This Thursday (October 13) there is a main board listed company "Yunzhongma" inquiry.

Yunzhong Ma (603130): the company focuses on the research and development, production and sales of leather-based cloth, mainly sold to synthetic leather manufacturers, and finally used in shoes, bags, furniture, decorative materials and other consumer goods. From 2019 to 2021, the company achieved operating income of 1.651 billion yuan / 1.13 billion yuan / 1.71 billion yuan, YOY of 8.41%, 31.55%, 51.36%, and a compound annual growth rate of 3.95%; the net profit of 92 million yuan / 107 million yuan / 120 million yuan, YOY of 62.99%, 15.47% and 12.65%, respectively, and a compound annual growth rate of 28.47% for three years. During the latest reporting period, 2022H1 achieved an operating income of 962 million yuan, an increase of 29.21% over the same period last year, and a net profit of 62 million yuan, an increase of 11.61% over the same period last year. The company expects to make a net profit of about 89.4785 million yuan to 99.4785 million yuan from January to September in 2022, changing from-11.69% to-1.82% over the same period last year.

Investment highlights: 1. The company is a leading enterprise in the domestic knitted leather base cloth industry. The company attaches great importance to R & D and innovation, and independently develops the production technology of wet-drawn leather base cloth and weft-knitted colored silk straight drawing technology, which makes the company accumulate good technical advantages at the same time, it also further enriches the variety of subdivided products to meet the diversified needs of downstream customers. With stable product quality and rich product matrix, the company's products sell well in Zhejiang, Fujian, Anhui, Guangdong, Jiangsu and other places. The sales of knitted leather base cloth in 2019 and 2020 were 114278.88 tons and 96477.14 tons respectively, accounting for 16.68% and 15.97% of the industry's knitted leather base fabric sales. The textile industry is a traditional pillar industry in China. At present, there are more than 18000 enterprises engaged in related textile industry in China, and the competition pattern is relatively scattered; as a small number of domestic leather cloth manufacturers with large production scale, in the future, it is expected to continue to benefit from the expanding downstream market scale and the trend of industry centralization caused by operating pressure. 2. The company has built a new high-performance leather-based fabric weaving production line, which extends to the upper reaches of the industrial chain, which is conducive to the quality stability and profitability of the company's leather-based cloth products. The company plans to raise 450 million yuan to build a "construction project with an annual output of 50000 tons of high-performance leather-based grey cloth weaving production line" to extend the main business upstream grey fabric weaving link. Reducing the purchasing cost of raw materials through self-produced grey cloth is expected to be beneficial to the profit level of the company's leather-based cloth products; at the same time, the realization of independent control from the source of grey cloth can effectively promote the stability of the supply chain of leather-based cloth products and the reliability of product quality. From the perspective of R & D, the development model of the linkage between the upstream and downstream industrial chains of the company deeply covers the grey fabric weaving stage, which is conducive to accelerating the speed of new product research and development, quickly responding to customer requirements and meeting market demand. From 2019 to 2021, the company purchased 119631.90 tons of grey cloth, 99446.02 tons and 129381.89 tons of grey cloth, respectively. The 50000 tons of grey cloth produced by the investment project accounted for 43.05% of the company's average purchasing quantity in the past three years. It is expected that the new production capacity will be fully internally digested, driving the company's performance expectations to improve. By the end of June 2022, the new grey cloth project has been built ahead of schedule, with an investment of about 70 million yuan.

Comparison with listed companies in the same industry: at present, there are no listed companies in domestic A-share listed companies that are completely comparable to the company's main business; considering the similarity of main business and technological process, Fengzhu Textile and Hongda Hi-Tech, both in the textile industry, are selected as comparable listed companies in Yunzhong Horse. According to the above comparable companies, the average income of the industry in 2021 is 951 million yuan, the PE-TTM is 38.31X, and the gross profit margin of sales is 20.11%. The revenue scale of the company is in the high range of the industry, while the gross profit margin of sales is lower than the average of the industry.

Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data selection may have interpretation deviation, specific listed company risk is displayed in the text content, and so on.