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 protection equipment, with the prefabricated steel structure subcontracting being the largest revenue source [1][4] - The company holds a 3.5% market share in China's prefabricated steel structure construction market, ranking third [1][6] Financial Performance - Revenue has fluctuated from RMB 1.903 billion in 2022 to RMB 1.523 billion in 2024, with a significant increase of 179.5% in the first half of 2025 [1][2] - The net profit margin has remained stable between 4.3% and 4.6% from 2022 to the first half of 2025, with a slight increase to 4.4% in the latest period [5] Business Segments - The revenue distribution for the first half of 2025 is as follows: prefabricated steel structure subcontracting (87.6%), professional engineering contracting (9.9%), and industrial environmental protection equipment (2.5%) [1][4] - 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][4] Market Dynamics - The prefabricated steel structure construction market in China is projected to decline from RMB 512.2 billion in 2021 to RMB 441.3 billion in 2024, a decrease of 13.8% [1][6] - The market is characterized by high concentration, with the top five players holding a combined market share of 52.6%, and Meilian's competitive position is relatively weak compared to the top two players [6][9] Client Base and Risks - Meilian's client base is concentrated, with the top five clients contributing 84% of revenue, and the largest client accounting for 61.1% [4][9] - The company faces risks related to high client concentration, low profit margins, and significant debt, with bank loans amounting to RMB 380 million against cash equivalents of only RMB 179 million [9]