第頁(yè)目錄為什么要重視科創(chuàng)板？ 1已申報(bào)公司有什么特點(diǎn)？ 1考察科創(chuàng)標(biāo)的有哪些維度？ 6風(fēng)險(xiǎn)因素 13插圖目錄圖1：科創(chuàng)板公司概覽 1圖2：科創(chuàng)板公司概覽（放大示意圖） 2圖3：科創(chuàng)板公司行業(yè)分類 2圖4：營(yíng)業(yè)收入對(duì)比：已申報(bào)科創(chuàng)板vs全球主要市場(chǎng) 3圖5：營(yíng)業(yè)收入對(duì)比：已申報(bào)科創(chuàng)板vsA股細(xì)分市場(chǎng) 3圖6：凈利潤(rùn)對(duì)比：已申報(bào)科創(chuàng)板vs全球主要市場(chǎng) 4圖7：凈利潤(rùn)對(duì)比：已申報(bào)科創(chuàng)板vsA股細(xì)分市場(chǎng) 4圖8：研發(fā)費(fèi)率對(duì)比：已申報(bào)科創(chuàng)板vs全球主要板指 4圖9：研發(fā)費(fèi)率對(duì)比：已申報(bào)科創(chuàng)板vs全球主要信息技術(shù)指數(shù) 4圖10：增速對(duì)比：已申報(bào)科創(chuàng)板vs全球主要市場(chǎng) 5圖11：增速對(duì)比：已申報(bào)科創(chuàng)板vsA股細(xì)分市場(chǎng) 5圖12：凈利率對(duì)比：已申報(bào)科創(chuàng)板vs全球主要市場(chǎng) 5圖13：凈利率對(duì)比：已申報(bào)科創(chuàng)板vsA股細(xì)分市場(chǎng) 5圖14：ROE對(duì)比：已申報(bào)科創(chuàng)板vs全球主要市場(chǎng) 6圖15：ROE對(duì)比：已申報(bào)科創(chuàng)板vsA股細(xì)分市場(chǎng) 6圖16：中國(guó)七大科網(wǎng)公司VS美國(guó)研發(fā)費(fèi)率 6圖17：華為研發(fā)支出規(guī)模 7表格目錄表1：上交所對(duì)于科創(chuàng)板企業(yè)的上市推薦指引 1表2：科創(chuàng)板公司分行業(yè)研發(fā)費(fèi)用率對(duì)比 2表3：已申報(bào)科創(chuàng)板與全球主要股票市場(chǎng)業(yè)績(jī)對(duì)比 4表4：已申報(bào)科創(chuàng)板公司按研發(fā)費(fèi)用率排序 7表5：已申報(bào)科創(chuàng)板公司按ROE排序 8表6：已申報(bào)科創(chuàng)板公司按收入增速排序 ▍為什么要重視科創(chuàng)板？“三個(gè)面向”指出中國(guó)科技創(chuàng)新主方向，孕育投資機(jī)會(huì)。等核心技術(shù)將孕育下一輪投資機(jī)530家公司提交科創(chuàng)板申報(bào)材料，投資人關(guān)注中長(zhǎng)期的投資機(jī)會(huì)。表1：上交所對(duì)于科創(chuàng)板企業(yè)的上市推薦指引重點(diǎn)領(lǐng)域具體方向新一代信息技術(shù)領(lǐng)域主要包括半導(dǎo)體和集成電路、電子信息、下一代信息網(wǎng)絡(luò)、人工智能、大數(shù)據(jù)、云計(jì)算、新興軟件、互聯(lián)網(wǎng)、物聯(lián)網(wǎng)和智能硬件等高端裝備領(lǐng)域主要包括智能制造、航空航天、先進(jìn)軌道交通、海洋工程裝備及相關(guān)技術(shù)服務(wù)等新材料領(lǐng)域主要包括先進(jìn)鋼鐵材料、先進(jìn)有色金屬材料、先進(jìn)石化化工新材料、先進(jìn)無(wú)機(jī)非金屬材料、高性能復(fù)合材料、前沿新材料及相關(guān)技術(shù)服務(wù)等新能源領(lǐng)域主要包括先進(jìn)核電、大型風(fēng)電、高效光電光熱、高效儲(chǔ)能及相關(guān)技術(shù)服務(wù)等節(jié)能環(huán)保領(lǐng)域主要包括高效節(jié)能產(chǎn)品及設(shè)備、先進(jìn)環(huán)保技術(shù)裝備、先進(jìn)環(huán)保產(chǎn)品、資源循環(huán)利用、新能源汽車整車、新能源汽車關(guān)鍵零部件、動(dòng)力電池及相關(guān)技術(shù)服務(wù)等生物醫(yī)藥領(lǐng)域主要包括生物制品、高端化學(xué)藥、高端醫(yī)療設(shè)備與器械及相關(guān)技術(shù)服務(wù)等符合科創(chuàng)板定位的其他領(lǐng)域--資料來(lái)源：《上海證券交易所科創(chuàng)板企業(yè)上市推薦指引》，▍已申報(bào)公司有什么特點(diǎn)？