2026年的新年"第一会"，顺德亮出"资本强区"新名片。 1月8日，顺德区企业上市工作大会召开。作为顺德区连续第十年高规格举办企业上市大会，本次大会亮 点纷呈。不仅聚焦企业上市赋能与高质量发展，更重磅发布云鹭上市小镇发展规划，出台并解读了《关 于促进企业上市及高质量发展 打造云鹭上市小镇的若干措施》（以下简称"云鹭上市小镇八条"）。 会后，顺德企业代表们反响热烈、感触颇深。围绕企业自身上市规划、实际政策需求，以及如何精准把 握云鹭上市小镇建设带来的历史机遇等核心话题，企业家们各抒己见、积极建言。 顺德区企业上市工作大会召开。 上市企业代表 伊之密董事长 甄荣辉 问：本次会议是顺德新年首场重要会议，您受邀参会有何感受？ 答：本次会议召开时机十分恰当。新一年度全球经济格局将迎来诸多新变化，自身做好准备至关重要。 方才领导的发言释放出明确信号，即本年度资本市场具备较好发展态势。我认为，本次大会将有效推动 拟上市企业加快推进上市进程、坚定发展信心，未来能够通过资本市场壮大自己。整体而言，本次会议 具有重要意义。 问：针对公司各类新型机械装备业务，未来计划如何借助资本市场资源，进一步推动业务升级发展？ 答：公司未来3- ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for investment [8]. Core Insights - The company has demonstrated impressive growth, with a revenue CAGR of 29% and a net profit CAGR of 59% from 2019 to 2024, making it a rare high-growth entity in a declining real estate market [10][42]. - The growth is driven by three main factors: product innovation focusing on cost reduction and popular products, channel expansion through offline distributors, and a market strategy emphasizing high-end cost performance [10][42][56]. - The company is expected to achieve revenues of 35.95 billion, 45.25 billion, and 56.53 billion yuan from 2025 to 2027, with corresponding net profits of 7.06 billion, 9.42 billion, and 12.37 billion yuan [8][9]. Financial Data and Profit Forecast - Total revenue (in million yuan) is projected as follows: 2,857 for 2024, 3,595 for 2025E, 4,525 for 2026E, and 5,653 for 2027E, with year-on-year growth rates of 28.6%, 25.8%, 25.9%, and 24.9% respectively [3]. - Net profit attributable to the parent company (in million yuan) is forecasted to be 531 for 2024, 706 for 2025E, 942 for 2026E, and 1,237 for 2027E, with growth rates of 59.7%, 32.8%, 33.5%, and 31.3% respectively [3]. - Earnings per share (in yuan) are expected to be 1.48 for 2024, 1.76 for 2025E, 2.35 for 2026E, and 3.09 for 2027E [3]. Company Overview - The company, founded in 2004, specializes in home hardware and has evolved into a diversified innovative enterprise, providing a comprehensive range of high-end hardware solutions [17]. - The company has a strong focus on research and development, with a total of 1,193 patents, including 18 invention patents and 252 utility model patents as of mid-2025 [17]. Growth Drivers - The company's growth is primarily attributed to its core product lines: basic hardware, storage hardware, kitchen and bathroom hardware, and outdoor furniture, with basic hardware showing the highest growth rate [43]. - The basic hardware segment has seen a remarkable CAGR of 64.0% from 2019 to 2024, significantly contributing to the company's revenue growth [43]. - The company has successfully implemented a cost reduction strategy, leading to increased production efficiency and profitability [49][54]. Market Positioning - The company adopts a "high-end cost performance" strategy, effectively capturing market share from both foreign brands and private labels [10][42]. - The brand has received multiple prestigious design awards, enhancing its competitive edge in the hardware industry [10][42]. Channel Expansion - The company has experienced rapid growth in offline distribution, which accounted for 57% of its revenue in 2024, indicating a strong channel strategy [56].

上 市 公 司 ——降本与品牌力打造"高端性价比"，护航高增长 投资要点： ⚫ 风险提示：降本幅度低于预期的风险、行业竞争加剧的风险、产品质量风险。 财务数据及盈利预测 公 司 研 究 / 公 司 深 度 轻工制造 2025 年 12 月 31 日 悍高集团 (001221) | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,857 | 2,497 | 3,595 | 4,525 | 5,653 | | 同比增长率（%） | 28.6 | 24.3 | 25.8 | 25.9 | 24.9 | | 归母净利润（百万元） | 531 | 483 | 706 | 942 | 1,237 | | 同比增长率（%） | 59.7 | 38.1 | 32.8 | 33.5 | 31.3 | | 每股收益（元/股） | 1.48 | 1.31 | 1.76 | 2.35 | 3.09 | | 毛利率（%） | 35.8 | 37.8 | 37.8 | 38.8 | 39. ...

