悍高集团(001221)：家居五金隐形冠军 成本优势+渠道势能助推成长

Core Insights - Hanhigh Group is a leading enterprise in the domestic hardware and outdoor furniture manufacturing sector, with steady growth in main business revenue and profitability [1] - The company is expected to accelerate capacity expansion and market deployment due to increased self-production ratio, scale advantages, and the pressure on overseas enterprises [1] Financial Performance - Revenue for 2024 is projected to reach 2.857 billion yuan, a year-on-year increase of 28.6%, with net profit attributable to shareholders at 531 million yuan, up 59.7% [3] - For the first three quarters of 2025, revenue is 2.497 billion yuan, a 24.27% increase year-on-year, and net profit is 483 million yuan, up 38.07% [3] - From 2019 to 2024, revenue and net profit CAGR are 28.91% and 59.36%, respectively, driven by product scale expansion and management optimization [3] Product Structure - Basic hardware is the main driver of revenue growth, with continuous high growth since 2020, including a 111.37% increase in 2021 [3] - Outdoor furniture revenue is expected to reach 262 million yuan in 2024, a year-on-year increase of 39.69%, accounting for 9.18% of total revenue [3] Channel Structure - Offline distribution accounts for 56.33% of total revenue in 2024, with sales reaching 1.609 billion yuan, a 26.48% increase [4] - Cloud commerce revenue is 294 million yuan, up 59%, while online e-commerce contributes 312 million yuan, a 24.67% increase [4] Industry Landscape - The hardware industry is characterized by a large number of small enterprises, with leading domestic companies like Hanhigh Group gradually breaking through [5] - The market is expected to grow at a CAGR of 7.6%, reaching 324.45 billion yuan by 2028, driven by consumer demand for quality hardware [5] Outdoor Furniture Demand - The increase in per capita GDP and service consumption spending is driving the demand for outdoor furniture [6] - Revenue from outdoor furniture is projected to grow significantly in 2024, following a decline in previous years [6] Competitive Advantage - Hanhigh Group is positioned to capture market share in the mid-to-high-end hardware market due to the structural exit of foreign brands [6] - The company has improved its gross and net profit margins, surpassing those of imported high-end hardware enterprises [6] Growth Forecast - Revenue projections for 2025-2027 are 3.569 billion, 4.426 billion, and 5.364 billion yuan, with year-on-year growth rates of 25%, 24%, and 21% respectively [9] - Net profit for the same period is expected to be 719 million, 917 million, and 1.137 billion yuan, with growth rates of 35%, 28%, and 24% respectively [9]