Jinhong Fashion Group
(603518 CH)
實控人全額參與定增，優化財務費用表明信心
Actual controllers fully participate in RMB200m private placement as policy woos stakeholder investments
BUY (maintain) |
投資要點/Investment Thesis
投資要点/Investment Thesis
實控人全額認購本輪定增融資
本次向特定對象發行股票的對象為公司實控人王致勤、宋豔俊；募資不超過人民幣2億元（含本數）；用於補充流動資金及償還銀行借款。
發行價格為5.41元/股（10月8日公司收盤價8元），發行數量不超過0.37億股，約為本次發行前公司總股本的10.7%。
公司實控人王致勤先生、宋豔俊女士分別持有公司18.06%、15.23%股份；合計持有33.29%，按本次發行數量上限發行算，發行完成後，王致勤先生、宋豔俊女士合計持有公司39.71%，仍為實控人。
Actual controllers fully subscribe to private placement to raise up to RMB200m
Jinhong Fashion announced on 7 October a proposal to issue up to 36.97m shares in a private placement to actual controllers Wang Zhiqin and Song Yanjun. The purpose is to raise up to RMB200m of funds (including the principal) to supplement working capital and repay bank loans. The issue price will be RMB5.41 per share (vs the RMB8 closing price on 8 Oct) and the shares to be issued will be equivalent to about 10.7% of Jinhong Fashion’s pre-issuance market cap. Mr Wang, chairman and general manager, and his wife Ms Song, a company director, currently hold a combined stake of 33.29%, where Mr Wang holds 18.06% and Ms Song 15.23%. Based on the upper limit of the issuance range, the couple’s post-issuance combined stake will climb to 39.71% and they will continue to act as the company’s actual controllers.
優化資本結構減少財務費用
公司使用部分募集資金用於償還銀行貸款，有利於降低資產負債率，優化資產負債結構；同時可大幅度降低貸款規模及利息支出，有助於減少公司財務費用，提升公司盈利能力。
2021-24H1公司財務費用分別為2.2億、1.6億、0.9億以及0.3億；同期的歸母淨利分別為2.2、0.7、3億以及1.5億元；財務費用對公司業績影響較大，優化資本結構有利於增厚業績規模。
Company optimizes capital structure and reduces financial expense
Jinhong Fashion will use part of the funds raised to repay bank loans, which would help to reduce the asset-liability ratio and optimize the asset-liability structure. The move would also cut the company’s loans and interest expenses, and go toward reducing financial expenses, ultimately enhancing profitability.
The company’s financial expenses came to RMB220m/160m/90m/30m in 2021/22/ 23/24H1, with net profit at RMB220m/70m/300m/150m. Financial expenses impact the the bottom line substantially, so it makes sense to optimize the capital structure to increase the scale of profitability.
彰顯對公司未來發展信心，政策鼓勵大股東增持股票
本次發行對象為公司控股股東、實際控制人；體現其對公司支持決心以及對未來發展信心。隨著本次發行募集資金注入，公司流動資金有所補充，有利於發展戰略的實施以及後續經營的持續運作。
Controllers invest in future growth and policy woos stakeholder involvement
The private placement targets the controlling shareholder and actual controllers in line with their will to support the company and their confidence in its future development. The injection of funds will supplement working capital, which would help drive the implementation of Jinhong Fashion’s development strategy as well as smooth the progress of future operations.
投資建議/Investment Ideas
維持盈利預測，維持”買入”評級
公司三大品牌協同並進，品牌競爭力持續增強。隨著國內各地出臺多項措施促進消費復甦，服裝消費市場迎來穩健反彈，內銷市場持續恢復向好。公司堅持以市場為導向，以創新為驅動，集聚品牌勢能，豐富產品矩陣，提升渠道，運營質效，實現持續穩健發展。
公司現有的“元先”、VGRASS、TEENIE WEENIE三大品牌各具差異化的風格和定位，協調共享、優勢互補，形成了金字塔式的立體品牌矩陣，不斷提高品牌市場競爭力。近年來，公司通過多品牌戰略，持續提升產品力和品牌力，並佈局全渠道，共同推動收入增長。
暫不考慮本次定增，我們預計公司24-26年EPS分別為0.98元、1.12元以及1.3元，PE分別為9X、8X以及7X。
Valuation and risks
Strategic focus: synergy of Jinhong Fashion’s three major brands has improved with rising brand competitiveness. The company rolled out a string of measures to milk the consumer market recovery across parts of China. Chinese market sales are recovering and consumption in the apparel market is showing a steady rebound. The company’s market-oriented and innovation-led approach involves building up brand potential to burnish the product matrix, while improving channels, operational quality and efficiency, so as to ensure stable and sustainable development.
Multi-brand synergy: each of Jinhong’s three major brands Yunjin, VGrass and Teenie Weenie carries its own differentiated style and market positioning, while their collective advantages complement one another to form a pyramid-shaped brand matrix. The company’s multi-brand strategy has boosted product and brand strength in recent years, while its omnichannel coverage drives revenue growth.
Valuation: excluding the private placement in our consideration, we forecast EPS at RMB0.98/1.12/1.30 in 2024/25/26E, with PE at 9x/8x/7x. We maintain our BUY rating.
風險提示：核心高管流失，定增失敗, 消費景氣度不及預期，行業競爭加劇。
Risks include: loss of core executives; failure to complete the private placement; a less buoyant consumer market than expected; and intensifying competition.
Email: research@tfisec.com
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