东莞证券研报指出，悍高集团是国产家居五金龙头，设计+智造+渠道构建竞争护城河。作为国产家居 五金龙头，公司凭借高质价比产品、多元化渠道布局、智能制造优势，筑坚固的竞争护城河。同时随着 行业集中化趋势的加速、厨卫及智能五金等新增长曲线的展开、独角兽超级工厂等新产能的逐步释放， 以及全球化布局的持续深化，悍高集团的成长天花板将被进一步打开。预测公司2025年—2027年EPS分 别为1.76元、2.31元和3.15元，对应当前股价PE分别为42.2倍、32.3倍及23.6倍。看好公司持续发展壮 大，首次覆盖，给予"增持"评级。 ...

Core Viewpoint - Haida International Holdings Limited has submitted a listing application to the Hong Kong Stock Exchange, with J.P. Morgan, CICC, and GF Securities acting as joint sponsors [1]. Company Overview - Haida International is a technology-driven global agricultural enterprise, primarily focused on feed business, providing comprehensive solutions for the entire value chain of the livestock industry. Its core markets include Asia (excluding East Asia), Africa, and Latin America [3]. - According to Frost & Sullivan, by 2024, Haida International is the second-largest aquaculture feed supplier in Asia (excluding East Asia) with a production volume of 1 million tons, and the third-largest feed supplier in Vietnam with a production volume of 1.7 million tons [3]. - The company offers a complete range of products and services covering feed, seedlings, and animal health, with feed being its main product. The feed product lines include aquaculture feed, poultry feed, and pig feed [3]. - As of January 5, 2026, the company's feed production bases are located in six countries: Vietnam, India, Indonesia, Egypt, Bangladesh, and Ecuador [3]. Financial Data - For the fiscal years ending December 31, 2023, 2024, and the nine months ending September 30, 2025, the company achieved revenues of approximately RMB 9.025 billion, RMB 11.417 billion, and RMB 11.177 billion, respectively [7]. - The net profit for the same periods was approximately RMB 360 million, RMB 735 million, and RMB 869 million [8]. - The gross profit margins for the fiscal years were 12.9%, 15.2%, and 16.8% respectively [10]. Industry Overview - Asia (excluding East Asia) has abundant aquatic resources, creating favorable conditions for aquaculture. Countries like Thailand, Vietnam, and Indonesia are significant aquaculture bases globally [12]. - Vietnam is the second-largest market for feed in Asia (excluding East Asia), with the aquaculture feed segment being the fastest-growing category. The market size is expected to grow from 4 million tons in 2020 to 4.5 million tons by 2024, with a compound annual growth rate (CAGR) of 3.0% [12]. - The aquaculture feed industry is experiencing significant consolidation, with the market share of the top five companies in Vietnam increasing from 28.1% in 2020 to 47.0% in 2024, and projected to reach 60.5% by 2029 [12]. - Indonesia holds the third-largest market share in the feed market in Asia (excluding East Asia) at 13.5%, with a CAGR of 3.3% expected from 2020 to 2024 [14]. Competitive Landscape - In 2024, Haida International is projected to produce 1,011 thousand tons of aquaculture feed, ranking second in the market share in Asia (excluding East Asia) [17]. - The top five companies in the aquaculture feed market account for 31.9% of the total market share [18].

Core Viewpoint - Tianwei Foods, the fourth largest compound seasoning manufacturer in China, has initiated its IPO process in Hong Kong, aiming for a dual listing with its A-shares [1] Company Overview - Established in March 2007 in Chengdu, Sichuan, Tianwei Foods has developed several well-known brands, including "Hao Ren Jia," "Da Hong Pao," and "Tian Che," which are commonly found on Chinese dining tables [1] - The company is recognized for its hot pot base and various sauces, with products prominently displayed in retail outlets like Hema [1] Market Position - Tianwei Foods ranks behind leading companies such as Haitian Flavoring and Lee Kum Kee but has shown the fastest growth among the top five compound seasoning companies in China over the past three years [2] - As of 2024, the company is projected to be the largest recipe-based seasoning company and the second largest hot pot seasoning company in China, holding market shares of 9.7% and 4.8%, respectively [2] Financial Performance - The company has demonstrated strong revenue growth, with projections showing an increase from 2.676 billion yuan in 2022 to 3.447 billion yuan in 2024, reflecting a compound annual growth rate of 13.5% [2] - Net profit is expected to rise from 341 million yuan in 2022 to 645 million yuan in 2024, with year-on-year growth rates exceeding 12% [2] Profitability Metrics - Net profit margin improved from 12.7% to 18.7%, and gross profit margin increased from 33.9% to 39.4%, indicating sustainable growth quality without sacrificing profits for rapid expansion [3] Recent Challenges - Despite previous growth, recent financial reports indicate a decline in revenue and profit, with a 5.24% drop in revenue to 1.39 billion yuan in the first half of the year and a 19.43% decrease in total profit [3][4] - The company's cash flow has also been negatively impacted, with a 44.6% year-on-year decline in operating cash flow to 163 million yuan [3] Strategic Outlook - The company is seeking to optimize its capital structure through the A+H share listing, aiming to alleviate financial pressures and enhance operational capabilities [4] - The focus will be on improving cost structures and increasing market share to avoid further declines in valuation post-IPO [4]

Core Viewpoint - Fangda New Materials has transformed from an unknown small enterprise into a leading company in the adhesive materials industry, leveraging capital and technological innovation to enhance its market position [1][2]. Company Development - Founded in 2003, Fangda New Materials has progressed through various stages, including listing on the New Third Board in 2016, moving to the Select Tier in 2020, and finally listing on the Beijing Stock Exchange in 2021 [1]. - The company started with logistics labels and has expanded into the adhesive materials sector, focusing on personalized packaging solutions for the rapidly growing express delivery market [2]. Market Trends - The express delivery industry in China is projected to handle 1,750.8 billion packages in 2024, reflecting a year-on-year growth of 21.5%, which directly increases the demand for adhesive labels [2]. - The company aims to capitalize on the booming express delivery sector, which is seen as a "golden track" for growth [2]. R&D and Production Capacity - Fangda New Materials emphasizes strong technological R&D capabilities and a comprehensive industrial chain layout, mastering key production processes and dozens of technical formulas [3]. - The company has initiated a project for producing variable information labels, utilizing advanced automation and smart production systems to enhance product quality and precision [3][4]. - The launch of three new production lines has alleviated previous capacity constraints, allowing for significant increases in adhesive material production [3]. Strategic Goals - The company is committed to digital transformation in manufacturing, focusing on smart production and environmental sustainability [4]. - Fangda New Materials has established partnerships with major logistics companies like JD, SF, and FedEx, which helps in continuous R&D and market feedback [5]. - Plans for 2024 include further increasing R&D investment and expanding market share through additional automated production lines [5]. Industry Outlook - The adhesive label industry is expected to see consolidation, with weaker companies being merged or transformed, leading to increased industry concentration [6]. - Fangda New Materials is positioned to leverage its product quality and smart manufacturing efficiencies to enhance its competitive edge in both domestic and international markets [6]. - The company has begun exploring overseas markets, establishing joint processing plants in the U.S. and Canada, and aims to expand its global footprint while maintaining a focus on international sales [6].