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北矿检测北交所上会,聚焦有色金属检验检测,毛利率存在波动
Ge Long Hui·2025-07-10 02:07

Company Overview - Beikang Testing Technology Co., Ltd. (referred to as "Beikang Testing") is a leading domestic research and service institution for non-ferrous metal inspection and testing technology, primarily engaged in the R&D of inspection and testing technology for non-ferrous metal mineral resources, technical services, and instrument development [1][2] - As of the signing date of the prospectus, the Mining and Metallurgy Group directly holds 86.11% of the company's shares, making it the controlling shareholder, with the State-owned Assets Supervision and Administration Commission holding 100% of the Mining and Metallurgy Group [1] Industry Growth - The global inspection and testing industry has maintained rapid growth of over 10% annually, with the market size increasing from €107.7 billion in 2012 to €278.5 billion in 2023 [1] - In China, the inspection and testing industry market size grew from ¥206.51 billion in 2016 to ¥467.01 billion in 2023, with a compound annual growth rate of approximately 12.36% [1] Financial Performance - Beikang Testing's revenue from inspection and testing services for the years 2022, 2023, and 2024 is projected to be approximately ¥0.91 billion, ¥1.1 billion, and ¥1.38 billion respectively, with major clients including leading companies like Mining and Metallurgy Group and Shandong Gold [2][5] - The total revenue for the company during the reporting period is estimated at approximately ¥0.92 billion, ¥1.10 billion, and ¥1.48 billion, with fluctuating gross margins of 62.65%, 64.69%, and 61.43% respectively [7][8] Revenue Composition - The main revenue source for Beikang Testing is its inspection and testing business, which focuses on ores, mineral products, and smelting products, while other business areas remain relatively small [2][5] - The company’s total revenue for 2024 is projected to be ¥1.48 billion, with the inspection and testing business contributing ¥1.38 billion [5][8] Market Position - Beikang Testing has been authorized as a national quality inspection and testing center for non-ferrous metals since 1985 and has ranked first in market share in the domestic non-ferrous metal mineral product inspection and testing service sector, with market shares of 3.01%, 2.72%, and 3.04% in 2021, 2022, and 2023 respectively [7] Future Projections - For the first half of 2025, the company expects revenue between ¥0.81 billion and ¥0.90 billion, representing a year-on-year growth of approximately 23.75% to 37.50% [9][10] - The projected net profit for the same period is estimated to be between ¥0.308 billion and ¥0.350 billion, with a growth rate of approximately 7.83% to 22.53% [10] R&D Investment - Beikang Testing has been investing in R&D, with expenditures as a percentage of revenue being 5.57%, 7.44%, and 9.32% during the reporting period, which is lower than the industry average [10] - The company plans to raise approximately ¥1.79 billion through its IPO to fund advanced testing instrument R&D and enhance testing capabilities [10]