Group 1 - Guangdong Construction Science Research Institute Group Co., Ltd. (Guangdong JianKe) successfully listed on the Shenzhen Stock Exchange on August 12, raising approximately 687 million yuan by issuing 10.466 million shares at an initial price of 6.56 yuan per share, with a first-day closing price of 34.01 yuan per share, reflecting a 418.45% increase and a market capitalization of 14.2 billion yuan [2] - Guangdong JianKe is a major provider of scientific and technological research in the construction engineering field, offering a complete industrial chain of inspection and testing services that support government decision-making, engineering construction, and urban operation [2] - The company has undertaken several significant construction projects, including the Hong Kong-Zhuhai-Macao Bridge and Guangzhou Baiyun International Airport, demonstrating notable economic and social benefits [2] Group 2 - The listing of Guangdong JianKe has established a strategic framework for the coordinated development of a dual listing platform for Guangdong Construction Holding Group, combining "construction and inspection/testing" [3] - In 2016, Guangdong JianKe attracted strategic investors, including Guangdong Hengjian Investment Holdings and Guangdong Yueke Financial Group, to support its path to listing, with the National Development Fund providing professional support for the reform and innovation of state-owned enterprises [3]

Core Viewpoint - Guangdong Construction Science Research Institute Group Co., Ltd. (referred to as "Guangdong Jian Ke") officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market on August 12, with a significant stock price increase of 418.45% on its debut, reaching a market capitalization of approximately 14.2 billion yuan [1][2]. Group 1: Company Overview - Guangdong Jian Ke specializes in inspection and testing technology 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 services [1]. - The company has undertaken inspection and testing services for major construction projects, including the Hong Kong-Zhuhai-Macao Bridge, Guangdong Science Center, Guangzhou Baiyun International Airport, Guangzhou International Financial Center, Shenzhen Ping An Financial Center, and Shenzhen Stock Exchange Operations Center [1]. Group 2: Financial Performance - The controlling shareholder of Guangdong Jian Ke is Guangdong Provincial Construction Engineering Group Holdings Co., Ltd., with actual control by the Guangdong Provincial State-owned Assets Supervision and Administration Commission [2]. - The company achieved revenues of 1.072 billion yuan, 1.154 billion yuan, and 1.197 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits attributable to the parent company of 103 million yuan, 99.207 million yuan, and 107 million yuan for the same years [2].

Group 1 - The core business of the company is engaged in inspection and testing technology services in the construction engineering field, with revenue from this business exceeding 98% from 2022 to 2024, indicating stable business composition [2] - The company possesses the first national wind tunnel laboratory for buildings and has established several advanced laboratories, including the largest civilian building wind tunnel laboratory in the country, demonstrating its commitment to intelligent and information-based services [2] - The company has a competitive advantage with over 4,100 recognized testing standards and approximately 32,000 testing parameters, covering various sectors such as construction, municipal, transportation, water conservancy, environmental protection, and safety production [2] Group 2 - The company has undertaken significant projects such as the Hong Kong-Zhuhai-Macao Bridge and Guangzhou Baiyun International Airport, achieving good economic benefits and receiving multiple honors, including "National AAA Credit Enterprise" [3] - The company has reported a slight decline in net profit attributable to the parent company in 2023, attributed to increased credit and asset impairment losses and a slight decrease in gross profit margin [3] - The company's revenue is heavily concentrated in Guangdong province, with revenue from this region accounting for approximately 97.68% to 97.53% from 2022 to 2024, which poses risks due to increasing regional competition [3] Group 3 - The company's accounts receivable and contract assets as a percentage of total assets have increased from 19.43% in 2022 to 27.63% in 2024, indicating growing financial risk [4] - The proportion of accounts receivable aged over one year has also increased, from 36.66% in 2022 to 47.53% in 2024, suggesting a trend of lengthening collection periods [4]

Core Viewpoint - Guangdong JianKe is set to benefit from the growing demand in the inspection and testing services sector, supported by national policies favoring high-tech service industries [3][4]. Company Overview - Guangdong JianKe specializes in inspection and testing technology services in the construction engineering field, with over 98% of its revenue coming from this business from 2022 to 2024 [3]. - The company has established several advanced laboratories, including the largest civil building wind tunnel laboratory in China and various specialized testing facilities [3]. Competitive Advantages - The company holds over 4,100 recognized testing standards and approximately 32,000 testing parameters, covering multiple sectors such as construction, municipal, transportation, and environmental safety [3]. - Guangdong JianKe has participated in over 20 national science and technology projects and has received numerous awards, including 89 national and provincial-level technology awards [3]. Financial Performance - The company has successfully undertaken major projects like the Hong Kong-Zhuhai-Macao Bridge and Guangzhou Baiyun International Airport, leading to significant economic benefits [4]. - From 2022 to 2024, the company’s accounts receivable and contract assets as a percentage of total assets are projected to increase, indicating potential liquidity concerns [5]. Market Risks - The company faces risks due to its heavy reliance on the Guangdong region, where revenue from this area accounted for approximately 97.5% over the past three years [4]. - The real estate sector's slowdown, influenced by tightened policies, has led to delayed payments for inspection and testing services, increasing the risk of bad debts [4].

