浙江正特:正道追求特异创新,世界品牌享誉全球

（以下内容从天风证券《浙江正特:正道追求特异创新,世界品牌享誉全球》研报附件原文摘录）
　　Zhejiang Zhengte (001238 CH) 正道追求特异创新，世界品牌享誉全球 Initiating coverage: Zhengte’s innovation pathway has helped clinch design awards and built a global brand TP：RMB38.71 BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 深耕二十余年，户外休闲家具优质供应商 公司是国内最早从事户外休闲家具及用品行业的企业之一，深耕二十余年，已建立完整业务体系。现拥有遮阳制品、户外休闲家具两大产品系列，被广泛应用于户外休闲场所、酒店、个人庭院等领域。公司重视产品原创设计，多次斩获国际奖项。凭借领先的研发设计能力和产品品质优势，已进入沃尔玛、好市多等大型连锁超市的供应商体系。 Outdoor furniture early mover: R&D-based designs have clinched multiple awards One of the earliest movers in China’s outdoor and leisure furniture, and supplies industry, Zhengte has clocked more than 20 years to build its complex business system. The company’s two major product series, shade products, and outdoor and leisure furniture, have wide applications, including outdoor and leisure spaces, hotels and residential courtyards. Its original designs have won multiple international awards and its R&D-based quality products have penetrated the supply networks of large supermarket chains such as Wal-Mart and Costco. 欧美市场开拓营收高增，盈利能力逐步恢复 21年营收12.40亿元，同增36.28%，主要系下游需求增加，及电商渠道提升销量所致；21年归母净利润1.08亿元，同增34.08%。 22Q1-3营收11.09亿元，同增18.05%；22Q1-3归母净利润0.54亿元，同减36.18%，主要系销售费用增加，以及非经常性损益影响。扣除非经常性损益后，22年Q1-3归母净利润同增46.72%。 收入分产品看，遮阳制品收入增长领跑，21年遮阳制品收入9.71亿，同增49.15%，占比83.77%（占主营业务收入，下同）。分地区看，欧美地区为主，欧洲增速较快，21年北美收入6.30亿，同增1.67%，占比54.30%；欧洲收入3.61亿，同增141.31%，占比 31.1%。 Financials: Europe and US strong revenue bases; recovering profitability ·Revenue in 22Q1-3 arrived at RMB1.11bn, up 18.05% yoy; full-year 2021 came to RMB1.24bn, up 36.28% yoy, with increases in downstream demand and ecommerce channel sales. ·Net profit in 22Q1-3 was RMB54m, down 36.18% yoy, impacted by rising sales expenses and non-recurring loss (ex-nonrecurring net profit rose 46.72% yoy); full-year 2021 came to RMB108m, an increase of 34.08% yoy. ·Product type: shade products grew the fastest in revenue: by 49.15% yoy to RMB971m in 2021, accounting for 83.77% of main business income (the same applies below). ·Region: Europe and the US are Zhengte’s mainstays; with Europe growing faster. North America revenue came to RMB630m in 2021, up 1.67% yoy (54.30% proportion) while Europe revenue amounted to RMB361m, up 141.31% yoy (31.1% proportion). 外销稳定增长内销潜力较大，行业集中化利好优势企业 全球进口市场规模较大，欧美存量换新需求稳定。21年全球户外休闲家具及用品进口规模近420亿美元，同增10.81%；其中美国进口规模135.69亿美元，同增27.72%。此类产品更换周期较短，存量换新需求稳定。国内市场潜力较大。国内市场起步较晚，但潜力较大，21年户外家具市场规模33亿元，同增9.63%。 Stable global exports growth; Chinese potential; market concentration boost The global import market is enormous, with stable replacement demand especially in Europe and the US. The global outdoor, leisure furniture and supplies import market amounted to nearly USD42bn in 2021, an increase of 10.81% yoy, with the US accounting for USD13.569bn, an increase of 27.72% yoy. This product market’s short replacement cycle leads to stable replacement demand. Therefore, the Chinese market has strong growth potential. Chinese companies were late starters in this business but their potential is thus greater; the Chinese outdoor furniture market was RMB3.3bn in 2021, an increase of 9.63% yoy. 业内口碑良好，头部客户关系紧密 经过多年积累，公司已拥有良好的口碑和品牌优势，已建立多层次客户结构，涵盖沃尔玛、好市多等全球化经营的大型连锁超市，也包括美国JEC、意大利FHP、法国JJA等专业品牌商。客户规模大、信誉好、市场地位高，公司已通过其合格供应商认证，与其保持长期稳定业务合作。 