Soochow Securities Co.Ltd(601555) gave Zhejiang Hangmin Co.Ltd(600987) shareholding increase rating for the first time: focusing on the dual main industries of printing and dyeing + gold, and the revenue side recovered well in 2021

Soochow Securities Co.Ltd(601555) 03-02 released the research report, saying that Zhejiang Hangmin Co.Ltd(600987) ( Zhejiang Hangmin Co.Ltd(600987) .sh, latest price: 5.83 yuan) was given an overweight rating for the first time. The reasons for rating mainly include: 1) focusing on the dual main business of "textile printing and dyeing + gold jewelry"; 2) In 2021, the printing and dyeing textile business showed a recovery trend; 3) Gold jewelry business is divided into two modes of "processing + wholesale". The sales volume of processing mode accounts for a relatively high proportion and the income contribution is low; 4) The income of gold jewelry increased significantly in 2021. Risk tips: repeated epidemics, rising costs, fluctuations in gold prices and continued reduction of shareholders' holdings.