股價漲超24%！N泓博登陸創業板，聚焦新藥研發及商業化生產
11月1日，上海泓博智源醫藥股份有限公司（以下簡稱“泓博醫藥”）在創業板上市，保薦人為中信證券，發行價格40元/股，發行市盈率為43.78倍。截止到發稿時間，其股價漲超24%，最新市值超38億元。
泓博醫藥是一家新藥研發以及商業化生產一站式綜合服務商，致力於藥物發現、製藥工藝的研究開發以及原料藥中間體的商業化生產。
據招股書，公司控股股東為香港泓博，實際控制人為PING CHEN、安榮昌和蔣勝力。本次IPO所募集的資金主要用於臨牀前新藥研發基地建設項目、補充流動資金。
募資使用情況，圖片來源：招股書
2019-2021年，泓博醫藥實現營收2.45億元、2.83億元、4.48億元，淨利潤分別為4725.47萬元、4869.14萬元、7357.66萬元，呈增長趨勢。
公司主要財務數據和財務指標，招股書
具體來看，泓博醫藥的主營業務收入按業務類型可以分為藥物發現、工藝研究與開發、商業化生產。其中，藥物發現的營收佔比呈上升趨勢，2021年收入佔比提升至52%以上，成為公司的主要收入來源。
按業務類型劃分的主營業務情況，圖片來源：招股書
報吿期內，泓博醫藥的主營業務綜合毛利率分別為40.08%、41.66%和38.45%，受國內藥品集中採購、行業競爭加劇等影響，公司綜合毛利率存在下降的風險。
隨着中國製藥行業對於藥品研發的重視程度不斷提升，醫藥研究外包服務的市場規模持續增長。由於國內CRO市場起步較晚，跨國巨頭佔據了大部分的市場份額，國內也有藥明康德、康龍化成、昭衍新藥等龍頭公司處於領先地位，與這些公司相比，泓博醫藥目前業務規模較小、且產品研發項目稍顯弱勢。
隨着業績的增長，公司研發金額有所提高，但研發費用率仍明顯低於同行可比公司均值。報吿期內，公司研發費用金額分別為1055.20 萬元、1183.00萬元和1714.44萬元，研發費用佔營業收入比例分別為4.30%、4.18%和3.83%，呈逐年下降趨勢。
研發費用與同行業可比公司對比，招股書
公司預計2022年1-9月營業收入約3.26億元至3.98億元，同比變動8.75%至32.91%；預計歸母淨利潤為3704.86萬元至4528.16萬元，同比變動-10.21%至9.75%。
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