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麦田捕手
风吹草低见牛羊
IP属地:福建
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麦田捕手
2021-03-05
$NQ100指数主连(NQmain)$
诱多
麦田捕手
2021-03-03
$NQ100指数主连(NQmain)$
急先锋啊
麦田捕手
2021-02-06
$Baosheng Media Group Holdings Ltd(BAOS)$
没地方打新啊
麦田捕手
2021-02-04
$Beyond Meat, Inc.(BYND)$
春风依旧不度玉门关……
麦田捕手
2021-01-07
$Beyond Meat, Inc.(BYND)$
春风不度玉门关
麦田捕手
2020-11-09
$恒生指数主连(HSImain)$
恒指也太弟弟了吧
麦田捕手
2020-11-05
$阿里巴巴(BABA)$
都是老套路了……
麦田捕手
2020-10-13
$NQ100指数主连(NQmain)$
可怕,感觉都是AI在交易,不断推高
麦田捕手
2020-10-09
$NQ100指数主连(NQmain)$
海阔凭鱼跃 天高任鸟飞
麦田捕手
2020-10-09
$洪恩教育(IH)$
今天这么快,感觉不太对,情况不妙就准备跳车[笑哭] [笑哭]
麦田捕手
2020-09-28
$中国恒大(03333)$
投行集体唱多出货?
麦田捕手
2020-09-18
$Facebook(FB)$
缺口不顺势补一下?[正经] [正经]
麦田捕手
2020-09-18
上车机会
抱歉,原内容已删除
麦田捕手
2020-07-23
$微软(MSFT)$
眼瞅着是要双杀末日期权了
麦田捕手
2020-02-21
$雪佛龙(CVX)$
哈哈哈,吃肉的时候没吃着,晚上看看挨打的时候能不能躲得开[开心][开心]
麦田捕手
2020-02-19
$雪佛龙(CVX)$
原油跌跟着跌,原油涨不跟涨,有点意思
麦田捕手
2020-02-05
$蔚来(NIO)$
据可靠消息,大队长入场做多了!大家自行判断走势[捂脸]
麦田捕手
2019-03-22
$老虎证券(TIGR)$ 哈哈哈,今天看到队长的帖子,这难道是被队长给毒奶了吗?
麦田捕手
2018-09-28
$触宝(CTK)$ 卧槽,这是什么节奏,到底中没中
麦田捕手
2018-06-29
控盘能力真强
$怡园酒业(08146)$ 盘子小就是好折腾
控盘能力真强
去老虎APP查看更多动态
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11:10","market":"sh","language":"zh","title":"茅台举债上高速,是仗义出手救兄弟,还是另有他谋?","url":"https://stock-news.laohu8.com/highlight/detail?id=1196873973","media":"腾讯财经","summary":"不差钱的万亿茅台首次发债150亿用于收购两个季度亏损近20亿的贵州高速部分股权。业内人士分析,茅台集团作为贵州的重要经济实体,近几年的杠杆作用越发明显,考虑到前段时间茅台进入华贵保险等财经领域,因此介","content":"<p>不差钱的万亿茅台首次发债150亿用于收购两个季度亏损近20亿的贵州高速部分股权。业内人士分析,茅台集团作为贵州的重要经济实体,近几年的杠杆作用越发明显,考虑到前段时间茅台进入华贵保险等财经领域,因此介入民生基建类领域也是在合理范畴内。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7fcb44921c6129becda2315c1919a233\" tg-width=\"641\" tg-height=\"439\"><span>图片来源 / 图虫创意</span></p><p>疫情对经济造成的“震后余波”尚在持续。</p><p>9月16日,上海证券交易所公司债券项目信息平台发布中国贵州茅台酒厂(集团)有限责任公司(下称茅台集团)2020年公开发行公司债券(面向专业投资者)的公告。</p><p>这是茅台集团首次发债。此次发债是为了募集资金进行收购。</p><p>募集说明书显示,茅台集团收购贵州高速公路集团有限公司(下称贵州高速)部分股权事项已获得贵州省人民政府的批复,同意将贵州省国资委所持贵州高速部分股权(最终比例以 2019 年度审计报告确定)转让给茅台集团,转让价款 150亿元。</p><p><img src=\"https://static.tigerbbs.com/32e29c49895addf129265994ef5c2e82\" tg-width=\"600\" tg-height=\"561\"></p><p>先说明一下,这个茅台集团并不是A股的贵州茅台,而是他的控股股东。