新股前瞻|美联股份：25年上半年收入翻1.8倍，二次递表能否如愿？

Core Viewpoint - Meilian Steel Structure Building System Co., Ltd. (Meilian) is facing challenges with a low net profit margin of 4.4% and significant revenue fluctuations, raising questions about its upcoming secondary listing on the Hong Kong Stock Exchange [1] Company Overview - Meilian primarily engages in prefabricated steel structure construction subcontracting, professional engineering contracting, and industrial environmental equipment, with the prefabricated steel structure subcontracting being the largest revenue source [1][5] - The company holds a 3.5% market share in China's prefabricated steel structure construction market, ranking third [1][10] Financial Performance - Revenue has declined from RMB 1.903 billion in 2022 to RMB 1.523 billion in 2024, but there was a significant increase of 179.5% in the first half of 2025 [1][2] - The net profit margin has remained stable, fluctuating between 4.3% and 4.6% from 2022 to the first half of 2025, with a slight increase to 4.4% in the first half of 2025 [1][6] Market Dynamics - The prefabricated steel structure construction market in China is projected to decrease from RMB 512.2 billion in 2021 to RMB 441.3 billion in 2024, a decline of 13.8% [1][7] - The market is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2029, reaching RMB 551.3 billion [7] Business Segments - The prefabricated steel structure subcontracting business saw a revenue increase of 182.1% in the first half of 2025, driven by project growth and demand from the automotive sector [2][5] - The professional engineering contracting segment has also shown rapid growth, with a revenue increase of 576.2% in the first half of 2025 [5] Client Concentration - The company has a high client concentration, with the top five clients contributing 84% of total revenue, and the largest client accounting for 61.1% [5][10] - Long-term relationships with major clients provide some revenue stability, but also pose risks due to high dependency [10] Industry Competition - The industry is characterized by high concentration, with the top five players holding a combined market share of 52.6%, and the largest player dominating with a 35.8% share [10] - Meilian's competitive position is relatively weak compared to the top two players, which may impact its market performance [10]