建材 2026 年 3 月 2 日 悍高集团(001221.SZ) 国产家居五金龙头，上市续写成长佳绩 推荐（首次） 股价：69.68 元 主要数据 | 行业 | 建材 | | --- | --- | | 公司网址 | www.higold.com.cn | | 大股东/持股 | 广东悍高管理集团有限公司/64.63% | | 实际控制人 | 欧锦锋,欧锦丽 | | 总股本(百万股) | 400 | | 流通 A 股(百万股) | 36 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 279 | | 流通 A 股市值(亿元) | 25 | | 每股净资产(元) | 6.85 | | 资产负债率(%) | 35.7 | 行情走势图 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 平安观点 ...

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。 ...

增持 （首次） 国产家居五金龙头，设计+智造+渠道构建竞争护城河 深 度 研 悍高集团（001221）深度报告 2026 年 2 月 26 日 S0340513040001 电话：0769-22177163 邮箱：hmy@dgzq.com.cn | 分析师：何敏仪 SAC 执业证书编号： S0340513040001 | | | --- | --- | | 电话：0769-22177163 | 公 | | 邮箱：hmy@dgzq.com.cn | 司 研 | | 主要数据 2026 年 2 月 | 究 25 日 | | 收盘价(元) | 74.44 | | 总市值（亿元） | 297.77 | | AH 股总股本(亿股) | 4.00 | | AH 股流通股本(亿股) | 0.36 | | ROE（TTM） | 24.26% | | 12 个月最高价(元) | 79.64 | | 12 个月最低价(元) | 44.66 | | 股价走势 | 证 券 | | 资料来源：iFind，东莞证券研究所 | 研 究 | | 相关报告 | | 券 研 究 报 告 资料来源：iFind，东莞证券研究所 | 2. | 产品矩 ...

Group 1: Business and Product Overview - The company's core product system includes basic hardware, storage hardware, kitchen and bathroom hardware, and outdoor furniture, with a focus on high-quality development across all segments [3] - Basic hardware serves as the main growth driver, maintaining strong market competitiveness and steadily increasing market share [3] - The company emphasizes a product design philosophy that integrates aesthetics and practical functionality, ensuring continuous innovation and optimization of existing products [3][4] Group 2: Production and Supply Chain - The company has achieved full automation in production processes, significantly reducing labor costs and enhancing product quality consistency [8] - A comprehensive risk management mechanism for raw material price fluctuations has been established, including price stabilization agreements with core suppliers [9] Group 3: Sales Channels and Distributor Management - The company implements refined management of its distributor system, providing full-process support to enhance distributor capabilities and market competitiveness [10][11] - Plans to increase market share include focusing on product strategy, optimizing distributor operations, expanding into overseas markets, and enhancing production capacity [11] Group 4: Investor Relations Activity - The investor relations activity involved 40 institutions with 59 participants and 38 individual investors, held from January 17 to February 9, 2026, at the company's headquarters [2] - The event did not involve any major information disclosures [11]

Core Insights - The event "Journey of Value Discovery for Listed Companies" in Foshan showcased Hanhigh Group as a benchmark enterprise in China's home hardware manufacturing, providing investors with insights into the company's growth logic through on-site visits and executive dialogues [1][4] Group 1: Company Overview - Hanhigh Group, a national high-tech enterprise, has accumulated over 1,100 patents and participated in drafting three industry standards, winning more than 30 international design awards [2] - The company has maintained a compound annual growth rate (CAGR) of over 30% in revenue over the past three years, emphasizing its commitment to high-quality development in the industry [2] Group 2: Product and Innovation - The visit to the Original Home Hardware Museum deepened investors' understanding of Hanhigh's product capabilities and design philosophy, showcasing a range of products that reflect the company's keen insight into user needs and a pursuit of craftsmanship [2] - Hanhigh integrates practical functionality with aesthetic value through continuous design iteration and technological breakthroughs, positioning its hardware products as artful creations [2] Group 3: Management Insights - Hanhigh's Vice General Manager and Board Secretary, Xia Qi, outlined the company's journey since its establishment in 2004, highlighting its vision to become a leading global home hardware manufacturer and its transition from single manufacturing to design innovation and scenario-based solutions [3] - The company aims to increase R&D investment, optimize products and services, and seize market opportunities arising from home automation and consumer upgrades, ensuring sustainable long-term development [3] Group 4: Investor Engagement - The event facilitated a lively interaction where investors inquired about the company's technological advantages, market expansion strategies, and future plans, with management providing detailed responses [3] - The series of activities aims to create a communication platform between investors and quality listed companies, enhancing resource allocation efficiency in the capital market [4]

