Core Viewpoint - Guangdong Haode CNC Equipment Co., Ltd. (Haode CNC) is facing a decline in both revenue and net profit for 2024, with significant competition and technological challenges impacting its market position [1][5][11] Financial Performance - Haode CNC's projected revenue for 2024 is 458 million yuan, down from 494 million yuan in 2023, and net profit is expected to decrease from 72.92 million yuan in 2023 to 66.69 million yuan in 2024 [6][8] - The company reported revenues of 337 million yuan in 2022, 494 million yuan in 2023, and anticipates 458 million yuan in 2024, indicating a fluctuating performance [6][10] - For Q1 2025, Haode CNC expects revenue between 106 million and 120 million yuan, reflecting a year-on-year change of -9.82% to 2.10% [8] Market Position and Competition - Haode CNC's revenue is significantly lower than industry leaders, with competitors like Hongya CNC and Nanxing Shares reporting revenues of 2.648 billion yuan and 1.817 billion yuan respectively for 2024 [7][10] - The company's gross margin for 2024 is projected at 25.50%, below the industry average of 28.90%, indicating a competitive disadvantage [7][10] - The company faces intense competition from established players in Europe and domestic leaders, which may further erode its market share if it fails to innovate [11][12] Research and Development - Haode CNC has invested in R&D, with expenditures of 13.33 million yuan, 18.62 million yuan, and 21.99 million yuan from 2022 to 2024, representing 3.96%, 3.77%, and 4.81% of revenue respectively [9][11] - The company emphasizes innovation but risks falling behind competitors if it cannot keep pace with technological advancements [9][11] Ownership and Control Risks - The company is a family-owned business, with significant control held by the actual controllers, Liu Jingsheng and Wan Yan, who collectively own 77.26% of the shares [12][13] - While internal controls are in place, the concentrated ownership may lead to potential conflicts of interest affecting strategic decisions and shareholder interests [12][13]

每经记者｜陈晴 每经编辑｜张海妮 家具机械专用设备供应商广东豪德数控装备股份有限公司（以下简称豪德数控）正闯关北交所IPO（首次公开募股）。 从业绩来看，继2024年公司营收、归母净利润双双下降之后，根据预告，今年一季度公司业绩仍然没有明显起色。 事实上，当前行业的日子并不好过。作为国内行业领先的两家企业，弘亚数控（002833.SZ）、南兴股份（002757.SZ）2024年和今 年一季度归母净利润均下滑，南兴股份今年一季度归母净利润甚至大幅下滑超过四成。弘亚数控近期直言，行业本期整体业绩呈 现"营收收缩、利润承压"的特征。 2024年营收、净利润双双下滑 豪德数控是一家集研发、设计、生产和销售于一体的板式家具机械专用设备供应商，公司主营产品为裁板开料、封边、钻孔等系列 产品，以及智能工作站、自动化生产线等。 2022年—2024年，豪德数控分别实现营收3.37亿元、4.94亿元和4.58亿元。从收入规模来看，豪德数控与行业龙头存在较大差距。公 司在招股书（申报稿）中坦承，弘亚数控及南兴股份2024年专用设备的销售规模分别为公司营业收入的5.79倍和3.97倍，公司在规 模、产品、技术和服务等方面与上述龙头 ...

Group 1 - As of May 27, 2023, the Beijing Stock Exchange (BSE) has accepted 14 new listing applications this year, with 6 of them accepted in May alone, marking a monthly record for the year [1][5] - Two new "little giant" companies, Guangdong Haode CNC Equipment Co., Ltd. and Shandong Yuelong Rubber and Plastic Technology Co., Ltd., had their listing applications accepted on May 26 [3][4] Group 2 - Haode CNC, established on March 18, 2014, focuses on the research, design, production, and sales of specialized equipment for panel furniture, with projected revenues of 337 million yuan, 494 million yuan, and 458 million yuan from 2022 to 2024, respectively [3][4] - The net profit for Haode CNC for the same period is projected to be 34.98 million yuan, 72.92 million yuan, and 66.69 million yuan, with a weighted average return on equity of 23.10% in 2024, indicating strong profitability [3][4] Group 3 - Yuelong Technology, founded on March 18, 2009, specializes in flexible pipeline solutions for fluid transport, with revenues of 189 million yuan, 219 million yuan, and 262 million yuan from 2022 to 2024, respectively [4] - The net profit for Yuelong Technology during the same period is expected to be 47.92 million yuan, 60.78 million yuan, and 84.14 million yuan, with a significant revenue growth of 19.63% and net profit growth of 38.44% in 2024 [4] - The gross profit margin for Yuelong Technology is projected to rise to 59.95% in 2024, although the growth rate of accounts receivable exceeds that of revenue, which may pose cash flow management challenges [4]