新股前瞻 智慧能源解決方案行业龙头，胜软科技再次“上表”

Company Overview - Shengruan Technology has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan Securities (Hong Kong) as its sole sponsor [1] - The company is the largest independent solution provider in China's smart oil and gas field solutions market, holding a market share of 4.9% [1] - Shengruan Technology is recognized as the only representative in the energy sector among the 49 national-level cross-industry industrial internet platforms [1] Financial Performance - The company's revenue compound annual growth rate (CAGR) is projected at 15.9% from 2022 to 2024, while net profit CAGR is expected to be 25.66% [1] - In the first four months of 2025, revenue growth slowed to 4.07%, and net losses expanded to 20 million yuan, primarily due to product delivery cycles and revenue recognition issues [1] - As of April 30, 2025, the company had cash and cash equivalents of 67 million yuan [1] Business Segments - Shengruan Technology offers solutions across three main areas: smart energy solutions (65.4% of revenue), intelligent manufacturing solutions (9.6%), and smart city solutions (25%) [2] - The smart energy solutions segment includes six categories, such as oil and gas exploration and production solutions [2] - The smart city solutions segment has seen significant growth, with a 112.8% increase in revenue in 2025, contributing to a 25% revenue share [3] Market Position and Industry Growth - 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 yuan by 2024 and 66.9 billion yuan by 2029 [7] - Shengruan Technology holds a second-place market share of 2.3% in the smart energy solutions sector, while leading the independent solutions market in smart oil and gas with a 4.9% share [7] - The intelligent manufacturing and smart city solutions markets are also projected to grow steadily, with significant potential for expansion [8] Profitability and Cost Management - The company's gross margin has declined, with a gross margin of 24.6% in the first four months of 2025, down 6.3 percentage points year-on-year [5] - The gross margin for the smart energy solutions segment decreased from 42.7% to 26.9%, a drop of 15.8 percentage points [5] - Despite the decline in gross margin, the company has effectively controlled expenses, leading to an increase in net profit margin from 9.6% in 2022 to 11.3% in 2024 [6]