2021-12-23 Zhe Shang Securities Co., Ltd. Chen Tengxi conducted research on Haining Picheng and released the research report "Haining Picheng first coverage report: leather leading Industry gathering, Fashion E-commerce incremental Development", this report gives a buy rating to Haining Picheng. The current stock price is 4.75 yuan.
Haining Peicheng (002344)
Main points of investment
Leather professional market leader, industrial cluster has significant advantages
Haining leather city, as the only leather professional market in the world that provides full industry chain services, is located in Haining, Zhejiang, which is the leather capital of China. Haining and its surrounding areas gather more than 3000 leather production enterprises, which is one of the largest leather production bases in the world. The company is mainly engaged in leather professional market development, leasing and related service business, for the surrounding leather production enterprises to provide full-link industry services.
On the basis of the market scale advantage barrier, strengthen the brand establishment and develop the fashion industry.
The company has set up its chain market in many places to form a scale advantage and consolidate the industrial foundation. At the same time, superimposed development of the fashion industry, through the establishment of design bases, the development of Haining leather fashion town, the introduction of design talents, to promote industrial transformation and upgrading, and open up the road of "quality + design + brand".
Embrace the blue ocean of digital economy, turn the challenges of e-commerce into opportunities, and promote the development of online and offline integration.
The company has successfully built an e-commerce industry chain base that integrates e-commerce live broadcast, e-commerce supply, education and training, intelligent warehousing and logistics, and is committed to creating the benchmark of "new retail" and "heart retail" under "new normal" and "new consumption". Speed up the process of online and offline integration and promote its own digital transformation.
Profit forecast and valuation
From 2021 to 2023, the company is expected to achieve operating income of 15.43,18.07 and 2.035 billion yuan, an increase of 8.26%, 17.12% and 12.60% over the same period last year, and a net profit of 3.05,3.30% and 366 million yuan, an increase of 56.74%, 8.14% and 11.12% over the same period last year, corresponding to EPS of 0.24,0.26,0.29 yuan. Considering that the company actively develops the fashion industry under the superposition of internal demand and external changes, and strives to promote brand building, while the e-commerce industry chain promotes the integrated development of online and offline, e-commerce will continue to sell volume, and the current price corresponding to PE is 19.6X, 18.2X, 16.3X times, given a "buy" rating.
Risk hint: the epidemic situation is repeated and the prosperity of the leather industry is declining.
Since the epidemic, in the face of multiple challenges such as grim export situation, insufficient power of domestic demand, rising labor costs and prominent environmental constraints under the influence of the epidemic, the prosperity of the leather products industry has declined, and the efficiency of some leather clothing production enterprises has declined, putting pressure on the upward rent of the company.
The stock has been rated by two agencies in the last 90 days, including one with an overweight rating and one with a neutral rating; the average institutional target price in the past 90 days is 4.62; according to the Securities Star valuation analysis tool, Haining Picheng (002344) has a 2-star rating, a good price rating of 2. 5 stars and a comprehensive valuation rating of 2 stars. (rating range: 1-5 stars, up to 5 stars)