The hottest Huatai machinery Zhang Cheng team Jack

2022-08-23
  • Detail

[Huatai machinery Zhangcheng team] Jack stock (603337, increased shareholding): sit firmly at the domestic sewing machinery leader and follow the trend with broad prospects

[Huatai machinery Zhangcheng team] Jack stock (603337, increased shareholding): sit firmly at the domestic sewing machinery leader and follow the trend with broad prospects

08:02 source://

original title: [Huatai machinery Zhangcheng team] Jack stock (603337, increased shareholding): sit firmly at the domestic sewing machinery leader, Follow the trend and have broad prospects

release time: July 29, 2018

researcher: Zhang Cheng (s)/Xiao qunxi (s)

focus on industrial sewing machinery and transform into a "sewing equipment intelligent complete solution service provider"

the company's main business is the research and development, production and sales of sewing machinery, (to solve your doubts) what is the reason why the installation of hydraulic universal testing machine needs the guidance of the manufacturer? It is a leading sewing machinery manufacturer in the industry and one of the largest enterprises in the global sewing machinery industry. According to the data of wind and Bloomberg, the company ranked first in China and third in the world in terms of market share in 2017. According to the company's announcement, the company achieved a revenue of 2.787 billion yuan in 2017, an increase of 50% year-on-year For this reason, the revenue in 2018q1 was 1.070 billion yuan, a year-on-year increase of 48.97%, and the net profit attributable to the parent was 460 million yuan, a year-on-year increase of 42.03%. What data do we need through the company's data on Germany's Toka Benma, Italy's Micah and VBM? Generally speaking, the acquisition has created a precedent for overseas mergers of private enterprises in China's sewing industry, and the layout of intelligent high value-added sewing machinery. It is estimated that the annual net profit attributable to the parent company will be 492million and 610 million. All parts will be cleaned in a clean and compatible commercial solvent, 0 billion and 726 million. It will be covered for the first time, and will be rated as "overweight"

the downstream clothing industry needs to maintain strong toughness, customized consumption promotes the development of intelligent sewing machines

the prosperity of the downstream textile and clothing industry determines the market demand of the sewing machinery industry. According to the data of the National Bureau of statistics, from November 2017 to may 2018, the inventory of textile and clothing finished products was less than that of the same period last year, the growth rate of revenue and profit had bottomed out, and the industrial demand gradually warmed up. With the gradual deepening of the transformation and upgrading of the clothing industry and the rise of customized consumption, we believe that the sewing machinery industry has begun to develop in the direction of intelligence, which may bring a lot of demand for equipment purchase and renewal

the sewing machinery market has a broad space, and the equipment going to sea is the future development trend.

affected by labor costs, Southeast Asian countries have accelerated the undertaking of garment manufacturing industry, and the equipment going to sea has a broad space. According to the data of the General Administration of customs, China's cumulative export of sewing machinery products in 2017 was US $2.33 billion, with a year-on-year increase of 5.44%, continuing the recovery and growth trend in 2016. Among them, the export of industrial sewing machinery was 3.693 million units, with a year-on-year increase of 11.55%, and the amount was US $1.021 billion, with a year-on-year increase of 6.40%. The export volume of industrial sewing machines began to stop falling and rebound. We believe that in the face of changes in downstream industries, Jack's technological advantages may gradually appear, and overseas business is expected to become a strong growth engine in the future

the shareholding plan shows confidence in development, and raised investment projects improve core competitiveness

according to the company's announcement, the company issued an employee stock ownership plan in May 2017, subscribing for a trust plan with a total amount of 660 million yuan, and the participants are the management and backbone members of the company and its subsidiaries. Through the employee stock ownership plan, the company has effectively attracted and retained core talents, stimulated the creativity of employees, benefited employees from the development of the company, and formed a competitive and creative salary incentive policy. In addition, at present, the company has four raised investment projects, totaling 1.466 billion yuan. This batch of fund-raising projects will further reduce personnel investment, improve labor productivity, enhance the company's core market competitiveness, and promote the company's technological transformation to intelligent and integrated development

industrial sewing machine leading enterprise, first covered, given the increase rating

it is estimated that Jack's annual net profit attributable to the parent company is 492million, 610million and 726million, with a year-on-year increase of 51.9%, 24.0% and 19.1%, and a three-year compound growth rate of 30.88%, corresponding to EPS of 1.61, 1.99 and 2.38 yuan. Considering that the company is the domestic industrial sewing machine leader and compound growth rate, referring to the growth rate of comparable companies and the average PE valuation of 22.85 in 2018, Give Jack a PE valuation of times in 2018, with a target price of 43 49 yuan, with a "overweight" rating for the first time

risk tips: the economic growth rate of major overseas markets slows down, the risk of exchange rate fluctuations, market competition intensifies, and the prosperity of textile and clothing is less than expected

Copyright © 2011 JIN SHI