悍高集团深交所IPO过会，资本市场家居五金行业有望再添新军

Core Viewpoint - HanGao Group has made significant progress towards its IPO, with the Shenzhen Stock Exchange approving its application, indicating a step forward in the company's journey to go public [1] Company Overview - Established in 2004 and headquartered in Shunde, Foshan, HanGao Group is one of the few companies in China that provides a one-stop supply of home hardware [1] - The company focuses on integrating diverse original designs with high-quality products, offering a range of items including home storage hardware, basic hardware, kitchen and bathroom hardware, and outdoor furniture [1] - In 2024, the company is projected to achieve a revenue of 2.857 billion yuan and a net profit exceeding 520 million yuan, with net assets increasing from 882 million yuan to 1.746 billion yuan over the past three years [1] Industry Context - The home hardware industry faces challenges such as homogenized competition and low market concentration, with a significant lack of mid-to-high-end products [1] - According to the "14th Five-Year Plan" for the Chinese hardware industry, there are many small-scale participants in the home hardware sector, leading to intense competition [1] Business Expansion - Despite the competitive landscape, HanGao Group has expanded its business scale, reporting revenues of 1.620 billion yuan, 2.222 billion yuan, and 2.857 billion yuan over the past three years [2] - As of December 31, 2024, the company's distribution network covers 191 cities in China and is gradually extending to Europe, North America, Asia-Pacific, and Latin America [2] - The company employs a multi-channel marketing system, combining online and offline strategies to enhance market penetration and brand influence [2] Brand Recognition - HanGao has received multiple accolades, including being named one of the "Top 10 in China's Home Manufacturing Hardware Industry" and a "Symbolic Brand in China's Home Hardware Industry" [2] - The company has won several prestigious design awards, such as the Red Dot Design Award and the IF Design Award, highlighting its commitment to innovation and quality [2] IPO and Future Strategy - In its IPO, HanGao Group plans to issue up to 40.01 million shares to raise 420 million yuan, focusing on projects like the HanGao Smart Home Hardware Automation Manufacturing Base and R&D center [3] - The company aims to enhance its core competitiveness through capacity expansion, improved R&D capabilities, and information system upgrades [3] - Future strategic plans include leveraging its advantages in R&D, design, production, and sales to increase market share in new categories such as wardrobe hardware, door and window hardware, and bathroom hardware [3]