美联股份通过港交所聆讯 拥有119个在手项目

Core Viewpoint - Meilian Steel Structure Building System (Shanghai) Co., Ltd. has passed the listing hearing on the main board of the Hong Kong Stock Exchange, with Shenwan Hongyuan Hong Kong as the sole sponsor [1] Company Overview - Meilian is a comprehensive provider of prefabricated steel structure building subcontracting services, offering integrated services including project design, procurement, manufacturing, and installation primarily in China and overseas [3] - The company ranks third in the industrial sector of China's prefabricated steel structure building market with a market share of 3.5% as of 2024, while the top two competitors hold market shares of 35.8% and 6.5% respectively [3][5] Business Segments - The company's operations are divided into three categories: (i) prefabricated steel structure building subcontracting services, (ii) specialized engineering contracting, and (iii) industrial environmental protection equipment [4] - The prefabricated steel structure building subcontracting services are the cornerstone of the business, providing tailored integrated services for various industrial project needs [4] - The specialized engineering contracting segment oversees the entire project lifecycle, including implementation, quality control, and budget management [4] - The industrial environmental protection equipment segment focuses on mechanical filtration and noise reduction systems, contributing significantly to revenue [4] Market Dynamics - The industrial sector of the prefabricated steel structure building market in China is highly concentrated, with the largest player dominating the industry [5] - The company's production capacity is supported by advanced facilities located in Shanghai, Suzhou, and Jiangmen, equipped to meet diverse business demands [6] Financial Performance - The company's revenue for the fiscal years 2022, 2023, and 2024 is approximately CNY 1.903 billion, CNY 1.453 billion, and CNY 1.523 billion respectively, with profits of CNY 87.8 million, CNY 62.1 million, and CNY 70.8 million [7][8] - The utilization rates for prefabricated steel structure components were 128.3%, 88.1%, and 101.7% for the years 2022, 2023, and 2024 respectively, while the industrial environmental protection equipment utilization rates were 50.9%, 72.7%, and 85.9% [6]