Company Overview - The company specializes in electric towel warmers and has shown stable development over the past twenty years with a solid equity structure and an experienced management team [1] - Founded in 2005, the company has established a global manufacturing and sales network in the HVAC home sector, enhancing its market influence [1] - In H1 2025, the company's total revenue increased by 7.53% to 505 million yuan, while net profit attributable to shareholders rose by 35.53% to 60 million yuan, with stable expense ratios [1] Industry Insights - The penetration rate of electric towel warmers has significant room for growth, with the current market concentration being low [2] - The demand for HVAC home products in Europe and the US remains strong due to climate and urbanization factors, with a renovation demand in the existing market [2] - The penetration rate of electric towel warmers in heating radiators increased from 10.85% in 2012 to 13% in 2023, indicating potential for further growth [2] - China is a major exporter in the global HVAC home sector, with the market being highly fragmented, featuring established European companies, emerging manufacturers, and local Chinese firms [2] Product and Sales - The company focuses on bathroom towel warmers as its core product, with steady sales growth and stable pricing [3] - Export OEM accounts for 95% of sales in 2024, with OEM making up 97%, and the UK being the primary market, contributing over 60% of revenue in 2022 [3] - The company has established deep collaborations with leading overseas clients, which is expected to enhance sales proportions in the future [3] - The company has a comprehensive online and offline sales channel in the domestic market [3] - The company is enhancing its supply chain efficiency through increased capacity utilization and a strategy of intelligent transformation [3] Investment Outlook - The company is positioned as a leading global exporter of electric towel warmers, with significant advantages in intelligent manufacturing and deep partnerships with major clients [3] - The company is expected to achieve net profits attributable to shareholders of 147 million, 172 million, and 197 million yuan for 2025-2027, reflecting year-on-year growth of 24.9%, 16.6%, and 14.7% respectively [3]
艾芬达(301575)：专研电热毛巾架 研发体系完善+与欧洲头部客户深入合作+智能制造优势显著