广东建科（301632）：注册制新股纵览 20250725：区域综合检验检测服务提供商

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 1.92, which places it in the 25.9% percentile of the non-innovation system AHP model [2][7]. Core Insights - Guangdong Jianke is a comprehensive testing and inspection service provider in the Guangdong province, with a strong market position and a focus on large-scale engineering projects [2][9]. - The company has a diversified service portfolio, including construction, municipal, transportation, water conservancy, energy conservation, and safety production, with over 70% of its revenue coming from the construction and municipal sector [9][10]. - The company has established itself as a leader in engineering testing and green building material certification, holding numerous qualifications and certifications, including the first green building quality inspection center in South China [9][10]. - The demand for testing services is expected to grow significantly due to the ongoing construction in the Guangdong-Hong Kong-Macao Greater Bay Area and the increasing complexity of construction projects [15][16]. - The company is expanding its operations beyond Guangdong, targeting markets in Hainan and Yunnan, and is well-positioned to benefit from the industry's consolidation trend [15][17]. Summary by Sections AHP Score and Expected Allocation - The AHP score for Guangdong Jianke, after excluding liquidity premium factors, is 1.92, indicating a mid-to-low tier position in the market [7][8]. - Expected allocation ratios for offline investors are 0.0252% for Class A and 0.0225% for Class B under neutral conditions [8]. Company Fundamentals and Highlights - Guangdong Jianke is recognized for its comprehensive service capabilities in large-scale engineering testing and has received various accolades for its contributions to the industry [10][12]. - The company has developed advanced technologies and equipment, including 3D laser detection technology and the first domestic 5G intelligent detection vehicle [10][12]. Comparable Company Financial Metrics - From 2022 to 2024, Guangdong Jianke's revenue and net profit growth rates are modest, with compound annual growth rates (CAGR) of 5.67% and 2.23%, respectively [19][23]. - The company's gross margin remains stable and above the average of comparable companies, with rates of 48.59%, 47.44%, and 48.28% from 2022 to 2024 [23][24]. - Operating cash flow has improved significantly, with net cash flow of -0.19 million, 0.40 million, and 1.24 million from 2022 to 2024 [26][29]. Fundraising Projects and Development Vision - The company plans to raise funds for the construction of an innovation technology research headquarters and the establishment of a testing and marketing service network [34][35]. - The expected internal rate of return for the innovation technology research headquarters project is 10.59%, while the testing and marketing service network project is projected at 19.92% [35].