On February 4, 2022, the Beijing Winter Olympics officially kicked off. At the Winter Olympics, many Chinese brands went abroad by sponsoring national teams. In the Winter Olympics, Anta, as the official sponsor of the Chinese team, signed 12 Chinese teams, including Chinese figure skating team, sled team, curling team, speed skating team, ice team and alpine skiing team. Local brand peak is equipped with seven Olympic delegations from Brazil, Ukraine, New Zealand, Slovenia, Belgium, Romania and Iceland. In addition, 361 ° sponsored the World Curling Federation and the Swedish curling team, and Li Ning sponsored the Canadian Skating Association. We judge that the Winter Olympics is expected to help increase residents' consumption enthusiasm for sports shoes and clothing, and increase brand exposure opportunities for national brand leaders in the layout of relevant marketing resources.
In addition to domestic brands, many international well-known clothing brands also regard the Winter Olympic Games as the top show of design and technology. For example, lululemon reached a cooperation with the Canadian Olympic Committee, which brought different costume designs for the opening and closing ceremonies to the National Winter Olympic delegation. As a high-end sports brand originated in Japan and focused on ice and snow for nearly 70 years, Descente has maintained long-term cooperation with many top ice and snow teams in the world. Many ice and snow national teams from Switzerland, Germany, Canada, Spain and other countries will wear Descente in this Beijing Winter Olympic Games. UNIQLO cooperated with Sweden to provide clothing for the Swedish delegation, causing a wave of consumer market attention to sportswear brands.
Brands: 1) the short-term Spring Festival, Winter Olympics and other factors may boost clothing consumption, but the retail environment is still impacted repeatedly by the epidemic. The stability of medium and high-end clothing is better than that of mass clothing brands, and sports shoes and clothing may still face fluctuations due to the high base. 2) The market environment in the medium-term dimension is becoming more and more complex, but due to the rising consumer sentiment and the product power and brand power of domestic brands, high-quality domestic brands are still in an upward trend in the medium and long term. 3) Investment suggestion: recommend [ Biem.L.Fdlkk Garment Co.Ltd(002832) ] with stable operation and still room for improvement in valuation level, corresponding to 17 times of pe22 years. It is recommended that Li Ning step down [22 / 28] and Li Ning step down [37 / 28], respectively.
Manufacturers: there is still uncertainty in the short-term environment. The recent repeated epidemic has also hindered the release of manufacturers' production capacity, but there is a shortage of orders from brands. We believe that the optimization of the industry competition pattern has become a trend, the epidemic has accelerated the clearing out of backward production capacity in the industry, and companies with differentiation barriers are expected to stand out in the long-term competition. The target [Shenzhou International] with marginal improvement and long-term upward competitiveness is recommended, which corresponds to 30 times of PE in 22 years. Focus on manufacturers with excellent fundamental performance and steady growth [ Huali Industrial Group Company Limited(300979) ], corresponding to 31 times of PE in 22 years
\u3000\u3000[ Huali Industrial Group Company Limited(300979) ]
The company issued the performance forecast for 2021. The company expects to realize a net profit of RMB 2.630 billion to RMB 2.912 billion attributable to shareholders of Listed Companies in 2021, with a year-on-year increase of 40% - 55%; It is estimated that in 2021, the net profit attributable to shareholders of listed companies after deducting non recurring profits and losses will be RMB 2.626 billion-29.08 billion, with a year-on-year increase of 40% - 55%. The main reasons for the performance changes are: the global economy presents a distinct scene of recovery and differentiation, and the post epidemic sports demand and sports shoe consumption continue to recover. As the company has strong new product development ability, it can quickly respond to changes in customer demand, expand production capacity through a variety of measures such as new factories, expansion of factories and the implementation of lean production, improve the operation efficiency of factories, and attract sports brands to increase orders to the company. Therefore, during the reporting period, the operating income increased rapidly, the gross profit margin increased compared with last year, and the net profit attributable to the shareholders of the listed company increased significantly.
