股價漲超23%，鑫磊股份登陸創業板，聚焦空氣動力領域
1月19日，鑫磊壓縮機股份有限公司（以下簡稱“鑫磊股份”）在創業板上市，保薦人為中泰證券，發行價格20.67元/股，發行市盈率為58.65倍，高於29.83倍的行業市盈率。截止到發稿時間，其股價漲超23%，最新市值超40億元。
鑫磊股份專注於空氣動力領域相關技術、產品開發及推廣，主營業務為節能、高效空氣壓縮機、鼓風機等空氣動力設備的研發、生產和銷售。
根據招股書，本次發行前，鍾仁志、蔡海紅夫妻通過直接及間接方式合計控制公司95.33%的表決權，為公司的實際控制人；本次發行後，鍾仁志、蔡海紅夫妻控制的表決權比例降為71.50%，控制權仍相對集中。
本次IPO所募集的資金主要用於新增年產3萬台螺桿式空壓機技改項目、年產80萬台小型空壓機技改項目、新增年產2200台離心式鼓風機項目、補充流動資金。
募資使用情況，圖片來源：招股書
報吿期內，公司實現營收約6.11億元、7.23億元、8.21億元、3.72億元，淨利潤分別為5380.03萬元、6673.61萬元、6039.30萬元、3975.15萬元。
基本面情況，圖片來源：招股書
具體來看，鑫磊股份的主營業務收入按產品類型可以分為螺桿式空壓機、活塞式空壓機、離心式鼓風機、合同能源管理。其中，螺桿式空壓機和活塞式空壓機的營收佔比較高。
按產品劃分的主營業務情況，圖片來源：招股書
報吿期內，公司主營業務毛利率分別為21.51%、23.49%、20.38%和25.24%，存在一定波動。
鑫磊股份面臨着國外銷售風險。報吿期內，公司外銷收入佔主營業務收入的比例分別為45.59%、40.99%、50.44%和47.31%，外銷收入佔比較高。其出口銷售區域主要分佈於歐洲、亞洲、拉丁美洲等地區，尤其是歐洲市場銷售收入佔外銷收入比例均超8成，如果主要出口地區的市場需求出現較大波動，可能會影響公司的外銷收入和業績。
報吿期各期末，公司存貨賬面價值分別約1.03億元、1.15億元、1.67億元、1.23億元，呈逐年上升趨勢，佔當期流動資產的比例均超30%，如果未來因市場環境變化、競爭加劇等導致存貨積壓或市場價格大幅下跌，可能會影響公司業績。
報吿期各期末，公司資產負債率分別為54.70%、51.29%、47.89%和38.85%，與同行業可比公司相比，最近三年資產負債率較高，流動比率和速動比率較低，短期償債能力有待提高。
償債能力與同行業可比公司比較分析，招股書
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