• 时代IPO | 科大国盾营收下滑逾三成,应收占比超100%

    公司 > | Time Weekly - 2020-02-12 09:39:07 来源:时代商学院
  • 时代商学院分析师 陈佳鑫

    手机牛牛软件YINGSHOUXIAHUA,CHANPINSHANGWEISHICHANGHUA,ZUIHOUYAOKAOYOUTESHUGUANXIDEDIYIDAKEHUWEIWENYEJI,ZHEIXIEGUSHIFASHENGZAIYIJIAYIGUOHUIDEQIYESHENSHANG。 

    手机牛牛软件SHANGJIAOSUOWANGZHANXIANSHI,KEDAGUODUNLIANGZIJISHUGUFENYOUXIANGONGSI(YIXIAJIANCHENG“KEDAGUODUN”)YIYU2019NIAN11YUE13RIGUOHUI,RANERZHIJINRENGWEIHUODEPIWEN。 

    KEDAGUODUNGONGGAOXIANSHI,2018NIANHE2019NIAN1-9YUE,GAIGONGSIYINGYESHOURUCHUXIANXIAHUA,QIEXIAHUAFUDUJIAJU。QI2018NIANLAIZIDIYIDAKEHUDEXIAOSHOUSHOURUDAZENG,CONGERBIMIANLEYINGSHOUXIAJIANGGUODUODEJIONGJING。LINGWAI,JINNIANLAIKEDAGUODUNYINGSHOUZHANGKUANZHOUZHUANEHUA,YINGSHOUZHANDANGQIYINGSHOUDEBIZHONGYICHAO100%,BUSHAOKEHUCHUXIANYUQIXIANXIANG。

    1YUE22RI,SHIDAISHANGXUEYUANJIUSHANGSHUXIANGGUANWENTIXIANGKEDAGUODUNFAHANTIWEN,JIEZHI2YUE12RIFAGAO,DUIFANGWEIZUOHUIYING。

    业务严重依赖政府项目

    手机牛牛软件ZHAOGUSHUXIANSHI,2016-2019NIAN1-3JIDU,KEDAGUODUNYINGYESHOURUFENBIEWEI2.27YIYUAN、2.84YIYUAN、2.65YIYUAN、0.3YIYUAN,2018NIANYINGYESHOURUCHUXIANLEYIDINGXIAHUA。DUICI,KEDAGUODUNJIESHI,ZHUYAOXISHOUHONGGUANJINGJIBODONGYINGXIANG,GUOYOUJISHEHUIZIBENDUICHENGYUWANGXIANGMUTOURUFANGHUANSUOZHI。 

    RANER,JINRU2019NIAN,QIYEJIXIAHUACHENGDUJIXUJIAJU。2019NIAN1-9YUE,GAIGONGSIDINGDANJINEWEI2796.93WANYUAN,SHIXIANYINGYESHOURU2959.59WANYUAN,FENBIETONGBIXIAHUA50.19%、38.07%。

    image.png

    KEDAGUODUNYEWUZHUYAOLAIYUANYUGUOJIAJIDIFANGZHENGFUTUIDONGDEGUGANWANG、CHENGYUWANGDENGLIANGZIBAOMITONGXINWANGLUOJIANSHEXIANGMU,DUIGAIDENGXIANGMUCUNZAIZHONGDAYILAI。

    手机牛牛软件WEILAIYIDUANSHIJIANNEI,KEDAGUODUNDEYEWURENGJIANGZHUYAOLAIYUANYUCILEIXIANGMU。YOUYUGUOJIAJIDIFANGZHENGFUDUILIANGZIBAOMITONGXINWANGLUOJIANSHETUIJINJINDUCUNZAIBUQUEDINGXING,RUGUOKEDAGUODUNBUNENGJINXINGYOUXIAOSHICHANGKAITUO,JIANGKENENGDUIQIYEJICHANSHENGBULIYINGXIANG。 

    GONGKAIZILIAOXIANSHI,DANGQIANQILIANGZIBAOMITONGXINCHANPINJIAGEYUANGAOYUQITATONGXINBAOMICHANPIN,BINGFEIYIGESHICHANGHUADECHANPIN,YIRANYILAIZHENGFUFUCHI。 

