请阅读最后评级说明和重要声明 l 证券研究报告 l 行业研究丨深度报告丨建材 从悍高集团看家居五金成长机会 丨证券研究报告丨 报告要点 [Table_Summary] 家居五金兼具功能属性和消费属性，且供应链门槛较高，是不容忽视的优质赛道。家居五金涉 及到不同应用场景，竞争格局存在差异：1）收纳五金，主要面向消费者，比拼品牌、渠道。2） 基础五金，主要面向定制和家具企业，比拼渠道、成本、品牌。3）厨卫五金，主要面向消费者， 比拼渠道、品牌、成本，这一市场存在卫浴/家电龙头的品类外延竞争。目前家居五金行业的品 牌龙头稀缺，悍高集团依托设计、渠道逐步建立品牌优势，同时依托智能化生产基地解决五金 产品供应链的难点，品牌认知提升与生产成本下降共振，当前处于成长加速的稀缺阶段。 分析师及联系人 [Table_Author] SAC：S0490513080001 SAC：S0490518080002 SFC：BQK473 范超 张佩 请阅读最后评级说明和重要声明 2 / 31 %% %% %% %% research.95579.com 2 [Table_Title2] 从悍高集团看家居五金成长机会 [Table_Sum ...

Investment Rating - The report assigns a rating of "Underperform" to the company based on its AHP score of 1.19, which places it in the 15.7% percentile of the non-innovative system AHP model [4][8]. Core Insights - The company, Hanhigh Group, is a leading player in the home hardware and outdoor furniture industry in China, focusing on its own brand and distribution channels [4][10]. - The company has shown a steady increase in market share in the domestic furniture hardware market, with shares rising from 0.57% in 2022 to 0.94% in 2024 [4][12]. - Hanhigh Group's revenue and net profit have grown significantly from 2022 to 2024, with a compound annual growth rate (CAGR) of 32.78% for revenue and 60.74% for net profit, outperforming comparable companies [4][19]. Summary by Sections AHP Score and Expected Allocation - Hanhigh Group's AHP score, adjusted for liquidity premium factors, is 1.19, indicating a lower performance level in the market [4][8]. - The expected allocation ratios for offline investors are 0.0180% for Class A and 0.0123% for Class B under a neutral scenario [4][9]. Company Highlights and Features - The company has a strong brand presence and is recognized as one of the top ten in the Chinese home manufacturing hardware industry [4][10]. - Hanhigh Group's product lines include storage hardware, kitchen and bathroom hardware, and outdoor furniture, with over 65% of sales coming from storage and basic hardware products [4][10]. - The company has established a robust distribution network, with a significant focus on offline dealers and e-commerce channels, covering over 90 countries [4][14]. Financial Comparison with Peers - Hanhigh Group's revenue for 2022, 2023, and 2024 was 1.62 billion, 2.22 billion, and 2.86 billion CNY, respectively, while net profits were 206 million, 333 million, and 531 million CNY [4][19]. - The company's gross margin for 2022-2024 was 31.67%, 34.43%, and 35.84%, consistently higher than the average of comparable companies [4][22]. - The net profit margin for the same period was 12.69%, 14.97%, and 18.60%, also exceeding the average of comparable firms [4][23]. Fundraising Projects and Development Vision - The company plans to raise funds for the establishment of an automated manufacturing base, a research and development center, and an information technology project [4][32]. - The automated manufacturing base aims to enhance production capacity and efficiency, while the R&D center will focus on improving design capabilities [4][32][33].

Group 1 - Han Gao Group has officially launched its IPO on July 11, aiming to issue up to 40.01 million new shares to raise approximately 420 million yuan, with the goal of overcoming production capacity bottlenecks and enhancing R&D and smart manufacturing capabilities [1] - The company focuses on the R&D, design, production, and sales of home hardware and outdoor furniture products, integrating diverse original design concepts with high-quality manufacturing [1] - Han Gao Group's revenue has shown significant growth, with projected revenue increasing from 1.62 billion yuan in 2022 to 2.86 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 32.78% [2] Group 2 - The home hardware industry in China is experiencing structural opportunities, with the market size expected to grow from 226.11 billion yuan in 2023 to 324.45 billion yuan by 2028, at a CAGR of 7.6% [3] - The company plans to invest the raised funds into three main projects: an automated manufacturing base for smart home hardware (37 million yuan), a R&D center (3 million yuan), and information technology construction (2 million yuan) [3][4] - The implementation of these projects aims to enhance R&D design capabilities, strengthen production automation and intelligence, and ultimately drive the company's operational performance to new heights [4]