注册制新股纵览：天溯计量：计量校准为基，电池检测打开增长极

Group 1 - The core view of the report highlights the competitive strength of Tian Su Measurement in the metrology calibration industry, indicating potential for growth amid a Matthew effect in the industry [7][9] - The company has established itself as a leading independent third-party metrology testing service provider in China, with 1,417 metrology calibration project capabilities across various sectors, including biotechnology and new energy vehicles [9][11] - In 2024, the company is expected to achieve revenue of approximately 686 million yuan in the metrology calibration segment, capturing over 5% market share [9][11] Group 2 - The report emphasizes the company's focus on the battery testing industry, which has become a significant growth driver, with revenue contribution from testing services increasing from 9% to 14% between 2022 and 2024 [14][15] - The company has developed extensive battery testing capabilities, including over 2,000 testing channels, and has established partnerships with major clients such as CATL and Huawei Digital Energy [14][15] - The growth in lithium battery and energy storage battery shipments is projected to provide substantial incremental space for the company's battery testing business, with a forecasted shipment volume of nearly 1,500 GWh by 2025 [18] Group 3 - Financial comparisons with peer companies reveal that Tian Su Measurement has experienced rapid revenue growth, with revenues of 597 million, 726 million, and 800 million yuan from 2022 to 2024, while maintaining a stable gross margin [21][23] - The company's R&D expense ratio is lower than that of comparable companies, reflecting a focused R&D direction and efficient team structure [23] - Operating cash flow has been robust, with net cash flow exceeding net profit, and the company's debt ratio has consistently declined, reaching 24.90% by the end of 2024 [26][27] Group 4 - The report outlines the company's fundraising plans, which include projects aimed at enhancing metrology testing capabilities, establishing regional laboratories, and building a digital center to improve management efficiency [30][31] - The total investment for the Shenzhen headquarters project is estimated at 127.66 million yuan, with an internal rate of return of 20.80% [31]