Leading enterprises in the field of labor protection
The company is committed to providing customers with a full range of hand labor protection solutions. Over the years, the company has adhered to the development strategy of "actively developing new products, optimizing product structure and improving product added value". Through the in-depth development, application and long-term accumulation of seamless knitting glove technology and dipping technology, gradually have independent R & D and design capabilities and fast and efficient large-scale production capacity.
Industrial supporting advantages cooperate with labor cost advantages to improve the company's supply and industrial chain. Shaoxing, where the company is located, and its surrounding areas have formed a complete and secure supply and industrial chain, including the procurement of various raw and auxiliary materials such as nylon, polyester, HPPE filament, cotton yarn and rubber band for the production of gloves, to the supply of natural latex and all kinds of synthetic rubber and latex for dipping production, as well as the cooperation of handcore and dipping production to ensure the competitiveness of the company's production capacity.
The company has a relatively complete and complete seamless knitted gloves and deep processing gloves production advantages. The company has seamless glove knitting machines with stitches of 7G, 10G, 13G, 15G and 18G, PVC point molding machine and natural rubber latex dip coating, PU dip coating production lines, etc., which can combine to provide customers with gloves with different number of stitches, different coatings and different sewing styles, which can meet the one-stop purchasing needs of customers.
Outstanding R & D capabilities, a number of patents cast strong strength. The company focuses on the independent research of production technology and technology of functional labor protection gloves, and has strong R & D capability. In 2015, the company funded the establishment of Zhejiang Kanglongda Glove Research Institute, which is specially responsible for the research and development of various special hand protection products, new materials, new production processes and methods, product protection performance testing means and performance testing, as well as the design of hand protection schemes for users in different industries.
By 2017, the company has been authorized by the State intellectual property Office for a total of 8 invention patents and 36 utility model patents. With nitrile ultra-fine foam material stability control, natural latex beads (strips), natural latex dipping gloves glacial acetic acid residual odor complete removal, smearing high water-resistant treatment process and other proprietary technologies.
Cover for the first time, giving a "buy" rating.
We expect the company's revenue for 20-22 years to be 1.048 billion, 1.244 billion and 1.477 billion respectively. Among them, the revenue of functional gloves is 892 million, 1.07 billion and 1.285 billion respectively, that of non-functional gloves is 106 million, 113 million and 123 million, and that of other main businesses is 0.5 billion, 0.6 billion and 0.7 billion respectively. We estimate that the 2020-22 return net profit is 124 million yuan, 190 million yuan and 214 million yuan respectively, and the corresponding EPS is 0.80,1.22,1.38 yuan respectively. The corresponding Pram E was 33.63,21.92 and 19.46 times, respectively. We use the relative valuation method for analysis, after comparison and analysis, we give the company 25 times Pmax E in 2021, the corresponding target price is 30.5, and the corresponding target market capitalization is 4.744 billion yuan.
Risk hints: macroeconomic risk, exchange rate fluctuation risk, raw material price fluctuation risk, international trade risk, political and policy risk, etc.