磁谷科技登陸科創板破發！股價跌超12%
9月21日，南京磁谷科技股份有限公司（以下簡稱“磁谷科技”）在科創板上市，保薦人為興業證券，發行價格32.9元/股，發行市盈率為50.65倍。截止到發稿時間，其股價跌超12%，最新市值超20億元。
磁谷科技的主營業務為磁懸浮流體機械及磁懸浮軸承、高速電機、高速驅動等核 心部件的研發、生產、銷售。
本次發行前，公司控股股東及實際控制人為吳立華、吳寧晨父子，吳立華直接持有公司23.35%股份，擔任公司董事長。吳寧晨直接持有公司20.96%股份，擔任公司董事、副總經理。吳立華、吳寧晨為父子關係，共同控制公司44.31%股份。
本次IPO所募集的資金主要用於高效智能一體化磁懸浮流體設備生產建設項目、研發中心建設項目、補充流動資金。
募資使用情況，圖片來源：招股書
2019-2021年，磁谷科技實現營收2.13億元、2.51億元、3.12億元，淨利潤分別為4112.63萬元、4824.51萬元、5975.93萬元，均實現增長。
基本面情況，圖片來源：招股書
2019-2021年，公司磁懸浮離心式鼓風機銷售收入佔各期主營業務收入比例均在90%以上，產品結構較為單一。
按產品劃分的主營業務情況，圖片來源：招股書
報吿期內，磁谷科技的綜合毛利率分別為47.87%、44.71%、39.72%，呈逐年下降趨勢，主要受磁懸浮離心式鼓風機毛利率下降的影響。公司綜合毛利率高於同行業可比公司的均值，主要因為公司產品技術先進，售價相應較高。
值得注意的是，公司逾期款項佔比較高。各報吿期末，磁谷科技應收賬款賬面價值分別為1.15億元、1.23億元和1.67億元，逐年增長，其中逾期應收賬款餘額分別為4135.71萬元、4704.19萬元、7746.38萬元，佔應收賬款賬面餘額（不含質保金）的比例分別為36.98%、34.88%和42.22%，逾期款項佔比較高。截至2022年4月末，各報吿期末應收賬款期後回款率分別為88.10%、65.49%和23.99%，應收賬款回款期較長。
此外，公司發出商品後到客户完成安裝驗收之間的週期較長，因此導致公司存貨中發出商品餘額較大。2019-2021年末，公司發出商品賬面餘額分別為5562.58萬元、5019.46萬元、3973.93萬元，佔存貨餘額比例較高，若客户持續不能按照約定及時對產品進行驗收，也將影響公司的正常收款。
公司預計2022年1-9月實現營業收入1.63億元至1.7億元同比變動-0.86%至3.40%，預計實現歸屬於母公司股東的淨利潤1950萬元至2350萬元，同比變動-16.24%至 0.94%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