茅台集团持有贵州茅台58%的股权,持有市值超过一万亿。</p><p><img src=\"https://static.tigerbbs.com/554264a2d6623f041cfb9632bb2aafbe\" tg-width=\"600\" tg-height=\"300\"></p><p>一个是资产负债率很低但盈利能力极强的茅台集团;</p><p>一个是近年来资产负债率在70%左右居高不下、盈利能力相对较弱的贵州高速。</p><p>疫情期间,受国家对高速公路通行费实施免费的影响,严重依赖“过路费”的贵州高速由盈转亏。在多种融资方式“自救”下,二季度亏损加剧的贵州高速让大股东贵州省国资委想到了脱手。</p><p>其实,对贵州高速近年来面临的高负债窘境,茅台集团的当家人高卫东并不陌生。今年3月调至茅台集团任董事长之前,他主政的贵州省交通运输厅作为全省的交通主管部门,根据《贵州省高速公路联网收费通行费拆分管理办法》,每年下达通行费收入计划,指导贵州高速执行。去年,贵州高速的控股股东和实际控制人才由贵州省交通运输厅变更为贵州省国资委。</p><p><b>1</b></p><p><b>贵州高速多次自救</b></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba732d8b9dc7f4e4ca70c58989b5411c\" tg-width=\"641\" tg-height=\"427\"><span>图片来源 / 视觉中国</span></p><p>2015年12月,贵州省88个县(市、区、特区)全部通高速,成为中国西部第一个完成县县通高速的省份。</p><p>去年12月30日,随着贵州省平塘至罗甸高速公路通车仪式在世界第一混凝土高塔桥——平塘特大桥举行,标志着平罗高速全线贯通。至此,贵州省高速公路通车里程突破7000公里,总里程居中国第四,高速公路综合密度居中国第一。</p><p>“要先富,先修路。”贵州属于多山地带。正在打造世界知名山地旅游省的贵州在经济发展上却长期受制于崇山峻岭。所以,近年来每次贵州省的招商引资洽谈会,一定会把县县通高速作为西部极有竞争力的一张底牌亮出。</p><p>贵州高速是贵州省公路行业的龙头企业,以贵州省高速公路建设和运营管理为主业,相继建成贵阳至遵义等四十余条高速(高等级)公路,拥有贵州东西南北四条出省大通道。截至去年末,贵州高速承建的高速公路通车里程达 3848.61 公里,占同期贵州省高速公路通车里程约 54.95%。</p><p>然而,高速公路作为贵州发展经济的突破口是因大量融资作为代价的。贵州省高速公路修建所需资金通常是利用中央和省补助资金作为项目资本金向银行贷款筹集。</p><p>贵州省交通运输厅有关负责人曾接受媒体采访时说,贵州省因地理地貌原因,高速公路建设工程造价偏高,平原地区平均每公里的建设资金大约为5000万元-7000万元,而贵州的高速公路建设造价每公里平均需要1.2亿元资金。另外,由于经济发展水平等因素,贵州省高速公路单位车流量及收费标准,较东中部省区显得小而少。</p><p>虽占据全省高速公路里程的半壁江山,但贵州高速的负债率也居高不下。</p><p>21世纪经济报道记者从发债募集说明书获悉,贵州高速从2017年到今年上半年,资产负债率维持在69%至70%左右。</p><p>今年上半年,该公司负债高达2894亿元。</p><p>新通车路产投资回报期拉长、银行债务负担重,是贵州高速面临的巨大压力。</p><p>在突飞猛进的公路建设中,贵州高速的营收规模从2017年的145亿元到去年首次突破200亿元大关,但随着政府补助逐渐减少,养护支出逐年增加;同时,新建项目资金需求较大,财务费用进一步上升,净利润被蚕食,去年的净利润从2018年的4.6亿元锐减为2.2亿元。</p><p>一场新冠疫情,让收入严重依赖通行费、净利率仅为1%的贵州高速一下滑进亏损的深渊。</p><p>贵州高速披露的公开信息显示,1月下旬至2月中旬,受疫情影响,贵州高速公路的车流量约为往年同期的1/7左右,相对较小。经国务院同意,从2月17号0时起至5月6日0时,所有依法通行收费公路的车辆,免收全国收费公路车辆通行费。</p><p>本来车流量就锐减,免收过路费让贵州高速雪上加霜,一季度出现严重亏损,净利润为-8.88亿元。</p><p>该公司当时估计,若后续复工复产不及预期,高速公路通行车辆仍较少,将对盈利产生较大的影响。</p><p>果然,半年报下来,贵州高速二季度亏得更厉害,又亏了11亿元。</p><p>贵州省的扶贫攻坚任务艰巨,财政开支远大于收入。贵州高速要想增加财政补贴并不现实。