功能遮陽龍頭，產品遠銷全球。
公司專注於功能性遮陽材料的研發、生產和銷售，產品包括遮光面料、可調光面料和陽光面料三大類上千個品種，產品出口佔比達2/3，銷往全球70多個國家和地區，是我國建築遮陽行業的龍頭企業。
Profile: market-leading producer and exporter of functional sunshade materials
As its name implies, Yuma Sun-shading Technology is driven by R&D and covers the production and sales of functional sunshade materials. The product portfolio varies in the thousands and fall under three core categories: blackout fabrics, light-control fabrics and sunshades. Yuma is a Chinese market leader in architectural sunshades but exports are its major revenue stream and two-thirds of sales go to over 70 markets worldwide.
營收及利潤增長穩健，經營成效顯著。
2018-2022年公司營收/歸母淨利潤CAGR分別爲14.16%/17.98%，2023Q1-3公司收入/利潤分別爲4.77/1.20億元，分別同增18.81%/0.75%，伴隨募投產能投放及產品結構優化，增長穩健。公司盈利水平穩定且高於同行，毛利率保持在40%以上，淨利率在25%以上，主要系公司產品生產定製化、具備一定定價權、成本優勢較爲顯著。
Financials: robust revenue and profit growth trend with high margins
Yuma posted revenue/net profit CAGRs of 14.16%/17.98% over 2018-22, followed by 23Q1-3 revenue/profit at RMB477m/120m, up 18.81%/0.75% yoy. Its investments to ramp up production capacities and optimize the product structure have driven steady growth, resulting in a stable profit trend that is higher than those of its peers. Gross margins have trended above 40%, while net margins have been above 25%, mainly due to its highly customized product capability, pricing power and strong cost advantage.
功能遮陽行業：小而美的細分賽道，低市佔、高毛利。
功能遮陽面料相較傳統窗簾性能更優，替代邏輯順暢。1）海外：歐美滲透率超70%，產品更新需求旺盛，外資知名品牌佔據主導，國內優質廠商產品性價比高、海外市場份額仍有提升空間；2）國內：我國滲透率僅3%，行業格局較爲分散，21年CR3僅爲6%，其中龍頭廠商以完善的生產技術和優異的產品質量形成差異化競爭，看好龍頭海外市佔率+國內滲透率雙升。
Functional sunshades: small but lucrative market segment with high gross profits
Functional sunshade fabrics provide better performance than standard curtains and thus present a reasonable substitution alternative.
Export potential:
although foreign brands dominate the functional sunshade market and penetration is at over 70% in the Europe and US on strong product upgrade demand, premium Chinese producers are a viable cost-effective alternative so we see foreign market share growth potential.
Domestic potential:
functional sunshades have penetrated only 3% of the Chinese market. The fragmented industry structure has CR3 at only 6% as of 2021. Leading Chinese manufacturers get ahead of the competition by offering advanced production technologies and premium product quality.
Hence, we are bullish about Yuma’s potential penetration increase and share gains in both the Chinese and foreign markets.
強研發、技術實力賦能，新渠道、新產品有望放量。
研發：
公司具備自主研發能力和多項核心技術，產品處於國內外市場中高端水平，研發體系完善、團隊專業，可滿足客戶多樣化、定製化產品需求。
生產：
公司掌握單絲包覆等核心工藝環節，質控、專業設備多方面保障產品品質；18-22年公司銷量CAGR爲10.53%，預計2023年底募投項目完全達產，未來1300萬平米可轉債項目支撐產能擴張。
客戶：
公司憑藉優異生產能力、質量保障及產品交期深度綁定大客戶資源，客戶粘性較強，17-22年前五客戶收入佔比維持在25%-31%，客戶集中度及大客戶數量高於同行，較強的議價能力保障較高盈利水平。
新渠道&產品：
公司通過YUMAUSA佈局美國本土市場成效顯現，空白市場開拓力度加強，此外24年積極籌劃跨境電商；24年初公司與武漢中科合作探索光伏發電遮陽材料，預計新品類、新渠道持續賦能成長。
R&D, tech strength and new channels set to expand product launch volumes
R&D:
Yuma conducts its own R&D and has formulated a number of key technologies. These drive mid-to-high-end products in both the Chinese and foreign markets. The company has a full R&D system with a highly professional team, which go a long way to satisfy its diverse customers and their customized product requirements.
Production:
the company has mastered key processes like monofilament coating and ensures product quality based on multiple criteria through quality control and professional equipment. Yuma posted a sales volume CAGR of 10.53% over 2018-22 and we believe its current investment project would have reached full production capacity by end-2023E. Plans for additional production capacity expansion of 13m sq m would be funded via a convertible bond issue.
Customers:
Yuma’s advantages in production capacities, quality assurance and product delivery times help attract large customers with high customer stickiness. Its top five customers maintained a collective revenue share of 25-31% over 2017 to 2022, while its customer concentration and large customer count are both higher than those of its peers. Its strong bargaining power drives the company’s high profitability.
New channels and products:
the company’s global buildout via Yuma USA is showing results and it is stepping up efforts into developing new markets. Plans for a cross-border ecommerce initiative in 2024 saw the establishment of ties earlier in the year with Wuhan Zhongke Advanced Materials Technology to explore photovoltaic power generation sunshade materials. We believe that new product categories and channels will continue to drive future growth at Yuma.