截至2019年5月30日，上交所共披露科創(chuàng)板申報(bào)公司112家。圖1：科創(chuàng)板公司概覽資料來(lái)源：上交所，圖2：科創(chuàng)板公司概覽（放大示意圖）資料來(lái)源：上交所，19個(gè)不同的證監(jiān)會(huì)行業(yè)。其中數(shù)量最多252014年，軟件和信息技術(shù)服務(wù)業(yè)的研發(fā)費(fèi)用率最18.8%9.9%9.8%。圖3：科創(chuàng)板公司行業(yè)分類133253133253414軟件和信息技術(shù)服務(wù)業(yè)醫(yī)藥制造業(yè)4 4 化學(xué)原料及化學(xué)制品制造業(yè)22研究和試驗(yàn)發(fā)展生態(tài)保護(hù)和環(huán)境治理業(yè)20 其他資料來(lái)源：上交所，表2：科創(chuàng)板公司分行業(yè)研發(fā)費(fèi)用率對(duì)比行業(yè)營(yíng)業(yè)收入合計(jì)（億元）凈利潤(rùn)合計(jì)（億元）研發(fā)費(fèi)用合計(jì)（億元）研發(fā)費(fèi)用率201620172018201620172018201620172018201620172018軟件和信息技術(shù)服務(wù)業(yè)47.5564.3183.986.4811.7117.919.2911.8315.7719.5%18.4%18.8%醫(yī)藥制造業(yè)44.3056.6674.0511.7014.8520.334.225.727.359.5%10.1%9.9%行業(yè)營(yíng)業(yè)收入合計(jì)（億元）凈利潤(rùn)合計(jì)（億元）研發(fā)費(fèi)用合計(jì)（億元）201620172018201620172018201620172018201620172018專用設(shè)備制造業(yè)73.83110.65142.659.2916.4526.4110.4110.5613.9814.1%9.5%9.8%制造業(yè)221.60371.81487.33-4.736.51-3.0915.9623.2330.297.2%6.2%6.2%生態(tài)保護(hù)和環(huán)境治理業(yè)5.8510.3016.091.172.523.780.290.450.845.0%4.3%5.2%研究和試驗(yàn)發(fā)展6.639.8714.350.661.151.980.340.480.645.2%4.9%4.5%互聯(lián)網(wǎng)和相關(guān)服務(wù)14.4339.1968.74-1.371.802.561.572.072.8410.8%5.3%4.1%化學(xué)原料和化學(xué)制品制造業(yè)15.6020.7925.331.000.743.580.550.700.943.5%3.4%3.7%311.88360.99419.2034.3037.0840.5811.6413.0614.433.7%3.6%3.4%其他283.88343.82370.9910.9113.5819.667.597.979.552.7%2.3%2.6%資料來(lái)源：Wind，上交所，已申報(bào)科創(chuàng)板公司收入及利潤(rùn)規(guī)模較小，但凈利率持續(xù)提升。2018年已申報(bào)科創(chuàng)板170315.2（2018400.1（2018年收226.5億元，下稱傳音控股、天合光能股份有限公司（2018250.5億元，下稱天合光能）7.62018A股、港股、美股的平122.3173.7313.017.247.3125.3223.1A股創(chuàng)業(yè)板。2018年已申報(bào)科創(chuàng)板的112家公司合計(jì)凈利潤(rùn)157億元，平均凈利潤(rùn)1.4億元；除1.02018A9.324.225.1股細(xì)分板塊中創(chuàng)0.4億元、2.0億元、7.4億元、19.1AAA股中小板。