悍高集团（001221）：国产家居五金龙头，上市续写成长佳绩

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6]. Core Views - HIGOLD Group is a leading player in the domestic home hardware industry, with continuous high growth in performance. The company specializes in basic hardware, kitchen and bathroom hardware, storage hardware, and outdoor furniture, and has seen significant revenue growth from 800 million yuan in 2019 to 2.857 billion yuan in 2024, with a CAGR of approximately 28.9% [6][14]. - The home hardware industry is experiencing robust growth, with a strong focus on quality and high-end products due to consumer upgrades. The market is still fragmented, indicating potential for increased concentration [6][24]. - The company boasts high product quality and competitive pricing, with a significant increase in its self-manufactured products, which is expected to enhance profit margins [6][41]. Summary by Sections 1. HIGOLD as a Leader in Home Hardware - HIGOLD Group was founded in 2004 and has established itself as a high-end brand in the home hardware industry, achieving a successful A-share listing in July 2025, raising 510 million yuan [10][12]. - The company has maintained high growth rates, with net profit increasing from 50 million yuan in 2019 to 531 million yuan in 2024, reflecting a CAGR of approximately 59.4% [14][19]. 2. Home Hardware Industry Development - The home hardware market in China is projected to grow from 226.11 billion yuan in 2023 to 324.45 billion yuan by 2028, with a CAGR of 7.6% [24]. - Despite a decline in new housing construction, the demand for home hardware is supported by increased transactions in the second-hand housing market and renovation needs [25][27]. 3. High Product Value and Smart Manufacturing - HIGOLD's products are known for their high quality and affordability, with competitive pricing compared to domestic peers [33][35]. - The company is expanding its production capabilities with the upcoming "Unicorn" manufacturing base, expected to be completed by the end of 2027, which will significantly increase production capacity [41][42]. - The self-manufacturing ratio for basic hardware is projected to rise from 56.7% in 2022 to 83.2% in 2024, enhancing overall profit margins [43].