| 国泰君安交通运输研究小组 事件：7月10日，四川成渝A股发行的初步询价结束。作为市场化询价制度以及新股重启背景下的主板第一股，公司的市场认同度较高。据悉，本次555家配售对象报价的全部区间为2.80元/股～6.00元/股，配售对象申报笔数和申购数量较为密集区域集中在3.89元/股～4.05元/股，但考虑到各方面影响，7月14日，公司将本次发行价格区间定为3.25-3.6元。 点评：尽管四川成渝的发行价相对于其H股 (按7月15日收盘价3.15港币，汇率0.882，折合人民币2.78元)溢价了17%-29.4%，但鉴于A/H股溢价是普遍现象，公司H股股价又存在低估现象，因此仅以H股股价作为参考依据并不合理。 考虑到公司良好的发展前景，丰厚的分红，A股9家机构给予其09年13-18.8倍的PE，因此发行价上限3.6元对应的15倍PE，处于合理的估值区间内，是市场化询价制度下的合理结果。 1、A/H股溢价普遍存在 由于A股是相对封闭的市场，因此其估值一直高于H股市场。据统计，目前55家两地上市（A+H）公司的A/H平均溢价率为114%，其中3家高速公司的溢价率达56%。因此，四川成渝的A股询价高于H股股价属市场的正常反映。 表 1：A/H股溢价普遍存在 <TABLE style="WIDTH: 247.5pt; BORDER-COLLAPSE: collapse" height=665 width=330> <COLGROUP> <COL width=159> <COL width=83> <COL width=88> <TBODY> <TR height=19> <TD class=et4 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 700; FONT-SIZE: 10.5pt; BACKGROUND: #ccccff; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 119.25pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-pattern: #CCCCFF none; mso-protection: locked visible" width=159 height=19>行业<SPAN style="MARGIN-TOP: 0px; MARGIN-LEFT: 0px; POSITION: absolute" height="1" width="0"><IMG height=1 src="file:///C:/DOCUME~1/ADMINI~1/LOCALS~1/Temp/ksohtml/clip_image1.png" width=0> <SPAN style="MARGIN-TOP: 0px; MARGIN-LEFT: 0px; POSITION: absolute" height="1" width="0"><IMG height=1 src="file:///C:/DOCUME~1/ADMINI~1/LOCALS~1/Temp/ksohtml/clip_image2.png" width=0> <SPAN style="MARGIN-TOP: 0px; MARGIN-LEFT: 0px; POSITION: absolute" height="1" width="0"><IMG height=1 src="file:///C:/DOCUME~1/ADMINI~1/LOCALS~1/Temp/ksohtml/clip_image3.png" width=0> </TD> <TD class=et4 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 700; FONT-SIZE: 10.5pt; BACKGROUND: #ccccff; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 62.25pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-pattern: #CCCCFF none; mso-protection: locked visible" width=83 height=19>A<FONT size=2><SPAN class=font1><FONT face=楷体_GB2312>-</FONT> <SPAN class=font2>H <FONT face=楷体_GB2312><SPAN class=font1>股 <SPAN class=font1>溢价 </FONT></FONT></TD> <TD class=et3 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 700; FONT-SIZE: 10.5pt; BACKGROUND: #ccccff; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 66pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-pattern: #CCCCFF none; mso-protection: locked visible" width=88 height=19>H-A<FONT size=2><SPAN class=font2><FONT face=Times>股</FONT> <SPAN class=font1>折价 </FONT></TD></TR> <TR height=19> <TD class=et7 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 119.25pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-protection: locked visible" width=159 height=19>终端设备<FONT size=2><SPAN class=font3><FONT face=楷体_GB2312>（</FONT> <SPAN class=font4>1 <SPAN class=font3><FONT face=楷体_GB2312>家）</FONT> </FONT></TD> <TD class=et6 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 62.25pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-protection: locked visible" width=83 height=19 x:num="3.97">397%</TD> <TD class=et6 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 66pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-protection: locked visible" width=88 height=19 x:num="-0.8">-80%</TD></TR> <TR height=19> <TD class=et7 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 119.25pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-protection: locked visible" width=159 height=19>中药<FONT size=2><SPAN class=font3><FONT face=楷体_GB2312>（</FONT> <SPAN class=font4>1 <SPAN class=font3><FONT face=楷体_GB2312>家）</FONT> </FONT></TD> <TD class=et6 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 62.25pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-protection: locked visible" width=83 height=19 x:num="1.43">143%</TD> <TD class=et6 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 66pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-protection: locked visible" width=88 height=19 x:num="-0.59">-59%</TD></TR> <TR height=19> <TD class=et7 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 119.25pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-protection: locked visible" width=159 height=19>造纸<FONT size=2><SPAN class=font3><FONT face=楷体_GB2312>（</FONT> <SPAN class=font4>1 <SPAN class=font3><FONT face=楷体_GB2312>家）</FONT> </FONT></TD> <TD class=et6 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 62.25pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-protection: locked visible" width=83 height=19 x:num="0.86">86%</TD> <TD class=et6 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 66pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-protection: locked visible" width=88 height=19 x:num="-0.46">-46%</TD></TR> <TR height=19> <TD class=et7 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 119.25pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-protection: locked visible" width=159 height=19>印刷包装机械<FONT size=2><SPAN class=font3><FONT face=楷体_GB2312>（</FONT> <SPAN class=font4>1 <SPAN class=font3><FONT face=楷体_GB2312>家）</FONT> </FONT></TD> <TD class=et6 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 62.25pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-protection: locked visible" width=83 height=19 x:num="3.86">386%</TD> <TD class=et6 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 66pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-protection: locked visible" width=88 height=19 x:num="-0.79">-79%</TD></TR> <TR height=19> <TD class=et7 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 119.25pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-protection: locked visible" width=159 height=19>银行<FONT size=2><SPAN class=font3><FONT face=楷体_GB2312>（</FONT> <SPAN class=font4>6 <SPAN class=font3><FONT face=楷体_GB2312>家）</FONT> </FONT></TD> <TD class=et6 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 62.25pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-protection: locked visible" width=83 height=19 x:num="0.31">31%</TD> <TD class=et6 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 66pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-protection: locked visible" width=88 height=19 x:num="-0.23">-23%</TD></TR> <TR height=19> <TD class=et7 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 119.25pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-protection: locked visible" width=159 height=19>铜<FONT size=2><SPAN class=font3><FONT face=楷体_GB2312>（</FONT> <SPAN class=font4>1 <SPAN class=font3><FONT face=楷体_GB2312>家）</FONT> </FONT></TD> <TD class=et6 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 62.25pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-protection: locked visible" width=83 height=19 x:num="2.03">203%</TD> <TD class=et6 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 66pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-protection: locked visible" width=88 height=19 x:num="-0.67">-67%</TD></TR> <TR height=19> <TD class=et7 style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; FONT-WEIGHT: 400; FONT-SIZE: 10.5pt; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 0.5pt solid; WIDTH: 119.25pt; COLOR: #000000; BORDER-BOTTOM: #000000 0.5pt solid; FONT-STYLE: normal; WHITE-SPACE: normal; HEIGHT: 14.25pt; TEXT-ALIGN: left; TEXT-DECORATION: none; mso-pr |
