SPRING 0216 SPRING ART HOLDINGS BERHAD | Q1 业绩开箱
前几天在分享了 SERNKOU(7180)的业绩之后,有不少读者关心家具领域的后续发展前景,那么今天我们再来分享另一家家具股 Spring Art Holdings Berhad(SPRING、0216)的 Q1 业绩好了。
🔹 简单介绍,SPRING 是一家主要组装家具(“Ready-to-Assembly” 或 “RTA”)的设计和制造的公司,该公司上市于 2019 年,不过可惜的是在上市后,其业绩表现在目前也是较为疲弱。
🔹 作为参考,SPRING 的产品主要都是以出口为主,在该季中公司的 RM 10.2 Million 营业额中就有 RM 8.2 Million 来自于 Middle East、RM 1.7 Million 来自于 Asia Pacific、RM 0.1 Million 来自于 North America 和 Latin America、RM 0.2 Million 来自于 Africa;其中营业额下滑最大的区域为 Asia Pacific、North America 和 Latin America、其中 Europe 和 Oceania 在该季中则没有给公司带来任何的收入。
🔹 以整体的营业额来说,SPRING 对比去年同期(2022 财政年 Q1)下滑了 26.0% 左右,而这主要是以上提及各个区域的需求放缓,以及其客户(经销商或门店)的库存仍然处于高位,因此直接影响了公司在本季的销量。
🔹 若以税前盈利(“PBT”)来说,SPRING 的 PBT 也随同营业额的下滑而按年降低了 67.1% 左右,公司对此则是解释道除了营业额下滑之外,营运成本的增长也对 PBT 带来的冲击。
🔹 在按季比较(对比 2022 财政年 Q4)之下,SPRING 的营业额则是从 RM 11.7 Million 下调至 RM 10.2 Million,大约下滑了 13.1% 左右,这同样也是因为其客厅和办公室的家具需求放缓所致。
🔹 不过,SPRING 的 PBT 在按季比较之下却从 RM 0.2 Million 提高至 RM 0.5 Million,而这主要都是因为该公司在本季中有约 RM 0.4 Million 左右的外汇盈利,反之在 2022 财政年 Q4 则是有 RM 0.3 Million 左右的外汇亏损,因此两者才形成了反差。
🔹 若以现金流来说,SPRING 在 2023 财政年 3M 内的净经营现金收入为 RM 3.7 Million,手头上仍有 RM 11.0 Million 的现金,笔者个人对此还是会持续留意该公司的现金流表现。
🔹 展望未来,公司在季报内也提到预计接下来的出口市场会因为客户高库存和面临不晓得压力,另外该公司的 Factory C 也被延迟到 2023 年 Q3 才完工,管理层对于增加产能后也表示乐观。
总的来说,笔者认为 SPRING 在短期内的挑战仍是不小,虽然 USD/MYR 当前已经回复到 4.59,不过欧美区域的需求端仍是一大重要因素。
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https://xifu.my/OpinionsComment.aspx?BID=B04266435PCAA0A2
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