亞光股份滬主板上市，大升44%！聚焦製藥設備
3月15日，浙江亞光科技股份有限公司（簡稱：亞光股份）於滬市主板上市，其發行價格為18元/股，對應的市盈率為14.75倍，募資淨額約5.17億元。
盤面上，N亞光（603282.SH）大升44%封板，報25.92元/股，最新總市值約34.69億元。
亞光股份的前身亞光有限成立於1996年8月，是一家從事製藥設備的研發、設計、生產和銷售的企業。
截至發行前，公司的控股股東為陳國華，實際控制人為陳國華、陳靜波父子二人。其中，陳國華直接持有公司3494.98萬股股份，佔公司股本總額的34.84%；陳國華還分別通過温州元璽、温州華宜控制公司5.62%和3.52%股份，陳國華通過直接和間接的方式控制公司43.98%股份。
（股權結構圖，招股書）
在製藥裝備領域，亞光股份的主要產品包括膠塞/鋁蓋清洗機及無菌轉運系統系列、過濾洗滌乾燥機系列、單錐乾燥/混合機、結晶罐、分裝稱重軋蓋系統等。
在節能環保設備領域，公司的主要產品包括離心式蒸汽壓縮機系 列、MVR系統系列、高效旋轉精餾牀等。
2020年-2022年各報吿期內，公司的營業收入由4.18億元上升至9.16億元，歸母淨利潤由8404.90萬元增長至1.68億元。
（合併利潤表主要數據，招股書）
分產品來看，MVR設備是公司最大的收入來源，其收入佔比由2020年的41.60%上升至2022年的60.63%；而三合一收入佔比則由37.05%降至25.94%。
2019年至2022年，公司的綜合毛利率由42.62%降至35.53%，連續三年呈現下滑態勢。其中2021年下降幅度較大，主要是由於毛利率較高的哈氏合金材質三合一銷售量下降，拉低了製藥裝備業務毛利率水平，且製藥裝備業務佔比從2020年的53.73%下降至2021年的45.32%。
值得注意的是，隨着公司經營規模不斷擴大，負債總額也隨之增長，且增速較快。報吿期各期末，公司資產負債率（合併）分別為67.27%、69.70%和72.50%，呈現上升的趨勢，且高於行業平均水平；同時公司的流動比率和速度比率均遠低於行業均值，公司的償債能力略顯不足。
（公司各項償債能力指標，招股書）
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