In spring, the consumption peak was brought forward in advance, and the weather turned cold. The overall retail performance of brand clothing was good in January. We recommend [ Biem.L.Fdlkk Garment Co.Ltd(002832) ] in the fashion sector at present, which corresponds to 18 times of PE in 22 years.
During the hot winter Olympics, boost the terminal performance of sports shoes and clothing. In the short term, we estimate that the water flow of Li Ning / Anta / FILA brand increased rapidly in January and may fluctuate due to the base in February. In the medium and long term, the rise of track growth + ice and snow and other subdivided fields is expected to bring investment opportunities. According to the ice and snow sports development plan, the scale of ice and snow sports industry is expected to be 1 trillion yuan / driving 300 million people to participate in ice and snow sports in 2025. We strongly recommend high growth sports tracks and
[Li Ning, Anta sports, special step international and Shenzhou International] correspond to 38 / 30 / 26 / 30 times of PE in 22 years, pay attention to Huali Industrial Group Company Limited(300979) , and 28 times of PE in 22 years
\u3000\u3000[ Biem.L.Fdlkk Garment Co.Ltd(002832) ]
Announcement on the reduction of passive shareholders and their active shareholders by more than 1%. As of February 9, 2022, the total share capital of the company has increased from 550326712 shares on January 10, 2022 to 559584771 shares due to the conversion of shares by the holders of the company's convertible bonds. The shareholding ratio of the company's shareholder Xie Bingzheng and those acting in concert Feng Lingling and Xie Ting has been passively diluted. As of February 9, 2022, the shares held by Xie Bingzheng, Feng Lingling and Xie Ting, who acted in concert, had been actively reduced and passively diluted, with a cumulative change of 1.05%.
\u3000\u3000[ Zhejiang Jasan Holding Group Co.Ltd(603558) ]
The company issued an announcement on the progress of repurchase of the company's shares by call auction. As of January 31, 2022, the company has repurchased 8490600 shares through centralized bidding, accounting for 2.16% of the total share capital of the company. The highest transaction price is 11.575 yuan / share, the lowest transaction price is 8.490 yuan / share, and the total amount of funds paid is 84710413.99 yuan (including transaction expenses).
Winner Medical Co.Ltd(300888) : steady growth of consumer business and return of medical sector to normal
Investment highlights:
Revenue / performance decline in 2021 under high base.
Consumer goods: steady growth, product innovation
Medical business: the scale has returned to normal and the channels have been widened.
The high base has passed and is expected to enter a healthy growth channel throughout the year.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 1.30/16.1/1.98 billion, corresponding to 19 times of PE in 2022, maintaining the "buy" rating.
Risk warning: covid-19 epidemic exceeded expectations, which was unfavorable to the terminal sales of consumer goods; Market competition intensifies risks; Category expansion risk; Overseas business expansion is less than expected; Foreign exchange fluctuation risk. 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 18 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.
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.
