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 ...

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: Cement Industry - The cement industry is expected to see a phase of supply improvement starting in the second half of 2024, with profitability gradually recovering by 2026 [1][2] - The average cement price in 2025 is projected to be 372.8 yuan/ton, a decrease of 12.6 yuan/ton year-on-year, with a cumulative production decline of 7.2% [2] - A total of 16 million tons/year of capacity has been removed through capacity replacement, which may lead to asset impairment for several companies [2] Group 2: Glass Industry - The flat glass industry is experiencing a significant decline, with the average price in 2025 expected to be 1323.3 yuan/ton, down 383.4 yuan/ton year-on-year [3] - Daily melting capacity has dropped below 150,000 tons, a decrease of 27,000 tons/day from previous highs, indicating an acceleration in the cold repair cycle [3] - The profitability of photovoltaic glass is under pressure, with a projected average price of 21 yuan/square meter in 2025, down 3 yuan/square meter from 2024 [3] Group 3: Fiberglass and Electronic Fabrics - The average price of fiberglass yarn in 2025 is expected to be 3866 yuan/ton, an increase of 174 yuan/ton year-on-year, indicating stable market conditions [4] - The average price of ordinary electronic fabric is projected to be 9012 yuan/ton in 2025, up 539 yuan/ton year-on-year, reflecting improving market conditions [4] - Demand for special electronic fabrics is accelerating, contributing positively to the performance of companies in this segment [4] Group 4: Consumer Building Materials - Companies like Three Trees and Hanhai Group are maintaining strong revenue and profit performance through effective channel development and brand advantages [5] - Companies in the gypsum board and retail pipeline sectors are expected to maintain strong operational quality, with potential for significant performance improvement in 2026 [5] - Several consumer building material companies are anticipated to release credit risks in 2025, allowing for a more favorable performance outlook in 2026 [5]

Group 1 - The company adopts an online and offline dual-channel model for its current stir-fry stores, progressing from lower-tier markets to high-tier cities, and utilizes automatic cooking machines to ensure standardized and efficient output. The product range currently includes core categories such as stir-frying, stewing, and frying, with plans to continuously enrich the product library to match different regional consumer preferences [1][37] - The company is deeply engaged in the semi-finished dish sector, relying on standardized processes and core seasonings to provide convenient, safe, and diverse flavor products. It aims to upgrade from "single product" to "scenario-based solutions," targeting different occasions such as family daily meals and gatherings to drive product innovation [2][37] - In terms of store expansion, the company will continue to focus on franchise expansion in 2026, promoting a "city partner" plan to encourage multi-store development and deepen strategic penetration into third- and fourth-tier cities and town markets, thereby expanding market coverage in layers [2][37] Group 2 - The company reported a total revenue of 343 million yuan for the first half of 2025, a year-on-year increase of 4.70%, while the net profit attributable to shareholders was 32 million yuan, a decrease of 24.46%. In Q2 2025, total revenue was 170 million yuan, up 5.17%, with a net profit of 12 million yuan, down 46.79% [3][38] - The company’s revenue from meat and poultry products, aquatic products, and other categories for H1 2025 was 228 million, 95 million, and 15 million yuan, respectively, with year-on-year growth of 7.35%, 6.76%, and a decline of 31.50% [4][39] - The company’s gross profit margin for H1 2025 was 20.83%, a decrease of 4.02 percentage points year-on-year, primarily due to rising raw material prices. The net profit margin attributable to shareholders was 9.33%, down 3.60 percentage points year-on-year [6][41] Group 3 - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 79 million, 97 million, and 106 million yuan, respectively, with year-on-year growth rates of -10.03%, 23.02%, and 9.73%, corresponding to PE ratios of 46, 38, and 34 times [7][42] - The company’s retail, supermarket, wholesale, direct sales, and e-commerce revenues for H1 2025 were 210 million, 38 million, 88 million, 2 million, and 0.1 million yuan, respectively, with year-on-year changes of -4.56%, +155.55%, +4.82%, -51.83%, and -41.74% [4][39]

Core Viewpoint - Han Gao Group has shown a significant increase in stock price and trading volume, indicating potential investor interest and market activity [1][2]. Group 1: Financial Performance - For the period from January to September 2025, Han Gao Group achieved a revenue of 2.497 billion yuan, representing a year-on-year growth of 24.26% [2]. - The net profit attributable to shareholders for the same period was 483 million yuan, reflecting a year-on-year increase of 38.07% [2]. - Cumulative cash dividends distributed by Han Gao Group since its A-share listing amount to 144 million yuan [3]. Group 2: Shareholder and Market Activity - As of January 30, 2025, the number of shareholders for Han Gao Group was 13,500, a decrease of 33.92% from the previous period [2]. - The average number of circulating shares per shareholder increased by 56.03% to 2,665 shares [2]. - On February 9, 2025, Han Gao Group's stock price rose by 3.55%, with a trading volume of 298 million yuan [1]. Group 3: Financing and Margin Trading - On February 9, 2025, Han Gao Group had a financing buy-in amount of 14.23 million yuan and a financing repayment of 30.83 million yuan, resulting in a net financing outflow of 16.60 million yuan [1]. - The total balance of margin trading for Han Gao Group as of February 9, 2025, was 71.33 million yuan [1]. - The financing balance accounted for 2.59% of the circulating market value [1].

