迎接科創(chuàng)板（11）科創(chuàng)板交易首日的五大看點(diǎn)

1、科創(chuàng)板掛牌交易首日的五大看點(diǎn)收入增長盈利增長ROE證券代碼證券簡稱2016-12-312017-12-312018-12-312016-12-312017-12-312018-12-312016-12-312017-12-31收入增長盈利增長ROE證券代碼證券簡稱2016-12-312017-12-312018-12-312016-12-312017-12-312018-12-312016-12-312017-12-312018-12-31688066.SH航天宏圖50.952.042.8180.045.333.620.215.114.2688033.SH天宜上佳70.68.310.0119.

2、414.118.632.421.923.2688028.SH沃爾德33.612.338.114.016.621.020.5688022.SH瀚川智能62.378.81,384.6118.25.742.347.3688020.SH方邦股份47.118.921.486.720.521.737.932.230.7688015.SH交控科技-0.832.2-16.448.017.313.717.9688388.SH嘉元科技26.335.2103.7225.336.2107.124.419.628.7688122.SH西部超導(dǎo)10.212.515.2-12.6-5.011.07.57.0688088.S

3、H虹軟科技32.532.47.482.556.139.823.9688029.SH南微醫(yī)學(xué)58.954.643.9-216.4377.690.4-11.826.338.0688016.SH心脈醫(yī)療31.840.054.243.033.340.744.9688019.SH安集科技18.26.67.113.114.214.113.9688012.SH中微公司59.568.7112.5203.77.6688011.SH新光光電14.814.5-39.980.833.113.020.4688010.SH福光股份20.023.7-4.9-4.926.80.113.313.812.6688009.SH中國

4、通號16.215.75.85.814.114.112.9688007.SH光峰科技127.072.0655.967.928.7177.045.0688005.SH容百科技112.261.9352.6583.93.03.59.1688333.SH鉑力特32.232.59.366.910.310.715.6688018.SH樂鑫科技121.374.66,436.7219.60.417.736.0688008.SH瀾起科技136.945.343.2238.0273.8112.416.233.530.7688006.SH杭可科技59.087.943.958.0101.358.529.831.536.4

5、688003.SH天準(zhǔn)科技15.876.559.213.563.883.216.922.227.5688002.SH睿創(chuàng)微納158.5146.7563.994.53.820.918.3688001.SH華興源創(chuàng)165.5-26.616.316.028.432.230.8科創(chuàng)板首批25家 中值49.040.240.072.338.166.916.720.923.2科創(chuàng)板首批25家 均值49.657.841.571.5421.487.119.028.524.5證券代碼證券簡稱2006-12-312007-12-312008-12-312006-12-312007-12-312008-12-3120

6、06-12-312007-12-312008-12-31300015.SZ愛爾眼科64.739.4167.157.414.228.029.8300014.SZ億緯鋰能20.220.366.925.039.737.928.5300017.SZ網(wǎng)宿科技72.9100.356.945.554.545.232.9300024.SZ機(jī)器人24.135.839.759.588.48.615.223.518.4300012.SZ華測檢測76.067.3127.011.536.457.140.0300009.SZ安科生物-1.524.344.452.114.219.225.2300001.SZ特銳德77.31

7、19.532.5232.148.749.981.8300021.SZ大禹節(jié)水79.845.163.235.719.724.118.6300016.SZ北陸藥業(yè)49.884.6-23.634.5126.98.918.133.322.9300013.SZ新寧物流41.637.820.12.345.943.331.0300003.SZ樂普醫(yī)療70.531.7135.434.555.160.045.3300020.SZ銀江股份69.185.4116.755.428.530.624.0300026.SZ紅日藥業(yè)111.157.6441.361.634.696.769.0300010.SZ立思辰85.12

8、2.7110.938.743.549.938.7300006.SZ萊美藥業(yè)72.159.7186.734.313.328.526.8300019.SZ硅寶科技18.038.927.751.930.733.338.4300007.SZ漢威科技123.050.0169.750.122.152.544.5300027.SZ華誼兄弟88.874.4147.216.950.257.633.8300025.SZ華星創(chuàng)業(yè)43.751.238.726.154.557.239.3300005.SZ探路者64.077.9248.2132.415.943.441.7300008.SZ天海防務(wù)104.756.7205

