Weixing (002003) issued an announcement on November 2, 2021: Yu Xuhui of Changjiang Securities, Lei Yu of Changjiang Securities, Ma Rong of Changjiang Securities, Zhang Lei of Sino-Thai Capital Management, Liu Changchang of Hua'an Fund, Yao Yongxuan of Minghe Investment, Guangdong Ruipu Investment Chen Zhitao, Wealth Securities Yang Fu, he Chen of Fortune Securities, Zhongda Junyue Wang Yizhuo, HaiFortong Fund Zhao Bingsha, Industrial Securities Chen Wen, Industrial Securities Liao Chenxuan, ICBC Credit Suisse Fund you Jingfeng, Hong Kong Li Investment Zhang Lijuan, Changjiang Endowment Insurance Zeng Zhi, CICC Asset Manager Fan Haitao, CICC Asset Management Zhang Minqi, Caitong Securities Asset Management Zhang Ruogu, Jiutai Fund Feng Tao, Beijing Zhongcai Longma Capital Jia Lushan, Zhejiang Shang Securities Jiang Shouquan investigated our company on November 1, 2021.
The main contents of this survey are as follows:Q: the company achieved good results in the third quarter. What are the expectations for the fourth quarter and next year?
A: the company's achievements this year are mainly due to the achievements made in the past five or six years in promoting intelligent manufacturing, globalization strategy, and the improvement of manufacturing level. By constantly strengthening the contact and communication with brand customers, the company has gradually gained more understanding and recognition from brand operators. In the future, the company will always adhere to the sustainable development strategy and carry out layout in many aspects. with the continuous improvement of comprehensive competitiveness and industry status, it is believed that it will be recognized by more customers.
Q: what are the main achievements of the company's intelligent manufacturing?
A: taking the zipper as an example, the production process of the zipper is more and more personnel-intensive, but with the continuous promotion of the intelligent manufacturing strategy, the on-site manufacturing level and production efficiency are constantly improving, and the number of workers continues to decline. the quality and stability of the products have also been improved to a certain extent. In the future, in addition to the continuous transformation in the zipper production process, it will also gradually cover the production of buttons and other products. In addition, the gradual embodiment of the strategic results of intelligent manufacturing has also greatly enhanced the confidence of the management layer and optimistic about the future.
Q: how does the company view the big gap between the objectives of the equity incentive scheme and the performance achieved in the third quarter?
A: the company has always maintained a prudent and optimistic attitude towards the future, but the clothing accessories industry has always belonged to the consumer goods industry and cannot maintain the trend of rapid growth all the time; coupled with the superposition of equity incentive fees for the fourth phase and the fifth phase, the short-term will have a certain impact on the performance of the company.
Q: the company has more zippers for jackets. What are the plans for trouser chain products in the future?
Answer: the company starts with buttons, pays attention to fashion, and has formed the R & D concept of satisfying both functionality and fashion for a long time. The trouser chain is relatively functional and is a market area that the company has seldom set foot in before. Benefiting from the achievements of intelligent manufacturing, the company's on-site manufacturing level has been significantly improved. At present, it is vigorously promoting the layout and development of zipper applications such as trouser chains, and good results have been achieved.
Q: can the company achieve the goal of the new phase of equity incentive?
A: at present, we have achieved initial results in promoting globalization, intelligent manufacturing and the improvement of manufacturing level, and have achieved good economic benefits; in the future, this work will continue to be promoted and implemented. It is believed that with the landing of the relevant strategic planning, the company's comprehensive strength will be further enhanced.
Q: what are the company's goals in the next five to ten years?
A: through five to ten years of efforts, the company hopes to become a "world-renowned professional supplier of clothing accessories". On the one hand, it will deepen the existing business of zippers, buttons and metal products, optimize customer structure and broaden application fields. and through the integration of industrial resources and product core competitiveness to promote the sustainable development of existing business. On the other hand, relying on the company's existing sales channels and customer resources and other advantages, expand plastic, ribbon and other accessories business, to create a comprehensive clothing accessories professional supply platform to meet the comprehensive needs of downstream customers for clothing accessories products procurement.
Weixing main business: production and sales of resin buttons, natural buttons (wooden buttons, real shell buttons, fruit buttons, horn buttons), laser carved buttons, injection molding buttons, metal buttons, ABS electroplated buttons and other clothing accessories such as buttons and zippers.
According to the third quarterly report of Weixing shares in 2021, the company's main income was 2.371 billion yuan, up 30.54% from the same period last year; the net profit was 399 million yuan, up 15.55% from the same period last year; and deducting 388 million yuan from non-net profit, up 79.3% from the same period last year. Among them, in the third quarter of 2021, the company's main income in a single quarter was 888 million yuan, up 29.13% from the same period last year; and the net profit in a single quarter was 163 million yuan, up 65.4% from the same period last year. The non-net profit in a single quarter was 156 million yuan, up 64.32% from the same period last year; the debt ratio was 31.99%, the investment income was 10.2772 million yuan, the financial expenses were 8.5161 million yuan, and the gross profit margin was 40.54%.
The stock has been rated by five agencies in the last 90 days, including four buy ratings and one overweight rating; the average institutional target price in the past 90 days is 11.43; according to the Securities Star valuation analysis tool, Weixing shares (002003) has a good company rating of 3 stars, a good price rating of 3 stars, and a comprehensive valuation rating of 3 stars.