Investment Rating - The report does not explicitly state an investment rating for the precision slide rail industry Core Insights - The precision slide rail industry is experiencing new opportunities due to the rapid development of industrial automation and smart manufacturing [3] - The structure of precision slide rails includes key components such as outer rail, inner rail, and functional mechanisms, which are essential for various applications [6][7] - The industry is characterized by a competitive landscape with major players like Accuride, Hettich, and domestic companies such as Haidar and Xinghui [11][15] - The domestic manufacturers are rapidly closing the technology gap with international brands, with some products even outperforming foreign counterparts [17][18] - The government’s household appliance subsidy policy is expected to drive market demand for precision slide rails, particularly in the home appliance sector [22][23] Summary by Sections Structure and Applications - Precision slide rails consist of a slide rail body and functional mechanisms, with two-section and three-section types available [6] - They are widely used in various fields, including home appliances (e.g., refrigerators, ovens), servers, and commercial equipment [5][7] Market Participants - Key players in the precision slide rail market include Accuride (USA), Hettich (Germany), and several Chinese companies like Haidar and Xinghui, which are expanding their market presence [11][15] Product Segmentation - The market for home appliance slide rails is segmented into low-end, mid-range, and high-end products, each targeting different customer needs and competitive dynamics [12][15] Technology and Domestic Progress - The technology gap between domestic manufacturers and international leaders is narrowing, with significant advancements in product performance and innovation [17][18][19] Government Policy Impact - The implementation of the household appliance subsidy policy is anticipated to stimulate demand for precision slide rails, particularly in the context of product upgrades and consumer preferences shifting towards higher quality [22][23]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company reported a revenue of 417 million yuan in 2024, representing a year-on-year increase of 44.09%, and a net profit attributable to shareholders of 81.39 million yuan, up 107.34% year-on-year [5] - The company benefits from the home appliance replacement subsidy policy, which stimulates market demand, and the promising outlook in the server sector drives growth in the company's rail business [5] - The company has a strong focus on R&D, with 119 valid patents driving product innovation and a commitment to ESG responsibilities through low-carbon production practices [5] Financial Performance - In Q1 2025, the company achieved a revenue of 94 million yuan, a year-on-year increase of 4.56%, and a net profit of 19.22 million yuan, up 19.58% year-on-year [5] - The rail business generated revenue of 408 million yuan in 2024, with a year-on-year growth of 47.29%, accounting for 97.93% of total revenue [5] - The company expects net profits for 2025-2027 to be 92 million yuan, 108 million yuan, and 127 million yuan respectively, with corresponding EPS of 2.01, 2.37, and 2.78 yuan per share [5][7] Market Outlook - The global server rail kit market is projected to grow from 60 million USD in 2024 to 110 million USD by 2032, with a compound annual growth rate of 8.4% [5] - The company is actively expanding its market presence and increasing customer numbers, with export revenue reaching 75.73 million yuan in 2024, a year-on-year increase of 135.76% [5] R&D and Innovation - The company has maintained stable R&D investment, resulting in the acquisition of 11 new invention patents in 2024, with a total of 119 valid patents by the end of the year [5] - The company plans to optimize workshop layouts and increase production capacity in 2025 to meet future growth needs [5]

