每經資本眼專欄記者發現，近期，新股市場異常火爆。2025年以來截至3月26日，A股共上市的新股首日平均漲幅為245%。而今天（3月27日）上市的浙江華遠和浙江華業，依舊延續了這種火爆現象，其最大漲幅分別超過500%和200%。
Tomorrow, the Beijing Stock Exchange will also usher in a special new stock development technology, which is not only the first IPO of the Beijing Stock Exchange in the Year of the Snake, but also its shareholders have a strong background, and the past performance growth rate is eye-catching, and its listing has attracted the attention of many investors. At present, the Beijing Stock Exchange has also changed the decline of the past, and the overall market valuation is not low. So, in the current market environment, how will the development technology perform tomorrow?
According to public information, the main business of Development Technology is the research and development, production and sales of intelligent electricity, water and gas metering terminals and energy management system solutions, providing customers with intelligent metering terminals, master station systems and power big data application software.
In terms of shareholder background, the controlling shareholder of the company is Shenzhen Great Wall Development Technology Co., Ltd., and the actual controller is China Electronics Information Industry Group Co., Ltd. Shenzhen Great Wall Development Technology Co., Ltd. holds nearly 70% of the company's equity.
業務方面，開發科技境外業務收入佔比逾九成，在手訂單金額超50億元，是歐洲智慧電錶核心供應商。根據Frost&Sullivan發佈的歐洲智慧電錶市場規模，可估算2021年、2022年以及2023年公司在歐洲市場的佔有率分別為9.46%、10.41%以及12.14%，公司在歐洲的市場份額穩步提升。除歐洲市場以外，公司參與了沙烏地阿拉伯、烏拉圭、烏茲別克等國家及地區的AMI智慧電錶部署。
對於境內市場，國家電網2020版智慧電錶定型後，公司已多次中標國家電網智慧電錶集采專案，總中標金額超5億元。此外，公司成都長城開發智慧計量終端自動化生產線建設項目建設期為3年，全部實施完成後，公司將新增800萬台智慧計量終端年產能。
行業方面，全球電力行業呈現出建設高度資訊化的智慧能源體系及建設以新能源為主體的新型電力系統的重要發展趨勢，以智慧電錶為主的智慧計量基礎設施為重要組成部分。根據MarketsandMarkets數據，預計全球智慧計量市場規模2028年將達363.87億美元，復合增長率為9.5%。智慧電錶方面，根據Frost&Sullivan數據，預計全球智慧電錶市場規模2027年將達到107.00億美元，復合增長率為6.5%。
In terms of performance, the performance of development technology in the past 95 years has generally shown rapid growth. Development technology in 0-0 years to achieve operating income of 00 million yuan, 00 million yuan, 00 million yuan, 0.0 million yuan, year-on-year growth rates of 0.0%, 0.0%, 0.0%; The net profit attributable to the parent company was 0.0 million yuan, 0.0 billion yuan and 0.0 billion yuan, with a year-on-year increase of -0.0%, 0.0% and 0.0% respectively. According to the preliminary forecast of the management of Development Technology, the company's operating income increased by 0.0% to 0.0% over the same period last year, and the net profit attributable to the parent company increased by 0.0% to 0.0% over the same period last year.
It can be seen that the background of the shareholders of the development of science and technology is relatively strong, and the performance growth is relatively fast. So, how will it perform on its first day of listing? Here, investors can refer to two aspects, one is to refer to the average first-day increase of recent listed new stocks, and the other is to refer to the valuation level of related stocks.
First of all, if we refer to the performance of the first day of listing this year, Dev Technology may have a good performance on the first day of listing.
According to the statistics of the Capital Eye columnist, since the beginning of this year, the overall performance of new shares on the first day of listing has been quite good. Since 81, as of 0/0, a total of 0 new shares have been listed in A-shares, with an average increase of 0% on the first day of listing. If Devtech can achieve the average increase of all new shares since the beginning of this year on the first day of listing, it will mean that the increase on the first day of listing will reach 0%, corresponding to a price of 0.0 yuan.
In fact, the new stocks listed on the Beijing Stock Exchange, where Development Technology is located, have been relatively rare since the beginning of this year, with only two new stocks rising, namely Xingtu Measurement and Control and Honghai Technology, and these two new stocks rose by 327% and 0% respectively on the first day of listing, with an average increase of 0%. The nearly 0 new stocks listed on the Beijing Stock Exchange rose by 0% on average on the first day of listing. If DevTech can reach the lower of the above two average increases, it means that it will increase by 0% on its first day of listing.
Therefore, judging from the average increase of new shares listed this year, the reference range of the increase on the first day of listing of Development Technology is 72%-0%, and the corresponding stock price is 0.0 yuan-0.0 yuan.
Second, from a valuation perspective, there is a large gap between the development technology and the valuation of comparable companies and the market as a whole.
截至2025年3月17日，開發科技的動態市盈率為6.9倍；開發科技的可比公司為海興電力、林洋能源、西力科技、炬華科技。剔除市盈率為負和指標異常的公司后，可比公司平均動態市盈率為15.26倍。如果開發科技上市首日的估值可以達到可比公司的平均水準，那麼其上市首日需要上漲121%，對應的價格為67.5元。
Judging from the current overall valuation level of the Beijing Stock Exchange, there is also a large gap in the development of technology. According to the statistics of the Capital Eye column, as of 7/0, the median price-earnings ratio of all stocks on the Beijing Stock Exchange was 0 times. In addition, the price-earnings ratio of the BSE 0 Index is also an important reference coordinate. Flush data shows that as of 0/0, the price-to-earnings ratio (TTM) of the BSE 0 Index was 0.0x.
Because the characteristics of Development Technology are closer to those of the constituent stocks of the BSE 179 Index, the price-to-earnings ratio of the BSE 0 Index can be used as a reference. If the development technology can reach the valuation level of the Beijing Stock Exchange 0 Index on the first day of listing, it means that it needs to rise by 0% on the first day of listing, and the corresponding price is 0 yuan.
However, it should be noted that the issue price of Development Technology is relatively high, at 1.0 yuan, which is the highest issue price of new shares on the Beijing Stock Exchange in the past 0 years.
According to the statistics of the Capital Eye columnist, the increase in the first day of listing of individual stocks on the Beijing Stock Exchange is generally negatively correlated with the issue price, that is to say, if the issue price is higher, the performance on the first day of listing is relatively low. In the past six months, there have been 278 new stocks listed on the Beijing Stock Exchange with an issue price of more than 0 yuan, and the average increase on their first day of listing was 0%.
綜合以上分析，因為近期新股情緒高昂，北交所交投活躍，開發科技達到可比公司的平均估值水平或許不難。但同時其高價也會對首日表現形成一定抑制，因此達到北證50指數的估值水平和對應的漲幅可能有一定難度，但是可以參考今年上市新股的平均漲幅和近半年北交所上市的4只高價股的平均漲幅，而這兩個漲幅均在300%左右，300%的漲幅對應的開發科技價格為121.5元。
Therefore, the increase range on the first day of listing of Development Technology can refer to 5%-0%, and the corresponding price range is 0.0 yuan-0.0 yuan.
Disclaimer: This content and data are for informational purposes only and do not constitute investment advice. Enter the market accordingly at your own risk.
National Business Daily