华孚色纺的研究报告中英对照样本

华孚色纺HuafuTopDyedMelangeYarn迅速反映是核心竞争力，产业升级+中西部产能转移提高发展空间RapidresponseisthecorecompetitivenessandindustrialupgradingplusrelocationofproductioncapacitytotheMidwestenhancesspacefordevelopment.公司1季度业绩预告0.32元，好于预期，咱们上调了赚钱预测。HuafuTopDyedMelangeYarnCo.,Ltd(the“company”)releasedthenoticeof1QresultsofRMB0.32,whichisbetterthanexpected.Wereviseduptheearningsforecast.预测10-营业收入为37/43/50亿元，收入复合增长率16%，净利润分别为2.81/3.42/4.63亿元，复合增长率近30%，相应10-EPS为1.20/1.45/1.97元（未摊薄股本）。RevenueisestimatedtobeRMB3.7/4.3/5.0bnin-withrevenueCAGRof16%；netprofitwillbeRMB281mn/342mn/463mnwithCAGRofnearly30%，implyingEPSRMB1.20/1.45/1.97(withoutconsideringcapitalstockdilutionduetoprivateplacement)in-.当前股价21元，相应PE为17.5倍，预测今年下半年完毕增发，增发摊薄业绩后PE为18倍，估值较低。ThecurrentclosingpriceofRMB21implies17.5×PEin.Theprivateplacementisexpectedtobecompletedin2H，representing18×PEinafterdilution.Valuationisrelativelylow.考虑到色纺纱行业前景辽阔、公司成长性较好，咱们以为可以予以23-25倍PE，目的价27-29元，上调评级至“买入”。Takingintoaccountthebrightprospectsfordyedmelangeyarnindustryandpotentialgoodgrowthofthecompany，webelievewecangive23-25×PEinandtargetpriceofRMB27-29andupgraderatingto"Buy".1、 色纺纱行业在国内获得迅速发展，重要与两方面关于：1. DyedmelangeyarnindustryachievedrapiddevelopmentinChina，mainlyduetotwofactors:（1）纱线、服装近年来增长率均超过10%，色纺纱作为新型纱线将某些代替老式纱线，会有更快增长，增速在15-20%；(1)bothgrowthofyarnandthatofclothingexceeded10%inrecentyears.Asanewtypeyarn，dyedmelangeyarnwillpartlytakeplaceoftraditionalyarnandtherewillbefastergrowthat15-20%;（2）当前色纺纱运用领域为毛衫40%、针织面料20%、梭织面料5%，随着色纺纱在梭织、家纺等面料新领域运用拓展，将拉动需求持续稳定增长。(2)Theapplicationareasofdyedmelangeyarnaresweater(40%)，knittedfabrics(20%)andwovenfabrics(5%).withdyedmelangeyarnusedinnewareassuchasweaving，textile，etc.itwilldrivesteadygrowthindemand.2、 关于公司增长，咱们以为来自产能持续扩张与产品构造优化提高毛利率：2. Withrespecttothecompany'sgrowth，webelievethatcontinuedexpansionofproductioncapacityandproductmixoptimizationwillenhancegrossprofitmargin:（1）销量：考虑普通纱线产能技改和增发项目投产，预测年均销量增长在15%左右；(1)Sales：Consideringordinaryyarnproductioncapacitytransformationandprojectsfundedthroughprivateplacementareputintooperation，annualsalesvolumeisexpectedtogrowabout15%;（2）毛利率：今年一季度纱线与棉花价差扩大，阐明需求拉动能将成本上升压力传导出去，随着高毛利品种占比增长，将来3年构造优化使毛利率从18%提高至21%。(2)grossmargin：pricespreadbetweenyarnandcottonwidenedin1Q，showingthatdemand-pullcanshiftcostincreasepressuretocustomers.Withtheincreasedproportionofhighmarginproducttypes，productmixoptimizationwillaugmentgrossprofitmarginfrom18%to21%withinthenextthreeyears.1、 市场也许以为纺织是老式行业，竞争激烈、增速较慢。咱们以为，色纺纱是纺织业“蓝海”，在国内尚处起步阶段，生产过程“节水减排”污染小，符合“低碳”规定；产品色彩潮流自然，深受“快潮流”品牌服装公司爱慕，市场空间辽阔。1.Themarketmaythinkthatasatraditionalindustry，textilesectorischaracteristicofintensecompetitionandslowergrowth.Butwebelievethatdyedmelangeyarnis"blueocean"inthetextileindustryandstillattheinitialstageinChina.Itsproductionprocessmeetsthe"lowcarbon"requirementswithfeaturesof"watersavingandemissionreduction".Thereisvastpotentialmarketasnaturalandfashionableproductcolorsareverypopularamong"fastfashion”brandclothingenterprises.2、 