策 略 研 究 申 购 策 略 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 2025 年 07 月 25 日 广东建科：区域综合检验检测服务提供商 ——注册制新股纵览 20250725 投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - ⚫ AHP 得分——剔除流动性溢价因素后，广东建科 1.92 分，位于总分的 25.9%分位。广东 建科于 2025 年 7 月 24 日招股，将在创业板上市。剔除、考虑流动性溢价因素后，我们测 算广东建科AHP得分分别为1.92分、2.09分，分别位于非科创体系AHP模型总分的25.9%、 37.7%分位，分别处于中游偏下、中游偏上水平。假设以 95%入围率计，中性预期情形下， ...

东吴证券股份有限公司 关于联检（江苏）科技股份有限公司 关于部分募投项目终止的核查意见 《关于同意常州市建 筑科学研究院集团股份有限公司首次公开发行股票注册的批复》 （证监许可【2022】 公开发行人民币普通股（A 股）45,000,000 股，每股面值人民币 1.00 元,每股发 行价格为 42.05 元，募集资金总额为 1,892,250,000.00 元，扣除承销保荐费（不 含税）112,375,254.72 元和其他相关发行费用（不含税）28,244,432.18 元后，实 际募集资金净额 1,751,630,313.10 元。募集资金已于 2022 年 8 月 25 日划至公司 指定账户。容诚会计师事务所（特殊普通合伙）已于 2022 年 8 月 26 日对公司首 次公开发行股票的资金到位情况进行了审验，并出具了容诚验字[2022]210Z0024 号《验资报告》。 为规范公司募集资金管理，保护投资者权益，公司与保荐机构、募集资金专 户开户银行签署了《募集资金三方监管协议》，开设了募集资金专项账户，对募 集资金实行专户存储。上述全部募集资金已按规定存放于公司募集资金专户。 根据《常州市建筑科学研究院 ...

特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我 们的推送。 人力资源和社会保障部，今天（22日） 正式发布 第七批新职业，包括17个新职业、42个新 工种。其中 检验检测管理工程技术人员 赫然在目。 中国检验检测行业市场规模预计未来5年突破5000亿元（《国家标准化发展纲要》），企业对 既懂技术又善管理的复合型人才需求激增，预示着 行业规模将不断扩张。 相关的检测人才可进入第三方检测机构（如SGS、华测检测）、企业质检部门、政府监管部门 （如市场监管局、海关）等，覆盖制造业、环保、医疗、食品、新能源等多个领域。其中京津 冀、长三角、珠三角等产业集群区域对高端检测人才的需求尤为迫切（如电子电器检测、生物 医药检测等）。 同时，检验检测是质量基础设施的核心环节，伴随制造业升级、国际贸易深化， 行业需求将持 续增 长 ， 职业稳定性更高 。 薪资水平提升，职业竞争力增强 被国家正式认定为"新工种"，将意味着行业从业者 整体收入水平的提升 。当前" 既懂技术又 善管理 "的高素质人才缺口显著，相关人才在求职中更 具议价能力 。 部分企业或机构（如出口导向型企 ...

来源：中国新闻网 中新社上海7月21日电 (记者 许婧)国际独立第三方检测、检验和认证机构德国莱茵TÜV大中华区21日在 上海揭幕其聚焦前沿技术的实验室集群——InnoHub(创新中心)，致力于为智能座舱、人机交互、显示 科技、声觉生态、宠物友好等领域注入创新动能。 以声觉交互研究实验室为例，该实验室通过声音探索产品和用户的交互，研究产品的降噪能力、声品 质、听觉辅助等重要特性。实验室还配备了一台名为"小茵"的仿生机器人，实现真实情境的人机对话以 及AI智能语音对话。 随着消费者对产品质量和安全性的要求日益提升，汽车、新能源、电子商务、人工智能等领域的技术不 断革新，中国检验检测服务市场规模持续扩大。截至2023年底，上海检验检测行业规模以上机构近500 家，户均收入7471.2万元人民币。今年7月，上海市检验检测认证有限公司揭牌成立，将有助于上海积 极参与国际规则制定，支持产业链供应链国际化发展，打造国际贸易枢纽。 该创新中心下设智能座舱实验室、声觉交互研究实验室、宠物友好研究室等六大专业实验室，旨在推动 前沿技术落地；希望通过跨学科的研究能力和完善的标准认证体系，协助客户及合作伙伴，将前沿技术 转化为"有 ...

