证券研究报告·行业点评报告 2026 年 2 月 27 日 江海证券研究发展部 TMT 行业研究组 分析师：刘瑜 近期各类音频产品不断推出，关注相关 产业链公司 事件： 投资要点： 执业证书编号：S1410525110001 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -0.88 3.8 11.65 绝对收益 -0.46 8.43 31.01 数据来源：聚源 注：相对收益与沪深 300 相比 相关研究报告 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 消费电子行业 行业评级：增持（首次） 炬芯科技联合 VIZIO 打造下一代无线家庭影院。2026 年 1 月，国际知名消费电 子品牌 VIZIO 推出三款全新的 5.1/4.1 声道 Soundbar 系列产品，全面采用炬芯 科技的无线家庭影院解决方案。 漫步者 M330 II 多场景可移动音箱开售。2026 年 1 月 27 日，漫步者 M330 ...

马年首只新股海菲曼开启申购，这家高端 HiFi 耳机厂商毛利率超 70% ，比肩爱马仕，境外收入占比超六成，营收与净利稳步增长，但研发费用率低于销 售费用率，未来拟拓展消费级市场。 马年首只新股登场：海菲曼启动申购 一家定位高端、能实现60%高毛利率的耳机品牌厂商海菲曼于今日开启申购，发行总数约1053万股，发行价为19.71元/股，公司单一账户申购上限为47.37 万股。 招股书显示，昆山海菲曼科技集团股份有限公司（下称"海菲曼"）是国内少数拥有全球影响力的高端电声品牌商，主要从事自主品牌"HIFIMAN"终端电 声产品的设计、研发、生产和销售，公司产品包括头戴式耳机、真无线耳机、有线入耳式耳机、播放设备等。 报告期内，头戴式耳机销量分别为5.98万个、7.99万个、7.92万个和3.90万个，平均销售单价分别为1996.58元、1869.36元、2101.03元和2027.70元。 招股书介绍，头戴式耳机主要应用于高保真音乐欣赏、专业音乐制作、高精度监听等场景，区别于入耳式耳机，其通常由两个耳罩、一个头带以及连接到 音频源的导线或无线连接器件组成，可以在其导线前接入耳机放大器来改善音质和调整音色。 公司本 ...

记者丨叶映橙 见习记者林健民 编辑丨刘雪莹 2月24日，可申购北交所的海菲曼（920183.BJ）。该公司是国内少数拥有全球影响力的高端电声品牌 商，主要从事自主品牌"HIFIMAN"终端电声产品的设计、研发、生产和销售，公司产品包括头戴式耳 机、真无线耳机、有线入耳式耳机、播放设备等。 打新早知道 21峡i7 | 募集资金投资方向 | 拟投入募集资金金额 (亿元) | 日 | | --- | --- | --- | | 先进声学元器件和整机产能提升项目 | 2.43 | 56.42% | | 研发检测中心项目 | 1.39 | 32.37% | | 营销服务基地建设项目 | 0.48 | 11.22% | | 新股特点 公司是高端目机领军企业 | | | 注:机构报价为剔除无效报价和最高报价后，公募基金、社保基金、养老金、年金基金、保险资金和合格境外投 资者的报价中位数。 据21世纪经济报道此前消息，海菲曼被称为"中国最贵耳机""耳机界爱马仕"。2024年，海菲曼毛利率一 度飙升至70.1%，直追"奢侈品之王"爱马仕的70.3%。不过高盈利能力背后，成长挑战也隐隐浮现。21 世纪经济报道记者梳理发现，近三年 ...

*免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 2月24日新股申购 (共15 | | 海非曼(北交所, 92018 | | --- | --- | | 申购代码 | 920183 | | 发行价格 | 19.71元 顶格 | | 总市值 | | | 发行市盈率 | 14.99 行业 | | 目业可比公司 | 漫步者 自亦公司 | | | 动态市盈率 惠威科技 | | 主营构成 | 头戴式耳机: 73.40%; | | | 真无线耳机：9.37%； | | | 有线入耳式耳机：0.77%； | | | 播放设备： 7.31%; | | | 其他: 9.16% | | | 1、公司主要从事自主品牌 "HIFIMAN" 终端电, 品包括头戴式耳机、真无线耳机、有线入耳式耳7 | | | 音"，定位高端电声市场。 | | 业务及亮点 | 2、公司是国内少数拥有全球影响力的高端电声品 超 65%，主要销往美国、欧洲、日韩等地区，在 有市占率前5的型号。 | | | --- | --- | --- | | | 3、核心技术涵盖电声基础技术全链条，自研纳米 | | | | 器（DAC）等关 ...

