【导读】本周有3只新股可申购，天有为、众捷汽车均是比亚迪供应商 中国基金报记者闻言 A股打新投资者注意啦！ 根据目前发行安排，本周有3只新股可申购。具体来看，4月14日可申购上交所主板新股天有为，4月15日可分别申购深交所主板新股江 顺科技、创业板新股众捷汽车。 天有为客户包含比亚迪 天有为的申购代码为732202，发行价为93.50元/股，发行市盈率为13.50倍，参考行业市盈率为27.16倍。 天有为此次总发行数量为4000万股，包含网上发行数量为1280万股。投资者参与网上申购天有为，申购数量上限为1.25万股，顶格申购 需配沪市市值为12.50万元。 天有为主要从事汽车仪表的研发设计、生产、销售和服务，并逐步向智能座舱领域拓展，主要产品包括电子式组合仪表、全液晶组合仪 表、双联屏仪表及其他汽车电子产品与服务。 目前，天有为具备为汽车整车厂商同步研发及批量供货的能力，国内外知名车企和汽车零部件供应商客户包含现代汽车集团、比亚迪、 长安汽车、一汽奔腾、奇瑞集团、上汽通用五菱、吉利集团、北京现代、江淮汽车等。 2022年至2024年，天有为的营业收入分别为19.72亿元、34.37亿元、44.65亿元，归母 ...

北交所策略专题报告 2025 年 04 月 06 日 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：关注 2025 战配大年机会，2024 年北交所新股打新+战配高收益 2025 年 1-3 月北交所共上市 3 家企业，从发行节奏上来看，预计 2025Q2 开始上 市节奏有望加速。2024 年全年北交所共上市 23 只新股，从实际上市时间点看， 2024 年新股上市的时间集中于 1-3 月以及 10-12 月。从新股市盈率角度来看，2024 年和 2025 年 1-3 月北交所首发市盈率均值为 14.99X 和 13.02X 低于行业市盈率， 安全边际较高。从新股中签率来看，北交所 2024 年中签率均值为 0.11%，较 2023 年全年下滑 1.90pcts；2025 年 1-3 月网上中签率均值为 0.08%，较 2024 年全年下 滑 0.03pcts。从冻结资金角度来看， 2024 年-2025 年 1-3 月的 26 只新股中网上 冻结资金在 1000 亿元以下的仅占 3.85%，冻结金额规模在 3000 亿以上公司占比 最大，占比 34.6 ...

New IPOs - In March 2025, 14 new stocks were issued in the A-share market, raising a total of 7.9 billion yuan, a month-on-month increase of 104.6%[6] - The average fundraising rate for new stocks was 85%, up 6 percentage points from the previous month[7] - The average first-day increase for new stocks was 227%, with a 2 billion yuan allocation yielding a profit of 1.468 million yuan[45] REITs - In March 2025, there were 2 REITs issued, with an average of 93 institutions participating in the offline inquiry, resulting in an average subscription multiple of 128.8 times, a record high since 2024[2] - The average pricing level for REITs rose to the 78th percentile of the inquiry range, an increase of 14 percentage points month-on-month[2] - The first-day average increase for REITs was 27.3% in the first quarter of 2025, with no instances of "zero break" on the first day of listing[2] Market Trends - The average initial PE ratio for new stocks in March 2025 was 21 times, a month-on-month increase of 22%, with a 46% discount compared to comparable companies[16] - The number of offline inquiry participants increased, with the average number of participants for the Sci-Tech Innovation Board and the Growth Enterprise Market reaching 5,767 and 6,530, respectively, both hitting new highs for the year[21] Risk Factors - Potential risks include changes in the pace of IPO reviews, adjustments to issuance systems, fluctuations in investor participation, and the quality and quantity of declared projects[2]

Group 1 - The new stock market shows a significant recovery in "profit-making effect," with an average first-day increase of 318% for four new stocks this week [1] - Hongjing Optoelectronics saw a first-day increase of 282.03%, with a single subscription profit close to 60,000 yuan, while Jiangnan New Materials surged 606.83%, marking the highest first-day increase for new stocks this year, with a single subscription profit of approximately 32,000 yuan [1] - Next week, three new stocks are scheduled for subscription, including Shihang New Energy, which is a leading global supplier of photovoltaic inverters [1][4] Group 2 - Shihang New Energy focuses on the research, production, sales, and service of new energy power equipment, specializing in solar energy conversion, storage, and management [5] - The company’s core products include string photovoltaic grid-connected inverters, photovoltaic energy storage inverters, storage batteries, and photovoltaic system accessories [5] - Shihang New Energy expects a net profit of 49 million to 55 million yuan for Q1 2025, with a year-on-year change of -0.10% to 12.14% [6] Group 3 - China Ruilin, established in 1957, is a key design unit in the non-ferrous metal industry, providing engineering design consulting and total contracting services [9] - The company serves major state-owned enterprises and large corporate groups in China, including China Nonferrous Mining, State Power Investment, and China Copper [1] - China Ruilin anticipates a net profit of 8.5 million to 11 million yuan for Q1 2025, with a year-on-year change of -0.16% to 29.21% [10] Group 4 - Taihong Wanli has over 20 years of experience in the automotive parts sector and has become a first-tier supplier for several well-known domestic and international automotive manufacturers [2] - The company actively collaborates with leading companies in the new energy vehicle sector, including NIO, Li Auto, and Xpeng Motors, and is a partner of major component suppliers like CATL [2] - Taihong Wanli projects a net profit of 38.8 million to 43.5 million yuan for Q1 2025, reflecting a year-on-year growth of 2.89% to 15.35% [11]