lishibageyuezhijiu，250yutian，kechuangbanzhongyuzaijinriyinglaikaishi，25jiakechuangbanqiyezhengshishangshijiaoyi。
congjinrigujiabiaoxianlaikan，suoyoukechuangbanqiyekaishijidazhang，zhangfuyiduchaoyue100%，jixianshikegengyou6zhigupiaozhangchao200%，anjikejigengshiyiduzhangchao520%，shizhizenghujingren。tongyangzuoweishoupishangshiqiye，zhongweigongsijinribiaoxianyebusu，kaishihouzhangfuyiduchaoyue200%，bingqiezhangqibaochizheiyizhuangtai，shoupanshihouzhangfu179.32%。
作为按照科创板上市标准四实行上市的四家企业之一，中微公司是本批25家上市企业中上市前发行股价市盈率最高的企业，上市前高达170.75倍。
如图所示，这25家企业的市盈率从19倍到171倍不等，总体平均市盈率为53倍，60%的企业市盈率在30到50倍之间，而中微公司一骑绝尘，远甩市盈率第二的睿创微纳90余位倍数。
zuoweikaiban25jiaqiyedangzhongshiyinglvzuigaodeyijiaqiye，shourishoupanjieshuzhihouzhongweigongsiyuyuqibiaoxianxiangchajihe？shangshiqian170beishiyinglvdexiongxinshifouyiranjiugoujixu？xiayibuzhuluguoneibandaotichanyefazhanshifouyirandiqishizu？xiliewentizhidetantao。
上市首发170倍市盈率，中微公司底气何来？
高市盈率同时也意味着高风险，虽说科创板不受市盈率23倍限制，但对于中微公司上市前就远超同批企业平均水平3倍以上的市盈率来说，这确也有些过于骇人。而潜藏在这一骇人事实身后的，是以中微公司在半导体专业领域的实力作为支撑的。
duiyuzhongweigongsieryan，gongsisuoyoudeyewudoushiweiraozhebandaotishebeideyanzhiyijixiaoshoukaizhande。conggongsizuizhuyaodeliangdaxiliechanpineryan，2018nian，keshishebeizhanzhongweigongsishourubizhongde40%，mocvdzhangongsishourude60%。
招股书信息显示，中微公司是一家以中国为基地、面向全球的高端半导体微观加工设备公司，公司主要聚焦用于集成电路、LEDdengweiguanqijianlingyudedenglizitikeshishebei、shenguikeshishebeihemocvdshebeidengguanjianshebeideyanfa、shengchanhexiaoshou。muqiangongsiyijingjubeikaifachuyumeiguoshebeigongsijuyoutongdengzhilianghexiangdangshuliangdedenglizitikeshishebeibingshixianliangchan。
刻蚀设备方面，zhongweigongsidaomuqianweizhiyichenggongkaifaleshuangfanyingtaiprimo d-rie、shuangfanyingtaiprimo ad-riehedanfanyingtaiprimo ssc ad-riesandaishengaopinquouhedenglizitikeshishebei，hangai65nami、45nami、32nami、28nami、22nami、14nami、7namihe5namiweiguanqijiandezhongduokeshiyingyong。tongshichenggongkaifadanfanyingtaiprimo nanovadianganxingdenglizitikeshidengshebei，zhuyaohangai14namiyixiaweiguanqijiandekeshiyingyong。ciwaihaizhenduijichengdianluxianjinfengzhuanghememschuanganqichanyefazhandeshichangxuqiu，kaifaleguangfanyingyongyuzheixielingyudedianganxingdenglizitishenguikeshishebei。
薄膜沉积设备方面，muqianzhongweiyikaifalesandaimocvdshebei，gaishebeishiyizhonggaoduanbomochenjishebei，zhuyaoyongyulanlvguangledhegonglvqijiandengshengchanjiagong，baokuodiyidaishebeiprismo d-blue、dierdaishebeiprismo a7jidisandaigengdachicunshebei。
半导体之所以难，主要是因为其基于纳米级别而开展微观加工。congzuichudedianziguanjisuanjidaorujin7nm、5nmqijian，weiguanqijiandejibendanyuanmianjisuoxiaolejinwanyibei，erzainamijibiedexinpianshangwanchengzuizhongzhizao，zheiyiguochengyouxuyaochengbaishangqiangegongyibuzhou，yezhengyinweiruci，bandaotiyijixinpianjishuxianglaibeishiweixinxijishuchanyedangzhongdemingzhu。erzaizhenggebandaotichanyedangzhong，bandaotishebeizhanxianjinjichengdianludaguimoshengchanxianzongtouzide75%yishang，keyishuo，shebeishibandaotichanyedegenben。
