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  来源:IPO日报 

  国内半导体薄膜设备龙头迎来市值高达195亿元的限售股的解禁。

  4月21日,科创板上市公司拓荆科技(股票代码688072.SH)首次公开发行部分限售股上市流通。本次解禁股份数量多达1.24亿股,占公司总股本的44.5%,涉及21名股东,包括国家集成电路基金、国投上海、公司员工持股平台等股东。

  按照4月21日收盘价157.27元来计算,拓荆科技今日解禁市值高达195亿元,由此实现“全流通”。

  那么,这波解禁会影响拓荆科技的股价走势?投资者应该关注哪些信号?

  制图:佘诗婕

  近两月股价震荡下滑

  拓荆科技成立于2010年04月,主营业务为高端半导体薄膜设备的研发、生产、销售和技术服务,于2022年4月21日登陆科创板。

  此次首批21名限售股解禁股东中,国家集成电路基金是公司第一大股东,持有限售股55026693股,占公司总股本的19.6714%;国投上海持有限售股3788.8万股,占公司总股本的13.5445%。

  芯鑫和、芯鑫全、芯鑫龙、芯鑫成、芯鑫旺、芯鑫盛、芯鑫阳、沈阳盛腾、沈阳盛旺、沈阳盛全、沈阳盛龙作为拓荆科技股东、员工持股平台、姜谦的一致行动人,共计持有限售股约2515.0516万股,占公司总股本的8.9906%。

  姜谦持有限售股2703588股,占公司总股份的0.9665%;吕光泉持有限售股1095200股,占公司总股本的0.3915%;刘忆军持有限售股613312股,占有公司总股本的0.2193%;凌复华持有限售股558552股,占公司总股本的0.1997%;张孝勇持有限售股328560股,占公司总股本的0.1175%;吴飚持有限售股383320股,占公司总股本的0.1370%;周仁持有限售股383,320股,占公司总股本的0.1370%;张先智持有限售股350,464股,占公司总股本的0.1253%。

  此次解禁的是上述全部限售股。

  拓荆科技以71.88元的发行价在科创板上市后,首日上涨28.41%,报收92.3元。此后股价一路震荡上涨,更是在2024年11月达到后复权股价475.1元的顶峰。

  2025年3月6日,公司后复权股价高达450元以上,此后拓荆科技股价出现下滑,目前后复权股价在330元左右,下滑幅度超过27%。

  业绩亮眼,增速放缓

  作为国内半导体薄膜设备龙头,公司产品已广泛应用于国内外主流晶圆厂,在替代空间和客户稳定性方面具有一定优势,但半导体设备市场竞争激烈,公司仍面临外部竞争和客户需求调整的双重压力。

  业绩方面,拓荆科技上市后连续两年持续增长,2024年全年实现营收41.03亿元,同比增长51.7%;归母净利润为6.88亿元,同比增长3.91%。体现了公司在半导体设备领域的较强市场竞争力和业务拓展能力。

  值得一提的是,拓荆科技营业收入和归母净利润2022年同比增长125.02%、438.09%,到了2023年,营业收入和归母净利润同比增长58.6%、79.82%。

  不难看出,拓荆科技的业绩仍然亮眼,但增速相比之前有所放缓。

  业绩快报显示,公司总资产153.14亿元,同比增长53.61%,增长主要由于在手订单增加和业务规模扩大导致存货大幅增长。

  此外,新型设备平台PF-300M、PF-300TPlus及新型反应腔Supra-DACHM、ONOStack等工艺设备持续获得客户重复订单,实现大批量出货。

  拓荆科技2024年前三季度研发费用为4.98亿元,占营业收入比例为12.17%,研发费用资本化率为44.57%,持续的高研发投入有助于公司保持技术优势,但研发费用的资本化情况也值得市场关注。

  4月21日,拓荆科技总市值在439.9亿元,市盈率(TTM)为63.9,高于申万半导体行业可比公司平均水平。这意味着,市场对公司未来增长预期较高,但也需注意估值偏高的风险。

  有业内专家表示,国家集成电路产业投资基金股份有限公司等产业资本,通常具有长期投资和战略支持的意图。这类长期投资的产业资本在解禁后立即大规模减持的可能性相对较小,但也不排除其因自身资金需求或战略布局调整而进行适度减持。对于其他参与战略配售或网下配售的投资者,部分追求短期收益的股东可能会选择在解禁后逢高减持以锁定利润,而看好公司长期发展的股东则可能会继续持有。

