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分析师联系人陈佳妮 登记编号：S1220520080002廖捷拉 链 行 业 专 题：小 拉 链，大 学 问纺织服装团队 行业深度报告证 券 研 究 报 告|纺 织 服 装 行 业|2024 年06 月25 日 2/1000 500 4 CAGR 3%CR5 20%CR2 28%60%20%20%20 YKK RIRI Lampo Talon YKK YKK Arc Fastening YKK YWCXuNmRmPrQtNmPqNoRnMaQ9RaQsQnNoMrNiNnNtNlOpNrObRoOwOuOqMtMuOoPsQ ESG1/YKK/2 ESG ESG ESG YKK 3 YKK 4 YKK&/&24-25 6.7/7.8+20.4%/+16.7%3/4K2+PTY/CBescVhKlmQulqZDzSda0ryHb0G1WUCrSdD63nLWIOVLNC9SHVo4ahUfl 5 1.2.3.4.5.7.6%9.0%5.1%53.0%10.5%36.5%52.0%7.4%40.6%50.0%12.0%38.0%56.8%7.6%35.6%53.0%9.0%38.0%25.9%5.1%69.0%/1000/450 6 1000 2023 5 1.5 1600 1000 450 3 2600 350 100 450 2022 wind-4%-2%0%2%4%6%8%10%12%0501001502002503003504004505002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 yoy 7 5 CAGR 2.7%Euromonitor 2022 71 2018-2022 CAGR 3.7%2023-2027 2.7%CAGR 82 CR5 20%2000 Euromonitor 2022 YKK CR5 19%2022 35 CR2 YKK+28%2022 Euromonitor-15%-10%-5%0%5%10%15%20%25%30%01000200030004000500060007000800090002018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E yoy 73027025070.6550100200300400500600700800YKK D 8 60%1%0.21%43.0%38.5%18.5%29.7%53.5%16.8%36.4%34.6%29.0%32.8%24.3%28.7%14.3%23.6%22.5%35.7%18.2%26.7%25.6%23.7%24.0%82.4%17.6%0.26%0.23%0.11%0.18%0.32%0.10%0.22%0.21%0.17%0.20%0.15%0.17%0.09%0.14%0.13%0.21%0.11%0.16%0.15%0.14%0.14%0.49%0.11%60%20 9 2004 20%40%2004 20%30%5/34.2%/23.0%wind 0%5%10%15%20%25%30%35%40%45%0%5%10%15%20%25%30%35%40%45%YKK 10 KEE 2009 40%2011 2012 YKK 2010 34-36%50-60%40%Shein 20-40%YKK wind Bloomberg 0%5%10%15%20%25%30%35%40%45%0%5%10%15%20%25%30%35%40%45%10 11 MAX JCPeny M&S 2005-16 2017-18 2012,2018 wind 0%5%10%15%20%25%30%35%40%45%0%5%10%15%20%25%30%35%40%45%12 YKK 1934 YKK 72 108 26983 30+204.4 4730 RIRI 1936RIRI COBRAX 2 8 980/Lampo 1887 Lampo 5/Talon 1893 Talon/OPTI/coats 1750/17000/Ideal 1936 Conmar 5 7/1988 SAB 3 8 8800 8.5 116 20.1 1139 1992 SBS 1 5 4474 11.8 27.6 17.0 791 1991 HSD 2 2/8/42 1985 CMZ/1300 4.2 3.5/149 1995 YCC/1500/1992 AAK/1992 KEE 1 3/2023 Ykk 23.3 13 14 RMB PACIFIC TRIMMING RIRI 4mm 91cm 125PACIFIC TRIMMING RIRI 6mm 91cm 66PACIFIC TRIMMING RIRI 6mm 91cm 242Zipup Lampo 5mm 25cm 202Zipup Raccagni 5mm 70cm 288Zipup RIRI 6mm 35cm 151ApparelX Lampo 3mm Colibri 50cm 120ApparelX EXCELLA 3mm 50cm 63 ApparelX YKK 3mm 50cm 6ApparelX YKK 3mm YZIP 10cm 3ApparelX YKK 2mm Vision 56cm 6ApparelX YKK 3mm 50cm 5ApparelX