海螺材料科技(02560)两日暴跌超50%,引发市场广泛关注。作为国内水泥外加剂市场龙头企业,公司上市前业务规模和盈利能力理应受到资本市场青睐。但海螺材料科技上市首日即暴跌47%,被市场认为其IPO发行定价严重偏高或是导致该股大跌的主要原因。
公开资料显示,海螺材料科技IPO完成后,总股本接近5.8亿股,按每股3港元发行价计算,其IPO市值达17.4亿港元。然而,公司2023年净利润仅1.44亿人民币,对应IPO市盈率高达11.4倍。此外,按其IPO市值计算的市净率亦高达1.64倍。这远高于同行业水泥股在港股上市的估值水平,体现出海螺材料科技的IPO发行定价确实较为偏高。
作为行业龙头,海螺材料科技主营水泥外加剂和混凝土外加剂业务,在国内市场占据领先地位。但在资本市场上,过高的估值往往意味着未来业绩高增长的预期,一旦市场看空调整或缺乏利好支撑,都可能引发该股大跌风险。
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