江苏省精创电气股份有限公司 保荐机构(主承销商)：国泰海通证券股份有限公司 发行情况： | 股票代码 | 920035 | 股票简称 | 精创电气 | | --- | --- | --- | --- | | 申购代码 | 920035 | 上市地点 | 北京证券交易所 | | 发行价格(元假) | 12.10 | 发行市盈率 | 13.47 | | 市盈率参考行业 | 仪器仪表制造业 | 定价方式 | 直接定价 | | 网上发行数量(股) | 1301.40万 | 总发行数里(股) | 1446.00万 | | 网上发行目期 | 2025-11-18 (周二) | 网上申购缴款日期 | 2025-11-18 (周二) | | 网上申购上限(股) | 65.07万 | 网上顶格申购所需资金 (元) | 787.35万 | | 网上申购资金冻结日 | 2025-11-19 (周三) | 网上申购资金退款日 | 2025-11-20 (周四) | | 网下询价开始日 | | 网下询价截止日 | | 公司简介： 公司主营业务为冷链设备智能控制器、医药与食品冷链监测记录仪、制冷热泵检测仪表及环境颗粒 物检测仪器等产品的 ...

Group 1: New Stock Offering - Jingchuang Electric will start subscription on November 18, with an issue price of 12.10 yuan and a price-to-earnings ratio of 13.47 times. The total fundraising is expected to be 175 million yuan [1] Group 2: Financial Market Cooperation - The fourth China-Germany high-level financial dialogue welcomed qualified Chinese and German enterprises to participate in each other's derivatives markets, aiming to enhance market depth, liquidity, and stability [3] Group 3: Industry Development Initiatives - Hubei Province is focusing on developing the Beidou industry by integrating it with low-altitude economy, humanoid robots, and artificial intelligence, aiming to enhance the overall competitiveness of the Beidou industry [4] - Guangdong Province has issued a plan to accelerate financial support for the elderly care service system, encouraging banks to develop long-term credit products tailored for elderly care facilities [5] Group 4: Automotive Industry - The China Automobile Industry Association called for the maintenance of normal export order and interests in the automotive industry, emphasizing the importance of self-discipline in internationalization efforts [6] Group 5: Cosmetics Industry - The National Medical Products Administration has released opinions to foster the development of internationally competitive domestic cosmetic brands, encouraging local regulatory bodies to support industry innovation [7] Group 6: Fiscal Revenue - From January to October, the national general public budget revenue reached 186.49 billion yuan, with a year-on-year growth of 0.8%. Tax revenue increased by 1.7%, while non-tax revenue decreased by 3.1% [8] Group 7: Semiconductor Sector - The semiconductor index has seen a year-to-date increase of 40.63%, with the total A-share market value reaching 5.76 trillion yuan, reflecting significant growth in leading semiconductor stocks [9]

