建霖家居于2020年7月17日披露的招股说明书显示，公司募集资金分别用于厨卫产品线扩产项目、净水 产品线扩产项目、智能信息化升级项目、建霖研发中心建设项目。 建霖家居首次上市发行费用合计6354.19万元，其中保荐机构长江证券承销保荐有限公司获得保荐及承 销费用4438.85万元。 中国经济网北京10月9日讯建霖家居（603408）(603408.SH)今日股价下跌，截至收盘报11.61元，跌幅 5.38%。目前该股处于破发状态。 建霖家居主要从事厨卫产品、净水产品和其他产品的研发、设计、生产和销售；其中，厨卫产品包括淋 浴系列、龙头系列、进排水系列和厨卫附属配件，净水产品包括净水器和净水配件，其他产品包括空气 处理产品、护理产品、家电配件和管道安装等家居产品以及汽车配件等非家居产品。 建霖家居首次发行股份数量4500万股(全部为新股发行，不涉及老股转让)，首次上市的保荐机构、主承 销商为长江证券承销保荐有限公司，保荐代表人为何君光、徐中华。公司此次发行募集资金总额为6.99 亿元，募集资金净额为6.35亿元。 建霖家居于2020年7月30日在上交所主板上市，发行价格为15.53元/股。上市后，建霖家居连续三 ...

Core Points - The implementation of the "Guidelines for Aging-Friendly Home Product Design" national standard began in September, addressing the various inconveniences and safety risks faced by the elderly in daily home life [1] - The new standard aims to improve the design of home products to better meet the needs of older adults, highlighting the urgent need for modifications in home products [3] Group 1 - The new guidelines specify requirements for aging-friendly home product design, focusing on the physical and psychological needs of the elderly [5][7] - Key design features include rounded edges, good anti-slip performance, safe materials, and stable structures, as well as simplified interface designs that cater to the visual needs of older adults [5][7] - The standard emphasizes the use of voice interaction technology to prevent operational errors due to unclear speech and supports dialect recognition [7] Group 2 - The guidelines will lead to the development of specialized standards in key product areas, including furniture, household appliances, lighting fixtures, and kitchen and bathroom products, creating a comprehensive standard system [9]

Group 1: Monetary Policy and Financial Support - The People's Bank of China Guangdong Branch has implemented a moderately loose monetary policy, creating special loan quotas to support agriculture, small enterprises, and key sectors like technology, consumption, and foreign trade [1] - Since 2025, the "Three 100 Billion" special loan quotas have facilitated the issuance of 92.9 billion yuan in loans to key sectors, significantly contributing to the development of new productivity in Guangdong [1] Group 2: Support for Technology Enterprises - Guangdong SKZH Technology Co., Ltd., a small tech enterprise, received a loan of 10 million yuan at a preferential interest rate of 3% through the "Yueke Rong" program, addressing its financing bottleneck due to its light asset and high R&D investment nature [2] - The "Yueke Rong" program, established in April, aims to provide low-cost policy funding support for local banks serving tech enterprises [2][3] Group 3: Innovative Financial Products - The "Shunying Technology Loan" product evaluates credit based on the proportion of tech personnel, R&D investment, and intellectual property, with a maximum credit limit of 20 million yuan [3] - The "Copyright Loan" and "Huanxin Loan" mechanisms have been developed to support the cultural and creative industries, allowing companies to leverage their copyright assets for financing [4] Group 4: Consumer Financing - The People's Bank of China Guangdong Branch has established a 10 billion yuan "Huanxin Loan" quota to stimulate consumer spending, leading to 46.5 billion yuan in credit support for consumer goods manufacturing and services [5] Group 5: Foreign Trade Financing - The "Yue Trade Loan" program has provided 5 billion yuan in special loan quotas, facilitating 10 billion yuan in credit for foreign trade enterprises, addressing their urgent funding needs and lack of collateral [6][7]

Core Insights - The main business of the company includes the research, design, production, and sales of kitchen and bathroom products, water purification products, and other home products [3] - The core product revenue structure shows that kitchen and bathroom products account for the highest proportion at 63.85%, followed by other home products at 15.26% [3] Financial Performance - In 2020, the company achieved a net profit attributable to shareholders of 365 million yuan, which increased to 482 million yuan by 2024, reflecting a cumulative growth of 32.04% over the years [3] - The company has not reported any losses in the past five years, with net profit growth occurring in four out of those years, representing 80.0% of the time [3] - Revenue analysis indicates that the company generated 3.835 billion yuan in revenue in 2020, which grew to 5.007 billion yuan by 2024, showing an overall growth trend despite a brief setback in 2022 [3] Profitability - The company's profitability has remained stable, with net profit attributable to shareholders increasing from 365 million yuan in 2020 to 482 million yuan in 2024, except for a slight decline in 2023 [3] Market Valuation - The company's market capitalization peaked at 13.298 billion yuan on August 4, 2020, with the stock price reaching 29.77 yuan, but as of July 29, the stock price had fallen to 11.68 yuan, resulting in a market cap of 5.228 billion yuan, a decrease of 8.07 billion yuan, or 60.69% from its peak [5]

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on non-operating fund occupation and the performance of its main business segments [1][2]. Group 1: Non-operating Fund Occupation - The company reported a total of 32.61 million yuan in non-operating fund occupation with its controlling shareholder, involving loans provided to a subsidiary [1][6]. - The controlling shareholder, Tibet Longsheng Energy Management Co., Ltd., has a registered capital of 1 million yuan and generated revenue of 10.59 million yuan in 2024 [2][3]. - The company has taken corrective measures, including the return of all occupied funds and interest, and has strengthened internal controls to prevent future occurrences [7][8]. Group 2: Main Business Performance - The company achieved a total revenue of 5.079 billion yuan in 2024, with solar water heater sales contributing 2.202 billion yuan, a 44.42% increase despite a 25% decline in sales volume [11][12]. - Other product categories, including kitchen and bathroom products, saw revenue declines ranging from 24% to 50% due to market conditions [11][12]. - The company operates under a dual sales model of direct sales and distribution, with distribution accounting for 72.38% of total revenue [24][25]. Group 3: Special Operating Projects - The company is involved in several special operating projects in Tibet, with significant investments and expected long-term returns, although these projects have not yet generated operational income [28][30]. - The company has established a joint venture for a clean energy heating project in Tibet, which is currently in the trial operation phase [28][29]. - The accounting treatment for these projects aligns with relevant accounting standards, recognizing construction service income as intangible assets [27][30].

