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原料价暴涨时逆势扩张 回天新材:控制好成本就是晴天

2017-08-29 09:07:16   中国经济网

每经记者 鄢银婵 每经实习记者 陈晴 每经编辑 文多

国内胶粘剂行业大厂商回天新材近期现大动作。近日,回天新材公告,拟成立全资子公司湖北回天新材料(宜城)有限公司(下简称回天宜城),并由回天宜城投资建设年产2万吨高性能聚氨酯胶粘剂及年产1万吨车辆用新材料建设项目,项目总投资额3.1516亿元。

但因为原材料价格上涨,今年上半年多家以胶粘剂为主营业务的A股上市公司的毛利率水平和利润水平出现明显下滑。

值此时机,回天新材逆势扩张未来如何?

原材料价格上涨挤压利润

总体上看来,回天新材今年上半年的业绩不错:公司2017年上半年实现营业收入7.23亿元,同比增长30.44%;归属净利润7253.95万元,同比增长15.15%。

但需要注意的是,公司上半年净利增幅15.15%不及营收增幅30.44%。同时,回天新材的主要产品毛利率均有所下滑。

“上半年原材料价格涨太多了,挤压了利润水平。”一位不愿具名的券商人士接受《每日经济新闻》记者采访时分析说,回天新材的产品主要为有机硅胶和聚氨酯胶等,其中有机硅胶对应的原材料为主要为有机硅,后者对应的原材料主要为MDI(二苯基甲烷二异氰酸酯)、环氧丙烷等,但上半年这些产品的原料都在高位。也正因如此,上半年有机硅和MDI、环氧丙烷等多家原材料生产商业绩大爆发,例如MDI制造龙头企业万华化学,上半年归属净利润同比增长255%。

当然,受原材料价格上涨影响的不止回天新材。例如同样以胶粘剂为主营业务的A股上市公司硅宝科技、高盟新材、康达新材,这3家公司今年上半年业绩就出现了同比下滑。其中,硅宝科技和高盟新材上半年归属净利润同比降幅均达50%以上,而康达新材同比也下滑了22.21%。

高盟新材表示,上半年净利润水平的下降,主要是由于受原料价格持续上涨的压力。

正是值此上游原材料价格高位,回天新材却计划逆势扩张。

逆势投建新项目

回天新材此番扩张前景如何?据公司8月25日公告,建设投资分两期投入,第一期包括年产1万吨高性能软包装胶及年产3000吨车辆用新材料;第二期包括年产1万吨反应型聚氨酯热熔胶及年产7000吨车辆用新材料。

回天新材表示,高性能聚氨酯胶粘剂产品中的国内复合软包装用粘合剂每年以10%的速度增长,总趋势是向无毒、低毒、高固体含量、低粘度方向发展。而无溶剂聚氨酯粘合剂随着国内技术水平的提升和生产规模扩大,也将进入快速发展阶段。此外,回天新材还分析称,汽车行业的平稳快速发展的可预见条件下,车辆用新材料未来有较好的市场前景。

塑料软包装用复合聚氨酯胶粘剂正是另一家上市公司高盟新材销量最大的产品种类,而这没有阻挡高盟新材上半年的业绩下滑。

上述不愿具名的券商人士分析,回天新材新建项目未来效益如何,取决于销量和成本控制两方面,销量方面,目前无溶剂胶是国内的发展趋势,因此市场空间应该还是不错的。而且相比国外厂商,国内厂商的人工成本、投资成本更低,有一定竞争优势;至于成本控制方面,如果原材料价格继续上涨,肯定会影响毛利率,但只要没有超过一定的边界,公司还是有利润的。

对于未来原材料的价格趋势,上述人士表示,MDI和环氧丙烷价格已经在高位了,预计未来即使上涨也涨幅不大,最坏的时候已经过去,因此对此次项目影响不会太大;但有机硅方面,受环保趋严的影响,未来价格可能进一步上涨,可能进一步影响公司有机硅胶业务。

回天新材董秘章宏建接受《每日经济新闻》记者采访时表示,公司会采用多种管理手段,来有效控制项目成本;而且从上半年的表现来看,公司控制成本的手段是有效的,因为公司毛利率虽然也在下滑,但上半年业绩同比还增长了约15%。

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