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 ...

Group 1: Company Performance Forecasts - Zhongshe Co., Ltd. expects a net loss of 6 to 8 million yuan for the first half of 2025, compared to a profit of 18.83 million yuan in the same period last year [1] - Jiangfeng Electronics anticipates a net profit of 247 to 267 million yuan for the first half of 2025, representing a growth of 53.29% to 65.70% year-on-year [1] - Naipu Mining forecasts a net profit of 15 to 22.5 million yuan for the first half of 2025, a decline of 73.32% to 82.21% compared to the previous year [7] - Runjian Co., Ltd. expects a net profit of 35 to 52.5 million yuan for the first half of 2025, a decrease of 78% to 85% year-on-year [13] - Kanglong Chemical predicts a net profit of 679 to 713 million yuan for the first half of 2025, down 36% to 39% from the previous year [14] Group 2: Shareholder Actions - Tianyuan Co., Ltd. plans to reduce its shareholding by up to 0.76% through a concentrated bidding process [2] - Sanwei Tiandi intends to reduce its shareholding by up to 4.07% through concentrated bidding or block trading [3] - Zhongfu Shenying plans to reduce its shareholding by up to 1% due to personal funding needs [4] - Hengfeng Information intends to reduce its shareholding by up to 3% through concentrated bidding or block trading [6] - *ST Yanzhen's stock will be suspended for inspection due to abnormal trading fluctuations [9] Group 3: Corporate Transactions - *ST Weir plans to acquire 51% of Shanghai Zijiang New Materials Technology Co., Ltd. for 546 million yuan [10] - Greenland plans to introduce overseas strategic investors for its subsidiary QINGMEI to enhance global competitiveness [12] - Taihe Co., Ltd. intends to acquire the remaining 51% stake in Guangdong Haode Crop Technology Co., Ltd. for 22.083 million yuan [13] - Weichai Heavy Machinery is planning to acquire 100% of Changzhou Fiberglass Shipyard Co., Ltd. [15] - Guolian Aquatic plans to introduce a new shareholder through capital increase for its subsidiary [16]

全球化运营深化核心客户绑定 华曦达与全球电信运营商建立的战略合作已超越传统供应商关系，升级为技术共创伙伴。公司通过覆盖研发设计、产品制造及售后管理的全链条服务深度绑 定客户，依托全球供应链网络实现生产周期优化与地缘风险分散。 目前公司在欧洲、北美、拉美、亚洲及非洲等主要市场设立4家海外分支机构，本土化服务团队以多语言能力和文化敏感性显著提升客户响应效率。其客户 群体涵盖全球顶级跨国电信集团及区域龙头运营商，严格的供应商筛选机制反向印证了华曦达解决方案的质量稳定性与长期服务价值。 公司同步升级视讯娱乐终端为AI增强感知中枢，集成环境自适应机器学习功能，同时积极研发对话式AI音箱、家庭机器人、AI智能眼镜及家庭算力中心等 新型设备。2024年推出的自研家庭AI智能体Cedar具备意图识别、模块化应用部署及自主学习能力，可提供覆盖娱乐、设备控制与生活服务的全场景智能体 验。 在全球面向企业的AI Home解决方案市场，竞争格局分散且门槛高企。海外企业选择供应商时严格考量设计研发能力、产品经验、全球服务支持及供应链管 理水平。凭借先发优势建立的品牌认知度、市场验证的高质量产品以及与国际客户的深度合作，头部企业已形成显 ...

美国6月通胀数据整体表现温和，但平静之下暗流涌动。 据追风交易台消息，摩根大通最新研报显示，虽然整体6月消费者价格指数（CPI）表现温和，但关税对特定商品类别的价格传导效应正在持续加剧。 美国劳工统计局公布数据显示，6月整体CPI环比上涨0.3%，同比涨幅达到2.7%，为四个月高点。核心CPI环比上涨0.23%，同比涨幅为2.9%，略低于预 期。 车辆和旅行相关行业的疲软表现继续对通胀形成拖累。然而，进口商品正显示出明显的上涨压力。摩根大通分析师Michael S Hanson指出，这些压力"明显 可归因于关税"，且在未来几个月将进一步加剧。 而这种相互抵消的价格动态将可能使美联储继续保持观望态度，直到对通胀和劳动力市场前景的相对风险获得更多明确信号。 关税传导效应逐步显现 据摩根大通报告，虽然车辆和旅行相关行业价格继续疲软，但进口商品价格上涨压力日益明显。 报告显示，包括家用电器、窗帘和地板覆盖物、体育用品以及其他家庭和娱乐用品在内的多种商品，其三个月涨幅正在接近甚至已经远超10%的年化水 平。摩根大通分析称： 近几个月来，包括消费电子产品、家居用品和休闲娱乐用品在内的大量进口份额占比较高的商品价格，持续显 ...

