Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for investment [8]. Core Insights - The company has demonstrated impressive growth, with a revenue CAGR of 29% and a net profit CAGR of 59% from 2019 to 2024, making it a rare high-growth entity in a declining real estate market [10][42]. - The growth is driven by three main factors: product innovation focusing on cost reduction and popular products, channel expansion through offline distributors, and a market strategy emphasizing high-end cost performance [10][42][56]. - The company is expected to achieve revenues of 35.95 billion, 45.25 billion, and 56.53 billion yuan from 2025 to 2027, with corresponding net profits of 7.06 billion, 9.42 billion, and 12.37 billion yuan [8][9]. Financial Data and Profit Forecast - Total revenue (in million yuan) is projected as follows: 2,857 for 2024, 3,595 for 2025E, 4,525 for 2026E, and 5,653 for 2027E, with year-on-year growth rates of 28.6%, 25.8%, 25.9%, and 24.9% respectively [3]. - Net profit attributable to the parent company (in million yuan) is forecasted to be 531 for 2024, 706 for 2025E, 942 for 2026E, and 1,237 for 2027E, with growth rates of 59.7%, 32.8%, 33.5%, and 31.3% respectively [3]. - Earnings per share (in yuan) are expected to be 1.48 for 2024, 1.76 for 2025E, 2.35 for 2026E, and 3.09 for 2027E [3]. Company Overview - The company, founded in 2004, specializes in home hardware and has evolved into a diversified innovative enterprise, providing a comprehensive range of high-end hardware solutions [17]. - The company has a strong focus on research and development, with a total of 1,193 patents, including 18 invention patents and 252 utility model patents as of mid-2025 [17]. Growth Drivers - The company's growth is primarily attributed to its core product lines: basic hardware, storage hardware, kitchen and bathroom hardware, and outdoor furniture, with basic hardware showing the highest growth rate [43]. - The basic hardware segment has seen a remarkable CAGR of 64.0% from 2019 to 2024, significantly contributing to the company's revenue growth [43]. - The company has successfully implemented a cost reduction strategy, leading to increased production efficiency and profitability [49][54]. Market Positioning - The company adopts a "high-end cost performance" strategy, effectively capturing market share from both foreign brands and private labels [10][42]. - The brand has received multiple prestigious design awards, enhancing its competitive edge in the hardware industry [10][42]. Channel Expansion - The company has experienced rapid growth in offline distribution, which accounted for 57% of its revenue in 2024, indicating a strong channel strategy [56].
悍高集团（001221）：降本与品牌力打造高端性价比，护航高增长