誉帆科技（001396）：IPO 专题：新股精要：国内领先的排水管网维护综合服务商誉帆科技

Investment Rating - The investment rating for the company is "Accumulate" [37] Core Insights - The company, Yufan Technology, is a leading comprehensive service provider for drainage pipeline maintenance in China, actively expanding in key regions such as the Yangtze River Economic Belt, Southeast Coast, and Greater Bay Area, and has undertaken several landmark projects [5][6] - The company has a projected revenue of 730 million yuan and a net profit of 127 million yuan for 2024, with a compound annual growth rate (CAGR) of 19.30% from 2022 to 2024 [4][7] - The company has a stable gross margin above 40%, although it experienced a decline in the first half of 2025 due to seasonal factors [11] Company Overview - Yufan Technology is one of the earliest companies engaged in drainage pipeline inspection and non-excavation repair, possessing a comprehensive competitive advantage through multi-disciplinary inspection methods and various repair techniques [5][6] - The company serves government departments and state-owned enterprises, with a sales network established in over 20 major cities across China [5][24] Business Analysis - The main business segments include smart diagnosis and health assessment of drainage systems, damage remediation, and operational maintenance, with inspection and repair services accounting for over 80% of total revenue [7][8] - Revenue from inspection and special investigation services, as well as repair services, has shown consistent growth, with figures of 518.3 million yuan, 630 million yuan, and 730 million yuan for 2022, 2023, and 2024 respectively [8][12] Industry Development and Competitive Landscape - The length of urban drainage pipelines in China has increased from 439,100 kilometers in 2012 to 952,500 kilometers in 2023, with a CAGR of 7.29% [20][21] - The market for drainage pipeline inspection, repair, and maintenance is expected to see stable long-term growth due to increasing urbanization and the need for infrastructure upgrades [21][23] Comparable Company Valuation - The static price-to-earnings (PE) ratio for the industry "M74 Professional Technical Services" is 35.57 times as of December 11, 2025 [29][30] - Yufan Technology's projected revenue for 2024 is 730 million yuan, with a net profit of 127 million yuan, indicating a CAGR of 19.30% from 2022 to 2024 [29]