</p><p>公开资料显示,去年,贵州省财政总收入 3047 亿元,同比增长 2.5%。一般公共预算收入 1767亿元,同比增长 2.3%。其中,税收收入 1204亿元,同比下降4.9%。一般公共预算支出 5921.40 亿元,同比增长 17.7%。其中,扶贫支出536亿元,增长 81%。</p><p>事实上,作为企业,贵州高速已多次自救。</p><p>今年8月,贵州高速发布的向专业投资者发债一期募集说明书称, 3 月 13 日,贵州省国资委会同意且经上交所审核同意,该公司拟公开发行不超过 80 亿元(含 80 亿元)的公司债券,首期募集总金额为不超过 20 亿元(含 20 亿元)。</p><p>从 2012年起发布第一期企业债,</p><p>2013年,贵州高速共发布两期非公开定向债务。</p><p>2014年,发行第一期中期票据。</p><p>2015年,贵州高速发行短期融资券。</p><p>2016年,短期融资券、私募公司债、中期票据、公司债券。此后融资手段更加频繁,年年举债。</p><p>今年3月11日,因叠加新冠疫情因素,贵州省发改委将贵州高速纳入《贵州省全省性疫情防控重点保障企业名单(第五批)》名单,并通知省内各大金融机构。建设银行贵州省分行、国家进出口银行贵州省分行、中国农业发展银行贵州省分行分别致电贵州高速,表示能够提供疫情防控优惠利率的支持性贷款。</p><p>今年1季度,贵州高速提取了建设银行贵州省分行提供的优惠利率支持性贷款。</p><p><b>2</b></p><p><b>茅台集团救急</b></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/91df7076509a50b2ce5883813906c0b9\" tg-width=\"640\" tg-height=\"480\"><span>图片来源 / 图虫创意</span></p><p>但由于融资太多,贵州高速的大部分资产已受限,自身的资产抵押已接近天花板。</p><p>贵州高速的发债募集说明书称,该公司自主建设公路的项目融资主要为银行借款,相应的公路收费权已向贷款银行提供质押担保。截止3月末,其受限资产合计2818亿元,占总资产的71%,其中收费公路经营权借款质押2286亿元,试运行公路经营权借款质押508亿元。</p><p>贵州高速利用资产进行抵质押再融资的难度增大,但公路不得不建。</p><p>公开数据显示,贵州高速新建项目较多, 2020年计划投资总额319亿元,2021年计划投资385亿元,2022年313亿元,2023年115亿元。</p><p>未来几年内,贵州高速每年依然有较大资本支出,相应还本付息与融资压力较大,存在资金链相当紧张的风险。</p><p>贵州省国资委想到了资产负债率很低的茅台集团。</p><p>茅台集团的财务报表显示,截至6月底,最近一期末的净资产为 1942 亿元(合并报表中所有者权益合计),合并报表口径的资产负债率为 14.21%。本次债券上市前,发行人最近三个会计年度实现的年均可分配利润为 255.52 亿元,预计不少于本次债券一年利息的 1.5 倍。</p><p>经会计师事务所测算,发行150亿元债券且假设全部用于对贵州高速公路集团有限公司的股权收购,以 2020 年 6 月 30 日合并报表口径为基准,贵州茅台的资产负债率将上升至 19.54%,仍处于较低水平。</p><p>按照募集说明书的设想,本次债券发行规模不超过 150 亿元,扣除相关发行费用后,拟用于对贵州高速公路集团有限公司股权收购、偿还有息债务、补充流动资金需求等。由于债券的注册和发行时间具有不确定性,茅台集团将根据股权收购事项进度安排,使用自有资金支付或外部筹资等方式先行支付部分股权受让款。</p><p>待募集资金到账后,茅台集团在不影响募集资金使用计划正常进行的情况下,经公司董事会或者内设有权机构批准,可将暂时闲置的募集资金进行现金管理,投资于安全性高、流动性好的产品,如国债、政策性银行金融债、地方政府债、交易所债券逆回购等。</p><p><b>帮兄弟公司救急,茅台集团并非第一次。</b></p><p>截至今年上半年,茅台集团对外担保金额 35亿元,给贵州乌江能源投资有限公司(曾用名“ 贵州产业投资(集团)有限责任公司”)提供。</p><p>去年12月25日,贵州茅台发布国有股份无偿划转公告,公司控股股东茅台集团拟无偿划转公司5024万股股份(占总股本4%)至贵州省国有资本运营有限责任公司。后者是贵州省财政厅旗下公司。</p><p>白酒营销专家肖竹青对此表示:</p><p>“未来茅台在金融方面的作为会更主动更频繁,包括化解贵州相关政府平台的债务风险。对于茅台集团,从龙头企业到金融控股龙头企业,这也是一种机会,是它的责任,也是它的使命。”</p><p>但出钱化解债务危机的同时,入股亏损企业,对茅台集团来说并不多见。