亚玛顿客光伏产业链夹缝中生存

update · 发表于 2011-10-12 16:28:55

常州亚玛顿股份有限公司其招股说明书（申报稿）透露出公司近90%的大客户依存度风险，近期，头顶高新技术光环的亚玛顿遭到了业内人士的纷纷质疑。亚玛顿无法逃离上下游的“夹心”角色，更不能掩盖客户高度集中的事实……

亚玛顿客户高度集中

亚玛顿既非光伏玻璃原片生产商，也非光伏电池制造商，其扮演的角色是将光伏玻璃原片进行镀膜处理，以降低其反射损失，提高后续的光电转化效率。换言之，亚玛顿的发展需指望下游的光伏电池组件厂家，而光伏电池组件才是光伏电池的核心。在亚玛顿的整个业务进程中，无锡尚德、韩华新能源、阿特斯等发挥了至关重要的作用。

无锡尚德等公司是国内主流光伏组件制造商，这些巨头连续几年占据亚玛顿前五大客户席位。资料显示，2008-2010年，无锡尚德等前五大客户为亚玛顿贡献的营收占比分别高达99.68%、93.29%、90.00%；其中，无锡尚德一家所占的比例分别为55.62%、66.73%、27.78%。虽然无锡尚德2010年为亚玛顿贡献的营收占比在下降，但该比例已于今年上半年再度回升，为40.40%；另外，无锡尚德的采购绝对值在增加，2009-2010年分别为1.33亿元、1.65亿元。

亚玛顿与无锡尚德本无实质意义的关联关系，但在实际供销中，亚玛顿近50%的身家已押宝在无锡尚德之手，一旦无锡尚德出现问题，亚玛顿必然连带受损。这种看似稳定的销售关系实际上缺乏必要的基础，从某种程度来说，亚玛顿更像是无锡尚德生产链上的一个子公司，专职负责为无锡尚德进行光伏玻璃原片镀膜处理。亚玛顿缺少业务上的独立性，实质上已经被无锡尚德所绑架，其议价能力之弱更是可想而知。

对此，亚玛顿给出的解释是，国内光伏组件制造商市场集中度较高，数量有限，因此亚玛顿等光伏减反玻璃生产企业只能集中满足较少量优质客户的需求。业内人士认为，这种解释其实间接说明了整个光伏产业链中，组件制造商及更末端的光伏电池生产商是主要角色，而亚玛顿等只是配角，只能分到光伏市场的一杯羹而已。

该贴已经同步到 update的微博

update · 发表于 2011-10-12 16:29:36

五大衣食父母

2008年、2009年、2010年和2011年上半年（下称“四报告期”），前5名客户占公司营业收入的比例分别高达99.68%、93.29%、90.00%和84.90%，包括无锡尚德、韩华新能源、阿特斯等。亚玛顿也深知风险，并在招股说明书中给出风险提示。

一位长期跟踪IPO研究的分析人士指出，尽管亚玛顿已逐年降低了前五大客户的营收占比，但如此高的依存度依旧是公司长期发展的一大隐患，其中任何一个客户出现变故，都将对公司的业绩产生极大的不利影响。

夹缝中生存

其实，亚玛顿的情况更不利，由于是处在产业链利基市场夹缝中的小公司，前后背靠大客户夹击，产品的议价能力不强。这从近半年的下降毛利率就可以看出。

而行业整体惨淡经营、价格不断下降会逐步传导至细分市场的亚玛顿。这些才是刚刚开始。

而除此之外，环境污染问题也值得关注。在亚马顿路演的期间，海宁晶科能源控股有限公司在当地涉嫌违规排放，致使整个村落当中，多人患有癌症，甚至是白血病。而上访村民和报道记者竟然遭到了公司保安的暴打，造成恶劣的社会影响。而与此同时，光伏产业污染的问题引起了社会舆论的高度关注。

对此，深圳电视台财经评论员朱雁峰表示，虽然亚马顿跟晶科能源分别处于光伏产业不同的环节，但是事实上，整个光伏产业，无论是上游还是下游，多多少少都存在污染环境和消耗能源的这样一个事实。

立翔慧科 · 发表于 2013-3-27 15:15:29

国内光伏组件制造商市场集中度较高，数量有限

virginiag4m · 发表于 2013-5-21 12:48:11

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