\u3000\u3000[ Ningbo Peacebird Fashion Co.Ltd(603877) ]
The company issued the performance forecast for 2021. The company expects to realize a net profit attributable to shareholders of listed companies of about 660 million yuan in 2021, which is expected to decrease by about 7% compared with the same period of last year. It is estimated that the net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses will be about 500 million yuan in 2021, which is expected to decrease by about 11% compared with the same period of last year. The company's profit in 2021 decreased compared with the same period of the previous year. The main reasons are: in the fourth quarter of 2021, due to the repeated epidemic situation in China, the warm winter climate and other adverse factors, the company's rapid operation adjustment and insufficient response, and the retail sales of the same store decreased year-on-year, which had a great impact on the company's net profit. During the reporting period, the company increased its investment in brand marketing and digital transformation, and the related expenses increased significantly year-on-year; At the same time, the expenditure on social public welfare donations also increased significantly.
\u3000\u3000[ Winner Medical Co.Ltd(300888) ]
The company issued the performance forecast for 2021. The company expects that the net profit in 2021 will be about 1.2 billion yuan to 1.35 billion yuan, a year-on-year decrease of 64.57% ~ 68.51%. The revenue of medical consumables business in 2021 decreased by 55.16% to 56.28% year-on-year, mainly due to the outbreak of covid-19 pneumonia in January 2020, and the company's medical protection products achieved extremely high performance growth in 2020. In 2021, the production capacity of medical protection products around the world increased significantly, and the sales price gradually returned to normal, resulting in a significant year-on-year decrease in the revenue and profit of medical consumables business. In terms of healthy consumer goods business, the revenue realized in 2021 increased by 13.73% to 19.42% year-on-year.
\u3000\u3000[ Winner Medical Co.Ltd(300888) ]
The company issued an announcement on the expiration of the planned reduction of shares by major shareholders. On January 24, 2022, the company received the notification letter on the implementation of the Winner Medical Co.Ltd(300888) share reduction plan issued by the major shareholder Sequoia Xinyuan. As of January 24, 2022, the time of Sequoia Xinyuan's share reduction plan has expired, and Sequoia Xinyuan has reduced 6.3167 million shares of the company through centralized bidding, with a reduction ratio of 1.43%.
\u3000\u3000[ Zhejiang Semir Garment Co.Ltd(002563) ]
The company issued the performance forecast for 2021. The company expects the net profit attributable to shareholders of Listed Companies in 2021 to be 1.45 billion yuan – 1.55 billion yuan, an increase of 79.97% - 92.38% over the same period of last year; The net profit after deducting non recurring profits and losses was 1.3 billion – 1.4 billion yuan, an increase of 71.79% - 85.00% over the same period of last year; The basic earnings per share is 0.54 yuan / share – 0.58 yuan / share. The reason for the change in performance is that in the same period of last year, the operating performance of the company was affected by the epidemic and the loss of French kidiliz group, and the base was low. The company completed the transfer of French kidiliz group in early September 2020. Excluding the consolidated losses of French kidiliz group in the same period of last year, the net profit attributable to shareholders of listed companies from January to December 2020 was 1302416600 yuan. According to comparable standards, the net profit attributable to shareholders of listed companies from January to December 2021 is expected to increase by about 11.33% to 19.01% year-on-year.
Anta Sports: Q4 water speed up month on month, clear long-term development
Investment highlights:
The short-term water growth rate rebounded and the performance was brilliant.
Strong R & D promotes product upgrading, and "double Olympics" promotes the influence of Anta brand.
The operation is stable, and FILA brand continues to expand its business.
Winter sports and outdoor camping are just hot, and other brands are growing rapidly.
The Amer development strategy of the joint venture group was further clarified.
In the long-term strategic upgrading, China may become the world leader.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 7.75/94.0/12.11 billion, corresponding to 29 times of PE in 2022, maintaining the "buy" rating.
Risk warning: the scope and duration of the epidemic exceed expectations; Decline in terminal demand; The development of multi brand and overseas business is not smooth; The change of RMB exchange rate brings performance fluctuation.