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 Viewpoint - Han Gao Group has shown a positive performance in stock trading and financial metrics, indicating potential growth and investor interest in the company [1][2]. Financial Performance - For the period from January to September 2025, Han Gao Group achieved a revenue of 2.497 billion yuan, representing a year-on-year growth of 24.26% [2]. - The net profit attributable to shareholders for the same period was 483 million yuan, reflecting a year-on-year increase of 38.07% [2]. Stock and Financing Activity - On January 27, Han Gao Group's stock rose by 3.76%, with a trading volume of 241 million yuan [1]. - The company recorded a net financing purchase of 2.5354 million yuan on the same day, with a total financing balance of 89.8242 million yuan, accounting for 3.66% of its market capitalization [1]. - The margin trading data indicates that Han Gao Group had a margin balance of 904.221 million yuan as of January 27 [1]. Shareholder Information - As of November 28, the number of shareholders for Han Gao Group was 20,400, a decrease of 16.36% from the previous period [2]. - The average number of circulating shares per shareholder increased by 19.56% to 1,708 shares [2]. Dividend Distribution - Han Gao Group has distributed a total of 144 million yuan in dividends since its A-share listing [3]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included several new institutional investors, with the largest being the Jiaoyin Advanced Manufacturing Mixed Fund, holding 897,800 shares [3].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 74.76 RMB based on a 30x PE for 2026 [3]. Core Insights - The company, HIGOLD GROUP, is a leading player in the domestic furniture hardware industry, showcasing strong alpha and high profitability with a projected revenue CAGR of +35% and net profit CAGR of +76% from 2020 to 2024 [1][3]. - The furniture hardware market is estimated at 700 billion RMB, with a clear "pyramid" competitive structure where foreign brands dominate the high-end market while domestic leaders rapidly rise in the mid-to-high-end segments [1][2]. - The company has established a robust competitive moat through brand building, channel advantages, and extreme manufacturing capabilities, making its business model difficult to replicate [2]. Financial Performance - The company is expected to achieve net profits of 7.5 billion RMB, 10.0 billion RMB, and 13.1 billion RMB for the years 2025, 2026, and 2027 respectively, with a current PE ratio of 36.1, 27.3, and 20.8 for those years [3][7]. - Revenue is projected to grow from 2,222 million RMB in 2023 to 6,167 million RMB in 2027, with a revenue growth rate of 37.13% in 2023 and expected to stabilize around 30% in subsequent years [7][23]. - The company's ROE is forecasted to remain above 30%, reflecting its high return on equity driven by strong profitability and efficient asset turnover [3][36]. Industry Overview - The furniture hardware industry is a critical component of the furniture manufacturing process, with a market size exceeding 2000 billion RMB, and a specific focus on the home functional hardware market estimated at around 700 billion RMB [1][53]. - The industry is characterized by a diverse range of products, including basic hardware, functional hardware, and storage hardware, which are essential for enhancing furniture quality and functionality [50][54]. - The demand for home functional hardware is supported by stable renovation needs in the existing housing market, contributing to a solid growth outlook for the industry [1][53].

Group 1 - The core viewpoint of the news is that Hanhigh Group has shown positive financial performance with significant growth in revenue and net profit, alongside active trading activity in its stock [1][2]. - As of January 19, Hanhigh Group's stock price increased by 0.05%, with a trading volume of 171 million yuan and a net financing purchase of 4.31 million yuan [1]. - The company reported a revenue of 2.497 billion yuan for the period from January to September 2025, representing a year-on-year growth of 24.26%, and a net profit of 483 million yuan, which is a 38.07% increase compared to the previous year [2]. Group 2 - Hanhigh Group's main business segments include basic hardware (44.95%), storage hardware (28.67%), kitchen and bathroom hardware (12.80%), outdoor furniture (8.56%), and other products (2.69%) [1]. - The number of shareholders for Hanhigh Group decreased by 16.36% to 20,400 as of November 28, while the average number of circulating shares per person increased by 19.56% to 1,708 shares [2]. - The company has distributed a total of 144 million yuan in dividends since its A-share listing [3]. Group 3 - As of September 30, 2025, the top shareholders of Hanhigh Group include several new institutional investors, with the largest being the CCB Advanced Manufacturing Mixed Fund, holding 897,800 shares [3]. - Other significant shareholders include Hong Kong Central Clearing Limited and various CCB mixed funds, all of which are new entrants in the shareholder list [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]