主板新股天新藥業上市首日大漲44%！聚焦維生素，2021年增收不增利
天新藥業（603235.SH）今日正式登陸滬市主板，發行價為36.88元/股，發行市盈率22.99倍，發行市值161億元，募資15億元，截至發稿44%漲停。
圖源：Choice
公司控股股東為許江南，其直接持有公司51.68%股份，實際控制人為許江南和許晶，二人合計直接及間接控制公司73.79%的股份。
公司股權結構，招股書
天新藥業主要從事單體維生素產品的研發、生產與銷售，包括維生素B6、維生素B1、生物素、葉酸、維生素D3、抗壞血酸棕櫚酸酯、維生素E粉等。
單體維生素除食品和飼料領域的用途外，還可用於醫藥及醫藥中間體領域。報吿期內，公司醫藥及中間體級維生素產品銷售收入佔主營業務收入的3成左右，對公司業績有較大貢獻。
公司的維生素B6、維生素B1、維生素B1取得了歐洲藥品質量管理局授予的CEP（歐洲藥典適用性證書），而全球取得該證書的生產企業不超過三家。根據博亞和訊統計，我國維生素B6、B1出口主要以天新藥業為主，在全球的市場佔有率較高。
業績方面，2019年至2021年，公司營收分別為20.25億元、23.04億元和25.22億元，對應的歸母淨利潤分別為7.28億元、8.87億元和7.44億元，主營業務毛利率分別為 51.80%、55.09%、43.99%。可以發現，公司毛利率呈現較大的波動，2021年開始出現增收不增利的情況。2022年上半年歸母淨利潤同比進一步下滑約10%，在3.8億元左右。
公司合併利潤表的主要數據，招股書
從現金流來看，報吿期各期，公司經營活動產生的現金流量淨額維持在9億元左右，均高於當期淨利潤水平，合併資產負債率由2020年的60%降至2021年的35%，流動比率及速動比率在2021年均有所提升，可見公司目前的現金流狀況有所改善，具有一定的“造血能力”。
對於維生素板塊，光大證券表示，近期國內維生素市場整體弱勢下滑，市場成交氛圍寡淡，下游跟進謹慎。部分維生素產品成本承壓，生產企業多持挺價意願。但受市場需求低迷影響，近期終端養殖行業需求恢復緩慢，行業不景氣致使原料消耗放緩，下游企業新一輪採購不斷延後，此外維生素市場現貨供應較為充裕，市場供需關係難有利好提振，廠家及貿易商多出貨承壓，市場價格重心下移。
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