YKK 5mm AquaGuard 50cm 17PACIFIC TRIMMING YKK 3mm 91cm 44Zipup YKK 4.5mm 23cm 14SINLIRA YKK 2mm 50cm 171688 SAB 4mm 10cm 1.81688 SBS 3mm 50cm 661688 3mm Y 50cm 1.51688 5mm 60cm 2.15SINLIRA KCC 2mm 50cm 51688 5mm 60cm 2.315YKK Excella YKK 1987 Riri Lampo YKK YKK Arc Fastening YKK 2005 YKK EVERBRIGHT EVERBRIGHT EXCELLAEXCELLA YKK EXCELLA light EXCELLA EXCELLA EXCELLA EXCELLA EXCELLA PRIFA NATULON NATULON 95%PROSEAL YZiP YKK Arc Fastening 16 YKK AquaGuard PU AUROLITE CONCEAL FLATKNIT GreenRise CO2 METALLION MINIFA SOFLEXSOFLEX 1kg 10%AquaGuard AquaGuard VISLON QuickFree/QuickBurst AQUASEAL click-TRAK LUMIFINE METALUXEMETALUXE VISLON METALUXE VISLONVISLON VISLON VISLON Riri 17 Riri 2007 Meras Meras Riri Meras Riri Cobrax Cobrax Mental Hub DMC Amom Riri 2018 MR Planting 2023 Oerlikon PVD 2017 SPM 2021 K4Sint MIM RIRI Riri R&D RIRI Sa 1936 400 7000 Meras 1964 2007 150 7000&COBRAX 1977 2008 180 6400 SPM Pressofusione Srl 1983 2017 50 3550 COBRAX Metal Hub 2015 2020-700 AMOM Spa 1970 2021 100 7000 DMC Srl 1976 2021 100 3500 Mim Unit 2007 2022 MIM-400 Riri 18Riri 2022 Riri 1.7 22%46%37%4%1%12%Riri Riri EMEA 84%11%4%1%Riri Riri Riri 1%EMEA4%11%84%EMEA 46%37%17%12%22%8%31%10%17%Riri YKK 19/Open Supply Hub Nike Adidas PUMA VF Columbia Esprit Hugo boss PVH BESTSELLER YKK 7 7 2 12 11 1 3 3 15CSK 1TH 1Ideal 5 4 5SAB 2 1 1 1 4SBS 1HSD 1 1 1OBO 1HEHE 1Lianxing 1JKJ 1 1TEX 1Riri 1 1KCC 1KEE 1TEX 2CMZ 1SAS 1Titbas 1Slik 1YKK/20/Open Supply Hub ABOUT YOU SE&Co.KG ABOUT YOU Private Labels Tier 2 Transparency March 2023Arcadia Group Arcadia Group December 2020BESTSELLER Tier 2 February 2024Columbia Sportswear Company Columbia Facility List September 2023Esprit Esprit Facility List March 2023HUGO BOSS HUGO BOSS Supplier List_Fabric and Trimmings Suppliers(Tier2)MANGO MANGO Active Factory List December 2022Next Plc Next Tier 1 and Tier 2 Factory List March 2023OVS Spa OVS SUPPLIERS LIST-TIER 3-2023PVH PVH Brand Facility List Dec 2022Tchibo Tchibo Textile Manufacturers and WPUs January 2024The Very Group June Factory List 2023-Tier 2The Walt Disney Company The Walt Disney Company Facility List FY2022VF Corporation VF Corporation Factory List(FY24Q2)ABOUT YOU SE&Co.KG Adidas Arcadia Group Arcteryx Asda BESTSELLER Columbia Sportswear Company Deckers Brands DYONTEX Esprit Essenza Home B.V.Fendi Grendene Gucci Gymshark Hering HUGO