广东建科明日申购！专注于工程检测领域，2023年毛利率下滑

Core Viewpoint - Guangdong JianKe is launching an IPO with a subscription price of 6.56 yuan per share, which is lower than the industry average P/E ratio, indicating a potential investment opportunity [1] Company Overview - Guangdong JianKe focuses on inspection and testing technology services in the construction engineering sector, covering various areas such as municipal, transportation, water conservancy, energy conservation, environmental protection, and safety production [1] - The company has undertaken significant projects including the Hong Kong-Zhuhai-Macao Bridge and Guangzhou Baiyun International Airport [1] Financial Performance - Revenue for 2022, 2023, and projected 2024 is approximately 1.072 billion, 1.154 billion, and 1.197 billion yuan respectively, with inspection and testing services accounting for over 98% of total revenue [2] - Net profit for the same years is reported as 102 million, 98 million, and 105 million yuan, with a gross margin of 48.44%, 47.72%, and 48.44% respectively [2] - The decline in net profit in 2023 is attributed to increased credit and asset impairment losses, along with a slight decrease in gross margin [2] Key Financial Data - For 2024, the projected operating income is 119.74 million, with net profit expected to be 105.47 million [3] - In Q1 2025, the company reported an operating income of 20.23 million, showing a slight increase, but a net loss of 14.29 million, reflecting a 34.32% decline year-on-year [5] Risks - The company faces risks related to revenue concentration in Guangdong, with over 97.45% of revenue coming from this region, which may increase competition and impact growth [6] - There are concerns regarding accounts receivable and contract assets, with significant amounts at risk due to the slowdown in the real estate sector and long settlement cycles for large projects [6] Fundraising and Investment Plans - The IPO aims to raise 480 million yuan, which will be allocated to the construction of an innovation technology research institute and the establishment of a testing and marketing service network [7]