广农糖业募资必要性存疑：产能利用率仅为21.66% 巨额负债压力下困境待解

Core Viewpoint - Guangnong Sugar Industry is moving forward with its fundraising plan of up to 260 million yuan for logistics and working capital, despite doubts about the necessity of expansion given its low warehouse capacity utilization [1][2]. Fundraising and Utilization - The company plans to raise a maximum of 260 million yuan, with 194 million yuan allocated for the "Yunou Logistics Sugar Storage Intelligent Distribution Center Phase II Expansion Project" and 66 million yuan for working capital and bank loan repayment [2]. - Guangnong Sugar's self-owned warehouse capacity utilization is currently at 21.66%, down from 61.19%, indicating underutilization and raising questions about the need for further expansion [2][3]. Financial Health and Debt Levels - The company has a high debt ratio, consistently above 90%, projected to be 94.5% by 2024, with the fundraising expected to reduce it to 88.41%, which remains high [3][4]. - As of 2024, Guangnong Sugar has cash and cash equivalents of 761 million yuan against short-term interest-bearing liabilities of 2.56 billion yuan, resulting in a low cash-to-debt ratio of 0.3 [3][6]. Profitability and Performance Fluctuations - The company has experienced significant profit volatility, with two years of losses and three years of profits since 2020, largely due to the cyclical nature of sugar prices [5][6]. - The gross profit margin for self-produced sugar dropped to 9.67% in 2022 but rebounded to over 13% in 2023, although the overall profitability remains weak with net profit margins of 0.48% and 0.62% in the last two years [6][7]. Risks and Future Outlook - The logistics and warehousing business is highly sensitive to sugar price cycles, and any fluctuations could lead to renewed losses for Guangnong Sugar [7]. - The company has accumulated unremedied losses of 2.38 billion yuan, and if significant losses occur in the future, it may face the risk of negative net assets and potential delisting [7].