Investment Rating - The report assigns an "Accumulate" rating for Hefei Gaoke (430718.BJ) [1] Core Views - Hefei Gaoke specializes in metal structural components for home appliances and benefits from the "old-for-new" policy and improvements in home appliance exports, which are expected to drive business growth [1][2] - The company achieved revenue of 531 million yuan in H1 2024, representing a year-on-year increase of 15.14%, with a net profit of 36.76 million yuan, up 18.61% [1] - The projected net profits for 2024-2026 are 73.34 million yuan, 83.23 million yuan, and 96 million yuan, respectively, with corresponding EPS of 0.81, 0.92, and 1.06 yuan per share [1] Summary by Sections Company Overview - Hefei Gaoke is a service provider engaged in modular production of home appliance parts and molds, covering major appliances such as refrigerators, televisions, air conditioners, and washing machines [1][3] - The company is one of the few suppliers in China with capabilities in both appliance metal mold design and metal structural component production [3][8] Market Drivers - The "old-for-new" policy is expected to accelerate the replacement cycle of home appliances, driving demand for structural components [2][25] - China's white goods exports have consistently exceeded 100 billion USD for three consecutive years, with further growth anticipated due to declining inventory levels in the US appliance market [2][23] Financial Performance - Revenue for 2022 was 919 million yuan, with a year-on-year growth of 7.0%, and projected revenues for 2024, 2025, and 2026 are 1.216 billion yuan, 1.416 billion yuan, and 1.674 billion yuan, respectively [3][4] - The company has maintained a stable gross margin, with net profit margins expected to remain around 6.0% in the coming years [3][4] Supply Chain and Client Relationships - Hefei Gaoke is deeply integrated into the Haier supply chain, being classified as a second-tier supplier, which allows participation in new product development and large-scale orders [3][20] - The company has established long-term relationships with major clients, with Haier accounting for approximately 75% of its revenue from 2020 to 2023 [3][18] Diversification and Growth Opportunities - The company is actively exploring opportunities in the new energy sector and automotive industry, leveraging its production capabilities and technology [25][26] - The production processes for metal structural components in the appliance sector are similar to those in the new energy and automotive sectors, allowing for potential cross-industry applications [25][26]
合肥高科：北交所首次覆盖报告：专精家电金属结构件，受益“以旧换新”政策+家电出口改善