The report leads to the successful transformation of Haining Picheng from a single wholesale and retail model to the only leather professional market in the world that provides full industry chain services. After the company firmly establishes its brand and develops the fashion industry, and superimposed live e-commerce to promote online and offline integration, it is expected to usher in new growth.
Main points of investment
Leather professional market leader and industrial cluster advantage Haining leather city, as the only leather professional market in the world that provides full industry chain services, is located in Haining, Zhejiang province, 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, we should strengthen the establishment of the brand and develop the fashion industry company to establish its chain market in many places to form the 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 the digital economy, turn e-commerce challenges into opportunities, and promote online and offline integrated development companies to successfully build an e-commerce industry chain base that integrates e-commerce live broadcast, e-commerce supply, education and training, intelligent warehousing and logistics and other supporting services. committed to creating a "new normal", "new consumption" under the "new retail" and "heart retail" benchmark, speed up the process of online and offline integration, and promote their own digital transformation.
Profit forecast and valuation estimate that the company will achieve operating income of 15.43,18.07 and 2.035 billion yuan from 2021 to 2023, 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 respectively, an increase of 56.74%, 8.14% and 11.12% over the same period last year, and the corresponding EPS is 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: since the epidemic situation is repeated and the prosperity of the leather industry is declining, facing 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 and clothing production enterprises has declined, which brings pressure on the upward rent of the company.
