快可電子登陸創業板，上市首日大漲235%臨停！
快可電子（301278.SZ）發行定價34.84元/股，對應市盈率36.07倍，低於可比公司的平均市盈率（約79.24倍）。今日高開158%，盤中持續上漲，截至發稿報117元/股，較發行價上漲235.82%，臨時停牌，最新市值約74.88億元。
快可電子主要從事光伏接線盒和連接器的研發、生產和銷售，其中光伏連接盒收入約佔8成，公司客户包括天合光能、晶澳太陽能、東方日升、阿特斯、友達光電、通威、協鑫集成、HANSOL等國內外主流光伏組件廠。
近年來，我國新增和累計光伏裝機容量保持全球第一，2019年我國新增光伏併網容量達到30.1GW，高於歐盟（16GW）和美國（13.3GW）新增裝機量之和，光伏行業基本面向好。
其中，連接器是必不可少的關鍵零部件，佔電池板總成本的3%。中國光伏連接器廠商較多，目前還處在國產替代化的過程，市場空間較大。
在此背景下，2019年-2021年，快可電子的營收分別為3.53億元、5.03億元和7.36億元，對應的淨利潤分別為0.41億元、0.64億元和0.65億元，公司營收快速增長，淨利潤增速略顯疲軟。
（主要財務指標，招股書）
2022年1-6月預計營收5.1億元-5.5億元,同比上年增長62.64%-75.4%；預計淨利潤盈利4000萬元-4500萬元,同比上年增長43.84%-61.82%。
毛利率方面，由於目前公司產品主要應用於光伏行業，受到2018年光伏“531新政”影響，光伏行業部分落後產能淘汰，技術創新與成本下降一定程度上加劇了市場競爭，光伏領域產品市場價格整體呈下降趨勢。快客電子毛利率由2019年的24.82%降至2021年的18.36%，公司若不能保持技術優勢，毛利率將面臨持續下滑的風險。
此外，報吿期各期末，公司應收賬款餘額分別為1.15億元、1.87億元和2.57億元，應收票據原值分別為0.98億元、1.46億元和2.57億元，合計佔營收的比例超過60%，佔比較高。隨着公司經營規模的增長，公司營收賬款餘額可能會進一步上升，若不能及時收回款項，或將面臨一定的壞賬風險，下游客户佔用資金過大，對公司的現金流也會造成不利影響。
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