A-share subscription | Chao Yan shares (301602.SZ) opens subscription for research and development of medical imaging and industrial non-destructive testing equipment.

On January 13th, Super research Co., Ltd. (301602.SZ) began its IPO, with an issue price of 6.7 yuan per share, a subscription limit of 10,500 shares, a P/E ratio of 28.03 times, listed on the Shenzhen Stock Exchange, with China Galaxy Securities as its exclusive sponsor. According to the prospectus, Super Research Co., Ltd. is a national key high-tech enterprise mainly engaged in the research, development, production, and sales of medical imaging equipment and industrial non-destructive testing equipment. Compared with similar listed companies in the same industry, the company is the only one in China engaged in the research, development, production, and sales of both medical ultrasonic imaging equipment and industrial ultrasonic non-destructive testing equipment. Since its establishment, the company has had strong market competitiveness and independent innovation capabilities in the field of medical imaging equipment and industrial ultrasonic non-destructive testing equipment, with vast market potential in the industry. In terms of the industry, developed countries in the overseas medical imaging market started earlier, with slower market growth, while the Chinese market is an emerging incremental market, with increasing market demand due to aging population and rising health awareness. In terms of the export market, although the medical imaging equipment industry in China started late, after years of development, domestic companies have accelerated their catch-up, and the industry as a whole has formed a complete and technically strong industrial system. The main international players in the global medical imaging equipment market include GE Healthcare, Philips, and Siemens Healthcare, and domestic medical imaging equipment enterprises besides the issuer mainly include Shenzhen Mindray Bio-Medical Electronics, Sonoscape Medical Corp., Chison Medical Technologies, etc. Domestic enterprises, with good product quality, outstanding cost performance advantages, and narrowing technology gaps with foreign advanced levels, compete with foreign enterprises in the broader international market and gain a foothold. At the same time, innovative factors such as the integration of ultrasound technology with other medical imaging technologies and technological innovations in application scenarios are also opening up new market space. According to a report published by Fortune Business Insights, the global non-destructive testing market is expected to achieve a compound annual growth rate of 5.88% from 2019 to 2027, with the ultrasound non-destructive testing market share estimated to be around 27.23% in 2019. According to China Customs statistics, the import amount of non-destructive testing equipment in China has been at a high level, and gradually achieving import substitution will become one of the market trends in the domestic non-destructive testing industry. According to Signify Research statistics, the global ultrasound medical imaging equipment market scale is expected to achieve a compound annual growth rate of 9.13% from 2019 to 2024, and the Chinese ultrasound medical imaging equipment market scale is expected to achieve a compound annual growth rate of 11.30%. Financially, in the fiscal years 2021, 2022, 2023, and January to June 2024, the company achieved operating income of approximately 284 million yuan, 336 million yuan, 327 million yuan, and 160 million yuan respectively. The company's net profit was approximately 75.92 million yuan, 127 million yuan, 115 million yuan, and 57.76 million yuan respectively.