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横店影视IPO:爆米花等衍生品毛利率畸高 发力三四线城市

2017-08-18 11:04:30   中国经济网

融资渠道单一 偿债能力低于同行业可比公司

横店影视低于行业平均水平的,除了电影放映业务毛利率,还有其偿债能力。

2014-2016年,横店影视资产负债率分别为79.76%、62.72%和50.90%,虽然呈现逐年下降的趋势,但仍远高于同期同行业公司平均值。据了解,横店影视同行业公司资产负债率平均值为50.16%、46.74%和37.61%。

招股书显示,2014年末至2016年末,横店影视流动比率分别为0.81、0.83和0.78,同期万达电影、上海电影、时代院线等同行业可比公司流动比率平均数为1.18、1.47和1.95;速度比率为0.78、0.81和0.74,同行业可比公司平均数为1.11、1.40和1.84。

中国网财经记者注意到,相对同行业公司而言,横店影视的融资渠道较为单一,主要为自身内部积累及部分银行贷款。横店影视方面表示,公司资产负债率较高主要原因是出于快速扩张期,影院建设投资支出较大,通过各类渠道融资增加负债所在。因此,横店影视计划在发行上市后,利用资本市场融资功能,通过股权融资方式推动公司经营发展,提升盈利能力和偿债能力。

另外,从市场份额方面来看,横店影视也难以与万达电影、大地院线等抗衡。据统计,截至2016年底,公司旗下共拥有285家已开业影院,共计屏幕数1727块,其中资产联结影院220家,另有加盟影院65家。2014-2016年,横店影视票房收入在全国院线中分别位列第9位、第8位和第8位,当期市场份额分别为3.6%、4.50%和4.55%。对比同期万达电影14.28%、13.59%和13.45%的市场份额,仍存不小的差距。

目光锁定三四线城市 募资近24亿建设影院持续扩张

在一线、二线城市已被万达电影等知名院线占据市场份额的情况下,横店影视将目光移向了三四线和县级城市。据招股书显示,横店影视此次IPO计划募集资金28.63亿元,除5亿元用于补充流动资金外,其余23.63亿元将全部用于影院建设项目。按照具体计划,2016年至2019年内,横店影视将在全国200多个城市新建影院210家,项目建成后,将新增影院面积60.5万平方米,座位数190731个,荧幕数1331块。

据介绍,横店影视经营模式采用的是资产联结为主、签约加盟为辅的方式。在拟新建的这210家影院中,有9家位于直辖市,25家位于省会城市,131家位于地级城市,45家位于人口较为密集、经济较为发达的县级城市,所有影院物业通过租赁方式取得。

横店影视表示,目前一二线城市影院市场逐渐趋于饱和,而三四线城市观影人次保持快速增长,市场份额不断提升。此次影院建设项目将继续以资产联结型影院投资为主导,重点布局全国三四线城市的2800家具有县级市的市场空白点,通过利用募集资金新建210家影院,实现快速扩张,提升公司竞争力与盈利能力。

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