    第一大客户存特殊关系

    ZHAOGUSHUXIANSHI,2016-2018NIAN,KEDAGUODUNDEDIYIDAKEHUJIEWEISHENZHOUSHUMAXITONGJICHENGFUWUYOUXIANGONGSI(YIXIAJIANCHENG“SHENZHOUJICHENG”),LAIZISHENZHOUJICHENGDEXIAOSHOUSHOURUFENBIEWEI7771.79WANYUAN、5996.49WANYUANHE1.53YIYUAN,ZHANZONGYINGYESHOURUDEBILIFENBIEWEI34.21%、21.14%HE57.90%。KEDAGUODUNDUIDAKEHUSHENZHOUJICHENGDEYILAICHENGDUZHUNIANZENGDA。

    image.png

    手机牛牛软件YILAIDAKEHUZAIKECHUANGBANIPOQIYEZHONGBINGBUHANJIAN,RANERRUOYUDAKEHUCUNZAIMOUXIETESHUGUANXI,NEIYILAIDAKEHUDEWENTIJIUZHIDEGUANZHULE。 

    GONGKAIZILIAOXIANSHI,SHENZHOUJICHENGSHISHANGSHIGONGSISHENZHOUSHUMA(000034.SZ)QUANZIZIGONGSI,ER2018NIAN5YUE8RI,SHENZHOUSHUMA(000034.SZ)CENGYUKEDAGUODUNYITONGTOUZISHELILESHENZHOUGUOXIN,SHENZHOUSHUMACHIYOUSHENZHOUGUOXIN69.1%GUFEN,KEDAGUODUNCHIYOU4.90%。 

    手机牛牛软件YOUCILAIKAN,ZAI2018NIAN5YUE8RIZHIQIAN,KEDAGUODUNYUSHENZHOUJICHENGQUESHISHIDANCHUNDEKEHUGUANXI,CIHOU,LIANGZHEDUOLEYICENGTESHUGUANXI。KEDAGUODUNLAIZISHENZHOUJICHENGDEXIAOSHOUSHOURUYECONG5996.49WANYUANBIAOSHENGZHI1.53YIYUAN,ZHANBICONG2017NIANDE21.14%MENGZENGZHI2018NIANDE57.9%,KEDAGUODUNYINGSHOUXIAHUATAISHIYEZAIYIDINGCHENGDUSHANGDEYIHUANHE。

    应收账款占营收比重超100%

    手机牛牛软件2016—2019NIANSHANGBANNIAN,KEDAGUODUNYINGSHOUZHANGKUANYUEFENBIEWEI2.18YIYUAN、2.93YIYUAN、3.26YIYUAN、2.52YIYUAN,QIZHONG,2016—2018NIANYINGSHOUZHANGKUANYUEZHANDANGQIYINGYESHOURUDEBILIFENBIEWEI96.17%、103.23%、123.02%。KEDAGUODUNDEYINGSHOUZHANGKUANGUIMOPANGDA,SHENZHICHAOGUODANGQIDEYINGYESHOURUE,GUOGAODEYINGSHOUZHANGKUANDAOZHIKEDAGUODUNDEJINGYINGXIANJINLIUJIAOCHA。

    image.png

    2016—2019NIANSHANGBANNIAN,GONGSIJINGYINGHUODONGCHANSHENGDEXIANJINLIULIANGJINGEFENBIEWEI-4548.41WANYUAN、-1681.99WANYUAN、-388.60WANYUANYIJI-2339.23WANYUAN,CHENGCHIXUJINGLIUCHUTAISHI。TICHUSHOUDAODESHUIFEIFANHAIJIZHENGFUBUZHUJINEHOU,QIBIAOXIANGENGZAOGAO,JINGYINGHUODONGXIANJINLIULIANGJINGEFENBIEWEI-6894.28WANYUAN、-7795.46WANYUAN、-6104.32WANYUAN、-4589.80WANYUAN。 

