Core Viewpoint - Shandong Qilong Marine Oil Steel Pipe Co., Ltd. has been approved for listing on the Beijing Stock Exchange, marking it as the 68th company to pass the review this year, with a focus on the development, production, and sales of marine drilling riser pipes and related services [1][2]. Company Overview - Shandong Qilong specializes in the research, production, and sales of marine drilling riser pipes, oil and gas long-distance pipeline production, and underwater oil and gas equipment testing services [1]. - The company is controlled by Shengli Longxi (Shandong) Petroleum Engineering Technology Service Co., Ltd., which holds 111,670,000 shares, accounting for 78.66% of the total share capital [1]. IPO Details - The company plans to publicly issue up to 47,320,000 shares, with an option for an overallotment of up to 7,098,000 shares, bringing the total potential issuance to 54,418,000 shares [2]. - The funds raised, totaling 38,188.90 million yuan, will be allocated for land transfer fees, main construction investments, factory renovations, equipment purchases, and working capital [2][3]. Investment Allocation - The investment breakdown for the raised funds is as follows: - Land transfer fees: 1,870.00 million yuan - Main construction and related investments: 10,696.46 million yuan - Factory renovation costs: 434.06 million yuan - Equipment purchase and installation costs: 23,289.00 million yuan - Working capital: 1,899.38 million yuan - Total: 38,188.90 million yuan [3]. Review Meeting Inquiries - The review meeting raised inquiries regarding: 1. The operating conditions of the controlling shareholder, including external borrowings and debt ratios [4]. 2. The stability of customer cooperation and sustainability of business performance, particularly with the largest customer, CNOOC [4].

Core Viewpoint - Shandong Qilong Marine Oil Pipe Co., Ltd. has received approval for its initial public offering (IPO) on the Beijing Stock Exchange, focusing on the development, production, and sales of marine drilling riser pipes and related services [1] Financial Performance - The company reported revenues of 240 million yuan in 2022, 201 million yuan in 2023, and projected 244 million yuan in 2024, indicating a revenue growth of 21.07% in 2024 compared to 2023 [1] - Net profits for the same years were 48.2 million yuan in 2022, 47.4 million yuan in 2023, and are expected to reach 50.7 million yuan in 2024, reflecting a year-on-year increase of 6.92% [1] Key Financial Metrics - Revenue for 2024 is projected at 24,370.54 million yuan, with net profit attributed to shareholders at 5,067.02 million yuan [1] - The basic earnings per share (EPS) for 2024 is estimated at 0.36 yuan, up from 0.33 yuan in 2023 and 0.34 yuan in 2022 [1] - The weighted average return on equity (ROE) is expected to be 18.20% in 2024, down from 20.26% in 2023 and 23.59% in 2022 [1] - The net cash flow from operating activities is projected to be -63.5 million yuan in 2024, a decline from 73.9 million yuan in 2023 and 22.5 million yuan in 2022 [1]

Core Viewpoint - Shandong Qilong Marine Oil Steel Pipe Co., Ltd. has successfully passed the IPO review for listing on the Beijing Stock Exchange, aiming to raise approximately 382 million yuan for high-performance large-diameter subsea conduits production projects [1][1]. Company Overview - Qilong Marine primarily engages in the research, production, and sales of subsea drilling riser pipes, as well as the production and sales of oil and gas long-distance pipelines and underwater oil and gas equipment testing technical services [1][1]. IPO Details - The company's IPO was accepted on December 24, 2024, and entered the inquiry phase on January 20, 2025 [1][1]. - The planned fundraising amount is approximately 382 million yuan, which will be allocated to the production project of high-performance large-diameter subsea conduits after deducting issuance costs [1][1]. Regulatory Scrutiny - The listing committee requested clarification on the operating conditions of the controlling shareholder, Longxi Oil Services, including its external borrowing and changes in asset-liability ratio [1][1]. - The committee also inquired about the commercial rationale for Longxi Oil Services' increased investment through borrowing and the effectiveness of risk isolation from the controlling shareholder's operations [1][1]. - Additionally, the committee sought information on the stability and sustainability of customer cooperation, specifically with the largest client, CNOOC, and the adequacy of bad debt provisions and accounts receivable risk disclosures [1][1].

Core Viewpoint - Shandong Qilong Marine Oil Steel Pipe Co., Ltd. is preparing for its IPO on the Beijing Stock Exchange, with a significant reliance on a single client, CNOOC, posing potential risks to its business performance [1][2]. Financial Performance - The company's net profit after deducting non-recurring gains and losses for 2022 to 2024 is projected to be 45.52 million yuan, 46.82 million yuan, and 50.41 million yuan, respectively, indicating a compound annual growth rate of over 5% [1]. - Revenue from the company's main product, subsea risers, accounted for 85.79%, 89.77%, 99.63%, and 87.15% of total revenue during the reporting period [2]. Client Concentration - CNOOC is the largest client, contributing 79.39%, 93.44%, 93.48%, and 75.39% of the company's revenue from 2022 to the first half of 2025 [1]. - The company acknowledges that its performance is highly dependent on the execution of contracts with CNOOC, and any changes in CNOOC's exploration and development plans could significantly impact its revenue [1]. Product Structure and Capacity - The company has a single product structure, with subsea risers being the primary revenue source, which poses risks if it cannot innovate or diversify its product line [2]. - The capacity utilization rate fluctuated significantly, with 101.04% in 2022, dropping to 61.62% and 59.59% in the following two years, and then rising to 105.22% in the first half of 2025 [2]. Accounts Receivable - Accounts receivable surged from 38.46 million yuan at the end of 2023 to 165 million yuan at the end of 2024, marking a year-on-year increase of 328.96%, further rising to 241 million yuan in the first half of 2025 [3]. - A significant portion of accounts receivable is attributed to CNOOC and Sinopec, which accounted for 93.10%, 88.84%, 98.51%, and 98.83% of the total at the end of each reporting period [3]. Control Risks - The company faces risks related to changes in control, as its controlling shareholder has a high debt ratio of 88.21% and reported a net loss of 16.67 million yuan in the first half of 2025 [3]. - Although the high debt and poor operating conditions of the controlling shareholder have not adversely affected the company so far, any future financial difficulties could lead to changes in control [3].

星标 ★ IPO日报 精彩文章第一时间推送 日前，拟IPO企业山东祺龙海洋石油钢管股份有限公司（以下简称"祺龙海洋"）及保荐机构首创证券就北交所的第一轮问询作出 了回复。它的回复内容涉及公司治理、经营业绩和股权结构等问题。 祺龙海洋主要从事海洋钻井隔水导管的研发、生产和销售，此外，公司主营业务还包括油气长输管线的生产和销售及水下油气 装备试验技术服务。 客户集中度较高 从财务数据来看，2021—2023年以及2024年上半年（下称"报告期"），祺龙海洋营业收入分别为1.21亿元、2.40亿元、2.01亿 元、1.39亿元；归母扣非净利润分别为1705.35万元、4551.75万元、 4682.21万元、4131.67万元。 | 项目 | 2024年6月30日 /2024年1月-6 | 2023年12月31 日/2023年度 | 2022年12月31 日/2022年度 | 2021年12月31 日/2021年度 | | --- | --- | --- | --- | --- | | | ਸ | | | | | 资产总计(元) | 337,928,583.33 | 316,145,651.59 | 308,805 ...