9、.833.050.291.860.6300011.SZ鼎漢技術(shù)5.528.424.610.828.328.823.8300023.SZ寶德股份30.927.1904.948.76.451.048.0300018.SZ中元股份51.32.272.30.2108.0141.074.3300022.SZ吉峰科技78.5110.21,292.7110.89.960.547.3300002.SZ神州泰岳68.6136.017.362.1299.336.535.684.365.5300004.SZ南風(fēng)股份113.039.3263.963.19.126.330.4300028.SZ金亞科技46.95.516

10、0.942.312.124.323.5創(chuàng)業(yè)板首批28家 中值49.871.339.559.5126.937.629.644.336.1創(chuàng)業(yè)板首批28家 均值47.566.646.752.0201.447.432.749.339.4與2009年創(chuàng)業(yè)板首批28家公司相比，科創(chuàng)板首批25家平均收入增速相仿，平均業(yè)績增速相對較高，平均ROE略低資料來源：萬得資訊， 圖表 2: 首批科創(chuàng)板 25 家公司發(fā)行市盈率與創(chuàng)業(yè)板首批 28 家公司對比45容百科技（增速調(diào)整） 發(fā)行市盈率/上市前業(yè)績增速=1樂鑫科技中微公司9545瀚川智能瀾起科技嘉元科技睿創(chuàng)微納95南微醫(yī)學(xué) 天準(zhǔn)科技 虹軟科技新光光電光峰科技杭可

11、科技45容百科技（增速調(diào)整） 發(fā)行市盈率/上市前業(yè)績增速=1樂鑫科技中微公司9545瀚川智能瀾起科技嘉元科技睿創(chuàng)微納95南微醫(yī)學(xué) 天準(zhǔn)科技 虹軟科技新光光電光峰科技杭可科技2009年28家首批創(chuàng)業(yè)板公司對比PEG（發(fā)行市盈率與上市前年度業(yè)績增速的比值）公司在1以上的占比相對較多45交控科技安科生心脈醫(yī)療航天宏圖方邦股份天宜上佳安集科技沃爾德中國通號(5)(5)45發(fā)行市盈率（倍）西部超導(dǎo)95145195245211資料來源：萬得資訊， 新股首日最高漲幅 2800當(dāng)年距高點(diǎn)回調(diào)34%第二年底距高點(diǎn)回調(diào)33%第三年底距高點(diǎn)回調(diào)58%新股首日漲幅188218441886上漲180%1185首日盤中上

12、漲88%1000上市交易日首日圖表 3: 新股首日最高漲幅 2800當(dāng)年距高點(diǎn)回調(diào)34%第二年底距高點(diǎn)回調(diào)33%第三年底距高點(diǎn)回調(diào)58%新股首日漲幅188218441886上漲180%1185首日盤中上漲88%1000上市交易日首日資料來源：萬得資訊， 圖表 4: 科創(chuàng)板首批公司發(fā)行市盈率與 A 股此前新股開板時市盈率對比科創(chuàng)板發(fā)行市盈率與A股其他板塊開板時市盈率對比發(fā)行市盈率開板時市盈率科創(chuàng)板發(fā)行市盈率開板時市盈率科創(chuàng)板中值46.15均值53.40A股其他板塊中值22.9874.45均值21.8889.1935023倍25023倍200150100500A股其他板塊發(fā)行市盈率科創(chuàng)板發(fā)行市盈率

13、A股其他板塊對應(yīng)開板時市盈率資料來源：萬得資訊， 圖表 5: 科創(chuàng)板首批公司發(fā)行市盈率與 A 股此前新股上市 6 個月后市盈率對比（10%的網(wǎng)下 AB 類投資者有 6 個月的鎖定期）科創(chuàng)板發(fā)行市盈率VS.A股其他板塊6個月后對應(yīng)市盈率發(fā)行市盈率6 個月后市盈率發(fā)行市盈率6 個月后市盈率科創(chuàng)板中值46.15均值53.40A股其他板塊中值22.9868.87均值21.8883.26350300250200150100500A股其他板塊發(fā)行市盈率科創(chuàng)板發(fā)行市盈率A股其他板塊對應(yīng)6個月后市盈率資料來源：萬得資訊， 圖表 6: 科創(chuàng)板首批公司發(fā)行市盈率與 A 股此前新股上市 1 年后市盈率對比（戰(zhàn)略投資

