股價升超9%!武漢藍電北交所上市,聚焦電池測試設備
6月1日,武漢市藍電電子股份有限公司(以下簡稱“武漢藍電”)登陸北交所,保薦人為長江證券。本次發行價為26.6元/股,發行市盈率為22.81倍。截至發稿時間,最新總市值約16億元。
武漢藍電自成立以來,主營電池測試設備的研發、生產和銷售。
公司電池測試設備主要用於電池和電池材料的研發、電池電芯的質檢,目前主要客户包括從事電池及材料研究的高校和科研院所、消費類鋰電池電芯生產企業、鋰電池正負極材料生產企業。
根據測算,在高校、科研院所領域2021年市場規模約為1.69億元-2.03億元,市場佔有率為21%至25%,市場佔有率較高;在企業研發、質檢領域2021年市場規模約為 30.79億元,公司市場佔有率為2.21%,市場佔有率較低。
根據招股書,吳偉、葉文傑直接及間接合計持有公司92.23%的表決權股份。同時,吳偉擔任公司的董事長,葉文傑擔任公司的董事兼總經理,雙方具有公司的實際經營管理權,對股東大會的決議有重大影響,吳偉、葉文傑為公司的共同控股股東、實際控制人。
本次IPO擬募集的資金主要用於生產基地建設項目、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
報吿期各期,武漢藍電實現營業收入分別為8877.89萬元、1.13億元、1.67億元,歸屬於母公司所有者的扣除非經常性損益後的淨利潤分別為3779.72萬元、4310.44萬元、6671.69萬元;公司毛利率分別為65.58%、62.86%、63.84%。

基本面情況,圖片來源:招股書
報吿期內,公司對第一大客户珠海冠宇收入佔比分別為29.87%、16.79%、22.01%,佔比較高。珠海冠宇下游客户主要是HP、DELL、華碩、聯想、微軟、小米、蘋果、華為等筆記本電池和手機生產廠商或其指定的PACK組裝廠,其對公司產品的持續性需求源於其產品研發和產能提升帶來的質檢測試需求。
珠海冠宇2022年度營業收入較上年增長6.98%,銷售規模持續增長,但受以鈷酸鋰為代表的主要原材料價格增長幅度較大等因素影響,珠海冠宇2022年度歸屬於母公司所有者的淨利潤較上年下降90.41%,下降幅度較大,如珠海冠宇未能採取有效措施扭轉業績下滑情況,或其採購量因階段性飽和等原因快速下降,可能會影響其產能擴張和研發投入計劃,從而降低對公司的採購規模。
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