Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage in the market [5][8]. Core Views - The company specializes in high-end precision sliding rails, primarily serving the home appliance sector while also expanding into the server market to facilitate import substitution. The projected net profit for 2024 is expected to grow by 110% year-on-year [5][6]. - The company anticipates a revenue of 417 million yuan in 2024, representing a 44% year-on-year increase, driven by product innovation and market expansion [5][6]. - The company has established long-term partnerships with leading clients in the home appliance industry, including Haier and Electrolux, and is also recognized as a qualified supplier for major server manufacturers [10][42]. Summary by Sections Market Performance - The closing price of the company's stock is 44.13 yuan, with a total market capitalization of 2,013.44 million yuan and a circulating market capitalization of 921.23 million yuan [3]. Business Overview - The company focuses on the research, production, and sales of precision sliding rails, which are used in home appliances and servers. It has a strong emphasis on product innovation and has received numerous patents, indicating a robust technical capability [5][52][53]. Financial Projections - The company forecasts net profits of 83 million yuan, 96 million yuan, and 114 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 24.4, 21.0, and 17.6 [6][8]. Industry Trends - The demand for sliding rails is expected to grow due to changes in refrigerator structures and the increasing production of high-capacity, multi-temperature refrigerators, with an estimated production of 10,395.7 million units in 2024, reflecting an 8.3% year-on-year increase [10][31][32]. - The global market for server sliding rails is projected to reach 600 million USD in 2024 and grow to 1.1 billion USD by 2032, with a compound annual growth rate of 8.4% [10][25]. Competitive Landscape - The company faces competition from several key players in the sliding rail market, including Xinghui Co., Wuxi Jingmei Precision Sliding Rail Co., and Hettich, among others. The competitive landscape is characterized by a mix of domestic and international firms [10][38][41].
海达尔（836699）：深耕精密滑轨，立足家电领域向服务器领域布局助力进口替代