14、者至少 1 年鎖定期）科創(chuàng)板發(fā)行市盈率與A股其他板塊上市1年后市盈率對比發(fā)行市盈率1 年后市盈率科創(chuàng)板發(fā)行市盈率1 年后市盈率科創(chuàng)板中值46.15均值53.40A股其他板塊中值22.9860.24均值21.8871.970A股其他板塊發(fā)行市盈率科創(chuàng)板發(fā)行市盈率A股其他板塊對應(yīng)開板時市盈率資料來源：萬得資訊， 圖表 7: 科創(chuàng)板首批公司發(fā)行市盈率與 A 股此前新股上市 2 年后市盈率對比（券商跟投有 2 年鎖定期）科創(chuàng)板發(fā)行市盈率VS.A股其他板塊2年后對應(yīng)市盈率發(fā)行市盈率2 年后市盈率發(fā)行市盈率2 年后市盈率科創(chuàng)板中值46.15均值53.40A股其他板塊中值22.9855.33均值21.886

15、7.58350300250200150100500A股其他板塊發(fā)行市盈率科創(chuàng)板發(fā)行市盈率A股其他板塊對應(yīng)2年后市盈率資料來源：萬得資訊， 881300 萬人下降至 300 萬左右，降幅接近 80%圖表47%9:A 股提升1,600網(wǎng)上投資者數(shù)量中值科創(chuàng)板網(wǎng)上投資者數(shù)0.70%網(wǎng)上中簽率量從超過1300萬人12500.60%1,200接近80%0.50%1,0000.40%0.30%0.20%科創(chuàng)板網(wǎng)上中簽率相較A股其他板塊提升47%8006004003082000.10%0.037% 0.053%0201420152016201720182019科創(chuàng)板201420152016201720182

16、019科創(chuàng)板資料來源：萬得資訊，中金公司研究部資料來源：萬得資訊，中金公司研究部圖表 10: 科創(chuàng)板首批公司網(wǎng)下有效投資者數(shù)量只有 A 股此前新股的 1/3圖表 11: 科創(chuàng)板首批公司網(wǎng)下入圍成功率從接近 100%下降至不到 80%6,000網(wǎng)下有效投資者數(shù)量100%網(wǎng)下入圍成功率中值99.0%100%下降至不到80%5,000482278.8%4,00070%者數(shù)量只有A股其他板塊的1/360%3,00050%2,000168740%30%1,00020%10%0%02016201720182019科創(chuàng)板201420152016201720182019科創(chuàng)板資料來源：萬得資訊，中金公司研究部

17、資料來源：萬得資訊，中金公司研究部1210%提升至超過 60%圖表 13: 科創(chuàng)板首批公司網(wǎng)下配售比例中值是 A 股其他板塊的 17 倍100%網(wǎng)下配售占新股發(fā)行比例（扣老股及戰(zhàn)投影響）網(wǎng)下獲配比例中值90%0.35%80%0.30%0.299%70%62.2%0.25%科創(chuàng)板網(wǎng)下配售比例中值相較A股其他板塊提升17倍60%50%科創(chuàng)板網(wǎng)下份額占新股的比例從10%提升至超過60%0.20%40%0.15%30%0.10%20%10.0%0.05%0.017%201420152016201720182019科創(chuàng)板201420152016201720182019科創(chuàng)板資料來源：萬得資訊，中金公司研

18、究部資料來源：萬得資訊，中金公司研究部圖表 14: 科創(chuàng)板首批 25 家公司基本面信息代碼公司名稱營業(yè)收入 （億元）歸母凈利潤（億元）ROE (%)經(jīng)營性現(xiàn)金流（億元）研發(fā)占收入占比 (%)201820172016201820172016201820172016201820172016201820172016688001.SH華興源創(chuàng)10.113.75.22.42.11.830.044.929.51.81.51.513.86.89.3688002.SH睿創(chuàng)微納3.81.60.61.30.60.127.621.04.80.4-0.1-0.416.917.229.8688003.SH天準(zhǔn)科技5.1

