Company Overview - Hanbang Technology has entered the IPO subscription phase on May 7, with a subscription code of 787755 and a price of 22.77 yuan per share. The company specializes in providing separation and purification equipment, consumables, and technical services in the pharmaceutical and life sciences sectors [1] Market Position - In 2023, the total market size for liquid chromatography equipment in China exceeded 2.7 billion yuan, with Hanbang Technology ranking second in the production-grade liquid chromatography separation equipment market, holding a market share of approximately 12.7%. For production-grade equipment alone, Hanbang's market share reached 39.2%, making it the market leader [1] - The market for production-grade macromolecular chromatography systems in China was about 2.5 billion yuan in 2023, where Hanbang Technology held a market share of approximately 8.8%, ranking third [1] Industry Context - The domestic high-end pharmaceutical equipment sector has developed relatively late, with a long-standing reliance on imports for core production equipment such as chromatography systems. This reliance has led to high procurement and maintenance costs, impacting the upgrade and development of the pharmaceutical industry [2] - With ongoing reforms in the pharmaceutical industry, policies such as "medical insurance cost control," "consistency evaluation of generic drugs," and "volume-based procurement" have raised the cost control and quality standards for pharmaceutical companies. This has increased the demand for high-quality domestic equipment [2] Customer Relations and Sales Strategy - Hanbang Technology's customer base is primarily domestic, allowing for closer proximity to clients compared to foreign competitors. This geographical advantage enables the company to provide comprehensive and rapid technical support and solutions [2] - The company has established a robust customer service team to understand client needs in real-time and develop corresponding solutions to ensure the swift establishment and stable operation of client production lines. Hanbang maintains close cooperation with clients, participating in the development of client solutions and responding promptly to feedback [2] Financial Performance - In 2024, the company's projected revenue is 691 million yuan, up from 619 million yuan in 2023 and 481 million yuan in 2022, reflecting a compound annual growth rate (CAGR) of 19.75%. The net profit attributable to the parent company, excluding non-recurring gains and losses, was 76.05 million yuan in 2023, compared to 50.69 million yuan in 2022 and 38.55 million yuan in 2021, with a CAGR of 40.46% [3] - For the first quarter of 2025, the company expects a year-on-year revenue growth of 5.13% to 17.53%, with net profit growth of 50.11% to 158.41% after excluding non-recurring gains and losses [3]