20230323_湘财证券_证券行业证券研究报告：全面注册制打开券商业务发展空间_22页.pdf

全面注册制打开券商业务发展空间 相关研究：1.2023.3.13 行业评级：增持%1 3 12-2 0-1-4 5-6 300 分析师：张智珑 证 书 编 号：S0500521120002 Tel 021-50295363 Email 88 10 1 2 IPO 3 4 IPO 2022 CR5 CR10 52%71%2018 IPO 2019 2021 7%2018 4pct-20%-10%0%10%2022/3/23 2022/5/23 2022/7/23 2022/9/23 2022/11/23 2023/1/23 2023/3/23 300)证 券研 究报告 2023 年 03 月23 日 湘 财证 券研究 所 行 业研 究 证券 行 业深度 1 正文目录 1.3 1.1.3 1.2.6 2.10 2.1.10 2.2.16 2.3.17 3.19 4.19 图表目录 1/GDP.6 2%.6 3 A.6 4.8 5.9 6 A B.10 7.10 8 A IPO.10 9 A IPO.10 10.11 11.11 12 2022 10.11 13 2022 IPO.12 14 IPO.12 15.13 16.13 17%.14 18 PE.14 19.15 20 IPO.15 21%.16 22.16 23.16 24.17 25%.17 26.17 27.18 28%.18 1ZCXvMnQtQmNtNpMqNpQpO7NcMbRmOmMnPpMjMmMnOkPoMrO8OnMsMMYmMtQuOpOrM 2 1.4 2.5 3.7 4.13 5.18 3 1 1.1 19 90 1990-2000 199 0-199 5 1 996-20 00 2001-2022 2 0 01-2 00 4 2003 12 2 004 2 2 00 5 1 4 1 1990-20 00 2001-20 22 2018 1990-19 95 1996-20 00 2001-20 04 8 2 2005 1 1 2004 2 2003 12 2013 11 2018 11 2019 12 2020 4 2021 9 2023 2-2018 20 13 11 5 201 8 11 5 2019 12 2 0 20 4 2 021 9 2 022 2 0 23 2 2 2013.11 2018.11 2019.12 2020.4 2020.8 2020.10 2021.9 2021.12 2022.3 2022.8 2022.11 2022.12 2023.2 2020 83%194%135%192%2022 GDP 65%2023 2 103 2018 43 27%29%2022 A 7.4%14.3%2019 1.7%12.4%6pct 2pct 6 1/GDP 2%Wind 3 A Wind 1.2 2 02 3 2 1 7 2 1 145.9 164.4 147.7 158.1 194.5 99.0 126.2 105.2 120.2 135.0 200.9 229.3 182.8 186.2 191.9 65.2 70.8 45.5 59.6 83.0 0501001502002502016 2017 2018 2019 2020 22%23%24%25%26%27%28%29%30%31%0501001502002503003504002017-012017-032017-052017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-072020-092020-112021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-112023-01 0100,000200,000300,000400,000500,000600,000700,000800,000900,0001,000,0002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 7 1.2.1 3 1.2.2 1 3 8 4 20 1 3 3 I PO 9 1.2.3 23 5 6 1 0%22 121 5 Wind 1.2.4 2 02 2 1 322 221210%5%10%15%20%25%30%0204060801001201402019 2020 2021 2022 10 2 0 18 6 0.1 7%2 0 22 5 0 1.02%5 7%6 A B Wind 7 Wind 2 2.1 IPO IPO 20 19 I PO 19 3 3%22 4 3%2 2 I PO 3 0%2 020 8 I P O 19 1 2%22 3 1%I PO 3 5%IPO 2 019-202 2+3 0%+3 9%+4%+6%2 022 2 022 49 2 1 6%2 018 2.3 pct 8 A IPO Wind 9 A IPO Wind 0.0%0.2%0.4%0.6%0.8%1.0%1.2%01020304050602001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%01002003004005006007002014 2015 2016 2017 2018 2019 2020 2021 2022 010002000300040005000600070002011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 01002003004005006002011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 11 10 11 2 022 C R 5 C R 10 52%7 1%201 8 7.1pct 9.6pct 2 020 3 10%I PO 2 022 5 I PO 5 8%I PO 39%2 2Q 3 I PO I PO 12 2022 10 Wind-40%-20%0%20%40%60%80%100%01002003004005006007008002014 2015 2016 2017 2018 2019 2020 2021 2022Q3 YoY0.0%5.0%10.0%15.0%20.0%25.0%2015 2016 2017 2018 2019 2020 2021 2022Q3 2018 2019 2020 2021 2022Q3 10.7%10.7%11.8%13.1%14.6%3.8%9.4%10.2%10.2%11.3%10.8%1.5%9.3%8.8%10.0%9.1%10.6%1.4%9.5%8.3%8.5%7.9%8.7%-0.8%5.9%6.2%6.4%6.5%7.1%1.2%5.8%4.7%6.2%7.0%6.8%1.0%2.6%2.8%2.4%2.9%3.2%0.6%2.1%2.2%2.9%2.9%3.2%1.1%3.4%2.5%2.7%2.7%3.2%-0.2%3.2%3.4%3.2%3.2%3.1%-0.1%CR5 