華原股份登陸北交所，股價大升超55%！
5月15日，廣西華原過濾系統股份有限公司（以下簡稱“華原股份”）登陸北交所，保薦人為國海證券。本次發行價格為3.93元/股，發行市盈率為15.98倍，截至發稿時間，最新總市值約9億元。
華原股份的主營業務為車用、非道路移動機械用濾清器和工業用過濾設備的研發、製造與銷售。
根據中國內燃機工業協會濾清器分會的統計，2020年行業內產值超過億元的21家企業中，公司位列其中；在內資濾清器企業的主營業務收入排名中，公司位列第三。
截至招股説明書籤署日，玉柴集團直接持有公司7,312萬股股份，佔公司總股本的56.74%，為公司的控股股東。公司的控股股東玉柴集團為國有控股企業，由廣西國資委對玉柴集團履行出資人職責。廣西國資委直接持有控股股東玉柴集團86.91%的股權，並通過北部灣產業投資基金管理有限公司間接持有玉柴集團6.54%的股權，合計控制玉柴集團93.45%的股權。公司的實際控制人為廣西國資委。
本次IPO擬募集的資金主要用於智能製造基地建設項目、研發中心建設項目、補充流動資金。
募資使用情況，圖片來源：招股書
報吿期內，華原股份實現營收分別為4.18億元、5.14億元、5.05億元，淨利潤分別為2016.07萬元、4273.99萬元、3794.52萬元。
基本面情況，圖片來源：招股書
報吿期內，公司主營業務毛利率分別為25.45%、19.99%、22.31%，受運輸費轉入成本核算、原材料價格上升、客户年度價格調整慣例等因素影響，總體呈波動下降趨勢。
事實上，華原股份的主要原材料包括鋼板、濾紙、金屬件、塑料件等，部分原材料的市場價格與國家大宗商品鋼鐵、有色金屬等具有較強的關聯性。報吿期內，公司直接材料佔生產成本的比例均超過75%，佔有較大的比重。
報吿期內，公司前五大客户銷售收入佔營業收入的比例均超六成，客户集中度較高。同時，報吿期內，華原股份的應收款項主要為應收賬款及應收票據（含應收款項融資），公司報吿期各期末應收賬款、應收票據及應收款項融資的賬面價值合計分別為 1.83億元、1.91億元、2.04億元，佔當期流動資產的比重分別為44.04%、40.58%、43.87%，應收款項金額相對較大。
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