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炒作退潮,股價剛創新高的越疆困境難解,“燒錢”超2.5億,現金流告急
格隆匯 03-14 11:43

人形機器人的風口吹到了港股。

本週,次新股、“協作機器人第一股”越疆連續大漲,今日開盤拉昇,一度漲超14%,股價創新高71.4港元/股。

不過,炒作有所退潮,越疆股價出現跳水,最新跌近6%,報58.6港元/股,總市值236.86億港元。

自上市以來,越疆股價累計漲超206%,本週更是加速上漲,周內累計漲超73%。

資金面驅動

分析來看,越疆的此輪大漲更多的是資金面驅動。

一方面,越疆已獲恆生指數有限公司選定,並納入恆生綜合指數成份股,自本週一起生效。

此外,上交所、深交所均宣佈,將越疆調入港股通標的,本週一起生效。

同時,資金持續南下搶籌港股,越疆等港股通標的迎來更多活水,流動性和估值水平有望得到提升。

南下資金3月10日淨買入港股296.26億港元、3月12日淨買入262.12億港元,年內淨流入超過3700億港元,同比大增超4倍。

另一方面,近期,港股市場的新股賺錢效應爆棚,老鋪黃金、蜜雪集團的股價都在上市後快速飆升。

本週三,老鋪黃金股價剛創下798港元/股的歷史新高,市值一度突破1300億港元,自上市以來累計飆漲10倍。

米雪集團股價同日創下歷史新高的448港元/股,市值一度近1700億港元,上市僅8個交易日就漲超51%。

而越疆同爲次新股,也受益於市場情緒的高漲。

越虧越多

資金爆炒過後,市場總會迴歸基本面。

資料顯示,越疆是國內機器人領域的領先企業,被稱爲“協作機器人三傑”之一,併成功上市成爲“協作機器人第一股”。

越疆的協作機器人包括‌CR系列、Nova系列、Magician系列和M系列‌,負載能力覆蓋0.25千克至20千克,支持四軸/六軸結構。

同時,越疆還推出了全球首款工業級全尺寸仿生人形機器人‌Dobot Atom‌,可自主完成早餐製作、客戶接待、文件遞送等100多種任務。

儘管噱頭很大,但越疆近年來卻出現了虧損連續擴大、現金流惡化的困境。

2021-2023年,越疆的營收分別爲1.74億元、2.41億元、2.87億元,淨虧損4176萬元、5248萬元、1.03億元,虧損額連續三年擴大。

2024年上半年,越疆實現營收1.2億元,同比增長約9%‌;虧損進一步增至5988萬元,虧損率擴大至49.8%‌。

三年半的時間下來,越疆已經累計虧損超2.5億元。

同時,2021-2023年,越疆的經營活動現金流淨額分別爲636.7萬元、-1.17億元、-1.58億元,2024年上半年進一步流出7041萬元‌。

截至2024年6月底,越疆的現金及等價物僅爲7303萬元,只能支撐未來半年運營‌。

短期來看,越疆的財務狀況不容樂觀,需要依賴資本市場輸血,長期而言,盈利則取決於人形機器人量產進度及海外市場的情況。

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