市场占有方面，zaibandaotikeshishebeilingyu，chufanlinbandaoti、dongjingdianzi、yingyongcailiaosandabandaotigongsixiduanxingye94%deshichangfenewai，muqianzhongweigongsidequanqiushichangfenezhanbiyidadao1.4%zuoyou，weilaiguochanhuatidaikongjianjuda。erzaimocvdshebeifangmian，zi2017nianzhongweigongsichenggongdapoguowailongduan，shixianxiaoshoushourucong2016niandejin1558wanyuanjizengdao2017niande5.3yiyuanzhihou ，zhongweigaixiliechanpinxiaoshoueyiduzengzhangxunmeng，2018nianxiabannianzhanjulequanqiuxinzengdanhuajiajiled mocvdshebeixinzengshichangde60%yishang，chengweijueduilongtou。
过硬的产品实力以及出色的市场占有率，这些方面的积累成为了中微公司超高市盈率背后的有力支撑。
首日收盘477倍市盈率，中微是否在“割韭菜”？
科创板上市后中微公司发行总股份为534,862,237股，按照2018年净利润90,836,800元计算，中微公司首日收盘每股市盈率（静）477.12倍，远高于安集科技231.47倍/每股、西部超导179.82倍/每股以及睿创微纳178.41/每股。中微公司一跃成为科创板开板第一天当之无愧的市盈魁首，但是超高市盈率之后，中微公司是否存在“割韭菜”的嫌疑呢？
jushangjiaosuofabude《shanghaizhengquanjiaoyisuokechuangbanqiyeshangshituijianzhiyin》biaoshi，wenjianzhiminglexuyaoyouxiantuijianfuheguojiazhanlve、tupoguanjianhexinjishu，shuyuxinyidaixinxijishudenggaoxinjishuchanyehezhanlvexinxingchanyedekejichuangxinqiye。erbandaotichanyezuoweixinxijishuchanyedeshangyouchanye，qiguangbeizhichiyezaiqinglizhizhong，youqishizicong“kabozi”shijianfashengyihou，woguoduiyubandaotixinpianchanyefazhandezhichilidugengshikongqiantigao。
从本次首批发行的25家企业来看，仅电子芯片这一半导体产业方向的企业就占据了7家之多，为本期上市企业同类型企业最多的一个方向——半导体企业已然成为科创板第一波重点支持的对象。
ciwai，jusemiguji，2017-2020nianquanqiuyujixinjian62tiaojingyuanjiagongxian，youyushichangxuqiudaidongquanqiubandaotichannengzhongxinzhubuxiangzhongguodaluzhuanyi，zhongguodalujiangxinjian26zuo，chengweiquanqiuxinjianjingyuanchangzuijijidediqu，zhengtitouzijineyujizhanquanqiuxinjianjingyuanchangde42%。erqieweilaibansuizhe5g、iot、aiyijidashujudengchanyedefazhanjinyibuladongbandaotichanyexuqiu，weilaizhongguodiqubandaotixingyedezhangqizhangyuanfazhanshitoulianghao。
科创板政策制度的支持以及市场预期的向好，这些都为中微公司的超高市盈率奠定了基础。ercongbencifaxingde7jiadianzixinpianlingyuqiyedebiaoxianlaikan，shichangduiyubandaotichanyedekanhaoyeshiyoumugongdude。jiezhishoupan，7jiaqiyejunyoubusubiaoxian。
jiezhijinrishoupan，13zhigupiaozhangfuchao100%，7jiadianzixinpianqiyezhong，chulefangbangdianzizhiwaiquanbukuaru100%zhangfuxinglie，anjikejigengshiyi400.15%dezhangfugaoju25zhigupiaozhangfushouwei。
shangshizhichu，yiweitouxingrenshicengzaigongkaichanghebiaoshi：“congbandaotixingyezaierjishichangdepingjunshiyinglv，baokuoxunjiajigoujizhongweigongsidedingjialaikan，jiageshishichangdingchulaide，shichangmeiyoujuede170beishiyinglvgao”。erduoweizhuanjiazaijieshouxiangguanmeiticaifangshiyebiaoshi：muqiandeshiyinglvdebiaoxianshishichangxuanzedejieguo，shigaigedejieguo。
jielunshi，zhongweigongsidechaogaoshiyinglvyezaikelijiedefanweizhinei，zaigongsigujiabaozhangdebeihou，shibandaotichanyeguojiayizhiyijishichangxuqiushiranzhixiadeguminkuanghuan。duiyushifougejiucai，daanhaixuyaozhandaogengzhangyuandeshijianzhouqizhongzhaoxun。
