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山石网科美籍董事长业绩靠补助现金流严重落后净利

来源: 中国经济网  
2019-07-26 10:25:29
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  中国经济网编者按:7月30日,山石网科通信技术股份有限公司(以下简称“山石网科”)首发申请上会。山石网科本次发行的保荐机构(主承销商)为中国国际金融股份有限公司。

  山石网科拟登陆上交所科创板,公开发行股票不超过4505.6万股,拟募集资金净额8.94亿元,其中4.44亿元用于“网络安全产品线拓展升级项目”、2.86亿元用于“高性能云计算安全产品研发项目”、1.64亿元用于“营销网络及服务体系建设项目”。

  山石网科拟募资额超出其总资产1.5亿,超净资产4.8亿元。

  山石网科招股书称,截至2018年12月31日,山石网科总资产为7.47亿元,合并报表归属母公司所有者净资产4.16亿元。

  山石网科股权结构较为分散,无控股股东和实际控制人。罗东平任山石网科董事长兼总经理,截至招股说明书签署之日,罗东平持有山石网科3.57%股份。罗东平为美国国籍。

  业绩上来看,2017年山石网科归母净利暴增近50倍,但这一年的政府补助金额占到其归母净利的逾6成。同时,山石网科的现金流没能跟上归母净利的步伐,在这一年为负。2018年,山石网科归母净利涨幅大幅放缓,政府补助仍占到归母净利的近6成,现金流虽然转正但依然大幅落后于归母净利。

  2016年-2018年,山石网科营业收入分别为3.27亿元、4.63亿元、5.62亿元,归属于母公司所有者的净利润分别为118.50万元、6005.22万元、6891.17万元,经营活动产生的现金流量净额分别为1977.06万元、-693.57万元、917.88万元。

  2017年及2018年,山石网科其他收益中政府补助金额分别为3660.80万元及4120.12万元,在同期归母净利润中的占比分别为60.96%及57.79%。

  山石网科主要采用直销和渠道代理销售相结合的销售模式,并以渠道代理为主。2016年-2018年,山石网科渠道代理销售收入占主营业务收入的比重分别为83.57%、85.50%、89.51%。山石网科渠道代理商可分为总代理商、战略行业ISV和金牌、银牌代理商。

  不过山石网科渠道代理商数量及留存率均逐年下降。2016年-2018年,除总代外,山石网科渠道代理商数量分别为524家、440家、374家,渠道代理商留存率分别为66.01%、46.95%、48.86%。2017年、2018年,山石网科渠道代理商数量分别减少84家、66家。相较2016年,2018年山石网科渠道代理商数量锐减了150家。

  2018年山石网科4家总代理商分别为为佳电(上海)管理有限公司(以下简称“佳电”)、北京神州数码有限公司、英迈电子商贸(上海)有限公司、上海华盖科技发展股份有限公司。

  其中山石网科主营收入的近半依赖第一大总代理商佳电。佳电近3年始终位居山石网科的第一大客户,2016年-2018年,山石网科对佳电销售收入分别为1.22亿元、2.15亿元、2.59亿元,占山石网科同期主营业务收入的比重分别为38.41%、46.92%、46.85%。

  中国经济网记者就相关问题采访山石网科,截至发稿,未获回复。

  外商独资企业拆红筹冲科创板 拟募资额超总资产1.5亿元

  山石网科提供包括边界安全、云安全、数据安全、内网安全在内的网络安全产品及服务,致力于为用户提供全方位、更智能、零打扰的网络安全解决方案。

  2018年6月5日前,山石网科为外商独资企业。2018年6月5日,山石网科拆除红筹架构,变更为中外合资企业。2018年12月24日,山石网科有限整体变更设立股份有限公司。

  山石网科前身山石网科有限于2011年7月20日设立,其设立时的名称为“苏州山石网络有限公司”,注册资本为1000万美元,开曼山石通过香港山石间接持有山石网科有限100%的股权。

  截至2017年重组启动前,开曼山石为拟境外上市主体。2006年11月开曼山石设立并于2007年搭建红筹架构。为了回归国内资本市场,开曼山石决定拆除红筹架构并启动重组。

  山石网科招股书称,为实现境内证券市场上市的目的,通过香港山石转让山石网科有限股权的方式,原开曼山石股东或其指定的主体分别按照其在开曼山石的持股比例受让山石网科有限100%的股权,进而直接在山石网科有限层面持股。

