錦泓集團: 實控人全額參與定增,優化財務費用表明信心

（以下内容从天风国际证券《錦泓集團: 實控人全額參與定增,優化財務費用表明信心》研报附件原文摘录）
　　Jinhong Fashion Group (603518 CH) 实控人全额参与定增，优化财务费用表明信心 Actual controllers fully participate in RMB200m private placement as policy woos stakeholder investments BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 实控人全额认购本轮定增融资 本次向特定对象发行股票的对象为公司实控人王致勤、宋艳俊；募资不超过人民币2亿元（含本数）；用於补充流动资金及偿还银行借款。 发行价格为5.41元/股（10月8日公司收盘价8元），发行数量不超过0.37亿股，约为本次发行前公司总股本的10.7%。 公司实控人王致勤先生、宋艳俊女士分别持有公司18.06%、15.23%股份；合计持有33.29%，按本次发行数量上限发行算，发行完成後，王致勤先生、宋艳俊女士合计持有公司39.71%，仍为实控人。 Actual controllers fully subscribe to private placement to raise up to RMB200m Jinhong Fashion announced on 7 October a proposal to issue up to 36.97m shares in a private placement to actual controllers Wang Zhiqin and Song Yanjun. The purpose is to raise up to RMB200m of funds (including the principal) to supplement working capital and repay bank loans. The issue price will be RMB5.41 per share (vs the RMB8 closing price on 8 Oct) and the shares to be issued will be equivalent to about 10.7% of Jinhong Fashion’s pre-issuance market cap. Mr Wang, chairman and general manager, and his wife Ms Song, a company director, currently hold a combined stake of 33.29%, where Mr Wang holds 18.06% and Ms Song 15.23%. Based on the upper limit of the issuance range, the couple’s post-issuance combined stake will climb to 39.71% and they will continue to act as the company’s actual controllers. 优化资本结构减少财务费用 公司使用部分募集资金用於偿还银行贷款，有利於降低资产负债率，优化资产负债结构；同时可大幅度降低贷款规模及利息支出，有助於减少公司财务费用，提升公司盈利能力。 2021-24H1公司财务费用分别为2.2亿、1.6亿、0.9亿以及0.3亿；同期的归母净利分别为2.2、0.7、3亿以及1.5亿元；财务费用对公司业绩影响较大，优化资本结构有利於增厚业绩规模。 Company optimizes capital structure and reduces financial expense Jinhong Fashion will use part of the funds raised to repay bank loans, which would help to reduce the asset-liability ratio and optimize the asset-liability structure. The move would also cut the company’s loans and interest expenses, and go toward reducing financial expenses, ultimately enhancing profitability. The company’s financial expenses came to RMB220m/160m/90m/30m in 2021/22/ 23/24H1, with net profit at RMB220m/70m/300m/150m. Financial expenses impact the the bottom line substantially, so it makes sense to optimize the capital structure to increase the scale of profitability. 彰显对公司未来发展信心，政策鼓励大股东增持股票 本次发行对象为公司控股股东、实际控制人；体现其对公司支持决心以及对未来发展信心。随著本次发行募集资金注入，公司流动资金有所补充，有利於发展战略的实施以及後续经营的持续运作。 Controllers invest in future growth and policy woos stakeholder involvement The private placement targets the controlling shareholder and actual controllers in line with their will to support the company and their confidence in its future development. The injection of funds will supplement working capital, which would help drive the implementation of Jinhong Fashion’s development strategy as well as smooth the progress of future operations. 投资建议/Investment Ideas 维持盈利预测，维持”买入”评级 公司三大品牌协同并进，品牌竞争力持续增强。随著国内各地出台多项措施促进消费复甦，服装消费市场迎来稳健反弹，内销市场持续恢复向好。公司坚持以市场为导向，以创新为驱动，集聚品牌势能，丰富产品矩阵，提升渠道，运营质效，实现持续稳健发展。 公司现有的“元先”、VGRASS、TEENIE WEENIE三大品牌各具差异化的风格和定位，协调共享、优势互补，形成了金字塔式的立体品牌矩阵，不断提高品牌市场竞争力。近年来，公司通过多品牌战略，持续提升产品力和品牌力，并布局全渠道，共同推动收入增长。 暂不考虑本次定增，我们预计公司24-26年EPS分别为0.98元、1.12元以及1.3元，PE分别为9X、8X以及7X。 Valuation and risks Strategic focus: synergy of Jinhong Fashion’s three major brands has improved with rising brand competitiveness. The company rolled out a string of measures to milk the consumer market recovery across parts of China. Chinese market sales are recovering and consumption in the apparel market is showing a steady rebound. The company’s market-oriented and innovation-led approach involves building up brand potential to burnish the product matrix, while improving channels, operational quality and efficiency, so as to ensure stable and sustainable development. Multi-brand synergy: each of Jinhong’s three major brands Yunjin, VGrass and Teenie Weenie carries its own differentiated style and market positioning, while their collective advantages complement one another to form a pyramid-shaped brand matrix. The company’s multi-brand strategy has boosted product and brand strength in recent years, while its omnichannel coverage drives revenue growth. Valuation: excluding the private placement in our consideration, we forecast EPS at RMB0.98/1.12/1.30 in 2024/25/26E, with PE at 9x/8x/7x. We maintain our BUY rating. 风险提示：核心高管流失，定增失败, 消费景气度不及预期，行业竞争加剧。 Risks include: loss of core executives; failure to complete the private placement; a less buoyant consumer market than expected; and intensifying competition. Email: research@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、连结、转贴或以其他方式复制发表本档及任何内容。已获授权者，在使用本档或任何内容时必须注明稿件来源於天风国际集团，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档，违者将依法追究相关法律责任。本档所引用之资料或资料可能得自协力厂商，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协力厂商所提供资料或资料之准确性负责。且天风国际集团不会就本档所载任何资料、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。本档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。本档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，应完全瞭解其风险以及有关法律、赋税及会计的特点及後果，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後的表现。在若干国家，传阅及分派本档的方式可能受法律或规例所限制。获取本档的人士须知悉及遵守该等限制。

点此查看微信公众号原文全部内容>>

大部分微信公众号研报本站已有pdf详细完整版：https://www.wkzk.com/report/（可搜索研报标题关键词或机构名称查询原报告）