科創板新股N中科破發，跌近30%！
中科藍汛（688332.SH）今日正式登陸科創板，其發行價為91.66元/股，市盈率為56.41倍，遠高於行業平均市盈率（27.4倍）。今日盤中大跌近30%，截至發稿報66元/股，市值約79億元。
圖源：格隆匯
中科藍訊成立於2016年12月，公司於2020年10月引入深創投、南山紅土、璞華遠創、紅杉瀚辰、合肥華芯、揚帆致遠、伊敦傳媒、領匯基石、日照常春藤、蘇州聚源、東莞長勁石、深圳尊弘、莆田松禾、朗瑪三十二號等外部機構投資者。截至目前，公司的控股股東、實際控制人為黃志強，其直接持有公司35.16%的股份。
（公司股權結構，招股書）
中科藍汛主要從事於無線音頻SoC芯片的研發、設計與銷售，產品包括TWS藍牙耳機芯片、非TWS藍牙耳機芯片、藍牙音箱芯片等。2019-2021年，公司營收分別為6.46億元、9.27億元和11.24億元，呈現快速增長態勢，對應的歸母淨利潤分別為1.49億元、2.15億元和2.29億元，淨利潤增速略顯疲軟。
（公司主要財務指標，招股書）
預計2022年上半年，公司的營收在5.4億-5.6億之間，歸母淨利潤在1億元左右，同比下滑約30%。
報吿期內，公司綜合毛利率由28.56%降至25.78%，遠低於同行業可比公司毛利率水平（30%以上）。隨着無線音頻芯片市場的快速發展和行業技術不斷創新，公司面臨的市場競爭日趨激烈，主要產品的平均單價總體呈現下降趨勢，如果公司不能持續進行技術迭代、優化產品結構、降低產品單位成本，則可能導致公司毛利率進一步下滑，且持續低於頭部廠商，給公司經營帶來不利影響。
由於公司採用 Fabless 經營模式，專門從事集成電路芯片的設計、研發與銷售，晶圓製造、封裝和測試環節委託外部專業廠商完成，因此採購集中度較高。報吿期內，公司向前五名供應商的採購金額佔比在9成左右，主要供應商為中芯國際、長電科技、華天科技、通富微電、甬矽電子等知名廠商。
此外，公司的主要客户同樣也呈現高度集中的特點。報吿期內，公司對前五大客户的主營業務銷售金額分別為3.76億元、5.7億元和7.11億元，佔當期主營業務收入的比例分別為58.23%、61.60%和
63.32%，佔比較高。若未來公司與主要客户之間的合作關係發生變化，將對公司的日常經營產生不利影響。
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