圖4：營(yíng)業(yè)收對(duì)比已申科板vs全球要市場(chǎng)（億） 圖5：營(yíng)業(yè)收對(duì)比：已申科板vsA股細(xì)市場(chǎng)億元）2016 2017 2018 2016 2017 2018-250.00-資料來(lái)：Wind，上交所 資料來(lái)：Wind，上交所圖6：凈利潤(rùn)比：申報(bào)創(chuàng)板vs全球主要場(chǎng)（元） 圖7：凈利潤(rùn)比：申報(bào)創(chuàng)板vsA股細(xì)分市（億）2016 2017 2018 2016 2017 2018-25.00-資料來(lái)：Wind，上交所 資料來(lái)：Wind，上交所表3：已申報(bào)科創(chuàng)板與全球主要股票市場(chǎng)業(yè)績(jī)對(duì)比上市公司家數(shù)平均營(yíng)業(yè)收入（億元）平均凈利潤(rùn)（億元）201620172018201620172018201620172018已申報(bào)科創(chuàng)板1121121129.1612.4015.200.641.001.40全部A股3,0343,4673,567102.62109.26122.279.069.759.29其中：上證主板1,1751,3891,443197.44199.27223.0518.3818.7719.09深證主板46746546390.60112.95125.325.978.887.44中小板82290392235.6042.7747.262.693.051.97創(chuàng)業(yè)板57071073913.6615.3117.181.561.180.42全部港股1,9912,1422,340171.31181.30173.7422.8225.7524.23全部美股4,7704,8364,984300.41307.62313.0320.3124.5525.12資料來(lái)源：Wind，上交所，A股，接近美股信息技術(shù)板塊。2018家公司整體5.7%3001.3%5002.9%，接近納斯1007.3%33006.0%50010.7%1009.5%。圖8：研發(fā)費(fèi)對(duì)比已申科板vs全球要板指 圖9：研發(fā)費(fèi)對(duì)比已申科板vs全球要信技術(shù)數(shù)已申報(bào)創(chuàng)板 滬深300

已申報(bào)創(chuàng)板 滬深300信息技術(shù)

標(biāo)普500 納斯達(dá)克100 標(biāo)普500信息技術(shù) 納斯達(dá)克100信技術(shù)15.0%10.0%5.0%0.0%

2016 2017 2018

0.0%

2016 2017 2018資料來(lái)：Wind，上交所 資料來(lái)：Wind，上交所已申報(bào)科創(chuàng)板公司收入及利潤(rùn)增速顯著高于全球主要市場(chǎng)平均水平。2016-2018年，CAGR28.9%CAGR48.3%，凈利潤(rùn)增速明顯3CAGR46.3%CAGR78.8%。ACAGR18.4%、9.2%、4.3%CAGR9.8%、、13.7%。A的收入CGR分別為%%17.1%17.8%CGR分別為-%-%、、12.9%。圖10：增速對(duì)比已申科板vs全球主市場(chǎng)億元） 圖11：增速對(duì)比：已申科板vsA股細(xì)分場(chǎng)（元）2016-2018年?duì)I業(yè)收入CAGR2016-2018年凈利潤(rùn)C(jī)AGR

60.0%50.0%40.0%60.0%50.0%40.0%30.0%20.0%10.0%0.0%40.0%20.0%0.0%-20.0%-40.0%-60.0%

2016-2018年?duì)I業(yè)收入CAGR2016-2018年凈利潤(rùn)C(jī)AGR 資料來(lái)：Wind，上交所 資料來(lái)：Wind，上交所已申報(bào)科創(chuàng)板公司盈利能力較強(qiáng)。2018年已申報(bào)科創(chuàng)板的家公司平均凈利率9.2%2016/20177.0%、8.1%3家后，其余公司平均凈利率2016/20178.8%A7.6%凈利率%8年科創(chuàng)板12家公司平均ROE1.%3家后ROE為%，對(duì)AROE8.6%、9.5%、。圖12：凈利率對(duì)：已報(bào)科板vs全球要市場(chǎng) 圖13：凈利率對(duì)：已報(bào)科板vsA股細(xì)市場(chǎng)