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [5]. Core Viewpoints - The company is a leader in concrete additives, with a recovery in performance from its bottom [1][14]. - Infrastructure demand is providing a crucial support, while supply is accelerating its exit from the market [1][50]. - The company has a strong technical foundation and is involved in major engineering projects, which enhances its reputation and customer base [2][14]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of concrete additives, with production bases in multiple provinces [1][14]. - It has participated in significant projects such as the Hong Kong-Zhuhai-Macao Bridge and the Three Gorges Project, establishing a solid reputation [14]. Industry Analysis - The real estate sector is experiencing a downturn, leading to a 10.1% year-on-year decline in concrete production in 2024 [1][41]. - Infrastructure investment remains resilient, with a reported 8.9% year-on-year growth in the first half of 2025, partially offsetting the decline in real estate demand [45][48]. Financial Performance - In 2024, the company reported revenues of 35.6 billion yuan, a slight decrease of 0.75% year-on-year, and a net profit of 1.0 billion yuan, down 40.2% [20]. - The first quarter of 2025 showed a recovery with revenues of 6.8 billion yuan, up 17.8% year-on-year, and a net profit of 0.2 billion yuan, up 15.4% [21]. Profitability and Cash Flow - The company is expected to see improvements in profit margins due to operational optimizations and scale effects, with projected revenues of 38.0 billion yuan in 2025 [3][4]. - The cash flow from operating activities is expected to significantly improve, with a net cash flow of 5.8 billion yuan in 2024, up 57.0% year-on-year [2]. Future Outlook - The company anticipates revenue growth of 24.4% over the next three years, with net profits projected to increase to 2.46 billion yuan by 2027 [3][4]. - The demand for functional materials is expected to grow, with a projected revenue increase of 29.5% in 2024 [2].

Core Viewpoint - Standard Testing Group Co., Ltd. has announced its intention to publicly issue shares and list on the Beijing Stock Exchange, aiming to raise capital for its operations and growth in the high-tech service sector [1][3]. Company Overview - Standard Testing Group Co., Ltd. is a comprehensive high-tech service enterprise focused on the biomedicine and life sciences sectors, as well as industrial trade, ecological environment, and innovative services [3]. - The company provides a range of services including inspection and testing, analytical research and development, metrology calibration, certification services, product quality identification, intellectual property, and standardization/rationalization advice [3]. Financial and Operational Details - The company plans to issue up to 6,300,000 shares to unspecified qualified investors, ensuring that public shareholders will hold at least 25% of the total share capital post-issuance [3]. - There is an option for an overallotment of up to 15%, which could increase the total number of shares issued to a maximum of 7,245,000 [3]. - As of 2024, the company has participated in the formulation and revision of 47 standards and has been granted approximately 214 national patents, 18 software copyrights, and 71 registered trademarks [3]. Company Background - Established on August 6, 2014, the company is located in Qingdao, Shandong Province, and is legally represented by Han Lianchao [4]. - The registered capital of the company is approximately 63 million yuan, with an operational status of being open for business [4]. - The company has invested in 27 other companies and operates 7 branch offices [4].

Core Viewpoint - The shareholders of Sanwei Tiandi (301159) plan to reduce their holdings by a total of up to 3.1475 million shares, representing a maximum of 4.07% of the company's total share capital, between August 6 and November 5 [1] Shareholder Holdings - Beijing Weiheng holds 7,739,050 shares, accounting for 10.01% of the total share capital - Sanwei Zhijian holds 6,449,300 shares, accounting for 8.34% of the total share capital - Chengxian Phase I holds 548,800 shares, accounting for 0.71% of the total share capital - Yafeng Phase I holds 278,200 shares, accounting for 0.36% of the total share capital - The total shares held by these shareholders amount to 15,015,350, which is 19.41% of the total share capital [2] Planned Share Reduction - Beijing Weiheng and Sanwei Zhijian plan to reduce their holdings by up to 232,050 shares, which is 3% of the total share capital - Chengxian Phase I and Yafeng Phase I plan to reduce their holdings by up to 82,700 shares, which is 1.07% of the total share capital - If these shareholders proceed with their maximum planned reductions, they will effectively "liquidate" their holdings in Sanwei Tiandi [3] Financial Performance - Sanwei Tiandi reported a net profit of 0.55 billion in 2021, followed by losses of 0.46 billion in 2022, a slight recovery to 0.08 billion in 2023, and a significant loss of 1.88 billion in 2024 [5] - The company attributes the 2024 losses to intensified industry competition, tightened customer budgets, and increased project implementation costs due to the hiring of high-level consultants and personnel for new software products [8] Market Reaction - As of July 16, the company's stock price fell by 7.27% to 37 yuan per share, with a market capitalization of 2.862 billion [8]

