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豪德数控闯关北交所,与业内龙头企业还存在哪些差距?
Bei Ke Cai Jing· 2025-06-07 01:52
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]
2024年营收、净利润双降 家具机械专用设备供应商豪德数控闯关北交所IPO
Mei Ri Jing Ji Xin Wen· 2025-05-31 06:30
Core Viewpoint - Guangdong Haode CNC Equipment Co., Ltd. is facing challenges in its IPO process on the Beijing Stock Exchange due to declining performance in the furniture machinery industry, with both revenue and net profit expected to decrease in 2024 [1][2][5]. Financial Performance - Haode CNC's revenue and net profit have shown a downward trend, with revenues of 337 million yuan in 2022, 494 million yuan in 2023, and an expected 458 million yuan in 2024 [3]. - The company's net profit for the same years was 34.98 million yuan, 72.92 million yuan, and 66.69 million yuan, respectively, indicating a significant growth of over 100% in 2023, but a decline is anticipated in 2024 [3][5]. - The company reported a decrease in revenue and net profit for Q1 2025, with expected revenues between 106 million and 120 million yuan, reflecting a change of -9.82% to 2.10% compared to the previous year [5][6]. Industry Context - The furniture machinery industry is experiencing overall revenue contraction and profit pressure, influenced by a cautious investment sentiment among downstream furniture manufacturers due to macroeconomic fluctuations [2][9]. - Leading companies in the industry, such as Hongya CNC and Nanxing Co., have also reported declines in both revenue and net profit for 2024 and Q1 2025, with Nanxing's net profit dropping by over 40% in Q1 [2][9]. Market Position - Haode CNC acknowledges a significant gap in scale and performance compared to industry leaders, with sales volumes of Hongya CNC and Nanxing being 5.79 times and 3.97 times that of Haode CNC's revenue in 2024 [3]. - The company is focusing on increasing its competitiveness through R&D investments and expanding its presence in overseas markets, which accounted for 17.17% of its revenue in 2024 [10][11]. Future Outlook - The company anticipates continued pressure on domestic demand but sees potential for improvement in the second half of the year, contingent on stable downstream demand [9]. - Haode CNC plans to actively explore international markets, particularly in regions with high demand potential, such as countries involved in the Belt and Road Initiative [10][12].
北交所5月以来新受理企业上市申报的数量已创年内单月新高
Xin Jing Bao· 2025-05-27 11:08
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]