Group 1: Financial Performance - In Q1 2025, the company's revenue increased by 4.56%, while in Q1 2024, it had a significant growth of 108.28% [4] - The lower growth in Q1 2025 compared to Q1 2024 is attributed to lower sales in Q1 2023 and a return to normal revenue levels in Q1 2024 [4] Group 2: Export Business - The export business in 2024 showed stable growth, with the addition of exports to Japan [5] Group 3: Production Capacity - The production capacity for server sliding rails is currently sufficient, with adequate production lines and space prepared [6] - The production capacity for household appliance sliding rails is nearing saturation, prompting plans for workshop renovations and equipment upgrades in 2025 [6] Group 4: Product Development - As of Q1 2025, the company has achieved small batch sales of hinge products, with some projects in the sampling and validation stages [7] - Small orders for automotive sliding rails have been received, but sales for these products currently represent a small portion of total revenue, which is primarily driven by household appliance and server sliding rails [7] Group 5: Order Status - Orders for server sliding rails have seen a slight increase compared to previous years, with more projects under development than in prior years [8]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is expected to achieve a revenue of 417 million yuan in 2024, representing a year-on-year increase of 44.15%, and a net profit attributable to shareholders of 83 million yuan, which is a 110.22% increase year-on-year [3] - The growth in the AI server market and the release of high-value new products are key drivers for the company's performance, leading to an upward revision of profit forecasts for 2024-2026 [3] - The continuation of the "old-for-new" subsidy policy for home appliances and the promising outlook for the server market are expected to drive growth in the sliding rail market [3] Financial Summary and Valuation Indicators - Revenue and net profit projections for 2024-2026 are as follows: - 2024E: Revenue of 417 million yuan (+44.15%), Net profit of 83 million yuan (+110.22%) - 2025E: Revenue of 487 million yuan (+16.8%), Net profit of 94 million yuan (+13.8%) - 2026E: Revenue of 591 million yuan (+21.2%), Net profit of 108 million yuan (+14.7%) [5][11] - Key financial ratios include: - Gross margin: 30.6% in 2024E, 29.8% in 2025E, 28.9% in 2026E - Net margin: 19.8% in 2024E, 19.3% in 2025E, 18.2% in 2026E - Return on equity (ROE): 26.7% in 2024E, 25.2% in 2025E, 23.9% in 2026E [5][12] Market Outlook - The server sliding rail sales volume is expected to grow significantly in Q3 2024, with the company expanding its customer base and increasing its global market penetration [4] - The company is also optimizing its workshop layout and purchasing equipment to increase production capacity, which is anticipated to further boost performance [4]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is expected to achieve a revenue of 417 million yuan in 2024, representing a year-on-year increase of 44.15%, and a net profit attributable to shareholders of 83 million yuan, which is a 110.22% increase year-on-year [3] - The growth is driven by the release of high-value new products and the continuation of the "old-for-new" subsidy policy for home appliances, which is expected to boost demand for high-end appliances and related components [3][4] - The server market is also projected to grow significantly, with the Chinese server market expected to reach 5 billion USD in the first half of 2024, a 63% increase year-on-year [3] Financial Summary - Revenue and profit forecasts for 2024-2026 have been adjusted upwards, with net profits expected to be 83 million yuan (2024), 94 million yuan (2025), and 108 million yuan (2026) [3][5] - The company's earnings per share (EPS) are projected to be 1.81 yuan in 2024, 2.06 yuan in 2025, and 2.36 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 29.9, 26.2, and 22.9 respectively [3][5] - The gross margin is expected to improve to 30.6% in 2024, while the net margin is projected to be 19.8% [5][12] Market Outlook - The "old-for-new" subsidy policy for home appliances will continue in 2025, covering eight categories of appliances, which is expected to further stimulate demand for high-end products [3] - The company is expanding its overseas market presence in the home appliance sector, aiming to increase its global market penetration [4]

江苏省无锡市惠山区钱桥街道钱洛路 55 号 无锡海达尔精密滑轨股份有限公司 Wuxi Haidaer Precision Slides Co.,Ltd. 无锡海达尔精密滑轨股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） 无锡市新吴区菱湖大道 200 号中国物联网国际创新园 F12 栋 1-1-1 无锡海达尔精密滑轨股份有限公司 招股说明书 证券简称：海达尔 证券代码：836699 无锡海达尔精密滑轨股份有限公司 招股说明书 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行 ...

无锡海达尔精密滑轨股份有限公司招股说明书 （注册稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书注册稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 江苏省无锡市惠山区钱桥街道钱洛路 55 号 无锡海达尔精密滑轨股份有限公司 Wuxi Haidaer Precision Slides Co.,Ltd. 保荐机构（主承销商） 无锡市新吴区菱湖大道 200 号中国物联网国际创新园 F12 栋 无锡海达尔精密滑轨股份有限公司 招股说明书 1-1-1 证券简称：海达尔 证券代码：836699 无锡海达尔精密滑轨股份有限公司 招股说明书 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 ...