开润股份首次覆盖报告：箱包制造龙头，业绩弹性持续释放

Investment Rating - The report assigns a "Hold" rating to the company, indicating a cautious approach towards investment based on expected performance relative to the market index [60]. Core Insights - The company has established a strong presence in the luggage and travel accessories market, with significant growth in its self-owned brand "90分" which has seen a revenue increase from 0.5 billion to 12.87 billion, achieving a CAGR of 126% from 2015 to 2019 [15][19]. - The company has a stable order base from major international clients such as Xiaomi, HP, Dell, and Decathlon, with many partnerships lasting over a decade, ensuring consistent revenue streams [22]. - The company is actively expanding its production capacity, with recent investments aimed at increasing output in both domestic and overseas facilities, including a new production base in Indonesia [12][25]. Summary by Sections Market Share - The report indicates a steady increase in market share for the company, with a focus on enhancing product performance and customer satisfaction [1]. Brand Business - The self-owned brand "90分" has rapidly grown, with a notable recovery in 2023H1, where revenue increased by 21% year-on-year, driven by a resurgence in travel demand [15][19]. - The brand has received multiple accolades, including being the top seller in the luggage category during major sales events like Tmall's Double Eleven [30]. Production and Capacity Expansion - The company has successfully launched new projects to expand production capacity, including a soft bag manufacturing project in Chuzhou and a new facility in Indonesia, which will significantly increase annual output [12][25]. Research and Development - The company maintains a strong focus on R&D, with a consistent investment rate of 2-3% of revenue, enhancing its design capabilities and product offerings [6][7]. Sales Channels - The company utilizes a multi-channel sales strategy, with a strong emphasis on online platforms such as Tmall and JD.com, as well as international distribution through Amazon [31][38].