化学品行业趋势 - 西班牙 2022

市场监测

  • 西班牙
  • 化学/制药

2022年11月24日

对流动性紧张的担忧加重

 

西班牙化学品行业-信用风险评估

 

2022年至今,汽车和建筑等主要买家行业的需求保持稳定。然而,由于持续的高通胀以及2023年0.8%的经济增长低迷预期,未来数月的销售额很可能会恶化。由于能源(天然气)和大宗商品成本较高,2022年第二季度的利润下降,自第三季度以来,化学品生产商开始将上涨的成本转嫁给最终客户。因此,利润率实现部分回升。此外,西班牙政府提供了国家担保贷款,并设置天然气价格上限,以支持受到能源价格高企影响的化学品行业和其他行业。

西班牙化学品行业的现金流出色,EBITDA良好,因此企业杠杆率总体不高。银行大多愿意提供贷款,融资款项通常用于满足收购、重要投资(例如工厂和设备)或营运资金需求。

西班牙化学品产量

最新的安卓企业付款行为报告显示,西班牙化学品行业的平均付款期限为发票日后67天,应收账款周转天数(DSO)平均超过100天。企业担心DSO会在未来数月出现恶化,随后造成流动性紧张。由于需求萎缩,投入成本居高不下,我们预计,2023年,延迟付款和资不抵债数量在经历过去12个月的低水平后将有所增加。不过,我们认为该行业的表现不会严重恶化。

我们目前将西班牙化学品行业所有部门的信用风险状况评估为“一般”。然而,在主要买家行业需求下滑的同时,因为融资成本上升,支付行为恶化,企业的财务压力加重,下行风险依然存在。与此同时,如果明年竞争减少,西班牙化学品公司可能会因此受益,前提是中欧同行因天然气价格进一步上涨甚至天然气配给问题而被迫减产。

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