Market Overview - On December 17, the Shanghai Composite Index rose by 1.19%, the CSI 300 increased by 1.83%, the STAR 50 grew by 2.47%, the CSI 1000 was up by 1.49%, the ChiNext Index surged by 3.39%, and the Hang Seng Index climbed by 0.92% [4][5] - The best-performing sectors on December 17 were telecommunications (+5.07%), non-ferrous metals (+3.03%), electronics (+2.48%), basic chemicals (+2.15%), and electrical equipment (+2.09%). The worst-performing sectors included agriculture, forestry, animal husbandry, and fishery (-0.54%), defense and military industry (-0.2%), coal (-0.11%), real estate (+0.09%), and environmental protection (+0.1%) [4][5] - The total trading volume for the A-share market on December 17 was 18,343.65 billion yuan, with net inflow from southbound funds amounting to 7.909 billion HKD [4][5] Key Recommendations - The report highlights HanGao Group (001221) as a hidden champion in the home hardware sector, benefiting from cost advantages and channel momentum to drive growth. The recommendation logic includes an increase in self-production ratio, scale advantages, and accelerated domestic hardware replacement of imports due to increased operational pressure on overseas companies [6] - The company is expected to grow against the backdrop of a downturn in the real estate cycle, with a higher growth ceiling than market expectations. Key drivers include a focus on high-end cost performance, product innovation, and diversified marketing capabilities [6] - Revenue projections for HanGao Group from 2025 to 2027 are 3,569 million yuan, 4,426 million yuan, and 5,364 million yuan, with growth rates of 24.93%, 24.01%, and 21.19% respectively. Net profit attributable to shareholders is forecasted to be 719 million yuan, 917 million yuan, and 1,137 million yuan, with growth rates of 35.40%, 27.51%, and 23.98% respectively [6] Important Commentary - The report discusses the strategic partnership between Walt Disney Company and OpenAI, marking a new paradigm of "IP + AI" collaboration, which is expected to usher in a new era of Hollywood embracing AI [7][8] - The collaboration is anticipated to benefit FuBo Group (03738) directly, particularly with the influx of AI-generated content on the Disney+ platform, which could lead to new active assets and revenue streams [8]

Group 1: Industry Trends and Market Demand - The home hardware industry is in a critical phase of structural optimization and high-quality development, with steady overall growth [2] - Key market demand characteristics include the continuous release of renovation needs in the stock housing market and a trend towards consumption upgrades, leading to increased demand for high-end, intelligent, and scenario-based products [2] - The improvement of domestic manufacturing supply chains and the large consumer market provide significant growth opportunities for local enterprises, with an expected increase in industry concentration [2] Group 2: Core Competitive Advantages and Business Highlights - The company has four core competitive advantages: original R&D and technology accumulation, smart manufacturing and quality assurance, brand and reputation accumulation, and full industry chain collaboration capabilities [3][4] - As of June 30, 2025, the company holds 1,193 patents, including 18 invention patents, 252 utility model patents, and 923 design patents, showcasing its technological strength [4] - Recent performance shows steady growth, with revenue of CNY 2.497 billion in the first three quarters of 2025, a year-on-year increase of 24.26%, and a net profit of CNY 483 million, up 38.07% year-on-year [5] Group 3: Channel Layout and Market Expansion Strategies - The company employs a multi-channel layout that enhances market coverage and resource sharing, including distribution, direct sales, cloud commerce, e-commerce, and overseas channels [6] - The old renovation stores are positioned as service platforms for hardware upgrades in stock housing, focusing on specific needs without competing with downstream customers [6] - The company aims to strengthen its brand recognition as a "whole house hardware service provider" through its multi-channel strategy [6] Group 4: Capacity Planning and Emerging Business Layout - The company is developing three digital production bases, with a total area exceeding 600,000 square meters, to enhance production capacity and efficiency [8] - The Unicorn Hardware Intelligent Manufacturing Base is a key project aimed at expanding production capacity and alleviating future market growth pressures [8] - The company is actively expanding into emerging business areas, particularly in the bathroom category, with plans to develop a complete product matrix [10] Group 5: Long-term Strategic Planning and Corporate Governance - The company's long-term strategy focuses on maintaining its position as a "whole house hardware system solution provider," emphasizing product innovation, channel optimization, and smart manufacturing upgrades [10] - Future priorities include increasing R&D investment, enhancing market penetration through channel structure optimization, and improving production efficiency and product quality [10]

