掘金注册制IPO红利系列：次新股呈现三大特征.pdf

IPO 1 / 17 2021 02 10 IPO - 2021 03 04 -2021.1.31 IPO - A IPO 2021 01 02 -2021.1.16 IPO - -2021.1.3 IPO IPO S0790519110002 S0790519100001 S0790120040007 IPO 2014 A IPO 2018 2019 IPO 2020 A IPO 396 4699.6 2014 124 666.3 2020 47.4% 4.94% IPO 2020 11 25 IPO 2014-2020 / /ROE 38.1%/16.1%/23.3% A 19.4%/8.8%/10.6% 2020 / 20% 17.54 0.0287% 20% 25.21 0.0384% 20% 20% PE 39.17 50.40 2020 12 20% / /ROE 46.08%/13.46%/32.27% CAGR/ CAGR 34.91%/54.54% 20% / /ROE 41.28%/13.00%/13.84% CAGR/ CAGR 25.51%/21.72% 2014 10% 13.1% 50% 41.4% 2020 10% 50% 28.9% 32.9% 2020 10% 75.2% 50% 6.5% IPOIPO 2 / 17 1 IPO . 4 2 . 5 2.1 . 5 2.2 . 7 2.3 . 9 3 . 10 3.1 . 10 3.2 . 12 4 . 13 5 . 15 1 A IPO . 4 2 IPO . 4 3 A IPO . 4 4 IPO A . 4 5 A . 5 6 A . 6 7 A . 6 8 A . 6 9 / . 7 10 / . 7 11 / . 7 12 / . 7 13 . 8 14 . 8 15 / . 8 16 / . 8 17 / . 9 18 / . 9 19 PE . 9 20 PE . 9 21 2020 / 10 10 . 10 22 2020 / 1 10 10 . 10 23 . 11 24 . 11 25 / 12 . 12 26 / 12 . 13 27 / 12 . 13 28 / 12 . 13 29 / 12 . 13 30 . 14IPO 3 / 17 31 . 14 32 . 14 33 . 14 34 . 15IPO 4 / 17 1 IPO A 9 IPO 2012 IPO 14 2014 A IPO 2015 4 2017 438 2018 IPO 2020 A IPO 396 ( ) 145 63 2020 IPO 11.9 2014 5.4 1 A IPO 2 IPO Wind Wind IPO 2020 A IPO 4699.6 2014 2226.2 47.4% 232.6 4.94% A 2020 8478.1 2014 5467.0 IPO 2015 IPO A 15.2% 2020 55.4% 2020 10.28 A 5% 2014 2.6% A IPO A 3 A IPO 4 IPO A Wind Wind 0 100 200 300 400 500 2014 2015 2016 2017 2018 2019 2020 ( 0 2 4 6 8 10 12 14 2014 2015 2016 2017 2018 2019 2020 IPO 0 2000 4000 6000 2014 2015 2016 2017 2018 2019 2020 ( 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 0.0 2000.0 4000.0 6000.0 8000.0 10000.0 12000.0 2014 2015 2016 2017 2018 2019 2020 A IPO /AIPO 5 / 17 5 A Wind IPO 1 2020 11 25 ; 2 3 IPO 2 2.1 2014-2020 38.1% 16.1% ROE 23.3% A 19.4% 8.8% ROE 10.6% A 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 2014 2015 2016 2017 2018 2019 2020 A ( )IPO 6 / 17 6 A Wind A 2014-2020 A 2014-2020 A CAGR 18.0% 25.1% A CAGR 10.9% 8.8% 7 A 8 A Wind A 2014-2020 Wind A 2014-2020 9-10 20% 20% 2020 2020 / 20% 452.5% 20% 68.6% 2020 20% / /ROE 41.55%/15.16%/18.18% 20% 42.54%/18.10%/23.36% 2020 20% CAGR CAGR 22.11% 31.97% 20% 24.99% 31.82% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% A ROE 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% A CAGR 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% A CAGRIPO 7 / 17 2014 2020 / 9 / 10 / Wind / Wind / / 11-12 / 20% 20% 2020 20% / /ROE 37.81%/18.97%/23.43% 20% 38.57%/19.05%/23.00% 2020 20% CAGR CAGR 29.05% 35.41% 20% 29.18% 36.99% / 11 / 12 / Wind / Wind / 2.2 2021 2 5 2019/2020/2021 2.94/3.15/9.63 0.00 10.00 20.00 30.00 40.00 50.00 60.00 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 2014 2015 2016 2017 2018 2019 2020 % % ROE % -10.00 0.00 10.00 20.00 30.00 40.00 50.00 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 2014 2015 2016 2017 2018 2019 2020 CAGR % CAGR % 0.00 10.00 20.00 30.00 40.00 50.00 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 