暴漲120%！華大九天登陸創業板，中一簽大賺2萬
今日，北京華大九天科技股份有限公司（簡稱“華大九天”，股票代碼：301269）在深交所創業板掛牌上市，發行價格為32.69元/股，對應的市盈率為333.39倍，這是創業板自開板以來發行市盈率最高的新股。截至午盤，華大九天上漲121.4%，報72.38元/股，市值約393億元，中一簽500股，大賺超2萬。
格隆匯APP
華大九天創立於2009年，聚焦EDA工具軟件開發、銷售及相關服務業務，
超高的發行市盈率讓不少新股投資者打了退堂鼓，7月25日，華大九天發行公吿顯示，其網上發行3083.65萬股，網上投資者棄購數量近24萬股，全部由主承銷商中信證券包銷，當前浮盈已經超過900萬元。
華大九天所處行業EDA，素有“芯片之母”的稱號，是芯片行業的基石，重要性不言而喻，但由於種種原因，我國EDA發展較為落後，因此包括華大九天、概倫電子、廣立微電子等在內的本土EDA企業快速崛起，試圖實現國產替代。
儘管當前華大九天屬國內規模最大、產品線最完整的EDA工具提供商，但其工具系統中也僅電路仿真工具一個產品達到國際領先水平，要知道，當前集成電路製造工藝已進入7nm以下，若不能及時實現技術突破，將難以追趕競爭對手的工藝水平。
2019年至2021年，華大九天實現營收2.57億元、4.15億元、5.79億元，同期淨利潤為5716萬元、1.04億元、1.4億元。從營收規模來看，公司佔國內EDA市場份額約6%，居本土企業首位，但較國際三大巨頭仍有明顯差距，且近三年50.1%的收入年複合增長率不及概倫電子的72.76%，綜合毛利率也不及可比上市公司的平均水平，業績表現較為平庸。
值得注意的是，受益於政策支持，公司獲得了大量政府補助及税收優惠，計入其他收益的政府補助佔當期利潤總額的比例相對較高，因此扣非後歸母淨利潤僅為1269萬元、4013萬元、5324萬元。
基於EDA賽道成長性強且標的稀缺，市場對其抱以樂觀態度，華大九天首日大漲似乎合情合理，但沒有業績支撐的估值終會迴歸合理區間，狂歡過後，虛高的股價和市盈率或將回落。
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