来源 | 壹财信（ID：yicaixin331）

作者 | 李星星

1月18日，深交所向由王从辉和王从中两兄弟共同控制的深圳市方向电子股份有限公司（以下简称：方向电子）发出第三轮审核问询函。方向电子是一家从事精密连接器研发、生产和销售的企业，主要产品包括通信连接器和工业连接器。

2023年6月28日，方向电子创业板IPO申请获受理，拟募集资金80,188.11万元，用于惠州方向年产6.26亿只精密连接器建设项目、总部研发中心建设项目以及补充流动资金项目。本次IPO，方向电子聘请的保荐机构为申万宏源，审计机构为大华会计师事务所。

可比同行数据分析有疑点

研究方向电子的申报材料发现，其在可比同行数据分析方面存在不少的疑点。

据方向电子2023年9月披露的招股书，其将航天电器列为同行业可比上市公司，同时披露航天电器2023年上半年连接器系列产品毛利率为35.37%。

两个月后，方向电子更新了招股书，这版招股书中航天电器2023年上半年连接器毛利率调整为35.47%，该处数据调整导致可比公司毛利率均值亦发生了变化，招股书中也并未对该处数据调整作出说明。

上述两版招股书并未明确航天电器连接器系列产品毛利率数据的来源，仅注明可比公司鼎通科技和华丰科技 2023 年半年报未披露其细分产品的毛利率。

查询航天电器2023年半年报，其连接器与电缆组件毛利率为35.47%，与方向电子更新版招股书披露的数据相符，但是该数据是连接器合并了电缆组件产品的最终数据，不知方向电子在此前的招股书披露中是否考虑到此因素，之后对航天电器的连接器产品毛利率进行了“微调”，还是另有其因。

（截图来源于航天电器2023年半年报）

此外，两版招股书披露的另一家同行可比公司意华股份2020年-2023年6月（以下简称：报告期）通信连接器产品毛利率数据都一致，分别为29.07%、27.97%、26.48%和30.65%。

二轮问询回复称意华股份为方向电子SFP、RJ等系列产品的主要市场竞争对手，其连接器产品构成与方向电子重叠度相对较高，是与方向电子可比性最高的同行业上市公司。

方向电子与意华股份相比，报告期各期毛利率水平相当且变动趋势一致。但在方向电子二轮问询回复中，所披露的意华股份连接器业务毛利率却诡异的发生了变化，报告期各期分别为26.94%、24.49%、25.09%和30.53%。

查询意华股份历年年报，《壹财信》发现方向电子招股书所披露的意华股份可比产品毛利率与意华股份年报披露的通讯连接器产品（分产品）毛利率一致，而问询回复披露的意华股份可比产品毛利率与意华股份年报披露的连接器产品（分行业）毛利率一致，不知为何在其他可比同行数据并未变动的前提下，方向电子在招股书和问询回复中单独对意华股份的主要产品毛利率数据选取了两套比较标准。

（截图来自意华股份的历年年报）

翻阅其他可比同行年报数据，各可比公司均按照行业大类和产品细分统计了两种标准的毛利率，不知为何问询回复仅对意华股份的数据进行了更改。

再以另一家同行可比公司鼎通科技为例，鼎通科技报告期各期年报亦按照行业和产品分类统计了不同的主要产品毛利率。

2022年，按行业分类，鼎通科技各期连接器产品毛利率为37.15%，按产品细分，两种与通讯连接器相关的产品通讯连接器壳体CAGE产品毛利率为35.22%，通讯连接器精密结构件产品毛利率为43.16%，方向电子披露的鼎通科技2022年通信连接器组件毛利率为37.53%，与鼎通科技相关产品年报的数据并不相符。

（截图来源于鼎通科技2022年年报）

独立董事独立性有待商榷

据招股书，李薇薇为方向电子的现任独立董事，其2019年5月至今，任深圳中兴新材技术股份有限公司（以下简称：中兴新材）独立董事，自2020年11月至今，任方向电子独立董事。

值得注意的是，中兴通讯股份有限公司（以下简称：中兴通讯）及其关联方，为方向电子报告期各期的前五大客户之一，各期交易额分别为5,890.10万元、7,214.86万元、9,068.17万元和3,595.22万元，占营业收入比例分别为11.50%、11.04%、12.57%和11.62%。

据企查查，方向电子独立董事李薇薇兼职独立董事的中兴新材控股股东为中兴新通讯有限公司（以下简称：中兴新通讯）。

（截图来源于企查查）

同时，中兴新通讯亦为方向电子2020年至2022年连续三年第一大客户中兴通讯的控股股东。

（截图来源于企查查）

根据《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作指引》第3.5.4条的规定，“独立董事候选人应当具有独立性，下列人员不得担任独立董事：（五）在与上市公司及其控股股东、实际控制人或者其各自的附属企业有重大业务往来的单位任职的人员，或者在有重大业务往来单位的控股股东单位任职的人员不得担任上市公司独立董事。

综上，独立董事李薇薇的独立性或有待商榷。同时，因为方向电子的独立董事李薇薇还在客户中兴通讯控股股东控制的其他公司兼职，而双方之间的交易是否应该列为关联交易也值得关注。

另外，深圳市一帆风顺投资合伙企业（有限合伙）（以下简称：一帆风顺投资）为方向电子员工持股平台，截至最新版招股说明书签署日（2024年1月3日），一帆风顺投资持有方向电子3,384,000.00股，占方向电子股本总额的4.77%。

（截图来源于企查查）

据企查查，因未按规定期限公示2022年年度报告，2024年1月30日一帆风顺投资被深圳市福田局列入经营异常名录，该员工持股平台未见“一帆风顺”。

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方向电子分析可比同行数据存疑，一独董独立性也待商榷