A-share subscription | Senter opens subscription, main products include intelligent inspection systems for transmission lines, etc

According to Zhitong Finance APP, on June 20, Senter (001388.SZ) opened for subscription, with an issue price of 16.42 yuan per share, a subscription limit of 12,000 shares, a price-to-earnings ratio of 20.39 times, and an industry price-to-earnings ratio of 38.1 times. It is listed on the Shenzhen Stock Exchange main board, with China Merchants Securities as the sponsor (lead underwriter). The prospectus shows that Senter is a provider of industrial Internet of Things smart terminals and system solutions, focusing on operation and maintenance services for specific industries such as electricity and telecommunications. Its main business aims to address customers' comprehensive intelligent operation and maintenance needs through industrial Internet of Things smart terminals and system solutions. During the reporting period, Senter's main products included intelligent inspection systems for transmission lines, intelligent auxiliary control systems for substations, and mobile smart terminals. The company primarily adopts a direct sales model to obtain customer orders through bidding, competitive negotiation, and commercial negotiation. With excellent product quality and strong technical capabilities, the company has established long-term stable cooperative relationships with large state-owned enterprises such as State Grid, China Southern Power Grid, China Unicom, China Mobile, and China Telecom, as well as industry clients and e-commerce platforms that provide supporting products or services. The specific revenue structure is as follows: In terms of finance, for the fiscal years 2022, 2023, and 2024, Senter achieved operating revenues of approximately 782 million yuan, 931 million yuan, and 1.005 billion yuan respectively; net profits were approximately 117 million yuan, 124 million yuan, and 143 million yuan respectively. Senter mentioned in the prospectus that the company faces the risk of declining revenue from its power engineering business. During the reporting period, the revenue from the power engineering business was 93.0857 million yuan, approximately 108 million yuan, and 32.6005 million yuan, accounting for 11.91%, 11.59%, and 3.24% of the total operating revenue respectively, which is relatively low. The company's engagement in power engineering aims to better understand the needs and pain points across the entire spectrum of transmission, substation, distribution, and consumption, thereby strengthening the company's layout in intelligent operation and maintenance services in other scenarios within the power industry. Based on the above strategic goals and positioning, the company does not need to engage in large-scale power engineering business but selectively undertakes representative power engineering projects that are somewhat related to its existing business Senter stated that if the company adjusts its power engineering development strategy, if the undertaking of power engineering projects does not meet expectations, or if the construction progress of major projects is delayed, it may lead to a decline in revenue from power engineering business and have a certain impact on the company's operating performance