Core Insights - The event "Journey of Value Discovery for Listed Companies" in Foshan showcased Hanhigh Group as a benchmark enterprise in the home hardware manufacturing sector, providing investors with an opportunity to gain insights into the company's growth logic through on-site visits and executive dialogues [1][4] Company Overview - Hanhigh Group's headquarters, covering nearly 40,000 square meters, exemplifies the company's innovative spirit with a blend of technology and fashion design [2] - As a national high-tech enterprise, Hanhigh has accumulated over 1,100 patents, participated in drafting three industry standards, and won more than 30 international design awards [2] - The company has achieved a compound annual growth rate of over 30% in revenue over the past three years, indicating strong business performance [2] Product and Innovation - The original home hardware museum visit deepened investors' understanding of Hanhigh's product capabilities and design philosophy, showcasing a range of products that reflect the company's keen insight into user needs and commitment to quality craftsmanship [2] - Hanhigh integrates practical functionality with aesthetic value through continuous design iterations and technological breakthroughs, positioning its products as both functional and artistic [2] Market Strategy and Future Plans - Hanhigh's vision since its establishment in 2004 has been to create a leading world-class home hardware enterprise, transitioning from single manufacturing to design innovation and scenario-based solutions [3] - The company has expanded its market presence to over 110 countries and regions, including Europe, the Middle East, and Southeast Asia, through sustained product innovation and reliable quality service [3] - Hanhigh plans to continue increasing R&D investment, optimizing products and services, and seizing market opportunities arising from home automation and consumer upgrades to ensure long-term sustainable growth [3]

Company Overview - Established in 2004, the company has over 20 years of experience in the home hardware industry, evolving through various stages including initial setup, brand development, smart upgrades, and public listing [2][3] - Core business includes three main categories: storage hardware, basic hardware, and kitchen & bathroom hardware, with a strategic focus on high-end outdoor furniture [2][3] Market Trends - The home hardware industry is experiencing four key trends: 1. Increased demand for renovation in existing homes, leading to a replacement cycle for high-frequency, easily worn components [4] 2. Consumer upgrade driven by demands for brand strength, design, quality stability, and smart features, with a shift towards leading companies in the mid-to-high-end market [4] 3. Development of integrated home solutions, where suppliers with a full product matrix and system solutions can build competitive barriers [4] 4. Acceleration of domestic brand replacement, with local brands capturing market share from foreign brands due to cost-effectiveness and rapid response capabilities [4] Performance Growth - The company's growth is driven by a differentiated competition strategy: 1. Brand differentiation with a focus on high-end original positioning, resulting in 1,193 domestic and international patents and multiple international design awards as of June 30, 2025 [5] 2. Product differentiation through a diverse product matrix tailored to user needs, emphasizing smart and scenario-based innovations [6] 3. Production differentiation with a fully automated production system that combines scale production with lean management, achieving industry-leading capacity utilization and quality rates [6] 4. Channel differentiation with a sales network covering 191 cities, integrating multiple sales channels for deep collaboration and risk mitigation [6] Product Innovation - The company is committed to consumer-driven innovation, continuously advancing smart product development, including electric lift baskets, smart sinks, and smart lighting [7] - Future plans include deepening R&D investments in smart products and exploring strategic partnerships with leading smart home companies [7] Brand Promotion - Brand promotion strategies focus on three areas: 1. Industry promotion through participation in major trade shows to showcase product innovations and strengthen industry influence [9] 2. Market promotion with over 80 new product launches annually to communicate core product values to distributors and partners [9] 3. Consumer promotion by enhancing brand presence on mainstream media platforms, leading in search volume and follower accumulation in the hardware category [9] Employee Incentives - The company plans to implement diverse incentive tools to motivate core employees, focusing on team stability and talent retention [10] Investor Returns - The company emphasizes investor returns with a clear shareholder dividend plan, detailed in the company's announcements for the 2025-2027 period [12]