2014 2015 2016 2017 2018 2019 2020 % % ROE % 0.00 10.00 20.00 30.00 40.00 50.00 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 2014 2015 2016 2017 2018 2019 2020 CAGR % CAGR IPO 8 / 17 0.08 /0.06 /0.03 IPO 2021 0.02 / 0.01 0.04 0.03 13 14 Wind Wind A 2020 / 20% 17.54 0.0287% 20% 25.21 0.0384% / 20% 22.58 0.0276% 20% 27.73 0.0388 15 / 16 / Wind / Wind / 0.00 5.00 10.00 15.00 20.00 25.00 30.00 2019 2020 2021 0.000 0.020 0.040 0.060 0.080 0.100 0.120 0.140 0.160 2019 2020 2021 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 2014 2015 2016 2017 2018 2019 2020 0.0000 0.0050 0.0100 0.0150 0.0200 0.0250 0.0300 0.0350 0.0400 0.0450 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 2014 2015 2016 2017 2018 2019 2020 IPO 9 / 17 17 / 18 / Wind / Wind / 2.3 23 2019 20% PE 48.26 20% PE 50.64 2020 20% 20% PE 39.17 50.40 2020 20% 37.95 20% 40.75 19 PE 20 PE Wind Wind 0.00 5.00 10.00 15.00 20.00 25.00 30.00 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 2014 2015 2016 2017 2018 2019 2020 0.0000 0.0050 0.0100 0.0150 0.0200 0.0250 0.0300 0.0350 0.0400 0.0450 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 2014 2015 2016 2017 2018 2019 2020 % 0.00 10.00 20.00 30.00 40.00 50.00 60.00 20% 20% 20% 20% 2019 2020 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 20% 20% 20% 20% 2019 2020IPO 10 / 17 21 2020 / 10 10 Wind 22 2020 / 1 10 10 Wind 3 3.1 2014-2020 A CAGR 18.0% CAGR 16.9% / 3 CAGR % 3 CAGR % 3 3 3 ROE 603392.SH 2020-04-29 1557.1% 37.9 23.0 0.022 11.9 12.1 71.7 21.1 18.8 603290.SH 2020-02-04 1073.2% 20.4 23.0 0.024 37.4 84.7 30.2 14.5 23.0 605358.SH 2020-09-11 1072.4% 19.7 23.0 0.022 21.2 24.9 35.0 13.8 10.5 300869.SZ 2020-08-24 ( 1061.4% 40.8 59.7 0.028 -4.3 -1.7 48.2 18.5 15.4 688027.SH 2020-07-09 923.9% 28.9 197.0 0.056 4.3 -5.7 70.2 24.1 7.6 300846.SZ 2020-07-01 870.3% 13.9 23.0 0.010 26.9 27.7 33.0 9.1 11.1 605199.SH 2020-07-10 779.4% 20.8 23.0 0.023 38.9 52.7 57.3 7.6 17.7 300863.SZ 2020-08-24 ( 743.3% 10.4 19.1 0.064 9.8 15.5 14.5 5.8 27.1 688055.SH 2020-08-17 707.4% 40.7 38.4 0.006 -2.6 -2.6 27.2 12.7 22.6 300880.SZ 2020-09-01 ( 693.4% 13.0 18.4 0.027 24.3 35.5 26.2 12.3 26.6 688095.SH 2020-09-08 29.7% 114.8 191.4 0.070 27.8 9.7 93.3 15.4 16.5 605500.SH 2020-12-22 29.6% 37.9 23.0 0.018 2.5 42.9 18.5 9.3 30.0 603565.SH 2020-09-25 29.6% 147.9 23.0 0.015 34.4 23.4 11.9 7.4 30.9 605178.SH 2020-08-21 29.6% 45.6 22.4 0.056 2.2 43.2 37.5 18.2 39.1 003027.SZ 2020-12-18 29.6% 34.8 23.0 0.020 8.9 142.3 40.6 21.8 34.2 003021.SZ 2020-12-04 29.6% 80.1 23.0 0.017 63.7 72.6 36.0 15.3 49.4 605155.SH 2020-12-31 29.6% 20.3 23.0 0.030 9.7 21.3 39.3 19.6 21.9 688330.SH 2020-10-15 23.0% 88.2 42.0 0.040 3.7 52.5 52.5 23.4 28.4 688065.SH 2020-08-12 17.6% 556.1 120.7 0.041 27.3 48.8 43.9 25.3 16.7 688550.SH 2020-09-02 11.8% 79.8 56.6 0.055 21.9 38.9 37.4 12.3 19.3 / 1 3 CAGR % 3 CAGR % 3 3 3 ROE 300815.SZ 2020-01-23 149.2% 40.9 23.0 0.014 32.4 42.5 71.7 21.1 18.8 002982.SZ 2020-04-24 143.1% 30.2 13.3 