Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [5][14]. Core Views - The company, HanGao Group, is a leading player in the Chinese functional hardware market, demonstrating rapid growth in performance with a revenue increase of 22.37% year-on-year in H1 2025, reaching 1.45 billion yuan, and a net profit growth of 34.70%, amounting to 265 million yuan [1][5]. - The company is expanding its market presence through channel diversification, focusing on offline distribution while also tapping into e-commerce and cloud business models, which is crucial given the growing demand in the existing housing renovation market [3][5]. - The automation of production lines is enhancing profitability, with significant revenue contributions from various segments, including basic hardware and storage hardware, which saw year-on-year growth rates of 37.06% and 11.07%, respectively [2][5]. Financial Performance Summary - In H1 2025, the company achieved a gross margin of 37.32%, an increase of 2.58 percentage points year-on-year, and a significant improvement in operating cash flow, which rose by 103% to 363 million yuan [4][5]. - The company’s revenue projections for 2025-2027 are 3.70 billion, 4.52 billion, and 5.34 billion yuan, with corresponding net profits of 712 million, 891 million, and 1.12 billion yuan, indicating robust growth expectations [5][6]. Market Dynamics - The domestic renovation market for existing homes is projected to grow significantly, with a compound annual growth rate of 9.17% from 2020 to 2025, highlighting a shift in demand from new home renovations to existing home upgrades [3][5]. - The company’s strategy to penetrate the market through various sales channels is expected to capitalize on this trend, especially as the demand for home renovations continues to rise [3][5].

悍高集团（001221）首次公开发行股票并在主板上市网上路演7月18日成功举行。悍高集团董事会秘书 兼副总经理徐昊在回答投资者提问时表示，公司核心产品涵盖收纳五金、基础五金、厨卫五金、户外家 具四大系列，优势显著。 在研发设计上，作为国家高新技术企业和省级工业设计中心，公司整合全球优质研创资源，推出希勒系 列拉篮等众多产品，荣获德国红点奖等知名奖项。智能制造方面，拥有现代智能化工厂，应用ERP、 PLM等数字化信息系统，连通全流程，提升生产效率、满足多样化需求、增强快速交付能力。 同时，公司品牌影响力高、渠道资源广，与国内外知名企业保持友好合作，未来发展前景广阔。 更多内容请点击：https://rs.p5w.net/html/148394.shtml ...

证券日报网讯 悍高集团8月7日在互动平台回答投资者提问时表示，公司主营产品包括收纳五金、基础 五金、厨卫五金等家居五金产品以及户外家具产品，目前不涉及智能机器人及军工领域。未来，公司将 顺应系统化家居五金的发展趋势，利用家居五金和户外家具领域的技术积累和市场沉淀，以市场为导向 进行产品的全生命周期管理，进一步提升智能制造水平，提高生产效率，保障产品品质，持续扩大产 能，巩固核心产品的市场地位；同时，公司将通过资源协同和品牌效应，向全屋五金业务延伸，进一步 提升卫浴五金、衣柜五金等品类的市场占有率，在家居五金领域打造全球领先企业。 （编辑 王雪儿） ...

Core Viewpoint - Hanhigh Group successfully listed on the Shenzhen Stock Exchange, marking a significant addition of a high-growth and scarce asset in the A-share market, with a strong position in the domestic home hardware and outdoor furniture sectors [1] Company Performance - Hanhigh Group's revenue is projected to grow from 1.62 billion yuan in 2022 to 2.86 billion yuan in 2024, with a compound annual growth rate (CAGR) of 32.78%. The net profit attributable to the parent company is expected to rise from 199 million yuan to 520 million yuan during the same period, with a CAGR of 61.83% [1] - The company has established itself as a leading player in the home hardware industry, ranking among the top five according to the China Hardware Products Association [2] Product and Market Position - Hanhigh Group's product categories include storage hardware, basic hardware, kitchen and bathroom hardware, and outdoor furniture, with its kitchen pull-out basket products ranking first in sales on major e-commerce platforms for three consecutive years [2] - The company has a higher gross margin compared to its A-share peers, with gross margins of 31.89% in 2022 and 34.58% in 2023, compared to the industry average of 24.18% and 27.87% [3] Brand and Innovation - The brand's recognition is supported by its commitment to quality, with significant investments in research and development, resulting in 1,173 patents held by the company, surpassing industry averages [4] - Hanhigh Group has received multiple design awards, enhancing its brand image and market acceptance [4] Expansion and Future Plans - The company plans to utilize funds from its IPO to enhance its production capacity and establish a smart home hardware automation manufacturing base, which will improve its production efficiency and market competitiveness [7] - Hanhigh Group aims to expand its product line to include full-house hardware solutions and strengthen its presence in international markets, particularly in Southeast Asia, Western Europe, and North America [8] Market Trends - There is a clear trend of mid-to-high-end home hardware products replacing low-end alternatives in the domestic market, with the penetration rate of smart damping and electric lifting kitchen pull-out baskets reaching 21.4% in 2023, an increase of 13.8 percentage points since 2020 [9] - Hanhigh Group is well-positioned to benefit from this trend, potentially replacing foreign high-end brands in the long term [9]

