Group 1 - Guangdong JianKe officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market on August 12, issuing 105 million shares at a price of 6.56 yuan per share, with the first-day opening price reaching 32.66 yuan, an increase of nearly 400% from the issue price, and closing at 34.01 yuan, a rise of 418.4% [1][2] - The company specializes in inspection and testing services in the construction engineering sector, covering various fields such as foundation, structural, road and bridge, water conservancy, building materials, smart buildings, energy efficiency, fire safety, and safety technology, forming a complete industrial chain of related technical services [1] - The total funds raised amount to 687 million yuan, primarily allocated for the construction of an innovation technology research institute headquarters and the establishment of a testing and marketing service network [1] Group 2 - Guangdong JianKe possesses the only national green building quality inspection and testing center in South China and has participated in over 20 national science and technology projects, receiving numerous awards and holding 556 patents and 415 software copyrights, showcasing significant technological competitiveness [2] - The company has provided inspection and testing services for major projects such as the Hong Kong-Zhuhai-Macao Bridge and Guangzhou Baiyun International Airport, earning various honors including "National AAA Credit Enterprise in the Construction Industry" and "National Green Building Pioneer Award" [2] - Financial data indicates steady revenue growth, with projected revenues of 1.072 billion yuan, 1.154 billion yuan, and 1.197 billion yuan for the years 2022 to 2024 [2]

广东建科此次募集资金总额为6.87亿元，将主要用于创新技术研究院总部建设项目、检测及营销服务网 络建设项目。 作为全国工程检验检测领域的领先机构，截至2024年底，广东建科通过检验检测机构资质认定的检测标 准超过4100本，掌握检测参数31869个。公司主编及参编国家、行业和地方标准283项，持续推动工程建 设标准化。 据了解，公司拥有华南唯一的国家绿色建筑质量检验检测中心(广州)、国家装配式建筑质量检验检测中 心，先后参与了20余项国家科技计划项目/课题，荣获国家、省部级科技奖89项、厅局级科技奖295项， 取得专利权556项、软件著作权415项，形成了突出的科技竞争力。 中证报中证网讯(王珞)8月12日，广东省建筑科学研究院集团股份有限公司(简称"广东建科")正式登陆深 交所创业板，股票代码为"301632"。 公司本次发行数量为10466万股，发行价6.56元/股，首日开盘价32.66元/股，较发行价上涨397.87%，总 市值136.71亿元。 招股书显示，广东建科深耕建设工程领域的检验检测技术服务，业务范围涉及地基基础、建筑结构、道 路桥梁、水利交通、建筑材料、智能建筑、建筑节能、建筑防火和安全技术 ...

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 1.92, which places it in the 25.9% percentile of the non-innovation system AHP model [2][7]. Core Insights - Guangdong Jianke is a comprehensive testing and inspection service provider in the Guangdong province, with a strong market position and a focus on large-scale engineering projects [2][9]. - The company has a diversified service portfolio, including construction, municipal, transportation, water conservancy, energy conservation, and safety production, with over 70% of its revenue coming from the construction and municipal sector [9][10]. - The company has established itself as a leader in engineering testing and green building material certification, holding numerous qualifications and certifications, including the first green building quality inspection center in South China [9][10]. - The demand for testing services is expected to grow significantly due to the ongoing construction in the Guangdong-Hong Kong-Macao Greater Bay Area and the increasing complexity of construction projects [15][16]. - The company is expanding its operations beyond Guangdong, targeting markets in Hainan and Yunnan, and is well-positioned to benefit from the industry's consolidation trend [15][17]. Summary by Sections AHP Score and Expected Allocation - The AHP score for Guangdong Jianke, after excluding liquidity premium factors, is 1.92, indicating a mid-to-low tier position in the market [7][8]. - Expected allocation ratios for offline investors are 0.0252% for Class A and 0.0225% for Class B under neutral conditions [8]. Company Fundamentals and Highlights - Guangdong Jianke is recognized for its comprehensive service capabilities in large-scale engineering testing and has received various accolades for its contributions to the industry [10][12]. - The company has developed advanced technologies and equipment, including 3D laser detection technology and the first domestic 5G intelligent detection vehicle [10][12]. Comparable Company Financial Metrics - From 2022 to 2024, Guangdong Jianke's revenue and net profit growth rates are modest, with compound annual growth rates (CAGR) of 5.67% and 2.23%, respectively [19][23]. - The company's gross margin remains stable and above the average of comparable companies, with rates of 48.59%, 47.44%, and 48.28% from 2022 to 2024 [23][24]. - Operating cash flow has improved significantly, with net cash flow of -0.19 million, 0.40 million, and 1.24 million from 2022 to 2024 [26][29]. Fundraising Projects and Development Vision - The company plans to raise funds for the construction of an innovation technology research headquarters and the establishment of a testing and marketing service network [34][35]. - The expected internal rate of return for the innovation technology research headquarters project is 10.59%, while the testing and marketing service network project is projected at 19.92% [35].

