文|GPLP 七佰

jinnianlai，shoudichanshichangxiaxingdiejiayiqingyingxiangduidajiajuxingyezaochengdechongji，jiajuxingyezhengtizengsufanghuan，xingyefazhanjinruzhuanxingqi，jineryinfapingjingxiaoying。zaizheizhongbeijingxia，jiajuqiyeruhepojuchengweiguanjian。

youyixiejiajuqiyexuanzetongguochongjizibenshichanghuodetupo，shenzhenhaobochuangkongjishugufenyouxiangongsi（jiancheng“haobochuangkong”）jiushiqizhongzhiyi。

6yue27ri，haobochuangkongshoucigongkaifaxinggupiaobingzaizhubanshangshihuoshenjiaosuoshouli。

gongkaiziliaoxianshi，haobochuangkongshiyijiayanfaqudongxingdexitongmenchuangkongzhizhuangzhijizhengtifangantigongshang，zhuyingyewuweixitongmenchuangkongzhizhuangzhideyanfa、shengchanhexiaoshou，jixitongmenchuangzhengtijiejuefangandetigong。

juzhaogushu，haobochuangkongxiaoshouqudaofugaiquanguofanweineide5000yujiamenchuangchang，zhongyaokehubaokuomose、xinhaoxuan、paiya、fuxuan、xuannisi、yihe、feiyu、huangpai、milanzhichuang、angeer、wolun、youdundengguoneizhimingmenchuangchang。

年入8亿元  过去3年平均增速30%，好博窗控看起来很美

zhaogushuxianshi，haobochuangkongdezhuyaochanpinbaokuomenchuangkongzhizhuangzhi、zhinenghuamenchuangkongzhichanpinhestoro xitongmenchuangjiejuefanganchanpinsandalei，mubiaokehuquntiweijiazhuangmenchuangchang。

guoqujinian，suizhexitongmenchuangpinleideyijuntuqi，haobochuangkongdeyejiyechengxianchukuayueshifazhandetaishi。zhaogushuxianshi，2020-2022nian（xiacheng“baogaoqi”），haobochuangkongshixianyingyeshourufenbiewei4.59yiyuan、6.68yiyuan、8.00yiyuan，shixianguimujinglirunfenbiewei5033.73wanyuan、5617.62wanyuan、9053.25wanyuan。guoqu3nianhaobochuangkongdeyingshoupingjunzengsuwei30%，yejiwendingqiechixuzengzhang。

congpinleilaikan，menchuangkongzhizhuangzhishihaobochuangkongzhuyingyewushourudezhuyaolaiyuan。baogaoqinei，menchuangkongzhizhuangzhidexiaoshoushourufenbiewei4.25yiyuan、6.05yiyuan、7.28yiyuan，zhanzhuyingyewushourudebilijunchaoguo90%。

congquyulaikan，haobochuangkonggongshelisigexiaoshoudaqu，fenbieweihuanan、huadong、dongbeihejingwai。qizhong，huanandiqushiqizhuyaodejingneixiaoshoushichang。baogaoqigeqi，haobochuangkongzaihuanandiqushixiandexiaoshoushouruzhanbiyuewucheng，zhuyaoyuanyinxihuanandiqubaokuoguangdong、sichuan、hubeidengmenchuangchanyejiqun，xitongmenchuangpinpaijichangshangzhongduo，menchuangkongzhizhuangzhidexuqiujiaoweiwangsheng。

guoneixitongmenchuanghemenchuangwujinxingyejunjuyou“daxingye、xiaoqiye”tezheng，danxitongmenchuangyinjiazhuangshichanggerenxiaofeizhefensan、xiaofeitediandipin，gongzhuangshichangfangdichankaifashangyejuyouxiangmuzhitezheng；ermenchuangwujindexiayouweimenchuangchang，yugerenxiaofeizhexiangbijuyouchanyejiaoweijizhong、gongyehualianxudashengchandengtezheng，yinciqijingyingjizhongduxiangduijiaogao。menchuangwujinzuoweixitongmenchuangdezhongyaozixitong，zaixitongmenchuangzhengtijiazhizhongdezhanbiyuewei 10%-15%，yincizaitongdengxiaoshoushourudeqingkuangxia，menchuangwujinqiyedeshichangzhanyoulvyueweimenchuangchangde 7-10 bei。

