海达尔 20251029 摘要 海达尔公司 2025 年第三季度营收与去年同期持平，家电业务因补贴政 策影响略有下降，但服务器滑轨业务显著增长，扣非利润有所提升，得 益于成本和品质控制。 海达尔公司正研发多种服务器滑轨，包括 R 型（已小批量试产）、液冷 型（客户测试中）、L 型和托盘型（接近完成测试），预计 2026 年实 现销售，方管型进展较缓。 服务器滑轨市场中，L 型滑轨占比最高（70%），滚珠滑轨（30%）用 于高端服务器，摩擦滑轨占比不高，托盘型和方管型国内市场仍为空白， 各类滑轨互补性强，替代性弱。 海达尔公司在服务器领域下游客户中占比约 50%，主要客户包括曙光、 新华三和超聚变，浪潮预计 2026 年市场份额将增加，华为产品在不同 应用场景技术难度和毛利率相似。 海达尔公司与华勤合作，间接为腾讯提供液冷滑轨，预计 2026 年一季 度开始销售；与阿里合作的液冷滑轨预计 2025 年四季度小批量销售， 2026 年一季度大批量生产。 Q&A 北交所市场近期表现如何？其上涨的原因是什么？ 北交所市场近期表现强劲，北证 50 指数涨幅达到 8.41%，成交额放大至 349 亿元。这一上涨与金融街论 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The traditional home appliance business is impacting short-term performance, but the outlook for server slide rails is optimistic due to advancements in R&D and production capacity [5] - The company has diversified its R&D efforts into server slide rails, home appliance hinges, and automotive products, which are expected to drive long-term growth [7] Financial Performance Summary - For Q1-Q3 2025, the company achieved revenue of 284 million yuan (down 2% year-on-year) and a net profit attributable to shareholders of 52.16 million yuan (down 4% year-on-year) [7] - In Q3 2025, revenue was 102 million yuan (down 5% year-on-year, up 16% quarter-on-quarter) with a net profit of 19.10 million yuan (down 14% year-on-year, up 38% quarter-on-quarter) [7] - The company’s operating cash flow improved significantly, with a net cash flow from operating activities of 58.71 million yuan (up 46% year-on-year) for Q1-Q3 2025 [7] Revenue and Profit Forecast - Revenue projections for 2025-2027 are as follows: 467 million yuan in 2025, 546 million yuan in 2026, and 639 million yuan in 2027, with corresponding growth rates of 11.89%, 16.96%, and 17.15% respectively [6] - Net profit attributable to shareholders is forecasted to be 92 million yuan in 2025, 108 million yuan in 2026, and 127 million yuan in 2027, with growth rates of 12.56%, 18.07%, and 17.21% respectively [6] R&D and Product Development - R&D expenses reached 10.51 million yuan in Q1-Q3 2025, with a significant year-on-year increase of 26% in Q3, indicating a commitment to new product development in the server and home appliance sectors [7] - The company is developing various types of server slide rails, including ball-type, friction-type, L-type, tray-type, and square tube-type, with specific applications in different server configurations [7] Valuation Metrics - The projected P/E ratios for 2025-2027 are 28.40, 24.06, and 20.52 respectively, reflecting a positive outlook on the company's growth potential [6]

Investment Insights - The report highlights that the current moment may represent an absolute return starting point for the liquor industry, particularly for baijiu, as fund holdings have dropped to 2017 levels and the food and beverage sector's overweight ratio has decreased significantly from its 2019 peak [2][6][8] - The report suggests that the liquor industry is regaining its cyclical characteristics, with a 72% valuation correction observed since February 2021, indicating a slow adjustment process [6][7] Liquor Industry Analysis - The report indicates that the adjustment process for the liquor industry involves several stages, including a decline in distributor profitability, a decrease in receivables, and a subsequent recovery in genuine demand [7][8] - It is anticipated that the current cycle will see absolute returns earlier than the previous cycle, with the report suggesting that the bottoming out of the cycle will occur when most distributors have cleared their inventories [7][8] Company-Specific Insights: Heng Rui Pharmaceutical - Heng Rui Pharmaceutical reported a total revenue of 15.76 billion yuan for the first half of 2025, marking a year-on-year increase of 15.88%, with a net profit of 4.45 billion yuan, up 29.67% [18][20] - The company has seen a significant increase in innovative drug sales, which accounted for 60.66% of total revenue, with a 21.80% year-on-year growth in innovative drug sales [18][20] - Heng Rui has established a robust pipeline with over 90 innovative products in clinical development, indicating strong potential for future growth [19][20] Company-Specific Insights: Jin Feng Technology - Jin Feng Technology achieved a revenue of 28.54 billion yuan in the first half of 2025, reflecting a 41.3% year-on-year increase, with a net profit of 1.49 billion yuan, up 7.3% [30][33] - The wind power equipment segment saw a significant revenue increase of 71.2%, with total delivery capacity reaching 10.64 GW, a 106.6% year-on-year growth [31][33] - The report projects an upward revision of net profit forecasts for 2025-2027, reflecting a positive outlook for the company's recovery in profitability [33] Company-Specific Insights: Mi Xue Group - Mi Xue Group reported a revenue of 14.875 billion yuan for the first half of 2025, a 39.3% increase year-on-year, with a net profit of 2.718 billion yuan, up 44.1% [4][28] - The company continues to expand its store network, with a total of 53,014 stores, focusing on both domestic and international markets [4][28] - The report emphasizes the company's strong growth potential in both domestic and overseas markets, particularly in Southeast Asia [4][28] Company-Specific Insights: Sanxiang Technology - Sanxiang Technology reported a revenue of 529 million yuan in the first half of 2025, a 22% increase year-on-year, with a net profit of 39.3 million yuan, up 89% [4][22] - The growth in domestic mainframe business significantly contributed to the revenue increase, driven by major clients such as Geely and BYD [22][23] - The report highlights the potential for steady expansion in the automotive industry, particularly in the context of the shift towards new energy and lightweight vehicles [22][23]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is actively expanding its customer base for server slide rails, and the initiation of fundraising projects is expected to secure future production capacity [5] - The company has shown resilience in its main business of slide rail revenue, with a year-on-year growth of 1.3% and an increase in gross margin to 28.6% [8] - The company is diversifying its product development in server slide rails, home appliance hinges, and automotive products, with a focus on collaborative research and development [8] Financial Summary - Revenue projections for 2023 to 2027 are as follows: - 2023: 289 million RMB - 2024: 417 million RMB (growth of 44.09%) - 2025E: 467 million RMB (growth of 11.89%) - 2026E: 546 million RMB (growth of 16.96%) - 2027E: 639 million RMB (growth of 17.15%) [7] - Net profit projections for the same period are: - 2023: 39 million RMB - 2024: 81 million RMB (growth of 107.34%) - 2025E: 92 million RMB (growth of 12.56%) - 2026E: 108 million RMB (growth of 18.07%) - 2027E: 127 million RMB (growth of 17.21%) [7] - Earnings per share (EPS) are projected to increase from 0.86 RMB in 2023 to 2.78 RMB in 2027 [7] Market Performance - The company's closing price is 57.32 RMB, with a total market capitalization of 2,615.24 million RMB and a circulating market value of 1,196.57 million RMB [3]