Core Viewpoint - HanGao Group's public offering raised a net amount of 510 million, which will primarily be used for the construction of an automated manufacturing base for smart home hardware, a research and development center, and information technology projects, supporting the establishment of a 600,000 m² digital production base cluster [1] Group 1 - The company is a leader in the domestic home hardware industry, with a balanced multi-category and multi-channel layout, and excellent profitability [1] - Given that the company is newly listed and in a high growth phase, it has been assigned a "Buy" rating for initial coverage [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is a leading player in the home hardware industry, focusing on design, brand building, and channel development, with a strong emphasis on product design and marketing expertise from its founder [2][20]. - The company has shown robust growth, with projected revenues of 2.857 billion yuan in 2024, representing a year-on-year increase of 28.6%, and a net profit of 531 million yuan, up 59.7% year-on-year [2][4]. - The home hardware industry is characterized by a fragmented market structure, with the company holding the top market share in the storage hardware segment [3][92]. Summary by Sections Company Overview - Founded in 2004, the company specializes in home hardware, including storage hardware, basic hardware, kitchen and bathroom hardware, and outdoor furniture [20]. - The company emphasizes product design, brand awareness, and a balanced channel structure, with no reliance on a single major customer [2][20]. Industry Landscape - The home hardware industry in China exceeds 200 billion yuan, with exports nearing 100 billion yuan, indicating a significant domestic market [3][92]. - The company ranks first in market share for storage hardware, with a strong online sales presence [3][92]. Growth Drivers - Revenue growth is driven by product category expansion, channel development, and international market exploration [4]. - The company’s revenue composition for 2024 is projected to be 30% from storage hardware, 43% from basic hardware, 13% from kitchen and bathroom hardware, 9% from outdoor furniture, and 5% from other products [4][21]. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 712 million yuan, 896 million yuan, and 1.094 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 34%, 26%, and 22% [4][6]. - The report suggests that the company’s balanced multi-category and multi-channel strategy, along with its strong profitability, justifies the "Buy" rating [4].

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]

Core Viewpoint - Tutu Precision Hardware Technology Co., Ltd. (Tutu Co.) has shifted its focus to the Beijing Stock Exchange after terminating its main board IPO, with plans to list on the New Third Board in 2024. The company has faced scrutiny from regulators regarding its business structure and financial metrics, raising concerns about its reliance on major clients and the adequacy of its R&D investments [1][10]. Group 1: Company Structure and Shareholding - Tutu Co. has a typical family-owned structure, with key shareholders holding a combined 81.3% of the shares. Major clients, including the home furnishing leader Sophia, also hold stakes in the company, which raises questions about the independence of business operations [3][4]. - The company has received various accolades, including being recognized as a national high-tech enterprise and a specialized and innovative small and medium-sized enterprise in Guangdong [1]. Group 2: Financial Performance - Tutu Co.'s revenue increased from 695 million to 909 million, with a net profit slightly above 100 million, although there was a slight decline in net profit in the first half of 2025 [4]. - The company has a stable order flow due to long-term partnerships with major clients, which helps mitigate revenue volatility [5]. Group 3: R&D and Innovation - Tutu Co. claims to focus on R&D, with R&D expenses reported at 23.35 million, 30.29 million, and 36.80 million for 2022, 2023, and 2024 respectively, indicating a slight increase in R&D intensity but only marginally above the minimum threshold for high-tech enterprises [6][8]. - The company has approximately 200 R&D personnel, representing about 10% of its workforce, but the educational qualifications of the team are below industry averages, with only 5.9% holding degrees [7][9]. Group 4: Market Position and Future Outlook - Tutu Co. is positioned in a competitive market with significant reliance on a few large clients, which could pose risks if market conditions change [5][10]. - The company aims to leverage its high-tech status and client relationships to achieve growth, but it must improve its R&D and governance to exceed current performance levels [10].

Core Viewpoint - The report from Guosheng Securities highlights that Hanhigh Group focuses on home hardware and outdoor furniture products, with stable equity, an excellent team, and continuously improving financials [1] Industry Analysis - The demand for home hardware products is strong, driven by product upgrades and the expansion of the existing market, further boosted by recent real estate stabilization policies and consumer stimulus measures [1] - The outdoor furniture industry is showing a steady upward trend, with domestic market demand rising [1] - In the European and American markets, outdoor furniture demand remains robust due to economic levels and lifestyle changes, with the market expected to reach USD 25.4 billion by 2025 [1] Company Outlook - Hanhigh Group's diverse product matrix, multi-channel sales system, and intelligent manufacturing platform position the company for future growth [1] - As a leader in home hardware, the company is expected to deepen cooperation with major clients, leveraging its advantages in intelligent manufacturing [1] - The company's market share is anticipated to continue increasing in the medium to long term [1] - The forecast for the company's net profit attributable to shareholders is projected to be CNY 709 million, 883 million, and 1.073 billion for the years 2025, 2026, and 2027, representing year-on-year growth of 33.4%, 24.5%, and 21.6% respectively [1]