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大通新材IPO: 利润来源靠加工费 成长不足利润率还低

  近日,冠城大通分拆上市的所属子公司大通(福建)新材料股份有限公司(下称“大通新材”),披露了预先招股说明书,公司拟在上交所上市,保荐机构为中信证券

三一重工  DATONGXINCAIBENCINIGONGKAIFAXINGBUCHAOGUO13667.00WANGU,JIBUCHAOGUOFAXINGHOUZONGGUBENDE25.00%,GONGSIBENCIFAXINGMUJIZIJINKOUCHUFAXINGFEIYONGHOUJIANGANQINGZHONGHUANJITOUZIYUQIBAOXIANSHEBEIZHIHUANGENGXINXIANGMU、NIANCHAN8WANDUNQIBAOXIANLVSEZHINENGJISHUGAIZAOXIANGMUHEBUCHONGLIUDONGZIJINXIANGMU。

三一重工  BENCIFAXINGMUJIZIJINTOUZIXIANGMUJIANCHENGDACHANHOU,GONGSIDIANCIXIANSHENGCHANGUIMOJIANGYOUMUQIAN7.1WANDUNZENGJIAZHI13WANDUN。

  ZHIDEYITIDESHI,FENCHAIQIANDEMUGONGSIGUANCHENGDATONGYOUYU2019NIANDEJINGYINGYUYEJI、CAIWU股票配资 PILUJIQITASHIXIANGDENGWENTIZAODAOSHANGJIAOSUODEWENXUN。JULEJIE,2019NIANGUANCHENGDATONGYINGSHOU、JINGLISHUANGJIANG,QIZHONGFANGDICHANYEWUYUDIANCIXIANYEWUYINGSHOUQUANBUXIAHUA,XINNENGYUANYEWUYECHUYUKUISUNZHUANGTAI。YOUYUYEJIBUZHEN,SHENZHIDAOZHIGUANCHENGDATONGDERONGZIBUCHANG,ZAICIBEIJINGXIAJIANGDATONGXINCAIFENCHAISHANGSHI,RUGUOCHENGGONGSHANGSHIBUJINKEYIZHIJIEHUODEYIBIZIJIN,SHANGSHIHOUHAINENGXINZENGRONGZIQUDAO,BUSHIWEIYIJIANSHUANGDIAOSHENZHIDUODIAODEXUANZE。

  加工费为生的商业模式 成长性不足利润率还低

  DATONGXINCAIZHUYINGYEWUWEIDIANCIXIANDEYANFA、SHENGCHANHEXIAOSHOU,ZHUYAOYINGYONGYUQICHEDIANJI、DIANDONGGONGJU、GONGYEDIANJI、JIAYONGDIANQIDENGXINGYELINGYU。

三一重工  2017-2019NIANJI2020NIANQ1,DATONGXINCAIFENBIESHIXIANYINGYESHOURU34.36YIYUAN、36.44YIYUAN、35.11YIYUANHE6.20YIYUAN,QIZHONG2018NIANHE2019NIANTONGBIBIANDONGWEI6.04%HE-3.66%,KEJIANDATONGXINCAIDEYINGSHOUJIBENWENDINGDANSHICHENGZHANGXINGBUZU。

  CONGMAOLILVLAIKAN,BAOGAOQIDATONGXINCAIDEMAOLILVCONGWEICHAOGUO10%,WENDINGDANYEBUGAO。2017-2019NIANJI2020NIANQ1,GONGSIZONGHEMAOLILVFENBIEWEI9.95%、9.46%、9.54%HE7.39%,QIZHONGGONGSIZHUYINGYEWUMAOLILVFENBIE8.50%、7.85%、8.14%HE6.06%。DATONGXINCAICHENG,2019NIAN1-3YUE,GONGSIZONGHEMAOLILVWEI8.33%,2020NIAN1-3YUESHOU“XINGUANFEIYAN”YIQINGDEYINGXIANG,GONGSICHANPINCHANLIANGXIAOLIANGTONGBIXIAHUA,DAOZHIDANWEIGUDINGCHENGFENFENTANYOUSUOSHANGSHENG,GONGSIZONGHEMAOLILVYOUSUOXIAJIANG。

三一重工  JULEJIE,DATONGXINCAIDECHANPINSHOUJIAJIBENANZHAO“TONGJIA+JIAGONGFEI”DEYUANZEQUEDING,CHANSHENGDEFEIXIANSHOUJIAYESHIYIJUTONGJIAXIESHANGQUEDING,GUTONGJIABODONGYESHIGONGSIYINGYESHOURUBODONGDEZHUYAOYINSU。GONGSILIRUNZHUYAOLAIZIYUXIANGDUIWENDINGDEJIAGONGFEI。

  与同行业可比上市公司电磁线产品毛利率对比情况来看,大通新材的主营业务毛利率水平位于同行业可比上市公司中间水平,可见电磁线本身就是一个低毛利率的行业。大通新材称电磁线行业作为相对成熟的制造行业,行业内各主要制造企业的销售、采购、定价模式一致。

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