股價漲超34%！欣靈電氣創業板上市，聚焦低壓電器產品
11月9日，欣靈電氣股份有限公司（以下簡稱“欣靈電氣”）登陸創業板，保薦人為國泰君安證券，本次發行價格25.88元/股，發行市盈率37.86倍，略高於32.64倍的行業市盈率。截至發稿時間，最新市值超35億元。
欣靈電氣主要從事低壓電器產品的研發、生產和銷售，公司擁有包括繼電器、配電控制、電氣傳動與控制、儀器儀表、傳感器、開關共六大類產品體系，產品主要用於工業控制，應用領域為機械製造、地產、家電、消防、電力、通信等行業。
本次IPO擬募資主要用於工業自動化控制電氣元件智能製造工廠建設項目、電磁繼電器、微動開關生產線建設項目、智能型配電電器生產線建設項目。
募集資金投資項目，招股書
報吿期內，欣靈電氣營業收入分別約3.76億元、4.45億元、5.21億元、2.6億元，對應的歸母淨利潤分別為4850.84萬元、8351.64萬元、8214.87萬元、3418.45萬元，存在一定波動。其中，2021年增收不增利。
主要財務數據和財務指標，招股書
欣靈電氣預2022年1-9月的營業收入為3.7億元至4.5億元，與上年同期相比變動為-2.54%至18.53%；預計歸母淨利潤為4700萬元至6600萬元，與上年同期相比變動為-19.14%至13.55%。公司預計2022年1-9月的淨利潤與營業收入變動幅度存在差異，主要系近年來公司主要原材料銅、銀點、電子元器件等採購價格上漲較快，公司產品的銷售毛利率下降所致。
事實上，欣靈電氣直接材料佔產品總成本比重較大，報吿期內佔比均超6成，原材料價格波動對主營業務毛利率的影響較大。
報吿期內，公司主營業務的毛利率分別為31.91%、35.28%、30.05%和27.21%，存在波動。2021年及2022 年上半年，由於主要原料採購成本與人工成本上漲，主營業務毛利率有所下降。
隨着公司經營規模的擴大，欣靈電氣的應收賬款規模不斷增加。報吿期各期末，公司應收賬款賬面價值分別為1.09億元、1.32億元、1.36億元、1.85億元，呈逐年上升趨勢。如果公司應收賬款管理不當，可能存在壞賬風險。
報吿期各期末，公司存貨賬面價值分別為0.94億元、1.04億元、1.62億元、1.23億元，整體呈上升趨勢。欣靈電氣的存貨主要為原材料和庫存商品，未來，如果市場環境發生變化，競爭加劇導致產品滯銷或產品價格下降，可能會導致存貨跌價損失增加，從而影響公司業績。
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