Group 1: New Stock Offerings - Jingchuang Electric will start subscription on November 18, with an issue price of 12.10 yuan and a P/E ratio of 13.47 times, aiming to raise a total of 175 million yuan [2] Group 2: China-Germany Financial Cooperation - The fourth China-Germany high-level financial dialogue welcomed qualified Chinese and German enterprises to participate in each other's derivatives markets, recognizing the importance of developed derivatives markets for market development and stability [4] - Both parties agreed to promote bilateral cross-border investment and welcomed qualified financial institutions from both countries to participate in each other's bond markets [5] Group 3: Hubei Province's Economic Development - Hubei's provincial secretary emphasized the need to build new scenarios integrating Beidou technology with low-altitude economy, humanoid robots, and artificial intelligence, aiming to enhance the competitiveness of the Beidou industry [6] Group 4: Guangdong's Elderly Care Financial Support - Guangdong's implementation plan aims to enhance financial support for the elderly care service system, encouraging banks to develop long-term credit products tailored for elderly care facilities and promoting investment in integrated health and elderly care projects [7] Group 5: Automotive Industry Export Management - The China Automotive Industry Association called for industry peers to maintain normal export order and interests, highlighting the significance of recent policies on second-hand car export management [8] Group 6: Cosmetics Industry Development - The National Medical Products Administration proposed to cultivate internationally competitive domestic cosmetic brands by enhancing industry support and creating a favorable innovation environment [9] Group 7: Silk Industry Development - The Ministry of Commerce and other departments announced initiatives to enhance the silk industry, including upgrading production capabilities and attracting silk enterprises from eastern regions to establish processing parks [10][11] Group 8: National Budget Revenue - From January to October, China's general public budget revenue reached 186.49 billion yuan, a year-on-year increase of 0.8%, with tax revenue growing by 1.7% and non-tax revenue declining by 3.1% [12] Group 9: Semiconductor Market Performance - The semiconductor index in A-shares has seen a year-to-date increase of 40.63%, with total market capitalization reaching 5.76 trillion yuan, reflecting significant growth in leading stocks [13] Group 10: Company News Highlights - Zhongtai Securities reported a mild recovery in the computer sector's performance, with a median revenue growth rate of 3.2% in the first three quarters of 2025 [15] - Various companies are undergoing significant changes, including shareholding adjustments and stock repurchases, indicating active corporate restructuring and market movements [15]

来源：市场资讯 （来源：国金证券第5小时） | 12.10元 | 仪器仪表 制造业 | 13.47倍 | 41.07倍 | | --- | --- | --- | --- | | 可比公司 | | | | | 证券简称 | 市盈率(倍) | 市值(亿元) | 近一月涨跌 | | 振邦智能 | 31.85 | 46.24 | -0.03% | | 朗特智能 | 39.48 | 53.88 | 2.28% | | 公司主营业务介绍 | | | | 公司主营业务为冷链设备智能控制器、医药与食品冷链监测记 录仪、制冷热泵检测仪表及环境颗粒物检测仪器等产品的研发 、生产和销售,并提供物联网和基于云的系统解决方案。 | | | 主要财务数据 | | | --- | --- | --- | --- | | | 2024年 | 2023年 | 2022年 | | 营业收入 | 4.99 | 4.35 | 3.96 | | 单位:亿元 | | | | | 净利润 | 0.59 | 0.55 | 0.49 | | 单位:亿元 | | | | | 每股经营活动 | | | | | 产生的现金流量净 Larger 1 3 8 8 | ...

Group 1: New Stock Subscription and Listings - A new stock subscription for Jingchuang Electric (920035.BJ) is available, with three new stocks listed: Nanfang Digital (301638.SZ), Hengkang New Materials (688727.SH), and Beikang Testing (920160.BJ) [1] Group 2: Jingchuang Electric - Jingchuang Electric specializes in the R&D, production, and sales of cold chain equipment and is recognized as a national high-tech enterprise and a "little giant" enterprise [2] - The company has established a significant position in technology standards related to cold chain control and monitoring, participating in 38 national and industry standards [2] - Jingchuang Electric has a market share of 13.13% in China's cold chain temperature and humidity control market and 4.64% globally, ranking first domestically and among the top globally [3] Group 3: Nanfang Digital - Nanfang Digital provides comprehensive digital construction solutions for the power energy sector, focusing on digital transformation [4] - The company generated revenue of 75,514.01 million yuan from digital grid services in the first half of 2025, accounting for 48.64% of total revenue [5] Group 4: Hengkang New Materials - Hengkang New Materials is involved in the R&D and production of key materials for integrated circuits, with a focus on photolithography materials [7] - The company's sales revenue from self-produced products increased from 12,357.89 million yuan in 2022 to 34,418.93 million yuan in 2024, with a rising proportion of total revenue [7] - Hengkang New Materials has become a major supplier of photolithography materials in China, with an estimated market share exceeding 10% [8] Group 5: Beikang Testing - Beikang Testing is a leading institution in the field of non-ferrous metal inspection and testing, with a comprehensive range of services and a strong market position [9] - The company is involved in the development and revision of numerous national and international standards in the non-ferrous metal sector [9] - Despite its leading market position, Beikang Testing faces risks related to market space limitations and a single-source revenue model [10][11]

