Core Viewpoint - Harbin Bosh Automation Co., Ltd. maintains a long-term credit rating of AA with a stable outlook, reflecting its strong competitive position in the automation equipment sector and solid financial performance despite some profit decline [1][3][4]. Company Overview - The company primarily operates in intelligent manufacturing equipment, industrial services, and environmental technology and equipment [3][10]. - As of the end of 2024, the company reported total assets of 69.55 billion yuan and equity of 39.51 billion yuan, with a revenue of 28.63 billion yuan and a profit of 6.13 billion yuan [10][11]. Financial Performance - In 2024, the company achieved a revenue growth of 11.59% year-on-year, driven by increased demand for intelligent manufacturing equipment due to digital and intelligent upgrades in the manufacturing industry [4][22]. - The company's gross profit margin has seen a decline, with the overall gross margin affected by varying profitability across different business segments [22]. Order Backlog - As of the end of 2024, the company had a substantial order backlog totaling 63.22 billion yuan, with 50.33 billion yuan from intelligent manufacturing equipment, 10.55 billion yuan from industrial services, and 2.34 billion yuan from environmental technology and equipment [4][22]. Debt and Financial Health - The company has a low debt burden, with a debt-to-asset ratio of 43.20% and a cash-to-short-term debt ratio of 55.81 times, indicating strong debt repayment capacity [6][10]. - The company has not experienced any overdue or default records, maintaining a good credit standing [21]. Industry Analysis - The automation equipment industry is characterized by high technical barriers, with significant growth potential driven by government policies promoting intelligent manufacturing and domestic production [16][17]. - The global industrial robot installation volume is projected to exceed 600,000 units by 2027, indicating a growing market for automation solutions [16]. Competitive Advantages - The company possesses a leading technological advantage in the domestic automation equipment sector, supported by long-term technical accumulation and a robust R&D strategy [5][18]. - The company’s products are primarily targeted at high-end markets, suitable for industries with high efficiency and safety production requirements [18][22].

郑州速达工业机械服务股份有限公司 Zhengzhou Suda Industry Machinery Service Co., Ltd. （河南省郑州市航空港经济综合实验区黄海路与规划工业五街交汇处路西） 首次公开发行股票并在主板上市 招股说明书 （上会稿） 本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股说 明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） （深圳市罗湖区红岭中路 1012 号国信证券大厦 16-26 层） 郑州速达工业机械服务股份有限公司 招股说明书（上会稿） 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其 对发行人注册申请文件及所披露信息的真实性、准确性、完整性作出保 证，也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出 实质性判断或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化， 由发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决 策，自行承担股票依法发行后因发行人经营与收益变化或者股票价格变动 引致的 ...

郑州速达工业机械服务股份有限公司 Zhengzhou Suda Industry Machinery Service Co., Ltd. （河南省郑州市航空港经济综合实验区黄海路与规划工业五街交汇处路西） 首次公开发行股票并在主板上市 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化， 由发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决 策，自行承担股票依法发行后因发行人经营与收益变化或者股票价格变动 引致的投资风险。 招股说明书 （申报稿） 本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股说 明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） （深圳市罗湖区红岭中路 1012 号国信证券大厦 16-26 层） 郑州速达工业机械服务股份有限公司 招股说明书（申报稿） 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其 对发行人注册申请文件及所披露信息的真实性、准确性、完整性作出保 证，也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出 实质性判断或保证。任何与之相反的声明均属虚假 ...