开润股份: Q2扣非净利高增,客户结构优化+品牌矩阵完善助长期增长

（以下内容从天风证券《开润股份: Q2扣非净利高增,客户结构优化+品牌矩阵完善助长期增长》研报附件原文摘录）
　　Anhui Korrun (300577 CH) Q2扣非净利高增，客户结构优化+品牌矩阵完善助长期增长 Initiating coverage: net profit growth in 2Q21; improved customer structure and brand matrix aid long-term growth BUY(initiate) 投资要点/Investment Thesis 投资要点/Investment Thesis 疫情后逐步复苏，21H1业绩高增：21H1公司实现营收9.90亿元，同比增长3.65%；归母净利润9707万元，同比增长50.79%；扣非后归母净利润8428万元，同比增长45.05%；净利率9.81%，同比增长3.07 pct；扣非后归母净利率8.52%，同比增长2.43 pct。21Q2公司实现营收5.38亿元，同比增长28.88%；归母净利润5182万元，同比增长59.62%；扣非后归母净利润6305万元，同比增长122.10%；净利率9.62%，同比增长1.85 pct；扣非后归母净利率11.71%，同比增长4.92 pct。业绩增长主要系2B业务老客户订单规模增长及新客户拓展、结构优化，2C业务研发新品、拓展渠道及重视品牌运营所致。 Gradual recovery from pandemic; Korrun performed well in 1H21E. Korrun achieved revenue of RMB990m in 1H21E, up 3.65% yoy; net profit was RMB97.07m, increasing 50.79%; core net profit was RMB84.28m, increasing 45.05%; net profit margin was 9.81%, up 3.07ppt yoy; core net profit margin was 8.52%, up 2.43ppt yoy. 2Q revenue was RMB538m, up 28.88% yoy; net profit was RMB51.82m, up 59.62% yoy; core net profit was RMB63.05m, up 122.10% yoy, with net profit margin at 9.62%, widening 1.85ppt yoy, and core net profit margin at 11.71%, widening 4.92ppt yoy. The growth was mainly from a lift in the scale of orders from old customers in the B2B business, as well as new customers and a more optimized customer structure, R&D on new products in the B2C business, expansion of channels and a focus on brand operations. 2B代工制造业务：深化存量客户合作，拓展增量客户订单，结构优化 客户需求端，公司继续坚持优质客户战略，持续巩固与耐克、迪卡侬、VF 集团、戴尔等存量优质客户的合作关系，订单规模持续放量，市场地位和份额稳步提升。同时，依托优秀的精益管理和生产制造能力，公司在VF集团内进一步拓展进入了Jansport、Eagle Creek、Dickies等知名品牌的包袋供应商体系，客户结构不断优化。 B2B OEM: deeper customer ties; new customers; and structural optimization Customer demand: the company focuses on a high-quality customer strategy, consolidating its business with Nike, Decathlon Group, VF partnership Group, Dell and other quality customers. It maintained large volume order sizes, market positioning and market share. With a lean management and manufacturing capabilities, Korrun has expanded to be a bag supplier to well-known brands such as Jansport, Eagle Creek and Dickies within the VF Group, optimizing its customer structure. Supply: total production capacity increased in 2020 and more production capacity overseas is in the pipeline. Capacity reserves and effective roll-out would ensure its ability to take on new customers and increase orders in the future. 盈利预测与估值/Valuation 下调盈利预测，给予买入评级。考虑到H1和H2均出现疫情反复，2B和2C终端需求或有波动，我们适当下调盈利预测，预计21-23年归母净利润分别为2.3/2.8/3.4亿（此前为2.7/3.4/4.5亿），对应EPS分别为0.96/1.17/1.4元（此前为1.13/1.44/1.86元），对应P/E分别为18/15/12X。 Assuming year-round Covid-19 effects, Korrun’s B2B and B2C terminal demand could undergo fluctuations. We expect net profit at RMB230m/280m/340m, with corresponding EPS at RMB0.96/1.17/1.40 and PEs at 18/15/12x. We initiate coverage with a BUY rating. 风险提示：疫情反复，2C业务品牌假设不及预期， 2B客户拓展及订单增长不及预期。业绩快报是初步测算结果，具体财务数据以公司披露公告为准。 Risks include: pandemic fluctuations; B2C business brand assumptions not as good as expected; and B2B customer expansion and order growth progress not as good as expected. Note: our analysis is based on the company’s preliminary results and subject to change with the company‘s final results announcement.以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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