尚水智能也上桌了

蔚然先声Lite2025-12-31

作者 |十一编辑 | 方乔12月16日，深圳市尚水智能股份有限公司创业板IPO获上市委审议通过，距离正式登陆资本市场仅剩注册环节，这家专注于锂电池前段制浆设备的企业，凭借循环式高效制浆系统在国内60%的市场份额，在细分领域已居领先地位。但亮眼数据背后，问题同样突出，据招股书披露，截至今年6月末，公司存货账面价值达10.37亿元，占流动资产比重超过六成；对前五大客户的销售依赖度连续多年维持在90%...

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方乔12月16日，深圳市尚水智能股份有限公司创业板IPO获上市委审议通过，距离正式登陆资本市场仅剩注册环节，这家专注于锂电池前段制浆设备的企业，凭借循环式高效制浆系统在国内60%的市场份额，在细分领域已居领先地位。但亮眼数据背后，问题同样突出，据招股书披露，截至今年6月末，公司存货账面价值达10.37亿元，占流动资产比重超过六成；对前五大客户的销售依赖度连续多年维持在90%左右，其中比亚迪一家在去年贡献了65.78%的营收。更值得注意的是，比亚迪不仅是最大客户，还以7.76%的持股比例成为第四大股东，并于今年3月与尚水智能签署10.15亿元设备采购协议。从两次IPO折戟、核心创始人退出，到如今深度绑定单一客户闯关成功，尚水智能的上市之路充满波折。眼下虽过会，但高企的存货、集中的客户结构和薄弱的现金流，仍是悬在其发展路径上的现实挑战。01尚水智能与比亚迪的合作始于2013年，2015年开始批量供货，真正转折点出现在2022年，据创业最前线报道，比亚迪先以13.14元/注册资本的价格受让4%股权，随后增资将持股比例提升至7.69%，成为第四大股东。值得注意的是，仅两个月后，其他投资者受让公司股权的价格已达32.94元/注册资本，是比亚迪入股价格的2.5倍，尽管公司解释称此举有助于“巩固核心客户关系”，但低价入股与后续大额订单的同步增长，难免引发市场对其交易公允性的关注。财务数据显示，2020年比亚迪为尚水智能贡献营收31.73%，到去年这一比例翻倍贡献，对应销售额4.19亿元；今年3月双方再签超十亿元采购协议，进一步强化绑定。然而，这种依赖也带来明显风险，去年，公司来自非比亚迪客户的收入仅为2.12亿元，较前年的3.1亿元下滑近三分之一。与此同时，比亚迪对竞争对手无锡理奇智能的采购额从前年的约4589万元激增至去年的8.19亿元，远超对尚水智能的采购规模。虽然尚水智能表示已与宁德时代、亿纬锂能、中创新航等企业建立合作，但从客户名单变动看，除亿纬锂能外，其他大客户并不稳定，宁德时代曾在2022年和2023年进入前五大客户，2024年即退出。相比之下，比亚迪的订单支撑作用过于突出，一旦其因技术路线调整、成本控制或供应链多元化策略减少采购，尚水智能的收入将面临显著波动。这种客户结构，在行业内属于较高风险水平。02尚水智能的财务压力主要体现在存货和现金流上，截至今年6月末，公司存货账面价值占流动资产的63.42%，其中，“发出商品”占比达68.26%，即约7.53亿元设备已交付但尚未完成验收。这类资产流动性差，若客户延迟验收或项目变更，可能需计提大额减值。更关键的是，公司存货周转率持续低迷，今年上半年仅为0.19次，远低于同行平均水平，说明资金沉淀严重，运营效率偏低。这种状况直接影响了现金流，据创业最前线报道，前年和去年，公司经营活动产生的现金流量净额分别为-7256.58万元和-1539.59万元，连续两年为负，而同期净利润分别为2.34亿元和1.53亿元，利润与现金流严重背离。此外，尽管资产负债率从2022年的86.59%降至今年年中的67.52%，但仍高于可比公司均值；去年速动比率仅为0.57，短期偿债能力偏弱。而公司于治理方面亦显动荡，创始团队中，闫拥军与张曙波因“不看好公司前景”于2020年退出；原总经理吴娟2022年离职，其股份由比亚迪接手。2023年以来，董秘闫龙英、副总经理杨敦凯、刘珊红先后离职，其中刘珊红任职仅55天。实控人金旭东曾占用公司资金423.53万元，后通过2022年9月的定向分红偿还，虽完成闭环，但治理规范性仍被监管问询。据财能圈报道，在产品结构上，公司93%以上收入来自新能源电池极片制造装备，核心产品循环式高效制浆系统的市占率已从2022年的89%降至去年的60%；毛利率也从前年高点57.08%回落至去年的48.72%。面对干法、半干法制浆等新技术的潜在冲击，尚水智能尚未展现出清晰的第二增长路径，IPO过会为其打开融资通道，但如何降低客户依赖、加快存货周转、稳定管理团队，才是决定其能否在资本市场站稳脚跟的关键。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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