纺织服装——Lululemon:FY22Q1中国区两位数增长顺利开局,显著发力中国市场

（以下内容从天风证券《纺织服装——Lululemon:FY22Q1中国区两位数增长顺利开局,显著发力中国市场》研报附件原文摘录）
　　China Textiles and Apparel Lululemon：FY22Q1中国区两位数增长顺利开局，显著发力中国市场 Lululemon case study with a China focus: FY22E is off to a good start with double-digit growth in Q1 投资要点/Investment Thesis 投资要点/Investment Thesis Lululemon FY22Q1营收16.13亿美元同增31.55%，男装发力同增36.71% 6月2日，全球运动健身服饰龙头Lululemon公布FY22Q1业绩，FY22Q1（2022/1/30-2022/5/1）营收16.13亿美元，约合106.62亿人民币，同增31.55%（剔除汇率，下同），主要系各渠道销售额的增加。 Lululemon’s FY22Q1 revenue up 31.55% yoy; men’s apparel rose 36.71% Global sports and fitness apparel leader Lululemon announced FY22Q1 results (30 Jan to 1 May 2022) on 2 June 2022: revenue in the quarter amounted to USD1.61bn (about RMB10.66bn), up 31.55% yoy (excluding FX impact, which also applies below), mainly due to increases in multi-channel sales. 分品类看，FY22Q1女装营收10.74亿美元，占总66.56%，同增26.4%；男装营收3.75亿美元，占总23.24%，同增36.71%；其他品类营收1.65亿美元，占总10.2%，同增60.51%。 Apparel categories: FY22Q1 women’s apparel revenue was USD1.07bn, accounting for 66.56% of the total, up 26.4% yoy; men’s apparel revenue was USD375m at 23.24% of the total, up 36.71% yoy; while revenue from other categories came to USD165m at 10.2% of the total, up 60.51% yoy. 分渠道看，FY22Q1线下直营门店营收7.32亿美元，约合48.35亿人民币，占总45.3%，同增36.3%，主要系可比店铺销售额同比增长24%；电商DTC营收7.21亿美元，约合47.66亿人民币，占总44.7%，同增32.3%，主要系客流量增加及每笔交易的美元价值增加，且部分被兑换比率减少所抵销；其他销售渠道营收1.61亿美元，约合10.61亿人民币，占总10%，同增10.9%，主要系零售店销售、许可和供应安排收入以及批发账户销售的增加。 Sales channels: FY22Q1 revenue from company-operated physical stores amounted to USD732m (about RMB4.84bn), accounting for 45.3% of the total, up 36.3% yoy, mainly due to a 24% yoy increase in comparable store sales; direct-to-consumer e-commerce revenue was USD721m (about RMB4.77bn), accounting for 44.7% of the total, up 32.3% yoy, mainly due to increases in passenger traffic and in dollar value per transaction, which partially offset the exchange rate loss; revenue from other sales channels came to USD161m (about RMB1.06bn), accounting for 10% of the total, up 10.9% yoy, mainly due to retail store sales increases, and licensing and supply arrangements revenue, as well as wholesale account sales. 分地区看，FY22Q1美国营收10.98亿美元，占总68.07%，同增29.27%；加拿大营收2.45亿美元，占总15.18%，同增46.04%；其他国际地区营收2.7亿美元，占总16.75%，同增29.2%。 Geography: FY22Q1 revenue from the US came to USD1.1bn, 68.07% of the total and up 29.27% yoy; Canada generated USD245m, 15.18% of the total, up 46.04% yoy; while revenue from other international regions came to USD270m, 16.75% of the total, up 29.2% yoy. 即使FY22Q1中国地区受疫情干扰短期闭店，但销售额仍实现上两位数增长；目前北京门店已重新开业、上海限制逐渐放松，看好Q2增长。 Although FY22Q1 included the temporary closure of stores due to the pandemic in China, the company managed to achieve double-digit growth. Its Beijing stores have since reopened and restrictions in Shanghai are easing gradually, so we are optimistic about Q2 growth. 公司FY22Q1毛利率53.9%，同减3.2pct，主要系1）全球供应链中断导致空运成本上升，产品利润率下降；2）与配送中心和产品部门相关的成本增加；3）汇率的不利影响。 FY22Q1 gross profit margin was 53.9%, down 3.2ppt yoy This was mainly due to: 1) an increase in air freight costs due to global supply chain disruptions and a decline in product profit margins; 2) an increase in costs related to distribution centers and product departments; and 3) an adverse exchange rate impact. 经营利润率16.1%，同增0.3pct；净利润1.9亿美元，约合12.56亿人民币，同增31.07%，主要系毛利润增加，收购相关费用减少，部分被销售及管理费用增加、所得税费用增加以及其他收入减少部分抵消，净利率11.8%。 Operating profit margin was 16.1%, up 0.3ppt; net profit was USD190m (about RMB1.23bn), up 31.07%; higher gross profit and lower acquisition-related expenses were partially offset by higher selling and administrative expenses, higher income tax expense and lower other income; the net margin came to 11.8%. 公司持续拓展市场，FY22Q1直营门店数净增56家，其中亚太、北美、欧洲地区分别新增38、12、6家，截至2022年5月1日，公司共拥有直营门店579家。公司看好中国市场持续发力，计划FY22新增40家国际门店且其中大多数位于中国大陆。 