盛泰集团: 面料成衣一体化供应链,技术及客户优势显著

（以下内容从天风证券《盛泰集团: 面料成衣一体化供应链,技术及客户优势显著》研报附件原文摘录）
　　Zhejiang Sunrise Garment Group (605138 CH) 面料成衣一体化供应链，技术及客户优势显著 Initiating coverage: we like this apparel and fabric supplier for its core tech and upper-end global customer profile TP: RMB18.63 BUY (initiate) 投资要点/Investment Thesis 投资要点/Investment Thesis 全球领先的中高端纺织与成衣一体化服务商。公司为具备核心纺织生产技术、主要服务于国内外中高端品牌的纺织服装供应商，主要产品为面料、成衣与纱线，主要有梭织与针织两种生产工艺。公司专注于服装行业多年，积累拉夫劳伦、优衣库、Fila、Lacoste等多位头部品牌客户。其中公司是Lacoste2018年度最佳供应商；是斐乐在针织面料方面唯一白金供应商并荣获2018年度卓越供应商奖及快速反应奖；公司与拉夫劳伦品牌合作已达数十年，系拉夫劳伦品牌的战略供应商。 Mid-to-high-end market: integrated supplier to big names around the world. Sunrise Garment supplies apparel, fabrics and yarn to mid-to-high-end brands in China and abroad. Its production technology centers on the weaving and knitting processes. Customers include Ralph Lauren, Uniqlo, Fila and Lacoste. Notably, Sunrise was Lacoste’s biggest supplier in 2018; it was Fila’s sole supplier of knitted fabrics for its Platinum line and garnered the 2018 Excellent Supplier and Quick Response awards; and its strategic relationship with Ralph Lauren goes back decades. 营收整体稳步增长，盈利能力持续提升。21Q1-3营收35.89亿元（+2.3%）。分产品看，针织服及针织面料占比增长，2020年成衣营收31.60亿元，占比65%以上；针织面料占比9.1%，同比增长1.2pct；梭织布占比8.2%，同比+0.1pct。分地区看，海外客户占比近半，国内营收占比近年持续增长，2020年为24.02亿元，占比50.5%（+7.4pct）。21Q1-3归母净利2.34亿元（+14.9%），其中包括公司投资非凡中国确认公允价值获利。2017-2020年毛利率呈增长趋势，21Q1-3受海运与原材料价格上涨原因有所减少。费控良好，期间费用率稳中有降，净利率自2017年的4.5%持续增长至21Q1-3的6.7%。 Revenue uptrend: RMB3.59bnin 1-3Q21, rising 2.3% yoy; improving profitability. Products: the proportion of knitted apparel and fabrics is increasing. Ready-made garments generated RMB3.16bn in 2020, accounting for more than 65% of total revenue. Knitted fabrics accounted for 9.1%, up 1.2ppt yoy, while woven fabrics edged up 0.1ppt to 8.2% of total revenue. Customers: the overseas market accounts for slightly less than half of its business. Its domestic segment is growing, generating RMB2.4bn revenue in 2020, which was 50.5% of the total, up 7.4ppt yoy. Profitability: 1-3Q21 net profit came to RMB234m, up 14.9% yoy, including fair value gains from its investment in Extraordinary China. 2017-20 gross profit margin showed an uptrend, with a decline in 1-3Q21 due to shipping and raw material price increases. We observe good expense control in its steadily shrinking expense ratio. Net profit margin increased from 4.5% in 2017 to 6.7% in 1-3Q21. 客户资源丰富，不断加深战略合作深度。公司基于自身的纺织技术优势与卓越的面料产品研发能力，在国际成衣市场具备了较高知名度，主要客户包括拉夫劳伦、优衣库、Lacoste、CK、Tommy Hilfiger等国际知名服装品牌，是其中多个品牌的第一大供应商，近年公司不断与主要客户深化合作，2018-2020年前五大客户营收占比均超过50%。 Strong customer profile with long-ranging strategic ties.Its textile technology and R&D capabilities have earned Sunrise a reputation in the international ready-to-wear market. Key customers include well-known global brands like Ralph Lauren, Uniqlo, Lacoste, CK and Tommy Hilfiger, many of which have Sunrise as their largest supplier. The company has consolidated ties with major customers recently and the top five now account for more than 50% of revenue (as of 2018-20). 持续扩张产能，全球化布局降本增效。公司根据生产需求全球化布局产能，目前在国内浙江、湖南、河南、安徽，国外越南、柬埔寨、斯里兰卡、罗马尼亚等地都设有生产基地，带来多方面优势：1）劳动密集型工序向低劳动成本国家转移，增强公司盈利能力；2）技术密集型工序在国内开展，提升高端面料研发能力与快速组织生产能力；3）关税区域内设厂绕开贸易壁垒，减少关税影响。 Global production network: capacity expansion reduces cost and lifts efficiency. Sunrise Garment manages its global production capacities according to requirements. Its production bases are spread out globally across China (Zhejiang, Hunan, Henan and Anhui), Vietnam, Cambodia, Sri Lanka, Romania and other areas. This geographical flexibility allows the company to: 1) shift labor-intensive processes to areas with lower labor costs; 2) carry out technology-intensive processes in China so as to advance its R&D capabilities in high-end fabrics and maximize production speeds; and 3) set up factories in customer vicinities to minimize trade barrier and tariff effects. 技术领先，持续加强面料研发与工艺创新。自成立以来，公司一直注重研发能力的提升，在面料研发、工艺、生产等方面取得了多项研究成果，截至2021年3月31日，公司及其子公司共拥有66项境内已授权专利，其中包括超级免烫面料、全棉吸湿快干面料、色织纯棉降温面料等多种行业领先生产技术，公司产品在抗皱、透气、保暖、轻薄等特性上具有一定优势。公司共有面料技术研发人员、成衣研发人员、技术工及IT人员共计开发技术人员1254人，占公司员工总数5.43%。 Leading technology: Sunrise focuses on fabric R&D and process innovations. Since its establishment, the company’s R&D priority has led to good results in fabric quality and manufacturing processes. Together with its subsidiaries, it owns 66 domestic authorization patents as of 31 March 2021. They include industry-leading production technologies such as super non-iron fabrics, all-cotton moisture-absorbent and quick-drying fabrics, and cooling, pure-cotton dyed-yarn fabrics. Its tech edge includes anti-wrinkle, breathability, warmth and lightness attributes. Tech and research staff make up 5.43% of total head count; the 1,254 personnel are responsible for fabric and apparel R&D, tech and IT. 