水星家纺: 乘用车业务实现逆势增长,混动业务成长空间广阔

（以下内容从天风证券《水星家纺: 乘用车业务实现逆势增长,混动业务成长空间广阔》研报附件原文摘录）
　　Shanghai Shuixing Home Textile (603365 CH) 收入利润受疫情影响，品牌升级未来可期 Initiating coverage: pandemic dented H1 revenue and profit while brand upgrades raise growth prospects BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 22Q2收入8.36亿（-7.25%），归母净利0.22亿（-73.95%） 公司22H1收入16.42亿元，同比增长1.43%，主要系是本期线上销售增加所致；其中22Q1为8.06亿元，同增12.32%，22Q2为8.36亿元，同减7.25%。 22H1归母净利润1.07亿元，同比减少34.90%；其中22Q1为0.85亿元，同增7.36%，22Q2为0.22亿元，同减73.95%。 22H1 results: Q2 revenue at RMB836m (-7.25%), net profit at RMB22m (-73.95%) H1 revenue arrived at RMB1.64bn, a yoy rise of 1.43%, mainly due to an increase in online sales; comprising RMB806m in Q1, up 12.32% yoy, and RMB836m in Q2, down 7.25% yoy. H1 net profit was RMB107m, down 34.90% yoy; RMB85m in Q1, up 7.36% yoy, and RMB22m in Q2, down 73.95% yoy. 22Q2毛利率36.10%（-3.34pct），归母净利率2.66%（-6.81pct） 公司22H1毛利率37.1%，同比减少1.34pct，其中22Q1为38.14%，同增0.95pct，22Q2为36.10%，同减3.34pct。 22H1归母净利率6.51%，同比减少3.63pct，其中22Q1为10.50%，同减0.49pct，22Q2为2.66%，同减6.81pct。 Q2 gross margin was 36.10% (-3.34ppt) and net margin was 2.66% (-6.81ppt) H1 gross profit margin was 37.1%, down 1.34ppt yoy; with 38.14% in Q1, up 0.95ppt yoy, and 36.10% in Q2, down 3.34ppt yoy. H1 net profit margin was 6.51%, down 3.63ppt yoy; posting 10.50% in Q1, down 0.49ppt yoy, and 2.66% in Q2, down 6.81ppt yoy. 突出品牌影响力，高效整合供应链优势 公司将品牌建设作为一项系统工程进行实施，持续聚焦“好被芯，选水星”品牌战略以优质的内容获得高流量，推动品牌年轻化升级，提升品牌的影响力与溢价能力；公司制定了严格的供应商甄选、考核和淘汰制度，打造出公司在产品品质、花色、生产成本、市场反应速度等多方面的竞争优势；自身高效生产管理，实施供应链的智能化管理与利用淡季提前生产订货产品，提升了公司生产的整体效率和快速反应能力。 Brand building initiative; intelligent management of integrated supply chain Shuixing rolled out a strategic brand building initiative under the slogan, “Choose Shuixing for good quilts”. It aimed for high customer traffic with quality content, rejuvenate and upgrade its brand, and enhance brand influence and premium capacity. The company set up strict supplier selection criteria under an assessment and elimination system. This would build up its competitive advantages in product quality, design, production cost, market response speed and other areas. It implemented intelligent management of its supply chain to raise production management efficiency. In particular, off-season production of advance product orders lifts total production efficiency and rapid response capabilities. 投资建议/Investment Ideas 消费市场受疫情影响较大，家纺行业展现较强抗压韧性，线上消费占比持续提升，消费观念变化有助于品牌企业市占率提升。面对疫情的影响，公司迅速决策、积极应对，确保了销售收入的正增长，巩固了公司的行业领先地位。22H1整体受疫情影响收入，考虑到疫情缓和市场恢复和家纺行业下半年为销售旺季，我们预计公司2022-24年收入分别为40.9、46.1、52.2亿，归母净利分别为3.5、4.2、4.7亿元，EPS分别为1.30、1.56、1.78元/股，PE分别为10.0、8.3、7.3x。 Valuation and risks While the consumer industry has been strongly affected by pandemic control pressures, home textiles remain relatively resilient. Its proportion of online consumption continues to grow while changes in consumer behavior helped brands increase market share. To deal with the pandemic slowdown, Shuixing made quick decisions and responses to drive sales revenue growth and consolidate its industry leadership. 22H1 revenue was impacted by the pandemic but with the market recovering from the pandemic and H2 being the peak sales season of the home textile industry, we expect revenue to arrive at RMB4.09bn/4.61bn/5.22bn in 2022/23/24E and net profit at RMB350m/420m/470m. We see EPS at RMB1.30/1.56/1.78 respectively and PE at 10.0/8.3/7.3x. We initiate coverage of the stock with a BUY rating. 风险提示：国内终端消费需求增速放缓；疫情反复，线下渠道店效提升不及预期，线上渠道增速放缓。 Risks include: slowing growth in Chinese end-consumer demand; pandemic resurgence; a less-than-expected efficiency lift in physical stores; and slowing growth in the online channel. 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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