明源雲上市首日大漲86% 成交額領跑港股市場
9月23日，明源雲上市首日高開高走，午後震盪下跌後再度拉昇，一度漲超93%。截至收盤，漲86%報30.7港元。全天成交83.5億港元，換手率16.75%，居港股市場第一位。
值得一提的是，明源雲的發行價為16.5港元，估值為240億港元。相比這一數字，明源雲目前574.4億港元的總市值翻了一倍有餘。
數據來源：富途牛牛
明源雲是中國房地產開發商的第一大軟件解決方案供應商，按2019年的合約價值，共佔有24.6%的市場份額，目前已基本完成了國內百強房企全覆蓋。公司業務主要分為SaaS產品和ERP解決方案兩部分，營收佔比分別為51%和49%。
就市場而言，國內房產Saas解決方案這一賽道可以説是方興未艾。從2015年的125億元（人民幣，下同）增至2019年的277億，預期2024年，國內這一市場將達到954億，逼近千億發展規模。同時，2019年該業務在國內的整體滲透率僅為0.1%，而同期美國的這一數據為1.55%。
市場廣闊疊加滲透率低，兩重因素促使這一行業逐漸成為國內亟待挖掘的“藍海市場”。而明源雲作為行業龍頭，近年來的業績顯著上行。2017-2019年，明源雲實現營收分別為5.8億、9.1億、12.6億，複合年增長率為47.7%。淨利潤分別為0.7億、1.6億元和 2.3億，複合增長率高達78.4%。
2020年一季度，明源雲營收為2.5億，同比增加30%；淨利潤0.15億，同比增加113.%。均維持了不錯的增長狀態。
明源雲本次發行的6位基石投資者分別為高瓴資本、GIC、中國結構調整基金、紅杉資本、貝萊德基金及富達基金。中金公司、花旗為聯席保薦人。
興業證券認為，公司在地產行業ERP 解決方案及SaaS 產品提供商中享有絕對龍頭地位，公司的產品覆蓋廣滲透性強，客户續約率高。SaaS 產品收入穩步增長，ERP 解決方案模塊打造成熟，功能及服務類型多樣，ERP 解決方案增值服務收入高速增長。但同時要注意軟件解決方案研發和升級不及預期、提供服務客户數量下降、宏觀經濟增長放緩、地產行業調控政策加嚴等風險。
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