持续智能化改造，开展自动化生产试点。公司持续推进生产线的自动化、智能化升级，已在湖南与越南的生产基地实验高度自动化生产模式，有效降低劳动力成本、降低容错率、提升供应链的快反能力，2018-2020年间，公司人均创收自16.85万元/人增长至20.37万元/人。 Intelligentization efforts; automated production pilot projects. Sunrise’s tech focus extends to automation and upgrades toward intelligent production. It employs automated production models in its Hunan and Vietnam bases; these reduce labor cost and aid fault tolerance, improving the company’s rapid response capability in the supply chain. Its staff efficiency increased from RMB168,500 per person to RMB203,700 per person on average over 2018-20. 全球服装零售行业需求强劲，运动、轻奢服饰发展趋势向好。纺织行业为我国消费品三大支柱行业之一，近年我国纺织行业增长方式从规模速度型向质量效益型转变，“十三五”期间，我国纺织品服装出口占全球市场份额基本稳定。全球服装零售行业规模持续扩张，我国全民健身计划的发布长期利好运动服饰市场，2015-2019年，我国运动鞋服行业CAGR为16.4%，远超服装行业整体增速；同时，国内轻奢休闲品牌也伴随文化自信、国潮兴起趋势逐渐占据国内消费者心智，发展趋势向好。 Strong apparel retail demand; rising trends in sports and light luxury clothing. Textiles are one of the three pillars in China’s consumer goods industry. Its growth profile has changed from scale and speed to quality and efficiency in recent years. During the 13th Five-Year Plan period (2016-20), China’s textiles and apparel exports had a stable global market share. While the global apparel retail industry continues to expand, China’s roll-out of its National Fitness Program signals long-term benefits for its sportswear market. Its sports footwear and apparel industry had a CAGR of 16.4% over 2015-19, far above that of the total apparel industry. Meanwhile, China’s light luxury leisure brands have gained mindshare among local consumers, along with growing confidence in Chinese culture and identity. 盈利预测与估值/valuation 投资建议：我们预计公司2021-23年营收分别为49.1亿、63.4亿、79.9亿元，归母净利分别为3.1亿、4.1亿、5.2亿元，对应EPS分别为0.56、0.74、0.94元，对应PE分别为22、17、13倍，给予公司2022年PE 25倍，对应股价为18.63元/股，给予“买入”评级。 We expect revenue to arrive at RMB4.91bn/6.34bn/7.99bn in 2021/22/23E, with net profit at RMB310m/410m/520m; corresponding with RMB0.56/0.74/0.94 EPS and 22/17/13x PE. We assign to Sunrise a 25x PE for 2022E, which derives a price target of RMB18.63. 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United States of America:This publication is distributed in the United States by TFI Asset ManagementLimited pursuant to Rule 15a-6 under the United States Securities Exchange Actof 1934. Distribution is restricted to"Major U.S. Institutional Investors" only (as defined in Rule15a-6. TFI Asset Management Limited isnot a U,S, registered broker-dealer. The analyst(s) listed on the first page ofthis publication is (are) not registered or qualified as a research analystwith the Financial Industry Regulatory Authority (FINRA) and are not subject toU.S. FINRA Rule 2711 restrictions on communications with companies that are thesubject of this research report; public appearances; and trading securities bya research analyst. Other Jurisdictions:The distribution of research publications in other jurisdictions may berestricted by law and such reports will be made available in otherjurisdictions pursuant to the applicable laws and regulations in thoseparticular jurisdictions. The researchpublications are not directed to, or intended for distribution to or use by,any person or entity that is a citizen or resident of or located in anylocality, state, country or other jurisdictions where such distribution,publication, availability or use would be contrary to law or regulation. Ratings Definitions Investment Ratings Category Description Ratings System Stock investment ratings within 6 months from the report issuance date, increase or decrease relative to the Index of the jurisdiction of the Stock in the same period Buy Expected relative return over stock price above 20% Accumulate Expected relative return over stock price between 10% and 20% Neutral Expected relative return over stock price between -10% and 10% Sell Expected relative return over stock price below -10% Industry investment ratings within 6 months from the report issuance date, increase or decrease relative to the Index of the jurisdiction of the Industry in the same period Outperform Expected increase of industry index over 5% Neutral Expected increase of industry index between -5% and 5% Underperform Expected increase of industry index below -5% Jurisdictions Index Used for Ratings Definitions China Mainland CSI 300 Index China-Hong Kong Hang Seng Index China-Marco Hang Seng Index USA Standard & Poor’s 500 Index Copyright of the publications belong to TFGroup. Any form of unauthorized distribution, reproduction, publication,release or quotation is prohibited without TF Group’s written permission.

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