Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company is deeply engaged in the precision slide rail sector and is expanding its server slide rail business, leveraging the growth of AI [8][14]. - The demand for household appliances is steadily increasing, and there is a high growth in the domestic demand for server slide rails [8][49]. - The company has a comprehensive product layout and is actively expanding its server slide rail offerings [8][73]. - The earnings forecast indicates a potential for rapid growth in performance due to the expansion of the server slide rail business and the gradual release of production capacity [8][26]. Summary by Sections 1. Deep Engagement in Precision Slide Rail Sector - The company specializes in the R&D, production, and sales of precision slide rails, primarily used in household appliances and servers, establishing stable partnerships with major clients [13][14]. - The management team has extensive industry experience, with all members having over ten years in the company [20]. - The company has received numerous honors and qualifications, including being recognized as a high-tech enterprise and a "little giant" in Jiangsu Province [13]. 2. Stable Expansion of Household Slide Rails and High Growth in Server Slide Rail Demand - The company is positioned within the precision metal connection component industry, with significant growth opportunities in both household and server slide rails [40][49]. - The domestic refrigerator market is expected to grow, with retail sales reaching 133.3 billion yuan in 2023, driven by high-end product trends and government policies [49][62]. - The server slide rail market is projected to grow significantly, with the global server market expected to reach 588 billion USD by 2029, reflecting a compound annual growth rate of 18.8% from 2024 to 2029 [64][70]. 3. Comprehensive Product Layout and Active Expansion of Server Slide Rail Offerings - The company offers a wide range of slide rail products, with over 700 models, including approximately 600 household slide rails and about 100 server slide rails [73]. - The server slide rails are designed for high load capacities, ranging from 40kg to 130kg, and include features such as drop-locking and tool-free installation [73][75]. - The company is focused on high-end slide rail solutions, which are increasingly used in large-capacity and multi-temperature refrigerators, enhancing its market penetration [57][58]. 4. Earnings Forecast and Investment Recommendations - The company is expected to achieve net profits of 0.77 billion yuan in 2025, with a year-on-year decrease of 5.4%, followed by growth in subsequent years [1][26]. - The projected P/E ratios for 2025, 2026, and 2027 are 28, 26, and 22 times, respectively, indicating a favorable valuation as the company expands its server slide rail business [1][26].

证券代码：920699 证券简称：海达尔 公告编号：2025-105 无锡海达尔精密滑轨股份有限公司 关于全资子公司完成工商注册登记并取得营业执照的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 成立日期：2025 年 12 月 01 日 住所：无锡市惠山区钱桥街道赋和钢贸城 305 无锡海达尔精密滑轨股份有限公司（以下简称"公司"）于 2025 年 11 月 13 日召开第四届董事会战略委员会第二次会议、第四届董事会第十次会议决 议，审议通过了《关于对外投资设立全资子公司的议案》，具体内容详见公司 于 2025 年 11 月 14 日在北京证券交易所信息披露平台（www.bse.cn）发布的 《对外投资设立全资子公司的公告》（公告编号：2025-101）。 2025 年 12 月 1 日，全资子公司已完成相关工商注册登记手续并取得营业 执照。 二、 工商注册登记情况 名称：无锡慧尔润科技有限公司 统一社会信用代码：91320206MAK2W1LH5H 企业类型：有限责任公司（自然人投资或控股的法 ...

证券代码：920699 证券简称：海达尔 公告编号：2025-104 无锡海达尔精密滑轨股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 活动时间：2025 年 11 月 27 日 活动地点：公司会议室 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 参会单位及人员：华源证券、开源证券、华鑫证券、滦海资本、鸿顺资本、 左侧投资。（排名不分先后） 上市公司接待人员：董事长朱光达先生、董事会秘书朱丽娜女士 三、 投资者关系活动主要内容 问题 1：公司服务器业务的核心竞争壁垒是什么？ 回答：公司服务器业务的核心竞争壁垒主要体现在以下两个方面： 1、深厚的研发积淀与专利积累。公司持续加码研发投入，历经 6-7 代产品 的迭代，不仅实现了技术的升级，更将自主核心专利深度嵌入客户产品，显著提 升了客户的替换成本与长期依存度。 2、定制能力支撑快速迭代。面对客户产品高频迭代的需求 ...

