股價大升超75%！民士達登陸北交所，聚焦芳綸紙及其衍生品
4月25日，煙台民士達特種紙業股份有限公司（以下簡稱“民士達”）登陸北交所，保薦人為中泰證券。本次發行價6.55元/股，發行市盈率為19.17倍，截至發稿時間，最新總市值16億元。
民士達的主營業務為芳綸紙及其衍生品的研發、生產和銷售，主要產品芳綸紙是一種由製紙級芳綸纖維經纖維分散、濕法成形、高温整飾等工藝技術製成的高性能新材料。根據招股書，目前，發行人芳綸紙產品的市場佔有率居全球第二位，僅次於美國杜邦公司。
截至招股説明書籤署之日，泰和新材直接持有發行人9,686.00萬股股份，佔總股本的比例為91.38%，為發行人的控股股東。
截至招股説明書籤署之日，國豐控股直接持有泰和新材18.44%的股份，其全資子公司國盛控股持有泰和新材1.54%的股份，國豐控股及其子公司國盛控股合計持有泰和新材19.98%的股份；國豐控股一致行動人裕泰投資持有泰和新材13.85%的股份，根據國豐控股與裕泰投資簽署的《一致行動協議書》：雙方在泰和新材的董事會、股東大會的提案以及表決上保持一致行動關係，雙方意見不一致時，以國豐控股的意見為準，裕泰投資未經國豐控股書面同意不得增持泰和新材的股票。因此，國豐控股為泰和新材的控股股東，國豐控股的控股股東煙台市國資委為泰和新材及發行人的實際控制人。
本次IPO擬募集的資金主要用於新型功能紙基材料產業化項目、研發中心項目、補充流動資金。
募資使用情況，圖片來源：招股書
報吿期內，民士達實現營收分別為1.59億元、2.18億元、2.82億元，淨利潤分別為2792.74萬元、3727.99萬元、6341.22萬元，毛利率分別為25.59%、28.76%、31.44%。
基本面情況，圖片來源：招股書
報吿期各期，公司主要產品芳綸紙銷售收入佔營業收入的比例達90%以上，是公司營業收入的主要來源，公司產品類別相對集中。
事實上，民士達生產經營所需的主要原材料為短切纖維、沉析纖維等製紙級芳綸纖維，是直接材料成本的主要構成。報吿期內，公司直接材料成本佔主營業務成本的比
例分別為79.19%、80.63%、81.78%，原材料的價格變動對公司營業成本的影響較大。
同時，公司生產芳綸紙產品所用的主要原材料主要採購自控股股東泰和新材。報吿期內，公司自關聯方採購的短切纖維、沉析纖維金額佔公司採購總額的比例分別為87.71%、81.02%、82.12%，關聯採購佔比較高。
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