19、3.21.80.90.50.326.321.116.71.00.50.215.718.726.2688006.SH杭可科技11.17.74.12.91.80.936.631.556.42.52.81.35.26.46.4688388.SH嘉元科技11.55.74.21.80.90.628.721.124.81.30.21.03.34.25.8688333.SH鉑力特2.92.21.70.60.30.315.610.727.7-0.30.3-0.18.810.89.1688122.SH西部超導(dǎo)10.99.79.81.31.41.67.17.614.12.40.20.38.39.16.568808

20、8.SH虹軟科技4.63.52.61.80.90.825.122.295.02.50.8-0.232.431.434.6688033.SH天宜上佳5.65.14.72.62.21.924.322.648.72.41.30.95.87.15.2688029.SH南微醫(yī)學(xué)9.26.44.11.91.0-0.436.226.3-12.41.91.40.85.35.94.3688022.SH瀚川智能4.42.41.50.70.30.047.444.114.40.60.2-0.24.55.27.6688018.SH樂鑫科技4.72.71.20.90.30.033.932.71.00.7-0.10.215

21、.818.226.6688011.SH新光光電2.11.81.60.70.40.718.011.839.60.2-0.70.311.310.013.4688010.SH福光股份5.55.84.70.90.90.712.614.312.61.00.90.88.25.04.9688007.SH光峰科技13.98.13.51.81.10.141.3197.335.21.2-1.2-0.49.811.619.8688005.SH容百科技30.418.88.92.10.30.18.53.93.2-5.4-6.4-0.63.94.13.6688012.SH中微公司16.49.76.10.90.3-2.47

22、.5-2.6-1.5-1.024.734.049.6688019.SH安集科技2.52.32.00.40.40.413.313.228.20.60.30.521.621.821.8688020.SH方邦股份2.72.31.91.21.00.831.132.237.91.30.80.47.98.69.7688106.SH心脈醫(yī)療2.31.71.30.90.60.450.240.748.91.10.70.320.727.332.9688028.SH沃爾德2.62.31.70.70.60.420.521.017.80.60.60.56.46.17.7688066.SH航天宏圖4.22.91.90.6

23、0.50.313.912.925.9-0.1-0.0-0.412.113.016.925家均值23.819.515.62.92.21.724.929.725.60.6-0.21.611.512.415.525家中值5.55.13.51.20.60.425.121.121.31.10.30.38.89.39.3資料來源：萬得資訊， （注：不包括中金公司承銷企業(yè)）圖表 15: 科創(chuàng)板首批 25 家公司發(fā)行總覽代碼名稱招股日期網(wǎng)上發(fā)行日期上市日期發(fā)行價格發(fā)行市盈率行業(yè)PE發(fā)行市盈率/ 行業(yè)市盈率新股發(fā)行數(shù)量( 萬股)網(wǎng)下配售數(shù)量( 萬股)網(wǎng)上發(fā)行數(shù)量( 萬股)回?fù)鼙壤?%)688001.SH華興源創(chuàng)

24、2019-06-192019-06-272019-07-2224.2641.0831.111.324,010.002,863.551,146.4510.00688003.SH天準(zhǔn)科技2019-06-242019-07-022019-07-2225.5057.4831.261.844,840.002,995.951,844.0510.00688002.SH睿創(chuàng)微納2019-06-242019-07-022019-07-2220.0079.0930.582.596,000.004,374.001,626.0010.00688006.SH杭可科技2019-06-252019-07-032019-07

25、-2227.4339.8031.301.274,100.002,927.401,172.6010.00688008.SH瀾起科技2019-06-282019-07-082019-07-2224.8040.1230.931.3011,298.148,925.492,372.6510.00688005.SH容百科技2019-07-022019-07-102019-07-2226.6258.2131.111.874,500.003,213.001,287.0010.00688007.SH光峰科技2019-07-022019-07-102019-07-2217.5047.8931.111.546,80

26、0.005,036.651,763.3510.00688011.SH新光光電2019-07-032019-07-102019-07-2238.0958.3231.111.872,500.001,548.00952.0010.00688010.SH福光股份2019-07-032019-07-102019-07-2225.2249.3928.251.753,880.002,411.851,468.1510.00688333.SH鉑力特2019-07-032019-07-102019-07-2233.0068.4029.102.352,000.001,430.00570.0010.00688019.