    手机牛牛软件GUOGAODEYINGSHOUZHANGKUANYEDAOZHILEYIDINGDEHUAIZHANGFENGXIAN。JUKEDAGUODUNHUIFUSHANGJIAOSUODIERLUNWENXUNWENJIAN,JIEZHI2019NIAN6YUEMO,KEDAGUODUNDUOGEKEHUCUNZAIYINGSHOUZHANGKUANYUQIQINGKUANG。QIZHONG,15GEKEHUCUNZAIYUQI,HEJIYUQIJINE6990.51WANYUAN,ZHANDANGQIYINGSHOUZHANGKUANZONGEDE27.78%。 

    YUQIDEQINGKUANGBINGFEIJINNIANCAICHUXIAN,2016-2018NIAN,KEDAGUODUNYINGSHOUZHANGKUANZHONGYUQIJINEFENBIEWEI7130.29WANYUAN、8712.33WANYUAN、6793.58WANYUAN,ZHANYINGSHOUZHANGKUANZONGEBIZHONGFENBIEWEI32.65%、29.75%、20.86%。

    image.png

    CIWAI,YUTONGXINGDUIBI,KEKANCHUKEDAGUODUNHAICUNZAIYINGSHOUZHANGKUANZHOUZHUANXIAOLVGUODIDEWENTI。ZHAOGUSHUXIANSHI,2016-2018NIAN,KEDAGUODUNYINGSHOUZHANGKUANZHOUZHUANLVFENBIEWEI1.51、1.11、0.86,YUANDIYUTONGXINGKEBIGONGSIDEPINGJUNZHI7.43、6.89、5.1。

    【严正声明】本文(报告)基于已公开的资料信息撰写,文中的信息或所表述的意见均不构成对任何人的投资建议。文章版权归原作者及原出处所有,未经时代周报时代商学院授权,任何媒体、网站及微信公众平台不得引用、复制、转载、摘编或以其他任何方式使用上述内容。获得授权转载,仍须注明出处。(联系邮箱:)


XIBEIYOUMIANCUNDONGSHIZHANGJIAGUOLONGZAIJIESHOUMEITICAIFANGSHIZHICHU,XIBEIZAIQUANGUO60DUOGECHENGSHI400DUOJIALIANSUODIANJUNYITINGYE,GONGSIZHANGSHANGDEXIANJINLIUKANGBUGUO3GEYUE。

SHENZAIWUHAN,ZHOUBIANHEZISHENFASHENGDEZHONGZHONGSHIQING,HEBUZAIWUHAN,DAOTINGTUSHUO,GANCHUSHIBUYIYANGDE。

手机牛牛软件 21SHIJIJIAOYUYANJIUYUANFUYUANZHANGXIONGBINGQIZAIJIESHOUSHIDAIZHOUBAOJIZHECAIFANGSHIBIAOSHI,MUQIANZIBENDUIZAIXIANJIAOYUDEGUANZHUDUJIAOGAO,SHOUYIQINGYINGXIANG,ZAIXIANJIAOYUXINGYESHOUHUOLEKEGUANDELIULIANG。

手机牛牛软件 WEIBANGZHUZHONGXIAOQIYEDUGUONANGUAN,2YUECHUYILAI,GEDIFENFENTUICHUFUCHIZHENGCE,SHEBAOSHIQIZHONGDEZHONGTOUXI。

2YUEDEQINGKUANGYEBINGWEIHAOZHUAN。SHUJUXIANSHI,2YUEDIYIZHOU(2YUE2-8RI),ZHONGZHIYANJIUYUANZHONGDIANJIANCE10GEYIERSANXIANDAIBIAOCHENGSHIZONGJICHENGJIAOMIANJIHUANBIXIAJIANG55.9%。YANXULECONG1YUE19RIYILAIDEZHOUDUCHENGJIAORUIJIAN。

DANGXIA,YIBIANSHIYANKONGYIQING,YIBIANSHIYOUXUFUGONG,“TIANPING”LIANGDUANDECHENGTUOYIGEDOUBUNENGQUESHI。MIANDUIFUZAJUMIAN,ZHONGGUOJINGJIRENGZHANXIANLEZUGOUQIANGDERENXING。


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