海澜之家:可循环塑料包装行业龙头,乘新能源车浪潮开拓蓝海市场

（以下内容从天风证券《海澜之家:可循环塑料包装行业龙头,乘新能源车浪潮开拓蓝海市场》研报附件原文摘录）
　　HLA Group (600398 CH) 渠道优化+数字化转型藏器待时 Initiating coverage: watch well while HLA’s channel optimization and digital restructure play out BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 22Q2收入43.04亿（-7.24%），归母净利5.53亿（-31.58%） 公司22H1收入95.16亿元，同比减少6.11%，主要系部分地区疫情反复、经济下行压力增大，消费市场表现疲软所致；其中22Q1为52.12亿元，同减5.15%，22Q2为43.04亿元，同减7.24%。 22H1归母净利润12.76亿元，同比减少22.69%；其中22Q1为7.23亿元，同减14.17%，22Q2为5.53亿元，同减31.58%。 H1 results: Q2 revenue fell 7% to RMB4.3bn while net profit fell 32% to RMB553m ·Revenue came to RMB9.52bn in 22H1, a yoy decline of 6.11%, mainly due to pandemic controls in some regions, which added economic pressure and weakened consumer industry profitability. Q1 took in RMB5.21bn, down 5.15% yoy, while Q2 generated RMB4.3bn, down 7.24% yoy. ·Net profit was RMB1.28bn in H1, a yoy decline of 22.69%; Q1 came to RMB723m, down 14.17% yoy, while Q2 arrived at RMB553m, down 31.58% yoy. 分品牌看，22H1海澜之家收入74.06亿（占总77.8%），同减7.4%；圣凯诺收入8.77亿（占总9.2%），同减8.1%；其他品牌收入9.01亿（占总9.5%），同增4.6%。2022H1期末线下门店数量增加66家至7718家，主品牌海澜之家及其他品牌门店数量分别达到5718家、2000家，其中直营门店分别为825家、434家。 ·Revenue details by brand -HLA main brand generated RMB7.41bn in H1 (accounting for 77.8% of the total), down 7.4% yoy. -Sancanal generated RMB877m (9.2% of the total), down 8.1% yoy. -Other brands amounted to RMB901m (9.5% of the total), up 4.6% yoy. -Total physical stores numbered 7,718 as of the end of 22H1 (after adding 66): 5,718 were HLA-brand stores and the remaining 2,000 carried its other brands. The company directly operates 825 HLA stores and 434 other brand stores. 分渠道看，22H1线上销售收入13.70亿（占总14.92%），同增5.8%；线下销售收入78.15亿（占总85.08%），同减8.2%。 ·Revenue details by channel -Online: H1 sales revenue was RMB1.37bn (14.92% of the total), up 5.8% yoy. -Offline: RMB7.82bn revenue in H1 (85.08% of the total), down 8.2% yoy. 22Q2毛利率42.26%（-2.15pct），归母净利率12.84%（-4.57pct） 公司22H1毛利率43.90%，同增0.31pct，其中22Q1为45.26%，同增2.35pct，22Q2为42.26%，同减2.15pct。 分品牌看，22H1海澜之家毛利率43.57%，同比减少0.06pct；圣凯诺毛利率51.61%，同比减少1.16pct；其他品牌毛利率53.52%，同比增长8.17pct。 分渠道看，线上销售毛利率43.4%，同增3.9pct；线下销售毛利率45.7%，同增0.2pct。 ·Gross profit margins: 43.90% in H1, up 0.31ppt yoy; Q1 came to 45.26%, up 2.35ppt yoy, and Q2 to 42.26%, down 2.15ppt yoy. -Brand breakdown: HLA was at 43.57%, a yoy decline of 0.06ppt; Sancanal was at 51.61%, a yoy decline of 1.16ppt; other brands amounted to 53.52%, a yoy increase of 8.17ppt. -Channel breakdown: online sales were at 43.4%, up 3.9ppt yoy, and offline sales had a gross margin of 45.7% in H1, up 0.2ppt yoy. 22H1归母净利率13.41%，同比减少2.88pct，其中22Q1为13.87%，同减1.46pct，22Q2为12.84%，同减4.57pct。 ·Net profit margins: 13.41% in H1, a yoy decline of 2.88ppt; Q1 was at 13.87%, down 1.46ppt yoy, and Q2 was at 12.84%, down 4.57ppt yoy. 聚焦品牌渠道，数字化转型提升运营效率 坚持多品牌运营策略，差异化培育多元品牌，深耕产品力；优化渠道结构，保存量拓增量，主动优化门店结构，全平台营销提升销售转化；紧密联系国民生活，挖掘国民深度情感，深化品牌形象，绽放文化影响力；数字化转型赋能产业链，完善三大数字化平台，智能制造探索初见成效。 Brand channel focus and digitalization restructure raise operational efficiency HLA’s multi-brand operational strategy is based on the differentiated development of its diverse brands so as to strengthen each product category. It is optimizing its channel structure for better incremental inventory and improving its store structure and full-platform marketing to raise sales conversion. The company seeks to align with consumer lifestyles so as to increase mindshare and leverage cultural traits to enhance its brand. Its digitalization restructure would make its supply chain more effective and improve cooperation with the Big 3 digital platforms. We believe its foray into smart manufacture is starting to show results. 投资建议/Investment Ideas 随着疫情趋稳、宏观经济恢复及国潮趋势延续，海澜之家在持续巩固核心竞争力基础上，未来有望实现稳步增长态势。受疫情影响，公司线下门店客流减少影响公司业绩，我们预计公司2022-24年收入分别为210、232、255亿，归母净利分别为24、28、32亿元，EPS分别为0.56、0.65、0.75元/股，PE分别为8.0、6.9、6.0x。 Valuation and risks As pandemic conditions stabilize and the macro economy recovers in line with the Chinese trend, we expect HLA to show a steady growth uptrend as it consolidates core competencies. Hence, we initiate coverage with a BUY rating. Our earnings forecast incorporates the impact of pandemic controls on lower offline footfall. We expect revenue to arrive at RMB21.0bn/23.2bn/25.5bn for 2022/23/24E and net profit to come to RMB2.4bn/2.8bn/3.2bn, with EPS at RMB0.56/0.65/ 0.75 and PE at 8.0x/6.9x/6.0x. 风险提示：市场增速放缓且行业竞争加剧；存货管理及跌价风险；品牌的培育风险；商誉减值风险。 Risk include: slowing market growth and edgier competition; inventory management and price decline risks; brand development risks; and goodwill impairment risks. 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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