Core Viewpoint - Guangdong Jianke (301632.SZ) is a new IPO on the Shenzhen Stock Exchange's ChiNext board, primarily engaged in inspection and testing technology services in the construction engineering sector, with over 98% of its revenue coming from this business from 2022 to 2024, indicating a stable business structure [1][4]. Group 1: Company Overview - Guangdong Jianke's main business is inspection and testing technology services, which is a key area supported by the state, and the company is expected to benefit from the trend of industrial consolidation in China's inspection and testing sector [1]. - The company has established branches and laboratories in the Pearl River Delta and other regions, providing a wide range of inspection and testing services [2][3]. - Guangdong Jianke has a competitive advantage with over 4,100 recognized testing standards and approximately 32,000 testing parameters, covering various sectors including construction, municipal, transportation, water conservancy, environmental protection, and safety production [3]. Group 2: Financial Performance - The IPO price is set at 6.56 CNY per share, with an institutional offering price of 7.35 CNY, resulting in a market capitalization of 20.59 billion CNY [2]. - The company's earnings per share (EPS) for 2021, 2022, and projected for 2023 and 2024 show a consistent growth trend, with net profit expected to increase significantly [2]. - The company plans to invest 3.87 billion CNY in the construction of an innovation technology research headquarters and 0.94 billion CNY in building a testing and marketing service network [2]. Group 3: Market Position and Risks - Guangdong Jianke's revenue is heavily concentrated in Guangdong province, with revenue contributions of 97.68%, 97.45%, and 97.53% from 2022 to 2024, which poses a risk due to increasing competition in the region [4]. - The company has faced challenges due to the slowdown in the real estate sector, leading to delayed payments for inspection and testing services, which has resulted in an increase in accounts receivable and contract assets [4]. - The proportion of accounts receivable and contract assets to total assets has risen from 19.43% in 2022 to 27.63% in 2024, indicating a growing risk of bad debts [4].

Core Viewpoint - Guangdong Jianke (301632.SZ) has initiated its IPO with a price of 6.56 yuan per share and a PE ratio of 26.48 times, focusing on inspection and testing services in the construction engineering sector [1] Company Overview - The company specializes in inspection and testing technology services in the construction engineering field, holding over 4,100 recognized testing standards and covering 31,869 testing parameters across various sectors including housing construction, municipal projects, transportation, water conservancy, environmental protection, and safety production [1] - Guangdong Jianke possesses multiple qualifications, including a comprehensive first-class qualification for highway engineering and specialized testing qualifications for bridge and tunnel engineering, as well as full-category first-class qualifications for water conservancy engineering [1] - The company has been involved in significant projects such as the Hong Kong-Zhuhai-Macao Bridge, Guangdong Science Center, and Guangzhou Baiyun International Airport [1] Financial Performance - For the fiscal years 2022, 2023, and 2024, the company reported revenues of approximately 1.072 billion yuan, 1.155 billion yuan, and 1.197 billion yuan respectively, with net profits of about 101 million yuan, 98.15 million yuan, and 105 million yuan [2] - Total assets as of December 31, 2024, are projected to be approximately 2.787 billion yuan, with equity attributable to shareholders at around 2.020 billion yuan [3] - The company's asset-liability ratio is expected to be 25.00% in 2024, up from 22.52% in 2022 [3] - The basic earnings per share are projected to be 0.34 yuan for 2024, an increase from 0.32 yuan in 2023 [3] - The company has indicated a potential decline in return on equity following the IPO due to the increase in net assets and the time required for investment projects to yield expected benefits [3]

IPO Review and Registration Progress - Two companies faced IPO review last week, with TaiKaiYing passing and HengKun New Materials' review being postponed [2] - TaiKaiYing focuses on the global mining and construction tire market, with approximately 70% of its sales coming from overseas [2] - HengKun New Materials reported a revenue of 548 million yuan in 2024, a year-on-year increase of 49.01% [3] Upcoming IPOs - This week, two companies, Changjiang Nengke and DeLiJia, are scheduled for IPO reviews, aiming to raise 10.07 billion yuan and 18.81 billion yuan respectively [4][6] - Changjiang Nengke's revenue for 2024 is projected at 314 million yuan, a decline of 9.77% year-on-year [4] - DeLiJia specializes in high-speed heavy-duty precision gear transmission products, with a revenue of 3.715 billion yuan in 2024 [5] New Stock Listings - Two new stocks, Shanda Electric and Jiyuan Group, were listed last week, with Shanda Electric's stock price increasing by 356% on its first day [8] - Shanda Electric reported revenues of 478 million yuan, 549 million yuan, and 658 million yuan from 2022 to 2024 [8] - Jiyuan Group's revenue for the same period was 947 million yuan, 892 million yuan, and 1 billion yuan [9] New Stock Subscription and Issuance - Three new stocks are available for subscription this week, including Tianfu Long and Youli Intelligent [10] - Tianfu Long's projected revenue for 2024 is 3.841 billion yuan, while Youli Intelligent expects a revenue of 462 million to 482 million yuan in the first half of 2025 [11] Policy and Regulatory Developments - The China Securities Regulatory Commission (CSRC) emphasizes enhancing the investment value of listed companies and preventing financial fraud [13] - CSRC plans to strictly limit significant adverse impacts from industry competition on listed companies [14]