已申報(bào)創(chuàng)板 全部A股 全部港股 全部美股2016 2017 2018

已申報(bào)創(chuàng)板 創(chuàng)業(yè)板 中小板 深證主上證主板2016 2017 2018資料來(lái)：Wind，上交所 資料來(lái)：Wind，上交所圖14：ROE對(duì)比：已報(bào)科板vs全球主要場(chǎng)（%） 圖15：ROE對(duì)比：已報(bào)科板vsA股細(xì)分市（%）-

已申報(bào)創(chuàng)板 全部A股 全部港股 全部美股2016 2017 2018

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已申報(bào)創(chuàng)板 上證A股 深證主板A股 中小企創(chuàng)業(yè)板2016 2017 2018資料來(lái)：Wind，上交所 資料來(lái)：Wind，上交所▍考察科創(chuàng)標(biāo)的有哪些維度？綜合考慮研發(fā)支出和研發(fā)效率（體現(xiàn)為盈利能力或成長(zhǎng)性。從美股經(jīng)驗(yàn)看，優(yōu)秀科技公司研發(fā)費(fèi)用率一般大于%ROE大于%8AMG（Facebook、Apple、Amazon、Microsoft、Google）（14.1%。3ROE排序。圖16：中國(guó)七大科網(wǎng)公司VS美國(guó)FAAMG研發(fā)費(fèi)率10.5%10.9%11.3%9.6%8.7%7.9%8.1%7.2%10.5%10.9%11.3%9.6%8.7%7.9%8.1%7.2%7.6%6.8%7.0%6.2%12%10%8%6%4%2%0%2013 2014 2015 2016 2017 2018資料來(lái)源 注中國(guó)七科網(wǎng)司分別百度阿里訊京東網(wǎng)易美團(tuán)米；國(guó)FAAMG分別為Facebook、Apple、Amazon、Microsoft、Google。圖17：華為研發(fā)支出規(guī)模（億元）0

研發(fā)支出 研發(fā)費(fèi)率（%）15.1%14.9%897101514.2%14.6%76414.1%59613.2%15.1%14.9%897101514.2%14.6%76414.1%59613.2%316408

15.5%15.0%14.5%14.0%13.5%13.0%12.5%12.0%資料來(lái)源：華為年報(bào)，綜合考慮國(guó)內(nèi)公司的情況，我們認(rèn)為，可以以研發(fā)費(fèi)率大于8%/10%、ROE大于10%/15%20%/30%的作為不同的考察維度。具體到選股，還需要結(jié)合相關(guān)公司的實(shí)際定價(jià)情況。表4：已申報(bào)科創(chuàng)板公司按研發(fā)費(fèi)用率排序簡(jiǎn)稱2018年收入（億元）2016-2018收入CAGR2018年凈利潤(rùn)（億元）2016-2018凈利潤(rùn)C(jī)AGR2018年研發(fā)費(fèi)用率2018年ROE金山辦公11.3044.3%3.1154.6%37.8%27.91虹軟科技4.5832.5%1.7555.2%32.4%26.24微芯生物1.4831.5%0.31140.7%28.5%6.46國(guó)盾量子2.657.9%0.7210.6%28.3%8.35山石網(wǎng)科5.6631.7%0.72680.5%27.6%22.66安翰科技3.2267.4%0.6651.8%24.3%9.33先臨三維4.0113.1%0.09-20.0%24.0%2.04安恒信息6.4042.2%0.83737.4%23.7%17.78博瑞醫(yī)藥4.1143.1%0.76111.4%23.4%12.51安集科技2.4812.3%0.4510.1%21.6%13.87連山科技1.4256.2%0.5693.5%21.5%40.24普門科技3.2336.1%0.81179