BOSS Kuyichi B.V.MANGO Next Plc Nike Nine&Co.Outland Denim OVS Spa Pentland Brands PUMA PVH The Very Group The Walt Disney Company Vaude VF Corporation YKK/YKK 212000-2008 YKK 2012-2015 YKK YKK 2021 YKK wind-20%-10%0%10%20%30%40%50%2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023YKK KEEYKK 222000-2001 2002-2003 2004-2008 YKK 2010-2012 YKK 2013-2019 2017 2017 10%ESG 2020-2021 2022-2023 YKK YKK wind-30%-20%-10%0%10%20%30%40%50%05001000150020002500300035004000 0%2%4%6%8%10%12%14%16%18%20%0100200300400500600700经营利润（亿日元）经营利润率 232001-2008 2009-2017 2016 2018-2019 2019 2020-2022 yoy wind-20%0%20%40%60%80%100%120%140%160%180%0500100015002000250020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023 yoy 79%78%75%78%79%75%76%73%69%69%21%22%25%22%21%25%24%27%31%31%0%20%40%60%80%100%2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 24 25/56%56%54%55%58%58%57%56%58%56%21%22%23%23%22%21%21%22%18%19%22%22%23%23%20%20%21%22%20%22%0%20%40%60%80%100%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 20 60 1960s 60 7080 80 1970-80s:20 90,1990s 26 Talon 1893YKK 1934 67 72/1959 RIRI 1936 3 1936 2 1964 Lampo 1936 6 1936 Slik 1936 1 1 1 1 1 1Ideal 1936 3 2006 1 1 2006 1 1 1936 Albert 1946KCC 1976 1 1993 1 1997 Titbas 1976 1 1976 MAX 1978 1 2003 1 1978 CSK 1980 2 1980 1 2 2012 HHH 1980 1 1986 2 1980 1 2006 1 1992 HEHE 1982 1 1982 1985 2 1985 1986 1 1990 1 1986 TEX 1987 1 2015 1 2010 1 1987 1991 1 1991 1 2014 1992 5 1992 1992 3 1992 AAK 1992 2 1992 3F 1992 1 1992 1995 1 1995 2001 7 2001 1 2024 1 2018 27 Nike Nike AVERY DENNISON 4 1 1 1CHI YANG RIBBON 1 2EMBLEM SOURCE 2LITTLE KING-1ECI 1 1 1 1 1 1 1 1 1 1 1 1 2GILDAN 1LION BROTHERS 1MAS HOLDINGS 3 1PROMAX TEXTILE 2MAXIM 1 1 1 1 1 PAIHO()1RAMATEX 1 1SEC ACCESSORIES 1 1 1 1STRETCHLINE 1 1STYLE TEXTILE 1 1TAG TIME 1TORAY 1TRIMCO GROUP RFID 2 1YKK 3 2 1 1YRC TEXTILE 1 28 Nike AVERY DENNISON 1DAERIM TEXTILE 1DAEWON 1 1 1DONGJIN 2 1 1DUCKSAN mono 1 2 FPD 1FORMOSA TING SHO 1FRAMAS 1 1GB LIGHT 1 1GOLD LONG JOHN 1 1 2 1 2 1JOONGANG TEXTILE 2KURARAY 1 1 1 3D 1 PAIHO()1 1 1SAMIL 1 1YOU YOUNG 1 1 1RS TUPA INDUSTRIA DE PLASTICOSTPU 1YC TEC CORPORATION 1TIONG LIONG GROUP 1 1 2BAIKSAN 1 1 1 1ASIATAN 1KUO YUEN 1 2PONY LEATHER CORPORATION 1SADESA 2PRIME ASIA 1 1 Nike 29 Nike SIMONA TANNING 1XIANG ZHOU LEATHER 1YOUNGIL LEATHER 1 1SAN FANG 1 1 1 1SHAN BEEN 1SHOETOWN 3 1 3 4 