Zhejiang Yingfeng Technology (SH:605055) 光大证券研究·2025-03-14 08:59Company Overview - Yingfeng Co., Ltd. specializes in knitting and woven fabric dyeing and is the only pure dyeing listed company in A-shares. The founders, Fu Shuangli and Ma Yingbo, have focused on the textile dyeing industry since their independent entrepreneurship in 1992 [2] - With the launch of a high-end fabric intelligent green dyeing project producing 131 million meters, the company's revenue has surpassed 1 billion yuan since 2021. The company faced fluctuations in performance due to the pandemic, energy and raw material prices, and factory depreciation, but is expected to recover in 2023 and 2024 [2] - In 2023, the company's revenue increased by 12.9% to 1.55 billion yuan, reaching a peak since 2016, with a net profit of 37.19 million yuan, marking a return to profitability. In the first three quarters of 2024, the company achieved revenue of 1.14 billion yuan, a year-on-year increase of 2.8%, with a net profit of 28.62 million yuan, up 11.0% [2] Industry Situation - Dyeing is an intermediate link in the textile industry chain, connecting upstream textile fibers and downstream textile products and clothing, playing a crucial role in enhancing fabric functionality and value [3] - Since 2008, the production of dyed fabrics has fluctuated due to supply-side reforms and demand factors. The domestic dyeing industry is characterized by sufficient market competition and low industry concentration, with 1,804 large-scale dyeing enterprises in China as of 2024 [3] - The industry is undergoing a transformation towards energy conservation, emission reduction, and environmental protection [3] Competitive Advantages - Strong process technology advantages and continuous innovation: The company emphasizes advancements in dyeing technology and process innovation, introducing advanced dyeing equipment and enhancing independent R&D efforts, resulting in a strong technological edge [4] - Development of smart dyeing factories to shorten product delivery times: The company focuses on building "smart factories," optimizing order management and process flows, which enhances service capabilities while meeting diverse customer needs [4] - Comprehensive environmental management system with a focus on clean production and energy conservation: The company has established a robust environmental management system, certified by ISO 14001, and has received titles such as "National Green Factory" and "Zhejiang Province Green Enterprise" [4]