  红筹架构拆除后,开曼山石由山石网科的母公司变为山石网科的全资孙公司。2018年,开曼山石净利润为-2048.23万元。山石网科招股书称,开曼山石计划在完成境内股东回购款项支付后启动注销。

  山石网科本次上市选择的上市标准为《上海证券交易所科创板股票上市规则》第2.1.2条第一款,即“预计市值不低于人民币10亿元,最近两年净利润均为正且累计净利润不低于人民币5000万元,或者预计市值不低于人民币10亿元,最近一年净利润为正且营业收入不低于人民币1亿元”。

  山石网科拟登陆上交所科创板,公开发行股票不超过4505.6万股,拟募集资金净额8.94亿元,其中4.44亿元用于“网络安全产品线拓展升级项目”、2.86亿元用于“高性能云计算安全产品研发项目”、1.64亿元用于“营销网络及服务体系建设项目”。

  山石网科拟募资额超出其总资产1.5亿。山石网科净资产在去年最后一个月猛增46%,但拟募资额仍超净资产4.8亿元。

  依据致同2018年12月20日出具的《山石网科通信技术有限公司二〇一八年一至十一月审计报告》(致同审字(2018)第110ZC8405号),确认截至2018年11月30日,山石网科有限经审计的净资产为人民币2.85亿元。

  山石网科招股书称,截至2018年12月31日,山石网科总资产为7.47亿元,合并报表归属母公司所有者净资产4.16亿元。

  无实控人 股东阵容强大 董事长为美国籍

  山石网科股权结构较为分散,无控股股东和实际控制人。罗东平任山石网科董事长兼总经理,截至招股说明书签署之日,罗东平持有山石网科3.57%股份。罗东平简历如下:

  罗东平:男,1965年出生,美国国籍,无其他境外永久居留权。罗东平1988年 6月毕业于清华大学,获电子物理与激光专业学士学位;1990年 6月毕业于清华大学,获电子工程专业硕士学位;1995年 11月毕业于University of California,San Diego,获Applied Physics MSEE学位。1990年 9月至1993年 8月,任先锋集团高级工程师;1993年9月至1995年11月,任University of California, San Diego科研助理;1995年 12月至1997年 4月任Cypress Semiconductor(美国)高级工程师;1997年 5月至2004年 4月任NetScreen Technologies Inc.高级工程师;2004年 5月至2006年 10月任Juniper Networks Inc.高级研发经理;2007年 2月至2012年 12月任山石北京副总裁;2013年 1月至今,任山石北京总经理、董事长;2013年 1月至2018年 3月,任山石网科有限执行董事、总经理; 2018年 3月至2018年 12月,任山石网科有限董事长、总经理;2018年 12月至今,任山石网科董事长、总经理。

  据财联社,山石网科公司高层成员颇有“师弟带师兄创业”的味道,公司董事长、总经理罗东平1988年本科毕业于清华大学,董事邓锋、独立董事李军分别于1986年、1985年在清华大学本科毕业,副总经理、核心技术人员蒋东毅则是1987年本科毕业于清华大学,以上四人也都在清华大学拿到硕士学位。罗东平还是蒋东毅的妹夫。

  截至招股说明书签署之日,Alpha Achieve是山石网科持股比例最高的股东,持股比例为22.58%。田涛、苏州元禾、国创开元、宜兴光控分列山石网科第2、3、4、5大股东,持股比例分别为9.92%、9.73%、8.77%、8.11%。

  Alpha Achieve系于香港注册的有限公司。田涛系中国香港居民。

  苏州元禾全称“苏州工业园区元禾重元并购股权投资基金合伙企业(有限合伙)”,主营业务为股权投资,为招商财富控股子公司。招商财富则是招商基金全资子公司,招商基金由招商银行和招商证券分别持股55%和45%。

  国创开元的出资人包括雨润控股集团和华为投资控股有限公司。国创开元的实际控制人为中华人民共和国财政部。

  宜兴光控系光大控股全资子公司,全称为“宜兴光控投资有限公司”,主营业务为股权投资。

  此外,三六零全资子公司北京奇虎科技有限公司持有山石网科本次发行前4%股权,位列第6大股东。

  政府补助占归母净利近六成 现金流拖后腿

  业绩上来看,2017年山石网科归母净利暴增近50倍,但这一年的政府补助金额占到归母净利的逾6成。同时,山石网科的现金流没能跟上归母净利的步伐,在这一年为负。2018年,山石网科归母净利涨幅大幅放缓,政府补助仍占到归母净利的近6成,现金流虽然转正但依然大幅落后于归母净利。

