Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expected performance that is 5% to 20% better than the market [28][58]. Core Viewpoints - The company has established itself as a well-known supplier of sliding rails in the domestic home appliance sector, maintaining long-term stable relationships with major clients such as Haier, Hisense, and Midea [2]. - The company is positioned to benefit from the "old-for-new" appliance policy and the promising outlook for the server market, suggesting significant growth potential in its performance [27][28]. - The company has developed five core technologies for producing sliding rails, which enhance the performance and adaptability of its products in the market [5]. Summary by Relevant Sections Company Overview - The company specializes in the research, production, and sales of precision sliding rails, primarily used in home appliances and servers [27][65]. - It has achieved recognition as a high-tech enterprise and has been involved in establishing industry standards for refrigerator sliding rails [65]. Market Position - The company is one of the few suppliers for precision sliding rails, with a high sales volume relative to its major clients' procurement of similar products [2]. - The server sliding rails produced by the company meet or exceed the performance levels of leading international competitors, indicating a strong competitive position [6][24]. Financial Projections - Revenue projections for the company show a steady increase from approximately 263.73 million in 2022 to an estimated 451.38 million by 2026, with a compound annual growth rate (CAGR) of 17.54% [27]. - The gross profit margin is expected to remain stable, with slight improvements projected over the forecast period [27]. Industry Trends - The demand for server components is expected to grow significantly due to advancements in information technology and the increasing need for cloud computing and big data services [24][51]. - The high-end refrigerator market is also expanding, with a notable increase in the sales of premium models, which is expected to drive demand for precision sliding rails [21][20].
海达尔：北交所首次覆盖报告：专精滑轨制造，受益家电“以旧换新”+服务器前景好