Registration strategy for new shares: Fujie Environmental Protection (688335), Bourui data (688229) and Blue Shield Optoelectronics (300862) all have middle AHP scores.

申萬宏源研究 · Jul 30, 2020 00:00 · Researches

根据复洁环保、博睿数据、蓝盾光电基本面及同行业可比公司对比的综合分析，我们预期复洁环保发行价所在区间可能为：49.74 元-54.21 元，博睿数据发行价所在区间可能为：69.54 元-77.27 元，蓝盾光电发行价所在区间可能为：36.99 元-46.23 元。

AHP 得分—复洁环保2.78 分、博睿数据2.82 分、蓝盾光电1.90 分，分别位于总分的44%、45%、33%分位。复洁环保为国内领先的污泥处理装备及服务供应商，公司创造性实现污泥高效脱水、低温干化和工艺节能，填补了国内外污泥脱水干化一体化处理技术的空白，目前，公司的低温真空脱水干化一体化技术达到了国际先进水平，并成功应用于国内市政、工业领域30 余项污泥脱水干化项目。博睿数据是应用性能管理市场A股第一股，市场地位处于第一梯队，形成了覆盖桌面端采集、移动端采集、服务端采集、数据存储和分析、AI 智能分析五大领域的技术群，具有较强的竞争力。公司是业内少数具备模拟用户手机APP 性能数据采集能力的厂商之一，下游客户包括腾讯、百度、华为、阿里巴巴、平安等多个行业的头部企业。蓝盾光电是行业中少数具备较强的仪器自主创新和研发、系统软件开发、系统集成、运维和数据服务能力，拥有自主知识产权的行业分析测量仪器的企业。在环境监测领域，公司方案和仪器成功应用于北京奥运会、上海世博会、APEC 会议等国家重大活动保障工作。在交通管理领域，是国内智能交通行业中民用测速雷达领域的开拓者和领先者。考虑流动性溢价因素后，复洁环保、博睿数据、蓝盾光电AHP 得分分别为2.78 分、2.82 分、1.90 分，分别位于总分的44%、45%、33%分位，其中复洁环保、博睿数据均位于科创板全部已上市同行业新股的中游水平，蓝盾光电位于2020 年创业板上市新股的中游水平。

预期复洁环保、博睿数据、蓝盾光电首发PE 低于同行或可比公司水平。复洁环保为国内领先的污泥处理装备及服务供应商，低温真空脱水干化一体化技术达到了国际先进水平。复洁环保营收归母净利复合增速明显领先同行可比，且毛利率和研发投入增长较快，但亦面临服务市场区域及客户相对集中等风险，其AHP 得分位于科创板全部已上市同行业新股的中游水平。综上，给予复洁环保首发摊薄后PE 为56.23 倍-61.29 倍，对应的价格区间为49.74 元 -54.21 元。博睿数据是应用性能管理市场A 股第一股，形成了覆盖桌面端采集等五大领域的技术群，但面临主动式业务收入增长乏力等风险，AHP 得分位于科创板全部已上市同行业新股的中游水平。综上，给予博睿数据首发摊薄后PE 为50.58 倍-56.21 倍，对应的价格区间为69.54 元-77.27 元。蓝盾光电是我国仪器仪表行业内具有较强自主创新能力的企业之一，拥有北京奥运会、上海世博会等国家重大活动保障项目经验，同时也是国内智能交通行业中民用测速雷达领域的开拓者和领先者。蓝盾光电营收归母净利复合增速明显领先同行可比，且毛利率和研发投入增长较快，但亦面临市场竞争加剧等风险，其AHP 得分位于2020 年创业板上市新股的中游水平。综上，给予蓝盾光电首发摊薄后PE 为31.92 倍-39.90 倍，对应的价格区间为36.99 元-46.23 元。

风险提示：（1）报价上：需警惕高报剔除和低价无效风险。（2）公司基本面：需警惕复洁环保服务市场区域及客户相对集中、技术升级迭代、新业务领域拓展不达预期等风险。需警惕博睿数据主动式业务收入增长乏力、被动式业务发展未达预期、市场竞争加剧、应收账款发生坏账等风险。需警惕蓝盾光电市场竞争加剧、应收账款占比较高和坏账、政府补助下降等风险。

According to the comprehensive analysis of Fujie Environmental Protection, Borui data, Blue Shield Optoelectronics fundamentals and comparable companies in the same industry, we expect that Fujie Environmental Protection issue price may be in the range of 49.74 yuan to 54.21 yuan. Bourui data may be in the range of 69.54 yuan to 77.27 yuan, and Blue Shield optoelectronic price may be in the range of 36.99 yuan to 46.23 yuan.