</p><p>茅台集团主要的参股企业有贵州省广播电视信息网络股份有限公司、贵州铁路投资有限责任公司、贵州银行股份有限公司 、贵州贵阳龙洞堡国际机场股份有限公司、贵阳贵银金融租赁有限责任公司等。</p><p>去年,上述企业中:</p><p>贵州铁路投资实现净利润3亿元;</p><p>贵州银行盈利35亿元;</p><p>龙洞堡机场盈利2000万元;</p><p>贵银金融租赁盈利5.3亿元;</p><p>贵州省广播电视盈利2.1亿元。</p><p><img src=\"https://static.tigerbbs.com/d080c1dec95f3db495a8ce33b06abbd6\" tg-width=\"641\" tg-height=\"424\"></p><p>中国贵州茅台酒厂(集团)有限责任公司2020年公开发行公司债券(面向专业投资者)的募集说明书已于9月16日被受理。</p><p>根据募集说明书可知,本次债券发行规模不超过150亿元,扣除相关发行费用后,拟用于对贵州高速公路集团有限公司股权收购、偿还有息债务、补充流动资金需求等。</p><p>公开资料显示,中国贵州茅台酒厂(集团)有限责任公司系上市公司贵州茅台的控股股东。9月17日,贵州茅台的股价开盘即下跌,盘中跌幅一度超过3.8%,截至收盘,其当前股价为1670.52元/股,跌幅为3.16%。</p><p>有业内人士分析称,“茅台集团作为贵州的重要经济实体,近几年的杠杆作用越发明显,茅台强大的品牌价值导致其在资本市场有很强的溢价,考虑到前段时间茅台进入华贵保险等财经领域,因此介入民生基建类领域也是在合理范畴内。”</p><p><b>3</b></p><p><b>茅台集团去年营收破千亿货币资金充裕</b></p><p>中国贵州茅台酒厂(集团)有限责任公司(简称:茅台集团)设立于1998年1月24日,注册资本为100亿元,法定代表人为高卫东。</p><p>募集说明书的披露,也得以让外界更加了解茅台集团的资产情况。</p><p>据悉,本次债券债项评级为AAA 级,本次债券上市前,茅台集团最近一期末的净资产为1942.1亿元(截至2020年6月末合并报表中所有者权益合计),合并报表口径的资产负债率为 14.21%。</p><p>本次债券上市前,茅台集团最近三个会计年度实现的年均可分配利润为 255.52亿元(2017年度、2018年度和2019年度合并报表口径归属于母公司所有者的净利润平均值),预计不少于本次债券一年利息的1.5倍。</p><p>茅台集团目前拥有全资、控股一级子公司23家,主要参股公司13家,随着其多品牌战略及全方位市场深化策略的逐步推进,未来茅台集团参股及控股子公司将有所增加。</p><p>最近三年及一期,茅台集团的营业收入分别为662.51亿元、869.66亿元、1003.10亿元及528.65亿元,净利润分别为308.61亿元、401.79亿元、471.86亿元及259.28亿元。</p><p><img src=\"https://static.tigerbbs.com/e09eacf70c8a04dd09731eb2aea032f4\" tg-width=\"641\" tg-height=\"400\"></p><p>业绩佳利润高之下,茅台集团的货币资金充裕。</p><p>茅台集团的控股子公司贵州茅台酒股份有限公司(简称:贵州茅台)为A股上市公司,直接融资渠道畅通;截至2020年6月末,茅台集团直接持有贵州茅台58%股权,且均未质押。受益于良好的经营情况,茅台集团货币资金充裕,具有极高的流动性储备。</p><p>截至2020年6月末,茅台集团及其子公司银行授信总额为938.55亿元,已使用35.38亿元,未使用903.17亿元。茅台集团的主要授信银行包括中国邮政储蓄银行、中国民生银行、中国工商银行等。茅台集团最近三年及一期的贷款偿还率和利息偿付率均为100%,不存在逾期而未偿还的债务。</p><p>中诚信国际认为,茅台集团信用水平在未来12至18个月内将保持稳定。</p><p>然而,茅台集团最近三年及一期末存货净额分别为 2636108.24 万元 、2878657.73 万元、3191452.96 万元和 3334506.64 万元,分别占总资产的15.46%、14.1%、13.83%和14.73%。由于白酒产品有需要长期窖藏的特殊性,茅台集团存货主要是库存商品以及基酒等自制半成品。茅台集团存货余额较大,存在一定的存货跌价风险。</p><p><b>4</b></p><p><b>除了毛利率近90%的白酒业务茅台集团还做地产销售、机场运营等</b></p><p>贝壳财经记者注意到,茅台集团的经营范围除了酒类产品的生产经营,还有包装材料、饮料的生产销售;餐饮、住宿、旅游、物流运输;进出口贸易业务;互联网产业;房地产开发及租赁、停车场管理;教育、卫生;生态农业。