策 略 研 究 新股分析 2025 年 12 月 13 日 誉帆科技：排水管网一体化龙头承包 商 ——注册制新股纵览 20251213 申 购 策 略 本期投资提示： 证 券 研 究 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 研究支持 陈榕杰 A0230125080001 chenrj@swsresearch.com 联系人 陈榕杰 (8621)23297818× chenrj@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 报 告 相关研究 - ⚫ 剔除流动性溢价因素后，誉帆科技 1.90 分，位于总分的 25.6%分位。誉帆科技于 2025 年 12 月 11 日招股，将在主板上市。剔除、考虑流动性溢价因素后，我们测算誉帆科技 AHP 得分 ...

Core Viewpoint - The IPO journey of Shanghai Yufan Environmental Technology Co., Ltd. has drawn significant attention due to the stringent review process in the A-share market, with the company finally submitting its registration application after a 22-month wait, highlighting the challenges of "difficult approval and registration" [2] Company Overview - Yufan Technology was founded by two experts in the underground pipeline field, with a focus on the full industry chain services for urban underground pipelines, particularly drainage [3][4] - The company has shown steady revenue growth, with projected revenues of 8.04 billion yuan in 2025, representing a 10.16% increase year-on-year [4] Financial Performance - Yufan Technology's revenue for 2022-2024 is reported as 5.13 billion yuan, 6.30 billion yuan, and 7.30 billion yuan, with net profits of approximately 788.25 million yuan, 982.51 million yuan, and 1.30 billion yuan respectively [4] - The company has committed to investing 1.2 billion yuan in R&D infrastructure and talent development as part of its IPO fundraising [7] Internal Control and Compliance - The company has undertaken significant internal control reforms in response to regulatory scrutiny, with a third-party verification confirming effective financial reporting controls [6] - Yufan Technology has addressed past issues related to expense compliance and tax obligations, enhancing its internal processes [5][6] Market Position and Challenges - Despite improvements, Yufan Technology faces challenges such as high equity concentration, with the actual controllers holding 93.55% of shares, raising concerns about minority shareholder rights [8] - The company's accounts receivable have been notably high, with ratios of 77.28%, 91.53%, and 94.37% of total revenue for 2022-2024, indicating potential cash flow risks [8][9] Future Outlook - The company anticipates continued growth, with expected net profits of approximately 1.4 billion yuan in 2025, a 7.83% increase from the previous year [4] - Yufan Technology's ability to convert governance improvements into operational efficiency and sustainable profitability will be crucial for its post-IPO market acceptance [10]

Core Insights - The hydraulic pipe jacking machine is a specialized engineering equipment designed for the installation and removal of underground pipelines, cables, or conduits, utilizing hydraulic systems for precise pushing [3][4] - The global hydraulic pipe jacking machine market is expected to grow steadily, driven by increasing infrastructure investment and advancements in engineering technology, with a projected market value of $202 million in 2024, rising to $270 million by 2031, reflecting a CAGR of 4.3% from 2025 to 2031 [9][10] Overview of Hydraulic Pipe Jacking Machines - Hydraulic pipe jacking machines offer three main advantages: strong controllability of pushing force, high operational efficiency, and wide adaptability to various underground environments [3] - They are crucial in ensuring the quality of underground projects and enhancing construction efficiency, directly impacting the lifespan and operational safety of underground pipeline and cable systems [4] Market Growth Drivers - The demand for hydraulic pipe jacking machines is primarily driven by the expansion of municipal, energy, and transportation infrastructure projects, necessitating the replacement and installation of underground pipelines [5] - The proliferation of trenchless technology has led to increased demand for hydraulic pipe jacking machines, which must evolve to meet the requirements of non-excavation construction methods [6] Technological Innovations - Continuous technological advancements in hydraulic systems, smart integration, and lightweight designs are enhancing product performance and user experience [7] - Innovations include the integration of sensors for real-time monitoring and the development of portable machines for operation in confined spaces [7] Regional Market Analysis - The hydraulic pipe jacking machine market exhibits significant regional differences, with mature markets like North America and Europe focusing on high-precision, smart products for equipment upgrades [8] - Emerging markets in Asia-Pacific, Latin America, and the Middle East are driven by new infrastructure projects, emphasizing cost-effective and adaptable products [9] Future Outlook - The hydraulic pipe jacking machine market is expected to continue its steady growth, with trends towards accelerated technological iteration and expanded application scenarios, including urban underground comprehensive pipeline construction [10]