公司曾荣获教育部科学技术进步奖二等奖、江苏省级科学技术三等奖及江苏省轻工协会科学技术奖二等奖 等多项奖项，获奖技术/项目包括"基于泛在感控终端的规模化组网技术及产业化应用""全冷链温控关键装 备与系统""基于多源数据感知的疫苗冷链系统平台关键技术"。另外，ECO²云计算节能控制系统，通过合 肥通用机电产品检测院国家压缩机制冷设备质量监督检验中心认证，有效实现冷库节能24.39%，助力"双 碳"目标实现。 公司通过了GB/T19001-2016质量管理体系、GB/T24001-2016环境管理体系、GB/T45001-2020职业健康安 全管理体系等认证，精创冷云平台通过了基于IOS/IEC2000-1的服务管理体系认证，境外销售产品通过了 CE、CB、ETL等认证，并符合欧盟RoHS标准。 财务方面，于2022年度、2023年度、2024年度及2025年1月-6月，公司实现营业收入分别约为3.96亿元、 4.35亿元、4.99亿元、2.49亿元人民币;同期，公司净利润分别约为4874.10万元、5535.90万元、5891.21万 元、2834.33万元人民币。 公司积累了丰富的智能控制及检测仪器仪表产品的研 ...

Group 1: Company Overview - Jingchuang Electric is a provider of integrated cold chain IoT solutions, covering the entire cold chain process including control, monitoring, energy saving, networking, and maintenance [1][2] - China Uranium Industry is a leading player in the domestic natural uranium development sector and is recognized as a key supplier for the country's uranium needs [1][3] Group 2: Financial Performance - Jingchuang Electric's projected revenues for 2022, 2023, and 2024 are 396 million yuan, 435 million yuan, and 499 million yuan, respectively, with net profits of 49 million yuan, 55 million yuan, and 59 million yuan [2] - China Uranium Industry's expected revenues for the same period are 10.535 billion yuan, 14.801 billion yuan, and 17.279 billion yuan, with net profits of 1.334 billion yuan, 1.262 billion yuan, and 1.458 billion yuan [5] Group 3: Investment Plans - Jingchuang Electric plans to use the raised funds for upgrading its core production lines and developing a smart instrument research center and cold cloud platform [3] - China Uranium Industry will invest in various uranium mining projects, including in-situ leaching projects in Inner Mongolia and Xinjiang, as well as upgrading existing mining operations [5][6] Group 4: Market Position and Strategy - Jingchuang Electric has established a global presence with subsidiaries in multiple countries, including the US, UK, Brazil, and Thailand, indicating a strong international market strategy [2] - China Uranium Industry is actively involved in overseas uranium resource development, particularly in Africa and Asia, and has achieved significant production milestones, such as ranking sixth globally in uranium production from its Rossing mine in Namibia [4]

Core Viewpoint - This week, two new stocks are available for subscription in the A-share market: Jingchuang Electric and China Uranium Industry, with subscriptions starting on Tuesday and Friday respectively [1]. Group 1: Jingchuang Electric - Jingchuang Electric is a provider of integrated cold chain IoT solutions, covering the entire cold chain process including control, monitoring, energy saving, networking, and maintenance [1]. - The offering price for Jingchuang Electric is set at 12.1 yuan per share, with a single account subscription limit of 650,700 shares [2]. - The company reported revenues of 396 million yuan, 435 million yuan, and 499 million yuan for the years 2022 to 2024, with net profits of 49 million yuan, 55 million yuan, and 59 million yuan respectively [2]. Group 2: China Uranium Industry - China Uranium Industry focuses on the comprehensive utilization of natural uranium and radioactive associated mineral resources, being a key player in China's nuclear industry [3]. - The company has a subscription limit of 52,000 shares per account, requiring a market value of 520,000 yuan for maximum subscription [3]. - The total number of shares for public offering is 248 million, indicating a potentially high subscription rate due to its large issuance volume [3]. - The company achieved revenues of 10.535 billion yuan, 14.801 billion yuan, and 17.279 billion yuan for the years 2022 to 2024, with net profits of 1.334 billion yuan, 1.262 billion yuan, and 1.458 billion yuan respectively [4]. Group 3: Investment Projects - The funds raised by China Uranium Industry will be invested in various projects, including in-situ leaching uranium extraction projects and comprehensive utilization projects for associated uranium resources [5].

