Core Insights - The company is a leading player in the home hardware industry, focusing on design, branding, and channel development [1][2] - The company achieved a revenue of 2.857 billion yuan in 2024, representing a year-on-year growth of 28.6%, with a net profit of 531 million yuan, up 59.7% [1] - The home hardware industry in China is fragmented, with the company holding the top market share in the storage hardware segment [2] Company Overview - Founded in 2004, the company specializes in home hardware, including storage hardware, basic hardware, kitchen and bathroom hardware, cabinet lighting, and outdoor furniture [1] - The company emphasizes product design, brand development, and balanced channel construction, avoiding reliance on a single major customer [1][2] - The management team is young and experienced, with a concentrated shareholding structure [1] Market Position - The home hardware market in China exceeds 200 billion yuan, with exports nearing 100 billion yuan [2] - The company leads the storage hardware market in 2022, with significant online sales [2] - The basic hardware segment is experiencing increased domestic substitution trends [2] Revenue and Growth Drivers - In 2024, the revenue breakdown is projected as follows: storage hardware (30%), basic hardware (43%), kitchen and bathroom hardware (13%), outdoor furniture (9%), and other products (5%) [3] - Domestic sales are expected to account for 86% of revenue, with offline distribution being the primary channel [3] - The company is well-positioned for future growth, with potential in the basic hardware segment and international expansion [3] Financial Projections - The company plans to use the net proceeds of 510 million yuan from its public offering for automation manufacturing, R&D, and information technology projects [4] - Projected net profits for 2025-2027 are 712 million yuan, 896 million yuan, and 1.094 billion yuan, with growth rates of 34%, 26%, and 22% respectively [4] - The company is rated as a "buy" due to its leading position in the home hardware industry and balanced multi-category channel layout [4]