Core Viewpoint - Han Gao Group officially listed on the Shenzhen Stock Exchange on July 30, 2023, marking it as the first main board listed company in Foshan this year, with a significant increase in market value on its debut [1][3]. Company Overview - Han Gao Group, founded in 2004 and headquartered in Shunde District, Foshan, specializes in the research, design, production, and sales of home hardware and outdoor furniture, with a strong focus on storage hardware [3][4]. - The company has achieved the highest domestic sales in the storage hardware sector in 2022, confirming its leading position in the industry [3]. IPO and Market Performance - The initial public offering (IPO) price was set at 15.43 yuan per share, with a total share capital of 400 million shares, of which 34.92 million shares were available for trading, accounting for 10% of the total [3][4]. - On the first trading day, the stock opened at 47.01 yuan, representing a 204.67% increase, and reached a peak of 110 yuan, marking a 612.9% rise before closing at 80 yuan, a 418.47% increase [3][4]. - As of July 31, 2023, the stock price settled at 60.19 yuan, reflecting a 24.76% decline, with a total market capitalization of 24.1 billion yuan [3]. Financial Performance - Han Gao Group's revenue for 2022, 2023, and 2024 is projected to be 1.62 billion yuan, 2.22 billion yuan, and 2.86 billion yuan, respectively, with corresponding net profits of 199 million yuan, 329 million yuan, and 520 million yuan [7]. - For the first half of 2025, the company anticipates revenue between 1.39 billion yuan and 1.50 billion yuan, indicating a year-on-year growth of 17.04% to 26.77% [7]. Ownership and Control - The actual controllers of Han Gao Group are siblings Ou Jinfeng and Ou Jinli, holding a combined 83.74% of the company's shares and 89.76% of the voting rights, ensuring absolute control [5]. - Following the IPO, their direct and indirect shareholding decreased to 81.79%, resulting in an estimated wealth increase of approximately 20 billion yuan on the listing day [5]. Industry Context - The overall performance of the home furnishing industry has been declining, with a reported 3.9% decrease in revenue for large-scale furniture enterprises in the first five months of 2023 [10]. - Despite the downturn in the industry, Han Gao Group's significant revenue growth raises questions about its sustainability and market positioning [10]. Employee Compensation - The salaries of the actual controllers, Ou Jinfeng and Ou Jinli, are projected to exceed 6 million yuan in 2024, with Ou Jinfeng's salary increasing by 112.3% to 4.08 million yuan [11]. - The average salary for all employees in 2024 is reported to be 126,700 yuan, which is higher than the average salaries in the local market [19].

佛山上市企业+1 | | N悍高(001221) 2025年07月30日 星期三 PageUp/Down:前后日 空格链:操作 | | | | | | | ロ X | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 58.00 | N悍高 静态分时 ■ 相对今开 23.36% | | | 0 | 275.9% | | 注:以下为复权后的日线数据 | | | 51.92 | ડે | | | | 236.5% | 开盘价 | | 47.01 | | 45.84 | | | | | 197.1% | 最高价 最低价 | | 58.00 47.01 | | 39.76 | | | | | 157.7% | 收盘价 | | 57.99 | | 33.67 | | | | | 118.2% | 成交量 | | 253379 | | 27.59 | | | | | 78.83% | 成交额 | | 12.8 乙 | | 21.51 | | | | | 39.41% | 涨跌 | | 42.56 | | 15.43 | | | | | 0.00% | 涨幅 ...

【环球网财经综合报道】在实现从"中国制造"向"中国'质'造"的转变之后，国内传统制造业正借助席卷全球的技术革新向"中国'智'造"跃迁。作为五金家居行 业的领军企业，悍高集团依托技术创新与智能迭代，把握新质生产力带来的全新机遇，加速构建产业升级新范式，塑造行业发展新格局。 自2004年成立以来，悍高集团凭借多元化的原创设计与高品质产品的有机融合，成长为市场认可、用户信赖的行业龙头，凸显其以品质铸就品牌的核心逻 辑。对自主创新、科技赋能、扬帆出海的持续投入与战略落子，更加彰显出一家长青企业的前瞻眼光与先手布局。 聚势谋远，向新而行，产品矩阵、自主研发、渠道优势、创新驱动、市场口碑……共同集成悍高集团的内生韧性与无限潜能。以"打造享誉世界的家居五金 品牌"为目标的悍高集团，正以强者之姿在国内外市场突围而出、绽放光芒，穿越周期、走向远方，谱写中国品牌与世界潮流交相辉映的璀璨篇章。 "智"造未来赋能产业全链条 一家"多元化创新型企业"——这是悍高集团对自身的定位。 作为家居五金行业的深度参与者，悍高集团在20多年的"长跑"中形成了以家居五金为核心，包括功能五金、基础五金、厨卫五金、柜类照明、内门锁、智能 厨电、浴室柜、 ...

