A-share subscription | Boket Test (301598.SZ) starts subscription as a supplier of intelligent testing integrated solutions.

On December 9th, Boko Testing (301598.SZ) started the subscription process with an offering price of 38.46 yuan per share and a maximum subscription limit of 14,500 shares. The price-earnings ratio is 24 times, and it belongs to the ChiNext board of the Shenzhen Stock Exchange, with CITIC SEC as its exclusive sponsor. According to the prospectus, Boko Testing is a supplier that provides intelligent testing solutions through the use of modern testing and experimentation technology. Its main business includes research, development, design, manufacturing, sales, and system integration of servo hydraulic testing equipment and automotive testing and experimental equipment. The company's products and services cover the research and production sectors and are widely used in industries such as civil construction, rail transportation, aerospace, nuclear power, telecommunications, marine, and automotive. During the reporting period, the company's operating income is composed by business category as follows: It is understood that after deducting issuance expenses, the funds raised by Boko Testing are intended for the following projects: Financially, in the fiscal years 2021, 2022, and 2023, the company is expected to achieve operating revenues of approximately 405 million yuan, 459 million yuan, and 469 million yuan, respectively. The net profits are expected to be approximately 82.23 million yuan, 97.63 million yuan, and 96.17 million yuan respectively. Investors are advised to pay attention to the risk of long project acceptance periods as highlighted in the prospectus. The overall cycle from production to acceptance of the company's products is long, and it is subject to factors such as project size, technical complexity, customer site installation environment, and acceptance conditions, resulting in significant differences in execution periods. Typically, it takes 1-6 months from contract signing to design confirmation, 2-9 months for product delivery, 1-6 months for on-site installation, and 1-9 months for on-site installation and trial operation to meet customer acceptance standards. If customers fail to timely complete the equipment acceptance process, it will not only impact the company's revenue recognition but also increase inventory holding costs and prolong the company's accounts receivable collection period, thereby increasing the company's liquidity risk to some extent.