</p><p>茅台集团的主营业务收入包括白酒收入和其他主营业务收入,其他主营业务收入主要包括葡萄酒及果酒销售收入、酒瓶、瓶盖及其他上下游收入、物业租赁收入、融资租赁收入、房地产销售收入、机场业务收入等。</p><p>茅台集团的主营业务毛利润主要为白酒销售业务产生的毛利润,最近三年及一期白酒销售毛利润分别为559.24亿元、731.36亿元、852.07亿元和455.40亿元,分别占茅台集团主营业务毛利润的99.57%、100.28%、100.36%和100.09%。</p><p>最近三年及一期,茅台集团的白酒销售毛利率分别为89.34%、88.51%、88.83%和89.81%。</p><p>2018年和2019年,茅台集团的其他主营业务毛利润为负,主要是由于机场业务分别亏损4.42亿元和6.16亿元。</p><p>旗下业务已经这么多,茅台集团为何还要收购贵州高速呢?</p><p>酒业营销专家蔡学飞告诉新京报贝壳财经记者:“茅台集团作为贵州的重要经济实体,近几年的杠杆作用越发明显,茅台强大的品牌价值导致其在资本市场有很强的溢价,考虑到前段时间茅台进入华贵保险等财经领域,因此介入民生基建类领域也是在合理范畴内。作为国企,贵州的名片,茅台集团天然有着协调区域经济的职责,何况高速公路属于基础设施类行业,周期长,投资大,更应该是茅台此类现金流充裕的国资集团的价值所在。茅台信用评级高,对于提高贵州高速的资本市场估值与商誉都有很大价值。”</p><p>那么,茅台集团此举会对贵州茅台有何影响?</p><p><img src=\"https://static.tigerbbs.com/1e94beeb70f6b985642924a9069d1777\" tg-width=\"640\" tg-height=\"399\"></p><p>蔡学飞认为:“这种资本运作更多的应该是政府与企业之间的协调工作,理论上说,茅台集团为地方经济作出了牺牲与贡献,政府对于贵州茅台会有更多的支持力度,对于贵州茅台经营层面有一定的利好。”</p><p>然而,截至9月17日收盘,贵州茅台股价为1670.52元/股,跌幅为3.16%。</p>","source":"txcj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>茅台举债上高速,是仗义出手救兄弟,还是另有他谋?</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n茅台举债上高速,是仗义出手救兄弟,还是另有他谋?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-09-18 11:10 北京时间 <a href=https://mp.weixin.qq.com/s/--AjGX39ZJzYe5UcAKM_mw><strong>腾讯财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>不差钱的万亿茅台首次发债150亿用于收购两个季度亏损近20亿的贵州高速部分股权。业内人士分析,茅台集团作为贵州的重要经济实体,近几年的杠杆作用越发明显,考虑到前段时间茅台进入华贵保险等财经领域,因此介入民生基建类领域也是在合理范畴内。图片来源 / 图虫创意疫情对经济造成的“震后余波”尚在持续。9月16日,上海证券交易所公司债券项目信息平台发布中国贵州茅台酒厂(集团)有限责任公司(下称茅台集团)...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/--AjGX39ZJzYe5UcAKM_mw\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7fcb44921c6129becda2315c1919a233","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/--AjGX39ZJzYe5UcAKM_mw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196873973","content_text":"不差钱的万亿茅台首次发债150亿用于收购两个季度亏损近20亿的贵州高速部分股权。业内人士分析,茅台集团作为贵州的重要经济实体,近几年的杠杆作用越发明显,考虑到前段时间茅台进入华贵保险等财经领域,因此介入民生基建类领域也是在合理范畴内。图片来源 / 图虫创意疫情对经济造成的“震后余波”尚在持续。9月16日,上海证券交易所公司债券项目信息平台发布中国贵州茅台酒厂(集团)有限责任公司(下称茅台集团)2020年公开发行公司债券(面向专业投资者)的公告。这是茅台集团首次发债。此次发债是为了募集资金进行收购。