伐谋-中小盘周报 2025 年 08 月 24 日 看好中高端家居五金 中小盘研究团队 ——中小盘周报 | 周佳（分析师） | 张越（分析师） | 赵晨旭（联系人） | | --- | --- | --- | | zhoujia@kysec.cn | zhangyue1@kysec.cn | zhaochenxu@kysec.cn | | 证书编号：S0790523070004 | 证书编号：S0790524090003 | 证书编号：S0790124120019 | 本周观点：消费和技术升级驱动家居五金和户外家具行业向中高端转型 消费升级和家居智能化共同托举，中高端家居五金市场发展正盛。首先，设计 精美、品质优良的五金产品将极大的提升家居产品的质量与档次，居民消费升级 以及对精致生活的追求助力中高端家居五金行业发展；第二，在家居智能化升级 背景下，智能化的家居五金是打造智能家居生态的重要一环，人性化以及互联互 通的家居五金产品正不断的发展；第三，整装大家居模式因更加省时高效更受年 轻人青睐，未来系统化家居五金解决方案需求有望提升，可提供全屋五金解决方 案厂商有望受益；在上述因素驱动下，中国五金制品协会预计 ...

Group 1 - The core viewpoint of the article highlights the significant growth and market interest surrounding Hanhigh Group's IPO, driven by its innovative design and smart manufacturing capabilities [1][6] - Hanhigh Group has shown strong growth in the home hardware sector, with revenue projected to increase from 1.62 billion yuan in 2022 to 2.857 billion yuan in 2024, alongside R&D investment rising from 64 million yuan to 111 million yuan [3] - The company has secured 1,173 patents and has received multiple international design awards, showcasing its strong design and manufacturing capabilities [3] Group 2 - The IPO involves issuing no more than 40.01 million shares, with a final online issuance of 25.2065 million shares at a price of 15.43 yuan per share, corresponding to a price-to-earnings ratio of 11.86 [5] - The company is positioned to leverage opportunities in the global market while facing challenges from increased industry competition [6] - The strategic vision of the founder, Ou Jinfeng, emphasizes "originality and quality," aiming to enhance channel cooperation and optimize product offerings to achieve resilient growth [3][6]

Core Viewpoint - The company plans to publicly issue no less than 40.01 million shares of common stock, with the post-issue circulating shares accounting for at least 10% of the total shares [1] Fund Utilization - The total expected investment for the projects is 643.47 million yuan, with 420 million yuan to be raised through this public offering [2] - The company will initially use self-raised funds for the projects before the raised funds are available, and will replace the self-raised funds with the raised funds once they are in place [2] Project Summaries 1. Intelligent Home Hardware Automation Manufacturing Base - The project aims to establish an intelligent production line for home hardware by introducing advanced equipment and information systems, enhancing production capacity and efficiency to meet growing market demand [3] - Total investment for this project is 561.17 million yuan, with 370 million yuan expected to be funded from the raised funds [3] - The project is scheduled to be completed within 36 months, with various phases including preparation, engineering implementation, and personnel training [3] 2. R&D Center Construction Project - This project will upgrade the R&D and design environment by introducing advanced equipment and renovating laboratories, thereby enhancing the company's R&D capabilities [4] - Total investment is 52.26 million yuan, with 30 million yuan to be funded from the raised funds [4] - The project will also take 36 months to complete, focusing on project preparation and engineering implementation [4] 3. Information Technology Construction Project - The project aims to integrate various management modules such as ERP, R&D management, and supply chain management to improve internal management efficiency and facilitate collaboration across the company [4] - Total investment is 30.04 million yuan, with 20 million yuan to be funded from the raised funds [4] - The project will also be completed within 36 months, focusing on software development and personnel training [4]

Company Overview - HIGOLD Group has 9 wholly-owned first-level subsidiaries, 3 wholly-owned second-level subsidiaries, and 1 branch, with no equity investments in other companies [1][2][3] Subsidiary Details HIGOLD Cloud Business - Name: Foshan HIGOLD Cloud Business Technology Co., Ltd - Established: December 24, 2018 - Main Business: Software services - Total Assets: 1,212.25 million CNY - Net Assets: 1,197.02 million CNY - Revenue: 339.84 million CNY - Net Profit: 234.77 million CNY [1] HIGOLD E-commerce - Name: Foshan HIGOLD E-commerce Co., Ltd - Established: March 24, 2014 - Main Business: E-commerce platform operation - Total Assets: 847.73 million CNY - Net Assets: 738.00 million CNY - Revenue: 1,585.07 million CNY - Net Profit: 227.59 million CNY [1] HIGOLD Furniture - Name: Foshan HIGOLD Furniture Products Co., Ltd - Established: June 23, 2010 - Main Business: Production and sales of outdoor furniture - Total Assets: 25,666.94 million CNY - Net Assets: 18,756.27 million CNY - Revenue: 26,512.03 million CNY - Net Profit: 5,434.20 million CNY [2] HIGOLD Technology - Name: Foshan HIGOLD Display Technology Co., Ltd - Established: April 11, 2013 - Main Business: Leasing and property management - Total Assets: 30,756.34 million CNY - Net Assets: 4,524.83 million CNY - Revenue: 792.95 million CNY - Net Profit: -948.14 million CNY [2] HIGOLD Home - Name: Guangdong HIGOLD Home Technology Co., Ltd - Established: April 21, 2021 - Main Business: Production and sales of hardware products - Total Assets: 93,407.26 million CNY - Net Assets: 25,294.99 million CNY - Revenue: 93,381.54 million CNY - Net Profit: 18,183.79 million CNY [2] HIGOLD Vietnam - Name: HIGOLD HARDWARE VIET NAM CO., LTD - Established: November 15, 2023 - Main Business: Sales of home hardware products - Total Assets: 976.30 million CNY - Net Assets: 491.38 million CNY - Revenue: 113.41 million CNY - Net Profit: -92.58 million CNY [3] HIGOLD Sales - Name: Guangdong HIGOLD Sales Co., Ltd - Established: February 4, 2024 - Main Business: Sales of home hardware products - Total Assets: 52,406.37 million CNY - Net Assets: -569.23 million CNY - Revenue: 153,494.18 million CNY - Net Profit: -1,069.23 million CNY [3] HIGOLD Singapore - Name: SINGAPORE HIGOLD INTERNATIONAL COMPANY PTE.LTD. - Established: August 16, 2024 - Main Business: Sales of home hardware products - Financial data not available [3] HIGOLD Precision - Name: Guangdong HIGOLD Precision Technology Co., Ltd - Established: August 28, 2024 - Main Business: Production and sales of hardware products - Total Assets: 11,920.90 million CNY - Net Assets: 952.65 million CNY - Net Profit: -47.35 million CNY [4] HIGOLD E-commerce Subsidiaries - HIGOLD has several second-level subsidiaries focused on e-commerce platform operations, including: - HIGOLD Flying E-commerce - Angus E-commerce - HIGOLD E-commerce [5]