Company Overview - Company name is Jiaoda Tiefa, focusing on the research, development, production, and sales of intelligent products and equipment for rail transit, as well as providing professional technical services in this field [1][2] - Established in 2005 by Southwest Jiaotong University, the company is closely tied to its parent institution, which holds a 17.19% stake [1][2] - The company has participated in significant national and provincial research projects, including the development of a high-speed railway earthquake early warning system [1][2] Market Position - Jiaoda Tiefa's products are widely used in major rail projects such as the Beijing-Zhangjiakou High-Speed Railway and the Guangzhou Metro, with key clients including the China National Railway Group [2][3] - The company has a market share of approximately 40% in the earthquake warning system sector and over 90% in the switch monitoring system sector [2][3] Industry Context - The rail transit equipment industry is expected to grow rapidly, with China's railway operating mileage projected to increase from 146,000 kilometers in 2020 to 165,000 kilometers by 2025 [3] - Urban rail transit is also anticipated to expand significantly, with 59 cities operating urban rail systems and a total operational length of 11,224.54 kilometers as of the end of 2023 [3] Financial Performance - Projected revenues for 2022, 2023, and 2024 are 235 million, 273 million, and 335 million yuan respectively, with year-on-year growth rates of 15.26%, 16.12%, and 22.61% [4] - The company expects to raise 193.4 million yuan through its IPO, with funds allocated for three projects and working capital [4] IPO and Valuation - The IPO has generated significant interest, with subscription funds exceeding 5 billion yuan, setting a record for the North Exchange [5][6] - The dynamic price-to-earnings ratio for Jiaoda Tiefa is 12.26, significantly lower than the average of comparable companies at 30.86, indicating a strong valuation advantage [6][7] - If the stock reaches the average valuation of comparable companies, it could see an increase of 152% on its first trading day, with a potential price target of 22 yuan [7]