Core Insights - The Shunde District is promoting itself as a "capital-strong area" through the launch of the "Yunlu Listing Town" development plan and the release of supportive policies for companies aiming to go public [1][5]. Group 1: Conference Highlights - The Shunde District held its annual enterprise listing conference, marking the tenth consecutive year of high-profile events focused on empowering companies for listing and high-quality development [1]. - The conference emphasized the importance of capital markets for companies, with leaders indicating a favorable market environment for the year ahead [3]. Group 2: Company Perspectives - Companies expressed optimism about the new policies, particularly the "Yunlu Listing Town" measures, which aim to attract more intermediary institutions and enhance collaboration between supply and demand [5]. - A company representative highlighted the need for capital market resources to support their global expansion strategy, indicating a reliance on external financing due to the long investment cycles in the equipment manufacturing industry [4]. Group 3: Future Plans and Goals - Companies like Cardwa Technology aim to leverage capital markets to strengthen their business, with plans to list on the A-share market within the next 3-4 years [6][7]. - Another company, Megke, plans to initiate its capital market layout after achieving a revenue target of 10 billion yuan, with a focus on expanding its market presence and enhancing its governance structure [17][19]. Group 4: Supportive Policies - The "Yunlu Listing Town" policies include targeted administrative support and solutions for compliance issues, which are seen as beneficial for companies preparing for listing [9]. - The Shunde District government has committed 600 million yuan to support enterprises in their listing efforts, which is expected to provide significant assistance to companies during their capital market journey [18].

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].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3][7]. Core Insights - The company is positioned as a high-growth player in the hardware industry, leveraging cost reduction and brand strength to create "high-end cost performance" [1]. - The company has achieved a compound annual growth rate (CAGR) of 29% in revenue and 59% in net profit from 2019 to 2024, showcasing its robust growth even in a challenging real estate environment [9][47]. - The growth sources are analyzed from three perspectives: product strategy focusing on cost reduction and popular products, channel expansion through offline and online sales, and a market strategy that emphasizes high-end cost performance [9][10][48]. Financial Data and Profit Forecast - Total revenue is projected to reach 35.95 billion yuan in 2025, with a net profit of 7.06 billion yuan, corresponding to a price-to-earnings (PE) ratio of 33 [2][7]. - The company expects to maintain a steady growth trajectory, with revenue forecasts of 45.25 billion yuan in 2026 and 56.53 billion yuan in 2027, alongside net profits of 9.42 billion yuan and 12.37 billion yuan respectively [2][7]. - The gross margin is anticipated to improve from 37.8% in 2025 to 39.7% in 2027, reflecting ongoing cost control and efficiency improvements [2]. Growth Drivers - The company’s growth is driven by its ability to reduce costs through increased self-production and a high proportion of standard parts, which enhances operational efficiency [10][55]. - The product mix includes a strong focus on basic hardware, which has seen a CAGR of 64% from 2019 to 2024, significantly contributing to revenue growth [48]. - The company has successfully transitioned from increasing the number of distributors to enhancing the quality of existing distributors, leading to substantial growth in single-store sales [9][10]. Market Positioning - The company adopts a "high-end cost performance" strategy, effectively competing against foreign brands and private labels, thus capturing market share from both segments [9][10]. - The brand has received multiple prestigious design awards, enhancing its competitive edge in the hardware sector [9][10]. Production Capacity and Efficiency - The company has significantly increased its production capacity, with plans for a new facility expected to enhance its ability to produce core components like hinges and guides [55][61]. - The implementation of automated production processes has led to a substantial increase in output per employee, particularly in basic hardware [63]. Research and Development - R&D expenditures have risen from 29 million yuan in 2019 to 111 million yuan in 2024, indicating a commitment to innovation and product development [42][45].