咱们以为，华孚战略规划高瞻远瞩，其发展途径反映纺织行业“调节振兴规划”思路：2.Inourview，thestrategicplanningofHuafuisvisionaryanditsdevelopmentpathreflectstheideaof“restructuringandrejuvenationplanning"forthetextileindustry:（1）模式创新：华孚把纱线品牌推向终端，前导入下游品牌服装公司研发设计环节，通过提供色卡来制造原则、创造需求，“迅速反映”是核心竞争力体现；(1)ModelInnovation：HuafupromotestheyarnbrandtoendusersandparticipatesinR&Danddesignprocessofdownstreamgarmentcompanies.Itsetsupstandardandcreatesdemandbyprovidingcolorcards."Rapidresponse"istheembodimentofitscorecompetitiveness;（2）产业升级：一方面，将收购坯纱坯布产能改造为色纺纱产能，另一方面，通过优化产品构造，增长高利润率新品种占比来提高赚钱能力；(2)industrialupgrading：Ontheonehand，Huafutransformsacquiredrawyarns/fabricscapacityintodyedmelangeyarncapacity.Ontheotherhand，Itincreasestheproportionofhigh-marginnewvarietiestoimproveprofitabilitybyoptimizingproductmix;（3）产能转移：公司具备很强收购兼并能力，规划将要形成浙江、安徽、江西、新疆四大产业基地，因势利导向中西部腹地扩展，结合运用东部研发优势和中西部劳动力和资源优势。(3)Relocationofproductioncapacity：WithitsstrongM&Acapability，thecompanyplanstodevelopfourmajorindustrialbasesinZhejiang，Anhui，JiangxiandXinjiang，capitalizingonthetrendofexpansionintocentralandwesternhinterlandandmakinguseofbotheasternR&DstrengthsandadvantagesoflaborandresourcesintheMidwest.1、 一季报业绩同比增长200-250%（虽然考虑标资产同口径增长也在50-60%），重要由于09上半年有处置原飞亚股份亏损业务；1.1Q10resultsrecordedgrowthof200-250%YOY(50-60%wheneventakingintoaccountthegrowthofunderlyingassetsbythesamecaliber)，whichismainlyduetodisposalofloss-makingbusinessofformerAnhuiFeiyaTextileCo.,Ltdin1H09.2、非公开增发方案获证监会通过。2.Thefollow-onprivateplacementproposalwasapprovedbytheCSRC.风险：公司海外市场占比38%，人民币升值也许带来负面影响；原料价格上涨风险。Risk：RMBappreciationmayhaveanegativeimpactastheCompany’soverseasmarketaccountsfor38%ofitssalesrevenue；riskofincreaseinrawmaterialprices.1.色纺纱行业前景辽阔，是纺织业“蓝海”1.Asthetextileindustry's"Blue色纺纱符合“低碳制造”规定，典型“节水减排”产品1.1Dyedmelangeyarnisconsistentwith"low-carbonmanufacturing"requirementsandisakindoftypical"watersavingandemissionreduction"product.色纺纱是近年来流行一种具备独特混色效果新型纱线，发展前景辽阔。Dyedmelangeyarnisanewtypeofyarnpopularinrecentyearswithauniqueblendingeffectandbroaddevelopmentprospects.从生产工艺流程看，色纺纱是先将原色纤维染成有色纤维，将两种或两种以上有色纤维或原色纤维混纺成纱，纱线自身可以带有渐变色。Fromtheperspectiveofproductionprocess，dyedmelangeyarnprocessfirstdyesprimarycolorfiber，andthenblendstwoormorecoloredfibersorprimarycolorfiberstospinintoyarn，whichitselfcanbecoloredwithagradient.用色纺纱线制成面料具备多色彩、手感柔和、表面丰满、附加值高等长处，合用于针织、毛衫、机织等各种领域，是中高档面料首选纱线。Fabricsmadefromdyedmelangeyarnarecharacteristicofmulti-color，soft，richsurface，highvalue-addedadvantageswhichareappropriateforknitting，sweaters，weavingandmanyotherfields.Dyedmelangeyarnisthetoppickforhigh-gradefabric.当前用色纺纱制成针织物在国内外十分流行，ZARA、H&M、美特斯邦威等服饰品牌都大量使用色纺纱，下游消费群体正在逐渐壮大，因而对色纺纱需求逐年上升，行业发展前景辽阔。Nowknittedfabricmadewithdyedmelangeyarnisverypopularathomeandabroad.AsZARA，H&M，Metersbonweandotherclothingbrandsmakeextensiveuseofdyedmelangeyarnanddownstreamconsumergroupisgrowing，thedemandfordyedmelangeyarnrisesannuallyandtheindustryofdyedmelangeyarnhasbroadprospects.图1：色纺纱是新型纱线，色彩自然柔和Fig.1：Dyedmelangeyarnisanewtypeofyarnwithsoftandnaturalcolor与老式色织布、印染布相比，色纺纱颠倒行业流程，将染色环节提前到纤维某些，先对某些纤维染色后再混纺成带色彩纱线，而色织布是对纱线染色，匹染布则是对坯布染色。