.5%20.6%12.92恒安嘉新6.2520.5%0.9757.1%20.4%25.99當(dāng)虹科技2.0441.6%0.6433.8%18.0%18.19寶蘭德1.2223.6%0.5118.0%18.0%34.93賽諾醫(yī)療3.8019.7%0.8976.4%17.5%13.64睿創(chuàng)微納3.84152.5%1.25258.8%16.9%18.32苑東生物7.6950.6%1.3553.5%16.2%26.28鴻泉物聯(lián)2.4827.6%0.5733.0%16.1%29.49晶晨股份23.6943.6%2.8296.6%15.9%28.96樂(lè)鑫科技4.7596.5%0.941345.5%15.8%36.04瀾起科技17.5844.2%7.37181.8%15.7%30.69天準(zhǔn)科技5.0867.6%0.9472.8%15.7%27.47復(fù)旦張江7.427.7%1.514.3%15.4%16.28海天瑞聲1.9351.2%0.67155.4%14.2%50.63簡(jiǎn)稱2018年收入（億元）2016-2018收入CAGR2018年凈利潤(rùn)（億元）2016-2018凈利潤(rùn)C(jī)AGR2018年研發(fā)費(fèi)用率2018年ROE華興源創(chuàng)10.0539.6%2.4316.2%13.8%30.83安博通1.9535.5%0.60147.1%13.6%26.80優(yōu)刻得11.8751.6%0.7730.1%13.5%5.50致遠(yuǎn)互聯(lián)5.7823.8%0.76105.5%13.3%25.84祥生醫(yī)療3.2739.9%0.9576.6%12.6%53.81心脈醫(yī)療2.3135.8%0.9148.5%12.6%44.86中科星圖3.57105.6%0.87141.8%12.2%65.77航天宏圖4.1647.5%0.6242.2%12.1%13.93聚辰股份4.3218.7%1.0372.7%12.1%37.00浩歐博2.0134.6%0.4216.2%12.0%37.86佰仁醫(yī)療1.1118.8%0.5026.5%11.7%30.16卓易科技1.7621.1%0.5234.2%11.6%19.21利元亨6.8172.5%1.29219.9%11.5%34.20柏楚電子2.4541.7%1.3936.1%11.5%59.27博眾精工25.1827.4%3.209.6%11.4%33.43碩世生物2.3133.8%0.64182.8%11.4%21.84海爾生物8.4232.1%1.15-3.5%10.7%13.22視聯(lián)動(dòng)力11.52176.1%4.75276.8%10.7%186.35和艦芯片36.9440.3%-26.0250.5%10.4%0.70世紀(jì)空間6.0445.2%0.72113.2%10.3%6.15映翰通2.7638.3%0.4641.7%10.2%20.04熱景生物1.8723.7%0.4829.4%9.8%25.92光峰科技13.8697.6%2.12242.7%9.8%45.00貝斯達(dá)4.7115.0%1.087.4%9.5%9.67諾康達(dá)1.85190.1%0.78259.1%9.5%30.86龍軟科技1.2525.8%0.31221.1%9.2%21.18凌志軟件4.6722.0%0.9132.4%9.2%16.34特寶生物4.4826.4%0.16-26.1%9.1%3.26邁得醫(yī)療2.1524.1%0.5654.7%9.0%23.24鉑力特2.9132.4%0.5842.1%8.8%15.59賽倫生物1.5130.5%0.51170.0%8.4%19.64硅產(chǎn)業(yè)10.1093.4%0.11-95.0%8.3%0.33福光股份5.528.5%0.9112.7%8.2%12.58西部超導(dǎo)10.885.5%1.34-8.4%8.1%7.04杰普特6.6662.1%0.93288.7%8.0%20.28簡(jiǎn)稱2018年收入（億元）2016-2018收入CAGR2018年凈利潤(rùn)（億元）2016-2018凈利潤(rùn)C(jī)AGR2018年研發(fā)費(fèi)用率2018年ROE視聯(lián)動(dòng)力11.52176.1%4.75276.8%10.7%186.35