悍高集團：品類多點開花

悍高集團:

品類多點開花

26H1 results: net profit climbed 10% yoy as Higold’s diverse portfolio delivered growth in major categories

投資要點 Investment Thesis

公司發佈26年中報

26Q2公司實現收入9.7億元，同比+18.2%；歸母淨利潤1.6億元，同比+9.3%；扣非歸母淨利潤1.6億元，同比+7.6%。

26H1公司實現收入16.8億元，同比+15.7%；歸母淨利潤2.9億元，同比+10.1%；扣非歸母淨利潤2.8億元，同比+6.8%。

面對複雜多變的外部環境，公司始終聚焦家居五金核心主業，各業務板塊競爭力穩步增強，為公司實現可持續發展與持續價值提升奠定堅實基礎。

26H1公司毛利率35.8%，同比-1.5pct，歸母淨利率17.4%，同比-0.9pct；成本端，上半年鋁型材、不銹鋼等原材料價格上漲，導致收納五金、廚衛五金板塊毛利率承壓；費用端，上半年公司銷售費用同比增幅較高，主要系為下半年新品放量、陀飛輪高端品牌市場推廣做前置佈局，加大了廣告展銷費用及銷售人員投入，上述投入均系中長期市場佈局的必要鋪墊。

據公司展望，下半年公司高端新品集中放量將帶來規模效應，攤薄固定生產成本；上游原材料漲價行情放緩，毛利率有望得到提升。此外，隨著產品結構升級、產能釋放及精細化成本管控，公司淨利率將穩步回升，業績增長韌性將進一步凸顯。

品類多點開花，基礎五金盈利保持穩定

26H1收納五金收入4.63億元，同比+11.5%，毛利率36.2%，同比-1.8pct；收納五金是公司業績增長的穩定基石，公司持續推動收納五金業務轉型，從單一產品提供商升級為“全屋收納解決方案”專家，深度契合消費者對家居空間的多元需求。此外，為引領行業價值升級，搶佔高端市場，公司上半年正式發佈“Tourbillon·陀飛輪”國際高奢品牌，已在全球多個核心市場與國內重點區域逐步推進渠道佈局與產品上樣。

26H1基礎五金收入7.56億元，同比+16.0%，毛利率40.0%，同比-0.1pct；基礎五金是公司業績增長的核心引擎，公司聚焦核心品類，加速推進國產替代進程，鞏固市場龍頭地位，夯實規模與製造壁壘，綜合競爭優勢持續推動公司在經銷商渠道及頭部家居企業直銷客戶中的市場份額穩步提升。

26H1廚衛五金收入2.21億元，同比+19.1%，毛利率28.1%，同比-5.5pct；廚衛是公司戰略聚焦的核心品類，公司積極從單一廚衛五金產品供應商，向廚衛空間一站式解決方案提供商升級，圍繞整體廚房與衛浴空間開展深度研發與設計集成，持續提升場景化服務能力。2026H1公司持續開拓廚衛五金線下經銷商與分銷門店，市場滲透率顯著提升。

此外，為完善全屋智慧家居生態、培育長期增長動能，公司積極孵化並拓展智慧五金、集成衛浴、櫃類照明等新品類，持續拓寬業務邊界，培育未來增長新曲線。

伴隨獨角獸智造基地產能釋放，規模效應有望提升

26年公司六角大樓生產基地產能已接近飽和，通過合理調整設備佈局、優化擺放方案，可進一步挖掘現有生產線產能潛力，滿足短期生產需求。公司預計截至26年底，獨角獸智造基地將完成建設並實現投產，該基地產能可支撐公司每年實現20-30億元產值，為公司產能提升提供堅實支撐。

With a sound showing across the key hardware categories—storage, basic, and kitchen and bathroom—H1 delivered strong total revenue and earnings growth. In H2E, the company reckons premium releases will add scale economies and lower fixed production costs. We maintain our BUY call.

The gist: BUY

- 26H1 results: stable core business led to 10% yoy growth in total net profit

- Diverse product portfolio with basic hardware as the key profit growth driver

- Hexagon and Unicorn bases: manufacturing ramp-up adds to scale economies

26H1 results: stable core business led to 10% yoy growth in total net profit

Key metrics: Higold released 26H1 results early this week showing both revenue and profit uptrends despite a volatile global market:

- Revenue: RMB1.68bn in H1, up 15.7% yoy; with Q2 contributing RMB970m, up 18.2% yoy.

- Net profit: RMB290m in H1, up 10.1% yoy; with RMB160m from Q2, up 9.3% yoy.

- Recurring net profit: RMB280m in H1, up 6.8% yoy; including RMB160m from Q2, up 7.6% yoy.