Market Overview - As of 10:31 AM today, the Shanghai Composite Index is at 3897.11 points, above the annual line, with a change of 0.22% [1] - The total trading volume of A-shares today is 9264.91 billion [1] Stocks Breaking Annual Line - A total of 99 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - Stocks with the highest deviation rates include: - Guanghetong (14.08%) - Youji Co., Ltd. (8.85%) - Galaxy Electronics (8.67%) [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Guanghetong: Today's change of 14.94%, turnover rate of 16.55%, annual line at 27.18, latest price at 31.01 [1] - Youji Co., Ltd.: Today's change of 13.79%, turnover rate of 4.72%, annual line at 22.51, latest price at 24.50 [1] - Galaxy Electronics: Today's change of 9.92%, turnover rate of 9.87%, annual line at 5.20, latest price at 5.65 [1] Additional Stocks with Performance Metrics - Other stocks with significant performance include: - Emei Mountain A: Change of 10.02%, turnover rate of 8.44%, annual line at 13.35, latest price at 14.16 [1] - Yuzhong Three Gorges A: Change of 6.05%, turnover rate of 4.95%, annual line at 7.47, latest price at 7.89 [1] - Guanjie Technology: Change of 6.46%, turnover rate of 1.93%, annual line at 2.67, latest price at 2.80 [1]

Group 1: Investment Recommendations - Monthly stock recommendations include: XJ Electric (000400.SZ) in power equipment, Zai Jian Pharmaceutical (688266.SH) in pharmaceuticals, Chip Source Microelectronics (688037.SH) in electronics, Hehe Information (688615.SH) in computers, Changying Precision (300115.SZ) in robotics & electronics, China Life (601628.SH) in non-banking, Shentong Express (002468.SZ) in transportation, Yahua Group (002497.SZ) in new metal materials, Global New Material International (06616.HK) in building materials, and Haidar (920699.BJ) on the Beijing Stock Exchange [3] Group 2: Power Equipment - XJ Electric (000400.SZ) is recommended due to: (1) Price reductions in secondary equipment, electric meters, and distribution network equipment may have bottomed out, indicating a potential rebound in the core business; (2) Severe challenges in renewable energy consumption with expectations for significant growth in ultra-high voltage direct current projects; (3) The offshore wind sector is expected to experience high prosperity during the 14th Five-Year Plan, which may open up opportunities in the direct current equipment industry [4] Group 3: Pharmaceuticals - Zai Jian Pharmaceutical (688266.SH) is recommended because: The existing core business has four products on the market, with future products expected to accelerate growth; the III phase pipeline DLL3 is expected to solidify the core business and has high overseas potential; the II phase pipeline PD1/TIGIT may provide significant growth flexibility; future dual-antibody/multi-antibody platform products are anticipated to open up growth space [6] Group 4: Electronics - Chip Source Microelectronics (688037.SH) is recommended due to: Rapid growth in demand driven by AI for advanced processes and storage, leading to accelerated expansion of wafer fabs; as a leading domestic supplier of large wet processing equipment, it continues to make breakthroughs in coating and developing equipment, with successful industrialization of chemical cleaning equipment; the market for domestic substitutes in coating and cleaning equipment is expected to grow significantly [8] Group 5: Computers - Hehe Information (688615.SH) is recommended because: In Q3 2025, revenue grew by 27.5% year-on-year, and profit increased by 34.9% year-on-year; AI products are continuously iterated, and the TextIn xParse platform provides general document parsing services for LLM downstream tasks, which may open up B-end market space; as a global leader in OCR, the company has 189 million monthly active users for its main C-end products, and the upcoming listing in Hong Kong is expected to further expand overseas markets and release growth potential [10] Group 6: Robotics & Electronics - Changying Precision (300115.SZ) is recommended due to: The robotics business supplies leading domestic and international robot manufacturers, with significant valuation elasticity; the consumer electronics business is deeply tied to Apple, and new projects like AI glasses are expected to bring revenue growth [12] Group 7: Non-Banking - China Life (601628.SH) is recommended because: The asset-liability matching is excellent, with a focus on annuities with an actual duration of about 10 years, leading to a narrowing duration gap; the early transformation to dividend insurance sales has resulted in a 51.72% share of new single premium in Q1 2025, outperforming most peers; future dividend payment capabilities have room for growth due to the reclassification of assets [13] Group 8: Transportation - Shentong Express (002468.SZ) is recommended due to: The "anti-involution" trend in the express delivery industry is expected to strengthen, with a potential recovery in prices by 2026; as one of the leading companies in the express delivery sector, it has significant profit elasticity and may have entered a period of sustained validation [16] Group 9: New Metal Materials - Yahua Group (002497.SZ) is recommended because: The dual main businesses of lithium hydroxide and civil explosives are running concurrently, with stable contributions from the explosives business and potential rebound in lithium business; the lithium segment is expanding production in partnership with Tesla, and the African K mine is expected to contribute to performance during the lithium price bottoming period [18] Group 10: Building Materials - Global New Material International (06616.HK) is recommended due to: The pearlescent pigment industry has strong consumer attributes, with a history of double-digit growth and annual price increases; upstream high-quality natural materials are depleting, leading to a concentration of core resources in leading companies; the acquisition of Germany's Merck SUSONITY has positioned the company as an industry leader and opened up high-end market opportunities [20] Group 11: Beijing Stock Exchange - Haidar (920699.BJ) is recommended because: It is a leading domestic supplier of server slide rails, breaking industry monopolies and leading self-replacement; the company has successfully entered the higher technical barrier server market and is a qualified supplier for major server manufacturers; the focus on high-value new products in AI server liquid cooling is expected to enhance profitability [22]

