A-share subscription | High-end audio brand merchant Hai Feyman (920183.BJ) opens subscription with main business gross margin of about 70%

On February 24th, Haifiman (920183.BJ) started its IPO with an issue price of 19.71 yuan per share, with a subscription limit of 473,700 shares, a PE ratio of 14.99 times, and listed on the North Exchange. Hong Kong Securities is its sponsor institution. According to the prospectus, Haifiman is one of the few domestically owned high-end audio brands with global influence, mainly engaged in the design, research and development, production, and sales of its self-owned brand "HIFIMAN" terminal audio products, including headphones, true wireless earphones, wired earphones, and playback devices. The HIFIMAN brand covers the global market through its official website, JD, Tmall, TikTok, Amazon, and more mainstream e-commerce platforms, as well as cooperates with over forty domestic and over a hundred overseas distributors to meet the offline experience needs of high-end products. During the reporting period, the proportion of overseas income to main business income was 70.30%, 66.22%, 66.44%, and 65.59% respectively, mainly sold to economically developed and mature consumption markets such as the United States, Europe, Japan, and South Korea. According to the report of the China Electronic Audio Association, in 2023, Amazon and Tmall platform sales data show that Haifiman products directly compete with global traditional HiFi high-end brands such as Sennheiser, Sony, Audio-Technica, Grado, AKG, etc., and have top 5 market share models in various price ranges of high-end HiFi headphones. This makes them one of the few domestic manufacturers with global influence in the niche market. In terms of the headphone market, according to Statista data, the global headphone market size has grown from $8.4 billion in 2013 to $58.3 billion in 2022, with a compound annual growth rate (CAGR) of 24.02%. According to Grand View Research data, the global headphone market is expected to grow from $71.5 billion in 2023 to $163.8 billion in 2030, with an expected CAGR of 12.6%. Since Apple released the first generation of Airpods in 2016, the TWS headphone industry has entered a period of rapid growth, becoming an important growth point in the global headphone market due to its stable connectivity, low latency, and wireless advantages. Financially, in 2022, 2023, and 2024, the company achieved operating income of approximately 154 million, 203 million, and 227 million RMB respectively, with net profits of approximately 36.11 million, 55.17 million, and 66.52 million RMB during the same period. During the reporting period, the company's main business gross margin remained at around 70%, reaching the level of well-known global audio brand manufacturers.