Core Viewpoint - Guangdong Institute of Building Science Group Co., Ltd. has established the Guangdong Provincial Housing Safety Management Technology Center to promote technological innovation and management enhancement in the field of housing safety throughout its lifecycle [1] Group 1: Company Overview - Guangdong Institute of Building Science, founded in 1958, specializes in construction engineering inspection and testing services, forming a professional system that includes standards, measurement, inspection, testing, and certification [1] - The company has developed into one of the leading institutions in China for engineering inspection and testing qualifications and capabilities, covering five major sectors: housing construction and municipal, transportation, water conservancy, energy conservation and environmental protection, and safety production [1] Group 2: Technological Advancements - The company has made significant breakthroughs in technology research and development, focusing on safety, green, low-carbon, and smart directions, providing strong technical support for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area [1] - Guangdong Institute has successfully undertaken inspection and testing technical services for major projects such as the Hong Kong-Zhuhai-Macao Bridge and Guangzhou International Finance Center, showcasing its leading position and professional technical advantages in complex engineering testing [1][2] Group 3: Future Outlook - The company aims to continue its commitment to "innovative development and serving society," increasing investment in technological innovation to promote high-quality development in the construction industry [3] - By 2025, the company’s subsidiary successfully obtained laboratory accreditation from the Hong Kong Innovation and Technology Commission, providing solid technical support for the Greater Bay Area construction [3]

Core Viewpoint - Guangdong Institute of Building Science Group Co., Ltd. (Guangdong Jian Ke) emphasizes technological innovation as a key driver for enterprise development, focusing on "safety, green, low-carbon, and smart" directions to support the construction industry and urban high-quality development [1][11]. Group 1: Company Overview - Established in 1958, Guangdong Jian Ke specializes in construction engineering inspection and testing services, forming a professional system covering five major sectors: housing and municipal, transportation, water conservancy, energy conservation and environmental protection, and safety production [1]. - The company has received numerous honors, including being recognized as a national high-tech enterprise and a model enterprise for scientific reform by the State Council [1]. Group 2: Technological Advancements - Guangdong Jian Ke aims to become an international leader in construction technology, showcasing its technical strength through major projects like the Hong Kong-Zhuhai-Macao Bridge and Guangzhou International Financial Center [2]. - The company has established the largest civil building wind tunnel laboratory in China and various intelligent testing laboratories, enhancing its capabilities in smart and information-based services [3]. Group 3: Equipment and Innovation - The company has developed the first 5G intelligent detection vehicle, producing 15 models for various inspection fields, significantly improving emergency response efficiency [5]. - Guangdong Jian Ke has also created an all-terrain tunnel detection robot, integrating advanced technologies for real-time monitoring and data collection [6][7]. Group 4: Industry Collaboration and Development - The company actively promotes collaboration within the Guangdong-Hong Kong-Macao Greater Bay Area, establishing several alliances and participating in standard-setting research [9]. - Guangdong Jian Ke is positioned to benefit from the accelerated infrastructure development in the region, driven by national policies supporting high-tech service industries [8]. Group 5: Future Outlook - The company plans to continue increasing its investment in technological innovation and resource integration to explore new opportunities in the construction industry [11]. - Guangdong Jian Ke aims to build a comprehensive safety engineering technology system to support urban infrastructure and disaster resilience [10].