Comparedwithtraditionalcolorwovenclothandprintinganddyeingcloth，dyedmelangeyarnreversestheindustryproductionprocessbyputtingdyeinglinktotheearlierfiberprocessingpart：firstdyeingpartofthefibersandthenthedyedfibersareblendspuntocoloryarn.Incontrast，itisyarnthatisdyedforcolorwovenclothandrawfabricforpiecedyedcloth.因而，色纺纱具备环保、潮流、高科技特点：Therefore，dyedmelangeyarnfeaturesenvironmentalprotection，fashion，andhigh-tech：图2：色纺纱生产工艺中需要将染色纤维与原色纤维混纺，以形成纱线混色效果Fig.2：Theproductionprocessofdyedmelangeyarnneedstoblenddyedfiberswithprimarycolorfiberstoformamixcoloreffect色纺纱生产工艺流程Dyedmélangeyarnproductionprocess原色纤维染色Dyingprimarycolorfiber染色纤维Dyedfiber原色纤维Primarycolorfiber配棉Cottonassorti混棉Cottonblendi清花Cottoncleani梳棉combi预并Pre-dr并条drawin精梳Fine粗纱Grayyarn细纱Fineyarn捻线twistin络筒windin包装Packaging（1）环保性：由于色纺纱直接对某些纤维染色，染色纤维平均占比在35%左右，因而使用染料和耗费水比例也较小，对总体环境污染比老式“先纺后染”产品减少50%以上，符合“低碳制造”时代规定，是纺织业中“节水减排”产品。（1）Environmentalprotection：Asdyedmelangeyarnprocessdirectlydyespartofthefiberswithaverageproportionofdyeingfibersbeing35%，theproportionofusedyesandwateruseswillbeless，reducingtheoverallenvironmentalpollutionbymorethan50%comparedwiththetraditional"dyeingafterspinning"productsandmeetingtherequirementsoftheeraof"low-carbonmanufacturing".Thusitistheproductfeaturing“watersavingandemissionreduction”.（2）潮流性：色纺纱在同一根纱线上显现出各种颜色，色彩丰富、饱满柔和，用色纺纱织成面料具备朦胧立体效果，做成服装后颜色含蓄、自然，这种返璞归真风格受到了欧美国家以及国内年轻人喜欢，符合个性化、多样化、潮流化服装发展趋势。（2）Fashion：dyedmelangeyarnshowsavarietyofcolorsonasingleyarnwithrichandsoftstyle.Fabricwovenwithdyedmelangeyarnhasahazythree-dimensionaleffectandasubtleandnaturalstylewhenmadeintogarments，whichareverypopularamongyoungpeoplebothinChinaandintheEuropeanandAmericancountriesastheyareinlinewithindividualized，diversifiedandfashionableclothingdevelopmenttrend.（3）科技性：色纺纱将老式纺织工序进行了颠倒，把染环节提到纺纱之前，工艺变化后来，可以做成由棉、麻、毛、丝、化纤等各种原料混纺而成纱线，其长处：一是完全解决了坯布染色缸差问题，色纺只要颜色拟定，可以做到批量无限；（3）Technology：dyedmelangeyarnprocessreversestraditionaltextileprocessbyputtingdyeingbeforespinning.Thisprocesschangeenablesyarnspunfromblendrawmaterialsincludingcotton，hemp，wool，silk，chemicalfiber，etc.Itsadvantagesare：First，itcompletelysolvestheproblemofcylinderdifferenceofrawfabricdyeing.Oncethecolorisdeterminedforspinning，unlimitedbatchescanbeproduced；二是色纺解决了各种不同物理特性织物染色问题，各种纤维混合纺织，可以产生性能互补作用，色纺予以了面料无限发展空间。Second，dyedmelangeyarnsolvestheproblemofdyeingofavarietyoftextilefabricswithdifferentphysicalcharacteristics，andblendspinningofmixedfiberscanproduceperformance-complementaryeffect.Inaword，dyedmelangeyarnprovidesfabricswithunlimitedroomfordevelopment.图3：色纺纱与老式色织布、匹染布相比，具备色彩丰富、污染小特点Fig.3：Comparedwithtraditionalcolorwovenclothandpiecedyedcloth，dyedmelangeyarnhascharacteristicsofrichercolorandlesspollution.