{"fileID":682404,"siteID":1,"title":"15.27亿大动作！宁波建工全资收购宁波交工，能否扭转业绩颓势？","linkTitle":"","catalogs":"","subTitle":"","isExclusive":1,"articleWordCount":1448,"leadTitle":"","source":"国际金融报","sourceID":0,"editor":"褚念颖","modifyTime":"2025-01-03 17:46:07","note":"","author":"杨雪婷","authorID":0,"liability":"佘诗婕","abstract":"","publishTime":"2025-01-03 17:46:07","articleType":0,"keywords":"","countRatio":1,"countClick":198,"countDiscuss":0,"countPraise":0,"countShare":0,"countShareClick":0,"pic3":"","pic2":"","pic1":"https://image.ifnews.com/data/1/images/2025/0103/17358973016711190_600x338.jpg","bigPic":0,"tag":"","shortTitle":"","content":"<p style=\"text-indent: 2em; text-align: justify;\">国资入主这家公司五年来，积极推动资产整合的动作有了新进展。</p><p style=\"text-indent: 2em; text-align: justify;\">近期，宁波建工股份有限公司（下称“宁波建工”）发行股份购买资产的申请已被上交所审核。宁波建工拟向控股股东宁波交通投资集团有限公司（下称“交投集团”）发行股份全资收购宁波交工，实现业务领域归集整合。</p><p style=\"text-indent: 2em; text-align: justify;\">本次交易是交投集团为切实履行解决同业竞争公开承诺所采取的重大举措。据悉，此次交易对价为15.27亿元，宁波建工共向交投集团发行4.25亿股，发行价格为3.59元/股。</p><p style=\"text-indent: 2em; text-align: justify;\">交易前，宁波建工主业为房屋建筑工程勘察、设计、施工、安装，市政道路桥梁、园林绿化，建筑装修装饰等的生产、销售。本次交易完成后，宁波交工将成为宁波建工的全资子公司，实现交投集团旗下房建施工、市政工程和公路工程等业务领域的归集和整合。双方在资质、技术、人才等方面的协同优势将进一步增强，产业链内部的资源配置将进一步优化，有力提升公司产业链整体竞争力和对外影响力，从而促进公司高质量发展，提高抗风险能力。宁波交工将为宁波建工构建交通工程施工、交通建筑工业双主业“相互驱动、共同发展”业务模式奠定基础。</p><p class=\"app-image-container\"><img src=\"https://image.ifnews.com/data/1/images/2025/0103/17358971982761158_1030x718.png\" class=\"app-image\"/></p><p class=\"mt-picture-desc-center\" style=\"font-weight: normal; color: rgb(153, 153, 153); font-size: 15px; line-height: 1.75; margin: 5px 0px; text-align: center; text-indent: 0px;\">制图：佘诗婕</p><p style=\"text-indent: 2em; text-align: justify;\"><br/></p><p class=\"mt-title-sm-left\" style=\"font-weight: bold; color: rgb(34, 34, 34); font-size: 18px; line-height: 1.75; margin: 15px 0px; text-align: left; text-indent: 0px;\">解决同业竞争</p><p class=\"mt-title-sm-left\" style=\"font-weight: bold; color: rgb(34, 34, 34); font-size: 18px; line-height: 1.75; margin: 15px 0px; text-align: left; text-indent: 0px;\"><br/></p><p style=\"text-indent: 2em; text-align: justify;\">本次交易是交投集团为切实履行解决同业竞争公开承诺所采取的重大举措。</p><p style=\"text-indent: 2em; text-align: justify;\">2019年10月，交投集团通过协议受让方式取得宁波建工2.92亿股无限售流通股，占公司股本总额29.92%，成为公司控股股东。针对交投集团下属宁波交工、路桥公司从事建筑工程相关业务，与宁波建工及其附属企业主营业务之间存在同业竞争的情况，交投集团承诺将在取得宁波建工控制权之日起5年内整合宁波交工、路桥公司等与宁波建工存在的部分重合业务。</p><p class=\"app-image-container\"><img src=\"https://image.ifnews.com/data/1/images/2025/0103/17358971984091624_978x720.png\" class=\"app-image\"/></p><p style=\"text-indent: 2em; text-align: justify;\">交投集团与宁波建工存在业务重合情况。</p><p style=\"text-indent: 2em; text-align: justify;\">宁波建工的主营业务为房屋建筑工程勘察、设计、施工、安装，市政道路桥梁、园林绿化，建筑装修装饰、建筑幕墙的设计、施工及预拌商品混凝土、水泥预制构件、钢结构、装配式建筑等的生产、销售。标的公司作为交投集团的子公司，也从事建筑工程相关业务，与宁波建工构成同业竞争。<strong>而本次交易前，路桥公司已通过股权划转方式成为宁波交工全资子公司。</strong></p><p style=\"text-indent: 2em; text-align: justify;\"><strong>本次交易完成后，宁波交工将成为宁波建工的全资子公司，实现交投集团旗下房建施工、市政工程和公路工程等业务领域的归集和整合。</strong></p><p style=\"text-indent: 2em; text-align: justify;\">事实上，宁波建工面临着业绩下滑的问题。</p><p style=\"text-indent: 2em; text-align: justify;\"><span style=\"color: rgb(192, 0, 0);\"><strong>2024年前三季度，宁波建工的营收的同比下跌了5.1%，这是公司近年来首次出现营收下跌的情况‌。</strong></span><strong>净利润方面，宁波建工从2022年开始下跌，2024年前三季度的净利润同比减少7.32%。