Core Viewpoint - Guangdong Jianke (301632.SZ) is a new IPO on the Shenzhen Stock Exchange's ChiNext board, primarily engaged in inspection and testing technology services in the construction engineering sector, with over 98% of its revenue coming from this business from 2022 to 2024, indicating a stable business structure [1][4]. Group 1: Company Overview - Guangdong Jianke's main business is inspection and testing technology services, which is a key area supported by the state, and the company is expected to benefit from the trend of industrial consolidation in China's inspection and testing sector [1]. - The company has established branches and laboratories in the Pearl River Delta and other regions, providing a wide range of inspection and testing services [2][3]. - Guangdong Jianke has a competitive advantage with over 4,100 recognized testing standards and approximately 32,000 testing parameters, covering various sectors including construction, municipal, transportation, water conservancy, environmental protection, and safety production [3]. Group 2: Financial Performance - The IPO price is set at 6.56 CNY per share, with an institutional offering price of 7.35 CNY, resulting in a market capitalization of 20.59 billion CNY [2]. - The company's earnings per share (EPS) for 2021, 2022, and projected for 2023 and 2024 show a consistent growth trend, with net profit expected to increase significantly [2]. - The company plans to invest 3.87 billion CNY in the construction of an innovation technology research headquarters and 0.94 billion CNY in building a testing and marketing service network [2]. Group 3: Market Position and Risks - Guangdong Jianke's revenue is heavily concentrated in Guangdong province, with revenue contributions of 97.68%, 97.45%, and 97.53% from 2022 to 2024, which poses a risk due to increasing competition in the region [4]. - The company has faced challenges due to the slowdown in the real estate sector, leading to delayed payments for inspection and testing services, which has resulted in an increase in accounts receivable and contract assets [4]. - The proportion of accounts receivable and contract assets to total assets has risen from 19.43% in 2022 to 27.63% in 2024, indicating a growing risk of bad debts [4].
拥有华南唯一国家绿色建筑检测中心，港珠澳大桥检测商今日申购丨打新早知道