The company continues to expand its market. FY22Q1 had a net increase of 56 directly managed stores, including 38, 12 and 6 in Asia Pacific, North America and Europe respectively; as of 1 May 2022, the company has 579 directly managed stores in total. It is optimistic that the China market will remain strong and plans to add 40 global stores in FY22E, mostly in Chinese mainland. 上调全年指引，预计FY22全年营收76.1~77.1亿美元 公司预计FY22Q2营收17.5~17.75亿美元，约合115.64~ 117.30亿人民币，三年复合增长率约26%；摊薄EPS为1.89~ 1.94美元/股，约合12.49~ 12.82元人民币/股。 公司预计FY22营收76.1~77.1亿美元，约合502.88~509.49亿人民币，三年复合增长率24%~25%；摊薄EPS为9.42~9.57美元/股，约合62.25~63.24元人民币/股，约合净利80亿人民币~81亿人民币，截至2022年6月5日公司市值对应约36.1XPE。 FY22E guidance raised to USD7.61bn-7.71bn revenue FY22Q2E: Lululemon guides Q2 revenue of USD1.75bn-1.78bn (about RMB11.56bn-11.73bn), with a three-year CAGR of about 26%; diluted EPS would be USD1.89-1.94 (about RMB12.49-12.82). It expects FY22E revenue of USD7.61bn-7.71bn (about RMB50.29bn-50.95bn), with a 3-year CAGR of 24-25%; diluted EPS would be USD9.42-9.57 (about RMB62.25-63.24); net profit would be about RMB8bn-8.1bn. The company’s market value as of 5 June 2022 corresponds to a PE of about 36.1x. 台华新材子公司嘉华尼龙系lululemon供应商，其尼龙66性能更强赋能内衣产品 嘉华尼龙主打尼龙66、再生环保尼龙、免染彩锦纱、超柔棉感等差异化功能性尼龙纱线，广泛适用于运动、户外、瑜伽、内衣等领域。 We suggest investors look at Zhejiang Taihua New Materials (603055 CH, BUY): subsidiary Prutex Nylon is a Lululemon supplier that makes nylon 66 products Prutex’s nylon 66 product is differentiated from other types of functional nylon yarn in being recycled and thus environmentally friendly, non-dyed colored brocade, a super soft cotton feel according to the company. It is widely used to make sports, outdoor, yoga, underwear and other types of apparel. 尼龙66较尼龙6在熔点、化学与物理性能方面更优：1）更高强；2）超耐磨，尼龙纤维是已知化纤中耐磨性最好的，且尼龙66是尼龙6的1.5倍以上；3）超耐寒，零下30℃尼龙66手感仍与室温相同；4）更舒适；5）染色饱满鲜艳，尼龙66在艳色系着色的饱满度和鲜艳度明显优于尼龙6；6）高温耐老化，尼龙66耐老化系列可在140℃高温下持续500h，强度仍保持80%以上。 Nylon 66 properties: it performs better than nylon 6 on melting point and other chemical and physical properties: 1) it is stronger; 2) it has higher wear-resistance (nylon fiber has the best-known chemical fiber wear resistance), with nylon 66 outperforming nylon 6 more than 1.5x; 3) it is able to withstand extremely low temperatures and at -30oC it feels the same as at room temperature; 4) it is more comfortable; 5) it takes deeper and richer colors; and 6) ultra-heat-resistant wear: nylon 66 products are able to last 500 hours at 140oC while maintaining its strength at over 80%. 尼龙66强功能性更适用于内衣、运动服等领域。1）拉伸回复力与布面稳定性，尼龙66较尼龙6玻璃化温度更好，因而提高更好拉伸回复力，同时尼龙66具有记忆性能，提升成衣水洗后外观与尺寸稳定性；2）收缩率，尼龙66收缩率更小，可节约5%~7%的生产成本；3）机械强度、韧性、抗磨损性，尼龙66机械强度与韧性高于尼龙6产品15%，耐磨性也更高，更适用于运动类领域；4）水洗色牢度、耐汗渍、抗沾色，更适合需要多次洗涤的内衣、运动服等，不会移色；5）耐晒性，产品寿命更高；6）热稳定性，尼龙66对金属定型板温度适应性更强，因而更适用于胸罩的模杯定型。 Nylon 66 applications: its high functionality is suitable for underwear, sportswear and other applications. 1) Tensility and stability: its higher glass-transition temperature over nylon 6 lends better tensile strength and its higher memory gives a nylon 66 garment a better appearance and dimensional retention after washing. 2) Shrinkage: its lower shrinkage rate translates into 5-7% savings in production costs. 3) Mechanical strength and abrasion resistance: 15% tougher than nylon 6, its higher wear resistance makes it ideal for sports applications. 4) Laundry-fast colors: its higher resistance to sweat and other stains suits underwear and sportswear applications that require frequent washing without the colors fading. 5) It is higher sunlight resistance and a higher product life. 6) Thermal stability: nylon 66 is more adaptable to metal mold temperatures, which facilitates molded cups in bras. 投资建议/Investment Ideas 建议关注：台华新材 We suggest investors look at Zhejiang Taihua New Materials (603055 CH, BUY). 风险提示：核心品类瑜伽运动装备全球竞争加剧；新拓门店数量不及预期；供应链紧张海运费持续上涨等风险。 Risks include: intensifying global competition in key categories such as yoga and sports products; store opening rates fall below expectations; and persistent shipping cost rises from supply chain pressure. 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