2026 年 02 月 21 日 公司研究●证券研究报告 海菲曼（920183.BJ） 新股覆盖研究 投资要点 | 交易数据 | | | --- | --- | | 总市值（百万元） | | | 流通市值（百万元） | | | 总股本（百万股） | 38.42 | | 流通股本（百万股） | | | 12 个月价格区间 | / | | 分析师 | 李蕙 | | SAC | 执业证书编号：S0910519100001 | | | lihui1@huajinsc.cn | | 报告联系人 | 戴筝筝 | | | daizhengzheng@huajinsc.cn | 相关报告 华金证券-新股-新股专题覆盖报告（通领科 技）-2025 年 17 期-总第 654 期 2026.2.12 华金证券-新股-新股专题覆盖报告（固德电 材）-2026 年 15 期-总第 652 期 2026.2.8 华金证券-新股-新股专题覆盖报告（通宝光 电）-2025 年 16 期-总第 653 期 2026.2.8 华金证券-新股-新股专题覆盖报告（海圣医 疗）-2025 年 14 期-总第 651 期 2026.2.4 华金证券- ...

| A HJ / X J | THE " | JU.T | | --- | --- | --- | | 同业可比公司 | 浙江荣泰、平安电工、巨峰股份 | | | | 公司主营产品为新能源汽车动力电池热失控防护 | | | 一句话亮点 | 件及电力电工绝缘产品，已成为多家全球知名整 | | | | 造商及电池生产商的一级供应商 | | *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 2月24日-2月27日新股申购一览 春节后一周有2只新股申购,重点公司方面,海菲曼是国内少数邦 球影响力的高端电声品牌商 | 海菲曼 (北交所，920183) | | | | | --- | --- | --- | --- | | 申购日期 | 2月24日 周二 | 申购代码 | 9201 | | 所属行业 | 计算机、通信和其 他电子设备制造业 | 总市值 | | | 公司发行市盈率 | 14.99 | 行业平均市盈率 | 65.5 | | 同业可比公司 | | 漫步者、惠威科技 | | | 一句话亮点 | | 公司是国内少数拥有全球影响力的高端电声品牌 产品包括头戴式耳机、真无线耳机、有线入耳 ...

2026 年 02 月 21 日 公司研究●证券研究报告 海菲曼（920183.BJ） 新股覆盖研究 投资要点 | 交易数据 | | | --- | --- | | 总市值（百万元） | | | 流通市值（百万元） | | | 总股本（百万股） | 38.42 | | 流通股本（百万股） | | | 12 个月价格区间 | / | | 分析师 | 李蕙 | | SAC | 执业证书编号：S0910519100001 | | | lihui1@huajinsc.cn | | 报告联系人 | 戴筝筝 | | | daizhengzheng@huajinsc.cn | 相关报告 华金证券-新股-新股专题覆盖报告（通领科 技）-2025 年 17 期-总第 654 期 2026.2.12 华金证券-新股-新股专题覆盖报告（固德电 材）-2026 年 15 期-总第 652 期 2026.2.8 华金证券-新股-新股专题覆盖报告（通宝光 电）-2025 年 16 期-总第 653 期 2026.2.8 华金证券-新股-新股专题覆盖报告（海圣医 疗）-2025 年 14 期-总第 651 期 2026.2.4 华金证券- ...

Group 1 - Investment Rating: The report suggests to pay attention to HIFIMAN due to its technological and brand advantages, indicating a positive outlook for the company [6][5][4] - Core Viewpoint: HIFIMAN is positioned as a high-end audio brand with a focus on delivering high-fidelity sound experiences, and it has established itself as a global player in the high-end audio market [2][14][17] Group 2 - Business Overview: HIFIMAN specializes in the design, research, production, and sales of high-end audio products, including headphones and playback devices, with a strong emphasis on sound fidelity [2][14][18] - Financial Performance: For Q1-Q3 2025, HIFIMAN achieved revenue of 164 million yuan, a year-on-year increase of 13.23%, and a net profit of 50.35 million yuan, up 29.49% [3][55][56] - Market Growth: The headphone market in China has shown steady growth, with the overall industry output value increasing from 49.26 billion yuan in 2013 to 137.42 billion yuan in 2021, reflecting a CAGR of 13.68% [4][6] Group 3 - Industry Trends: The high-end headphone market is expected to grow significantly, with the global high-end headphone market projected to reach 4.158 billion USD by 2028, growing at a CAGR of 6.5% [4][6][5] - Competitive Landscape: HIFIMAN's PE ratio for 2024 is significantly higher than its peers, indicating its unique market position and potential for growth [6][5][4] - Product Innovation: HIFIMAN has developed multiple innovative products and holds numerous patents, enhancing its competitive edge in the high-end audio market [5][6][17]

