魯商發展(600223.SH)稱子公司山東福瑞達醫藥無玻尿酸業務
格隆匯10月27日丨魯商發展(600223.SH)宣佈，公司基本面沒有發生變化，但股票近期漲幅巨大，公司股價從2019年10月18日起連續6個交易日漲停，近10個交易日累計漲幅89.61%，短期內漲幅巨大，明顯偏離上證A股指數走勢。截至2019年10月25日，公司收盤價格為7.30元/股，市盈率（TTM）為33.33倍,公司市盈率明顯高於房地產行業平均水平（9.42倍）。公司股價已嚴重脱離基本面，請投資者注意投資風險，謹慎投資。
公司稱，公司擬收購山東焦點生物科技股份有限公司的部分股權，收購事項推進過程中，與交易對手方在交易價格、收購比例等相關方面存在較大分歧，交易繼續推進存在重大不確定性，交易存在較大終止風險。截止目前，根據公司盡職調查，收購標的公司規模較小，所處行業存在較強的規模效應和替代性產品，市場競爭激烈，而標的企業淨資產僅為1.06億元，整體規模較小，下游客户對標的公司產品的需求量空間有限，因此後續的業務拓展和規模擴張壓力較大，市場份額可能進一步下降。
收購標的公司毛利率雖然較高，但相關費用也較高，導致標的公司淨利潤較低。同時，由於收購標的公司研發費用率不足5%，產品技術壁壘相對較低，後續隨着競爭對手的進駐將可能進一步攤薄利潤，可能無法對公司後續業績發展產生影響。
此外，公司全資子公司山東福瑞達醫藥集團有限公司無生產並對外銷售透明質酸（玻尿酸）業務，只從事下游醫藥和化粧品生產等業務，實現的營業收入和淨利潤貢獻較小，不會對公司經營業績產生較大影響。截至2019年9月30日，山東福瑞達醫藥集團有限公司規模相對較小，佔公司總資產的2.54%，市場份額相對較低。
公司目前的主營業務仍為房地產，截止目前公司房地產業務毛利率為14.53%，明顯低於行業平均水平，同時由於相關費用較高，淨利率為2.19%，與同行業企業相比，公司房地產開發能力存在一定差距。
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