近日，国家市场监督管理总局发布的2024年度全国检验检测统计结果显示，检验检测行业营收和单位产 值稳步上升，共实现营收4875.97亿元，同比增长4.41%；全国共有检验检测机构53057家，全年出具检 验检测报告5.53亿份。 检验检测对大部分普通民众来说，有些陌生也有些"专业"。但实际上，检验检测不仅在培育新质生产 力、支撑高质量发展方面发挥着重要作用，也为民生消费护航。 据悉，2024年市场监管部门会同有关部门深化机动车检验制度改革，优化车检服务，为2300多万辆机动 车免予安全技术检验，通过手机APP预约车检服务1100多万次，降低了群众出行成本；开展机动车检 验、环境监测、珠宝黄金检测等领域专项整治，重拳打击伪造检测数据、出具虚假报告等行为，2024年 查处违法机构3615家，撤销、注销214家机构资质，罚没款3571万元，保护了消费者合法权益。 市场监管总局认可检测司副司长张磊柱解释，这反映出检验检测行业的集聚度有所提高，释放出"减 量、增效、聚能、提质"的积极信号，表明检验检测行业正逐步由数量规模型发展转向质量效益型发 在浙江省兰溪市黄店液化气有限公司的液化石油气储罐 上，金华市特种设备检验检测 ...

Core Viewpoint - The article highlights the significant achievements in domestic substitution within the inspection and testing industry, showcasing a notable increase in the number of domestic instruments and equipment, as well as improvements in industry revenue and structure [1][3][5]. Group 1: Industry Performance - By the end of 2024, the inspection and testing industry achieved a revenue of 487.6 billion yuan, marking a year-on-year growth of 4.41% [2][5]. - The number of inspection and testing institutions decreased to 53,057, with a decline in the number of reports issued by 8.66%, indicating a shift towards higher quality and efficiency [5][11]. - The average revenue per institution increased by 51,510 yuan, and the average revenue per report rose by 110.89 yuan, reflecting a significant enhancement in the "value" of services provided [5][11]. Group 2: Domestic Substitution and Innovation - As of the end of 2024, there were 10.67 million sets of instruments and equipment in inspection and testing institutions, with domestic equipment accounting for 9.93 million sets, achieving a domestic substitution rate exceeding 93% [3][15]. - The asset value of inspection and testing instruments reached 570.17 billion yuan, with domestic instruments valued at 371.64 billion yuan, representing a 65.18% share [3][15]. - The number of high-tech enterprises in the inspection and testing sector reached 6,025, significantly higher than the national average, indicating a strong emphasis on technological innovation [13][14]. Group 3: Structural Changes and Trends - The proportion of large-scale institutions (with revenue over 10 million yuan) increased to 15.03%, while the share of small and micro institutions decreased, indicating a trend towards industry consolidation and specialization [5][6]. - The number of institutions in emerging fields like new energy and smart equipment grew by 2.05%, while traditional sectors saw a decline, highlighting a shift in focus towards high-end supply capabilities [6][10]. - The article emphasizes the importance of enhancing the quality and efficiency of services, moving from a quantity-driven model to a quality-driven approach in the inspection and testing industry [11][12]. Group 4: Regional Development and Collaboration - The eastern region accounted for 42.29% of the total number of institutions and 61.86% of revenue, showcasing a clear regional concentration in the inspection and testing industry [10][22]. - Collaborative efforts in regions like the Beijing-Tianjin-Hebei area and the Yangtze River Delta have led to integrated service models in inspection and testing, supporting regional economic growth [7][10]. - The establishment of national inspection and testing service clusters and public service platforms has strengthened regional capabilities and contributed to high-quality development [7][8].

"从统计数据看，2024年检验检测行业服务营收在继续保持稳定增长的同时，机构总量与小微机构占比 首次出现了下降。"市场监管总局认可检测司副司长张磊柱指出，这表明检验检测行业正逐步由数量规 模型发展转向质量效益型发展，行业"小散弱"现象初步得到扭转。 检验检测是质量基础设施的重要组成部分，是国家重点发展的高技术服务业，为培育新质生产力、支撑 高质量发展发挥了重要作用。市场监管总局认可检测司司长况旭表示，从2024年度全国检验检测统计结 果来看，行业呈现出"三升三降"的显著特征。 行业营收和单位产值稳步上升，机构数量和报告数量出现下降。况旭介绍，2024年,全国检验检测行业 共实现营收4875.97亿元，同比增长4.41%，继续保持良性增长势头；全国共有检验检测机构53057家， 全年出具检验检测报告5.53亿份，同比分别下降1.44%和8.66%，机构数量近年来首次出现下降拐点。与 上年比，平均每家机构营收增加51.51万元，平均每份报告营收增加110.89元，表明检验检测机构和检验 检测报告的"含金量"明显提升。 规模以上机构占比上升,小微型机构占比下降。营业收入1000万以上的"规上"机构共计7972家，占 ...