证券代码：920699 证券简称：海达尔 公告编号：2025-103 无锡海达尔精密滑轨股份有限公司 关于使用部分闲置募集资金委托理财进展的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 授权委托理财情况 (一) 审议情况 无锡海达尔精密滑轨股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开第四届董事会第四次会议及第四届监事会第三次会议审议通过了《关于使 用部分闲置募集资金投资理财产品的议案》，根据公司目前资金使用情况，在确 保公司日常运营和资金安全的前提下，公司计划使用不超过人民币 10,000 万元 的募集资金进行委托理财。相关内容详见公司在北交所官网上刊登的《使用闲置 募集资金购买理财产品的公告》（公告编号：2025-033）。 公司本次使用部分闲置募集资金进行现金管理的产品为银行对公结构性存 款，市场风险较小，能够满足安全性高、流动性好、保证本金安全的要求。 （三） 累计委托理财金额未超过授权额度。 （四） 本次委托理财产品受托方、资金使用方情况 本次现金管理受托 ...

Investment Rating - The report indicates a positive outlook for the home appliance sector, highlighting the resilience and growth potential driven by AI technology and consumption upgrades [2][5][12] Core Insights - The 2025 "Double Eleven" shopping festival saw a robust e-commerce sales growth of 14.2%, with home appliances leading the category at a total sales of 266.8 billion yuan, representing a year-on-year increase of 38.2% [2][6][11] - The home appliance industry is experiencing a structural upgrade, with nearly 60% of consumers in first- and second-tier markets opting for AI-integrated products, reflecting a shift towards smart, scenario-based, and service-oriented appliances [2][14] - Companies like Haidar, Xinhuike, and Hefei Gaoke are positioned to benefit from the growth in the home appliance sector, with Haidar recognized as a "little giant" enterprise in Jiangsu province [2][17][19] Summary by Sections Section 1: E-commerce Sales Performance - The overall e-commerce sales during the "Double Eleven" event reached 1.695 trillion yuan, with a 14.2% year-on-year increase, while comprehensive e-commerce sales totaled 1.619 trillion yuan, up 12.3% [2][6] - Instant retail sales surged by 138.4% to 67 billion yuan, indicating a significant shift in consumer purchasing behavior [2][6] Section 2: Market Trends and Consumer Behavior - The home appliance category accounted for 16.5% of total sales during the event, showcasing its dominance in the market [2][11] - Major brands such as Haier, Midea, and TCL reported significant sales growth, with over 2,000 home appliance brands on JD.com achieving sales increases exceeding 100% [12][14] Section 3: Stock Performance and Valuation - The median stock price change for consumer service stocks on the North Exchange was +1.68%, with 80% of companies experiencing an increase [26][29] - The median price-to-earnings (P/E) ratio for the consumer sector rose from 49.7X to 52.1X, indicating a positive market sentiment [27][28] Section 4: Company Announcements - Wuxi Crystal Sea has completed the registration of its wholly-owned subsidiary in the United States to expand its overseas market presence [44][46]

