新股覆盖研究：中国瑞林

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is being covered for potential investment opportunities [24]. Core Viewpoints - The company, China Ruilin (603257.SH), provides engineering technical services for the non-ferrous metal mining, selection, smelting, and processing industries, with a strong background in the industry since its establishment in 1957 [2][6]. - The company has shown a fluctuating revenue trend, with projected revenues of CNY 2.617 billion, CNY 2.866 billion, and CNY 2.474 billion for 2022, 2023, and 2024 respectively, reflecting year-over-year growth rates of 30.51%, 9.53%, and -13.68% [7][4]. - The company has a robust order backlog of CNY 5.769 billion as of June 30, 2024, indicating stable future performance expectations [16]. Summary by Sections Basic Financial Status - The company achieved revenues of CNY 2.617 billion in 2022, CNY 2.866 billion in 2023, and CNY 2.474 billion in 2024, with corresponding net profits of CNY 148 million, CNY 148 million, and CNY 155 million [4][7]. - The revenue breakdown for the first half of 2024 shows engineering design consulting at CNY 312 million (34.84%), engineering general contracting at CNY 356 million (39.73%), and equipment integration at CNY 228 million (25.38%) [7]. Industry Situation - The engineering surveying and design industry has maintained steady growth, with total industry revenue reaching CNY 8.91 trillion in 2022 and a growth rate of approximately 6.11% [12]. - The non-ferrous metal application sector is closely tied to global metal price trends, with exploration budgets remaining stable despite fluctuations [14]. Company Highlights - The company has a strong state-owned background with significant shareholding from major state-owned enterprises, enhancing its credibility and market position [16]. - It has expanded its business into environmental and municipal sectors while leveraging the "Belt and Road" initiative for global expansion, achieving overseas revenues of CNY 309 million, CNY 425 million, and CNY 521 million from 2021 to 2023 [17]. Fundraising Project Investment - The company plans to invest CNY 50.79 million in two projects: an Innovation Development Center and an Information Technology Upgrade Project, both aimed at enhancing operational capabilities [19][20]. Peer Comparison - Compared to similar companies, the average revenue for peer companies in 2023 was CNY 2.866 billion, with an average PE-TTM of 24.37X and an average gross profit margin of 29.91% [21][22]. The company’s revenue and gross margin are below the industry average, indicating potential areas for improvement [21].