中诚咨询（920003）：新股覆盖研究

Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase of more than 15% in the next 6-12 months compared to relevant market indices [40]. Core Insights - The company, Zhongcheng Consulting, focuses on cost consulting, full-process control, bidding agency, and engineering supervision services, with a strong market presence in Jiangsu Province, where over 95% of its revenue is generated [2][29]. - The company has shown consistent revenue growth from 2022 to 2024, with revenues of 303 million, 368 million, and 396 million yuan, representing year-over-year growth rates of 11.58%, 21.41%, and 7.39% respectively [8][4]. - The company is actively expanding its business beyond Jiangsu Province, with plans to cover markets nationwide and has established a branch in Singapore for international development [31][2]. Summary by Sections Basic Financial Status - The company achieved revenues of 303.4 million, 368.4 million, and 395.6 million yuan from 2022 to 2024, with corresponding net profits of 64.4 million, 81.1 million, and 105.4 million yuan, reflecting growth rates of 37.60%, 25.95%, and 30.02% respectively [4][8]. - In the first half of 2025, the company reported a revenue of 191 million yuan, a decrease of 4.08% year-on-year, and a net profit of 53 million yuan, down 2.66% year-on-year [8][2]. Industry Situation - The engineering consulting service industry is experiencing growth due to favorable regulatory policies and increasing urbanization rates in China, which rose from 63.89% in 2020 to 67.00% in 2024 [16][2]. - The number of engineering consulting firms in China has increased significantly, from 10,489 in 2020 to 16,536 in 2024, indicating a robust market expansion [17][2]. Company Highlights - Zhongcheng Consulting has developed a differentiated competitive advantage by integrating full-process consulting services with BIM technology, enhancing project efficiency and quality [29][30]. - The company has established strong relationships with key clients, including Suzhou High-tech Zone Group, which is both a major customer and a shareholder [30][2]. Fundraising Project Investment - The company plans to invest 19.99 million yuan in two projects: the construction of a consulting service network and the development of a smart cost management platform [33][34]. - The consulting service network project aims to expand the company's market share by establishing 11 new branches across the country [34][33].