‌</strong></p><p class=\"app-image-container\"><img src=\"https://image.ifnews.com/data/1/images/2025/0103/17358971984961132_1080x422.png\" class=\"app-image\"/></p><p style=\"text-indent: 2em; text-align: justify;\"><strong>提升市场竞争力一方面要靠集团内部业务整合，另一方面也需要进一步优化成本控制等措施。</strong></p><p style=\"text-indent: 2em; text-align: justify;\"><br/></p><p class=\"mt-title-sm-left\" style=\"font-weight: bold; color: rgb(34, 34, 34); font-size: 18px; line-height: 1.75; margin: 15px 0px; text-align: left; text-indent: 0px;\">资产负债率高企</p><p class=\"mt-title-sm-left\" style=\"font-weight: bold; color: rgb(34, 34, 34); font-size: 18px; line-height: 1.75; margin: 15px 0px; text-align: left; text-indent: 0px;\"><br/></p><p style=\"text-indent: 2em; text-align: justify;\">此次收购，宁波建工希望通过业务整合实现业绩提升。</p><p style=\"text-indent: 2em; text-align: justify;\"><span style=\"color: rgb(192, 0, 0);\"><strong>但2023年，宁波交工的营利双降。</strong></span></p><p style=\"text-indent: 2em; text-align: justify;\">具体来看，2022年—2023年及2024年上半年，宁波交工分别实现营业收入57.28亿元、56.64亿元、24.37亿元，净利润分别为1.48亿元、1.35亿元、0.67亿元。</p><p class=\"app-image-container\"><img src=\"https://image.ifnews.com/data/1/images/2025/0103/17358971985771423_1080x397.png\" class=\"app-image\"/></p><p style=\"text-indent: 2em; text-align: justify;\">同时，宁波交工的现金流量表的数据也不容乐观。</p><p style=\"text-indent: 2em; text-align: justify;\">经营活动产生的现金流量波动较大。</p><p style=\"text-indent: 2em; text-align: justify;\"><span style=\"color: rgb(192, 0, 0);\"><strong>2022年，宁波交工经营活动产生的现金流量净额为负值。2023年提升至0.59亿元，2024年1月-6月又降至280.51万元。</strong></span></p><p class=\"app-image-container\"><img src=\"https://image.ifnews.com/data/1/images/2025/0103/17358971986531008_1080x246.png\" class=\"app-image\"/></p><p style=\"text-indent: 2em; text-align: justify;\"><strong>值得注意的是，公司合并资产负债率连年高企。2022年—2023年及2024年上半年，宁波交工的合并资产负债率为86.10%、85.72%及84.47%。</strong></p><p class=\"app-image-container\"><img src=\"https://image.ifnews.com/data/1/images/2025/0103/17358971987261843_1080x246.png\" class=\"app-image\"/></p><p style=\"text-indent: 2em; text-align: justify;\">此次，宁波建工以溢价16.49%的价格收购宁波交工，而现金流量“告急”和资产负债率高企的宁波交工能否挽救宁波交工的业绩颓势，还需等待市场检验。</p>","extField":{"catalogName":"","att":[],"isShareIcon":0,"images":6,"shareIcon":"","videos":0,"audits":[],"articleExt":[]},"isHide":0,"columnID":39,"columnName":"IPO","columnStyle":0,"discussClosed":0,"countClickInit":0,"fullColumn":"IPO","articleUrl":"","specialId":0,"linkID":0,"articleExt":[],"ipCity":"","activityStatus":0,"att":[],"shareIcon":"","images":[{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0103/17358971982761158_1030x718.png","imageUrl":"","imgDesc":"","placeholder":"##########"},{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0103/17358971984091624_978x720.png","imageUrl":"","imgDesc":"","placeholder":"##########"},{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0103/17358971984961132_1080x422.png","imageUrl":"","imgDesc":"","placeholder":"##########"},{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0103/17358971985771423_1080x397.png","imageUrl":"","imgDesc":"","placeholder":"##########"},{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0103/17358971986531008_1080x246.png","imageUrl":"","imgDesc":"","placeholder":"##########"},{"imgUrl":"https://image.ifnews.com/data/1/images/2025/0103/17358971987261843_1080x246.png","imageUrl":"","imgDesc":"","placeholder":"##########"}],"videos":[],"videoExif":{},"htmlAbstract":"","relArticle":[],"auditUsers":[],"countCollect":0}