好博窗控的B面：经营模式利弊兼有，组装生产模式拉低毛利率

congyewulaishuo，haobochuangkongdeyewuduixiangzhuyaoweimenchuangchangshang，yibanlaishuozheizhongbduanyewutongchangyizhixiaoweizhu，zheiyangnenggoubakongzhiliang，baozhengqiyedekoubei。

buguo，haobochuangkongcaiyongzhixiaohejingxiaoxiangjiehedexiaoshoumoshi，qixiaoshouqudaobaokuozhixiao、texujingxiaoshang、yibanmaoyishangdeng。qizhong，zhixiaoquyuzhuyaoweiguangdongsheng、dongbeisansheng；jingxiaomoshixia，haobochuangkonggongyou14jiatexujingxiaoshang；ciwaihaiyouyibanmaoyishangmoshijinxingxiaoshou。

zhaogushuxianshi，baogaoqineihaobochuangkongzhixiaomoshixiadexiaoshoushourufenbiewei1.75yiyuan、2.49yiyuan、2.99yiyuan，zhanzhuyingyewushourudebilifenbiewei38.26%、37.40%、37.47%；gongsijingxiaomoshixiadexiaoshoushourufenbiewei2.83yiyuan、4.18yiyuan、4.50yiyuan，zhanzhuyingyewushourudebilifenbiewei61.74%、62.60%、62.54%。

buguo，texujingyingduiyugaosukuozhangzhongdeqiyelibijianyou。youlizhichuzaiyukeyixunsuzhanlingshichangqiecunhuolianggao。danyucitongshi，jiamengyuzhiyingbiqilai，pinkongyuguanlinandugengda。

zaizhaogushuzhongkeyikandao，haobochuangkongqianwudakehujunweitexujingyingshang，baogaoqineihejiyingshouzhanbifenbiewei46.02%、45.76%、44.03%。

congzhongkeyikanchu，haobochuangkongbujinkehuguoyujizhong，duijingxiaoshangyilaiduyebijiaogao。zheijiangkaoyanqimianduichanpintongzhihuadejiejuenengliyijichanpinmaolilvdekongzhinengli。jingxiaoshangshizhulide，zhuantoujingpindeshijianzaijiajuxingyeyebingbushaojian。

haobochuangkongyezaizhaogushuzhongbiaoshi，ruogebietexujingxiaoshangweianzhaojingxiaohetongdeyuedingjinxingchanpindexiaoshouhefuwu，jianghuiduigongsideshichangxingxiangchanshengfumianyingxiang，huoduigongsichanpinxiaoshouzaochengbuliyingxiang。

ciwai，ruguogongsijijingxiaoshangdeguanlijifuwushuipingdetishengwufagenshanggongsiyewufazhandesudu，yejiangduigongsipinpaixingxianghejingyingyejizaochengbuliyingxiang。ciwai，haobochuangkonghaibiaoshi，guoneishangshigongsizhongshangwuyuqijingyingfanweiwanquanxiangtongdekebigongsi，suixuanquyuqizaiyewutedianshangyouyidingxiangsixingdetongxingyeshangshigongsijianlangwujinjinxingduibi。

zaiduibizhongfaxian，yingyongyujiazhuangyewudehaobochuangkong，maolilvyuandiyuyingyongyugongzhuangyewudejianlangwujin。zheishiyigelvexianqiguaidexianxiang。anshichangguilvlaishuo，jiazhuangyewuyinggaiyaobigongchengyewumaolilvgenggaoyixie。

ipocankaojingdiaochafaxian，chuxianzheizhongqingkuangdezhuyaoyuanyinwei，jianlangwujindeshengchanmoshiyizizhushengchanweizhu，erhaobochuangkongdeshengchanmoshiyizuzhuangweizhu。liangzhongshengchanmoshizhijian，zuzhuangshengchandecaigouchengbenmingxianyaogenggao，xianranzizhushengchandemaolilvhuigenggaoyixie。

ju《2022zhongguodingzhimenchuangxingyefazhanqushiyanjiubaogao》，2019nianmenchuangxingyeshichangguimoyue8500yiyuan，2021nianmenchuangxingyeshichangguimojiangtupo10000yiyuan。

ciwai，jumenchuangxingyexiehuishujuxianshi，guoneimeinianjianzhumenchuangxuqiulianghuodadao14yipingfangmi，qizhongjiumenchuanggenghuanxuqiudadao9yipingfangmi，xinjianzhumenchuangxuqiudadao5yipingfangmi。suizhecunliangfangshidaidedaolaihexiaofeishengjidexingqi，ercizhuangxiuxuqiu、gaishanxingzhufangxuqiujizeng，xitongmenchuangxingyeyinglaijudadefazhanjiyu。

guanyuhaobochuangkongipodehouxujinzhan，ipocankaojiangchixuguanzhu。