山外山登陸科創板，股價跌近20%破發！
12月26日，重慶山外山血液淨化技術股份有限公司（以下簡稱：山外山）於科創板上市，其發行價格為32.30元/股，對應的市盈率為297.73倍，遠高於行業可比上市公司的平均市盈率水平（42.78倍），募資淨額約10.67億元。
盤面上，N山外山（688410.SH）大幅低開，股價一度跌至26.02元，較發行價下跌約20%，最新總市值約38億元。
截至發行前，公司的控股股東及實際控制人為高光勇，其直接持有3510萬股股份，佔公司總股本的32.34%，並通過圓外圓、重慶德祥、重慶德瑞間接控制3.67%的股份表決權，合計控制公司表決權比例為36.01%。
山外山是一家集血液淨化設備、血液淨化耗材、血透中心智能管理系統和連鎖血液透析中心於一體的全產業鏈公司，公司的血液淨化設備在國內外累計裝機破萬台，累計在全國1000餘家醫院實現終端裝機，並運營9家連鎖血液透析中心。
2019年至2022年1-6月各報吿期，公司的營業收入分別為1.42億元、2.54億元、2.83億元和1.53億元，相應的歸母淨利潤分別為-3399.28萬元、2061.67萬元、1947.33萬元和1705.53萬元，毛利率維持在40%左右。
從產品結構來看，公司的收入主要來源於血液淨化設備、血液淨化耗材、醫療服務。
其中，血液淨化設備的銷量保持穩定的增長，收入佔比由39.48%上升至60.20%，但其收入增速明顯下降，毛利率在55%左右。
公司另一大業務血液淨化耗材收入增速為較為疲軟，且毛利率由2019年的36.46%下滑至2022年上半年的26.15%。
此外，目前公司多家透析中心還在虧損，主要是由於前期的建設投入較大，資產折舊、攤銷較多，且市場推廣需要一定週期。
事實上，山外山的很大一部分利潤均是來自政府補助，且現金流方面也不太樂觀，報吿期內，公司經營活動產生的現金流量淨額分別為-1050.02萬元、- 1857.15萬元、3276.23萬元、391.75萬元，均低於當期利潤規模，“造血”能力有所欠缺。
公司表示，由於2022年下游客户需求旺盛，帶動了血液淨化設備及耗材銷售增長，且隨着連鎖透析中心滿牀率的提高，透析服務收入增加，預計全年營收為3.06億元至4.59億元，同比上年增長8%至62.01%，預計歸母淨利潤盈利4239萬元至6358萬元，同比上年增長117.68%至226.5%。
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