”。
图 / 永清环保2023年财报（单位：元）
上述同期，公司的短期借款高达3.85亿元，虽然较2022年末的4.42亿元有所下滑，但是永清环保的货币资金并不能覆盖3.85亿元的短期借款，公司存在一定的流动性风险。
大量的债务也推高了永清环保的资产负债率。2020年-2023年，公司的资产负债率分别为57.21%、57.18%、70.41%和69.27%，居高不下。
图 / Wind
为此，永清环保也付出了不小的“代价”。
Wind数据显示，2023年，公司的财务费用为6833.90万元，其中利息费用就高达6881.53万元。要知道，公司2023年的归母净利润仅有7984.66万元，永清环保利息费用占归母净利润的比例就高达86.18%。
图 / Wind（单位：万元）
In fact, in recent years, the company's interest expenditure has been on the rise. From 2020 to 2023, the company's interest expenses are 39.2249 million yuan, 52.9332 million yuan, 58.8547 million yuan and 68.8153 million yuan respectively.
Under financial pressure, Yongqing's "hematopoietic capacity" of environmental protection has shown a downward trend as a whole. From 2020 to 2023, the net cash flow of the company's operating activities is 217 million yuan, 238 million yuan, 138 million yuan and 107 million yuan respectively.
Figure / Wind (unit: 100 million yuan)
It is worth mentioning that Yongqing Environmental Protection's contract debt fell from 44.9162 million yuan in 2022 to 24.0233 million yuan in 2023, a decline of 46.52%, almost halving.
The so-called contract liability refers to the obligation of the enterprise to transfer goods to customers for consideration received or receivable, which will be converted into income in the future. The reduction in contractual liabilities means fewer services waiting to be converted into income in the future.
Take EPC business ("design-purchase-construction", a mode of project general contract) as an example, in 2022, Yongqing Environmental Protection added 13 new orders for EPC business, with a total amount of 242 million yuan, and 22 orders in hand at the end of the period. By 2023, there were only six new orders in the company's EPC business, and the number of on-hand orders fell to 20 at the end of the period.
Swipe left and right to see more
Photo / Yongqing Environmental Protection report 2022 and 2023
With regard to the decline in orders, Yongqing Environmental Protection said in its annual report that in 2023, the market environment was affected by macroeconomic, policy regulation, market demand and many other aspects, coupled with the company's adjustment of development strategy, new orders decreased compared with previous years.
three
The actual controller was once in prison.
The chairman of the post-80s generation took over.
Public data show that Yongqing environmental protection started from flue gas desulfurization in thermal power plants, and the actual control is Liu Zhengjun. Born in 1967, Liu Zhengjun is a doctor of economics and has been working in Hunan Xiangtan Chemical Fiber Factory since 1990. In 1992, the 25-year-old Liu Zhengjun held the high position of general manager or chairman of the board of directors of three companies.
Photo / Yongqing Environmental Protection prospectus
Since January 2008, Liu Zhengjun has been appointed chairman and general manager of Yongqing Environmental Protection. Just three years later (that is, in 2011), Liu Zhengjun sent Yongqing Environmental Protection to the gem of Shenzhen Stock Exchange.
Liu Zhengjun once said in an interview with Hunan Daily that his ideal is to become an Apple in the field of environmental protection. In an interview with Rednet, he said proudly, "I won't retire until I'm 90."
By the end of 2023, Liu Zhengjun and his spouse Chen Huihui jointly owned 100% of Hunan Yongqing Environmental Technology Industry Group Co., Ltd. (hereinafter referred to as "Yongqing Group"), and indirectly held 56.69% of Yongqing Environmental Protection through the company.
Photo / Yongqing Environmental Protection 2023 Financial report
In 2018, Liu Zhengjun was behind bars. In April 2018, Yongqing Environmental Protection issued a notice saying that Liu Zhengjun was asked by the relevant authorities to assist in the investigation for personal reasons and was temporarily unable to fully perform the relevant duties. Shen Xiaodong, a director and deputy general manager of the company, acted as chairman and general manager of the bank.
In October of the same year, Liu Zhengjun formally resigned as chairman, and the board of directors elected Ma Mingfeng as chairman of the company and appointed Shen Xiaodong as general manager.
Swipe left and right to see more
Photo / Yongqing Environmental Protection Bulletin
However, Yongqing Environmental Protection did not issue a notice to explain why Liu Zhengjun was asked by the relevant authorities to assist in the investigation.
Until there were media reports that on September 29, 2018, Liu Zhengjun was put on file for examination by the Yongzhou people's Procuratorate on suspicion of unit bribery, and was arrested by the Yongzhou Public Security Bureau the next day. In July 2019, the court sentenced Liu Zhengjun to one year and three months in prison and fined 200000 yuan.
In this regard, on August 5, 2019, the Shenzhen Stock Exchange issued an inquiry. Two days later, Yongqing Environmental Protection confirmed that the above matters were true.
Photo / Yongqing Environmental Protection Bulletin
In 2018, the performance of Yongqing Environmental Protection also declined sharply, with operating income of 951 million yuan, down 22.61% from the same period last year, and net profit of-167 million yuan, down 216.11% from the same period last year. Since then, Yongqing Environmental Protection's performance has been fluctuating.
Figure / Wind
At present, Liu Zhengjun, who boasts that he will not retire until the age of 90, does not hold a direct position in Yongqing Environmental Protection, but serves as chairman and general manager of Yongqing Group, the controlling shareholder.
Photo / Yongqing Environmental Protection 2023 Financial report
Not only that, the head of the company is changing all the time. In April 2022, Ma Mingfeng resigned and Wang Feng, who was born in 1983, took over. As a post-80s female chairman, Wang Feng joined Yongqing Environmental Protection in September 2009 and served as secretary to the chairman and deputy director of the chairman's office. In 2023, Wang Feng received a salary of 796900 yuan, 149400 yuan less than in 2022.
Figure / Wind
As one of the few female "leaders" in listed companies, Wang Feng led Yongqing Environmental Protection to turn its mother's net profit into profit in 2023. Yongqing Environmental Protection will continue to pay attention to the future performance of Yongqing Environmental Protection.
评论列表