本文源自：智通财经网 公开资料显示，美联股份是预制钢结构建筑(预制钢结构建筑)市场的工业领域的综合预制钢结构建筑分 包服务提供商。该公司为各行各业的建筑项目提供综合服务，涵盖项目设计和优化、采购、制造和安 装。该公司主要在中国(其次是在海外)从事预制钢结构建筑的建造。凭借技术与专业知识，该公司在中 国预制钢结构建筑市场的工业领域建立了良好声誉。 根据弗若斯特沙利文报告，按2024年收入计，该公司于中国预制钢结构建筑市场的工业领域中排名第 三，市场份额为3.5%;而两大参与者的市场份额分别为35.8%及6.5%。 智通财经获悉，美联股份(02671)首挂上市，公告显示，每股定价7.1港元，共发行2460万股股份，每手 300股，所得款项净额约1.40亿港元。截至发稿，涨15.63%，报8.21港元，成交额3714.54万港元。 ...

Investment Rating - The report suggests a cautious subscription for the company, indicating a neutral to negative outlook on the investment opportunity [4]. Core Insights - The company operates as a comprehensive prefabricated steel structure construction subcontractor, providing services across various sectors, including project design, procurement, manufacturing, and installation [2]. - The company ranks third in the industrial sector of China's prefabricated steel structure market, with a market share of 3.5% as of 2024, while the top two competitors hold market shares of 35.8% and 6.5% respectively [2]. - The penetration rate of prefabricated construction in the overall construction industry is projected to increase from 20.0% in 2020 to 29.3% in 2024, indicating a growing trend towards prefabricated methods [3]. - The Chinese prefabricated construction market is expected to grow from RMB 448.5 billion in 2020 to RMB 589.3 billion in 2024, with a compound annual growth rate (CAGR) of 7.1% [3]. - Future projections suggest the market will expand further, reaching RMB 707.0 billion by 2029, with a CAGR of 4.6% [3]. - The company's revenue for the six months ending June 30 for 2023, 2024, and 2025 is projected to be RMB 1,453.2 million, RMB 1,523.0 million, and RMB 1,424.1 million respectively, reflecting a significant fluctuation in performance [4]. - The estimated price-to-earnings (PE) ratio for the company based on the subscription price range corresponds to approximately 10.4 to 13.4 times for 2024, which is considered relatively high [4].

Core Viewpoint - Meilian Holdings is set to conduct an IPO from December 18 to December 23, 2025, with trading expected to commence on December 30, 2025, on the Hong Kong Stock Exchange [1] Company Overview - Meilian Holdings is a comprehensive prefabricated steel structure construction subcontractor in the industrial sector, providing full-service from design optimization to manufacturing and installation, primarily operating in China and overseas [1] - According to a Frost & Sullivan report, Meilian Holdings ranks third in the Chinese prefabricated steel structure construction market with a market share of 3.5% based on 2024 revenue [1] IPO Details - The company plans to globally offer 22.5 million shares, with 10% allocated for Hong Kong and 90% for international investors, including a 15% over-allotment option [1] - The expected price range for each share is between HKD 7.10 and HKD 9.16, with a trading unit of 300 shares [1] - Key cornerstone investors have agreed to subscribe for approximately HKD 51.5 million worth of shares [1] Use of Proceeds - Assuming a share price of HKD 8.13 and no exercise of the over-allotment option, the net proceeds from the global offering are estimated to be approximately HKD 164 million [1] - The intended use of proceeds includes: - Approximately 37.7% for capital investments to enhance production capacity [1] - Approximately 26.7% for prepayment of new project expenses [1] - Approximately 12.3% for strengthening sales and marketing [1] - Approximately 9.3% for selective acquisitions and investments to enhance supply chain and technological capabilities [1] - Approximately 9.0% for enhancing research and development capabilities [1] - Approximately 5.0% for working capital and general corporate purposes [1]

Core Viewpoint - The company, Meilian Holdings (02671), is set to launch an initial public offering (IPO) from December 18 to December 23, 2025, aiming to issue 22.5 million shares at a price range of HKD 7.10 to HKD 9.16 per share, with 10% allocated for Hong Kong and 90% for international sales [1] Group 1: Company Overview - Meilian Holdings is a comprehensive subcontractor in the prefabricated steel structure construction market, providing integrated services including project design, procurement, manufacturing, and installation [1] - The company has established a strong reputation in the industrial sector of China's prefabricated steel structure market, ranking third with a market share of 3.5% as of 2024, while the top two competitors hold market shares of 35.8% and 6.5% respectively [1][2] Group 2: Market Insights - The prefabricated steel structure construction market is recognized for its efficiency, strength, and adaptability, particularly in industrial applications, making it a preferred choice for modern industrial buildings [2] - The company offers customized integrated subcontracting services to meet diverse project needs, gaining recognition in the industry with its "Meilian Steel Structure" brand [2] Group 3: IPO Details and Use of Proceeds - The estimated net proceeds from the global offering, assuming a share price of HKD 8.13 and no exercise of the over-allotment option, will be approximately HKD 164 million, with an additional HKD 28.8 million if the over-allotment option is fully exercised [3] - The intended use of the net proceeds includes approximately 37.7% for capital investments to enhance production capacity and operational efficiency, 26.7% for prepayments related to new projects, and 12.3% for strengthening sales and marketing development [3] - Additional allocations include 9.3% for selective acquisitions and investments to enhance the supply chain and technical capabilities, 9.0% for R&D to improve products and technology, and 5.0% for working capital and general corporate purposes [3]