Investment Rating - The report suggests a "关注" (focus) investment rating for the company [4]. Core Insights - The company specializes in engineering cost services and has a leading advantage in full-process engineering consulting and BIM+ services. It aims to enhance service capabilities and market share through strategic investments in network construction and R&D projects [2][12]. - The company has a projected compound annual growth rate (CAGR) of 31.1% for net profit from 2021 to 2024, with engineering cost services accounting for over 50% of its main business revenue [3][46]. - The company is recognized as a specialized and innovative small and medium-sized enterprise in Jiangsu Province, with a net profit margin of 26.64% expected in 2024 [14]. Summary by Sections Initial Issuance - The company plans to issue 14 million shares at a price of 14.27 CNY per share, with an earnings multiple of 8.76X. The subscription date is set for October 28, 2025 [3][6]. - The total amount raised, after deducting issuance costs, will be invested in projects aimed at enhancing engineering consulting service networks and R&D [12][13]. Company Overview - The company provides a range of professional technical services, including engineering cost, bidding agency, project supervision, BIM services, and engineering design [14][17]. - The main revenue source is engineering cost services, with a projected gross margin of 49.9% in 2024 [17][37]. - The company has established a strong presence in Jiangsu Province, with its top five clients accounting for approximately 18% of total sales in 2024 [42][43]. Industry Insights - The fixed asset investment scale in China is expanding, which is driving the growth of the engineering consulting service industry. The total investment is expected to increase from 49.32 trillion CNY in 2020 to 52.09 trillion CNY in 2024 [3][14]. - The number of engineering cost consulting firms in China has nearly doubled from 2019 to 2023, indicating a robust growth trend in the industry [3][16]. Financial Performance - The company's revenue reached 368 million CNY in 2023, with a year-on-year growth of 21.41%, and is projected to reach 396 million CNY in 2024, with a growth rate of 7.39% [46]. - The net profit for 2024 is expected to be approximately 105.39 million CNY, reflecting a year-on-year increase of 30.02% [46].