Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is under coverage for potential investment opportunities [24]. Core Viewpoints - The company, China Ruilin (603257.SH), primarily provides engineering technical services to clients in 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 the years 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 that engineering design consulting contributed CNY 312 million (34.84%), engineering general contracting contributed CNY 356 million (39.73%), and equipment integration contributed 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 major shareholders including China Nonferrous Metal Industry Group, Jiangxi Copper Group, and China Steel Corporation [16]. - The company is expanding its business into environmental and municipal sectors while leveraging the "Belt and Road" initiative for global development [17]. - The company has established a presence in overseas markets, with revenues from international projects growing from CNY 309 million in 2021 to CNY 521 million in 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 expected to be completed in 36 months [19][20]. Peer Comparison - Compared to peer companies, China Ruilin's revenue and profit margins are below the industry average, with a projected revenue of CNY 2.474 billion for 2024 and a net profit of CNY 155 million [21][22].
中国瑞林（603257）：新股覆盖研究