科技股估值逻辑生变，“盈利崇拜”逐步转向“技术价值”

Core Viewpoint - The valuation logic of technology stocks is shifting from short-term profit indicators like net profit and PE ratios to focusing on technological value, driven by policy support and market dynamics [1][3][4]. Group 1: Policy Changes and Market Dynamics - The Science and Technology Innovation Board (STAR Market) has restarted the IPO review process for unprofitable companies, with Wuhan Heyuan Biotechnology Co., Ltd. being the first to undergo review under the new fifth set of standards [1][2]. - The recent "1+6" policy reforms on the STAR Market have increased the inclusivity for unprofitable companies, allowing for a new growth layer that supports technology firms with significant breakthroughs and ongoing R&D investments [2][3]. - There are currently 12 unprofitable companies waiting for IPO approval, indicating a potential acceleration in the acceptance of such firms in the next two years [2]. Group 2: Valuation Methodology Shift - The evaluation of technology companies is increasingly based on their technological innovation and market potential rather than traditional profit metrics [3][5]. - A three-tier model for assessing technological value has been proposed, focusing on short-term R&D intensity, mid-term scarcity and efficiency, and long-term ecological binding [3][4]. - The "Kotevaluation" system aims to reshape the valuation framework by incorporating hard technology attributes, breaking away from the traditional profit-centric valuation [4][5]. Group 3: Market Performance and Trends - The valuation of the STAR Market has seen a significant increase, rising from approximately 117 times at the beginning of the year to 202.78 times by June 25, 2024, driven by policy support and industry growth [6]. - The valuation gap between STAR Market technology stocks and international counterparts is narrowing, particularly in sectors like artificial intelligence and biomedicine, where local firms are achieving technological breakthroughs [7][8]. - Future market performance is expected to be more differentiated, favoring companies with genuine technological barriers and commercialization capabilities, while speculative stocks may face continued adjustments [8].