色纺纱与色织布、匹染布比较Comparisonbetweendyedmelangeyarnandcolorwovenclothandpiecedyedcloth织造、染整流程weavinganddyeingprocess纤维Fiber纱线Yarn织物Fabric纤维染色Dyeingfiber纱线染色Dyeingyarn布匹染色Dyeingfabric种类名称Types色纺纱dyedmelangeyarn色织布Colorwovenfabric匹染布Piecedyed工序特点Processfeatures对纱线先染色再织布，色彩丰富、色牢度高dyeingtheyarnbeforeweaving，richcolorandhighcolorfastness先对纤维染色，再将两种或各种颜色纤维混合后纺纱，具备较好混色效果Firstfiberdyeing，andthenblendingfibersoftwoormorecolorsbeforespinning，withgoodmixedcoloreffect先织布再印染，色彩单一Weavingbeforedyeing，monotone色彩Color丰富rich单一monotone环保Environmentprotection污染小Lesspollution污染大Morepollution顺应“潮流”潮流，色纺纱行业增速有望达到15-20%1.2Followingthe"fashion"trend，dyedmelangeyarnindustrygrowthisexpectedtoreach15-20%色纺纱90年代初引入中华人民共和国，行业在国内发展不久。SincedyedmelangeyarnwasintroducedintoChinainearly1990s，theindustrydevelopedrapidlyinChina.色纺纱来源于19世纪欧洲，当代意大利仍有诸多色纺纱小作坊，欧洲是全球高品位色纺纱汇集地，产品潮流度高，但产量很低；Dyedmelangeyarnoriginatedin19thcenturyEurope,andinmodernItalytherearestillalotofdyedmelangeyarnworkshops.Europeistheconcentratedareaoftheworld'stopdyedmelangeyarnwithhighlyfashionableproductsbutverylowproduction;20世纪60-70年代，色纺纱行业转移至日本、韩国和台湾，这些地区重要生产中高档色纺纱，但近年来成本优势逐渐丧失；In1960-70s,theindustryofdyedmelangeyarnwasshiftedtoJapan，KoreaandTaiwan.Theseregionsaremainlyengagedinproductionofmidandhigh-gradedyedmelangeyarn，butinrecentyearstheyexperiencedthegraduallossofcostadvantages.20世纪90年代初期，色纺纱被引入中华人民共和国，近十年来迅速发展，涌现出华孚、百隆这样色纺纱行业龙头，成为色纺纱市场主导者。Inearly1990s，dyedmelangeyarnwasintroducedintoChinaandenjoyedtherapiddevelopmentoverthepastdecadewiththeemergenceofleadingplayerssuchasHuafuTopDyedMelangeYarnandBrosHoldingLimitedthatdominateddyedmelangeyarnmarket.图4：色纺纱行业来源于欧洲，90年代被引入中华人民共和国并迅速成长Fig.4：DyedmelangeyarnindustrywasoriginatedinEuropeandintroducedintoChinain1990sandexperiencedrapidgrowth色纺纱行业发展历程Historyofdyedmelangeyarnindustrydevelopment19世纪19thcentury欧洲Europe意大利色纺纱多为手工作坊生产，是全球高品位色纺纱汇集地，产品潮流度高，但产量很低。DyedmelangeyarnwasproducedwithhandsinworkshopsinItaly，thefocusoftheworld'shigh-endDyedmelangeyarnproductswhichishighlyfashionableyetwithlowoutput.1960-1970年代1960-1970s日本、韩国、台湾Japan,SouthKorea,Taiwan日本、韩国、台湾重要生产中高档色纺纱，但近年来成本优势逐渐丧失。Japan，SouthKoreaandTaiwanaremainlyproducedhigh-gradedyedmelangeyarn，buttheygraduallylosttheircostadvantagesinrecentyears.1990年代初Early1990s中华人民共和国大陆Mainland90年代初在浙江沿海地区兴起，近十年来发展迅速，已成为世界色纺纱市场主导者。itwasrisingincoastalareasinZhejianginearly1990s，experiencedrapidgrowthduringthelastdecade，nowChina'smanufacturersbecometheleaderintheglobaldyedmelangeyarn.咱们以为，色纺纱行业在中华人民共和国获得如此快发展，重要与如下两方面关于：WebelievethatdyedmelangeyarnindustryinChinahasmadesuchrapiddevelopmentmainlyduetothefollowingtwofactors：下游纱线、服装近年来强劲增长拉动色纺纱行业迅速增长。（1） Rapidgrowthofdyedmelangeyarnindustrywaspulledbystronggrowthindownstreamyarnandclothingsectorsinrecentyears.国内纱线产量底已达到2406万吨，纱线行业00-产量复合增长率达到16%；国内服装市场01-零售额复合增长率也达到14%。China'syarnproductionhasreached24.06milliontonsbytheendof.TheCAGRoftheyarnindustryreached16%in00-09;色纺纱作为新型纱线，会获得快于纱线及服装增速。Asanewtypeofyarn，dyedmelangeyarnwillachievefastergrowththanordinaryyarnandclothing.色纺纱在面料中运用领域不断拓宽。最早应用于毛纺，日后逐渐在棉纺、麻纺等行业推广应用。（2） Applicationareasofdyedmelangeyarninthefabrichasbeenbroadening.Dyedmelangeyarnwasfirstusedinwoolspinningandthengraduallyexpandedintoincottonspinning，linenspinningandotherindustries.当前色纺纱在服装面料领域中应用比例分别为：毛衫40%、针织面料20%、梭织面料5%左右。