“跨界”冒险难过产能过剩关 “cross-border”Adventure sad excess capacity shut

　　金证券记者 李砾

Gold securities LiLi reporters

　　卖东西讲究个“卖相”，拟上市公司在冲刺IPO的过程中亦不免对其主营业务“梳洗妆扮”一番。在主营业务盈利能力严重下滑、可能难过市场关的情况下，广州天赐高新材料股份有限公司（简称“天赐材料”）想了个绝招，把目光和资金砸向了热门的锂电项目，哪怕和公司业务毫无关联。

Sell things pay attention to a“looks”，Quasi listed companies in a sprint in the process of IPO also unavoidable to its main business“Wash and dress dresses up”a。In the main business profitability serious decline、May upset the market shut case，Guangzhou a high and new material co., LTD（Referred to as“Bliss material”）Want to a unique skill，Look up and capital to the popular lithium electricity project，Even if and company business have no relationship。

　

　收入“含金量”大幅下降 income“Gold content”plunged

　　天赐材料是一家主要从事硅油系列、表面活性剂系列等个人护理品材料生产的企业，客户集中在珠三角地区。

A material is mainly engaged in a silicone oil series、Surfactant series and so on personal care product material production enterprises，Customers concentrated in the pearl river delta region。

　　2009年－2011年，天赐材料个人护理品材料分别实现销售收入2.02亿元、2.21亿元和2.59亿元，占公司主营收入的比重分别为62.54%、61.64%及56.03%，是公司主要的收入来源。

In 2009-2011，A material personal care product material realized respectively sales income is 202 million yuan、221 million yuan and 259 million yuan，The company's main revenue accounted for the proportion of 62.54%, respectively、61.64% and 56.03%，Is the main source of income。

　　《金证券》记者注意到，尽管账面数据在增长，但“含金量”却大幅下降。现金流量表显示，公司经营现金净额始终小于净利润。特别是2010年，在实现净利润4170.01万元的基础上，经营活动产生的现金流量金额仅有722.17万元，相差巨大。

《Gold securities》Reporter noticed，Although the book data in growth，but“Gold content”Are plunging。The cash flow statement shows，Company business net cash always less than net profit。Especially in 2010，In a net profit of $41.7001 million on the basis of，Business activities generated cash flow amount only 7.2217 million yuan，Huge difference。

　　销售额的下滑在公司大客户身上尤为明显。以公司第一大客户广东拉芳日化有限公司为例，2009年-2011年公司对其销售额分别为4536万元、2935万元、2439万元，缩水近一半。与此同时，个人护理品材料业务毛利率跌落得更为直接，2009年-2011年，该业务毛利率分别为33.52%、31.19%、27.11%。

Sales decline in the company on big customer is particularly obvious。The first big customer to guangdong pull aromatic cosmetic co., LTD., for example，In 2009-2011 the company to its sales is 45.36 million yuan respectively、29.35 million yuan、24.39 million yuan，Shrink nearly half。meanwhile，Personal care product material business gross profit rate drop is more direct，In 2009-2011，The business gross profit margin was 33.52%、31.19%、27.11%。

　　“国内个人护理品企业大多定位低端市场，而中高端市场基本由跨国企业掌控。”上海一家日化公司高管向《金证券》记者指出，“国内个人护理材料供应商有1000多家，市场竞争激烈，行业集中度较低，国内供应商很难打入跨国企业的中高端产品供应链。”

“Domestic personal care product enterprise mostly positioning the low end of the market，And the medium and high-end market by the multinational enterprise basic control。”Shanghai a cosmetic company executives to《Gold securities》Reporter pointed out that，“Domestic personal care supplier of materials more than 1000，Market competition is intense，Industry concentration is low，Domestic suppliers hard to into the multinational enterprise in high-end product supply chain。”

　　也许正是这一行业“潜规则”，才使得天赐材料主业陷入成长困局之中。为了摆脱这一局面，天赐材料开始“跨界”求突破。

Perhaps it is for this industry“Latent rules”，Just make a main material in growth of dilemma。In order to get rid of the situation，Bliss material began to“cross-border”Seek a breakthrough。

　　

