[Summary]
Recommended Logic: The company is the field of nylon fabric segments leading enterprises, the company has integrated R & D and other advantages, profitability is higher than ordinary nylon business. With the gradual production of fundraising projects and the growth of downstream customers' demand, the company's performance is expected to continue to increase. It is expected that the company's performance will increase by 24% in the next three years.
The company is a leading company in the field of domestic nylon fabrics. March 2017, China Textile Industry Association issue a certificate: Taiwan and China is a renowned collection of new material nylon spinning, weaving, dyeing and finishing the whole industry chain of chemical fiber textile enterprises, Taiwan and China finds new materials for China's leading nylon fabric segments The company has strong strength in the production of nylon fiber, fabric development, production and sales. The company's main products are nylon filament yarn, nylon and nylon fabric finished fabrics, in addition to a small amount of production of polyester products. At present, the company has the capacity of 65,000 tons of nylon filament yarn, 497.2 million meters of grey cloth, 0.85 billion meters of dyeing and 0.44 billion meters of finishing.
The demand for nylon continues to increase and the company is expected to benefit. At present, nylon has become the second largest chemical fiber in the textile industry after polyester. Its output accounts for about 9% of the world's total chemical fiber production. Nylon fabric has been widely used in high-end clothing and special functional clothing. In China, the proportion of nylon in chemical fiber has gradually increased in recent years, currently around 6%, and there is still room for improvement in the future.
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The company's major customers are developing rapidly, and the company plans to continue to expand in the future. The company's major brand customers Decathlon and Anta have developed rapidly in recent years and plan to continue to expand in the future. According to public information, Decathlon Group's revenue growth rate exceeded 10% in 2016 and 2017. In the future, it plans to increase the number of stores in China to 500 in 2020, an increase of 134% compared with the number of 214 stores in 2016. According to the ANTA Sports Annual Report, its sales revenue increased from 7.281 billion yuan in 2013 to 16.692 billion yuan in 2017, and it is expected to maintain a relatively high growth rate in the future. In addition, with the company's brand image and the deepening of market development, it is expected that the company's brand customer base will continue to expand.
In the future, with the release of production capacity, performance is expected to grow. With the company's future production capacity of grey cloths and fabrics gradually put into use in 2018 and 2019, the company's industrial chain layout will change from top-heavy to relatively balanced, and its performance will continue to grow in three years. In addition, we believe that with the gradual release of the company's production capacity, especially the high gross profit margin, the company's comprehensive gross profit margin will continue to increase.
Earnings forecasts and investment advice. It is estimated that the EPS of 2018-2020 will be 0.85 yuan, 1.05 yuan and 1.28 yuan respectively. The net profit of the mother will maintain a compound growth rate of 24% in the next three years, maintaining the "Buy" rating and the target price of 20.40 yuan.
Risk warning: market risk, financial risk, under construction projects do not meet expected risks, technical risks, management risks.
As a kind of clothing for men, men's leather shoes have many selling points. They can not only adapt to a variety of scenes, such as business, banquet and other scenes, but also improve the business image of men. If you want to buy a pair of leather shoes, you may want to consider these features!
Fashion design
Men's leather shoes have a unique design and fashion style, can meet the needs of a variety of occasions, including business, leisure and so on. Whether you are at the office, a meeting or a dinner party, leather shoes are your best choice. Moreover, the color and shape of men's leather shoes are more and more diversified. The general men's leather shoes are divided into business shoes, leisure shoes and other shoes, which can meet the needs of different groups of people. This is one of the most important features of men's leather shoes.
Comfort
The material of men's leather shoes is very high quality, with natural leather as the main material, soft texture, high comfort. In addition, natural leather has a variety of animal leather, you can choose according to their needs. Leather shoes can help improve your walking comfort and keep your feet dry and ventilated to avoid beriberi and other foot problems.
Durability
Men's leather shoes are usually made of high quality leather, which is of high strength and durability to maintain stability and comfort even in adverse weather conditions. In addition, leather shoes also have good waterproof performance, can prevent rain and stains into the shoes, keep the shoes clean and tidy.
Figure display
The classic design of men's leather shoes is perfect for shaping your body. It not only makes your legs more prominent, but also makes you look slimmer, taller, and even maximizes your personal image. Especially when wearing a suit, leather shoes can better show your gentleman image and confident style.
Environmentally friendly and reliable
Leather shoes as a kind of fashion shoes, men's leather shoes in the manufacturing process will not cause too much impact on the environment, because the leather material is non-toxic, harmless, and long service life, compared with other materials made of shoes, leather shoes can effectively reduce the production of waste. At the same time, the production of men's leather shoes also needs to go through multiple quality inspection, to ensure the safety of its use link.
Other
At present, men's leather shoes have been sold to
the United Kingdom, Germany, European countries and other areas, which shows
that men's leather shoes in foreign countries are popular, because of its
fashion design, coupled with superior protection and good production
technology, which is men's leather shoes have become one of the indispensable
clothes on formal occasions.
In short, men's leather shoes are a fashion item with many advantages. As a kind of basic footwear, it is not only suitable for various occasions, to meet the needs of different people, but also to improve the wearer's comfort and wearing texture, is one of your best choices for perfect collocation of clothing.
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