SUNVIM(002083) 广发证券·2024-07-30 01:31Investment Rating - The report assigns a "Buy" rating to the company with a target price of 6.53 CNY per share [25] Core Views - The company is the largest exporter of home textile products in China, with export volume ranking first in the industry for 25 consecutive years [72] - The company has been actively expanding into new material businesses, including functional coating materials and lithium battery electrolyte additives, to create a new growth curve [3][24] - The company's home textile business is expected to maintain steady growth, supported by its strong export market position and expanding domestic sales [72][99] Business Overview Home Textile Business - The company's home textile business accounts for over 80% of its revenue, with products including towels and bedding [4][5] - The company has a strong presence in international markets, accounting for approximately 60%, 40%, and 30% of China's towel exports to Japan, the US, and Europe, respectively [72][78] - Domestic sales have been growing steadily, with the company operating two major brands, "Fujia" and "Jieyu," which hold market shares of 7.4% and 6.1% in the Chinese towel market, respectively [72][112] New Material Business - The company has entered the functional coating materials market, with products applied in industries such as petrochemicals, marine engineering, and automotive [3][24] - The company has also ventured into lithium battery electrolyte additives, achieving full-process production of VC (Vinylene Carbonate) and focusing on cost reduction through recycling technologies [3][24] - The company's new material businesses are expected to contribute significantly to future growth, with the first phase of 50,000 tons of coating material capacity expected to be fully operational by 2025 [1][24] Financial Performance - From 2003 to 2023, the company's revenue and net profit grew at a CAGR of 9.3% and 7.6%, respectively [4] - In 2023, the company's revenue reached 5.34 billion CNY, with a net profit of 287 million CNY, representing a year-on-year increase of 40.8% [4][38] - The company's gross margin improved in 2023, reaching 16.5%, up by 4.0 percentage points year-on-year, driven by improved product mix and higher capacity utilization [92] Industry Analysis Home Textile Industry - The global home textile market size reached 1.122 trillion USD in 2023, with a CAGR of 0.6% from 2008 to 2023 [70] - The Chinese home textile market is expected to continue growing, driven by rising disposable income and increasing demand for high-quality products [83][86] - The company's export business is expected to remain stable, with efforts to expand into emerging markets such as Southeast Asia [79][82] New Material Industry - The global market for lithium battery electrolyte additives is growing, with VC and FEC (Fluoroethylene Carbonate) being key products [36][44] - The company's entry into the lithium battery electrolyte additives market positions it to benefit from the growing demand for electric vehicles and energy storage systems [24][36] Future Outlook - The company plans to optimize its order structure, improve cost efficiency through technological upgrades, and continue expanding into new markets [82] - The new material businesses, particularly functional coatings and lithium battery electrolyte additives, are expected to drive future growth, with significant capacity expansions planned [1][24]