Core Viewpoint - The company Aifenda (301575) has introduced smart electric towel racks with advanced features such as smart networking, precise temperature control, voice control, and APP remote control capabilities [1] Group 1 - The smart electric towel racks are equipped with intelligent networking capabilities [1] - The products offer precise temperature control [1] - Voice control functionality is included in the smart towel racks [1] - The towel racks can be controlled remotely via an APP [1]

Core Viewpoint - Jiangxi Aifenda HVAC Technology Co., Ltd. successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market on September 10, with an initial stock price of 27.69 yuan per share, opening at 83 yuan and closing at 74.77 yuan, marking a rise of over 170% and a total market capitalization exceeding 6.4 billion yuan [1] Company Overview - Founded in 2005, Aifenda has focused on the HVAC home sector, achieving core technological breakthroughs and establishing a comprehensive R&D, design, production, and sales system, positioning itself as a "full excellence" company from technology to market [3] - The company has a production capacity of over 2 million bathroom towel racks annually, with products sold globally. As a high-tech enterprise, Aifenda emphasizes independent innovation in core technologies, holding 662 domestic patents, including 87 invention patents and 74 overseas patents as of December 31, 2024 [3] Financial Performance - Aifenda's revenue has shown consistent growth from 2022 to 2024, with figures of 762 million yuan, 830 million yuan, and 1.05 billion yuan respectively, reflecting a compound annual growth rate (CAGR) of 17.36%. The revenue from bathroom towel racks has consistently accounted for over 55% of total revenue [4] - The net profit attributable to the parent company, excluding non-recurring gains and losses, was 88.73 million yuan, 87.40 million yuan, and 127.61 million yuan for the years 2022, 2023, and 2024 respectively, with a CAGR of 19.92% [4] Revenue Composition - The main business revenue composition for 2024 is as follows: - Bathroom towel racks: 591.77 million yuan (56.68%) - HVAC accessories: 391.28 million yuan (37.47%) - Other HVAC products: 61.08 million yuan (5.85%) - Total: 1.04 billion yuan [5] Future Outlook - Through this listing, Aifenda aims to leverage capital market advantages to enhance competitiveness, expand business scale, and strengthen sustainable operational capabilities. The company plans to advance into broader markets driven by globalization and digital upgrades, focusing on technological innovation and smart manufacturing [5]

Core Viewpoint - Aifenda's successful listing on the Shenzhen Stock Exchange on September 10, 2025, with a significant opening increase of 199.75% and a closing price rise of 170.03%, highlights its strong market appeal and investor interest in the HVAC industry [1]. Group 1: Company Overview - Aifenda, established in 2005, specializes in HVAC products, including bathroom towel racks and various heating components, positioning itself as a leading enterprise in the global market [1][3]. - The company has developed a comprehensive R&D, design, production, and sales system, achieving core technological breakthroughs and maintaining a strong focus on independent innovation [3][4]. - Aifenda holds 662 domestic patents, including 87 invention patents and 74 overseas patents, showcasing its commitment to technological advancement [3][4]. Group 2: Market Position and Growth - Aifenda's products primarily target overseas markets, with Europe being a key business area due to stable demand for heating products driven by climate and renovation needs [5]. - The market for bathroom towel racks has grown from $769 million in 2020 to an expected $981 million by 2024, with Europe accounting for approximately 42% of this market [5]. - The company has established long-term partnerships with major European wholesalers and retailers, enhancing its market presence [5]. Group 3: Financial Performance - Aifenda's revenue has shown strong growth, with figures of 762 million yuan, 830 million yuan, and 1.05 billion yuan from 2022 to 2024, reflecting a compound annual growth rate of 17.36% [6]. - The net profit for the same period was 89 million yuan, 87 million yuan, and 128 million yuan, with a compound annual growth rate of 19.92% [6]. - In the first half of the current year, the company achieved revenue of 505 million yuan, a year-on-year increase of 7.53%, and a net profit of approximately 59.78 million yuan, up 35.53% [6]. Group 4: Strategic Initiatives - Aifenda is implementing a dual strategy of "upgrading" and "expanding" production capacity, including projects to enhance automation and increase production of towel racks [8]. - The company is advancing its digital factory initiatives and has been recognized as a leading smart manufacturing enterprise in Jiangxi Province [8]. - Aifenda has been awarded the title of "Leading Intelligent Manufacturing Technology Industrialization Base" for electric towel racks, marking its leadership in the industry [8]. Group 5: Future Outlook - The company aims to leverage capital market advantages to strengthen its competitiveness, expand its business scale, and enhance operational sustainability [9]. - Aifenda plans to focus on both international market expansion and domestic market growth, particularly in southern regions of China with high humidity and cold climates [6][9].