27、SH安集科技2019-07-032019-07-102019-07-2239.1948.2631.111.551,327.71840.01487.7010.00688012.SH中微公司2019-07-032019-07-102019-07-2229.01170.7532.875.195,348.623,818.221,530.4010.00688018.SH樂鑫科技2019-07-032019-07-102019-07-2262.6056.6731.111.822,000.001,306.40693.6010.00688016.SH心脈醫(yī)療2019-07-042019-07-112019-0

28、7-2246.2339.7531.921.251,800.001,220.70579.3010.00688029.SH南微醫(yī)學(xué)2019-07-042019-07-112019-07-2252.4539.9231.921.253,334.002,051.901,282.1010.00688088.SH虹軟科技2019-07-042019-07-112019-07-2228.8874.4149.121.514,600.003,442.901,157.1010.00688122.SH西部超導(dǎo)2019-07-042019-07-112019-07-2215.0067.8029.832.274,420.

29、003,160.301,259.7010.00688022.SH瀚川智能2019-07-052019-07-122019-07-2225.7944.3631.931.392,700.001,674.001,026.0010.00688028.SH沃爾德2019-07-052019-07-122019-07-2226.6834.1231.931.072,000.001,240.00760.0010.00688033.SH天宜上佳2019-07-052019-07-122019-07-2220.3735.3238.150.934,788.003,419.101,368.9010.00688020.

30、SH方邦股份2019-07-052019-07-122019-07-2253.8838.5131.201.232,000.001,238.00762.0010.00688066.SH航天宏圖2019-07-062019-07-122019-07-2217.2546.1549.070.944,150.002,573.001,577.0010.00688388.SH嘉元科技2019-07-062019-07-122019-07-2228.2637.4131.201.205,780.003,575.902,204.1010.00資料來源：萬得資訊， （注：不包括中金公司承銷企業(yè)）688001.SH華

31、興源創(chuàng)688003.SH天準(zhǔn)科技688002.SH睿創(chuàng)微納688006.SH杭可科技688008.SH瀾起科技688005.SH容百科技688007.SH光峰科技688011.SH新光光電688010.SH福光股份688333.SH鉑力特688019.SH安集科技688012.SH中微公司688018.SH樂鑫科技688016.SH心脈醫(yī)療688029.SH南微醫(yī)學(xué)688001.SH華興源創(chuàng)688003.SH天準(zhǔn)科技688002.SH睿創(chuàng)微納688006.SH杭可科技688008.SH瀾起科技688005.SH容百科技688007.SH光峰科技688011.SH新光光電688010.SH福光股

32、份688333.SH鉑力特688019.SH安集科技688012.SH中微公司688018.SH樂鑫科技688016.SH心脈醫(yī)療688029.SH南微醫(yī)學(xué)688088.SH虹軟科技688122.SH西部超導(dǎo)688022.SH瀚川智能688028.SH沃爾德688033.SH天宜上佳688020.SH方邦股份688066.SH航天宏圖688388.SH嘉元科技9.7312.3412.0011.2528.0211.9811.909.529.796.605.2015.5212.528.3217.4913.286.636.965.349.7510.787.1616.339,19310,0936,60

33、310,4715,5389,69012,7538,7046,0846,1334,54410,59312,03510,24815,5917,3935,9887,5606,43310,7509,8567,40712,3862.14.29.73.61.92.0362.155379.10390.40327.43441.56310.08390.94409.07482.88484.52500.68476.23427.10408.00476.32441.79432.28500.17468.70483.90474.32505.62528.73440.291,2851,1971,5801,2811,7571,7

34、851,8311,7021,3981,8521,9151,7361,9181,3382,0321,9081,9391,3201,5621,5901,6421,6021,6870.360.400.370.370.360.300.310.260.330.240.240.290.290.340.260.270.230.390.290.310.280.270.310.05990.05500.06030.05870.06130.05330.05550.04720.05020.05440.04640.05510.04720.04860.04810.05380.05520.04720.04660.05330