Summary of Conference Call Records Industry or Company Involved - Retail Industry - E-commerce Sector - Home Appliances Industry - Catering Industry - Gold and Jewelry Market - Light Industry and Home Furnishing Sector - Automotive Industry - Textile and Cosmetics Industry Core Points and Arguments Retail Industry Insights - In June 2025, the total retail sales of consumer goods grew by 4.8% year-on-year, down from 6.4% in May, primarily due to the timing of e-commerce promotions which were moved to mid to late May, leading to a spike in May sales with a month-on-month growth of 11.5% compared to 8.4% in previous years [3][6] - Excluding seasonal factors, categories like home appliances and communication equipment maintained high growth rates, with home appliances growing at around 30% [3][6] Catering Sector Performance - June saw a significant decline in catering revenue, attributed to promotional activities reducing actual consumer spending rather than a decrease in demand [4][5] - The overall service retail sector showed improvement, with cumulative year-on-year growth rising from 5.2% to 5.3% [4] E-commerce and AI Development - Strong recommendation for the internet e-commerce sector, particularly with AI-driven advancements. NVIDIA's H20 card is expected to enhance computational power for AI applications in China [7] - Increased competition in instant retail is anticipated, with major platforms like Alibaba and Meituan being highlighted for investment [7] Gold and Jewelry Market Trends - Recent corrections in the gold and jewelry market are due to previously high expectations. However, the trend towards domestic gold jewelry remains strong, with brands that excel in craftsmanship and design expected to grow significantly [8] Light Industry and Home Furnishing Sector - The light industry and home furnishing sector benefited from the "old-for-new" policy, with June residential construction area declines narrowing and home furnishing retail sales showing strong growth [10] - The sector is viewed as having long-term investment value due to low valuations and structural opportunities in AI mattresses and design software [10] Home Appliances Industry Growth - The home appliances sector experienced a robust growth of 32.4% year-on-year in June, with total retail sales exceeding 140 billion yuan [11] - The "old-for-new" policy and the 618 promotion significantly boosted sales across various product categories, with air conditioners and kitchen appliances seeing substantial growth [11] New Consumer Categories in Home Appliances - New consumer categories, particularly cleaning appliances, are seeing increased market penetration. Companies like Ousheng Electric, Dechang, and Roborock are recommended for investment [12] Automotive Market Performance - The automotive market grew by 4.8% year-on-year in June, with new energy vehicle sales reaching 1.1 million units, a nearly 30% increase [16] - Domestic brands are gaining market share, with a 30% increase in sales, while luxury vehicle sales declined by 7% [16][17] Textile and Cosmetics Industry Overview - The textile and apparel sector grew by 1.9% in June, while cosmetics saw a decline of 2.3%. Notable growth in sportswear and specific brands like Haier and An Ta was observed [18] - Companies like Mao Ge Ping and Shangmei are highlighted for their strong growth potential in the cosmetics sector [18] Other Important but Possibly Overlooked Content - The shift towards smaller, specialized retail formats is evident, with convenience stores and specialty shops outperforming larger formats, indicating a trend towards professionalization and miniaturization in consumer behavior [6] - The IP cultural tourism sector is also noted for its potential, especially with the upcoming peak travel season and active IP collaborations [9]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 匠心家居(301061) 投资评级 无评级 上次评级 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com [Table_Title] 匠心家居：产品结构优化，品牌势能提升，推 进多元化市场战略 点评：汇率&关税波动等外部不利因素扰动下，公司凭借产品结构优化、运营效 率提升、费用管控加强，盈利能力逆势提升，我们预计整体利润增速优于收入。 根据公司反馈，美国 4 月家居展会中公司展厅人流优于行业，我们认为公司品 牌在 B 端破圈趋势已较明确，店中店有望持续超预期放量。目前，关税预期趋 于缓和，海外降息将至，补库周期&海外需求强于国内逻辑有望重新演绎，公司 作为出口核心龙头，近期将"有节奏地推进多元市场布局"作为战略重点之一， 长期成长逻辑走通、估值中枢有望稳步向上。 店中店开拓顺畅，品牌逻辑逐步走通。截止 25Q1，公司店中店美国数量超 500 家、在加拿大布局 24 家，根据我们预计，目前店数总量仍在持续提升。店中店 对 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported an impressive performance for the first half of 2025, with a projected net profit attributable to shareholders ranging from 410 to 460 million yuan, representing a year-on-year growth of 43.7% to 61.2% [1] - The company's growth is driven by strong product capabilities, with rapid customer and channel expansion contributing to performance increases [2] - The introduction of the high-end brand Motoliving has resulted in significant orders, enhancing product structure and profitability [3] - The trade agreement between the US and Vietnam highlights the competitive advantage of the company's production capacity in Southeast Asia, supporting high profitability [4] - The earnings forecast has been adjusted upwards, with expected revenues of 3.41 billion, 4.28 billion, and 5.20 billion yuan for 2025, 2026, and 2027 respectively, reflecting strong growth rates [5] Summary by Sections Performance Overview - The company achieved a net profit of 2.41 billion yuan in Q2 2025, a year-on-year increase of 46.6%, exceeding market expectations [1] Customer and Channel Expansion - In 2024, the company expanded its customer base by 96, including 14 of the top 100 retailers in the US, with 88% of its US customers being retailers [2] - The number of store-in-store locations has increased significantly, reaching over 500, enhancing brand presence across North America [2] Product and Profitability - The launch of the Motoliving brand has led to orders exceeding ten million USD, with ongoing product innovation driving structural upgrades [3] - The company has improved its bargaining power with suppliers due to scale, allowing it to mitigate pricing pressures from tariffs [3] Trade Agreements and Production Capacity - The US-Vietnam trade agreement has created a favorable tariff environment for the company's operations in Vietnam, enhancing its competitive edge [4] Earnings Forecast - The company is expected to achieve revenues of 3.41 billion, 4.28 billion, and 5.20 billion yuan for 2025, 2026, and 2027, with corresponding net profits of 910 million, 1.13 billion, and 1.38 billion yuan [5]