押宝锂电搞起多元化 Taking lithium electricity out diversification

　　2005年，天赐材料通过燃料电池领域的客户接触到锂离子电池行业，认为锂离子电池电解液产品在诸多技术工艺领域与公司现有个人护理品材料的工艺路径相通，于是开始把目光投向开发锂离子电池电解液产品。2007年，公司锂离子电池电解液产品开始形成批量销售。

In 2005,，A fuel cell materials through the field of customer contact to the lithium ion battery industry，Think of lithium ion battery electrolyte products in many technology areas and the company existing personal care product material process path interlinked，And they began to turn his eyes to the development of lithium ion battery electrolyte products。In 2007,，The company lithium ion battery electrolyte products begin to form batch sales。

　　此后，公司锂离子电解液的销量一路上升，由2009年的537.14吨增加至2011年的1687.31吨，对应的销售额也由4452.14万元上升至12374.64万元，占总营收的比例也从13.75%提高到26.71%。

Since then，The company lithium ion electrolyte sales to rise all the way，From 2009 years of 537.14 tons of increased to 2011 years of 1687.31 tons，The corresponding sales by 44.5214 million yuan also rose to 123.7464 million yuan，The proportion of total revenue also increased from 13.75% to 26.71%。

　　随着锂电池的不断推广，国内企业纷纷加大对锂电池材料的研发和投资力度，而天赐材料对锂电池的追逐也开始变得“疯狂”。

With the further promotion of lithium battery，Domestic enterprises have to increase the lithium battery materials research and development and investment，And a lithium battery materials to chase also started to become“crazy”。

　　资料显示，天赐材料此次IPO计划发行3300万股，于深交所中小板上市，计划募资约2.6亿用于6000t/a锂电池和动力电池材料（二期）等项目的建设。

Data shows，A material the IPO plans to issue 33 million shares，Shenzhen in small and medium-sized plate listed，Plan need to recapitalise about 260 million for 6000 t/a lithium battery and power battery material（The second phase）The construction of the project, etc。

　　根据公司披露的计划，“6000t/a锂电池和动力电池材料项目”预计达产后将新增收入2.53亿元，“1000t/a锂离子电池电解质材料项目” 预计达产后将新增销售收入1.49亿元，“3000t/a水溶性聚合物树脂材料项目”预计达产后将新增销售收入1.5亿元。

According to plans disclosed by the company，“6000 t/a lithium battery and power battery material project”Postpartum will are expected to reach new income is 253 million yuan，“1000 t/a lithium ion cell electrolyte material project” Postpartum will are expected to reach new sales income is 149 million yuan，“3000 t/a water soluble polymer resin material project”Postpartum will are expected to reach new sales income is 150 million yuan。

　　《金证券》记者简单测算后发现，如果公司募投项目成功实施并取得预计效益，天赐材料的业务结构中，锂产品收入将新增4.02亿元，其总收入将达超过5亿元。届时，锂离子电池材料营业收入占比或将取代个人护理用品材料业务，成为公司的第一大利润来源。

《Gold securities》Reporters found a simple calculation，If the company offering for the success of the project implementation and achieve expected benefits，A material business structure，Lithium product income will be increased by 402 million yuan，The total revenue will amount to more than 500 million yuan。the，Lithium ion battery materials business income accounted for more than or will replace personal care materials business，Become the company's first big profit source。

　　像这样差异巨大的业务多元化，组合业务管理难度及前景让人捏了把汗，不排除会被资本市场给予多元化折价。对一家准上市公司而言，是否可以“毫无压力”地让投资者来承担？

Such differences huge business diversification，Combination business management difficulty and prospect to knead the sweat，They would not rule out to be capital market diversification discount。For a quasi listed companies，Whether can“There is no pressure”To let investors to take？

　　天赐材料证券部工作人员对《金证券》记者态度生硬：“公司目前处于静默期，任何疑问都不会做回应的。而且您提的问题，我也不清楚，不知道怎么回答。”

A material bond department the working staff《Gold securities》Reporter gruff：“The company at present is in the silent period，Any questions will not do response of。And you question，I don't know，Don't know how to answer。”

　　

产能过剩风险谁埋单 Overcapacity risk who buried single

　　“我不看好国内的锂电池企业，下游需求没有强烈爆发出来之前，国内企业疯狂投资锂电池是不明智的。”广发基金一位资深基金经理向《金证券》记者强调，“举个例子，城市的充电站等配套设施还没有完善，锂电池成本没有降下来，这些都制约着电动汽车的发展，使其难以在短期内大规模推广。”

