科通技術衝擊創業板,聚焦芯片應用設計和分銷服務,毛利率較低
近日,深圳市科通技術股份有限公司(以下簡稱“科通技術”)更新了首次公開發行股票並在創業板上市招股説明書(申報稿),保薦人為華泰聯合證券。
科通技術是一家芯片應用設計和分銷服務商。公司與全球80餘家領先的芯片原廠緊密合作,覆蓋全球主要高端芯片廠商以及眾多國內芯片廠商,已獲得 Xilinx(賽靈思)、Intel(英特爾)、SanDisk(閃迪)、Osram(歐司朗)、Microchip (微芯)、Skyworks(思佳訊)、AMD(超威半導體)、ST(意法半導體)等國際知名原廠以及瑞芯微、全志科技、兆易創新等國內知名原廠的產品線授權,為上述原廠提供向下遊拓展市場的芯片應用設計及分銷服務。
截至招股説明書籤署日,Alphalink Global Limited 直接持有發行人 7,029.6509 萬股股份,佔發行人總股本的 66.8393%,為公司的控股股東。發行人實際控制人為康敬偉,截至 2023年3月31日,康敬偉通過 Envision Global Investments Limited 持有硬蛋創新 46.63%股份,直接持有硬蛋創新0.13%股份,合計可控制硬蛋創新46.76%股份,且康敬偉擔任硬蛋創新的董事會主席兼首席執行官。

股權結構圖,圖片來源:招股書
本次IPO擬募資20.49億元,主要用於擴充分銷產品線項目、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,科通技術的營業收入分別為42.21億元、76.21億元、80.74億元,淨利潤分別為 1.59億元、3.13億元、3.09億元。

基本面情況,圖片來源:招股書
報吿期內,科通技術的綜合毛利率分別為 9.14%、7.71%、7.78%,毛利率相對較低,主要原因系所處的芯片分銷行業整體毛利率水平較低。


主營業務收入構成,圖片來源:招股書
報吿期各期,按照含返利的目錄採購價格口徑,公司向第一大供應商 Xilinx(賽靈思)採購金額佔比均超七成,採購佔比較高。
事實上,公司電子元器件的銷售、採購涉及外匯收支,幣種包括美元、港幣等。公司 為規避匯率風險,儘可能匹配採購付款與銷售回款的幣種。報吿期各期,公司匯兑損失分別為 1921.80 萬元、1594.45萬元和-6024.94 萬元。受國內外宏觀經濟政策變動等因素影響,近年來我國匯率波動幅度較大,具有一定的不確定性。
報吿期內,公司經營活動產生的現金流量淨額分別為-1.63億元、 -2.4億元和-1.48億元。公司的上游是知名的電子元器件製造商,其議價能力較強、付款要求高。公司下游客户主要為大消費、工業基建等領域的產品製造商,其信用狀況良好、合作歷史較長,通常給與較長賬期,發行人採購付款週期要短於貨款的回收週期。因此在報吿期內發行人業務規模快速拓展的情況下,存在一定的經營活動現金流缺口。
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