44.8%44.1%46.9%48.0%51.9%7.1%CR10 61.8%59.6%64.4%66.7%71.4%9.6%12 13 2022 IPO Wind 14 IPO Wind=/-2 019 3 806 2 0 22 7 79 8 1.12%2.2%051015202530IPO IPO 14.5%11.1%24.1%11.9%113 27.1%31.6%10.7%8.9%81 22.8%8.8%6.7%6.3%70 15.6%28.6%5.7%6.7%50 13.9%9.4%6.1%5.2%55 24.0%12.7%10.3%6.9%49 33.8%32.4%1.8%2.6%41 7.8%-13.5%1.9%1.5%39 11.9%0.2%2.7%3.3%28 19.8%21.0%1.1%2.2%23 10.8%18.7%2.4%3.7%22 10.8%-34.4%1.6%2.6%19 12.6%-29.5%1.9%1.7%17 12.6%-27.5%0.7%1.7%16 15.3%13.8%1.4%1.7%16 9.6%-25.4%0.2%0.9%15 2.7%28.6%0.6%1.3%15 11.4%-24.4%0.9%1.5%13 35.9%19.0%2.3%1.7%12 13 15 Wind 16 Wind 2%-5%24 4 1 2 3 4-2%5%1 10 5%4000 2 10 20 4%6000 3 20 50 3%1 4 50 2%10-24 0.00%0.50%1.00%1.50%2.00%2.50%01,0002,0003,0004,0005,0006,0007,0008,0009,0002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0100200300400500600 2022 2021 14 2 019-202 1 2 6.1 1 23.2 1 22.8 2 02 2 17%Wind=/18 PE Wind I PO 1 9-21 22 1 9-22 I PO 5 2 4 3 3 4-60%-40%-20%0%20%40%60%80%100%-150.0-100.0-50.0-50.0 100.0 150.02019 2020 2021 2022 0%20%40%60%80%100%120%140%160%180%200%01020304050607080902019 2020 2021 2022 PE 15 19 Wind 2 0 21 I PO 20 IPO Wind 0102030405060-20-10010203040502019 2020 2021 2022-50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 2019 2020 2021 2022 16 2.2 IPO 2020 1 21%Wind 22 Wind 23 Wind 1 182 051015202505,00010,00015,00020,00025,00030,00035,0002020-06-112020-07-112020-08-112020-09-112020-10-112020-11-112020-12-112021-01-112021-02-112021-03-112021-04-112021-05-112021-06-112021-07-112021-08-112021-09-112021-10-112021-11-112021-12-112022-01-112022-02-112022-03-112022-04-112022-05-112022-06-112022-07-112022-08-112022-09-112022-10-112022-11-112022-12-112023-01-112023-02-112023-03-11:02004006008001,0001,20002000400060008000100001200014000160001800018-01 18-07 19-01 19-07 20-01 20-07 21-01 21-07 22-01 22-07 23-01 17 2021 4 1517 9.2%2023 2 6%2019 24 Wind 25%Wind 26 Wind 2.3 2019 2021 7%2018 4pct 050,000100,000150,000200,000250,000300,000350,000400,00005,00010,00015,00020,00025,0002012-012012-052012-092013-012013-052013-092014-012014-052014-092015-012015-052015-092016-012016-052016-092017-012017-052017-092018-012018-052018-092019-012019-052019-092020-012020-052020-092021-012021-052021-092022-012022-052022-092023-01:0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%10.0%05,00010,00015,00020,00025,0002013-012013-062013-112014-042014-092015-022015-072015-122016-052016-102017-032017-082018-012018-062018-112019-042019-092020-022020-072020-122021-052021-102022-032022-082023-01 05001,0001,5002,0002,5003,0002015-012015-052015-092016-012016-052016-092017-012017-052017-092018-012018-052018-092019-012019-052019-092020-012020-052020-092021-012021-052021-092022-012022-052022-092023-01 18 27 28%3 1 2 3 2022 5 14 2022 23 1 5 22 8 050,000100,000150,000200,000250,000300,0002018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-072020-092020-112021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-110510152025302014 2015 2016 2017 2018 2019 2020 2021:19 3 4 湘财证券投资评级体 系（市场比较基准为沪深 300 指数）6-12 15%6-12 5%15%6-12-5%5%6-12 5%6-12 15%重要声明 分析师声明 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告