Core Viewpoint - The Canadian Consumer Price Index (CPI) showed a year-on-year increase of 1.9% in June, indicating a moderate recovery in inflation, with a monthly increase of 0.1% unadjusted and 0.2% adjusted for seasonality [1][3]. Inflation Trends - Core inflation, represented by CPI excluding energy, rose by 2.7%, surpassing the overall CPI increase, influenced by the cancellation of consumer carbon pricing in April [3]. - The housing index increased by 2.9% year-on-year, reflecting strong demand in the housing market, which is seen as a hedge against inflation [3]. Sector-Specific Insights - The gasoline prices decreased by 13.4% year-on-year, but the decline was less than the previous month, with geopolitical tensions affecting oil prices [4]. - Food prices rose by 2.8% year-on-year, with fresh vegetable prices declining for the first time since October 2021, indicating a stable market for essential goods [4]. - Durable goods prices increased by 2.7%, with notable price rises in passenger vehicles and furniture, suggesting a recovery in consumer demand [5][6]. Investment Opportunities - Real Estate Investment Trusts (REITs) focusing on rental markets and commercial properties are expected to provide stable returns due to consistent rental income and asset appreciation potential [3]. - Large food distributors with supply chain advantages and companies specializing in high-value products like organic foods are recommended for investment due to their resilience against price fluctuations [4]. - Companies in the automotive and furniture sectors that can quickly respond to market demands are positioned favorably for growth [5][6]. Regional Economic Activity - CPI increases across all eight provinces in Canada indicate heightened regional economic activity, with potential differentiated investment opportunities based on local industry strengths [6].

Core Points - The company has initiated a share repurchase plan with a total expected amount between 0.85 billion to 1.70 billion RMB [1] - The repurchase period is set from May 9, 2025, to May 8, 2026 [1] - The company has already repurchased 15,999,150 shares, accounting for 2.80% of the total share capital [1] - The total amount spent on repurchased shares is approximately 137.34 million RMB [1] - The repurchase price ranged from 8.070 RMB to 9.139 RMB per share [1] Repurchase Plan Details - The board approved the share repurchase plan with a unanimous vote of 7 in favor, 0 against, and 0 abstentions [1] - The repurchase will be funded by the company's own funds and special loans [1] - The maximum repurchase price is capped at 150% of the average trading price over the previous 30 trading days prior to the board's decision [1] Progress Update - As of July 15, 2025, the company has successfully executed the share repurchase plan according to the established guidelines [2]

Core Viewpoint - The recent board reshuffle at Diou Home (002798.SZ) marks a significant shift in control, with new chairman Zhu Jiang taking over through a strategic agreement despite holding only 6% of shares, indicating a calculated approach to corporate governance and control [3][11][15]. Group 1: Board Restructuring - Diou Home has undergone a routine board renewal process, resulting in a complete overhaul of its board members, with Zhu Jiang emerging as the new chairman [5][8]. - The new board structure includes Zhu Jiang as chairman, with former chairman Liu Jin now serving as vice chairman alongside two other vice chairmen, indicating a unique governance setup [8][10]. - The previous supervisory board has been replaced by an audit committee, reflecting changes in corporate governance practices [6][7]. Group 2: Control Mechanism - Zhu Jiang and his associates signed a "consensus action agreement," allowing them to collectively control 26.46% of the voting rights, despite Zhu Jiang's nominal shareholding being only 6.45% [11][13]. - The strategy employed by Zhu Jiang involves a "protocol control" approach, utilizing convertible bonds to establish a potential shareholding base before consolidating control through agreements with existing shareholders [13][15]. - The decision-making power is skewed in favor of Zhu Jiang, as the agreement stipulates that in case of disagreements, his opinion prevails, effectively granting him significant influence over corporate decisions [15][16]. Group 3: Financial Context - Diou Home is facing financial challenges, with a high debt ratio exceeding 70% and significant losses projected for the upcoming fiscal period [17][19]. - The company has a convertible bond of 1.5 billion due in 2027, with only 10.11% converted to equity as of July 2025, indicating potential liquidity issues [17][19]. - Zhu Jiang's entry is seen as a means to leverage his financial capabilities to address Diou Home's debt issues, with a focus on debt restructuring and potential asset injections [19].