宏興皮革爲理想L7、L8、L9內飾皮革供應商，伴隨理想L系列交付量增長迎來增量訂單。
理想23Q4營收同增136%，24Q1展望創同期新高，或主要系24年款L7/8/9新款將在3月推出面市支持，同時伴隨售價較低的L6將在4月上市降低購車門檻，交付量有望再創新高。2023年11月，理想L系列累計交付量突破35萬輛。
Supplier to Li Auto’s L7, L8, L9 models; order upticks on further L-series launches
Xingye’s automaker customer Li Auto’s 23Q4 revenue spiked 136% yoy and its 24Q1E guidance sets a new high; likely because it will launch new L7, 8 and 9 models for 2024 in March. With the lower-priced L6 model to launch in April, the lower price threshold expands the market and could lead to record delivery volumes. The L-series surpassed delivery of 350,000 cars cumulatively as of November 2023.
此外，宏興攜手頭部新能源汽車品牌，業務規模持續增長。
目前的主要客戶有理想汽車、蔚來汽車、問界汽車、哪吒汽車等國產新能源廠企，以及馬自達、吉利等傳統汽車品牌。未來宏興將持續加強與原有客戶的合作，積極競標原有客戶的新車型，同時也將積極開拓新客戶，如比亞迪、廣汽、上汽、極氪等品牌。
Business scale rises in tandem with premium customers’ performance trends
Subsidiary Hongxing Leather’s partnerships with leading new energy vehicle (NEV) brands continue to lift its business scale. The main customers include Chinese NEV automakers Li Auto, NIO, AITO and Nezha, as well as traditional brands like Mazda and Geely. Hongxing intends to strengthen ties with current customers and make bids for their new models, as well as add new customers like BYD, GAC, SAIC and Zeekr.
綁定優質客戶業績兌現，業務規模持續增長
汽車內飾用皮革供應商驗證週期長，審覈門檻高，客戶粘性強。宏興依靠公司製造平臺及原材料資源優勢迅速實現擴產，保證品質/交期穩定。
Suppliers of automotive leather interiors face long validation cycles, and they typically have high audit thresholds and deeply sticky customers.
Hongxing leverages Xingye’s manufacturing platform and raw material resource advantages to expand production quickly, and provide stable quality and deliveries.
鞋包帶主業需求復甦，寶泰業務拓展積極盈利
終端消費復甦，下游客戶的採購積極性提升，以及供應端集中度的提升，帶動公司鞋包帶皮革銷量的增長。另一方面，新產品研發緊跟市場需求，產品品類齊全，客戶渠道優質，提振主業毛利率。目前公司積極佈局海外市場，與海外品牌建立合作進入其供應商系統，同時也與品牌加工廠建立聯繫，爲後續海外訂單的回暖提前做準備。
公司通過控股二級子公司福建寶泰成功切入二層皮革領域以及膠原蛋白原材領域，後續隨着福建寶泰的業務拓展，有望對公司的盈利產生積極的作用。
Core demand recovers in shoes, bags, belts; Baotai growth boosts Xingye’s profit
Industry catalysts:
sales of the company’s leather shoes and bags have grown with a recovery in end-market consumption, rising purchase willingness by downstream customers and increasing supply market concentration. The company has firmed core business gross margins by keeping new product R&D in close correlation with market demand trends and a full range of product categories, along with premium customer channels. Xingye is building up its global markets by establishing ties with foreign brands and entering their supplier networks, while keeping contact with OEM brands ahead of a future pick-up in foreign orders.
Baotai:
Xingye entered the split leather and collagen raw material markets by way of its secondary subsidiary Fujian Baotai Leather. We expect Xingye’s profitability will improve in the impact of Baotai’s business expansion.
