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Huafeng Spandex Performance Decline In 09 Years, But The Main Business Profitability Increased

2010/6/18 14:36:00 49

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Spandex

industry

The main business profitability of Huafeng spandex has been increasing continuously for 09 years, and operating profit has increased 54.87% year-on-year.

Spandex industry in 2010 will continue to boom, the company's performance is expected to grow rapidly.

Huafeng spandex released its performance bulletin in January 18th. In 09 and 1-12 months, the company achieved operating income of 1 billion 196 million yuan, up 17.74% over the same period last year, operating profit of 109 million yuan, an increase of 54.87% over the same period last year, net profit of 110 million yuan, a decrease of 32.92% over the same period last year, a basic income of 0.3 yuan per share, 3.74 yuan of net assets per share, and 8.16% of net assets yield.

With the gradual recovery of the global economy, the demand for Spandex Products in the downstream textile industry has been warmer since the 09 quarter of the two quarter. The market price of Spandex Products has risen, the production line of the company has been fully resumed, and the technical pformation and expansion projects have been put into operation, and the annual production capacity of spandex has reached 42 thousand tons.

In the past 09 years, the average selling price of the spandex products decreased, but the sales volume increased considerably, and the gross profit margin of the products increased slightly.

The company's operating profit increased substantially compared with the same period last year, and the main reason for the decline in net profit was the 100 million 591 thousand and 800 yuan tax rebate of enterprise income tax on domestic equipment investment in the same period of 08 years.

The company is a leading manufacturer of Spandex Products and is in the leading position in the industry.

With 10 thousand tons of new capacity put into operation in 09 years, the company's capacity has reached 42 thousand tons, accounting for about 14% of the domestic total, ranking first in the country and third in the world.

The company's product differentiation rate reached 50%, reaching the level of advanced countries in the world. The increase of differential rate led to the company's consolidated gross profit margin higher than that of its peers.

Over the past 09 years, the spandex industry has continued to improve and the company's performance has clearly recovered.

With the revival of the textile industry, domestic spandex

market

Gradually warmer, the price of Spandex Products also rose significantly.

The price of spandex 40D increased from 42 thousand yuan / ton at the beginning of the year to 48 thousand yuan / ton.

Demand side, as the package yarn, cotton bag industry started a significant increase in the rate of increase and exports, spandex products once appeared tight supply situation.

Entering the 09 quarter of the three quarter, the company's operating rate increased to more than 90%, while the initial operating rate in early February was only 50%-60%.

Driven by market improvement, the company's profitability continued to grow.

In the two quarter, the company achieved a net profit of 34 million 388 thousand yuan, an increase of 232.77% over the month, and realized a turnaround in profitability. In the three quarter, the company achieved operating income of 340 million yuan, an annulus increase of 5.53%, a gross margin of 25.97%, an annulus increase of 11.32 percentage points, and the increase in gross margin made the net profit attributable to the owners of the parent company 57 million 220 thousand yuan, an increase of 66.39% over the quarter.

Affected by seasonal factors, the company achieved net profit of 44 million 60 thousand yuan in the fourth quarter and a slight decrease in the ring ratio.

Downstream demand for spandex will continue to improve, and the company's profit outlook is promising.

From the perspective of the export of textile and clothing from the downstream of the spandex, the total export volume of US $167 billion 24 million in the past 09 years decreased by 9.8% compared with the same period last year. But in December, the export of textiles and garments in the single month was 16 billion 787 million US dollars, up 4.48% over the same period last year, and the future exports will continue to improve.

From the perspective of domestic demand, the total retail sales of wholesale and retail trade above Designated Size in November 09 - 47 billion 630 million for clothing, shoes and hat and needle textiles, increased by 30.03% over the same period of 08 years. The growth rate has been two months higher than the 08 level in the same period since October, and domestic consumption demand is strong.

In addition, the demand for spandex in the 09 quarter of the year is not bad in the off-season. In 2010, the boom of the spandex industry will continue to rise, and the price of the products is expected to rise further.

At the same time, the main upstream of spandex

Raw material

For PEMEG, with the upstream production capacity concentrated in the year to release, PTMEG prices are expected to fall steadily, spandex business profit space will expand.

PTMEG is the most important raw material for spandex production. The PTMEG per ton of spandex needs about 0.8 tons, while the main raw material of PTMEG is BDO.

Recently, the expansion of BDO and PTMEG is very fast. Especially, many projects have been put into operation in 09 years, such as 55 thousand tons in Nanjing, 60 thousand tons in Xinjiang, 75 thousand tons in Shanxi, 25 thousand tons in Yunnan, 25 thousand tons in Yunnan and 30 thousand tons in Meizhou Bay, and 30 thousand tons / year PTMEG project in South Korea.

The above projects will bring about changes in supply and demand in the PTMEG market, and prices are expected to fall.

Huafeng spandex realized business income of 855 million yuan in the past 09 years and 1-9 months, an increase of 3.81% over the same period last year, and realized a total profit of 71 million 950 thousand yuan, a decrease of 45.91% over the same period last year. The net profit attributable to the owners of the parent company was 65 million 710 thousand yuan, down 65.70% from the same period last year, and the earnings per share were 0.18 yuan.

At the end of the press release, the company's stock price was 22.57 yuan, up 0.31% from the previous trading day.