公司发布半年报 一方面，通过加速智能制造升级、深化新产品研发及数字化降本增效，持续提升产品竞争力；另一方 面，以多元化与差异化创新驱动品类拓展，开辟增量业务。其中龙头、净水机等品类，积极响应市场变 化和客户需求，竞争力显著增强；智能家居应用场景持续拓宽，带动智能产品业务占比提升，为公司释 放可持续增长新动能。 同时，公司采取了更积极的营销策略、商业模式创新和渠道深化拓展，持续提升客户服务覆盖的广度与 深度。全资子公司美国建霖充分发挥多元化平台整合优势及国际化产品与服务能力，推进与Lowe's、 The HomeDepot、Menards 等零售渠道的深化合作，推动上半年渠道收入同增45.7%。 跨境电商业务依托集团技术沉淀与家居供应链优势，加速品类拓展与渠道建设，上半年收入同比增长 82.8%。泰国、墨西哥等海外基地建设再提速，目前泰国基地已实现全品类布局，年内启动三期扩产， 墨西哥基地预计年底试产，海外运营能力显著提升，为持续增强全球市场竞争力奠定坚实基础。 调整盈利预测，维持"买入"评级 25H1 公司营收24 亿，同减2%，归母净利2.4 亿，同减8%，扣非后归母净利2 亿，同减15%。 25H1 毛利 ...

公司报告 | 半年报点评 建霖家居（603408） 证券研究报告 泰国总产能将覆盖 60%以上的北美订单 公司发布半年报 25Q2 营收 12 亿，同减 7%，归母净利 1.2 亿同减 16%，扣非后归母净 利 1 亿，同减 23%。 25H1 公司营收 24 亿，同减 2%，归母净利 2.4 亿，同减 8%，扣非后归 母净利 2 亿，同减 15%。 25H1 毛利率 26.82%，逆势增长 0.41%。海外出货溢价为盈利水平提供 支撑，但毛利率保持韧性更重要的是得益于持续不断的内部成本改善，以 及技术创新带来的产品附加值提升，例如通过智能制造体系升级，在模具 设计、复合材料研发、智能成型等环节实现降本增效。 25H1 海外市场营收 18.1 亿元，占比 75.9%。海外市场面对复杂环境， 公司在巩固既有市场同时，积极拓展欧洲及"一带一路"等新市场机会与 新渠道客户。加大海外基地建设，着力运营提效，完善业务协同布局，强 化本地化供应能力，国际化产能的先发与规模优势加速形成。 公司国内基地与海外基地协同运作 随着新项目逐步在泰国工厂落地，泰国基地现在的出货量较去年同期大幅 提升。目前公司正在加速泰国基地扩产建设 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [11] Core Insights - The home hardware industry is a high-quality sector with significant growth opportunities, characterized by high supply chain barriers and diverse application scenarios [3][8] - The market space for home hardware exceeds 1 trillion yuan, with estimated market sizes of approximately 540 billion yuan for basic hardware, 130 billion yuan for storage hardware, and 480 billion yuan for kitchen and bathroom hardware [8][26] - The leading brands in the home hardware market are relatively scarce, with Han Gao Group gradually establishing brand advantages through design and channel strategies [10][19] Summary by Sections Home Hardware: A High-Quality Sector - Home hardware serves as an intermediate product in home consumption, directly influencing the quality and class of downstream products, thus possessing both functional and consumer attributes [19][20] - The industry is characterized by a high degree of customization and a significant scale economy threshold, necessitating companies to build channel and cost advantages alongside brand recognition [19][20] Market Structure: Scarcity of Leading Brands - The global home hardware market exceeds 300 billion yuan, with leading brands being relatively scarce. Key players include Blum, HAFELE, and Han Gao Group [9][10] - Han Gao Group focuses on the domestic consumer market, while other companies like TUT and Xinghui primarily engage in export business [9] Han Gao Group: Accelerating Growth as a Leading Brand - Han Gao Group is enhancing its retail brand barriers through design capabilities, celebrity endorsements, and after-sales support [10] - The company is projected to achieve revenues of approximately 2.9 billion yuan in 2024, with a net profit of about 530 million yuan, reflecting a net profit margin of around 19% [10] - The company has experienced a compound annual growth rate (CAGR) of approximately 27% in revenue and 57% in net profit over the past five years [10] Competitive Factors in Home Hardware - Different categories of home hardware face varying competitive factors: 1. Storage hardware primarily competes on brand and channel [19][44] 2. Basic hardware focuses on channel, cost, and brand competition [19][44] 3. Kitchen and bathroom hardware competes on channel, brand, and cost, with competition from leading sanitary and appliance brands [19][44]

Core Viewpoint - The credit rating report indicates that Xiamen Songlin Technology Co., Ltd. maintains a stable credit rating of AA, reflecting its strong operational performance and solid customer base, despite facing challenges from international trade policies and rising raw material costs [3][5][14]. Company Overview - Xiamen Songlin Technology focuses on the production and sales of smart kitchen and bathroom products, as well as health and beauty products, primarily using the IDM business model [8][14]. - The company has established a stable customer base, with major clients including international brands such as Moen, TOTO, and Kohler, contributing to a significant portion of its revenue [14][15]. - As of March 2025, the company's total equity attributable to shareholders is 32.96 billion, with total debt at 3.85 billion [3]. Financial Performance - The company's revenue for 2024 is reported at 30.15 billion, with a net profit of 4.46 billion, reflecting a year-on-year increase of 14.15% in net profit [3][5]. - The operating cash flow for 2024 is 6.04 billion, indicating strong cash generation capabilities [3]. - The company’s gross profit margin is 35.37%, with a stable EBITDA interest coverage ratio of 25.55 [4][5]. Market Environment - The global bathroom products market is projected to grow from 137.14 billion in 2023 to 164.71 billion by 2029, with a compound annual growth rate (CAGR) of 3.1% [10]. - The domestic bathroom industry is experiencing a decline, with a 12% decrease in market size in 2024 due to the downturn in the real estate sector [10][11]. - The beauty and health care market in China is rapidly expanding, with the beauty device market expected to reach approximately 20 billion by 2026, growing at a CAGR of 18.83% [11][12]. Operational Challenges - The company faces challenges due to high reliance on export sales, with 75% of revenue coming from international markets, making it vulnerable to changes in international trade policies [5][14]. - Production capacity utilization has been declining, with rates dropping below 70% in recent years, and further reduced to below 60% in early 2025 due to decreased orders from downstream customers [5][17]. - Rising raw material costs are increasing pressure on cost management, particularly for plastics and metal components, which have seen significant price increases [5][14]. Future Outlook - The company is expected to maintain a stable business outlook in the short to medium term, supported by its strong liquidity and established relationships with high-quality international clients [5][14]. - The construction of a production base in Vietnam is underway to mitigate risks associated with international trade tensions and to enhance production capacity by approximately 20% [16][17]. - The company plans to continue investing in research and development, with a budget of 2.25 billion for 2024, reflecting a commitment to innovation and product development [14].