Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 1.48, which places it in the 19.8% percentile of the non-technology innovation system AHP model [2][7]. Core Insights - The company, China Ruilin, focuses on engineering construction in the non-ferrous metal sector and has expanded into environmental protection and municipal fields. It participates in the entire industry chain, providing engineering design consulting, general contracting, and equipment integration services [2][9]. - The company has established long-term collaborations with leading domestic and international enterprises, enhancing its brand recognition and industry influence. It ranks 136th in the "Top 225 International Engineering Design Companies" and 210th in the "Top 250 Global Contractors" [2][15]. - Despite a smaller revenue scale, the company has shown a leading compound growth rate in revenue from 2021 to 2023, with a revenue compound growth rate of 19.56% [20][22]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for China Ruilin is calculated at 1.48, with expected allocation ratios for offline investors A and B being 0.0162% and 0.0090%, respectively [2][8][7]. Company Highlights and Features - China Ruilin specializes in the engineering construction of non-ferrous metals, with over 75% of its revenue derived from this sector from 2022 to the first half of 2024. The company has a full lifecycle business capability, including engineering design, general contracting, and equipment integration [2][9][11]. - The company has a strong technical advantage and competitive edge in copper smelting project design, with significant projects completed in both domestic and international markets [2][15][17]. Financial Comparison with Peers - The company’s revenue from 2021 to the first half of 2024 was lower than the average of comparable companies, with revenues of 2.005 billion, 2.617 billion, 2.866 billion, and 0.898 billion respectively. However, its net profit in 2021 and 2023 exceeded the average of comparable companies [20][22]. - The gross margin for the first half of 2024 was 21.78%, which is higher than the average of comparable companies, and the R&D expenditure as a percentage of revenue was 5.48%, also above the average [24][26]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of up to 30 million new shares, with proceeds allocated to an Innovation Development Center project and an Information Technology Upgrade project. These projects aim to enhance the company's design capabilities and operational efficiency [28][29].
注册制新股纵览：中国瑞林：专业工程技术企业，聚焦有色并拓展环保、市政领域