35、.04690.04930.0522275.6285.9286.0286.6293.0308.3309.4307.6308.7307.0308.0306.0306.8307.5307.0307.0307.5310.6310.6310.7309.7310.9310.19.有效申購戶數(shù)（萬戶） 中簽率(%)有效申購獲配比例(%)有效申購配售對象家數(shù)詢價認(rèn)購倍數(shù)配售對象數(shù)量(個)投資者數(shù)量(家)發(fā)行費(fèi)率(%)發(fā)行費(fèi)用( 萬元)募資( 億元) 名稱代碼網(wǎng)上申購情況網(wǎng)下配售情況10.3911.012.0610.89812.32989910.7資料來源：萬得資訊， （注：不包括中金公司承銷企業(yè)）圖表 17:

36、 科創(chuàng)板網(wǎng)下 A、B、C 類投資者認(rèn)購比例、配售比例及單個投資者的獲配比例情況各類投資者認(rèn)購比例各類投資者獲配比例各類單個投資者配售比例ABCABCABC688002.SH睿創(chuàng)微納78.96%0.20%20.84%78.96%0.20%20.84%0.3670%0.3670%0.3670%688001.SH華興源創(chuàng)80.48%0.40%19.12%81.00%0.39%18.61%0.3582%0.3508%0.3464%688006.SH杭可科技77.63%0.09%22.28%93.25%0.05%6.70%0.4503%0.2093%0.1127%688003.SH天準(zhǔn)科技82.20%0

37、.27%17.52%83.00%0.28%16.72%0.4027%0.4027%0.3806%688066.SH航天宏圖73.44%0.25%26.31%74.00%0.25%25.75%0.2752%0.2731%0.2672%688033.SH天宜上佳76.36%0.33%23.31%76.50%0.33%23.17%0.3058%0.3039%0.3035%688028.SH沃爾德74.33%0.32%25.35%75.00%0.32%24.68%0.2965%0.2918%0.2860%688022.SH瀚川智能78.74%0.08%21.19%80.00%0.08%19.92%0.

38、4002%0.3950%0.3704%688020.SH方邦股份77.28%0.31%22.41%81.38%0.33%18.29%0.2940%0.2940%0.2279%688388.SH嘉元科技77.16%0.32%22.51%85.21%0.25%14.54%0.3472%0.2437%0.2031%688122.SH西部超導(dǎo)76.41%0.16%23.38%77.00%0.16%22.84%0.2346%0.2329%0.2274%688088.SH虹軟科技75.14%0.23%24.63%78.01%0.23%21.76%0.2824%0.2750%0.2404%688029.SH

39、南微醫(yī)學(xué)80.15%0.16%19.68%80.53%0.16%19.31%0.2642%0.2599%0.2579%688016.SH心脈醫(yī)療83.06%0.08%16.87%83.09%0.08%16.83%0.3400%0.3398%0.3391%688019.SH安集科技75.72%0.21%24.07%86.00%0.20%13.80%0.2736%0.2290%0.1381%688012.SH中微公司81.71%0.39%17.90%83.00%0.40%16.60%0.2981%0.2981%0.2723%688011.SH新光光電80.28%0.24%19.48%81.00%0

40、.24%18.76%0.2669%0.2623%0.2548%688010.SH福光股份76.84%0.23%22.93%78.00%0.23%21.77%0.3388%0.3387%0.3168%688007.SH光峰科技74.66%0.29%25.05%81.40%0.31%18.29%0.3357%0.3340%0.2248%688005.SH容百科技81.05%0.18%18.78%81.05%0.18%18.77%0.2990%0.2989%0.2988%688333.SH鉑力特77.74%0.17%22.09%78.00%0.17%21.83%0.2453%0.2444%0.2417%688018.SH樂鑫科技80.09%0.16%19.75%80.21%0.16%19.62%0.2900%0.2893%0.2877%688008.SH瀾起科技83.38%0.45%16.17%83.42%0.45%16.14%0.3589%0.3587%0.3580%中值78.74%0.23%21.19%81.00%0.23%18.76%0.2990%0.2940%0.2723%均值78.59%0.24%21.17