Cashmere is a consumer product with China's own pricing power, and cashmere prices will rise for a long time. 1) Demand: Benefiting consumption will be upgraded, cashmere demand will be heavy. Cashmere is lighter and warmer than wool, benefiting from consumption upgrade, cashmere products will gradually realize wool products. Replacement in high-end demand. 2) Supply: Cashmere output is difficult to increase. China's raw cashmere production accounts for 75% of the world's cashmere processing, accounting for 90% of the world's cashmere processing, high-quality white cashmere 90% produced in China. Cashmere goats on the survival of the region, The strict requirements of the climate and environment determine the limited increase in cashmere production every year; environmental impacts gradually reduce the number of high-quality cashmere.
The company controls 30% of the world's original cashmere, supplying global luxury brands and high-end cashmere manufacturers: 1) Original cashmere control: The company is located in Lingwu, Ningxia, the largest cashmere industry cluster in China, controlling 30% of the world's original cashmere and more than 90% of the original cashmere. “Cashmere Need†Alxa Cashmere. The company has a huge acquisition network accumulated over 10 years, and has long-term cooperation with the local minority herdsmen. 2) Complete quality control system: The company is a domestic standard determinant for lint-free, can The quality and ownership of cashmere are categorized as the most deeply cashmere products. 3) End product supply Global luxury brands and high-end cashmere manufacturers: Long-term cooperation with the world's top five cashmere companies, including LV, PRADA, CHANEL, Hermes And other luxury brands; acquisition of well-known British yarn mill Duncan, won two internationally renowned cashmere brands and overseas channels, to pave the way for entering the international luxury fabrics procurement directory.
We have not come to the point: Resource advantages increase the pricing power of cashmere; the company shifts its resource advantage to the downstream of the high-margin industrial chain, and the volume of yarn and cashmere products will rise in the next 2-3 years. 1) Yarn: 720 tons/year Yarn and 260 tons/year worsted yarn production line are expected to reach partial production by the end of this year. It is estimated that this project will add about 960 million yuan of revenue to the company, gross profit of 246 million yuan. 2) Cashmere products: 2.3 million pieces in Cambodia and Jiangyin The production of multi-component special fiber knitwear began to be put into production in the second half of 2013. It is expected that the total annual output will increase by 1.13 billion yuan, and gross profit will be 340 million yuan.
For the first time, we give “overweight†rating. We expect the company's performance to grow at a CAGR of around 57% for 2012-2014, and achieve EPS0.43/0.65/0.90 yuan, which corresponds to PE17/11/8 times. We are optimistic that the company's cashmere pricing power will increase. And high-quality yarn and cashmere products volume, the first rating as "overweight." (Shenyin Wanguo Securities Research Institute) 
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