Investment Rating - The report assigns a rating of "Buy" for the company, indicating an expected price increase exceeding 15% relative to the benchmark index within 6-12 months [48]. Core Insights - The company, Beikang Testing, is a leading domestic institution in the research and service of non-ferrous metal inspection and testing technology, recognized as a national-level "little giant" enterprise and a national high-tech enterprise [2][36]. - The global inspection and testing industry has seen rapid growth, with the market size increasing from €107.7 billion in 2012 to €278.5 billion in 2023, reflecting a compound annual growth rate (CAGR) of 9.02%. In China, the market is projected to grow from ¥206.5 billion in 2016 to ¥487.6 billion in 2024, with a CAGR of approximately 11.34% [3][38]. - Beikang Testing has a strong technical capability, having participated in the formulation of multiple standards and holding numerous patents, which enhances its competitive edge in the industry [4][37]. Summary by Sections Company Overview - Beikang Testing specializes in the research and development of inspection and testing technology for non-ferrous metal resources, covering a wide range of services including ore and mineral product testing, smelting product analysis, and environmental sample testing [2][25]. Financial Performance - The company's revenue for 2022-2025H1 is projected to be ¥0.92 billion, ¥1.10 billion, ¥1.48 billion, and ¥0.86 billion, with growth rates of -3.04%, 20.41%, 33.99%, and 31.29% respectively. The net profit for the same period is expected to be ¥31.96 million, ¥45.58 million, ¥55.13 million, and ¥36.76 million, with growth rates of -17.16%, 42.60%, 20.95%, and 28.69% respectively [5][30]. Market Analysis - The mining and metallurgy inspection and testing sector is experiencing steady growth, with the market size expected to reach ¥5.615 billion in 2024, reflecting a significant increase from previous years [39][40]. Competitive Position - Beikang Testing's 2024 projected price-to-earnings (PE) ratio is 13.77X, which is at a discount compared to the average PE of comparable companies at 42.25X, indicating potential investment attractiveness [21][22]. Use of Proceeds - The company plans to use the proceeds from its public offering primarily for the establishment of an advanced testing instrument R&D base and to supplement working capital, which will enhance its testing capabilities and service offerings [45][46].