  来源:IPO日报 

  近日,农机流通龙头吉峰三农科技服务股份有限公司(下称“吉峰科技”,300022.SZ)宣布,公司或迎来新的控股股东。

  据最新公告,安徽澜石企业管理咨询有限公司(下称“安徽澜石”)将以14亿元入主吉峰科技,后者完成实控人变更。

  制图:佘诗婕

  年内涨幅达50%

  4月10日晚间,吉峰科技公告,公司控股股东四川五月花拓展服务有限公司(下称“拓展公司”)筹划重大事项,该事项可能导致公司控股股东及实际控制人发生变更。其股票自4月11日开市起已停牌,停牌时间不超过2个交易日,后停牌时间延期至4月17日。

  截至4月10日收盘,吉峰科技股价报8.06元/股,总市值39.84亿元。

  4月17日晚,公司公告称,通过股份转让、表决权委托,安徽澜石将成为上市公司的控股股东,安徽澜石实控人田刚印将成为上市公司实际控制人。同时,安徽澜石拟认购上市公司发行的1.08亿股股票,进一步巩固控制权。认购单价为5.66元/股,安徽澜石认购全部拟发行的股份的价款为6.12亿元。

  具体来看,拓展公司与安徽澜石签署了《股份转让协议一》,约定将其持有的7236万股股份以每股8.06元的价格转让给安徽澜石,转让价款5.83亿元。同时,拓展公司与湖北尚旌私募基金管理有限公司(下称“湖北尚旌”)(代表其管理的“盈沣一期”)签署《股份转让协议二》,以每股8.06元的价格转让2476万股股份给盈沣一期,金额2亿元。

  湖北尚旌旗下盈沣一期与安徽澜石签署《表决权委托协议》,约定将其获得的2476万股对应的表决权委托给安徽澜石行使,协议生效后,安徽澜石在持有7236万股的基础上,合计拥有9712万股对应的表决权,占上市公司总股本19.65%。

  两份股份转让协议和定增金额合计为13.95亿元。

  本次协议转让及表决权委托完成后,安徽澜石将成为上市公司控股股东,田刚印将成为吉峰科技实际控制人。

  2025年4月18日,吉峰科技复牌,收报8.31元/股,涨幅为3.10%。今年在二级市场上,吉峰科技的股价创出年内新高,总市值41.07亿元,今年以来累计涨幅达50%。

  寻找并购标的

  据悉,吉峰科技成立于1994年。2009年10月,吉峰科技在深交所创业板上市,是国内农机流通领域唯一一家全国化网络布局的上市公司。吉峰科技的主营业务包括农机连锁销售服务、高端特色农机研发制造两大板块,代理了包括凯斯纽荷兰、久保田、洋马、约翰·迪尔等国际品牌,以及东方红、潍柴雷沃等国内农机企业,以及大疆无人机等高科技农机产品的区域经销资格。

  据其2024年年报,公司2024年营业收入为27.09亿元,同比增长2.24%;但归母净利润为-3081.28万元,同比由盈转亏,下降283.36%。

  对此,吉峰科技称,2024年玉米播种机行业市场需求短期疲软、竞争加剧,公司农机制造业务板块多年来业绩保持稳定成长,在细分行业处于领先地位,但近年来部分新的竞争对手进入这一细分行业,玉米播种机行业竞争加剧,各大品牌相互挤占市场,再叠加玉米粮食价格低迷,使得用户购机意愿不强、更新换代延迟,进而导致公司制造板块子公司的经营业绩与去年同期相比出现下滑,对公司整体业绩造成了一定影响。

  目前,国家对农机购置补贴政策的范围、形式或金额进行调整,尤其是向高端智能农机倾斜的补贴结构调整,农机行业正加速向全程机械化、智能化、绿色化方向转型。2025年,中央一号文件进一步强调以科技创新引领农业产业升级,明确加大对智能农机装备、绿色低碳技术的支持力度。

  正因此,吉峰科技对未来颇具信心,其称为顺应农机行业向全程机械化、智能化、绿色化方向转型的发展趋势,公司正积极探索与拥有核心技术的企业建立深度合作关系,通过合资成立公司的模式,逐步切入高端、智能、绿色农机领域,包括农业机器人这一新兴领域。同时,根据“一体两翼”发展新战略,在“一体”高端智能特色农机制造板块,公司正积极寻找智能、智慧农机的并购标的。

 

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