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投资价值分析报告:全球湿巾市场恢复上行,专业湿巾制造商业绩有望逐步修复
全球湿巾市场恢复上行,国内市场增速较快
疫情导致消费者健康意识、卫生意识提升,日常使用抗菌消毒系列湿巾进行表面清洁消毒将成为部分消费者的长期习惯,抗菌消毒系列湿巾未来回归到正常增长水平。化妆品湿巾主要用于出行场景,受益于出行恢复,化妆品湿巾将在2023年恢复增长;同时湿厕纸受益于社交媒体、电商平台的大力宣传,未来预计仍将保持两位数快速增长状态。根据欧睿数据,预计2023年全球湿巾市场将恢复增长,增速达到5.03%,国内湿巾市场规模将达到142.8亿元,较上年增长13.05%。
需求回升有望带动公司业绩逐步修复
全球湿巾市场竞争格局较为稳定,金佰利、强生等知名企业占据较大市场份额。公司连续多年为Woolworths、金佰利、强生、欧莱雅等世界知名企业生产制造各类湿巾产品,与客户建立了长期稳定的合作关系。同时,国内湿巾市场快速增长,公司持续拓展新客户,今年以来,先后开发了伽蓝集团、东方甄选等多家客户。受益于湿巾市场恢复上行,公司依托客户优势,业绩有望逐步修复。
依托客户资源进入化妆品领域,有望带来新增长
公司主要客户群体均有化妆品业务,依托客户资源顺势进入化妆品代工行业,公司代工的面膜业务除了欧莱雅加工业务稳定增长外,还开拓了国内新客户,总体业务规模呈增长趋势。公司与江苏创健联合设立的合资公司有望在6月底拿到二类械字注册证,将依托客户资源探索胶原蛋白市场,有望为公司带来新增长。
公司盈利预测与估值
预计公司2023-2025年营业收入分别为7.34、8.74、10.40亿元,YOY分别为10.00%、19.06%、19.09%;EPS分别为1.92、2.29、2.67元,根据合理估值测算,结合股价催化剂因素,给予公司六个月内目标价为46.08元/股,公司估值水平较低于可比公司,给予公司“推荐(首次)”投资评级。
投资风险提示
技术研发风险、原材料价格波动风险、客户集中度较高的风险、汇率波动风险