In The First Half Of 2010, The Performance Of Textile And Apparel Listed Companies Was Good.

In recent years, listed companies of textile and clothing have disclosed the performance reports of enterprises.

It is easy to see from the reports published by various enterprises that some enterprises performed well in the first half of 2010, while some enterprises were in a difficult situation.

At the same time, many domestic securities investment institutions have given relevant analysis of textile and garment enterprises in the hope of providing reference for investors.

So, when the economy gradually stabilized and rebounded, what kind of scenes did the textile and apparel listed companies in the first half of this year?

The performance of manufacturing leading enterprises is generally over expected, and the performance of brand companies is growing steadily.

Home textile companies mainly rely on rapid extension, and garment companies rely more on endogenous growth and gross margin to bring net profit growth.

Shenyang Wanguo Securities Company gives such an analysis: in 2010, the key company's net profit increased by 37% over the same period last year, which is in line with expectations.

The securities company reviewed the first half results of the 2010 key textile and garment industries covered by the company, the industry grew faster overall, 60% of the key companies had a net profit growth of over 30%, and net profit grew by 37% over the same period last year, which is in line with its expected growth rate of 38% in the forecast of the Chinese newspaper.

According to SW analysts,

In addition, the performance of brand companies is growing steadily, the growth rate of home textiles is 30%~60%, and the growth rate of clothing is 30%~40%.

From the perspective of growth mode, home textile companies mainly rely on rapid extension and expansion, and the number of net stores in 3 companies in the first half of the year is 6%~10%, while garment companies rely more on endogenous growth and net profit growth.

For example, the number of new stores in the first half of the United States was more than 14%, accounting for about 5%, and the store structure of the seven wolf store was adjusted, and the number of outlets increased.

According to the reports released by various enterprises, the companies whose performance exceeds expected are: Roley home textiles, news birds, Lu Tai A, Weixing shares and Pathfinder. The companies whose performance is lower than expected include: Meng Jie home textile, Saturday, Jahwa, Shanghai.

At present, home textile companies in 2010 PE (price earnings ratio) in 44~48 times, from the growth of the newspaper, Roley home textiles is the best performing company in the industry, Roley's annual performance is still exceeding expectations.

Clothing companies correspond to PE 30~36 times in 2010, and clothing companies PE is expected to have room for improvement.

It is worth mentioning that the United States and costumes and birds in the China Daily reported the three quarter growth range, the two companies three quarter earnings growth than the two quarter.

In the first half of the year, the United States apparel business realized total revenue of 2 billion 542 million yuan, an increase of 39.49% compared with the same period last year. Net profit after deducting non recurring gains and losses was 27 million 930 thousand yuan, although it was 85.92% lower than the same period last year, but the three quarter will become the turning point of performance. The company expects net profit growth of 0~20% in 1~9 months, which belongs to the reverse type company. It is based on the promotion of mood driven performance that is likely to be improved before the middle of the newspaper.

At present, it has a low valuation, corresponding to PE in 2010, 30 times, and the three quarterly report is expected to increase by 40~60%. The annual growth rate is less than 40%.

Home textile industry is in a period of rapid growth.

With the improvement of domestic consumption level and the change of consumption habits, as well as the pulling of real estate and wedding, the home textile industry has experienced a financial crisis, and its output value is expected to maintain a growth rate of about 20% in the next few years.

The A share market in the home textile industry has now formed the "three pillars" situation of Meng Jie, Fu Anna and Luo Lai, and they all have good performances in the first half of 2010.

In the first half of the year, Meng Jie realized 347 million yuan of business income, an increase of 34.12% over the previous year, a profit of 34 million 312 thousand and 500 yuan, an increase of 90.35% over the same period last year, and a net profit of 28 million 357 thousand and 400 yuan, an increase of 32.75% over the same period last year, achieving a 0.54 yuan earnings per share.

At the same time, the gross profit margin of the first half of the year was 4.73% higher than that of the first half of the year. The increase in gross margin was partly due to the increase in the price of the new product 5%~10%. On the other hand, it increased from the higher proportion of the gross profit margin to the sales of the mattress series and the mattress series. In addition, the proportion of direct revenue increased from 23.79% at the end of 2009 to 28.35%, which improved the company's comprehensive gross margin level to a certain extent.

The company expects that net profit attributable to shareholders of Listed Companies in 1~9 months will be less than 50% over the same period last year, and net profit attributable to shareholders of listed companies will increase by about 20%~40% over the same period last year.

According to the analysis of state securities, Meng Jie home textile Limited by Share Ltd as a well-known home textile brand in China, the bonus effect of listing has strengthened the brand influence: whether it is a negotiation for recruiting franchisees and shopping malls, or a brand image in the eyes of consumers, it is also conducive to the smooth expansion of the company.

In the first half of this year, Roley home textile achieved total revenue of 662 million yuan and net profit of 77 million yuan, up 59.43% and 58.96% respectively from the same period last year, achieving a profit of 0.55 yuan per share.

Analysis shows that the continuous recovery of the domestic textile and garment retail market is a key factor in the substantial growth in the performance of the home textile industry. The growth of several major brands' income is in full bloom: during the reporting period, the growth rate of several brand sales revenue of the company has been maintained at a relatively high level. Among them, the growth rate of brand income has reached 53.34%. The sales growth of two brands of Disney monk and Marco is 75.94% and 102.2% respectively, and the sales revenue of high-end brand snow also exceeds 35%.

State Securities believes that the rapid expansion of the expansion will ensure high growth of the company's performance. It is expected that the company's net profit growth rate will exceed 40% this year, and will exceed 30% in the next two years.