0.019 19.6 63.3 30.2 14.5 23.0 688126.SH -U 2020-04-20 115.9% 96.5 - 0.004 76.8 -1.0 35.0 13.8 10.5 002980.SZ 2020-04-15 99.9% 19.9 23.0 0.015 -2.2 -1.4 48.2 18.5 15.4 689009.SH -UWD 2020-10-29 84.4% 13.3 - 0.000 58.4 -196.5 70.2 24.1 7.6 601995.SH 2020-11-02 80.4% 1,389.3 33.9 0.004 30.0 32.5 33.0 9.1 11.1 688133.SH 2020-10-30 71.4% 33.9 48.8 0.057 4.9 67.2 57.3 7.6 17.7 688365.SH 2020-04-29 69.6% 43.3 61.8 0.042 21.5 64.5 14.5 5.8 27.1 605111.SH 2020-09-28 68.9% 20.1 23.0 0.031 22.3 39.7 27.2 12.7 22.6 300820.SZ 2020-02-13 59.5% 21.3 19.0 0.032 36.5 47.6 26.2 12.3 26.6 003029.SZ 2020-12-24 -44.3% 20.3 23.0 0.011 2.3 27.3 93.3 15.4 16.5 688529.SH 2020-11-09 -44.5% 25.9 75.8 0.036 18.5 9.3 30.0 688500.SH 2020-07-16 -44.6% 25.4 41.8 0.058 8.9 56.8 11.9 7.4 30.9 605333.SH 2020-08-18 -46.1% 21.3 23.0 0.023 8.6 0.2 37.5 18.2 39.1 300912.SZ 2020-12-07 ( -46.9% 19.7 37.2 0.032 2.4 37.9 40.6 21.8 34.2 688286.SH 2020-08-10 -48.2% 33.3 65.5 0.067 58.0 119.5 36.0 15.3 49.4 688338.SH 2020-08-06 -48.9% 41.1 58.0 0.050 22.3 31.9 39.3 19.6 21.9 300879.SZ 2020-09-01 ( -52.3% 16.9 22.5 0.023 23.5 4.2 52.5 23.4 28.4 300880.SZ 2020-09-01 ( -53.3% 13.0 18.4 0.027 24.3 35.5 43.9 25.3 16.7 300881.SZ 2020-09-01 ( -53.6% 14.2 20.5 0.035 16.5 17.7 37.4 12.3 19.3IPO 11 / 17 14.2% 14.9% CAGR 25.1% 29.9% 11.3% 6.5% 23 Wind 2014-2020 A 24 Wind 2014-2020 A 2014-2020 / 12 20% / 12 20% 2020 20%/ 20% / 12 51.3% -50.3IPO 12 / 17 25 / 12 Wind / 12 3.2 12 2020 20% / /ROE 46.08%/13.46%/32.27% 20% 41.28%/13.00%/13.84% 20% CAGR/ CAGR 34.91%/54.54% 20% 25.51%/21.72% 28- 29 / 12 -60.0% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 2014 2015 2016 2017 2018 2019 2020 / 12IPO 13 / 17 26 / 12 27 / 12 Wind / 12 Wind / 12 28 / 12 29 / 12 Wind / 12 Wind / 12 4 A 2014 10% 13.1% 50% 41.4% 2020 10% 28.9% 50% 32.9% 2020 10% 9567.8 75.0% 50% 907.1 7.1% 0.00 10.00 20.00 30.00 40.00 50.00 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 2014 2015 2016 2017 2018 2019 2020 % % ROE % 0.00 10.00 20.00 30.00 40.00 50.00 60.00 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 2014 2015 2016 2017 2018 2019 2020 CAGR % CAGR % 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 2014 2015 2016 2017 2018 2019 % -10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 2014 2015 2016 2017 2018 2019 IPO 14 / 17 30 31 Wind A Wind 2020 5 20% 41.6 28.3 67.3 43.0 43.9% PE 40-60 29.0% 20-40 47.5 67.3 44.7% PE 60 22.3% 100 63.5% PE 20-40 60 31.7% 12.6 43.0 2020 10% 75.2% 50% 6.5% 32 33 Wind Wind 0% 10% 20% 30% 40% 50% 2014 2015 2016 2017 2018 2019 2020 10% 50% 0 2,000 4,000 6,000 8,000 10,000 12,000 10% (2020 50% 2020 -150 -100 -50 0 50 100 100 PE PE -60 -40 -20 0 20 40 100 PE PEIPO 15 / 17 34 Wind 2020 5 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 2020 10% 2020 50IPO 16 / 17 2017 7 1 R2 C2 C3 C4 C5 C2 C3 C4 C5 Buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 612 A 300 500IPO 17 / 17 1788 1 10 200120 2030 1 45 518000 18 C2 16 100044 1 B 5 710065