【行业研究报告】维珍妮-Investment Value Analysis:Global underwear IDM with diversified growth drivers

类型: 港股公司研究

机构: 中信证券

发表时间: 2022-01-06 00:00:00

更新时间: 2022-01-12 21:50:26

TheCompanyadoptstheinnovativedesignmanufacturer(IDM)modeltooffer
TheCompanyadoptstheinnovativedesignmanufacturer(IDM)modeltooffer
afullrangeofservicesfromdesigntomanufacturing,andhasaccumulated
R&Dexperienceandconstantlyexpandeditsproductlines,whichnowcovers
sixcategoriesincludingunderwear,sportsproducts,consumerelectronics,
brapadsandmolds,footwearandepidemicpreventionproducts.InFY1H22,
theCompanyrecordedrevenueofHK$3,165mn(+23%YoY)fromthebraand
underwearbusiness,andHK$1,036mn/233mn(+59%/+104%YoY)fromthe
sportsproducts/consumerelectronicssegments,bothofwhichmaybecome
themajordriversforfuturerevenuegrowth.InFY1H22,theCompany
recordedoperatingrevenue/netprofitofHK$4,081mn/254mn(+30%/+80%
YoY)withthegrossprofitmarginat24.0%(+1.5pptsYoY),showingarapid
reboundinmajorfinancialmetricsaftertheshort-livedimpactofthepandemic.
▍Underwear&sportswearindustry:TheChinesemarketisgrowing
rapidly,internationalbrandsmaintainsolidadvantagesandleading
sportsbrandshaveacceleratedproductexpansioninfemalecategories.
Theglobal/ChineseunderwearmarketexceededUS$120bn/Rmb260bn
in2021,accordingtoEuromonitor.AlthoughthegrowthoftheChinese
marketissignificantlyhigherthantheglobalaverage,themarket
concentrationratio(e.g.CR5=7.5%)isstillsignificantlylowerthanthatof
developedcountries,andtheglobalmarketisdominatedbymany
well-knowninternationalbrands.
Intermsofsportswear,theChinesemarkethasexceededRmb370bn