九號(hào)智能42.4891.9%5.44251.6%簡(jiǎn)稱2018年收入（億元）2016-2018收入CAGR2018年凈利潤(rùn)（億元）2016-2018凈利潤(rùn)C(jī)AGR2018年研發(fā)費(fèi)用率2018年ROE視聯(lián)動(dòng)力11.52176.1%4.75276.8%10.7%186.35九號(hào)智能42.4891.9%5.44251.6%2.9%80.05中科星圖3.57105.6%0.87141.8%12.2%65.77石頭科技30.51308.2%3.08359.1%3.8%63.50柏楚電子2.4541.7%1.3936.1%11.5%59.27簡(jiǎn)稱2018年收入（億元）2016-2018收入CAGR2018年凈利潤(rùn)（億元）2016-2018凈利潤(rùn)C(jī)AGR2018年研發(fā)費(fèi)用率2018年ROE祥生醫(yī)療3.2739.9%0.9576.6%12.6%53.81海天瑞聲1.9351.2%0.67155.4%14.2%50.63科前生物7.3537.3%3.8944.6%6.5%50.21瀚川智能4.3670.4%0.71441.3%4.5%47.29光峰科技13.8697.6%2.12242.7%9.8%45.00心脈醫(yī)療2.3135.8%0.9148.5%12.6%44.86神工股份2.83153.6%1.07211.9%3.9%43.25連山科技1.4256.2%0.5693.5%21.5%40.24東方基因2.8625.2%0.6535.5%6.5%39.08羅克佳華3.8912.7%0.6449.5%6.6%38.18南微醫(yī)學(xué)9.2249.2%2.0381.4%5.3%37.95浩歐博2.0134.6%0.4216.2%12.0%37.86聚辰股份4.3218.7%1.0372.7%12.1%37.00杭可科技11.0964.4%2.8676.5%5.2%36.42建龍微納3.7870.6%0.47112.8%3.3%36.38樂(lè)鑫科技4.7596.5%0.941345.5%15.8%36.04晶豐明源7.6716.2%0.8164.9%7.9%35.31寶蘭德1.2223.6%0.5118.0%18.0%34.93利元亨6.8172.5%1.29219.9%11.5%34.20博眾精工25.1827.4%3.209.6%11.4%33.43金科環(huán)境4.0255.3%0.67101.2%5.2%31.38諾康達(dá)1.85190.1%0.78259.1%9.5%30.86華興源創(chuàng)10.0539.6%2.4316.2%13.8%30.83方邦電子2.7520.2%1.2321.6%7.9%30.75瀾起科技17.5844.2%7.37181.8%15.7%30.69佰仁醫(yī)療1.1118.8%0.5026.5%11.7%30.16鴻泉物聯(lián)2.4827.6%0.5733.0%16.1%29.49晶晨股份23.6943.6%2.8296.6%15.9%28.96嘉元科技11.5366.0%1.7668.4%3.3%28.68金山辦公11.3044.3%3.1154.6%37.8%27.91天準(zhǔn)科技5.0867.6%0.9472.8%15.7%27.47安博通1.9535.5%0.60147.1%13.6%26.80苑東生物7.6950.6%1.3553.5%16.2%26.28虹軟科技4.5832.5%1.7555.2%32.4%26.24恒安嘉新6.2520.5%0.9757.1%20.4%25.99熱景生物1.8723.7%0.4829.4%9.8%25.92致遠(yuǎn)互聯(lián)5.7823.8%0.76105.5%13.3%25.84華熙生物12.6331.3%4.2425.4%4.2%25.27久日新材10.125.7%1.76107.2%4.3%25.13木瓜移動(dòng)43.28176.8%0.8355.9%0.7%24.01八億時(shí)空3.9472.4%1.14161.0%4.6%23.91金達(dá)萊7.1461.8%2.3365.5%6.0%23.77創(chuàng)鑫激光7.1029.4%1.0639.5%6.0%23.33萬(wàn)德斯4.9383.8%0.78128.0%4.0%23