健盛集团: Q2业绩高速增长,无缝成长预期乐观

（以下内容从天风证券《健盛集团: Q2业绩高速增长,无缝成长预期乐观》研报附件原文摘录）
　　Zhejiang Jasan Holding Group (603558 CH) Q2业绩高速增长，无缝成长预期乐观 Rapid Q2E growth indicates seamless apparel potential BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 预计22Q2归母净利0.83-1.13亿，同增36%-85%；收入端无缝增长较快，棉袜稳健增长 公司预计22H1归母净利1.65~1.95亿，同增53%~80%，其中22Q1归母净利0.82亿，同增74.1%；22Q2预计0.83~1.13亿，同增35.7%~85.1%，业绩增长主要系公司无缝业务增长较快、棉袜业务稳健增长等原因所致。 We expect 22Q2E net profit to arrive at RMB83-113m, up 36-85% yoy; seamless business growth spike and steady growth in cotton socks business Jasan expects 22H1E net profit within RMB165-195m, up 53-80% yoy, with 22Q1 at RMB82m, up 74.1% yoy; expect 22Q2E net profit to arrive at RMB83-113m, up 35.7-85.1% yoy; it attributes the strong performance to rapid growth in the seamless business and steady growth in cotton socks. 无缝业务快速增长，2022收入增长乐观 无缝服饰发展前景广阔，新老客户开发订单量提升。无缝运动服装终端需求有望随运动赛道景气度同步增长，尤其受益于瑜伽为代表的女子运动细分领域。伴随疫情缓解及公司新客户开发，重点客户数量倍增，新老客户共同促进订单量提升。持续扩产布局越南，东南亚产能稀缺性成就护城河。海外客户对越南无缝生产基地较为重视，东南亚无缝产能具备稀缺性，越南生产基地存在较长远竞争优势。越南无缝工厂逐步投产，已达到70%以上开机率，逐步实现规模化量产，并将持续建设兴安无缝二期项目，为后期无缝发展占得先机。 Q2E seamless apparel growth spike suggests potential 2022E revenue growth Rising order numbers from both new and old customers indicate that the seamless apparel category has broad growth prospects. We expect end-demand for seamless sportswear to grow in tandem with the rise of the sports market, especially women’s sportswear driven by yoga. As pandemic conditions ease, new customers have come in and the number of key customers has doubled; both new and old customers fuel the rise in order numbers. Jasan’s continuing production capacity buildout in Vietnam creates a long-term competitive barrier amid the capacity shortage in Southeast Asia and its foreign customers particularly value its seamless capacity in Vietnam. Phase 1 of its seamless operational capacity in Vietnam has reached more than 70% operation while it continues to move toward large-scale mass production. Phase 2 construction of the Xing An seamless project has already begun as it prepares for future seamless product growth. 棉袜业务稳步发展，产能持续扩张 棉袜产能4亿双，未来将持续在贵州、越南清化扩产。棉袜市场广阔，行业分散度高且集中趋势凸显，头部企业发展空间大。公司棉袜业务稳定增长，客户需求旺盛，产品供不应求，长期专注上游制造，强化产业链竞争优势。贵州新增1000台袜机已完成项目配套建设，首期440台袜机已投产；越南清化设计2000台袜机约1.5亿双产能，目前其中3个工厂1500台袜机已投产，未来产能将持续加码。 Cotton socks business growing steadily amid expanding production capacity Jasan’s current production capacity for cotton socks is at 400m pairs and it is expanding capacities in Guizhou, China and Thanh Hoa, Vietnam. The cotton socks industry is highly fragmented and the visible potential for increasing concentration implies high growth headroom for market leaders. Jasan’s cotton socks business is growing steadily amid strong customer demand and short supply. The company is focusing on upstream manufacturing over the long term to strengthen its competitive advantages in the supply chain. It has added 1,000 sock machines at the Guizhou base and put into production 440 sock machines under the first phase. Its 2,000 sock machines at Thanh Hoa have a designed production capacity of about 150m pairs, of which 1,500 machines in 3 factories have rolled out production; meanwhile its capacity ramp-up continues. 投资建议/Investment Ideas 维持盈利预测，维持买入评级 公司现阶段年产能棉袜4亿双，无缝内衣3000万件，是全球产能规模最大、配套最全的袜品企业和世界一流的无缝内衣制造商。无缝业务快速发展，棉袜业务稳健提升，持续优化拓展产能，伴随未来产能释放、产效提升及订单增长，或将带来较大增量。我们预计公司22-24年EPS分别为0.81元、1.04、1.26元/股，对应PE分别为15.1x、11.8x、9.7x。 Valuation and risks We maintain our earnings forecast and BUY rating. Jasan’s current annual production capacities are 400m pairs of cotton socks and 30m pieces of seamless underwear. It is the world’s largest and most well coordinated sock manufacturer in terms of production capacity and its world-class seamless underwear business. Its seamless underwear business has grown rapidly and its cotton socks business is improving steadily as the company optimizes and expands production capacity to add incremental volume. Its growth catalysts include future production capacity rollouts, rising production efficiency and order growth. We expect EPS of RMB0.81/1.04/1.26 in 2022/23/24E and corresponding PEs at 15.1x/11.8x/9.7x. 风险提示：国内外疫情反复，产能、产效提升不及预期，原材料价格上涨等风险；业绩预告仅为初步核算结果，请以半年报为准。 Risks include: domestic and foreign Covid-19 pandemic resurgence; lower-than-expected capacity or production efficiency; and rising raw material prices. Note: our forecasts are based on preliminary results and investors should refer to final H1 results. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。 阅读原文 立即开户

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