资本市场需要讲故事。悍高集团业绩呈现成长性，很大程度上，在于以云商模式开拓了新渠道，但业绩增长与行业趋势相悖而遭到质疑。而好博窗控仍依赖 特许经销商方式，以线下人工推广产品为主，导致收入增长动力不足或不稳定。 但两者模式差异不大。进一步透过两家公司的上市申请文件，其实可以发现存在很多共性问题，比如企业控股高度家族化、经销商网络脆弱、品质管控能力 差、研发创新和技术积累不足等问题。 说到底，五金老板逃不出"小作坊"思维。 家居五金老板冲刺资本市场，出现了两种结果。 近日，深交所IPO项目动态显示，悍高集团审核状态更新为"上市委会议通过"，好博窗控则显示为"中止"。 这两家企业都在广东，主要从事家居五金制造、销售，在2023年上半年提交上市申请，最后出现一喜、一忧两种结局。 根据上市申请文件显示，2024年，悍高集团实现营收28.57亿元，同比增长28.6%；好博窗控收入规模不到前者的一半，2024年上半年为4.44亿元，同比下滑 2.46%。两者毛利率则相差无几。 01 兄妹店与夫妻店 悍高集团是一家是"兄妹店"，好博窗控则是一家"夫妻店"。这是五金制造公司典型起家"模版"。 五金店概念图 | 源媒汇制 200 ...

Core Viewpoint - HanGao Group has made significant progress towards its IPO, with the Shenzhen Stock Exchange approving its application, indicating a step forward in the company's journey to go public [1] Company Overview - Established in 2004 and headquartered in Shunde, Foshan, HanGao Group is one of the few companies in China that provides a one-stop supply of home hardware [1] - The company focuses on integrating diverse original designs with high-quality products, offering a range of items including home storage hardware, basic hardware, kitchen and bathroom hardware, and outdoor furniture [1] - In 2024, the company is projected to achieve a revenue of 2.857 billion yuan and a net profit exceeding 520 million yuan, with net assets increasing from 882 million yuan to 1.746 billion yuan over the past three years [1] Industry Context - The home hardware industry faces challenges such as homogenized competition and low market concentration, with a significant lack of mid-to-high-end products [1] - According to the "14th Five-Year Plan" for the Chinese hardware industry, there are many small-scale participants in the home hardware sector, leading to intense competition [1] Business Expansion - Despite the competitive landscape, HanGao Group has expanded its business scale, reporting revenues of 1.620 billion yuan, 2.222 billion yuan, and 2.857 billion yuan over the past three years [2] - As of December 31, 2024, the company's distribution network covers 191 cities in China and is gradually extending to Europe, North America, Asia-Pacific, and Latin America [2] - The company employs a multi-channel marketing system, combining online and offline strategies to enhance market penetration and brand influence [2] Brand Recognition - HanGao has received multiple accolades, including being named one of the "Top 10 in China's Home Manufacturing Hardware Industry" and a "Symbolic Brand in China's Home Hardware Industry" [2] - The company has won several prestigious design awards, such as the Red Dot Design Award and the IF Design Award, highlighting its commitment to innovation and quality [2] IPO and Future Strategy - In its IPO, HanGao Group plans to issue up to 40.01 million shares to raise 420 million yuan, focusing on projects like the HanGao Smart Home Hardware Automation Manufacturing Base and R&D center [3] - The company aims to enhance its core competitiveness through capacity expansion, improved R&D capabilities, and information system upgrades [3] - Future strategic plans include leveraging its advantages in R&D, design, production, and sales to increase market share in new categories such as wardrobe hardware, door and window hardware, and bathroom hardware [3]

4月11日，悍高集团股份有限公司（以下简称"悍高集团"）IPO申请获得深交所上市委审核通过。 公开资料显示，悍高集团是国内家居五金行业中的代表性企业，通过提升自主生产比例实现降本增效，公司盈利能力持续提升， 2024年扣非归母净利润达5.20亿元，近三年复合增长率高达61.83%。 主板蓝筹特质鲜明 五金制品可分为工具五金、建筑五金及家居五金三大类，其中家居五金作为建筑装修必需消费品，2022年市场规模已达3,000亿 元。 自2004年成立以来，悍高集团深耕家居五金领域， 据全联家具装饰业商会确认，其2022年收纳五金国内销售额在同类企业中排名 第一，品牌实力位居第一梯队。 近年来悍高集团业绩表现突出， 2022-2024年公司营业收入从16.20亿元增长至28.57亿元，年均复合增速32.78%；扣非归母净利润 由1.99亿元攀升至5.20亿元，年均复合增速达61.83%。 | | | | 年11: /J /J | | --- | --- | --- | --- | | 项目 | 2024 年度 | 2023 年度 | 2022 年度 | | 营业收入 | 285. 677. 03 | 222,191.1 ...