证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 申万宏源研究微信服务号 艾芬达: 领先的卫浴毛巾架 ODI -注册制新股纵览 20250825 投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 2025 年 08 月 25 日 相关研究 AHP 得分——剔除流动性溢价因素后, 艾芬达 1.57 分, 位于总分的 21.1%分位。艾芬达 ○ 于 2025 年 8 月 21 日招股,将在创业板上市。剔除、考虑流动性溢价因素后,我们测算艾 芬达 AHP 得分分别为 1.57 分、1.88 分，分别位于非科创体系 AHP 模型总分的 21.1%、35.5% 分位,分别处于下游偏上、中游偏下水平。假设以 95%入围率计,中性预期情形下,艾芬 达网下 A、B 两类配售对象的配售比例分别是：0.0247%、0.02 ...

策 略 研 究 申 购 策 略 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 2025 年 08 月 25 日 艾芬达：领先的卫浴毛巾架 ODM 商 ——注册制新股纵览 20250825 投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - ⚫ AHP 得分——剔除流动性溢价因素后，艾芬达 1.57 分，位于总分的 21.1%分位。艾芬达 于 2025 年 8 月 21 日招股，将在创业板上市。剔除、考虑流动性溢价因素后，我们测算艾 芬达AHP得分分别为1.57分、1.88分，分别位于非科创体系AHP模型总分的21.1%、35.5% 分位，分别处于下游偏上、中游偏下水平。假设以 95%入围率计，中性预期情形下，艾芬 达 ...

在智能制造领域，艾芬达以前瞻性战略眼光提前布局。2020年，公司率先在国内投产电热毛巾架智能无 人生产线，并引入行业领先的全自动钎焊、喷涂及电镀生产线，开启电热毛巾架从传统制造到智能制造 的生产变革，为行业迈向高端化、智能化、绿色化高质量发展之路开辟了新方向。 本报讯 （记者曹琦）8月20日晚，江西艾芬达暖通科技股份有限公司（以下简称"艾芬达"）披露招股意 向书，正式启动招股程序。公告显示，艾芬达本次计划发行不超过2167万股，股票简称：艾芬达；股票 代码：301575。 艾芬达是一家专业从事暖通产品研发、设计、生产和销售的高新技术企业，公司深耕行业20年，成功将 卫浴毛巾架系列产品打造为核心拳头产品，并在该细分领域处在全球领先水平。公司近五年营业收入复 合增长率为12.15%；扣非净利润复合增长率达28.56%，业务规模实现快速增长。 研发创新驱动产品升级 引领行业智能化变革 艾芬达始终将研发创新视为企业发展的生命线，坚持通过科技创新、技术升级、工艺改进等方式保持公 司产品的市场竞争力。报告期内，公司研发投入的金额分别为2526.51万元、2930.54万元和3334.08万 元，年均复合增长率为14.88 ...

Core Viewpoint - The company, Aifenda, has maintained strong internal momentum despite increasing industry competition and disruptions in the overseas trade environment, achieving continuous revenue growth and a high cash flow net amount over the past two years [2][3]. Group 1: Financial Performance - Aifenda's revenue reached 1.05 billion yuan in 2024, marking a year-on-year increase of 26.44% [3]. - The company's net profit excluding non-recurring items surpassed 100 million yuan for the first time, reaching 128 million yuan, a growth of 46.01% compared to the previous year [3]. - The cash flow net amount for 2024 was 114 million yuan, remaining stable compared to the previous year, while the cash flow net amount from 2017 to 2022 was below 100 million yuan [9]. Group 2: Research and Development - Aifenda's R&D expenses reached a historical high of 33.34 million yuan in 2024, an increase of 13.77% year-on-year, with an R&D expense ratio of 3.18% [6]. - The company holds 736 patents, including 87 invention patents, reflecting the latest achievements in new productivity within the company [6]. Group 3: Product Innovation and Technology - Aifenda has launched smart electric towel rack products featuring smart networking, precise temperature control, voice control, and APP remote control capabilities [7]. - The company has implemented a digital management system for the production process and established an intelligent three-dimensional warehouse, significantly enhancing logistics efficiency [7]. Group 4: Market Position and Global Reach - Aifenda is a major supplier of electric towel racks in the European heating market, with products certified for entry into European and North American markets [10]. - The company has established long-term cooperative relationships with well-known European wholesalers and retailers, covering over 60 countries and regions globally [10].