赛力斯负债率76%被指高度依赖融资补血 近5年募97亿

Core Insights - The report highlights the significant debt pressure faced by the company, Sais, which heavily relies on financing to maintain liquidity [1] Financial Overview - As of the end of Q1 2023, Sais had short-term borrowings of 2.502 billion yuan, non-current liabilities due within one year of 1.424 billion yuan, and long-term borrowings of 4.432 billion yuan [1] - The company's cash and cash equivalents stood at 43.792 billion yuan, while accounts payable and notes payable totaled 53.184 billion yuan, indicating pressure on the supply chain payments [1] - Sais's liquidity ratios are concerning, with current ratios of 0.69, 0.87, and 0.83 for 2023, 2024, and Q1 2025 respectively, and quick ratios of 0.60, 0.83, and 0.78 for the same periods [1] Debt and Equity Financing - By the end of 2024, Sais's total assets were 94.364 billion yuan, with total liabilities of 82.458 billion yuan, resulting in a debt-to-asset ratio of 87.38% [1] - As of Q1 2025, total assets increased to 98.710 billion yuan, with total liabilities of 75.834 billion yuan, leading to a reduced debt-to-asset ratio of 76.83% [1] - Sais raised a total of 9.723 billion yuan through non-public A-share issuances in 2021 and 2022 [2][3]