下载后可任意编辑华孚色纺Huafu Top Dyed Melange Yarn快速反应是核心竞争力, 产业升级+中西部产能转移提升进展空间Rapid response is the core competitiveness and industrial upgrading plus relocation of production capacity to the Midwest enhances space for development.公司 1 季度业绩预告 0.32 元, 好于预期, 我们上调了盈利预测。Huafu Top Dyed Melange Yarn Co.,Ltd(the ”company”) released the notice of 1Q results of RMB0.32,which is better than expected. We revised up the earnings forecast.估计 10- 营业收入为 37/43/50 亿元, 收入复合增长率 16%, 净利润分别为 2.81/3.42/4.63 亿元, 复合增长率近 30%, 对应 10- EPS 为 1.20/1.45/1.97 元( 未摊薄股本) 。Revenue is estimated to be RMB 3.7/4.3/5.0bn in - with revenue CAGR of 16%; net profit will be RMB281mn/342mn/463mn with CAGR of nearly 30%, implying EPS RMB1.20/1.45/1.97 (without considering capital stock dilution due to private placement) in - . 当前股价 21 元, 对应 PE 为 17.5 倍, 估计今年下半年完成增发, 增发摊薄业绩后 PE 为 18 倍, 估值较低。The current closing price of RMB21 implies 17.5×PE in . The private placement is expected to be completed in 2H , representing 18× PE in after dilution. Valuation is 下载后可任意编辑relatively low. 考虑到色纺纱行业前景宽阔、 公司成长性较好, 我们认为能够给予 23-25 倍 PE, 目标价 27-29 元, 上调评级至”买入”。Taking into account the bright prospects for dyed melange yarn industry and potential good growth of the company , we believe we can give 23-25×PE in and target price of RMB27-29 and upgrade rating to "Buy".1、 色纺纱行业在国内取得快速进展, 主要与两方面有关: 1. Dyed melange yarn industry achieved rapid development in China, mainly due to two factors:( 1) 纱线、 服装近年来增长率均超过 10%, 色纺纱作为新型纱线将部分替代传统纱线, 会有更快的增长, 增速在 15-20%; (1) both...
