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三態股份創業板上市,股價暴升超170%!
格隆匯 09-28 10:25

9月28日,深圳市三態電子商務股份有限公司(以下簡稱“三態股份”)登陸創業板,保薦人為中信證券。本次發行價7.33元/股,發行市盈率45.19倍,截至發稿時間,最新總市值約158億元。

三態股份是一家從事出口跨境電商零售和第三方出口跨境電商物流的綜合性企業。

截至招股説明書籤署日,子午康成直接持有公司 59.2980%股份,為公司控股股東;ZHONGBIN SUN合計間接控制公司 84.5878%股份,為公司實際控制人。

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跨境電商系統智能化升級建設項目、倉儲智能化升級及服務體系建設項目、義烏倉智能化升級及服務體系建設項目等。

募資使用情況,圖片來源:招股書

報吿期各期,三態股份實現營業收入分別為19.94億元、22.66億元、15.88億元;歸屬於母公司所有者的淨利潤分別為2.14億元、1.56億元、1.41億元,出現下降趨勢。

基本面情況,圖片來源:招股書

2022 年以來,公司經營面臨的外部環境發生一定的變化。一方面,外部超預期因素衝擊,短期內影響公司跨境電商業務和跨境電商物流業務的履約及經營業績。另一方面,烏克蘭危機一定程度上影響了公司電商業務在歐洲銷售和物流業務客户對歐洲路向物流產品的需求,影響公司電商和物流業務的採購成本。此外,外匯市場波動對公司匯兑損益產生一定影響。2022 年,公司營業收入同比下降 29.92%,歸屬於母公司股東淨利潤同比下降 10.03%。

跨境電商商品銷售收入是公司主營業務收入的主要來源,公司跨境電商商品銷售收入主要來自於公司在海外第三方電商平台上運營的店鋪。

公司主營業務收入按業務類別構成情況,圖片來源:招股書

具體來看,公司出口跨境電商零售業務主要通過eBay、亞馬遜、AliExpress、Wish、Lazada、Shopee 等 30 多個海外主要第三方電商平台以 B2C 模式銷售。公司通過在海外第三方電商平台上以不同商號開設的品類店鋪運營銷售近百個細分類目的商品,目前在售的SKU 約 83 萬個,來自於海外第三方電商平台的銷售佔比超過 99.99%。若該類電商平台自身經營的穩定性、業務模式、經營策略或相關平台規則發生了重大變化,例如商品刊登、品牌管理、店鋪註冊和經營、商品認證標準、物流渠道等,或該類電商平台所在國家或地區的政治經濟環境出現不穩定因素,而公司不能及時對銷售渠道進行調整,則可能對公司的經營業績產生不利影響。

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