\u3000\u3 China Vanke Co.Ltd(000002) 003 Zhejiang Weixing Industrial Development Co.Ltd(002003) )
Establish a clothing technology company with Ruixiang new materials to expand the waterproof zipper and clothing hot pressing business
On March 24, the company and Dongguan Ruixiang New Material Technology Co., Ltd. jointly established Linhai Xingrui Clothing Technology Co., Ltd. The registered capital of Xingrui clothing is 3 million yuan, of which Zhejiang Weixing Industrial Development Co.Ltd(002003) is the major shareholder, with a subscribed capital of 1.53 million yuan and a shareholding of 51%; Ruixiang new materials subscribed 1.47 million yuan and held 49% of the shares.
The registered address of Xingrui clothing is in Weixing Industrial Park, Linhai City. Its business scope includes new material technology research and development, clothing research and development, clothing and accessories manufacturing, etc. its main business is waterproof zipper and clothing hot pressing business; In terms of management, Mr. Wu Xiaogang, the shareholder, manager and director of Ruixiang, served as the manager of the joint venture, and Mr. Yang Jianbo, assistant to the general manager of Zhejiang Weixing Industrial Development Co.Ltd(002003) Linhai zipper branch, served as the executive director.
Partner Ruixiang is mainly engaged in zipper business. Up to now, it has more than 40 relevant patents. This joint venture is jointly established for further cooperation between the two sides. This investment may enhance the R & D and production capacity of Weixing waterproof zipper, improve the synergy between zippers, signs and other accessories and hot pressing process, and strengthen its own business barriers.
For many times, Anta has joined hands to build the “champion dragon clothing” of the Olympic Games, improve the brand voice of SAB accessories and expand its share
The SAB accessory brand of Weixing has helped Anta build the Olympic “champion dragon clothing” for many times. After becoming the exclusive zipper supplier for the 2018 Pingchang Winter Olympic Games and continuing to work with Anta for the 2021 Tokyo Olympic Games, Weixing of the 2022 Beijing Winter Olympic Games once again participated in building the zipper and Dragon shaped magnetic fastener of the award-winning clothes of the Chinese sports delegation. Recently, it received a thank-you letter from Anta Group and won the endorsement of the head brand again to enhance the voice of the SAB brand, Further seize the market share and help the brand break through the global encirclement.
Zhejiang Weixing Industrial Development Co.Ltd(002003) was selected as the provincial key industrial Internet platform, which once again confirmed the advantages of digital upgrading and driven manufacturing upgrading. Weixing garment accessories intelligent manufacturing industrial Internet created by Weixing was selected as the provincial key industrial Internet platform project of Zhejiang Province in 2021. Build a new generation of garment industry resource allocation platform based on multi-party industrial data link through the Internet. The platform focuses on building three optimization closed loops. Externally, based on product digital twins, it promotes the integration of industrial horizontal value chain, and realizes the optimization closed loop of the whole industry chain and the whole value chain oriented to enterprise collaboration, user interaction and product service optimization; Internally, based on the digital twin of equipment and production line, promote the vertical integration of enterprise it and OT, realize the closed-loop optimization of equipment operation and production operation decision, and effectively promote the improvement of enterprise all factor production and operation capacity and efficiency.
The share of customer orders continued to increase, and the change of market share opened up medium and long-term growth space
On the one hand, in the past five or six years, the company has actively carried out all-round transformation, promoted the globalization strategy, developed the international market, achieved initial results in intelligent manufacturing, seized the opportunity of the inflection point of the epidemic, and cut into the supply chain of major customers outside China with the advantages of product quality, fast reaction and service, and the proportion has gradually increased. Under the recent multi-point outbreak of the epidemic in China, the production operation and order trend is good, and the order growth is sustainable. On the other hand, the change of market share has further opened the medium and long-term growth space for the company, and there is still great potential to improve the income performance of benchmark YKK, breaking through the development bottleneck of the previous decade.
Maintain profit forecast and buy rating. We continue to be optimistic about the inflection point of the company’s operation and the medium and long-term growth prospects, the overall breakthrough or share increase of high-quality customers outside China, and the order structure continues to be optimized. We expect the company’s 202223 EPS to be 0.7 and 0.8 yuan / share respectively, and PE to be 18.4 and 15.4 times respectively.
Risk warning: price fluctuation of raw materials; Rising labor costs; The improvement of human efficiency is less than expected; The operation of the newly established company is less than expected.