Core Viewpoint - HanGao Group officially listed on the Shenzhen Stock Exchange with an IPO price of 15.43 yuan per share, opening with a surge of over 200%, resulting in a market capitalization of 22 billion yuan [1] Company Overview - HanGao Group was founded in 2004 by siblings Ou Jinfeng and Ou Jinli, starting as a hardware OEM and evolving into a high-end whole-house hardware solution provider [1][2] - The company transitioned from OEM to establishing its own brand in 2007, focusing on multifunctional kitchen hardware products [4][5] Financial Performance - HanGao Group's revenue for 2022, 2023, and 2024 was 1.62 billion yuan, 2.22 billion yuan, and 2.86 billion yuan respectively, with corresponding net profits of 199 million yuan, 329 million yuan, and 520 million yuan [6] - For the first half of 2025, the company expects revenue between 1.39 billion yuan and 1.50 billion yuan, representing a year-on-year growth of 17.04% to 26.77% [6] Product and Market Strategy - The product categories include storage hardware, basic hardware, kitchen and bathroom hardware, and outdoor furniture, with storage and basic hardware accounting for over 65% of revenue [6] - The sales model combines distribution and direct sales, with a focus on domestic offline distribution [7] Industry Context - The home furnishing industry is experiencing a wave of IPOs despite ongoing challenges, with a reported 3.85% decline in sales for 2024 [12] - The industry is facing issues such as product homogenization and service lag, necessitating significant investment for transformation [15]

近年来，顺德区围绕《顺德区上市企业倍增计划行动方案》等"1+N"政策体系，通过"六个一"工作机 制，积极推动一批科技型企业利用多层次资本市场发展壮大。具体来看，顺德连续9年高规格召开企业 上市工作大会（座谈会），总结企业上市工作经验，传达服务企业上市的决心；推动证券、投行资源落 户佛山先进制造业金融集聚区，建设佛山市企业上市加速器，进一步强化企业上市、上市企业的"一站 式"服务；举办金凤凰领航资本特训营、上市公司思享会、上市公司并购出海等资本市场专题活动，让 企业上市跑出加速度。 截至目前，顺德区上市公司累计44家，上市公司总数占全市52%。在审企业3家，在广东证监局辅导企 业5家，经区政府认定的上市后备企业54家，新三板累计挂牌企业60家，全区完成股份制改造企业累计 406家。顺德已形成了"培育一批、股改一批、辅导一批、申报一批、挂牌上市一批"的利用多层次资本 市场企业梯队。 悍高集团成立于2004年，总部位于佛山市顺德区杏坛镇，是一家主要从事家居五金及户外家具的研发、 设计、生产和销售的高新技术企业，全面布局收纳五金、基础五金、厨卫五金以及户外家具等产品领 域。其中功能五金实力最强，经全联家具装饰业商会确 ...

Core Viewpoint - Hanhigh Group (001221.SZ) was listed on the Shenzhen Main Board on July 30, primarily engaged in the R&D, design, production, and sales of home hardware and outdoor furniture products [1]. Company Overview - Hanhigh Group is one of the earliest and fastest-growing companies in the domestic home hardware and outdoor furniture industry, recognized as one of the "Top 10 in China's Home Manufacturing Hardware Industry" [4]. - The company has a market capitalization of 6.172 billion yuan, with an issuance price of 15.43 yuan per share and an institutional offering price of 17.32 yuan per share [4]. Financial Performance - The company's main business revenue consists of storage hardware, basic hardware, kitchen and bathroom hardware, outdoor furniture, and other products, with storage and basic hardware accounting for over 65% of its revenue [6]. - The domestic furniture hardware market size is projected to grow from 209.36 billion yuan in 2022 to 248.72 billion yuan in 2024, with Hanhigh's market share increasing from 0.57% to 0.94% during the same period [6]. Investment and Growth Strategy - Hanhigh Group plans to invest 3.7 billion yuan in the Hanhigh Smart Home Hardware Automation Manufacturing Base, 300 million yuan in the R&D Center Construction Project, and 200 million yuan in the Information Technology Construction Project [4]. - The company has enhanced brand promotion through various channels, including participation in furniture and building material expos, outdoor advertising, celebrity endorsements, and live streaming sales [6]. Sales and Distribution - The primary sales channel for Hanhigh Group is domestic offline distribution, employing a "payment before delivery" policy for dealers [7]. - The number of dealers exiting the network is projected to increase by 6.12% in 2023 and 36.54% in 2024, as the company focuses on refining its distribution channels and improving dealer quality [7].