证券代码：920699 证券简称：海达尔 公告编号：2025-100 无锡海达尔精密滑轨股份有限公司子公司管理制度 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 审议及表决情况 无锡海达尔精密滑轨股份有限公司（以下简称"公司"）于 2025 年 11 月 13 日召开第四届董事会第十次会议，审议通过了《关于制定<子公司管理制度>的 议案》，表决结果：同意 5 票，反对 0 票，弃权 0 票。 本议案无需提交股东会审议。 二、 分章节列示制度主要内容： 无锡海达尔精密滑轨股份有限公司 子公司管理制度 第一章 总则 第一条 为加强无锡海达尔精密滑轨股份有限公司（以下简称"公司"）对 子公司的管理控制，确保子公司规范、高效、有序地运作，维护公司和投资者合 法权益，根据《中华人民共和国公司法》（以下简称"公司法"）、《中华人民共和 国证券法》（以下简称"证券法"）、《北京证券交易所股票上市规则》等相关法律 法规、规范性文件以及《无锡海达尔精密滑轨股份有限公司章程》（以下简称《公 司章程》）的规定，制定本 ...

证券代码：920699 证券简称：海达尔 公告编号：2025-101 为完善公司业务布局，提高生产经营能力，增强公司的市场竞争优势，无锡 海达尔精密滑轨股份有限公司（以下简称"公司"）拟以自有资金在无锡市惠山 区钱桥街道设立全资子公司，注册资本为 100 万元人民币。子公司的名称、注册 地址、经营范围等相关信息以工商登记管理机关最终核定为准。 （二）是否构成重大资产重组 本次交易不构成重大资产重组。 根据《上市公司重大资产重组管理办法》的相关规定，公司本次对外投资系 新设全资子公司，不构成重大资产重组 （三）是否构成关联交易 本次交易不构成关联交易。 无锡海达尔精密滑轨股份有限公司 对外投资设立全资子公司的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、对外投资概述 （一）基本情况 （四）决策与审议程序 公司于 2025 年 11 月 13 日召开第四届董事会战略委员会第二次会议、第四 届董事会第十次会议决议，审议通过了《关于对外投资设立全资子公司的议案》， 根据《无锡海达尔精密滑轨股份有限公 ...

一、 日常性关联交易预计情况 （一） 预计情况 无锡海达尔精密滑轨股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开 第四届董事会第四次会议、第四届监事会第三次会议，于 2025 年 5 月 22 日召开 2024 年年度股东会，审议通过了《关于公司 2025 年度日常关联交易预计的议案》，具体内容 详见公司于 2025 年 4 月 25 日在北京证券交易所信息披露平台（www.bse.cn）发布的《关 于预计 2025 年日常性关联交易的公告》（公告编号：2025-020）。 因业务发展需要，本次需新增预计日常关联交易，具体情况如下： 证券代码：920699 证券简称：海达尔 公告编号：2025-102 无锡海达尔精密滑轨股份有限公司 关于新增 2025 年日常性关联交易的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律责任。 单位：元 | | | | 累计已 | 新增预 | 调整后预 | 上年实 | 调整后预计金 | | --- | --- | --- | --- | --- | - ...