Core Viewpoint - Jianglin Home is actively expanding its overseas production capacity by investing 319 million yuan in the construction of a third factory in Thailand to enhance its international competitiveness and market share [1][2]. Group 1: Investment and Expansion - The company plans to increase its investment in Jianglin Industrial (Thailand) Co., Ltd. to build a third-phase factory, with a total investment of 319 million yuan [1][2]. - The investment will be funded by shareholders of Jianglin Thailand using their own funds, with the company allocating up to 43 million USD from its own funds for this expansion project [2]. Group 2: Financial Performance - In 2024, Jianglin Home's overseas revenue reached 3.858 billion yuan, accounting for 77% of total revenue, with a year-on-year growth of 16.57% [3]. - The gross profit margin for overseas operations was 27.83%, significantly higher than the domestic margin of 19.51% [3]. Group 3: Research and Development - The company invested 263 million yuan in R&D in 2024, representing 5.26% of its revenue, with a total of 990 R&D personnel, making up 14.6% of the workforce [4]. - Jianglin Home holds 2,043 valid patents and 70 software copyrights, with 65 new invention patents added in 2024, marking a record high in both growth rate and total number [5]. Group 4: Customer Base and Market Strategy - The company has established a strong customer base, including well-known international brands such as Kohler, Moen, and Haier, which helps maintain its competitive edge [5]. - Jianglin Home aims to balance growth across North America, Europe, and China, while accelerating its production base layout in Thailand and Mexico to address tariff challenges [6]. Group 5: Cash Flow and Dividends - The company has maintained positive cash flow from operating activities since 2016, with 72.69 million yuan reported in Q1 2025 [6]. - Jianglin Home has consistently paid dividends since its IPO, with a payout ratio exceeding 45% each year, totaling approximately 1.236 billion yuan in dividends since 2020 [6].

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company reported a stable performance with a revenue of 5.007 billion yuan in 2024, representing a year-on-year increase of 15.53%, and a net profit attributable to shareholders of 482 million yuan, up 13.44% year-on-year [1][5] - The company is a leading exporter in the kitchen and bathroom manufacturing sector, with a strong overseas production capacity and delivery capabilities, maintaining solid profit margins [4][5] Financial Performance Summary - In 2024, the revenue from kitchen and bathroom products was 3.197 billion yuan, an increase of 11.4% year-on-year, while the revenue from water purification products reached 738 million yuan, up 18.4% year-on-year [2] - The overall gross margin for 2024 was 25.96%, with a net profit margin of 9.63% [3] - The company plans to maintain high dividends, distributing a total of 326 million yuan in cash dividends in 2024, with a payout ratio of 67.6% [4] Long-term Outlook - The company is accelerating its overseas production layout, particularly in Thailand and Mexico, to mitigate the impact of tariffs and enhance market penetration [4] - Revenue projections for 2025 to 2027 are estimated at 5.362 billion yuan, 5.780 billion yuan, and 6.182 billion yuan, respectively, with corresponding net profits of 509 million yuan, 586 million yuan, and 645 million yuan [5][11]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5] Core Views - The company has shown resilience in a complex external environment, achieving historical highs in revenue and net profit for the year 2024, with total revenue of 5.007 billion and net profit of 481.93 million, representing year-on-year growth of 15.5% and 13.4% respectively [1][5] - The company is actively expanding its production capacity in Thailand and Mexico, enhancing its global competitiveness and local supply chain capabilities [3] - The domestic market revenue reached 1.122 billion in 2024, with a year-on-year increase of 12.38%, primarily driven by brand clients and a focus on differentiated innovation [4] Financial Performance - In Q1 2025, the company reported revenue of 1.192 billion, a year-on-year increase of 3.4%, and a net profit of 123 million, up 0.5% year-on-year [1] - For the full year 2024, the gross profit margin was 25.90%, a slight decrease of 0.1 percentage points, while the net profit margin was 9.63%, down 0.2 percentage points [1] - The company distributed a total cash dividend of 326 million in 2024, with a dividend payout ratio of 68% [1] Product Segmentation - The revenue from kitchen and bathroom products in 2024 was 3.197 billion, up 11.4% year-on-year, with a volume and price increase of 7.8% and 3.4% respectively [2] - Water purification products generated 738 million in revenue, reflecting an 18.4% year-on-year increase, with volume and price growth of 10.5% and 7.2% respectively [2] - Other home products saw revenue of 764 million, a 25.6% increase year-on-year, with volume and price changes of 24.9% and 0.6% respectively [2] Market Strategy - The company is focusing on building brand clients domestically while maintaining growth in its ODM business, with plans for brand development [4] - The overseas market accounted for 77.47% of total revenue in 2024, amounting to 3.858 billion, with a year-on-year growth of 16.57% [3] - The company is enhancing its service network in the U.S. to strengthen customer loyalty and market share [3]