  2016年-2018年,山石网科营业收入分别为3.27亿元、4.63亿元、5.62亿元,归属于母公司所有者的净利润分别为118.50万元、6005.22万元、6891.17万元,扣除非经常性损益后归属于母公司所有者的净利润分别为1673.24万元、2245.29万元、7358.56万元。经营活动产生的现金流量净额分别为1977.06万元、-693.57万元、917.88万元。

  2017年及2018年,山石网科其他收益中政府补助金额分别为3660.80万元及4120.12万元,在同期归母净利润中的占比分别为60.96%及57.79%。

  截至2018年末,山石网科合并口径累计未弥补亏损余额为1.33亿元(母公司层面未分配利润为9065.72万元),山石网科招股书称主要因前期销售收入规模较低,期间费用率较高,尚未产生规模效应所致。

  山石网科营收存在较为明显的季节性特征。山石网科收入主要集中于四季度尤其是12月中下旬。报告期内,四季度收入占山石网科全年主营业务收入的比例分别为36.31%、40.56%、47.96%,12月份收入占全年主营业务收入的比例分别为32.87%、37.55%、37.96%。

  2019年1-6月,山石网科实现的营业收入为2.28亿元,同比增长13.01%;归属于母公司股东的净利润为-1695.90万元,同比上升3.28%;扣除非经常性损益后归属于母公司股东的净利润为-2424.57万元,同比下降528.09万元,下降幅度27.85%。山石网科招股书称,净利润下降主要与期间费用增长幅度高于营业收入增长幅度及计提的坏账增加有关。

  山石网科预计2019年1-9月可实现营业收入3.99亿元-4.17亿元,同比增长35.53%至41.64%;净利润1000万元至1400万元,同比增长122.65%至131.70%;扣除非经常性损益后归属于公司普通股股东的净利润300万元至700万元,同比增长106.24%至114.55%。

  渠道代理商数量2年锐减150家 近半主营营收依赖第一大总代理商

  山石网科主要采用直销和渠道代理销售相结合的销售模式,并以渠道代理为主。2016年-2018年,山石网科渠道代理销售收入占主营业务收入的比重分别为83.57%、85.50%、89.51%。

  山石网科渠道代理商可分为总代理商、战略行业ISV和金牌、银牌代理商。总代理商、战略行业ISV及境外区域金牌代理可以直接向山石网科进行采购;一般情况下,境内金牌、银牌代理商通过总代理商下单提货。

  山石网科渠道代理模式可进一步分为公司销售人员参与获取客户以及渠道代理商自行开拓客户两种情形。一般情况下,山石网科销售人员参与终端客户开发和获取,提供报价并引导下级渠道代理商至总代理商处下单。2018年二季度,山石网科针对渠道代理商自行开拓客户的情形建立了独立的产品价格体系和渠道报备系统,同时调整了该模式下产品销售的激励政策,给予了更具操作性、更高的销售返利,该模式自2018年二季度开始产生收入。

  不过山石网科渠道代理商数量及留存率均逐年下降。2016年-2018年,除总代外,山石网科渠道代理商数量分别为524家、440家、374家,渠道代理商留存率分别为66.01%、46.95%、48.86%。2017年、2018年,山石网科渠道代理商数量分别减少84家、66家。相较2016年,2018年山石网科代理商数量锐减了150家。

  山石网科招股书称,报告期内,公司渠道代理商数量和留存率呈下降趋势,但单个渠道代理商平均销售金额持续上升。

  2018年山石网科4家总代理商分别为为佳电(上海)管理有限公司(以下简称“佳电”)、北京神州数码有限公司、英迈电子商贸(上海)有限公司、上海华盖科技发展股份有限公司。

  其中山石网科主营收入的近半依赖第一大总代理商佳电。佳电近3年始终位居山石网科的第一大客户,2016年-2018年,山石网科对其销售收入分别为1.22亿元、2.15亿元、2.59亿元,占同期主营业务收入的比重分别为38.41%、46.92%、46.85%。

  山石网科招股书称,佳电(上海)管理有限公司隶属于伟仕佳杰控股有限公司(股票代码:00856.HK),伟仕佳杰控股有限公司2002年在香港联合交易所主板上市,是亚太区知名的IT产品分销商。

