Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The textile industry is experiencing a recovery, and the company's main business is continuously improving. The company's dyeing revenue has grown from 2.9 billion yuan in 2016 to 4 billion yuan in 2023, with a CAGR of nearly 5% [2] - The company benefits from the optimization of the dyeing industry structure, with its revenue share increasing from approximately 0.74% in 2016 to about 1.34% in 2023 [2] - The company is expanding its gold jewelry business, which is expected to benefit from high consumer demand for gold. The company's gold jewelry revenue reached 5.33 billion yuan in 2023, a year-on-year increase of 6% [2] - The company is expected to achieve revenue of 10.52 billion yuan, 11.70 billion yuan, and 12.44 billion yuan from 2024 to 2026, with corresponding net profits of 755 million yuan, 824 million yuan, and 916 million yuan [2] Summary by Sections Company Overview - The company, established in 1998 and listed in 2004, focuses on "textile dyeing + gold jewelry" as its dual main business. It has expanded its business through acquisitions, becoming a significant player in both industries [9] Textile Industry Development - The textile industry is a pillar of the national economy, with a stable development trend. The dyeing industry has undergone supply-side reforms, leading to the elimination of backward production capacity and an increase in industry concentration [16][18] - The industry is subject to strict environmental regulations, which have raised entry barriers and accelerated the elimination of outdated capacity [26] Company’s Dyeing Business - The company's dyeing business is a core segment, with a processing scale of 1.02 billion meters in 2023, generating revenue of 3.793 billion yuan [9] - The company maintains a gross margin above 20% in its dyeing business, demonstrating strong profitability compared to industry peers [2] Gold Jewelry Business Expansion - The company has been expanding its gold jewelry business since acquiring a 100% stake in Hangmin Baitai in 2018 and a 65% stake in Shenzhen Shangjinyuan in 2023. The gold jewelry business is expected to benefit from rising gold prices and consumer demand [2][9] Financial Projections - The company is projected to achieve significant revenue and profit growth over the next few years, with a PE ratio decreasing from 11.51 in 2022 to 7.86 in 2026, indicating an attractive valuation [3]
航民股份:印染主业加速修复,黄金业务支撑增长