Group 1 - Guangdong Jianke (301632) was listed on the Shenzhen Stock Exchange on August 12 [1] - The company specializes in inspection and testing technology services in the construction engineering sector [1] - The controlling shareholder is Guangdong Provincial Construction Engineering Group Holding Co., Ltd., which holds 231,100,000 shares, representing a 55.21% pre-IPO ownership [1] Group 2 - The shareholders of the controlling company include the Guangdong Provincial Government (90% ownership) and the Guangdong Provincial Department of Finance (10% ownership) [1] - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of Guangdong Province [1] - The total amount raised from the public offering is 686.57 million yuan, with a net amount of 629.18 million yuan after deducting issuance costs, which will be used for the construction of an innovation technology research institute headquarters and a testing and marketing service network [1]

Group 1 - The core business of the company is inspection and testing technology in the construction engineering field [2] - The company is accelerating its plans to expand into national markets based on its provincial business [2] - The company has successfully opened factories in multiple provinces outside its home region, leveraging wind tunnel experiments and curtain wall testing technologies [2] Group 2 - The issuance price is set at 6.56 yuan [2] - The total market value of the company is 2.746 billion yuan [2] - The issuance price-earnings ratio is 26.48 [2] - The subscription rate is 0.02% [2]

Company Overview - Guangdong JianKe has developed an "All-terrain Tunnel Detection Robot" that integrates advanced technologies such as 3D laser scanning and high-precision industrial cameras, aimed at enhancing the safety of urban underground infrastructure [1][3] - The company is set to raise 481 million yuan through its IPO, with 387 million yuan allocated for the construction of an innovation technology research institute and 94 million yuan for the establishment of a detection and marketing service network [3][5] - The company has established multiple core competitive barriers in the inspection and testing industry, with a projected net profit for 2024 reaching a three-year high [3][9] Financial Performance - Guangdong JianKe's revenue has shown stable growth, achieving 1.072 billion yuan in 2022, 1.154 billion yuan in 2023, and 1.197 billion yuan in 2024, with a gross profit margin consistently above the industry average [9][10] - The company's net profit for 2024 is expected to grow by 7.99% year-on-year, marking a new high in the last three years [9][10] Industry Context - The inspection and testing industry in China has seen significant growth, with the market size increasing from 206.51 billion yuan in 2016 to 467.01 billion yuan by the end of 2023, reflecting a compound annual growth rate of 12.36% [11][12] - The number of inspection and testing institutions has also risen, from 33,235 in 2016 to 53,834 in 2023, indicating a trend towards consolidation within the industry [11][12] - The recent revision of the "Construction Engineering Quality Testing Management Measures" has raised the standards for testing institutions, favoring larger, more capable companies like Guangdong JianKe [13][14] Strategic Initiatives - The company is expanding its market presence beyond Guangdong, actively pursuing opportunities in provinces such as Hainan and Yunnan, and has established a comprehensive layout in the Pearl River Delta region [14] - Guangdong JianKe is leveraging its technological capabilities and strategic positioning to enhance its role in the intelligent construction and green revolution sectors [14]

凡参与本次网上定价发行的投资者持有的申购配号尾数与上述号码相同的，则为中签号码。中签号码共 有5.8609万个，每个中签号码只能认购500股广东建科A股股票。 格隆汇8月4日丨广东建科(301632.SZ)公布首次公开发行股票并在创业板上市网上摇号中签结果，具体 如下： ...

