A-share subscription | ShenGu Group (601091.SH) opens for subscription. Main products include centrifugal compressors, reciprocating compressors, and nuclear pumps.

On September 8, ShenGu Group (601091.SH) opened for subscription with an issue price of 4.39 yuan per share, a subscription limit of 65,000 shares, and a price-earnings ratio of 29.81 times. It is listed on the Shanghai Stock Exchange, with CICC as its sponsor. According to the prospectus, ShenGu Group is a strategic, pillar, and leading enterprise in China's general machinery industry, responsible for the localization of major technical equipment and complete solutions for the petroleum, chemical, electricity, natural gas, and new energy sectors. It is one of the few manufacturers in the world capable of independently designing and manufacturing large complex compressors and high-end nuclear main pumps. The company focuses on three main business segments: energy and chemical equipment manufacturing, industrial services, and strategic emerging industries, providing extensive services to the petroleum, chemical, electricity, natural gas, and new energy fields. It specializes in the research, design, manufacturing, sales, and full lifecycle services of major technical equipment products such as centrifugal compressors, reciprocating compressors, and nuclear pumps. The company's main products include centrifugal compressors, reciprocating compressors, and nuclear pumps. Among them, centrifugal compressors primarily consist of large heavy-duty centrifugal compressors, reciprocating compressors are mainly for process applications, and nuclear pumps include main nuclear pumps, secondary and tertiary nuclear pumps, and conventional island pumps. Since its establishment, the company has mainly adopted a direct sales model. It collects customer demand information required for daily sales by establishing long-term strategic partnerships with several large and medium-sized customers. Upon learning about tender projects related to its products, the company organizes bids and negotiates with customers, ultimately signing agreements. During the reporting period, important clients included PetroChina Chemical Group Co., Ltd., PetroChina Natural Gas Group Co., Ltd., CNOOC Group Co., Ltd., and State Power Investment Corporation. Given the generally high value of its products, customer contracts often stipulate payment based on production progress, collecting corresponding payments from customers at different stages of contract execution. In terms of industry competition, ShenGu Group's main competitors include well-known domestic and foreign enterprises such as Siemens Energy AG, MAN Energy Solutions SE, Shenyang Yuanda Compressor Co., Ltd., and Dongfang Hamaton Nuclear Pump Co., Ltd. Financially, for the fiscal years 2023, 2024, and 2025, the company is expected to achieve revenues of approximately 8.206 billion yuan, 9.309 billion yuan, and 10.122 billion yuan, respectively. During the same period, net profits are projected to be around 438 million yuan, 576 million yuan, and 882 million yuan, respectively.