捷隆控股(01425.HK)：捷隆控股有限公司，給予“不申購”評級
機構：中泰證券
評級：不申購
公司簡介
捷隆控股在香港成立於1983年，主要從事OEM服裝製造業務，專門生產睡衣及家居便服產品。公司在柬埔寨金邊市及中國河南省均設有生產設施，分別於2011年及2014年投產。
中泰觀點
家居便服市場未來保持穩定增長：睡衣及家居便服的主要出口地包括美國、日本、歐洲及中東國家。根據歐睿資料，預期中國睡衣及家居便服產量於2019年至2023年期間將繼續按複合年增長率約2.7%增長。預期2023年中國整體睡衣及家居便服生產規模將達至約人民幣451億元，其中約55.6%將來自家居便服產品。在紗線生產方面中國占主導地位，佔全球產能約25%。
經營業績方面：2016至2018財年及截止2019年5月31日，公司實現營業收入分別為4.7億元、5.2億元、6.1億元及2.1億元，其中主要收入來自睡衣產品但呈下降趨勢由80.5%降至66.2%，而家居便服產品佔比逐漸增長由16.9%增至31.7%，公司與最大客户Target保持14年業務關係，收益分別佔總收益約69.3%、72.9%、67.8%及64.0%；毛利率分別為25.4%、25.2%、27.7%及27.3%，毛利率保持相對穩定增長，主要由於公司從Target獲取相對大批的家居便服產品採購訂單，且其毛利率相對較高；服裝生產的主要原材料包括布料及配件，坯布生產的主要原材料來自中國紗線生產商的紗線。原材料採購佔銷售成本總額約69.3%、62.5%、63.6%及65.5%；淨利率方面分別為9.8%、9.8%、6.9%及4.8%，18年下降由於上市開支所致。
估值方面：按全球公開發售後的12.5億股本計算，公司市值為5-6.25億港元，相比港股同行較低。18年公司市盈率約為11.8-14.8倍，高於行業平均水平；市淨率約為1.74-1.92倍，高於行業平均。盈利能力方面，18年的ROE、ROA分別為21.2%和8.8%，高於行業平均。基石方面引入5位個人投資者，合計認購5,000萬港元，若按發行價中位數計算，佔發售股份總數約35.55%。考慮近日新股市場關注度較為集中在阿里巴巴(9988HK)，此類公司關注度較低。綜合公司的行業地位、業績情況與估值水平，我們給予其57分，評級為“不申購”。
風險提示：（1）市場競爭風險、（2）外匯風險、（3）主要出口國家貿易關係不確定性、（4）依賴最大客户
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