Haining China Leather Market Co.Ltd(002344) (002344)
Key investment points
The leather industry is a leader in the professional market and has significant advantages in industrial clusters
Haining China Leather Market Co.Ltd(002344) as the only leather professional market in the world that provides full industry chain services, Haining, Zhejiang Province is the leather capital of China. Haining and its surrounding areas gather more than 3000 leather production enterprises, which is one of the largest leather production bases in the world. The company is mainly engaged in the development, leasing and related service business of leather professional market, and provides full link industrial services for surrounding leather production enterprises.
On the basis of market scale advantages and barriers, firmly establish the brand and develop the fashion industry
The company has established its chain markets in many places to form scale advantages and consolidate the industrial foundation. At the same time, we will develop the fashion industry by building a design base, developing Haining leather fashion town and introducing design talents to promote industrial transformation and upgrading and explore the road of "quality + Design + brand".
Embrace the blue ocean of digital economy, turn the challenges of e-commerce into opportunities, and promote Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integrated development
The company has successfully built an e-commerce industrial chain base integrating e-commerce live broadcasting, e-commerce supply, education and training, intelligent warehousing and logistics and other supporting services. It is committed to building "new retail" and "heart retail" benchmarks under "new normal" and "new consumption", accelerating the process of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integration and promoting its own digital transformation.
Profit forecast and valuation
It is estimated that the company's operating revenue from 2021 to 2023 will be RMB 1.543 billion, 1.807 billion and 2.035 billion, with a year-on-year increase of 8.26%, 17.12% and 12.60%, and the net profit attributable to the parent company will be RMB 305, 330 and 366 million, with a year-on-year increase of 56.74%, 8.14% and 11.12%, corresponding to EPS of RMB 0.24, 0.26 and 0.29. Considering that the company actively develops the fashion industry under the superposition of internal demand and external changes, and strives to promote brand construction, and the e-commerce industry chain base promotes the integrated development of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) , e-commerce will continue to produce large quantities. The current price corresponding to PE is 19.6x, 18.2x and 16.3x times, and is rated as "buy".
Risk tip: the epidemic situation is repeated and the prosperity of the leather industry is declining
Since the outbreak, in the face of multiple challenges such as severe export situation, insufficient power of domestic demand, rising labor costs and prominent environmental constraints under the influence of the epidemic, the prosperity of leather products industry has declined, and the benefits of some leather garment manufacturers have decreased, putting pressure on the upward rent of the company