募集说明书显示,茅台集团收购贵州高速公路集团有限公司(下称贵州高速)部分股权事项已获得贵州省人民政府的批复,同意将贵州省国资委所持贵州高速部分股权(最终比例以 2019 年度审计报告确定)转让给茅台集团,转让价款 150亿元。先说明一下,这个茅台集团并不是A股的贵州茅台,而是他的控股股东。茅台集团持有贵州茅台58%的股权,持有市值超过一万亿。一个是资产负债率很低但盈利能力极强的茅台集团;一个是近年来资产负债率在70%左右居高不下、盈利能力相对较弱的贵州高速。疫情期间,受国家对高速公路通行费实施免费的影响,严重依赖“过路费”的贵州高速由盈转亏。在多种融资方式“自救”下,二季度亏损加剧的贵州高速让大股东贵州省国资委想到了脱手。其实,对贵州高速近年来面临的高负债窘境,茅台集团的当家人高卫东并不陌生。今年3月调至茅台集团任董事长之前,他主政的贵州省交通运输厅作为全省的交通主管部门,根据《贵州省高速公路联网收费通行费拆分管理办法》,每年下达通行费收入计划,指导贵州高速执行。去年,贵州高速的控股股东和实际控制人才由贵州省交通运输厅变更为贵州省国资委。1贵州高速多次自救图片来源 / 视觉中国2015年12月,贵州省88个县(市、区、特区)全部通高速,成为中国西部第一个完成县县通高速的省份。去年12月30日,随着贵州省平塘至罗甸高速公路通车仪式在世界第一混凝土高塔桥——平塘特大桥举行,标志着平罗高速全线贯通。至此,贵州省高速公路通车里程突破7000公里,总里程居中国第四,高速公路综合密度居中国第一。“要先富,先修路。”贵州属于多山地带。正在打造世界知名山地旅游省的贵州在经济发展上却长期受制于崇山峻岭。所以,近年来每次贵州省的招商引资洽谈会,一定会把县县通高速作为西部极有竞争力的一张底牌亮出。贵州高速是贵州省公路行业的龙头企业,以贵州省高速公路建设和运营管理为主业,相继建成贵阳至遵义等四十余条高速(高等级)公路,拥有贵州东西南北四条出省大通道。截至去年末,贵州高速承建的高速公路通车里程达 3848.61 公里,占同期贵州省高速公路通车里程约 54.95%。然而,高速公路作为贵州发展经济的突破口是因大量融资作为代价的。贵州省高速公路修建所需资金通常是利用中央和省补助资金作为项目资本金向银行贷款筹集。贵州省交通运输厅有关负责人曾接受媒体采访时说,贵州省因地理地貌原因,高速公路建设工程造价偏高,平原地区平均每公里的建设资金大约为5000万元-7000万元,而贵州的高速公路建设造价每公里平均需要1.2亿元资金。另外,由于经济发展水平等因素,贵州省高速公路单位车流量及收费标准,较东中部省区显得小而少。虽占据全省高速公路里程的半壁江山,但贵州高速的负债率也居高不下。21世纪经济报道记者从发债募集说明书获悉,贵州高速从2017年到今年上半年,资产负债率维持在69%至70%左右。今年上半年,该公司负债高达2894亿元。新通车路产投资回报期拉长、银行债务负担重,是贵州高速面临的巨大压力。在突飞猛进的公路建设中,贵州高速的营收规模从2017年的145亿元到去年首次突破200亿元大关,但随着政府补助逐渐减少,养护支出逐年增加;同时,新建项目资金需求较大,财务费用进一步上升,净利润被蚕食,去年的净利润从2018年的4.6亿元锐减为2.2亿元。一场新冠疫情,让收入严重依赖通行费、净利率仅为1%的贵州高速一下滑进亏损的深渊。贵州高速披露的公开信息显示,1月下旬至2月中旬,受疫情影响,贵州高速公路的车流量约为往年同期的1/7左右,相对较小。经国务院同意,从2月17号0时起至5月6日0时,所有依法通行收费公路的车辆,免收全国收费公路车辆通行费。本来车流量就锐减,免收过路费让贵州高速雪上加霜,一季度出现严重亏损,净利润为-8.88亿元。该公司当时估计,若后续复工复产不及预期,高速公路通行车辆仍较少,将对盈利产生较大的影响。果然,半年报下来,贵州高速二季度亏得更厉害,又亏了11亿元。贵州省的扶贫攻坚任务艰巨,财政开支远大于收入。贵州高速要想增加财政补贴并不现实。公开资料显示,去年,贵州省财政总收入 3047 亿元,同比增长 2.5%。一般公共预算收入 1767亿元,同比增长 2.3%。其中,税收收入 1204亿元,同比下降4.9%。一般公共预算支出 5921.40 亿元,同比增长 17.7%。其中,扶贫支出536亿元,增长 81%。事实上,作为企业,贵州高速已多次自救。今年8月,贵州高速发布的向专业投资者发债一期募集说明书称, 3 月 13 日,贵州省国资委会同意且经上交所审核同意,该公司拟公开发行不超过 80 亿元(含 80 亿元)的公司债券,首期募集总金额为不超过 20 亿元(含 20 亿元)。从 2012年起发布第一期企业债,2013年,贵州高速共发布两期非公开定向债务。2014年,发行第一期中期票据。2015年,贵州高速发行短期融资券。2016年,短期融资券、私募公司债、中期票据、公司债券。