新股前瞻|智慧能源解決方案行业龙头，胜软科技再次“上表”

Core Viewpoint - The company, Shengruan Technology, is seeking to relist on the Hong Kong Stock Exchange after a previous failure, highlighting its position as a leading independent provider of smart energy solutions in China, with a market share of 4.9% in the smart oil and gas field solutions market [1] Company Performance - Shengruan Technology's revenue is projected to grow at a compound annual growth rate (CAGR) of 15.9% from 2022 to 2024, while net profit is expected to grow at a CAGR of 25.66% during the same period [1] - In the first four months of 2025, revenue growth slowed to 4.07%, and the company reported a net loss of 0.2 billion RMB, primarily due to product delivery cycles and revenue recognition issues [1] - As of April 30, 2025, the company had cash and cash equivalents of 0.67 billion RMB [1] Business Segments - The company operates in three main business segments: smart energy solutions (65.4% of revenue), smart manufacturing solutions (9.6%), and smart city solutions (25%) [2] - The smart energy solutions segment has shown steady growth from 2022 to 2024, but revenue significantly declined in 2025, causing its revenue share to drop from 85.9% to 65.4% [2] - The smart city solutions segment experienced a remarkable growth of 112.8% in 2025, increasing its revenue share by 12.8 percentage points [3] Financial Metrics - The company’s gross margin has been declining, with a gross margin of 24.6% in the first four months of 2025, down 6.3 percentage points year-on-year [6] - The gross margin for the smart energy solutions segment decreased from 42.7% to 26.9%, a drop of 15.8 percentage points [6] - Despite the decline in gross margin, the company has managed to optimize its expense ratios, leading to an increase in net profit margin from 9.6% in 2022 to 11.3% in 2024 [6] Industry Outlook - The smart energy solutions market in China is expected to grow at a CAGR of 19.1%, reaching a market size of 32.4 billion RMB by 2024, and is projected to reach 66.9 billion RMB by 2029 [7] - The smart city solutions market is also significant, with a projected market size of 2.83 trillion RMB by 2024 and a CAGR of 16.3% [7] - Shengruan Technology holds a leading position in the smart energy solutions market, ranking second with a market share of 2.3% in 2024, while maintaining the top position in the independent smart oil and gas field solutions market [8] Customer Concentration - The company has a high customer concentration, with the top five customers contributing over 70% of revenue, which was 73.5% in the first four months of 2025 [5] - The reliance on a limited number of customers poses a risk, but stable relationships have allowed the company to negotiate higher revenue shares [5]