Currentlytheproportionsofdyedmelangeyarnusedinthesegmentsoffabricwere：sweater，40%；knittedfabric,20%;wovenfabric，5%.随着人们服装品位提高，以及对自然色追求，色纺纱在纺织面料中应用比例将会逐渐提高。Withtheenhancementofpeople'sclothingtasteandthepursuitofthenaturalcolors，dyedmelangeyarnwillaccountformoreandmoreshareinthetextilefabric.图5：国内纱线行业00-复合增长率达到16%Fig.5：TheCAGRofChina'syarnindustryreached16%in00-09图6：国内服装市场01-零售额复合增长率达到14%Fig.6：CAGRofretailsalesofclothingmarketinChinareached14%in01-09图7：色纺纱在面料中运用领域不断拓宽Fig.7：Applicationareasofdyedmelangeyarninthefabrichasbeenbroadeningthefabricoftheuseofexpandingthescopeof色纺纱在不同面料中运用状况及发展usesofdyedmelangeyarnindifferent成熟阶段Mature毛纺面料（占40%）Woolfabric（40%）毛衫应用相对成熟，外衣化是增长重要方向。Theapplicationinsweatersisrelativelymature，coatisthemaindirectionofgrowth发展阶段Developing针织面料（占20%）Knittedfabric（20%）针织面料领域应用势头较好，运动服装面料、家居服面料、户外服装面料是重要增长点。Applicationinknittedfabricsisgainingmomentum，sportsapparelfabrics，homeattirefabric，outdoorfabricarethemaingrowthpoints.起步阶段Initial梭织面料（占5%）Wovenfabric（5%）梭织面料领域应用尚在起步阶段，增长潜力巨大，特别是家用纺织面料、衬衣及休闲面料领域应用。Applicationinwovenfabricshasjuststartedwithhugegrowthpotential，especiallyinhometextilefabrics，shirtsandcasualfabrics.当前色纺纱占纱线比例只有2%，将来占比有望进一步提高。Dyedmelangeyarnnowaccountsforonly2%ofyarn，andtheproportionisexpectedtofurtherimprovegoingforward.国内纱线产量达到2406万吨，纺纱产能已近亿万锭，色纺纱产量仅为50万吨左右，约300万锭，仅占纱线产量2%。InChina'syarnproductionreached24.06mntonsandspinningcapacitywascloseto100mnspindleyarn；outputofdyedmelangeyarnwasonly500,000tons，orabout3millionspindleyarn，accountingforonly2%ofyarnproduction.国内色纺行业尽管已走过二十余年历史，但就一种产业而言还处在起步阶段。AlthoughChina'sDyedMelangeYarnindustryhasgonethrough20yearsofhistory，itisstillinitsinfancy.依照北京华灵四方投资征询公司发布《中华人民共和国色纺行业研究报告》，色纺、混纺等新型纱线需求随着消费构造升级将以高出普通纱线二倍速度增长。Accordingtothe"ChinaDyedMelangeYarnIndustryReport"releasedbyBeijingHLConsultingCo.，Ltd.，thedemandfordyedmelangeyarn，blendedyarnandothernewtypeyarngrowstwotimesfasterthanordinaryyarnswithupgradingoftheconsumptionstructure.咱们预测，将来5-色纺纱行业增速将保持在15-20%左右。Weexpectwithinthenext5-10yearsdyedmelangeyarnindustry‘sgrowthratewillremainataround15-20%.如果下游用纱公司更进一步结识到色纺纱产品比较优势，并逐渐形成色纺、色织、布染色三分天下局面，那么，色纺纱产业就规模而言保守预计将超过万纱锭，产业发展空间十分辽阔。Ifthedownstreamyarn-consumingenterprisesfurtherrecognizecomparativeadvantageofdyedmelangeyarnproducts，andgraduallyformamarketdominatedbydyedmelangeyarn，coloredweaving，andfabricdyeing,thenaconservativeestimateofthescaleofdyedmelangeyarnindustrywouldbemorethan20mnspindles，andtheindustryhaswidedevelopmentspace.图8：国内色纺纱产量占纱线产量比例仅为2%Fig.8：China'sdyedmelangeyarnoutputaccountsforonly2%oftotalyarnoutput1.3行业双寡头垄断格局，管理经验和迅速反映能力成为重要壁垒1.3WithDuopolyindustrystructure，managementexperienceandrapidresponsecapabilitybecomemajorbarrierstoentry双寡头垄断竞争格局。Duopolystructureofmarketcompetition.色纺纱行业全球共有500万锭产能，而中高档色纺纱（重要指高品质纯棉纱）全球约有225万锭产能。Globaldyedmelangeyarnindustryhasatotalof5millionspindleyarncapacity，inwhichmid-andhighgradedyedmelangeyarn(mainlyhigh-qualitypurecottonyarn)productioncapacityaccountsforabout2.25million.华孚色纺和宁波百隆在国内中高档色纺纱领域形成双寡头垄断格局，华孚有100万锭左右产能，百隆有近80万锭产能。