AHP scores-Fujie Environmental Protection 2.78 points, Bouri data 2.82 points, Blue Shield Optoelectronics 1.90 points, located in 44%, 45% and 33% of the total score, respectively. Fujie Environmental Protection is a leading sludge treatment equipment and service supplier in China. the company creatively realizes efficient sludge dewatering, low temperature drying and process energy saving, which fills the gap of integrated sludge dewatering and drying technology at home and abroad. At present, the company's integrated technology of low-temperature vacuum dewatering and drying has reached the international advanced level and has been successfully applied to more than 30 sludge dewatering and drying projects in domestic municipal and industrial fields. Bora data is the first A share in the application performance management market, and its market position is in the first echelon. It has formed a technology group covering desktop collection, mobile collection, server collection, data storage and analysis, and AI intelligent analysis, with strong competitiveness. The company is one of the few manufacturers in the industry with the ability to collect APP performance data of analog user phones. Downstream customers include Tencent, Baidu, Inc., Huawei, BABA, Ping an and other leading enterprises. Blue Shield Optoelectronics is one of the few enterprises in the industry with strong ability of instrument independent innovation and research and development, system software development, system integration, operation and data service, and industry analysis and measurement instruments with independent intellectual property rights. In the field of environmental monitoring, the company's programs and instruments have been successfully applied to the guarantee of major national events such as the Beijing Olympic Games, Shanghai World Expo, APEC Conference and so on. In the field of traffic management, it is the pioneer and leader in the field of civil speed radar in the domestic intelligent transportation industry. After taking into account the liquidity premium, Fujie Environmental Protection, Borui data and Blue Shield Optoelectronics AHP scored 2.78,2.82,1.90 points respectively, ranking in the 44%, 45% and 33% quantiles of the total score, respectively. Fujie Environmental Protection and Borui data are all at the middle level of all listed new shares in the same industry of Science and Technology Innovation Board, and Blue Shield Optoelectronics is in the middle level of new shares listed on the gem in 2020.

It is expected that the PE of Fujie Environmental Protection, Borui data and Blue Shield Optoelectronics is lower than that of their peers or comparable companies. Fujie Environmental Protection is a leading domestic sludge treatment equipment and service supplier, and the integrated technology of low temperature vacuum dehydration and drying has reached the international advanced level. Fujie Environmental Protection's revenue return net profit compound growth rate is obviously higher than that of its peers, and its gross profit margin and R & D investment grow rapidly, but it also faces risks such as service market region and relative concentration of customers, and its AHP score is in the middle level of all Science and Technology Innovation Board listed new shares in the same industry. To sum up, after the dilution of Fujie Environmental Protection IPO, the PE is 56.23-61.29 times, and the corresponding price range is 49.74-54.21 yuan. Borui data is the first A share in the application performance management market, forming a technology group covering five major areas such as desktop collection, but faced with risks such as sluggish active business income growth, its AHP score is in the middle of all Science and Technology Innovation Board's listed new shares in the same industry. To sum up, after diluting the initial public offering of Borui data, the PE is 50.58-56.21 times, and the corresponding price range is 69.54-77.27 yuan. Blue Shield Optoelectronics is one of the enterprises with strong ability of independent innovation in China's instrument industry, with experience in major national events such as the Beijing Olympic Games and the Shanghai World Expo. At the same time, it is also a pioneer and leader in the field of civil speed radar in the domestic intelligent transportation industry. The compound growth rate of revenue return and net profit of Blue Shield Optoelectronics is obviously higher than that of its peers, and its gross profit margin and R & D investment are growing rapidly, but it is also faced with risks such as intensified market competition. Its AHP score is in the middle level of new shares listed on the gem in 2020. To sum up, the PE after diluted by Blue Shield Optoelectronic IPO is 31.92-39.90 times, and the corresponding price range is 36.99yuan-46.23yuan.

Risk tips: (1) quotation: we should be on guard against the risk of elimination of high quotation and invalidity of low price. (2) the fundamentals of the company: it is necessary to guard against the risks such as the market area of environmental protection services and the relative concentration of customers, the iteration of technology upgrading, and the expansion of new business areas that do not meet expectations. It is necessary to guard against the risks such as weak growth of active business income of Borui data, less than expected development of passive business, intensified market competition, bad debts of accounts receivable and so on. It is necessary to guard against the risks such as the intensification of competition in the Blue Shield optoelectronic market, the relatively high proportion of accounts receivable and the decline of government subsidies.

The translation is provided by third-party software.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.

注册制新股申购策略：复洁环保(688335)、博睿数据(688229)、蓝盾光电(300862)AHP得分均位于中游

Registration strategy for new shares: Fujie Environmental Protection (688335), Bourui data (688229) and Blue Shield Optoelectronics (300862) all have middle AHP scores.

Risk Disclaimer

Statement