深耕高炉耐火材料细分赛道专精特新“小巨人”：瑞尔竞达北交所过会

Core Viewpoint - Mingguang Rierjinda Technology Co., Ltd. has received approval for its public stock issuance and listing on the Beijing Stock Exchange, marking a significant milestone in its growth trajectory as a key player in the steel industry amidst the green transformation driven by the "dual carbon" strategy [1][15]. Company Overview - Rierjinda is recognized as a national-level specialized and innovative "little giant" enterprise, focusing on the research, production, and sales of refractory materials for blast furnaces, establishing strong barriers in a niche market [7][20]. - The company positions itself as the "guardian of blast furnaces," providing comprehensive lifecycle technical solutions for high-temperature and high-pressure operations, with a product system covering critical aspects of blast furnace operation [7][20]. Financial Performance - The revenue from the core business of functional consumable materials for blast furnaces has increased to approximately 60%, becoming the main engine for the company's stable development [7][20]. - The projected total revenue for 2024 is approximately 473.06 million yuan, with a breakdown of 261.34 million yuan from functional consumable materials and 125.72 million yuan from blast furnace linings [8][21]. - The company has shown a steady revenue growth to 476.25 million yuan by 2024, with a significant increase in net profit, demonstrating strong profitability and resilience [12][25]. Innovation and Technology - Rierjinda holds 70 patents, including 16 invention patents and 54 utility model patents, showcasing its robust research and development capabilities [9][22]. - The company’s gross profit margin reached 39.72% in 2024, significantly higher than the industry average, reflecting its differentiated technological advantages [9][22]. Market Position and Partnerships - Rierjinda's products are widely used by major domestic steel enterprises such as Baowu Steel Group, Shougang Group, and Ansteel Group, establishing long-term stable partnerships [9][22]. - The company also exports its products to various countries, including Russia, South Korea, Vietnam, and Turkey, enhancing its international presence [9][22]. Future Development - The company plans to invest in green and intelligent upgrades, focusing on carbon capture technologies and energy-saving materials, with a total investment of approximately 372.76 million yuan for its fundraising projects [12][26]. - Rierjinda aims to leverage capital market empowerment to deepen technological innovation and expand its green product matrix, contributing to the reduction of carbon emissions in the steel industry [14][27].