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The Short-Term Growth Rate Of Textile Industry Has Dropped Significantly.

2008/5/13 15:24:00 25

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The Short-Term Growth Rate Of The Textile Industry Has Dropped Significantly.

Operating data for the first quarter of 08 showed that the income and profit growth rate of the textile industry was significantly lower than that in 07 years, especially the rate of decline in profit growth is much higher than the increase in revenue. This shows that the pressure of rising costs and rising costs in the context of inflation and macroeconomic regulation is increasingly obvious.

Industry fixed asset investment is expected to decline from the industry boom, showing a decline in growth rate, export growth in the internal and external troubles under fatigue, domestic demand continued to maintain rapid growth.

The 07 annual report of Listed Companies in textile industry shows steady growth in operating income, and the sharp increase in non main industry investment income has resulted in a significant increase in net profit over revenue growth.

In the context of high interest rates and inflation, the cost of the industry is increasing.

The quality and profitability of enterprises have declined, while export oriented and domestic enterprises have been polarized.

The industry benefited from the recovery of the industry, and the profits of the whole industry showed a retaliatory rise, and the leading companies benefited a lot.

The 08 year quarterly report of the listed companies in the textile industry shows that the main business income has been growing steadily, and the gross profit margin has remained stable basically.

However, due to the sharp decline in the investment income of non main industries and the continuous increase in the cost of the period, the industry's profits have fallen rapidly.

Under the increasing pressure of the industry, the quality and profitability of enterprises continue to decline.

Intra industry polarization continues.

The chemical fiber industry as we expect is consistent, the industry boom from the high point of decline led to a sharp decline in the whole industry profits.

The 08 year is a more difficult year in the history of the development of industries. The main driving forces for the rapid development of the industry in the two history of further deepening, various factors such as exports and investment have shown a trend of growth and deceleration. Domestic demand has become a new driving force for supporting the development of the industry, but in the short term, it can not completely smooth down the growth rate of sales growth brought about by exports and investment.

The increasing accumulation of costs and period costs will make the industry's profit growth decline more than the income decline.

We believe that the industry will enter a steady growth stage from the early stage of rapid growth from 08 years.

In the future of the industry's survival of the fittest, the polarization between enterprises will also become increasingly significant. From the medium to long term, a few excellent enterprises will get a better development environment.

At present, the industry maintains a "neutral" rating.

We will continue to play a leading role in the development of brand oriented retail enterprises and the growth leading industry (garment accessories, fabrics, accessories) with a relatively monopoly advantage.

The 08 year is bound to be a difficult and unusual year for the textile and garment industry. The renminbi is still accelerating appreciation, the cost of raw materials and labor costs rising under inflation, the increasingly difficult financing of enterprises under the macroeconomic regulation and control, the increasing financial burden caused by the increase in interest rates, the sharp decline of US exports to the US, and other negative factors. The turnover of textiles and clothing in the new Canton Fair has dropped significantly. The newspapers and magazines in the coastal areas of Guangdong and other small and medium-sized textile enterprises have gone bankrupt. They also reflect the dilemma faced by the industry from one aspect, and at the same time push the industry onto the cusp of market discussion.

It seems that everything is negative. It seems that the whole industry is on the verge of collapse.

What is the truth?

How can we grasp the investment strategy of industry and related companies in this industry background?

In May, when the 07 annual report of the listed companies and the 08 quarterly report were settled, the data of the first quarter of the whole industry were also disclosed. We hope that we can peek the industry's 08 year running situation and future investment opportunities through the annual reports, quarterly reports and the first quarter economic operation data of the listed companies.

The latest situation of textile industry in the first quarter of 08 years: short term growth slowdown

(1) rising costs and rising costs in the context of inflation and macroeconomic regulation have led to a decline in earnings growth.

According to the Statistics Center of China Textile Industry Association, the total revenue and profit of the textile industry in February increased by 17.44% and 13.48% respectively over the same period of 08 years ago.

According to the molecular industry data, the total income and profit of the textile sub industry increased 08 and 17.08% respectively in February compared with the previous year, and the growth rate dropped by 6.66 and 15.35 percentage points respectively. The total income and profit of the clothing and footwear industry increased by 19.75% and 14.14% respectively, and the growth rate decreased by 4.12 percentage points and 10.41 percentage points respectively. The total income and profit of the chemical fiber sub industry increased by 16.62% and -1.91% respectively, representing a decrease of 8.68 percentage points and 16.62% percentage points respectively.

Compared to the 07 years, the textile industry's first quarter revenue and profit growth rate has declined significantly, especially the rate of decline in profit growth has far exceeded the increase in revenue. This shows that the pressure of rising costs and rising costs in the context of inflation and macro-control has become increasingly evident.

08 years ago, the gross profit margin of the industry remained stable in February, and the increase in the cost of the period was difficult to suppress. (08 years ago, the financial cost of the industry increased by 27.83% in February compared with the same period last year), and the profit margin of the industry decreased by 0.79 percentage points over the 07 year.

The cyclical decline of the chemical fiber industry further exacerbated the decline in the industry's profit growth.

The increase of production cost, manpower cost, environmental protection requirement and social responsibility requirement has become the sword of many small and medium-sized textile enterprises.

Statistics show that 08 years ago, the total industry deficit in February reached 24.46%, an increase of 7.67 percentage points over the 07 year, and the deficit increased by 37.20% over the same period.

With the increasing loss of industry, the industry has maintained a two digit growth. It also reflects the fact that the polarization of industries is becoming increasingly significant.

According to the data, the profit contribution of the dominant enterprises to the whole industry is 35%, which accounts for about 7% of the total number of enterprises in the whole industry, while the 2/3 of the total number of enterprises is less than 10% of the total profits of the whole industry.

07 years in total