扬州金泉:拟收购阿珂姆50.5%股权,协同赋能帐篷品类发展

（以下内容从天风国际证券《扬州金泉:拟收购阿珂姆50.5%股权,协同赋能帐篷品类发展》研报附件原文摘录）
　　Yangzhou Jinquan Travelling Goods (603307 CH) 拟收购阿珂姆50.5%股权，协同赋能帐篷品类发展 Plan to acquire a 50.5% stake in Acome could bring synergistic growth in tent categories BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 拟收购阿珂姆50.5%股权，对应预估值预计不超过3.6亿人民币 公司拟以现金方式收购江苏省阿珂姆野营用品有限公司50.5%的股权，与其股东万从荣先生（持股99.97%）、时翠红女士（持股0.03%）签订框架协议，达成初步意向。 阿珂姆22年收入5.49亿，净利7560万；截至年末其总资产3.95亿，净资产1.78亿；双方初步确定转让基准日为2022年12月31日，阿珂姆100%股权在该日预估值不超过其22年扣非净利的9.5倍，若以净利润估算约为7.18亿，50.5%股权对应预估值约不超过3.63亿人民币。 Plan to buy Acome 50.5% stake for estimated value not exceeding RMB363m Jinquan Travelling Goods plans to use cash to acquire a 50.5% stake in Jiangsu Acome Camping Products and signed a prelimary framework agreement with Acome’s shareholders Wan Congrong (currently holding a 99.97% stake) and Shi Cuihong (0.03%) to signal its intention. Acome posted revenue of RMB549m and net profit of RMB75.6m in 2022; total assets amounted to RMB395m and net assets to RMB178m as of end-2022. Both parties preliminarily dated the transfer based on 31 Dec 2022, where the estimated value of 100% of Acome’s equity on that date should not exceed 9.5x of 2022 ex-nonrecurring net profit; at the estimated net profit of about RMB718m, the estimated value of the 50.5% stake would not exceed RMB363m. 标的公司深耕户外用品制造多年，赋能帐篷品类发展 阿珂姆始建于2000年，位于扬州市邗江区甘泉街道办工业园，占地200多亩，现有员工1000多人，拥有帐篷、服装、背包和睡袋四个分厂，是国内专业的户外用品制造商，产品主要出口欧美约二十多个国家和地区；与所罗门、土拨鼠、探路者、波司登等知名品牌建有良好合作关系。 标的公司深耕行业多年，在户外用品制造领域积累了丰富经验及客户资源，与公司业务相似、位置相近，且其控股股东、执董兼总经理承诺3年内留任，双方具备较优整合基础。 若本次收购顺利完成，或将有助于公司掌握充气帐篷的人才、技术、市场等资源，丰富公司帐篷品类，扩充产能，进一步提升公司市场份额及竞争力。 Acome’s outdoor goods manufacturing expertise suggests tent category growth Rich history: outdoor product manufacturer Acome is located in the industrial park on Ganquan Street, Hanjiang District, Yangzhou City and its premises cover more than 200mu (13.33ha). It employs more than 1,000 people and its four branch factories separately handle tents, clothing, backpacks and sleeping bags. Most of its products are exported to over 20 markets in Europe and the US. It has good cooperative relations with well-known brands such as Solomon, Marmot, Toread and Bosideng. Acome has been around since 2000 and would come on board with rich experience in customer resources in outdoor product manufacture. Its business coverage and location are similar to Jinquan’s. The companies will have a sound basis for integration as Acome’s controlling shareholder, executive director and general manager have committed to stay in office for at least 3 years. Synergistic growth: if the acquisition goes through, Jinquan would maximize its resources in terms of talent, technologies and other inflatable tent markets. It would enrich its tent product line-up, expand production capacities and enhance its market share and competitiveness. 客户优质粘性高，产品结构搭建优势突出 公司合作客户多为全球知名户外用品企业，多年来已形成稳定合作关系，且合作粘性较高，未来公司围绕“老客户新项目，新客户新项目”，积极拓展营销渠道，深挖现有客户的需求，深度合作；继续开发新客户，开启新的合作机会。 同时，公司注重产品设计，具备成熟的产品结构搭建技术，与品牌方共同完成产品创意到产品成型的转化，未来将进一步增强ODM能力，优化研发团队架构，针对客户DNA和市场需求，拓展创新，积极开发新产品，增加客户的依赖性。 Advantages: sticky quality customers and product mix buildout Most of the customers that Jinquan partners with are world-renowned outdoor names with whom stable cooperation over the years have led it to form sticky ties. Its future agenda is “new projects for both old and new customers”, where it aims to expand marketing channels, dig deeper to fulfill the needs of its current customers and firm ties, while growing new customers and entering new cooperation opportunities. Jinquan aims to focus on product design and with its mature product structure technologies, work with brands to complete the evolution from product ideas to product molding. It plans to enhance ODM capabilities in the future: beef up its R&D team and expand and innovate the business in line with customer DNA and market demand, so as to develop new products and increase customer dependence. 投资建议/Investment Ideas 维持盈利预测，维持“买入”评级 公司深耕户外用品细分领域，行业景气度延续背景下，其具备优质稳定国际大客户资源，未来募投产能释放有望带动业绩增长；若完成本次股权收购，规模及综合竞争力或进一步提升。我们预计公司23-25年EPS分别为3.9、4.4、5.1元/股，PE分别为14、12、11x Valuation and risks Jinquan has deep traction in outdoor market segments and we expect future performance growth will stem from the following catalysts: the outdoor market boom, its sticky quality customer resources comprising major quality global players, and potential fundraising proceeds and investment production capacity. And if it completes the Acome equity acquisition, business scale and integrated competitiveness would be enhanced. We expect EPS of RMB3.9/4.4/5.1 in 2023/24/25E, with PEs at 14/12/11x. We maintain our profit forecast and BUY rating. 风险提示：客户集中度较高；原材料价格波动；募投项目进度不及预期；贸易政策变化；汇率波动；行业竞争加剧；股权收购仍具不确定性等风险。 Risks include: high customer concentration risks; raw material price volatility; slower-than-expected progress in fundraising projects; trade policy changes; FX volatility; intensifying competition; and uncertainties and other risks related to the potential equity acquisition of Acome. 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