科创板半年报 | 业绩高增，监管落地
机构：海通证券
整体市场：开市热情高涨，8月中旬出现回调。科创板开市后，维持了连续两周的普遍上涨，自8月中旬开始，整体回调，涨幅显著收窄。
个股表现：显著分化。上市以来涨幅最高的为沃尔德，累计涨幅327%，期间最高价和最低价分别为发行价的507%和44%，股价波动区间也最大；累计涨幅最小的为中国通号，上涨70%；波动区间最小的为南微医学，股价波动区间（对比发行价）为66%-190%。
中报业绩：收入普遍增长，仅2家企业出现亏损。上市企业19H1收入集体出现增长，3家公司的收入突破10亿。对比18H1，收入同期增速在100%以上的有2家，增幅小于1%的企业共2家。19H1仅有2家企业亏损，4家净利润同比下滑，其余公司盈利均有所增长，但过半数的企业净利润规模未超100万元。19H1净利润同比增长超过100%的企业有4家，其中2家涨幅远超200%；增速在50%-100%的有5家，10%-50%的有12家，涨幅10%以下的共7家（含4家负增长企业）。
行业对比：医疗、计算机综合表现领先。19H1，毛利率最高的行业为医药和计算机，行业平均毛利率分别为80.5%和78.9%；ROE水平最高的行业为医药生物，平均20%，电子、计算机、有色ROE均值在10%以上紧随其后；研发费用占比最高的行业为计算机，平均24%，制造类企业最低，10家机械设备企业的平均研发费用占比9%左右。
对比其它版块：科创板19H1业绩增速和研发力度更强。对比主板、中小板和创业板，科创板企业营收和净利润增速更高，研发费用占收入比重也更高。在现金流方面，科创板个股间的差异也较其他版块更加明显，经营性现金流净额占收入比的比例分布呈现“两头大中间小”的趋势。
申报与监管：在个别案例中逐步明确上市标准。截至 9月6日，共有8家企业因撤回上市申请而终止流程，原因主要与公司业务的科创属性、关联交易、应收账款、客户依赖、可持续发展能力等方面的问题有关。此外，8月30日和9月5日，证监会和上交所分别对恒安嘉新、国科环宇首次行使否决权，各监管机构在申报流程中的职责和分工变得更加明确。
风险提示。市场风险偏好波动，企业业绩不及预期，政策风险。
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