有研硅科創板上市，盤中漲超110%！
11月10日，有研硅（688432.SH）正式登陸科創板，其發行定價9.91元/股，對應91.53倍市盈率，高於同行業可比上市公司的平均水平（38.66倍）。
上市首日，N有研大幅高開101.82%，盤中股價有所波動，截至發稿報21元/股，較發行價上漲113%，最新總市值已超260億元。
有研硅自成立以來一直專注於半導體硅材料領域，產品包括半導體硅拋光片、刻蝕設備用硅材料、半導體區熔單晶硅等，主要用於分立器件、功率器件、集成電路、刻蝕設備用硅部件等的製造。
公司是國內率先實現6英寸、8英寸硅片產業化的企業之一，但近年來受限於公司經營狀況不佳，在產品線升級方面有所落後，目前公司仍不具備12英寸半導體硅片的批量供應能力。
目前，有研硅主要通過參股公司山東有研艾斯開展12英寸硅片的研發工作，且不説能否研發成功，就算研發成功，後續也需要一定的產能爬坡、穩定量產週期，該項業務可能會持續虧損一段時間。
公司的半導體硅拋光片業務市場份額較低，2021年國內市場佔有率僅約1.38%，國際市場佔有率約為0.65%，在刻蝕設備業務方面，公司國際市場佔有率約為16%。
2019年至2022年1-6月報吿期，有研硅的營收分別為6.25億元、5.57億元、8.69億元和6.15億元，相應的歸母淨利潤分別為1.25億元、1.14億元、1.48億元和1.83億元，業績存在較大的波動。
分產品來看，公司半導體硅拋光片業務收入佔比由59.3%下降至44.47%，而刻蝕設備用硅材料收入佔比由38.15%上升至50.23%。
毛利率方面，報吿期內，有研硅的綜合毛利率分別為31.82%、35.38%、32.05%和36.52%，呈現較大的波動，整體與同行業可比公司的均值水平較為接近，高於滬硅產業和TCL中環，低於神工股份、中晶科技。
2020年由於毛利率較高的刻蝕設備用硅材料銷售佔比提升，帶動了有研硅整體毛利率的上漲，而2021年由於公司生產基地搬遷至山東德州，上半年半導體硅片生產處於產能爬坡期，產能利用率較低、單位成本高，導致公司毛利率下滑幅度較大，不過今年上半年已經有所恢復。
2021年公司生產基地產能已逐步恢復，今年業績或將進一步提升。公司預計今年三季度可實現的營業收入區間為8.28億元至 10.12億元，同比增長40.76%至72.04%，超2021年全年水平；預計可實現的歸母淨利潤區間為2.31億元至2.82億元，同比大幅增長169.95% 至229.94%。
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