  2016年-2018年,山石网科向前五名客户的销售收入占同期主营业务收入的比重分别为79.71%、76.79%、84.47%。

  应收账款逐年攀升 去年底逾期应收账款逾8000万元

  2016年-2018年,山石网科应收账款余额分别为1.18亿元、2.15亿元、3.36亿元,占各期末总资产的比例分别为36.56%、53.35%、45.04%,应收账款余额占总资产比例较高。

  各期末山石网科逾期应收账金额分别为1979.97万元、3651.89万元、8334.48万元,逾期金额占比分别为16.75%、17.02%、24.78%。

  2018年末,山石网科对佳电应收账款为1.8亿元,占比53.57%,其中期后回款7550.57万元。

  截至2019年6月14日,山石网科应收账款逾期部分期后未收回金额为2643.26万元,坏账准备余额为1802.45万元。

  山石网科称应收账款逾期部分期后未收回金额高于坏账准备,主要系系对中兴通讯及佳电账款。

  研发投入与行业巨头差距大

  据新浪财经,2016年、2017年及2018年,山石网科的研发费用分别为1.21亿元、1.42亿元及1.56亿元,逐年增大研发投入力度,但其研发投入增幅远不及营业收入增幅,导致研发费用占营业收入的比重呈现出逐年降低趋势,2016年至2018年分别为37.07%、30.56%、27.64%。

  从研发费用构成来看,近八成是职工薪酬,2018年达到了1.24亿元,公司在招股书中表示,为提高产品市场竞争力,公司持续加大研发投入力度,增加研发人员数量,导致职工薪酬增加。截至2018年底,公司员工总数为883人,其中技术员358人,占公司总数40.54% 。

  对比同行业上市公司,山石网科研发费用率总体处于较高水平,主要原因系公司处于成长阶段,但其绝对投入水平与国内网络安全行业巨头相比,仍存在不小的差距,山石网科在国内的主要竞争对手包括华为、360企业安全、天融信以及上市公司深信服、迪普科技、启明星辰、绿盟科技等。

  以上市公司启明星辰为例,2017年研发投入4.7亿元,研发人员数量1412人,而另一家绿盟科技,2017年研发投入也达到2.9亿元,研发人员数量为1315人。另外从专利来看,目前山石网科仅拥有34项专利,与竞争对手相比劣势明显,对山石网科来说,能否在行业巨头的研发投入优势碾压之下,研发出具备竞争力的产品,是一个巨大的挑战。

  毛利率超同行均值

  虽然研发投入被同行碾压,山石网科毛利率却超过同行。2016年-2018年,山石网科综合毛利率分别为75.14%、77.53%、76.30%,同行均值分别为72.60%、70.77%、71.60%。山石网科毛利率分别超过同行均值2.5、6.8、4.7个百分点。其中2017年山石网科毛利率创同行最高,超过启明星辰、深信服、绿盟科技、迪普科技。2018年山石网科毛利率仅比绿盟科技略低,排同行第二高。

  关联方资金拆借和关联方资产转让

  为整合境内外资产及业务,山石网科2017年11月-2018年11月,进行了6起关联方资产转让,主要牵涉其拆除VIE架构。

  山石网科收购北京山石。2017年 11月,公司与信通华安、尚喜鹤、王钟签订股权转让协议,信通华安、尚喜鹤、王钟分别将持有北京山石股权以998.00万元、752.00万元、3,250.00万元转让给本公司,本次股权转让价格为5,000万元(1元/注册资本),合并日北京山石的净资产为2,997.33万元。

  香港山石转让山石网科有限100%股权。2018年 3月 31日,香港山石与开曼山石股东或其指定的主体签署了股权转让协议,开曼山石股东或其指定的主体按照其在开曼山石的持股比例受让香港山石持有的山石网科有限100%的股权,本次股权转让价格为2,496.02万美元,此价格参考山石网科有限截至2017年 9月 30日的净资产。其中,香港山石应收宜兴光控股权转让款262.73万美元、苏州元禾股权转让款315.10万美元、国创开元股权转让款314.66万美元、苏州北极光股权转让款39.01万美元、罗东平股权转让款70.60万美元、刘向明股权转让款51.10万美元。

  山石网科收购美国山石。2018年 5月 31日,公司与开曼山石签订股权转让协议,开曼山石将其持有美国山石100%的股权以55.64万美元转让给本公司,本次股权转让价格参考美国山石截至2018年 3月 31日的净资产,合并日美国山石的净资产折合人民币167.17万元。