Zhengte’s reputable business and stable, close ties with leading customers Zhengte has carved out a good reputation and earned brand advantages over the years. It established a multi-level customer structure, covering Wal-Mart, Costco and other scale supermarket chains with global operations, as well as commercial brand owners such as JEC in the US, FHP in Italy and JJA in France. Its customers tend to be large- scale businesses with good reputations and market status. As their certified qualified supplier, Zhengte maintains stable long-term business ties with them. 持续推陈出新优化产品结构，完善研发体系保障爆品能力 公司高度重视产品研发，并不断根据市场需求推出新产品。2013-21年持续推出新品获市场好评。以星空篷为例，自20年初批量投放市场以来，销量快速增长，21年已实现收入上亿元。 公司制定了一套较为严格的产品研发体系以增强所研发产品的市场适应能力，以提高新品商品化成功率。近年公司已做好新型伞类产品的前期设计储备，后续有望扩大生产规模，实现销售及盈利再增长。 R&D system: innovations and optimized product structure drive popular products The company prioritizes product R&D so as to constantly launch new products geared to market demand. Over 2013-21, it launched new products continually and these were well received by the market. For example, since its shade product “starry sky tent” rolled out into the market in batches in early 2020, sales volume has grown rapidly and revenue arrived in the hundred millions of RMB in 2021. Zhengte developed a set of strict product R&D system to boost its developed products’ market adaptability and raise their success rates when launched. It has built up a pipeline of designs for new umbrella products in recent years, which we expect will expand production scale and lead to sales and profit growth. 建立营销体验中心，助力国内外全域品牌推广 建立营销体验中心，及时把握市场流行趋势，应对客户多样化需求，形成信息流转闭环，指导公司经营决策。中心坐落于上海，一方面将助力品牌推广，拓展维护海外客户；另一方面将兼顾国内户外休闲家具及用品行业趋势，以江浙沪为中心进行营销联动，逐步辐射周边区域。 Marketing experience center to promote Zhengte brands in China and overseas The company established a marketing experience center in Shanghai to better grasp market trends and timeliness, and enable responsiveness to diverse customer needs. It created closed-loop data flow to guide business decisions. The twin purposes of the centre are: (1) help brand promotions, and expand and maintain export customers; (2) track Chinese outdoor and leisure furniture, and supplies industry trends, and collaborate marketing initiatives, first in Jiangsu, Zhejiang and Shanghai, then expanding outward to surrounding areas. 投资建议/Investment Ideas 首次覆盖，给予“买入”评级。公司未来将在继续夯实现有经营基础的同时，持续专注于主业，注重新品开发，打造爆品爆款，推行数字化车间，实现规模化生产，大力投入商业模式创新和品牌营销建设。 我们预计公司22-24年收入分别为15、18、23亿元，归母净利分别为1.3、1.7、2.2亿元，对应EPS分别为1.22、1.54、1.98元/股，对应PE分别为23、19、14x。我们预测公司2023年PE约25.1倍，对应目标价为38.71元/股。 Valuation and risks Zhengte is an established name that continues to enforce its business fundamentals: while consolidating the main business, it is also directing R&D efforts toward the creation of beautiful new products and running digital workshops to reach large-scale production. Hefty investments have aided business model innovations and a brand marketing buildout. We forecast revenue of RMB1.5bn/1.8bn/2.3bn and net profit of RMB130m/170m/220m in 2022/23/24E, corresponding to RMB1.22/1.54/1.98 EPS and 23/19/14x PE. We assign a 25.1x PE in 2023E, which derives a target price of RMB38.71. We initiate coverage with a BUY rating. 风险提示：市场竞争加剧风险；高度依赖国外市场风险；汇率波动风险；原材料价格波动风险；电商销售渠道风险；客户集中度较高的风险；募投项目新增产能消化风险；新冠疫情扩散导致的经营风险；测算具有一定主观性，仅供参考。 Risks include: intensifying competition; high dependency on foreign markets; FX volatility; raw material price fluctuations; ecommerce sales channel risks; high customer concentration; absorption risks of new production capacity to fundraising and investment projects; and operational risks arising from pandemic factors. Note: our analysis is subjective and for reference only. 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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