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兩連板的上機數控(603185.SH):隨着單晶硅業務規模進一步擴大、公司整體毛利率存在下降風險
格隆匯 01-22 19:13

格隆匯 1 月 22日丨連續2個漲停的上機數控(603185.SH)發佈股票交易異常波動公吿,經公司自查並向控股股東及實際控制人核實,不存在應披露而未披露的重大事項

業務拓展風險:公司20195月起逐步投資單晶硅業務,進入單晶硅生產領域時間相對較短一期5GW單晶硅項目20209達產目前二期8GW單晶硅項目產能處於爬坡階段存在產能不達預期的風險。

單晶硅業務屬於資本和技術密集型行業,市場環境、行業政策影響,公司經營規模持續擴大,公司生產經營流動資金需求也隨之上升,存在資金緊風險

公司單晶硅業務的毛利率低於高端智能裝備業務的毛利率,隨着單晶硅業規模進一步擴大,公司整體毛利率存在下降的風險。

公司前期簽訂的合同均為跨年度長單合同,合同僅約定銷售數量未約定價格最終實現的銷售收入利潤可能隨着市場價格及產品規格變化產生波動,如交易對方確實發生採購數量不及合同的事項,違約責任足以彌補按原定合同執行產生的收益。由此,公司執行上述合同實際能產生的收入和利潤存在重大不確定性。

股價漲幅較大風險:公司股價2020630以來增長260.56%,且最近連續三個易日內日收盤價格漲幅偏離值累計超過20%,短期漲幅較大,敬請廣大投資者注意二級市場交易風險,理性決策,審慎投資。

靜態市盈率較高風險:截至2021122日,公司靜態市盈率為240.58顯著高於專用設備製造行業平均水平(54.99),也顯著高於光伏行業主要上市公司平均水平(88.73)

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