.27簡(jiǎn)稱2018年收入（億元）2016-2018收入CAGR2018年凈利潤(rùn)（億元）2016-2018凈利潤(rùn)C(jī)AGR2018年研發(fā)費(fèi)用率2018年ROE邁得醫(yī)療2.1524.1%0.5654.7%9.0%23.24天宜上佳5.589.1%2.6316.3%5.8%23.23聯(lián)瑞新材2.7834.5%0.5833.6%3.8%22.78山石網(wǎng)科5.6631.7%0.72680.5%27.6%22.66卓越新能10.1847.8%1.3462.8%4.7%22.49碩世生物2.3133.8%0.64182.8%11.4%21.84龍軟科技1.2525.8%0.31221.1%9.2%21.18中國(guó)電器25.9828.2%2.0725.7%7.7%20.60沃爾德2.6222.5%0.6625.5%6.4%20.53新光光電2.0814.6%0.734.2%5.9%20.41杰普特6.6662.1%0.93288.7%8.0%20.28映翰通2.7638.3%0.4641.7%10.2%20.04賽倫生物1.5130.5%0.51170.0%8.4%19.64嘉必優(yōu)2.8622.8%0.9743.7%5.7%19.55卓易科技1.7621.1%0.5234.2%11.6%19.21美迪西3.2418.0%0.6117.4%5.1%18.85廣大特材15.0731.6%1.3467.3%3.3%18.67傳音控股226.4639.5%6.54175.3%3.1%18.49睿創(chuàng)微納3.84152.5%1.25258.8%16.9%18.32當(dāng)虹科技2.0441.6%0.6433.8%18.0%18.19交控科技11.6314.5%0.669.8%6.7%17.85泰坦科技9.2650.5%0.6094.0%3.2%17.79安恒信息6.4042.2%0.83737.4%23.7%17.78紫晶存儲(chǔ)4.0264.0%1.0578.1%7.0%17.43國(guó)科環(huán)宇1.8772.2%0.12285.8%5.2%16.89江蘇北人4.1350.3%0.5043.7%3.1%16.71凌志軟件4.6722.0%0.9132.4%9.2%16.34復(fù)旦張江7.427.7%1.514.3%15.4%16.28鉑力特2.9132.4%0.5842.1%8.8%15.59奧福環(huán)保2.4863.5%0.47176.2%6.5%15.40博拉網(wǎng)絡(luò)3.0738.7%0.447.5%4.5%15.28長(zhǎng)陽(yáng)科技6.9134.8%0.8776.3%4.0%15.26威勝信息10.3923.6%1.7748.3%7.1%14.25航天宏圖4.1647.5%0.6242.2%12.1%13.93安集科技2.4812.3%0.4510.1%21.6%13.87賽諾醫(yī)療3.8019.7%0.8976.4%17.5%13.64三達(dá)膜5.94.1%1.8318.6%5.4%13.63海爾生物8.4232.1%1.15-3.5%10.7%13.22有方科技5.5730.3%0.4341.7%7.3%13.13普門科技3.2336.1%0.81179.5%20.6%12.92中國(guó)通號(hào)400.1315.9%37.177.8%3.3%12.88華特股份8.1811.5%0.6832.7%2.6%12.86申聯(lián)生物2.751.4%0.889.2%7.7%12.68福光股份5.528.5%0.9112.7%8.2%12.58簡(jiǎn)稱2018年收入（億元）2016-2018收入CAGR2018年凈利潤(rùn)（億元）2016-2018凈利潤(rùn)C(jī)AGR2018年研發(fā)費(fèi)用率2018年ROE清溢光電4.0713.8%0.6317.0%4.1%12.55博瑞醫(yī)藥4.1143.1%0.76111.4%23.4%12.51昊海生科15.5834.5%4.5521.2%6.1%12.17天奈科技3.2856.5%0.67163.0%5.0%11.57白山科技10.52128.0%0.50677.8%7.5%11.16資料來(lái)：Wind， 