CRCC(601186) 智通财经网·2025-05-26 22:45Core Viewpoint - Jiaotong Tiefa (920027.BJ) has initiated its subscription with an issue price of 8.81 CNY per share and a maximum subscription limit of 906,700 shares, reflecting a price-to-earnings ratio of 12.94 times, and is listed on the Beijing Stock Exchange with Guotou Securities as its sponsor [1] Group 1: Company Overview - Jiaotong Tiefa is a high-tech enterprise specializing in the research, development, production, and sales of intelligent products and equipment for rail transit, as well as providing professional technical services [1] - The company focuses on the safety of rail transit infrastructure and has developed strong technical research, production capabilities, and service strength over the years [1] - Main products and services include intelligent products and equipment for rail transit, safety monitoring and detection products, railway information systems, new materials, intelligent equipment, surveying services, and operation and maintenance services [1] Group 2: Technology and Solutions - The company utilizes core technologies such as interference signal recognition, seismic phase recognition, earthquake three-element estimation, nonlinear ultrasound and acoustic emission monitoring, 3D laser radar and video monitoring, railway construction and operation information technology, and passive rapid rail grinding vehicles to address industry pain points [1] Group 3: Market Applications - Products and services are widely applied in high-speed railways, conventional railways (including heavy-haul railways), and urban rail transit, with notable projects including Beijing-Zhangjiakou High-speed Railway, Beijing-Shanghai High-speed Railway, and Guangzhou Metro [2] - Major clients include large state-owned groups related to railways, such as China National Railway Group, China Railway Construction Corporation, and China Railway Group [2] Group 4: Financial Performance - For the fiscal years 2022, 2023, and 2024, Jiaotong Tiefa achieved revenues of approximately 235 million CNY, 273 million CNY, and 335 million CNY respectively, with net profits of approximately 33.78 million CNY, 48.96 million CNY, and 56.10 million CNY respectively [2] - Total assets as of December 31 for 2022, 2023, and 2024 were approximately 395.64 million CNY, 445.75 million CNY, and 635.95 million CNY respectively, with total equity of approximately 160.39 million CNY, 216.37 million CNY, and 266.70 million CNY respectively [3] - The company's asset-liability ratio for the parent company was 57.09%, 51.57%, and 58.42% for the years 2022, 2023, and 2024 respectively, with gross profit margins of 45.76%, 46.57%, and 44.50% [3]