北交所新股申购策略之十：综合型油服优质企业

Investment Rating - The report recommends actively participating in the IPO subscription of Keli Co Ltd, citing favorable factors such as a low threshold for full subscription, no existing shares in circulation, and an approximate 75% discount on the initial valuation [2][24] Core Views - Keli Co Ltd is a comprehensive oilfield technical service provider with a strong presence in Xinjiang and expanding overseas operations [2][6] - The company has achieved domestic leading levels in core technologies and is actively developing energy-saving and environmentally friendly products [2][6] - With regional advantages and ongoing market-oriented reforms, the company is expected to increase its market share [2][6] Company Overview - Keli Co Ltd is a technology-driven, comprehensive oilfield technical service enterprise, offering a wide range of services including crude oil dehydration, oilfield water treatment, and oilfield equipment upgrades [6][10] - The company has formed three major business segments: oilfield technical services, oilfield specialty chemicals, and oilfield specialty equipment [6][10] - In 2024H1, the company achieved revenue of 155 million yuan, with a CAGR of 4% from 2021 to 2023, and a net profit of 24 million yuan, with a CAGR of 21% over the same period [10] - The company's gross margin in 2024H1 was 36%, an increase of 7.3 percentage points from 2023H1, and the net margin was 14.8%, up 1.5 percentage points [10] Market and Competitive Landscape - The oilfield service industry in China is characterized by regional competition, with state-owned oilfield service companies dominating their respective regions [6][14] - The industry is transitioning towards high-tech and comprehensive services, with increasing demand for complex and deepwater oil and gas extraction [14][15] - Keli Co Ltd benefits from its location in Xinjiang, which is strategically important for China's westward opening strategy and has significant oil and gas resources [6][15] IPO Details - The IPO price is set at 7.32 yuan per share, with an initial issuance of 21 million shares, accounting for 24.73% of the post-issuance total shares [16][17] - The post-issuance market capitalization is expected to be 622 million yuan, with a P/E (TTM) of 10.63 times, significantly lower than the median P/E of comparable companies at 42.51 times [16][17] - The strategic placement is dominated by private equity funds, with a lock-up period of 6 months [18][20] Comparable Companies - Keli Co Ltd is compared with companies like Zhongke Runjin, Jereh, and HBP, with Keli showing strong profitability and a focus on oilfield technical services [21][22][23] - In 2024H1, Keli Co Ltd's revenue was 154.94 million yuan, with a net profit of 24.17 million yuan, and a gross margin of 36.02% [17][22]