股價升近60%！天力複合北交所上市，聚焦層狀金屬複合材料
7月12日，西安天力金屬複合材料股份有限公司（以下簡稱“天力複合”）登陸北交所，保薦人為海通證券。本次發行價格為9.35元/股，發行市盈率為16.87倍，截至發稿時間，最新總市值約15億元。
天力複合是西北院下屬上市公司西部材料控股的企業，專業從事層狀金屬複合材料的研發、生產和銷售。
截至招股説明書籤署日，西部材料持有發行人51.31%股份，為發行人的控股股東。 西北院持有西部材料25.18%股份，為西部材料的控股股東。西北院的業務主管單位為陝西省科技廳，資產權屬隸屬於陝西省財政廳。因此，發行人的實際控制人為陝西省財政廳。
股權結構圖，圖片來源：招股書
本次IPO擬募集的資金主要用於清潔能源用金屬複合材料升級及產業化項目、研發中心升級建設項目、補充流動資金。
募資使用情況，圖片來源：招股書
報吿期內，天力複合實現營收分別3.74億元、5.03億元、6.39億元，淨利潤分別為3230.71萬元、4386.92萬元、7318.03萬元，毛利率分別為21.71%、21.53%、22.34%。
基本面情況，圖片來源：招股書
具體來看，公司通過採購稀貴難熔金屬、黑色金屬板材、管材和其他原材料，利用自主研發的工藝技術，生產高質量的鈦-鋼、鋯-鋼、不鏽鋼-鋼等層狀金屬複合材料，通過向從事化工、冶金、
電力、環保、航空航天、新能源、海洋工程等領域的裝備製造行業客户提供產品獲取盈利。
事實上，天力複合的原材料主要為鈦板、鋼板、不鏽鋼板、鋯板、鎳板等板材，報吿期內前五大供應商的採購金額合計佔採購總額比例均超過50%，供應商相對集中。西部鈦業作為國有龍頭鈦材生產企業，在研發實力、產品質量及供貨穩定性等方面具備較強優勢。公司報吿期各期採購西部鈦業的鈦材、鋯材較多，佔採購總額的比例分別為 21.74%、16.91%、25.81%。
同時，報吿期內，公司前五大客户銷售收入合計佔同期主營業務收入的比例均超過 50%，公司客户相對集中。
報吿期內，公司關聯交易主要與西北院下屬企業發生，包括西部鈦業、西安萊特、漢唐檢測、西安諾博爾、優耐特、西安泰金等，主要關聯交易類型包括採購原材料、外協加工及檢測服務、銷售層狀金屬複合材料等。公司經常性關聯採購金額佔營業成本比例分別為21.99%、26.84%、39.45%；公司經常性關聯銷售金額佔營業收入比例
分別為 11.11%、4.79%、5.50%。
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