China Finance Network report reads:
Zhejiang Xin'ao Textile Co., Ltd. leads the global wool industry, benefiting from the increase in wool prices and product upgrades, the gross profit rate of worsted yarns and tops will increase substantially; the increase in yarns with a fixed increase of 42% will be gradually released in 17/18 years, and downstream demand Warmer, driving sales climbed, increasing the rating.
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Investment Highlights:
Maintain the "overweight" rating with a target price of 21 yuan. We are optimistic about the performance of the company as a global leader in high-end wool textiles: increase in wool prices and adjustment of product structure to boost gross profit margins; review of plans to increase production capacity, trials, and gradual release of new production capacity in 17/18; and innovation and service building barriers to competition. Maintain the 2017-19 EPS forecast at 0.70/0.91/1.11, maintain the target price of 21 yuan, and increase the rating.
The increase in wool prices and consumption upgrades has driven high-end wool textile companies to be basically good. 1) Australian wool is the main raw material for high-end wool spinning. In January 17th, the price broke the six-year high, and in the first quarter of April 17 it increased by 14.88% Yoy to reach 1459 AUD/kg. 2) In 2014-2016, the core CPI of the United States increased by 1.7%, 1.8% and 2.2% respectively. The unemployment rate in 16 years reached the lowest point since the financial crisis. From October to November of 2016, the retail sales of apparels of 100 key large-scale retail enterprises increased by 3.9 percentage points and 8.0 percentage points from the same period of last year.
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Innovation and services build barriers to competition and the company's long-term strategy is at every step. German Southern Industries, Italy's Zegna Baruffa and Xinao have three points in the high-end yarn area. Xinao’s core competitiveness lies in its innovation of ideas and service enhancement. The company does not hesitate to invest in equipment and R&D. The level of equipment automation and intelligence is gradually surpassing that of European counterparts, hiring high-paying R&D designers, and responding to customers quickly and with a low MOQ, which is in line with the rapid reaction demand of the apparel industry chain. In terms of long-term strategy, the company will gradually realize the global multi-regional production capacity layout, expand the semi-worsted spinning, wool spinning and other yarn processes, and at the same time continue to extend the influence to the fashion field by continuing to hold design contests.
It is scheduled to increase over the period of one year. The fixed-income plan of December 16 was approved by the CSRC and was locked for 12 months. Major shareholders did not participate in the plan; December 2011, the IPO restricted shares of major shareholders were lifted.
Risk Warning: The risk of large fluctuations in the price of wool; the risk of fluctuations in the RMB exchange rate.
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