此后融资手段更加频繁,年年举债。今年3月11日,因叠加新冠疫情因素,贵州省发改委将贵州高速纳入《贵州省全省性疫情防控重点保障企业名单(第五批)》名单,并通知省内各大金融机构。建设银行贵州省分行、国家进出口银行贵州省分行、中国农业发展银行贵州省分行分别致电贵州高速,表示能够提供疫情防控优惠利率的支持性贷款。今年1季度,贵州高速提取了建设银行贵州省分行提供的优惠利率支持性贷款。2茅台集团救急图片来源 / 图虫创意但由于融资太多,贵州高速的大部分资产已受限,自身的资产抵押已接近天花板。贵州高速的发债募集说明书称,该公司自主建设公路的项目融资主要为银行借款,相应的公路收费权已向贷款银行提供质押担保。截止3月末,其受限资产合计2818亿元,占总资产的71%,其中收费公路经营权借款质押2286亿元,试运行公路经营权借款质押508亿元。贵州高速利用资产进行抵质押再融资的难度增大,但公路不得不建。公开数据显示,贵州高速新建项目较多, 2020年计划投资总额319亿元,2021年计划投资385亿元,2022年313亿元,2023年115亿元。未来几年内,贵州高速每年依然有较大资本支出,相应还本付息与融资压力较大,存在资金链相当紧张的风险。贵州省国资委想到了资产负债率很低的茅台集团。茅台集团的财务报表显示,截至6月底,最近一期末的净资产为 1942 亿元(合并报表中所有者权益合计),合并报表口径的资产负债率为 14.21%。本次债券上市前,发行人最近三个会计年度实现的年均可分配利润为 255.52 亿元,预计不少于本次债券一年利息的 1.5 倍。经会计师事务所测算,发行150亿元债券且假设全部用于对贵州高速公路集团有限公司的股权收购,以 2020 年 6 月 30 日合并报表口径为基准,贵州茅台的资产负债率将上升至 19.54%,仍处于较低水平。按照募集说明书的设想,本次债券发行规模不超过 150 亿元,扣除相关发行费用后,拟用于对贵州高速公路集团有限公司股权收购、偿还有息债务、补充流动资金需求等。由于债券的注册和发行时间具有不确定性,茅台集团将根据股权收购事项进度安排,使用自有资金支付或外部筹资等方式先行支付部分股权受让款。待募集资金到账后,茅台集团在不影响募集资金使用计划正常进行的情况下,经公司董事会或者内设有权机构批准,可将暂时闲置的募集资金进行现金管理,投资于安全性高、流动性好的产品,如国债、政策性银行金融债、地方政府债、交易所债券逆回购等。帮兄弟公司救急,茅台集团并非第一次。截至今年上半年,茅台集团对外担保金额 35亿元,给贵州乌江能源投资有限公司(曾用名“ 贵州产业投资(集团)有限责任公司”)提供。去年12月25日,贵州茅台发布国有股份无偿划转公告,公司控股股东茅台集团拟无偿划转公司5024万股股份(占总股本4%)至贵州省国有资本运营有限责任公司。后者是贵州省财政厅旗下公司。白酒营销专家肖竹青对此表示:“未来茅台在金融方面的作为会更主动更频繁,包括化解贵州相关政府平台的债务风险。对于茅台集团,从龙头企业到金融控股龙头企业,这也是一种机会,是它的责任,也是它的使命。”但出钱化解债务危机的同时,入股亏损企业,对茅台集团来说并不多见。茅台集团主要的参股企业有贵州省广播电视信息网络股份有限公司、贵州铁路投资有限责任公司、贵州银行股份有限公司 、贵州贵阳龙洞堡国际机场股份有限公司、贵阳贵银金融租赁有限责任公司等。去年,上述企业中:贵州铁路投资实现净利润3亿元;贵州银行盈利35亿元;龙洞堡机场盈利2000万元;贵银金融租赁盈利5.3亿元;贵州省广播电视盈利2.1亿元。中国贵州茅台酒厂(集团)有限责任公司2020年公开发行公司债券(面向专业投资者)的募集说明书已于9月16日被受理。根据募集说明书可知,本次债券发行规模不超过150亿元,扣除相关发行费用后,拟用于对贵州高速公路集团有限公司股权收购、偿还有息债务、补充流动资金需求等。公开资料显示,中国贵州茅台酒厂(集团)有限责任公司系上市公司贵州茅台的控股股东。9月17日,贵州茅台的股价开盘即下跌,盘中跌幅一度超过3.8%,截至收盘,其当前股价为1670.52元/股,跌幅为3.16%。有业内人士分析称,“茅台集团作为贵州的重要经济实体,近几年的杠杆作用越发明显,茅台强大的品牌价值导致其在资本市场有很强的溢价,考虑到前段时间茅台进入华贵保险等财经领域,因此介入民生基建类领域也是在合理范畴内。”3茅台集团去年营收破千亿货币资金充裕中国贵州茅台酒厂(集团)有限责任公司(简称:茅台集团)设立于1998年1月24日,注册资本为100亿元,法定代表人为高卫东。募集说明书的披露,也得以让外界更加了解茅台集团的资产情况。据悉,本次债券债项评级为AAA 级,本次债券上市前,茅台集团最近一期末的净资产为1942.1亿元(截至2020年6月末合并报表中所有者权益合计),合并报表口径的资产负债率为 14.21%。