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中國瑞林沖刺主板,年入20億元,中色股份持股23%
格隆匯 07-14 10:38

近日,中國瑞林工程技術股份有限公司(以下簡稱“中國瑞林”)的IPO申請獲得了上交所的受理,擬登陸滬主板,長江證券為其保薦機構,中信證券為聯席保薦人。

中國瑞林前身最早是成立於 1957 年的“南昌有色冶金設計研究院”,先後隸屬於原國家冶金工業部和中國有色金屬工業總公司。截至目前,公司無控股股東和實際控制人,前三大股東中色股份、江銅集團和中鋼股份分別持有公司 23%、18%和10%的股權。

(公司股權結構,招股書)

中國瑞林是一家專業工程技術公司,主要為境內外有色金屬採礦、選礦、冶煉、加工產業鏈客户提供包括設計諮詢、工程總承包、裝備集成等在內的工程技術服務,同時公司業務還延伸到環保、市政等領域。

資料顯示, 在2021年中國勘察設計企業中,公司工程項目管理營業額位列第 31 名,工程總承包營業額位列第 134 名;公司境外工程項目管理營業額位列第 39 名,境外工程總承包營業額位列第 35 名。

業績方面,2019年-2021年中國瑞林分別實現營收14.96億元、16.64億元和20.05億元,淨利潤分別為1.79億元、1.47 億元和 1.57 億元,公司的營收逐年增長,淨利潤存在較大的波動

(公司主要經營成果,招股書)

具體來看,公司收入主要來自工程設計及諮詢、工程總承包和裝備集成業務,2021年其收入佔比分別為36.9%、51.35%和11.69%。

報吿期內,公司的主營業務毛利率分別為27.53%、25.05%和20.62%,呈下降趨勢,主要是由於工程總承包收入佔比不斷上升,而其毛利率水平僅個位數,因此拉低了整體毛利率。公司存在因業務結構變化而導致毛利率水平進一步下降,進而對公司經營業績造成不利影響的風險。

此外,由於中國瑞林的客户以大中型礦冶企業、政府或國有背景企業為主,業務性質決定了公司的應收賬款規模較大。報吿期各期末,公司應收賬款賬面價值分別為8.67億元、7.12億元和 7.17億元,佔營收比例分別為57.95%、42.79%和35.51%,雖佔比有所下降,但金額較高,存在較大的壞賬風險。

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