全国性计量检测领军企业，风电设备部件龙头今日申购丨打新早知道

Group 1: Tian Su Measurement (天溯计量) - Tian Su Measurement, established in 2009, is a national independent third-party measurement and testing service provider, specializing in calibration, testing, and certification services across various fields including biomedicine, automotive, and energy [1][4] - The company has developed 84 battery testing capabilities since 2018, serving major clients in the new energy battery sector, including companies like CATL and GAC Group [4] - The company has achieved several accolades, including being recognized as a national high-tech enterprise and a champion enterprise in Guangdong's manufacturing sector [4] Group 2: Financial Metrics and Market Position - Tian Su Measurement's IPO price is set at 18.00 yuan per share, with an expected market capitalization of 37.08 billion yuan [2] - The company's gross profit margin is projected to decline from 52.67% in 2022 to 51.56% in the first half of 2025, indicating potential pricing pressures in the market [4] - The average price for calibration services has decreased from 142.01 yuan in 2022 to 119.43 yuan in the first half of 2025, reflecting competitive pricing pressures [5] Group 3: Fundraising and Investment Plans - Tian Su Measurement plans to raise funds for several projects, including 1.28 billion yuan for enhancing measurement capabilities and 1.75 billion yuan for building regional testing laboratories [3] - The company also aims to invest 0.32 billion yuan in a digital center and 0.90 billion yuan to supplement working capital [3] Group 4: Xi Hua Technology (锡华科技) - Xi Hua Technology specializes in the research, manufacturing, and sales of high-end equipment components, particularly for wind power gearboxes, and is a leading provider in the global market [6][10] - The IPO price for Xi Hua Technology is set at 10.10 yuan per share, with a market capitalization of 36.36 billion yuan [6] - The company has a high customer concentration risk, with revenue from the top five clients accounting for over 90% of its main business income [10][11] Group 5: Financial Performance and Risks - Xi Hua Technology's revenue from its primary client, the leading wind power gearbox manufacturer, has shown a significant concentration, with 48.91% of revenue coming from this client in 2022 [11] - The company is expected to improve its customer concentration situation by 2025 as it expands capacity and seeks new clients [11] - The financial performance of Xi Hua Technology is highly dependent on the performance of its major clients, which poses a risk if there are significant changes in client relationships or market share [11]