家居服生产商！线上途径占比近7成！最大客户唯品会！来自广东
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p26-sign.toutiaoimg.com/pgc-image/063a701b12ca4a2984394a56469e26a9~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724030457&x-signature=CCEsqCXTtj7fnhn64tV%2BOw6eBqk%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">【本文共1631字，预计<span style="color: black;">所有</span>阅读时间3-5分钟，可直接翻至文末查看小结！<span style="color: black;">能够</span>先关注、<span style="color: black;">保藏</span>，慢慢看】</strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">1、 <span style="color: black;">重点</span><span style="color: black;">制品</span>及服务：<span style="color: black;">核心<span style="color: black;">制品</span>为“芬腾”家居服！</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">机构</span><span style="color: black;">始终</span>专注于家居服饰的<span style="color: black;">开发</span>、设计、生产与<span style="color: black;">营销</span>，<span style="color: black;">机构</span>主营<span style="color: black;">制品</span><span style="color: black;">包含</span>家居服、内裤等品类。</p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/pgc-image/27f8d33c17704474be04474af0dad901~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724030457&x-signature=hmHrG4g7FEjUnlDeh6qwM2Uq8Hg%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">机构</span><span style="color: black;">重点</span><span style="color: black;">制品</span>为家居服，<strong style="color: blue;">2020年占比达到82.4%,</strong>自2018年<span style="color: black;">败兴</span>保持稳定，其次为内衣内裤占比在17%<span style="color: black;">上下</span>！</p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/pgc-image/e981f954c0cd4a40afe43d00ad432493~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724030457&x-signature=KNzfGdqMHDDwhZx06RkxGNIE1HQ%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;">从品牌来看，<strong style="color: blue;"><span style="color: black;">机构</span>核心品牌“芬腾”2020年占比达到85.38%</strong>，较2019年有所<span style="color: black;">提高</span>，其次为玛伦萨和芬腾可安，占比分别为6.93%、4.96%！</p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/pgc-image/5c8dbeb4d4ee43d6a3f7f257b67dd373~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724030457&x-signature=gMw09JTEezMkX%2F2cmMwZqFv0TzQ%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">2、 市场及行业<span style="color: black;">状况</span>：<span style="color: black;">行业较快发展！</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">按照</span>国家统计局数据，2009-2019年，我国限额以上零售企业的服装零售商品<span style="color: black;">营销</span>额从981亿元增长至4,071亿元，<strong style="color: blue;">年复合增长率达到15.29%！</strong>家居服市场<span style="color: black;">做为</span>服装行业中方兴未艾的重要细分市场，尚未完全<span style="color: black;">研发</span>，<span style="color: black;">拥有</span>强大的增长动力。</p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/pgc-image/f787f1e2c0d742f3bef706094a6bbc64~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724030457&x-signature=noHM9SA9zEEv%2Fqbr00BN8ErFyjw%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">3、 同行业对标及估值：<span style="color: black;">规模、盈利均有差距！一签盈利0.3万元！</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">咱们</span><span style="color: black;">选择</span>与<span style="color: black;">机构</span>业务类似的上市<span style="color: black;">机构</span>汇洁股份和爱慕股份进行对标，汇洁股份市值34.4亿元（流通市值16.6亿元），2020年营收23.73亿元，净利润2.33亿元；爱慕股份市值109.7亿元（流通市值10.97亿元），2020年营收33.62亿元，净利润4.44亿元；<span style="color: black;">机构</span>营收分别是其48%、58%，净利润分别是其34%、30%！从对标来看<span style="color: black;">机构</span><span style="color: black;">恰当</span>市值最高为33亿元，<strong style="color: blue;"><span style="color: black;">机构</span>在中小板上市，一签500股，一签盈利0.3万元！</strong></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/pgc-image/b81091b06c944efcb78385d5d41f904d~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724030457&x-signature=xjUvFpJjx%2BGJ8D8UzZWqMrN94rc%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">4、</strong> <strong style="color: blue;">重点关注：<span style="color: black;">前五客户占比36.6%，客户较为集中，最大客户唯品会占比超1/4！毛利率较高但有所下降！线上<span style="color: black;">营销</span>占比高！</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">1）、<span style="color: black;">重点</span>客户<span style="color: black;">状况</span>：</strong><span style="color: black;">机构</span>前五大客户2020年收入占营收比例36.57%，客户较为集中，最大客户为唯品会占比25.45%！</p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/pgc-image/3c3d671bd7df42c98462d4ae75ad154e~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724030457&x-signature=fMky9JPSOuyEKUjQKQhEoR5JF7A%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">2）、毛利率较高但有所下降：</strong><span style="color: black;">机构</span>2020年综合毛利率为40.69%，自2018年<span style="color: black;">败兴</span>有所降低！其中<span style="color: black;">机构</span>核心<span style="color: black;">制品</span>家居服毛利率为40.35%，较2018年有所降低，另一<span style="color: black;">重点</span><span style="color: black;">制品</span>内衣裤毛利率42.61%，<span style="color: black;">亦</span>较2018-2019年有所下降！