本次债券上市前,茅台集团最近三个会计年度实现的年均可分配利润为 255.52亿元(2017年度、2018年度和2019年度合并报表口径归属于母公司所有者的净利润平均值),预计不少于本次债券一年利息的1.5倍。茅台集团目前拥有全资、控股一级子公司23家,主要参股公司13家,随着其多品牌战略及全方位市场深化策略的逐步推进,未来茅台集团参股及控股子公司将有所增加。最近三年及一期,茅台集团的营业收入分别为662.51亿元、869.66亿元、1003.10亿元及528.65亿元,净利润分别为308.61亿元、401.79亿元、471.86亿元及259.28亿元。业绩佳利润高之下,茅台集团的货币资金充裕。茅台集团的控股子公司贵州茅台酒股份有限公司(简称:贵州茅台)为A股上市公司,直接融资渠道畅通;截至2020年6月末,茅台集团直接持有贵州茅台58%股权,且均未质押。受益于良好的经营情况,茅台集团货币资金充裕,具有极高的流动性储备。截至2020年6月末,茅台集团及其子公司银行授信总额为938.55亿元,已使用35.38亿元,未使用903.17亿元。茅台集团的主要授信银行包括中国邮政储蓄银行、中国民生银行、中国工商银行等。茅台集团最近三年及一期的贷款偿还率和利息偿付率均为100%,不存在逾期而未偿还的债务。中诚信国际认为,茅台集团信用水平在未来12至18个月内将保持稳定。然而,茅台集团最近三年及一期末存货净额分别为 2636108.24 万元 、2878657.73 万元、3191452.96 万元和 3334506.64 万元,分别占总资产的15.46%、14.1%、13.83%和14.73%。由于白酒产品有需要长期窖藏的特殊性,茅台集团存货主要是库存商品以及基酒等自制半成品。茅台集团存货余额较大,存在一定的存货跌价风险。4除了毛利率近90%的白酒业务茅台集团还做地产销售、机场运营等贝壳财经记者注意到,茅台集团的经营范围除了酒类产品的生产经营,还有包装材料、饮料的生产销售;餐饮、住宿、旅游、物流运输;进出口贸易业务;互联网产业;房地产开发及租赁、停车场管理;教育、卫生;生态农业。茅台集团的主营业务收入包括白酒收入和其他主营业务收入,其他主营业务收入主要包括葡萄酒及果酒销售收入、酒瓶、瓶盖及其他上下游收入、物业租赁收入、融资租赁收入、房地产销售收入、机场业务收入等。茅台集团的主营业务毛利润主要为白酒销售业务产生的毛利润,最近三年及一期白酒销售毛利润分别为559.24亿元、731.36亿元、852.07亿元和455.40亿元,分别占茅台集团主营业务毛利润的99.57%、100.28%、100.36%和100.09%。最近三年及一期,茅台集团的白酒销售毛利率分别为89.34%、88.51%、88.83%和89.81%。2018年和2019年,茅台集团的其他主营业务毛利润为负,主要是由于机场业务分别亏损4.42亿元和6.16亿元。旗下业务已经这么多,茅台集团为何还要收购贵州高速呢?酒业营销专家蔡学飞告诉新京报贝壳财经记者:“茅台集团作为贵州的重要经济实体,近几年的杠杆作用越发明显,茅台强大的品牌价值导致其在资本市场有很强的溢价,考虑到前段时间茅台进入华贵保险等财经领域,因此介入民生基建类领域也是在合理范畴内。作为国企,贵州的名片,茅台集团天然有着协调区域经济的职责,何况高速公路属于基础设施类行业,周期长,投资大,更应该是茅台此类现金流充裕的国资集团的价值所在。茅台信用评级高,对于提高贵州高速的资本市场估值与商誉都有很大价值。”那么,茅台集团此举会对贵州茅台有何影响?蔡学飞认为:“这种资本运作更多的应该是政府与企业之间的协调工作,理论上说,茅台集团为地方经济作出了牺牲与贡献,政府对于贵州茅台会有更多的支持力度,对于贵州茅台经营层面有一定的利好。”然而,截至9月17日收盘,贵州茅台股价为1670.52元/股,跌幅为3.16%。","news_type":1},"isVote":1,"tweetType":1,"viewCount":830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":948762858,"gmtCreate":1595500084974,"gmtModify":1704209206642,"author":{"id":"3468753182818390","authorId":"3468753182818390","name":"麦田捕手","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3468753182818390","idStr":"3468753182818390"},"themes":[],"htmlText":"<a 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