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股價升超30%!康力源創業板上市,聚焦多系列健身器材
格隆匯 06-14 10:17

6月14日,江蘇康力源體育科技股份有限公司(以下簡稱“康力源”)登陸創業板,保薦人為東海證券。本次發行價格40.11元 ,發行市盈率為33.00倍,截至發稿時間,最新總市值34億元。

康力源是一家專注於多系列健身器材研發、製造與銷售的高新技術企業。截至招股説明書籤署日,衡墩建直接持有發行人98.07%的股份,同時擔任發行人董事長,為發行人的控股股東和實際控制人。

本次IPO擬募資6.26億元,主要用於康力源智能健身器材製造項目、康力源研發中心建設項目、康力源智能數字化工廠建設項目、補充流動資金。

募資使用情況,圖片來源:招股書

報吿期內,康力源實現營收分別為6.75億元、7.02億元、6.07億元,淨利潤分別為9365.43萬元、7852.51萬元、8431.15萬元;綜合毛利率分別為32.97%、27.23%、25.63%。

基本面情況,圖片來源:招股書

事實上,公司主要為國外知名健身器材品牌提供OEM/ODM業務,並在亞馬遜等平 台開展自主品牌跨境電商業務,外銷業務佔公司業務的比例較大。報吿期內,公司外銷收入佔主營業務收入的比例分別為80.16%、81.60%、77.68%。

報吿期內,公司前五大客户的銷售收入佔各期主營業務收入的比例均超五成,其中對第一大客户Impex直接銷售額佔各期主營業務收入的比例分別為40.18%、39.76%、49.35%,客户的銷售集中度較高。

2020年下半年至2022年7月,受境外港口集散速度降低,集裝箱和船隻週轉速度下降影響,國際物流集裝箱持續緊缺,海運費價格波動上升。2022 年下半年海運費價 格雖然大幅回調,但不排除未來還會出現大幅上升的情況。

康力源一直以境外線下銷售為主,報吿期內,公司在境外線下銷售收入的佔比分別為 69.63%、72.56%、66.15%。公司境外線下銷售主要結算方式為 FOB,出口海運費主要由客户承擔,但是海運費價格持續上升將在一定程度上抑制客户的訂單需求,對公司的經營業績產生影響。另一方面,集裝箱緊缺,客户無法及時、足額訂艙,將影響公司已生產產品的出口銷售,降低公司的存貨週轉速度,提高營業資金成本。

另外,藉助跨境電商快速發展的勢頭,公司在亞馬遜等電商平台持續開立店鋪。報吿期內,公司在亞馬遜平台的銷售收入分別為7062.45萬元、6316.46萬元、6794.37 萬元,總體較穩定。由於公司需承擔跨境電商業務的出口海運費,海運費價格持續上升,將進一步擠壓公司的利潤空間。

結合市場環境和發行人目前經營狀況,經初步測算,發行人預計2023年上半年的營業收入區間為3.07億元至3.28億元,與上年同期相比變動幅度為-5.26%至1.22%;扣除非經常性損益後歸屬於母公司股東的淨利潤區間為4150萬元至4450萬元,與上年同期相比變動幅度為-1.62%至5.50%。

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