Tebu International: brand upgrading, flowing water, excellent performance in the whole year
Investment highlights:
The company's Q4 water growth in 2021 increased month on month, and the annual performance increased significantly.
The annual growth rate of Tebu brand exceeded 30%.
The expansion and cultivation of new brands have been steadily promoted, and the terminal has entered the track of opening stores.
The operation is healthy and the momentum is expected to be maintained in 2022.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 885 / 1119 / 1351 million, corresponding to 28 times of PE in 2022, maintaining the "buy" rating.
Risk tip: the expansion of new brands is not as expected; Global epidemic recurrence; Entertainment marketing affects the professional image of the main brand.
Biem.L.Fdlkk Garment Co.Ltd(002832) : professional oriented, continuous innovation, leading the industry
Investment highlights:
The company operates steadily with good growth certainty.
Focus on brand features: focus on consumers and make a combination of products and marketing.
Clear growth path: store expansion and operation efficiency improvement.
Operation optimization and performance growth.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 600 / 780 / 980 million, corresponding to 17 times of PE in 2022, maintaining the "buy" rating.
Risk warning: the epidemic continues to exceed expectations; Macroeconomic weakness; Venice brand incubation failed to meet expectations; The prosperity of sports and leisure consumption market fell.
DEA shares: a leader in diamond ring industry with obvious differentiated competitive advantage
Investment highlights:
The company enjoys low market penetration and considerable market concentration.
Investment highlight 1: with the characteristic of "specificity", the high-end diamond ring segments the track, and the heat continues to increase.
Investment highlight 2: full self operated channel mode to ensure the service quality of stores.
Investment highlight 3: asset light mode ensures operation efficiency and mature information management system.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 1.316/17.63/2.277 billion, corresponding to 24 times of PE in 2022. The company will be rated as "overweight" for the first time.
Risk warning: covid-19 epidemic recurrence risk; The expansion of offline channels is less than expected; The development of wedding market is less than expected; Fierce industry competition affects brand uniqueness.
[SKECH] recently, SKECH released the Q4 and full year financial report of 2021. In 2021, it achieved sales of US $6.29 billion, an increase of 36.7%, a record high.
In 2021, the total retail sales of SKECH in China reached 22.8 billion yuan, a year-on-year increase of 24%. At the same time, SKECH China carries out market expansion with a diversified combination of stores, constantly infiltrates sunken cities, increases investment in clothing and children's products, and strengthens the diversified product layout of all age groups to meet the needs of different consumers.
[Anta] on February 2, the torch relay of the Beijing Winter Olympic Games kicked off in Beijing. The clothing and running shoes in this torch relay are supported by Anta technology. The upper of the Winter Olympic torch shoes is woven with aweb environmental protection yarn and made of DuPont Sorona bio based fiber. It is soft and environment-friendly. Combined with water repellent and wind proof upper and 3M new sherry high-efficiency warm velvet, it can provide comfortable wearing and sports protection in the severe cold environment in winter. The midsole is equipped with a three carbon sector structure pioneered by Anta for enhanced propulsion, combined with large bottom anti slip rubber, It can make the torchbearers run more steadily.
[ Joeone Co.Ltd(601566) ] Joeone Co.Ltd(601566) landed at Paris fashion week again at the end of last month to perform the Millennium "dandy" culture and carry out the Tang style pants show. The theme of this pants show is "prosperous China". From the long river of civilization with winding history, Joeone Co.Ltd(601566) it takes the culture of the prosperous Tang Dynasty as the origin of inspiration, condenses the core elements of the Tang Dynasty, such as baoxianghua, rolling grass pattern, blue spot color, Tang Tri Color, little black dandy, and works with Creative Director Louis Gabriel nouchi to deconstruct and combine modern design expression into men's pants fashion design, Create more possibilities for the aesthetic appreciation of men's pants clothing art.
Risk tips
The covid-19 epidemic affected the company's business more than expected in time and scope.
The fluctuation of orders from downstream customers affects the operating revenue.
Overseas business expansion was less than expected.
Cotton price fluctuation risk.
Foreign exchange fluctuation risk.