HuafuTopDyedMelangeYarnandBrosHoldingLimitedformedduopolystructureinthemarketofmid-andhigh-gradedyedmelangeyarninChina.华孚色纺在全行业产能占有率为20%，在中高档色纺纱产能占有率为44.44%，预测华孚色纺在全行业市场份额为27.7%。HuafuhasacapacityofaroundonemillionspindleyarnwhileBrosnearly800,000.Huafuaccountsfor20%ofthecapacityintheindustryand44.44%ofmid-andhigh-gradedyedmelangeyarnproductioncapacity.MarketshareofHuafuintheindustryisexpectedtobe27.7%.图9：华孚色纺占色纺纱全行业产能20% Huafuaccountsfor20%ofthecapacityintheindustryand44.44%ofmid-andhigh-gradedyedmelangeyarnproductioncapacity.MarketshareofHuafuintheindustryisexpectedtobe27.7%. 图10：中高档色纺纱形成华孚、百隆双寡头垄断格局Fig.10：DuopolystructureformedbyHuafuandBrosinthemarketofmid-andhigh-gradedyedmelangeyarn咱们以为，在中高档色纺纱领域形成双寡头垄断格局，新进入者面临如下壁垒：Webelievethatduopolystructureinthefieldofhigh-gradedyedmelangeyarnmayposethefollowingbarrierstoentry:（1） 对普通纱线公司而言，色纺纱存在生产工艺复杂度高、生产管理和产品质量控制难度高、对研发能力规定高、下游客户门槛高特点，色纺纱行业规模小且竞争格局是寡头垄断，也使普通纱线公司不敢贸然进入。（1） Forthecommonyarnenterprises，dyedmelangeyarnhassuchfeaturesashighcomplexityinproductionprocess，difficultyinproductionmanagementandqualitycontrol，demandingontheR&Dcapabilities，andhighthresholdofdownstreamcustomers.Commonyarnenterprisesmayhesitatetoenterthedyedmelangeyarnindustryfeaturingsmallscaleandoligopolystructure.（2） 对中低端色纺纱（重要生产麻灰类产品为主），库存大、占款多、周转慢是其弱势；而中高档色纺纱则充分运用前导入下游终端品牌运营商研发、设计等过程，可以迅速反映，提高供应链效率。（2） Forthelowendofdyedmelangeyarn(mainlyforheathergreyproducts)，largeinventoryanduseoffundaswellasslowturnoverareitsdisadvantages.Incontrast，mid-andhighgradedyedmelangeyarnmakesfulluseofparticipationinR&Danddesignprocessofdownstreamendbrandoperatorstorespondquicklyandimprovesupplychainefficiency.表1：色纺纱与普通纱线在生产、管理、研发、顾客、行业格局等方面区别Table1：Differencebetweendyedmelangeyarnandordinaryyarninproduction，management，R&D，users，andindustrystructure生产工艺、复杂限度 Complexityofproductionprocess 产品质量、控制难度 DifficultyinQualitycontrol生产管理难度 DifficultyinProductionmanagement对研发能力规定 RequirementonR&Dcapability下游顾客门槛 Thresholdofdownstreamcustomers行业规模与竞争格局Industrysizeandcompetitionstructure普通纱线Ordinaryyarn 门槛低，多为普通面料厂 lowthreshold，mostlyordinaryfabricfactories规模大，完全竞争Largescale，perfectcompetition色纺纱 dyedmelangeyarn门槛高 Highthreshold规模小，寡头垄断Smallscale，oligopoly区别Difference多余纤维染色、配棉、混棉工序 addfiberdyeingandcottonassoring，cottonblendingprocessesandspinningprocess纺纱工序需消除纤维染色对棉质影响 needstoeliminatedyeingfiber’sinfluenceoncottonquality多品种、多批次、小批量生产模式；导致生产管理、成本控制难度增大 需对色彩、纤维、染整和纱线进行全方位研发 ProductionmodeofMulti-type，multi-batch，Smallquantity；causemoredifficultyinproductionmanagementandcostcontrol；comprehensiveR&DOncolor，fiber，dyeingandyarnisneeded 顾客多为知名潮流品牌服装制造商 mostofcustomersarecelebratedfashionbrandproducers色纺纱行业规模只占所有纱线2%，将来发展空间大Scaleofdyedmelangeyarnaccountsfor2%yarnindustryscale，largepotentialspaceforfuturedevelopment2.重组后华孚色纺步入发展快车道2.HuafuTopDyedMelangeYarnsteppedintothefastlaneafterrestructuring2.1借壳飞亚股份，实现色纺纱业务整体上市2.1toachievetheoveralllistingofdyedmelangeyarnbusinessthroughbackdoorlistingwithshellcompanyofAnhuiFeiyaTextileCo.,Ltd华孚色纺股份有限公司始创于1993年，总部设在深圳，公司专注于开发经营高档新型纱线，通过发展已成为全球最大色纺纱线公司之一。