Investment Rating - The investment rating for the company is "Buy" based on its low initial valuation and moderate subscription threshold, suggesting active participation in the IPO [26][31]. Core Insights - The company, HIFIMAN, is a leading player in the high-end audio market, focusing on high-fidelity headphones and audio products, with a strong global brand presence and a comprehensive multi-channel sales system [5][8]. - The company has demonstrated significant revenue and profit growth, with a projected revenue of 227 million yuan and a net profit of 66.52 million yuan for 2024, reflecting a compound annual growth rate (CAGR) of 21.49% and 35.72% respectively over the past three years [9][12]. - The global headphone market is expanding, driven by technological advancements and increasing demand for high-quality audio products, with a projected market size growth from 71.5 billion USD in 2023 to 163.8 billion USD by 2030 [17][19]. Summary by Sections 1. Company Overview - HIFIMAN, established in April 2011, is a prominent high-end audio brand in China, focusing on the design, research, production, and sales of audio products under its own brand [8]. - The company has a global sales network, with over 40 domestic distributors and more than 100 international distributors, primarily targeting developed markets such as the US, Europe, and Japan [5][8]. 2. Issuance Plan - The IPO will utilize a direct pricing method with an issue price of 19.71 yuan per share, aiming to raise approximately 207 million yuan, representing 21.5% of the total shares post-issue [14][12]. - The expected free float ratio post-issue is 22.98%, with a low proportion of existing shares, making it attractive for investors [14][12]. 3. Industry Situation - China has established itself as a key manufacturing base for the audio-visual industry, with significant growth opportunities driven by AI and technological advancements [16][19]. - The global audio industry is characterized by a dual structure of brand and manufacturing, with Chinese manufacturers dominating the core production segments [18][19]. 4. Competitive Advantages - The company possesses strong technical research and development capabilities, focusing on core audio technologies and proprietary components, which enhance product competitiveness [20][21]. - HIFIMAN has built a robust brand reputation and extensive sales channels, allowing it to effectively serve global markets and maintain high profit margins [21][20]. 5. Comparable Companies - HIFIMAN's financial metrics, including a projected gross margin of 70.1% for 2024, position it favorably compared to its peers in the industry, which typically have lower margins [23][27].

Investment Rating - The report suggests a focus on HIFIMAN due to its unique position in the high-end audio market and potential for growth [6][4]. Core Insights - HIFIMAN is recognized as a leading high-end audio brand in China, focusing on the design, research, production, and sales of high-fidelity audio products [3][14]. - The company achieved a revenue of 164 million yuan in Q1-Q3 2025, representing a year-on-year growth of 13.23%, with a net profit of 50.35 million yuan, up 29.49% [3][55]. - The global high-end headphone market is projected to grow from 2.85 billion USD in 2022 to 4.16 billion USD by 2028, with a CAGR of 6.5% [4]. Company Overview - HIFIMAN specializes in high-end audio products, including over-ear headphones, true wireless earbuds, wired in-ear headphones, and playback devices [3][14]. - The company has a strong focus on delivering high-fidelity sound experiences and has established itself as a significant player in the global high-end audio market [3][14]. Financial Performance - In Q1-Q3 2025, HIFIMAN reported a gross margin of 66.88% and a net margin of 30.62% [55][61]. - The company has maintained a compound annual growth rate (CAGR) of 21.49% over the past three years [56]. Industry Analysis - The headphone market in China has shown steady growth, with the total output value increasing from 49.26 billion yuan in 2013 to 137.42 billion yuan in 2021, achieving a CAGR of 13.68% [4]. - The wireless headphone segment is the fastest-growing category, with a CAGR of 36.66% from 2013 to 2021 [4]. - HIFIMAN's products are positioned in the high-end segment, with a gross margin higher than the average of comparable companies [6][4]. Product Development - HIFIMAN has developed multiple innovative products, including the SHANGRI-LA electrostatic headphone system, which is recognized as a flagship product in the high-end audio market [26][27]. - The company has a robust pipeline of new products and has received numerous patents, indicating a strong commitment to research and development [5][17]. Market Position - HIFIMAN competes directly with established global brands like Sennheiser and Sony, achieving significant market share in various high-end headphone categories [5][6]. - The company has a diverse product line and continues to innovate, which positions it well for future growth in the high-end audio market [5][17].