Group 1 - The core business of the company is engaged in inspection and testing technology services in the construction engineering field, with revenue from this business exceeding 98% from 2022 to 2024, indicating stable business composition [2] - The company possesses the first national wind tunnel laboratory for buildings and has established several advanced laboratories, including the largest civilian building wind tunnel laboratory in the country, demonstrating its commitment to intelligent and information-based services [2] - The company has a competitive advantage with over 4,100 recognized testing standards and approximately 32,000 testing parameters, covering various sectors such as construction, municipal, transportation, water conservancy, environmental protection, and safety production [2] Group 2 - The company has undertaken significant projects such as the Hong Kong-Zhuhai-Macao Bridge and Guangzhou Baiyun International Airport, achieving good economic benefits and receiving multiple honors, including "National AAA Credit Enterprise" [3] - The company has reported a slight decline in net profit attributable to the parent company in 2023, attributed to increased credit and asset impairment losses and a slight decrease in gross profit margin [3] - The company's revenue is heavily concentrated in Guangdong province, with revenue from this region accounting for approximately 97.68% to 97.53% from 2022 to 2024, which poses risks due to increasing regional competition [3] Group 3 - The company's accounts receivable and contract assets as a percentage of total assets have increased from 19.43% in 2022 to 27.63% in 2024, indicating growing financial risk [4] - The proportion of accounts receivable aged over one year has also increased, from 36.66% in 2022 to 47.53% in 2024, suggesting a trend of lengthening collection periods [4]

Core Viewpoint - Guangdong JianKe is set to benefit from the growing demand in the inspection and testing services sector, supported by national policies favoring high-tech service industries [3][4]. Company Overview - Guangdong JianKe specializes in inspection and testing technology services in the construction engineering field, with over 98% of its revenue coming from this business from 2022 to 2024 [3]. - The company has established several advanced laboratories, including the largest civil building wind tunnel laboratory in China and various specialized testing facilities [3]. Competitive Advantages - The company holds over 4,100 recognized testing standards and approximately 32,000 testing parameters, covering multiple sectors such as construction, municipal, transportation, and environmental safety [3]. - Guangdong JianKe has participated in over 20 national science and technology projects and has received numerous awards, including 89 national and provincial-level technology awards [3]. Financial Performance - The company has successfully undertaken major projects like the Hong Kong-Zhuhai-Macao Bridge and Guangzhou Baiyun International Airport, leading to significant economic benefits [4]. - From 2022 to 2024, the company’s accounts receivable and contract assets as a percentage of total assets are projected to increase, indicating potential liquidity concerns [5]. Market Risks - The company faces risks due to its heavy reliance on the Guangdong region, where revenue from this area accounted for approximately 97.5% over the past three years [4]. - The real estate sector's slowdown, influenced by tightened policies, has led to delayed payments for inspection and testing services, increasing the risk of bad debts [4].

- The report does not contain any quantitative models or factors for analysis[1][2][3]

Core Viewpoint - The inspection and testing service industry in China is rapidly developing due to rising income levels and increased emphasis on product quality, particularly in housing and construction [1] Group 1: Company Overview - Guangdong JianKe (301632) is set to be listed on the ChiNext board on August 12, with a leading position in engineering inspection and testing capabilities across various sectors [1] - The company has provided inspection and testing services for major projects such as the Hong Kong-Zhuhai-Macao Bridge and Guangzhou Baiyun International Airport, achieving significant economic and social benefits [2] Group 2: Financial Performance - The company's revenue for 2022 to 2024 is projected to be 1.072 billion, 1.154 billion, and 1.197 billion respectively, with net profits of 103 million, 99 million, and 107 million [2] - The revenue breakdown for inspection and testing services shows that construction and municipal testing accounted for approximately 73% of total revenue during the same period [2] Group 3: Competitive Advantages - The company's core competitive advantages include innovation capabilities, technical service capabilities, and strong brand recognition [3] - Guangdong JianKe is focusing on expanding its market presence beyond Guangdong province, targeting regions like Yunnan and Hainan [3] Group 4: Industry Context - The inspection and testing industry in China is experiencing rapid growth, supported by government initiatives aimed at enhancing quality certification systems and market reforms [4] - The company aims to raise funds for its innovation technology research headquarters and marketing service network, with a total of 4.81 billion planned for these projects [4] Group 5: Future Development - The innovation technology research institute will focus on the development of digital inspection and testing equipment, aiming to transform the company's operations and maintain a technological edge [5] - The company plans to extend its services from one-time reports to comprehensive digital services throughout the lifecycle of construction projects, aligning with trends in smart city and new infrastructure development [5]

广东建科（301632）(301632.SZ)公告，公司股票将于2025年8月12日在深圳证券交易所创业板上市。 ...

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