科创板专题：科创板首批企业概览、战略配售分析与重点标的梳理

规范、专业、创新 请阅读最后一页重要免责声明 1 华鑫证券·科创板报告 证券研究报告·科创板专题 科创板首批企业将于 7 月 22 日在上交所上市。目前,已经有部分公司发布上市公告,本报告我们暂按已完成发行的 25 家进行统计分析。  首批 25 家企业综述。科创板首批 25 家企业主要分布在东部沿海经济发达地区，信息技术行业的公司数量达 13 家；2018年营业收入大多集中在 2-5 亿元，且全部实现盈利；募集资金合计 370 亿元，其中募集金额在 6-10 亿元之间的企业数量最多，占比 44%。  盈利规模和业绩增速中位数均高于创业板。从盈利规模来看，首批科创板企业中归母净利润在 5 亿元以上、1-5 亿元、0.5-1 亿元区间的公司占比分别为 8%、44%和 44%，均高于创业板；从增速来看，25 家企业 2018 年营业收入同比增速中位数为 39.96%，高于创业板企业的营收增速中位数 16.38%；归母净利润增速中位数为 66.93%，远高于创业板归母净利润增速中位数 1.94%。综上所述，首批科创板企业的盈利规模和业绩增速中位数均高于创业板，体现更好的盈利能力和成长性。  9 家企业在发行中引入了保荐机构以外的战略投资者。首批25 家企业中，剔除保荐机构强制跟投之后，共有 9 家企业引入了战略配售。其中，员工专项资管计划出现次数较多，表明这些企业的管理层和核心员工对公司发展前景有较强的信心。澜起科技与中国通号战略配售股份占发行新股比例高达 30%，且引入了具有战略合作关系或长期合作愿景的产业投资者，来加强与上下游的合作关系。由于战略投资者不参与询价过程并以发行价入股且锁定一定的期限，具有更高的投资风险，引入战略投资者表明公司的基本面获得产业投资者的认可。  重点标的梳理：剔除华鑫证券控股子公司摩根士丹利华鑫证券的投行项目中国通号和乐鑫科技，我们在首批科创板企业中根据行业发展前景、公司竞争优势及成长空间、战略配售和发行定价情况，建议投资者重点关注那些具有较高行业壁垒、竞争优势明显的细分领域龙头澜起科技、心脉医疗和中微公司。具体分析请参考我们之前发布的分析及询价报告。 风险提示：宏观经济下行风险、技术更新换代风险、流动性风险和系统性风险等。华鑫证券研究发展部 分析师： 徐鹏 执业证书编号：S1050516020001 电话：021-54967573 邮箱：xupeng@cfsc.com.cn 华鑫证券有限责任公司 地址：上海市徐汇区肇嘉浜路 750 号 邮编：200030 电话：（86 21）64339000 网址：http://www.cfsc.com.cn 2019 年 7 月 19 日 科创板专题 科创板首批企业概览、战略配售分析与重点标的梳理 21640977/36139/20190719 14:40规范、专业、创新 请阅读最后一页重要免责声明 2 华鑫证券·科创板专题 目录 一、科创板首批上市企业分析 ········································································································································· 3 1.1 首批上市企业概览 ·················································································································································· 3 1.2 体量小于创业板，但盈利规模与成长性更优 ······································································································ 5 二、战略投资者配售分析 ················································································································································· 6 三、重点公司简介 ···························································································································································· 8 3.1 科创板的估值方法探讨 ·········································································································································· 8 3.2 重点公司简介 ·························································································································································· 8 3.2.1 澜起科技：全球内存接口芯片领导厂商 ······················································································································ 9 3.2.2 心脉医疗：主动脉血管介入医疗器械国产龙头 ·········································································································· 9 3.2.3 中微公司：半导体自主可控关键设备制造商 ············································································································ 10 四、风险提示 ·································································································································································· 11 图表 1 科创板首批上市公司基本信息 ................................................................