Investment Rating - The report suggests a "Focus" on the company, indicating potential investment interest due to its strong market position and growth prospects [2][4]. Core Viewpoints - The company, Jingchuang Electric, is a leading enterprise in cold chain temperature control products, with a projected compound annual growth rate (CAGR) of 27% for net profit attributable to shareholders from 2021 to 2024 [12][37]. - The company plans to raise approximately 175 million yuan through its public offering to enhance production capacity and invest in smart manufacturing and R&D projects [10][11]. - The cold chain temperature control market is expected to grow steadily, with a global market size of 556 million USD in 2023, projected to reach 836 million USD by 2030, reflecting a CAGR of 6.01% [31][37]. Summary by Sections 1. Issuance Information - The issuance price is set at 12.1 yuan per share, with a price-to-earnings (P/E) ratio of 11.88X. The subscription date is November 18, 2025 [5][6]. - A total of 14.46 million shares will be publicly issued, accounting for 25% of the total share capital post-issuance [5][6]. 2. Company Overview - Jingchuang Electric is recognized as a national high-tech enterprise and a "little giant" in specialized and innovative sectors, focusing on the R&D, production, and sales of cold chain equipment and monitoring devices [12][17]. - The company has a diversified product portfolio, including smart controllers for cold chain equipment, monitoring devices for pharmaceuticals and food, and environmental quality detection instruments [17][25]. 3. Financial Performance - The company is expected to achieve revenues of 499 million yuan and a net profit of 58.91 million yuan in 2024, reflecting a year-on-year growth of 14.80% and 6.42%, respectively [37][12]. - The revenue from cold chain smart control and monitoring products is projected to reach 441 million yuan in 2024, with a gross margin of 43.76% [31][35]. 4. Industry Position - In 2023, the company held the largest market share in China's cold chain temperature control market, with a domestic market share of 13.13% and a global market share of 4.64% [31][37]. - The cold chain temperature control market is supported by macro policies promoting industry upgrades, leading to increased demand for smart controllers [31][37]. 5. Subscription Recommendation - The report recommends attention to the company due to its extensive experience in the cold chain sector, strong production capabilities, and competitive advantages in product quality and customer service [2][4].

Group 1: New Stock Offerings - Two new stocks are available for subscription next week: Jingchuang Electric on November 18 and China Uranium Industry on November 21 [1] - China Uranium Industry will become the first stock in the uranium sector in A-shares, with a large number of shares issued, potentially leading to a higher subscription rate [1][4] Group 2: Jingchuang Electric - Jingchuang Electric is a specialized "little giant" enterprise focused on the cold chain logistics sector [2] - The offering price for Jingchuang Electric is 12.1 yuan per share, with an earnings per share (EPS) ratio of 13.47 [3] - The company reported revenues of 396 million yuan, 435 million yuan, and 499 million yuan for 2022, 2023, and 2024 respectively, with net profits of 49 million yuan, 55 million yuan, and 59 million yuan for the same years [3] Group 3: China Uranium Industry - China Uranium Industry is a key player in the natural uranium supply chain in China and will be the first stock in the uranium sector upon listing [4] - The company plans to issue 24,818,180 shares, with a maximum subscription limit of 52,000 shares for online applications [4] - The company reported revenues of 10.535 billion yuan, 14.801 billion yuan, and 17.279 billion yuan for 2022, 2023, and 2024 respectively, with net profits of 1.334 billion yuan, 1.262 billion yuan, and 1.458 billion yuan for the same years [5]