Core Viewpoint - Despite a complex external environment, the company achieved a revenue of 182 million yuan and a net profit of 33.06 million yuan in the first half of 2025, reflecting strong profitability and operational efficiency [1] Financial Performance - The company reported a revenue of 182 million yuan and a net profit of 33.06 million yuan, with a year-on-year growth of 3.79% in net profit and a 20.19% increase in non-recurring net profit [1] - Gross margin improved from 26.59% to 28.64%, an increase of 2.05 percentage points, due to product structure optimization and cost control [2] - The cash flow from operating activities was 33.58 million yuan, maintaining a healthy level, while monetary funds increased by 103.72% compared to the beginning of the period [2] - The asset-liability ratio decreased from 42.24% to 37.49%, indicating an improved financial structure [2] R&D and Market Expansion - The company added 3 new patent authorizations, bringing the total to 122, including 60 invention patents, which strengthens its technological barriers [3] - A 5-year technical service contract was signed with Jiangnan University to enhance the performance of sliding rail products and expand into new categories [3] - The server sliding rail products have entered the supply chains of several leading domestic manufacturers, while the traditional home appliance sliding rail market remains stable [3] - Revenue from overseas markets declined by 16.49%, but gross margin increased by 7.83 percentage points to 38.45%, indicating the competitiveness of high-value-added products [3] Capacity and Production Efficiency - The company is advancing the construction of an "automated production base and R&D center," expected to be completed by April 2026, with an investment of 28.34 million yuan during the reporting period [4] - The amount of construction in progress increased by 62,749.63% compared to the beginning of the period, reflecting a significant increase in capital investment [4] - The company received recognition as a "Green Factory in Jiangsu Province" and obtained ISO14001 environmental management system certification, emphasizing its commitment to low-carbon production and energy efficiency [4] - The workforce expanded to 233 employees, with an emphasis on talent and sustainable development [4] - Management indicated that the second half of the year will focus on the "precision sliding rail + diversified extension" strategy, enhancing cooperation with universities and accelerating the implementation of fundraising projects [4]

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]

Group 1: Investor Relations Activities - The company held an annual performance briefing on May 8, 2025, via the "Investor Relations Interactive Platform" [3] - Attendees included the company's chairman, general manager, financial director, board secretary, and sponsor representative [3] Group 2: Stock Price and Market Performance - The company is focused on improving its operational performance to support stock price recovery, emphasizing the importance of fundamental improvements [4] - The company aims to maximize shareholder value and ensure satisfactory returns for investors [4] Group 3: Product Applications and Market Expansion - The company has existing collaborations in the automotive sector, primarily for in-car folding tables, with plans to expand into other applications like car refrigerators [4] - The company is actively seeking to acquire international server clients, building on its strong domestic customer base [5] Group 4: Financial Performance and Profitability - In Q1 2025, the company's net profit excluding non-recurring items grew faster than revenue, attributed to improved gross margins due to product updates and sales structure changes [5] - The company plans to enhance cost efficiency, optimize marketing, and strengthen brand development to improve market share and profitability [5] Group 5: Domestic Production and Market Trends - The push for domestic production in the server industry is expected to increase the demand for server sliding rails, with the company positioned as a qualified supplier for several manufacturers [6]

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]