- Comment: The company navigated a complex and volatile global market in H1 by focusing on its core business of home hardware. It strengthened competitiveness in each product segment to maintain its foundational strength and boosted business value toward sustainable growth.

Profitability:

- Key metrics: Gross margin fell 1.5ppt yoy to 35.8% in 26H1, and net margin narrowed 0.9ppt yoy to 17.4%.

- Costs: Prices of raw materials such as aluminum profiles and stainless steel rose in H1, putting pressure on gross margins in the storage as well as kitchen and bathroom hardware categories.

- Expenses: Sales expenses increased yoy in H1, mainly due to advance planning for new product launches and promotions for the H2 launch of Tourbillon, the company’s premium brand. These included heavier advertising and sales expenses, as well as sales personnel investments, which were part of the required preparations for the company’s medium to long-term market buildout.

26H2E outlook:

- Scale economies: Higold reckons its concentrated spate of premium releases in H2E will add to scale economies and lower fixed production costs.

- Materials cost improvement: The price hike in upstream raw materials has eased and the company expects gross margin will improve.

- Net margin recovery: The company also expects a net margin recovery in H2E, with a more premium product mix on top of incremental capacity releases and improved cost control, which would add profit growth elasticity.

Diverse product portfolio with basic hardware as the key profit growth driver

Storage hardware: Segmental revenue was RMB463m in 26H1, up 11.5% yoy, with gross margin at 36.2%, narrowing 1.8ppt yoy.

- Stable business: Storage hardware represents Higold’s stable profit growth category. It is pushing to revamp the profile from selling single products to providing expertise in whole-home storage solutions, thus fulfilling the diverse needs of consumers in their home spaces.

- Premium Tourbillon brand: To lead the industry trend of value upgrades and tap the high-end segment, Higold launched Tourbillon—its luxury brand for the global market—in H1. It has been building up the channel and carrying out product sampling in many key markets in China and around the world.

Basic hardware: Segmental revenue came to RMB756m in H1, up 16.0% yoy, with gross margin at 40.0%, dipping 0.1ppt yoy.

- Growth driver: Basic hardware represents Higold’s key profit growth driver.

- Strategic focus: These key products help to accelerate the Chinese substitution trend and consolidate the company’s market leadership, while boosting its scale and manufacturing competitiveness. Higold’s extensive coverage drives its gradual market share expansion in the dealer channel, as well as direct-sales customers of leading home furnishing companies.

Kitchen and bathroom hardware: Segmental revenue was RMB221m in H1, up 19.1% yoy, with gross margin at 28.1%, down 5.5ppt yoy.

- Strategic category: Kitchen and bathroom products represent Higold’s key strategic product category. Here, it is also revamping its profile from selling single products to providing one-stop solutions for kitchen and bathroom spaces. To this end, the integration of R&D and design serves holistic looks for kitchen and bathroom spaces, driving scenario upgrades with its service capabilities.

- Offline channel: Higold expanded its offline dealer and distribution stores for kitchen and bathroom hardware, which greatly widened its market penetration.

Other hardware: To expand its smart whole-home ecosystem toward long-term growth, the company is incubating new product categories. They include smart hardware, integrated bathroom fixtures, and cabinet lighting, which widen Higold’s business scope and add potential new growth drivers.

Hexagon and Unicorn bases: manufacturing ramp-up adds to scale   economies

- Hexagon facility: Higold’s ramp-up at the Hexagon Building manufacturing facility is approaching full capacity this year. By rationally adjusting its equipment network and optimizing placement plans, it could maximize the potential of existing production lines to fulfill short-term production demand.

- Unicorn smart facility: The company expects to complete the construction of its Unicorn Intelligent Manufacturing Base by the end of 2026 and commence production. Its capacity could add RMB2–3bn in annual output, strongly boosting total production capacity.

投資建議 Investment Ideas

調整盈利預測，維持“買入”評級

根據公司半年報情況，考慮原材料成本波動影響，我們調整盈利預測，預計26-28年歸母淨利潤分別為8.2/10.0/12.1億元（前值8.9/11.1/13.7億元）。

Valuation and risks

We lowered our forecast to reflect H1E results and the impact of raw material cost fluctuation. We currently project net profit of RMB820m/1.00bn/1.21bn for 2026/27/28E (previously RMB890m/1.11bn/1.37bn). We maintain our BUY rating.

風險提示

行業競爭加劇，品類拓展進度較慢，產能釋放節奏滯後等。

Risks include

intensifying competition; slow category expansion progress; and production capacity release lagging behind schedule.

聯繫方式 Contacts             research@tfisec.com

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