科创板横空出世，吸引了众多科技创新型企业登陆，也有众多海外上市企业回归 国内资本市常S公司2017年在美国纳斯达克成功上市公司后，为进一步支持其成 为全球领先的半导体设备供应商的战略需求，决定在临港成立研发及生产中心，面对 巨大的融资需求S公司启动了科创板IPO的战略计划。IPO定价是新股发行的焦点问 题，预估股票价值是IPO定价的重要步骤，合理定价不仅可以提高定价效率促使企业 顺利上市，尽可能降低IPO发行抑价，也是公司顺利筹集资金的重要保障。符合公司 的股票定价模型有利于公司建立长效的市值管理机制，让股票价格反映公司内在价值。 本文根据S公司在美国资本市场的市盈率，中国资本市场的行业市盈率及对标半 导体设备公司及同行业公司的市盈率水平，选取了对标公司、竞争公司及同行业公司 的上市披露的财务数据作为样本，找出驱动市盈率变动因子，通过运用回归分析法建 立市盈率预估模型，预估S公司发行定价市盈率，再基于市盈率估值模型计算出股票 预估值。将S公司的股票估值与对标公司进行对比，分析股票估值差异的影响因素， 从而验证了S公司的股票估值的合理性。本文为S公司建立的财务估值模型为推进后 续IPO进程奠定了坚实基矗 关键词：科创板；红筹企业；IPO估值 III Abstract AsaneffectivesupplementtoChina'smulti-layercapitalmarket,theSTARMarket hasattractedagreatnumberofscientificandtechnologicalenterpriseslandontheboard, andattractedmanyoverseaslistedenterprisestoreturntodomesticcapitalmarketaswell. AfterScompanywassuccessfullylistedonNASDAQin2017,inordertofurthersupport itsstrategicdemandofbecomingagloballeadingsupplierofsemiconductorequipment,it decidedtosetupaR&DandproductioncenterinLingang.Tomeethugefinancingdemand, ScompanylaunchedastrategicplanofIPO.IPOpricingisthefocusoftheissueofnew shares.ItisanimportantsteptoestimatethestockvalueofIPOpricing.Reasonable pricingcannotonlyimprovethepricingefficiencyandpromotethesmoothlistingof enterprises,butalsocanreduceIPOunderpricingasmuchaspossibleandguaranteefor thecompanytoraisefunds.Effectivepricingmodelisconducivetotheestablishmentofa long-termmarketvaluemanagementmechanism,sothatthestockpricereflectsthe intrinsicvalueofthecompany. AccordingtoScompany’sP/EratiooncapitalmarketofNASDAQandreviewing P/Eratioslevelofthesemiconductorequipmentindustryandcompetitivepublic companiesonChina'scapitalmarket,thefinancialdatadisclosedbybenchmarking companies,competitivecompaniesandcompaniesinthesameindustrywereselectedas samplestofindoutthefactorsdrivingthechangesofP/Eratio.Throughregression analysis,anestimatedP/EratiomodelwasestablishedinordertoestimateScompany's issuingpriceunderP/Eratiomodel.HencetheestimatedstockvaluationbasedontheP/E valuationmodelwascalculated.AftercomparingstockvaluationofScompanywiththe benchmarkingcompany’s,influencingfactorsofthestockvaluationdifferencewere analyzed,soastoverifytherationalityofthestockvaluationofSCompany. Keywords:STARMarket;RedChipEnterprise;IPOPricing 目录 致谢.........................................................................................................................................I 摘要.......................................................................................................................................II Abstract................................................................................................................................III 第1章绪论..........................................................................................................................1 1.1选题背景与研究意义.................................................................................................1 1.1.1选题背景..............................................................................................................1 1.1.2研究问题..............................................................................................................3 1.1.3研究目的及意义...................................................................................................4 1.2国内外研究现状..........................................................................................................8 1.2.1国外研究现状.......................................................................................................8 1.2.2国内研究现状.......................................................................................................9 1.2.3国内外研究现状评述.........................................................................................12 1.3估值理论与概念........................................................................................................12 1.3.1估值理论发展.....................................................................................................12 1.3.2估值相关概念.....................................................................................................14 1.3.3估值方法.............................................................................................................14 1.3.4估值方法选择.....................................................................................................15 1.4研究内容与技术路线................................................................................................16 1.4.1研究内容.............................................................................................................16 1.4.2技术路线.............................................................................................................17 1.5研究方法与创新点...................................................................................................19 1.5.1研究方法.............................................................................................................19 1.5.2创新点.................................................................................................................19 第2章公司环境分析........................................................................................................21 2.1公司简介....................................................................................................................21 2.2宏观环境分析............................................................................................................22 2.2.1国内宏观产业政策.............................................................................................22 2.2.2行业发展现状.....................................................................................................23 2.2.3市场前景分析.....................................................................................................24 2.3SWOT市场环境分析...............................................................................................26 2.3.1竞争优势............................................................................................................27 2.3.2竞争劣势............................................................................................................28 2.3.3成长机遇............................................................................................................28 2.3.4竞争威胁............................................................................................................29 第3章公司经营成长分析................................................................................................31 3.1经营能力分析............................................................................................................31 3.1.1应收应付账款管理能力....................................................................................31 3.1.2存货管理能力....................................................................................................35 3.1.3固定资产周转能力............................................................................................35 3.1.4研发投入能力....................................................................................................36 3.2财务数据分析............................................................................................................37 3.2.1盈利能力分析....................................................................................................37 3.2.2现金流量分析................................................