研报掘金丨浙商证券：首予悍高集团“买入”评级，成本优势+渠道势能助推成长

Core Viewpoint - Hangao Group is a leading enterprise in the domestic hardware and outdoor furniture manufacturing sector, with steady growth in main business revenue and profitability [1] Group 1: Company Performance - The company has increased its self-production ratio, showcasing scale advantages [1] - The company is expected to accelerate capacity expansion and market deployment due to increased operational pressure on overseas enterprises and the rapid replacement of imported products by domestic hardware [1] Group 2: Market Position and Strategy - The company’s hardware products are expected to gain market share as production capacity comes online, supported by brand advantages that enhance profitability and drive consumption upgrades in the domestic hardware industry [1] - In the outdoor furniture segment, the company is leveraging the global expansion of the outdoor goods market, with products being launched both domestically and internationally, creating a second growth curve for the company [1] Group 3: Investment Rating - The initial coverage of the company has been rated as "Buy" [1]