1 1DEAN SHOES 3SAMBU FINE CHEMICAL-1 1 1-1ISA-1 1SHINTA WOOSUNG-1EUN SUNG GLOBAL-1GREAT ASCENT TRADING LIMITED-1SEOHEUNG-1COSMOPOLITAN TEXTILE-2 1DAEHWA-1TONG HONG-1 1 1WONJIN TECH-1 Nike Nike YKK Promax Textile Lion Brothers Nike 36%20%17%30 2023/2.88/8.71 2015 1.79/3.53 2023/0.92/0.53/1.74 2015 2023/0.94/0.14/6.58 2015 5.11 YKK wind 0.00.20.40.60.81.01.21.42015 2016 2017 2018 2019 2020 2021 2022 2023 ASP ASP ASP ASP/020040060080010001200201520162017201820192020202120222023 ESG31 YKK 32YKK 1952 YKK 1974 YKK YKK YKK YKK 2023 YKK YKK This is YKK 1950 1952 1955 1956 56S 1974 ESG ESG 33 Nike 2025 50%Adidas 2025 90%ESG Adidas ESG/ESG ESG ESG Lululemon 2030 100%Nike2025 70%50%100%Adidas 2025 90%PUMA 2023 100%2050 2030 50%”2030 50%50%50%50%50%2040 PFC 361 10 ISO 90001 ISO ISO 14001 OEKO-TEX STANDARD 100Oeko-Tex 100/Bluesignbluesign YKK 34 YKK YKK This is YKK 23 68 164 367 703 12521%3%6%12%26%41%0%7%14%21%28%35%42%49%02004006008001000120014002018 2019 2020 2021 2022 2023E 25039644825678610%17%19%0%5%10%15%20%25%0100200300400500 ESG YKK RIRI:35 RIRI 80%50%Lampo 85%60%50%GRS 100%GOTS MIM PVD RIRI PVD RIRI RIRI:RIRI commitment to sustainability 2023年开始RIRI 将只采购可再生能源30%YKK 36 2021 YKK AP 2021 YKK 2022 YKK YKK YKK This is YKK YKK 2021 年4 月1 日开始 37 YKK 2022 4 YKK 67 72 RIRI 6 Lampo 16/20+50+28 7/15 9 3F 7 19 MAX 10 KCC 5/TEX 12 1-2 2-3 4 6 4 6 YKK 38YKK YKK YKK 2023 YKK 2023 YKK YKK:YKK This is YKK Value Conscious Standard Base of the Pyramid&39 P/E4004-10 04-07/CAGR 49%/67%08 11-15 PE 15x 16-20 16-17 2/CAGR 18%/21%18 18-20 PE 14x 21-&21 PE 18x wind 41 YKK 2022 8.5/2023 wind&69.7%74.7%66.5%58.9%21.5%19.1%39.7%44.7%0%10%20%30%40%50%60%70%80%2020 2021 2022 2023H1 01234567892012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 42 1 ESG 2 3 wind YKK 1934 RIRI 1936 Lampo 1887 Talon 1893 Ideal 1936 Coats 1750 1988 1992 1978 1991 1985/2023A 2024E 2025E 2026E 3907 4645 5320 5970(+/-)(%)7.67 18.91 14.54 12.20 558 672 784 899(+/-)(%)14.21 20.35 16.70 14.73 EPS()0.53 0.57 0.67 0.77 ROE(%)12.83 12.95 13.13 13.09 P/E 20.47 22.23 19.05 16.60 P/B 2.92 2.88 2.50 2.17 43 44 45方正证券研究所上 海 市 静 安 区 延 平 路 7 1 号 延 平 大 厦 2 楼深 圳市 福田 区竹 子林 紫竹七 道光 大银 行大 厦31 层广 州 市 天 河 区 兴 盛 路12 号楼隽峰院2 期3 层 方 正 证 券 北 京 市 西 城 区 展 览 路48 号 新 联 写 字 楼6 层长 沙 市 天 心 区 湘 江 中 路 二 段36 号 华 远 国 际 中 心37 层专 注 专 心 专 业46
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