Group 1: New IPOs and Offerings - This week, there are three new stocks available for subscription, including one from the Shanghai Stock Exchange, one from the ChiNext, and one from the Beijing Stock Exchange [1] - The Shanghai Stock Exchange new stock Tianfulong has an issue price of 23.6 yuan per share and a price-to-earnings ratio of 20.93 times, while the industry average dynamic price-to-earnings ratio is 30.31 times [2] - The Beijing Stock Exchange new stock Youli Intelligent has an issue price of 23.99 yuan per share and a price-to-earnings ratio of 11.75 times, with the industry average dynamic price-to-earnings ratio at 27.03 times [2] Group 2: Company Profiles and Business Operations - Tianfulong specializes in the research, production, and sales of differentiated polyester short fibers, with a production capacity of 612,400 tons per year, ranking ninth in the native polyester short fiber sector and second in the recycled polyester short fiber sector [2][3] - Guangdong Jianke, which will start its IPO subscription on August 1, provides inspection and testing technology services in the construction engineering field, having participated in major projects like the Hong Kong-Zhuhai-Macao Bridge and Guangzhou Baiyun International Airport [3][4] - DeLijia, which is set to go public on the Shanghai Stock Exchange, focuses on the research, production, and sales of high-speed heavy-duty precision gear transmission products, particularly for wind power generation [5][6] Group 3: Financial Performance and Projections - Tianfulong's projected revenues for 2022 to 2024 are 2.576 billion yuan, 3.336 billion yuan, and 3.841 billion yuan, with net profits of 338 million yuan, 420 million yuan, and 451 million yuan respectively [3] - Guangdong Jianke's expected revenues for the same period are 1.072 billion yuan, 1.154 billion yuan, and 1.197 billion yuan, with net profits of 103 million yuan, 99 million yuan, and 107 million yuan respectively [3][4] - DeLijia aims to raise 1.881 billion yuan for the production of large-scale wind turbine gearboxes, with a projected global market share of 10.36% in 2024, ranking third globally and second in China [5][6]

Core Viewpoint - Three new stocks are available for subscription next week, including Guangdong Jianke, a testing and inspection service provider for the Hong Kong-Zhuhai-Macao Bridge [2] Group 1: Tianfulong - Tianfulong is a leading company in the regenerated fiber sector, focusing on the research, production, and sales of differentiated polyester short fibers [4][5] - The subscription code for Tianfulong is 732406, with an issue price of 23.60 yuan per share and an issue P/E ratio of 20.93 times, compared to the industry average of 32.30 times [5] - The total number of shares issued is 40.01 million, with 10.80 million shares available for online subscription [5] - Tianfulong's revenue for 2022, 2023, and 2024 is projected to be 2.576 billion yuan, 3.336 billion yuan, and 3.841 billion yuan, respectively, with net profits of 358 million yuan, 431 million yuan, and 454 million yuan [6][8] - The company ranks first in the domestic market for sales of colored polyester short fibers and low-melting-point short fibers used in automotive interiors [5] Group 2: Youli Intelligent - Youli Intelligent focuses on the research, production, and sales of core components for photovoltaic brackets, with a subscription code of 920007 and an issue price of 23.99 yuan per share [10][11] - The total number of shares issued is 11.20 million, with 8.96 million shares available for online subscription [11] - The company has a high customer concentration risk, with the top five customers accounting for 94.90%, 94.91%, and 96.44% of revenue from 2022 to 2024 [12] - Revenue projections for Youli Intelligent are 433 million yuan, 658 million yuan, and 729 million yuan for 2022, 2023, and 2024, respectively, with net profits of 42.19 million yuan, 78.17 million yuan, and 90.05 million yuan [12][15] Group 3: Guangdong Jianke - Guangdong Jianke's subscription code is 301632, with the issue price and P/E ratio yet to be disclosed, but the industry average P/E ratio is 36.16 times [17] - The total number of shares issued is 105 million, with 14.65 million shares available for online subscription [17] - The company specializes in testing and inspection technology services in the construction engineering field, having undertaken major projects like the Hong Kong-Zhuhai-Macao Bridge [17][18] - Revenue for Guangdong Jianke is projected to be 1.072 billion yuan, 1.154 billion yuan, and 1.197 billion yuan for 2022, 2023, and 2024, respectively, with net profits of 103 million yuan, 99.21 million yuan, and 107 million yuan [20][22]