</p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p26-sign.toutiaoimg.com/pgc-image/d68d7b7d70f64667a83a68d60e3272c5~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724030457&x-signature=xcfd4cyVTRIp%2BXt9WXLRzBqanXM%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">3）、线上<span style="color: black;">营销</span>占比高：</strong><span style="color: black;">机构</span><span style="color: black;">制品</span><span style="color: black;">很强</span>部分<span style="color: black;">经过</span>线上<span style="color: black;">途径</span>在天猫商城、唯品会、京东商城等各大电商平台进行<span style="color: black;">营销</span>，2020年占整体营收的69.36%，较2018-2019年进一步<span style="color: black;">提高</span>！<strong style="color: blue;">而<span style="color: black;">机构</span>天猫、唯品会、京东2020年占比分别达到35%、25.36%、5.7%！</strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">5、</strong> <strong style="color: blue;">募集资金用途：<span style="color: black;">募集资金<span style="color: black;">重点</span>投向年产900万套家居服产业化项目、信息中心、物流中心、营销网络建设，并<span style="color: black;">弥补</span>流动资金！</span></strong></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/pgc-image/40433793839242a0ae22fed074916a96~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724030457&x-signature=PFRurAmv8sOfBGziQ0%2B%2BqRAhxAQ%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">6、 近期业绩及预测：<span style="color: black;">21年一季度营收同比增长20.61%、扣非净利同比增长31.14%！21年上半年预计营收至高同比增长15.42%、扣非净利同比增长12.23%！</span></strong></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/pgc-image/7b2cd5bbd75c4be8930da131a9e14dbd~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1724030457&x-signature=uoJxMEXCeNJ%2BkCtbaB3MmiG12Ls%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">7、 小结：<span style="color: black;"><span style="color: black;">认识</span><span style="color: black;">就可</span>！</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">洪兴股份，<span style="color: black;">机构</span>来自广东，从<span style="color: black;">机构</span>名字真<span style="color: black;">无</span>看出<span style="color: black;">机构</span>是一家生产居家服、内衣的企业，<span style="color: black;">机构</span><span style="color: black;">经过</span><span style="color: black;">数年</span>经营主打品牌芬腾在行业内有<span style="color: black;">必定</span>的知名度，但与汇洁股份、爱慕股份等大佬还是有着<span style="color: black;">显著</span>的差距，但<span style="color: black;">机构</span>的策略<span style="color: black;">亦</span>有着<span style="color: black;">显著</span>的差距，爱慕股份上市不久，<span style="color: black;">重点</span>募集资金是推广线下的<span style="color: black;">途径</span>，而<span style="color: black;">机构</span><span style="color: black;">重点</span>募集自己能是扩产，这<span style="color: black;">亦</span>说明了两者<span style="color: black;">日前</span>遇到问题的<span style="color: black;">区别</span>，爱慕股份<span style="color: black;">更加多</span>在<span style="color: black;">营销</span>端而<span style="color: black;">机构</span><span style="color: black;">重点</span>在生产端，这么看<span style="color: black;">机构</span>的<span style="color: black;">将来</span>更为光明！当然这可能与<span style="color: black;">机构</span>积极拥抱互联网线上<span style="color: black;">营销</span><span style="color: black;">相关</span>，<span style="color: black;">机构</span>近7成的<span style="color: black;">营销</span><span style="color: black;">经过</span>网络，而超过1/4是<span style="color: black;">经过</span>唯品会，这点确实是我没想到的，尽管天猫仍是<span style="color: black;">机构</span>最大的线上<span style="color: black;">途径</span>占比35%，但唯品会<span style="color: black;">做为</span><span style="color: black;">机构</span>下游最大的经销商，超越京东，可见唯品会在服装<span style="color: black;">行业</span>的布局！</strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">机构</span>上周五上市，从前文分析基本<span style="color: black;">无</span>什么太大的溢价，<span style="color: black;">恰当</span>市值与<span style="color: black;">机构</span>发行价差距很小，<span style="color: black;">实质</span><span style="color: black;">机构</span>除了首日44%的涨幅外，只<span style="color: black;">保存</span>了一个板，随后的两个跌停让<span style="color: black;">机构</span>股价跌入谷底，尽管昨日成功收红，但真的不<span style="color: black;">意见</span>参与，毕竟<span style="color: black;">机构</span>所在赛道谈不上精彩，而在赛道之内<span style="color: black;">亦</span>谈不上多大的<span style="color: black;">优良</span>，<span style="color: black;">瞧瞧</span>就好，综合给予<span style="color: black;">机构</span><span style="color: black;">认识</span><span style="color: black;">就可</span><span style="color: black;">评估</span>！（小结整体<span style="color: black;">评估</span>分为五档分别为<span style="color: black;">剧烈</span><span style="color: black;">举荐</span>、<span style="color: black;">举荐</span>、<span style="color: black;">小心</span>关注、值得关注、<span style="color: black;">认识</span><span style="color: black;">就可</span>！）。</strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">感谢各位阅读！看完的兄弟姐妹，给个支持！多多关注、多多点赞！让<span style="color: black;">更加多</span>的人<span style="color: black;">能够</span>看到！每日新股概况<span style="color: black;">第1</span>时间推送！<span style="color: black;">每日</span>早上7点准时相见！<span style="color: black;">同期</span>可留意早上9点、下午4点，不<span style="color: black;">定时</span>加更！最后对洪兴股份怎么看？<span style="color: black;">是不是</span>是您心目中的良人？欢迎留言交流！</strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">尤其</span>声明：本文资料<span style="color: black;">源自</span>于<span style="color: black;">机构</span>招股书、公告及<span style="color: black;">关联</span>专业数据库。本文并非荐股，理性分析更能<span style="color: black;">指点</span>操作。</strong></p>
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