WILLING CORP.(SZ:002667) Xin Lang Cai Jing·2025-04-17 07:44Core Viewpoint - 威领股份 is facing significant financial challenges despite its aggressive expansion in the lithium resource sector, with declining revenues and increasing losses indicating a potential liquidity crisis [1][4]. Financial Performance - In 2023, 威领股份 reported revenue of 1.141 billion, a year-on-year decrease of 3.76%, and a net profit of -223 million, marking a shift from profit to loss [2]. - For the first three quarters of 2024, the company generated revenue of 462 million, a substantial year-on-year decline of 55.48%, with a net profit of -113 million, indicating worsening financial performance [2]. Acquisition and Investment Strategy - 威领股份 has been actively acquiring and establishing partnerships to enhance its lithium resource portfolio, including a recent acquisition of a 69.965% stake in 天津长领矿业 for 177 million [1][3]. - The company plans to raise 114 million through a share issuance to support its operations, reflecting its need for additional capital [3]. Financial Health and Risks - As of the end of Q3 2024, 威领股份 had cash reserves of only 135 million, insufficient to cover its debts, leading to a cash debt ratio of 0.32 [1]. - The company's asset-liability ratio reached 50.63%, with high short-term liabilities indicating significant repayment pressure [1]. - The company’s guarantee balance stood at 721 million, exceeding its net assets by 106.71%, raising concerns about its financial stability [3]. Operational Challenges - The company's gross margin fell to 7.03% in Q3 2024, significantly below the industry average, due to low lithium carbonate prices and underutilized production capacity [3]. - Continuous cash outflows from operating and investing activities, coupled with reliance on financing, have exacerbated its financial risks [1][4]. Strategic Concerns - 威领股份 is perceived to be in a vicious cycle of expansion, losses, and refinancing, which may mask deeper issues related to its core business profitability and financial structure [4]. - The company's high level of guarantees, capital reduction maneuvers, and lack of transparency in related transactions could attract regulatory scrutiny [4].