HuafuTopDyedMelangeYarnCo.，Ltd.wasfoundedin1993andheadquarteredinShenzhen.Thecompanyfocusedondevelopmentandoperationofnewhigh-endyarn.After17yearsofdevelopmentithasbecomeoneoftheworld'slargestdyedmelangeyarnenterprises.公司通过借壳飞亚股份，成功将色纺纱资产注入上市公司，实现借壳上市。InthecompanysuccessfullyinjecteddyedmelangeyarnassetsintothelistedcompanybybackdoorlistingwiththeshellcompanyofAnhuiFeiyaTextileCo.,Ltd.资产重组过程：1月华孚控股收购淮北市国资委持有飞亚集团股权，从而控股飞亚股份。AssetreorganizationProcess：InJanuary，HuafuHoldingacquiredAnhuiFeiyaTextileCo.,Ltd.heldbySASACofHuaibeiCityandbecamecontrollingshareholderofFeiya.5月，上市公司向华孚控股、华人投资以及8位自然人增发1.35亿股认购深圳华孚进出口100％股权、江西华孚40％股权、浙江缙云华孚29.7%股权以及浙江金棉纺织37.5%股权，“标资产”重要为色纺纱业务。InMay，thelistedcompanymadeprivateplacementof135millionsharestoHuafuHolding，ChineseInvestment，andeightnaturalpersonstoacquire100%stakeinShenzhenHuafuimportandexport，40%stakeinJiangxiHuafu，29.7%stakeinZhejiangJinyunHuafuand37.5%stakeinZhejiangJinMianFangZhi."Theunderlyingassets"aremainlycomposedofdyedmelangeyarnbusiness.TheNameofthelistedcompanywaschangedfromAnhuiFeiyaTextileintoHuafuTopDyedMelangeYarninearly.初上市公司名称由“飞亚股份”变更为“华孚色纺”，6月公司增发新股上市，总股本增长至2.35亿股，至此公司完毕了重大资产重组，产品由坯纱坯布升级为色纺纱。InJune，thenewissuesthroughprivateplacementwentpublic，increasingthetotalcapitalstockto235millionshares.Atthattimethecompanycompletedamajorreorganizationofassetsandtheproductswereupgradedfromrawyarn/fabrictodyedmelangeyarn.图11：华孚控股是华孚色纺控股股东Fig.11：HuafuHoldingisthecontrollingshareholderofHuafuTopDyedMelangeYarn控股股东与实际控制人：资产重组后，华孚控股、飞亚集团和华人投资是华孚色纺股份有限公司三大股东，分别持有49.94%、10.88%和5.95%股份。Controllingshareholdersandactualcontrollers：Afterthereorganizationofassets，HuafuHoldings，FeiyaGroupandChineseInvestmentaretopthreeshareholdersofHuafuTopDyedMelangeYarn，holding49.94%，10.88%，and5.95%ofthesharesrespectively.其中华孚控股是公司控股股东，共计持有上市公司60.82%股份。HuafuHoldingisthecontrollingshareholder，holding60.82%stakeintotalinthelistedcompany.华孚控股股东为孙伟挺先生和陈玲芬女士两位自然人；孙伟挺先生和陈玲芬女士为夫妻关系，分别持有华孚控股50%股权。TheshareholdersofHuafuHoldingareMr.SunWeitingandMsChenLingfen，twonaturalpersons；Mr.SunWeitingandMsChenLingfenarehusbandandwife，eachhaving50%stakeofHuafuHolding.孙伟挺、陈玲芬夫妇共计控制我司66.77%股份，为我司实际控制人。SunWeiTingandChenLingfentogethercontrolled66.77%ofthecompany’ssharesandassucharetheactualcontrollersofthecompany.通过多次收购兼并后，华孚控股将色纺纱资产注入上市公司，华孚色纺旗下有十各种子公司。Throughseveralmergersandacquisitions，HuafuHoldingsinjecteddyedmelangeyarnassetsintothelistedcompany.HuafuTopDyedMelangeYarnhasmorethan10subsidiaries.图12：华孚色纺及旗下子公司股权关系Fig.12：HuafuTopDyedMelangeYarn’shareholdinginitssubsidiaries注：蓝色虚线框中为注入上市公司“标资产”。Note：Thebluedashedboxindicatesthe"underlyingassets"injectedintothelistedcompany.公司在5月公示《发行股份购买资产暨关联交易报告书》中注明了华孚控股色纺纱自有（含某些租赁）产能状况，详细见下表。InMaythecompanyannouncedthe"reportofpurchaseofassetsthroughissueofsharesandrelatedtransactions”whichindicatestheHuafuHolding’sownproductioncapabilityofdyedmelangeyarn(includingpartofthelease).Pleaseseethetablebelowfordetails.至底，公司自有和外携色纺纱产能达到107万锭。