  山石网科收购山石北京。2018年 6月,公司与开曼山石签订股权转让协议,开曼山石将其持有山石北京100%的股权以348.12万元转让给本公司,本次股权转让价格参考山石北京截至2018年 3月 31日的净资产,合并日山石北京的净资产为425.81万元。

  山石网科收购香港山石。2018年 8月 31日,公司与开曼山石签订股权转让协议,开曼山石将其持有香港山石100%的股权以19.77万美元转让给本公司,本次股权转让价格参考香港山石截至2018年 6月 30日的净资产,合并日香港山石的净资产折合人民币197.70万元。

  开曼山石回购股权及香港山石收购开曼山石。2018年 11月,开曼山石同比例回购全部股东的17,078,267股普通股和41,792,036股优先股,上述回购完成后,香港山石受让Smart Alpha、Synergy Capital、童建、罗东平、刘向明、周蓉、莫宁、VickersII、Vickers III、Hua Ji、 Hwang Yichien、Northern Venture、Northern Strategic、Northern Partners、Leading Vanguard、苏州元禾、国创开元、苏州北极光、苏州聚新、苏州聚坤持有的开曼山石全部股份,本次股权转让价格为2,296.34万美元,本次回购价款为199.68万美元。其中,香港山石及开曼山石应付苏州元禾股权转让及回购款315.10万美元、国创开元股权转让及回购款314.66万美元、Leading Vanguard股权转让及回购款262.73万美元、苏州北极光股权转让及回购款39.01万美元、罗东平股权转让及回购款70.60万美元、刘向明股权转让及回购款51.10万美元。

  山石网科的资金拆借包括:

  2018年,开曼山石向其股东Northern Venture、Northern Strategic和 Northern Partners借款550万美元。截至招股说明书签署之日,开曼山石已偿还上述借款本金及借款利息。

  2017年,为拆除北京山石VIE架构,尚喜鹤向山石网科借款750万元,用以替换对北京山石的非专利技术出资,山石网科收购北京山石后,前述借款已于2017年归还。

  2016年山石北京向山石网科股东田涛持股90%的企业信通华安拆出款项15万元,截至2016年12月31日累计共拆出款项795万元,2017年所有拆出款项已收回。

  合规经营待改进:税务处罚、海关处罚、2017年入异常经营名录

  自2016年1月1日至2018年12月31日,山石网科及其境内子公司/分公司共计受到3项税务行政处罚,具体如下:

  (1)山石网科全资子公司北京山石因未按期办理纳税申报或报送纳税资料,被税务主管部门罚没收入(稽查查补税(费)款)100元。

  (2)山石网科全资子公司山石北京因未按期办理纳税申报或报送纳税资料,被税务主管部门罚没收入(稽查查补税(费)款)100元。

  (3)山石网科由于未按照规定期限办理纳税申报和报送纳税资料一份,被税务主管部门处以行政罚款,金额为0元。

  北京山石还存在海关行政处罚。

  北京山石于2017年向马来西亚出口货物进行退回处理过程中,因北京山石工作人员未按照规定及时进行海关申报,2018年2月6日上海海关向北京山石出具滞报金专用缴款书,北京山石被上海海关征收滞报金37061元。2018年11月23日北京山石缴纳了前述滞报金。

  在办理海关申报过程中,因北京山石工作人员对产品原产地及产品功能理解错误而对产品填报归类错误,上海浦东国际机场海关对此事项行政立案。2018年7月6日,北京山石向上海浦东国际机场海关缴纳5万元人民币保证金,北京山石取得扣押货物。

  2019年 5月 28日,上海浦东国际机场海关向北京山石下发行政处罚决定书(沪浦机关缉违字[2019]0166号)。根据该行政处罚决定书,北京山石委托某报关公司,于2018年 2月 6日向海关申报进口退运货物项下货物一票,其中部分货物商品编号申报与实际不符,上海浦东国际机场海关对北京山石作出警告的行政处罚。2019年 5月 30日,上海浦东国际机场海关向北京山石退还保证金5 万元人民币。

  此外,2017年7月11日,因未依照《企业信息公示暂行条例》第八条规定的期限公示年度报告,苏州高新区(虎丘区)市场监督管理局将山石网科列入经营异常名录。

关键词:山石网科责任编辑:吴海燕
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