Haode CNC's IPO on the Beijing Stock Exchange: A furniture machinery equipment supplier with revenue growth outpacing end-users like Jiangshan Oupai.

Text | Gaohui, Wabeiwang

The listing application of Guangdong Haode CNC Equipment Co., Ltd. (hereinafter referred to as "Haode CNC"; Code: 874530) was recently accepted by the Beijing Stock Exchange. The sponsoring securities firm is Ping An Securities.

Haode CNC is a supplier of panel furniture machinery and equipment. In 2024, its revenue was 458 million yuan, and its net profit was 66.69 million yuan. About 90% of its revenue in that year came from dealers, and its largest customer was Hebei Huatuo Trading Co., Ltd.

In terms of growth, the company's revenue increased by 47% in 2023 and decreased by 7% in 2024. However, the company's revenue growth rate outperformed that of its end - users, showing a remarkable performance. According to the prospectus, Haode CNC's end - users include well - known enterprises such as Goldhome (603180) and Jiangshan Oupai (603208). Data shows that Jiangshan Oupai's revenue growth rate was 16% in 2023 and decreased by 20% in 2024; Goldhome's revenue increased by 2.59% in 2023.

In terms of control rights, the actual controllers of the company are the couple Liu Jingsheng and Wan Yan. Liu Jingsheng serves as the chairman and general manager, holding 45.89% of the shares, and Wan Yan serves as a director and deputy general manager, holding 31.37% of the shares. The couple together hold 77.26% of the shares. In addition, Liu Jingxi, Liu Jingsheng's younger brother, serves as the manager of the technical department in the company, holding 3.92% of the shares.

Furniture machinery equipment supplier, distribution revenue accounted for 90% last year

Haode CNC is a supplier of special equipment for panel furniture machinery. Its main products include series products such as panel cutting, edge banding, and drilling, as well as intelligent workstations and automated production lines. These products are widely used in the production and manufacturing of panel furniture, modular cabinets, and wooden doors, as well as the processing of artificial boards used in architectural decoration and exhibition displays.

The company's revenue mainly comes from the distribution model. From 2022 to 2024, the proportion of sales revenue obtained through the dealer channel in the company's main business revenue was 82.49%, 92.07%, and 89.51% respectively.

In 2024, the company's top five customers were Hebei Huatuo Trading Co., Ltd., Hangzhou Jialan Electromechanical Equipment Co., Ltd., NEO WOODWORKING MACHINERY SDN BHD, Henan Yinuode Machinery Co., Ltd., and Hangzhou Yangyang CNC Equipment Co., Ltd., with a total sales ratio of 21.01%.

From the perspective of the terminal application of the equipment, Haode CNC disclosed in the prospectus that the company has established stable and good cooperative relationships with major large - scale enterprises in the downstream industry, such as Goldhome, TATA Wooden Doors, Vifa Home, Jiangshan Oupai, and Liming International, which are well - known production enterprises in the panel furniture manufacturing industry.

Revenue growth rate outperformed end - users such as Jiangshan Oupai

In terms of performance, from 2022 to 2024, Haode CNC's revenue was 337 million yuan, 494 million yuan, and 458 million yuan respectively; its net profit attributable to the parent company was 34.98 million yuan, 72.92 million yuan, and 66.69 million yuan respectively; and its gross profit margins were 23.31%, 25.92%, and 25.84% respectively.

In terms of growth, although the company's revenue and net profit declined in 2024, its revenue growth rate in the past two years still outperformed end - users such as Jiangshan Oupai.

Data shows that Haode CNC's revenue increased by 46.75% in 2023. The revenue growth rate of its end - customer Jiangshan Oupai was 16.49% in 2023, and that of Goldhome was 2.59% in 2023. Haode CNC's revenue decreased by 7.37% in 2024, while Jiangshan Oupai's revenue decreased by 19.73% during the same period.

Compared with comparable A - share companies in the same industry, Haode CNC also has good growth. The revenue growth rates of comparable companies Hongya CNC and Nanxing Co., Ltd. in 2023 were 26.09% and 22.58% respectively. Haode CNC's growth rate was more than 20 percentage points higher than those of the two companies. In 2024, Haode CNC's performance declined, performing better than Nanxing Co., Ltd. but worse than Hongya CNC.

In terms of scale comparison, Haode CNC's revenue in 2024 was 458 million yuan, while that of Hongya CNC and Nanxing Co., Ltd. was 2.694 billion yuan and 3.332 billion yuan respectively.

(Note: The performance data is from Wind)

Drafted 5 standards, R & D personnel account for 14%

In terms of R & D investment and achievements, from 2022 to 2024, Haode CNC's R & D expenses were 13.33 million yuan, 18.62 million yuan, and 22 million yuan respectively, accounting for 3.96%, 3.77%, and 4.81% of the current operating revenue respectively. As of the end of the reporting period, the company had obtained 162 authorized patents, including 39 invention patents, 118 utility model patents, and 5 design patents.

As the main drafting unit, the company has undertaken the drafting work of national, industrial, or group standards such as "Laser Edge Banding Machine", "CNC Woodworking Panel Saw", "CNC Woodworking Five - Side Multi - Axis Drilling Machine", "Sawing Machine with Moving Workbench", and "Chain - Feeding Edge Banding Machine".

In terms of the R & D team, according to the prospectus, Haode CNC has a relatively high technical starting point, attaches great importance to cultivating and introducing high - quality professional talents at home and abroad, and has a high - quality technical R & D team. As of the end of 2024, the company had a total of 70 R & D personnel, accounting for 14.31% of the total number of employees. Among the R & D personnel, 17 have a bachelor's degree, accounting for 24%; 49 have an associate degree, accounting for 70%; and 4 have an education level below associate degree, accounting for 5.71%.

The company is a national high - tech enterprise, a national specialized and sophisticated "little giant" enterprise, an enterprise for the research, development, and promotion of the first (set) major technical equipment in the development of advanced manufacturing in Guangdong Province in 2024, and an enterprise with a "Champion Product in Guangdong Province's Manufacturing Industry".

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This article is from the WeChat public account "Wabeiwang" (ID: wabeiwang). Author: Making information disclosure more timely. Republished by 36Kr with authorization.