“I do not like our domestic lithium battery enterprise，There is not a strong downstream demand out before，The domestic enterprise crazy investment lithium battery is not wise。”Guangdong development fund to a senior fund manager《Gold securities》Reporters emphasized，“For example，City charging station and other auxiliary facilities is not perfect，Lithium battery costs not come down，These are restricting the development of electric vehicle，Make it difficult to large-scale promotion in the short term。”

　　该基金经理直言，“据我的了解，目前国内锂电池企业中没有一家能真正掌握锂电池的核心技术，只是在原材料上盲目扩产竞争罢了。”

The fund manager the truth，“According to my understanding，At present domestic lithium battery enterprise without a can really master lithium battery core technology，Only in raw materials on blind expansion of competition。”

　　《金证券》记者注意到，天赐材料重金押宝的锂离子电池电解液、电解质项目，存在产能过剩风险。

《Gold securities》Reporter noticed，A bet heavily material of lithium ion battery electrolyte、Electrolyte project，Existing overcapacity risk。

　　据招股书披露，公司2010年该项目产能为1000吨，产能利用率为94.74%。但到了2011年，公司锂离子电池电解液产能达到2540吨后，产能利用率仅为66.43%，产能利用率明显不足。据悉，国内生产电解液的主要企业国泰华荣、东莞杉杉、深圳新宙邦(300037,股吧)、天津金牛等，年生产能力都在千吨以上。

According to the prospectus disclosure，The company in 2010 the project capacity is 1000 tons，Capacity utilization rate is 94.74%。But by 2011，The company lithium ion battery electrolyte productivity after 2540 tons，Capacity utilization rate is only 66.43%，Capacity utilization rate is not enough。It is reported，Domestic production electrolyte main enterprise cathay HuaRong、The dongguan has very、Shenzhen new main nations(300037,guba)、Tianjin Taurus, etc，The annual production capacity of over one thousand tons。

　　2011年3月，天赐材料六氟磷酸锂产品顺利投产，这让其颇以为傲。但《金证券》了解到，目前多氟多(002407,股吧)的2000吨六氟磷酸锂生产线将于今年投产，九九久(002411,股吧)的400吨六氟磷酸锂生产线已建成投产，拟增加的1600吨产能也正在建设中，加上江苏国泰(002091,股吧)和天津金牛的在建项目，该行业产能将超过10000吨。

In march of 2011，A material six fluorine lithium phosphate products successfully put into production，It makes its quite to be proud。but《Gold securities》To understand，At present many more fluoride(002407,guba)2000 tons of six fluorine lithium phosphate production line will be put into production in this year，The long(002411,guba)400 tons of six fluorine lithium phosphate production line has been completed and put into operation，Quasi increased 1600 tons capacity also is under construction，Plus jangsu guo tai(002091,guba)Taurus and tianjin of construction projects，The industry production capacity of more than 10000 tons。

　　而按照公司招股书的说法，至2012年，全球对锂离子电解液的需求总量约为37000吨，以此可计算六氟磷酸锂的需求量约为5200吨（电解质与电解液配比关系约为1比7）。也就是说，2012年的行业整体产能可能将远远超过市场需求量。

And according to company prospectus said，To 2012，Global for lithium ion electrolyte total demand is about 37000 tons，This can be used to calculate the demand of lithium phosphate six fluoride is about 5200 tons（Electrolyte and electrolyte proportion relationship is about 1 than 7）。That is，2012 years of industry overall capacity may be far more than the market demand。

　　实际上，由于产能的疯狂扩张，六氟磷酸锂的市场价已由2010年的33.5万元/吨降至2011年的28.1万元/吨。在产能大幅增加的2012年，六氟磷酸锂价格是否会遇到更大跌幅？天赐材料大举“进军”锂电行业，风险如何控制？《金证券》记者将持续予以关注。

In fact，Because of the crazy expansion capacity，Six fluorine lithium phosphate market prices climbed) from 2010 in 335000 yuan/ton dropped to 2011 yuan/ton。In the capacity of a big increase in 2012，Six fluorine lithium phosphate price will meet more fall？Bliss material massive“march”Lithium electricity industry，How to control the risk？《Gold securities》Reporters will continue to pay attention to。