注：僅示了ROE大于的公司表6：已申報(bào)科創(chuàng)板公司按收入增速排序簡(jiǎn)稱2018年收入（億元）2016-2018收入CAGR2018年凈利潤(rùn)（億元）2016-2018凈利潤(rùn)C(jī)AGR2018年研發(fā)費(fèi)用率2018年ROE石頭科技30.51308.2%3.08359.1%3.8%63.50諾康達(dá)1.85190.1%0.78259.1%9.5%30.86木瓜移動(dòng)43.28176.8%0.8355.9%0.7%24.01視聯(lián)動(dòng)力11.52176.1%4.75276.8%10.7%186.35神工股份2.83153.6%1.07211.9%3.9%43.25睿創(chuàng)微納3.84152.5%1.25258.8%16.9%18.32白山科技10.52128.0%0.50677.8%7.5%11.16中科星圖3.57105.6%0.87141.8%12.2%65.77光峰科技13.8697.6%2.12242.7%9.8%45.00樂(lè)鑫科技4.7596.5%0.941345.5%15.8%36.04硅產(chǎn)業(yè)10.1093.4%0.11-95.0%8.3%0.33九號(hào)智能42.4891.9%5.44251.6%2.9%80.05容百科技30.4185.4%2.11516.0%3.9%9.13萬(wàn)德斯4.9383.8%0.78128.0%4.0%23.27利元亨6.8172.5%1.29219.9%11.5%34.20八億時(shí)空3.9472.4%1.14161.0%4.6%23.91國(guó)科環(huán)宇1.8772.2%0.12285.8%5.2%16.89建龍微納3.7870.6%0.47112.8%3.3%36.38瀚川智能4.3670.4%0.71441.3%4.5%47.29天準(zhǔn)科技5.0867.6%0.9472.8%15.7%27.47安翰科技3.2267.4%0.6651.8%24.3%9.33嘉元科技11.5366.0%1.7668.4%3.3%28.68杭可科技11.0964.4%2.8676.5%5.2%36.42中微公司16.3964.0%0.91203.6%7.2%7.63紫晶存儲(chǔ)4.0264.0%1.0578.1%7.0%17.43奧福環(huán)保2.4863.5%0.47176.2%6.5%15.40杰普特6.6662.1%0.93288.7%8.0%20.28金達(dá)萊7.1461.8%2.3365.5%6.0%23.77天奈科技3.2856.5%0.67163.0%5.0%11.57連山科技1.4256.2%0.5693.5%21.5%40.24金科環(huán)境4.0255.3%0.67101.2%5.2%31.38優(yōu)刻得11.8751.6%0.7730.1%13.5%5.50海天瑞聲1.9351.2%0.67155.4%14.2%50.63苑東生物7.6950.6%1.3553.5%16.2%26.28簡(jiǎn)稱2018年收入（億元）2016-2018收入CAGR2018年凈利潤(rùn)（億元）2016-2018凈利潤(rùn)C(jī)AGR2018年研發(fā)費(fèi)用率2018年ROE泰坦科技9.2650.5%0.6094.0%3.2%17.79江蘇北人4.1350.3%0.5043.7%3.1%16.71南微醫(yī)學(xué)9.2249.2%2.0381.4%5.3%37.95卓越新能10.1847.8%1.3462.8%4.7%22.49航天宏圖4.1647.5%0.6242.2%12.1%13.93世紀(jì)空間6.0445.2%0.72113.2%10.3%6.15金山辦公11.3044.3%3.1154.6%37.8%27.91瀾起科技17.5844.2%7.37181.8%15.7%30.69晶晨股份23.6943.6%2.8296.6%15.9%28.96博瑞醫(yī)藥4.1143.1%0.76111.4%23.4%12.51安恒信息6.4042.2%0.83737.4%23.7%17.78柏楚電子2.4541.7%1.3936.1%11.5%59.27當(dāng)虹科技2.0441.6%0.6433.8%18.0%18.19和艦芯片36.9440.3%-26.0250.5%10.4%0.70祥生醫(yī)療3.2739.9%0.9576.6%