Bytheendof，theCompany’sself-ownedandexternalcooperativedyedmelangeyarnproductioncapacityreached1.07millionspindles.表2：5月公示华孚控股色纺纱自有（含某些租赁）产能状况Table2:self-owneddyedmelangeyarncapacity(includingpartoflease)ofHuafuHoldingasanuouncedinMay08公司名称 CompanyName产能（万锭）ProductionCapacity（onethousandspindles） 产能（万吨）ProductionCapacity（onethousandtons）浙江华孚色纺ZhejiangHuafuTopDyedMelangeYarn江西华孚JiangxiHuafu浙江缙云ZhejiangJinyun浙江金棉ZhejiangJinmian平湖金瓶PinghuJinping慈溪华孚CixiHuafu余姚华联YuyaoHualian宁波华联NingboHualian宁海华联NinghaiHualian安徽新一棉AnhuiXinYiCotton某些共计Subtotal2.2华孚注入色纺纱业务收入、净利润均迅速增长2.2RevenueandnetprofitfromdyedmelangeyarnbusinessinjectedbyHuafuexperiencedrapidgrowth公司在5月1日交割标资产，此前受飞亚股份亏损影响，财务报表不具备可比性。InMay1，deliveryoftheunderlyingassetswascompleted，beforewhichfinancialstatementswerenotcomparableduetoinfluenceoflossofformerAnhuiFeiyaTextileCo.,Ltd.因而，咱们考察标资产财务状况，以反映色纺纱业务自身赚钱能力。Therefore，weexaminethefinancialsituationoftheunderlyingassetstoreflecttheprofitabilityofdyedmelangeyarnbusinessitself.图13：05-标资产营业收入复合增长率25% Fig.13：CAGRofrevenueofunderlingassetsin05-09was25%图14：05-标资产净利润复合增长率69%Fig.14：CAGRofnetprofitofunderlyingassetsin05-09was69%图15：色纺纱占上市公司营业收入90% Fig.15：Dyedmelangeyarnaccountsfor90%ofrevenueofthelistedcompanyin 图16：色纺纱占上市公司净利润100%Fig.16：Dyedmelangeyarnaccountsfor100%ofnetprofitofthelistedcompanyin近5年收入和净利润迅速增长。Rapidgrowthofrevenueandnetprofitinthepast5years.05-，标资产营业收入从13亿增长到32亿，收入复合增长率25%；净利润从0.23亿增长到1.85亿，净利润复合增长率69%。营业收入下降，重要是公司标资产与宁海华联、余姚华联、宁波华联、安徽新一棉公司实行双经销业务模式，所需原料均与公司形成关联销售，并表后与上述几家公司采用独家委托加工模式，只产生加工费用，不产生关联销售。In05-09，therevenuefromtheunderlyingassetsincreasedtoRMB3.2bnfromRMB1.3bnwithrevenueCAGRof25%；netprofitincreasedfromRMB23mntoRMB185mnwithnetprofitCAGRof69%.Therevenuerecordedindeclinedprimarilyduetothatinthecompanyintroducedanewdual-distributionbusinessmodelforitsunderlyingassetswithNinghaiHualian，YuyaoHualian，NingboHualianandAnhuiXinYiCottonCo.,Ltd，whichformedrelatedsalestransactionswiththecompanyforitsneededrawmaterials.Butafterconsolidationofthefinancialstatementsinamodelofexclusiveentrustedprocessingwasadoptedfortransactionsbetweentheabove-mentionedcompanies，whichincurredonlyprocessingcostwithnorelatedsalestransactions.Indyedmelangeyarnrevenueandprofitrecordedgrowthof15%andtheaveragegrossmarginof19%.色纺纱收入和利润增长15%，平均毛利率19%。Fromtheperspectiveofproductmixin，dyedmelangeyarnaccountedfor90%ofrevenuesandaccountingfor100%ofoperatingprofit.从产品构造看，公司营业收入中色纺纱占营业收入90%，占营业利润100%，原飞亚股份坯纱坯布等亏损业务占比逐年减小。公司色纺纱收入达到28.3亿元，营业利润5.4亿元，均同比增长15%，色纺纱毛利率达到19%水平，其中彩色和新产品毛利率在20%-30%之间。Theproportionofloss-makingbusinessessuchasrawyarn/fabrichasbeenreducingyearbyyear.Inthecompany'sdyedmelangeyarnbusinessgeneratedRMB2.83bnrevenueandoperatingprofitofRMB540mn，bothup15%YOY.Thegrossmarginofdyedmelangeyarnreached19%.Inparticular，grossmarginofcolorandnewproductswasbetween20%-30%.图17：国内销售收入占到62%，出口收入占38% Fig.17：Domesticsalesaccountedfor62%ofrevenuein09andexportaccountedfor38% 图18：2季度后毛利率和净利润率逐季提高Fig.18：grossmarginandnetmarginincreasesQOQsince2Q09表3：报主营业务分项变动状况Table3：chan