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In the first half of the year, Fuan realized a total revenue of 453 million yuan, net profit of 47 million 950 thousand yuan after deducting non recurring gains and losses, an increase of 40.25% and 48.34% compared to the same period last year, achieving a profit of 0.46 yuan per share, and its performance basically met expectations.

Some analysts believe that the textile and garment retail market continues to recover, the expansion of the way to join the channel to accelerate its performance to maintain a high growth rate.

The company began to adjust the extension strategy from the second half of last year to expand the proportion of affiliation sales network.

During the reporting period, the company's sales revenue accounted for 59.25% of the total revenue, representing a 5.26 percentage point increase over the same period last year. The main brand income of fuana increased by 37.55%, gross margin increased by 3.17 percentage points to 48.7%; and the company's focus on promoting this year's brand income increased by 88.66%, and gross margin increased 3.51 percentage points to 43.17%.

In the second half of the year, Fu Anna company plans to continue to increase channel development efforts, speed up the construction of channel network in two or three tier cities, reduce blank areas, and continuously improve the quality of shops and optimize the store structure.

The company reported that the net profit attributable to shareholders of Listed Companies in 2010 1~9 was an increase or decrease of 20%~40% compared with the same period last year.

Data show that since 2003, the domestic textile consumption market has been growing rapidly at a compound growth rate of about 15%. At the end of 2009, the market scale reached nearly 60 billion yuan, and the gross domestic product value in 2010 will reach 15000 billion yuan. The bedding industry will become the most promising sub industry in China's home textile industry.

According to the analysis of the industry, with the improvement of domestic consumption level and the change of consumption habits, and the pulling of real estate and wedding, the home textile industry is expected to maintain a growth rate of about 20% in the next few years after the impact of the financial crisis.

Economic recovery, textile and garment enterprises recovery

With the increase of exports and expansion of domestic demand this year, the market of textile and garment industry's terminal demand is better, and the performance of the industry has been improved.

Statistics show that there are 69 listed companies in the clothing and textile industry, and 60% of the key companies have a net profit growth rate of more than 30%.

Some analysts believe that the industry has been able to recover quickly, and its overall performance has been good. The reason is that: last year, the industry was affected by the financial crisis, and its performance was poor. There was a "low base". With the increase in exports this year and the expansion of domestic demand, the demand for the terminal market was better, thus improving the performance of the textile and garment industry.

In this regard, the author selects several representative textile and garment enterprises in the industry to conduct an analysis.

Lu Tai textile Limited by Share Ltd is a listed company of A and B shares in China.

Among them, the company's A share market's A report shows that operating income in the first half of 2010 was 2 billion 247 million yuan, an increase of 21.95% over the previous year, operating profit of 444 million yuan, an increase of 50.65% over the same period last year, resulting in a net profit of 367 million yuan, an increase of 39.2% over the same period last year, achieving a 0.37 yuan earnings per share.

According to Guo Haiyan, an analyst at CICC, the company's net profit can achieve an increase of nearly 40% over the same period last year, mainly due to the increase in the price of cotton under the background of rising cotton prices, while its strong cotton reserves have reduced the cost and brought about a good increase in gross margin.

In particular, with the 10 million meter jacquard women's high-end fabric project put into operation, part of the income of the shirt fabric increased by 24%, and the gross profit margin improved 7.5 percentage points to 34.8% over the same period last year.

In the first half of, the company's revenue was 5 billion 352 million yuan, down 7% compared to the same period last year. Operating profit and net profit of the parent company were 742 million yuan and 581 million yuan respectively, down 57% and 59% compared with the same period last year, achieving 0.26 yuan per share.

The company's China Daily reported that the income and net profit of the textile and garment sector in the first half were 3 billion 600 million yuan and 450 million yuan, up 7% and 21% respectively over the same period.

Citic securities analysis showed that the net profit of domestic clothing sales increased by more than 40%, but the export revenue of garment exports dropped more than 5% over the same period last year, and the gross profit margin also declined.

According to the analysis of CICC, YOUNGOR's clothing business has made remarkable achievements in the domestic market. It has brought about a substantial increase in its performance by strengthening brand building, increasing the added value of products, optimizing the layout of the stores and adjusting the supply chain.

At the same time, the company has continuously introduced new technologies, new processes and new brands, and the market has responded well.

It is understood that more than 80% of the company's stores are proprietary stores, which can better control terminal retail.

The seven wolves released in August 18th showed that the company achieved 1~6 revenue of 970 million yuan, an increase of 10.7% over the same period last year, a 40.7% increase in operating profit and a 36.2% increase in total profit.

The China Daily also showed that in the middle of 2010, the number of exclusive stores (Hall cabinets) was 3250, of which 299 were direct stores, and 79 were direct stores than those at the end of 2009. There were 2951 franchisees and 78 fewer stores than at the end of 2009.

We can see in the 2009 report of seven wolves that the number of exclusive stores (Hall cabinets) is 2957, an increase of 188 over the end of 2008.

In this regard, industry analysts believe that, in the context of the global economic crisis, especially whether China's economy will be faced with the two bottom finding and the rising cost of garment industry, the seven wolves, like other garment and textile enterprises, are facing greater competition pressure.

The continuous increase in store rentals aggravates the burden of the stores.

Therefore, the seven wolves slowed down the speed of "horse race enclosure" and focused on the profitability of single stores.

Let's take a look at Metersbonwe, the "big guy" in the field of domestic casual wear.

The midterm reported in this year's midterm reported that its performance fell 83%, but the two quarter improved significantly.

In the first half of 2010, the company achieved operating income of 2 billion 542 million yuan, an increase of 39% over the same period last year, and operating profit and net profit attributable to parent companies were 6253 and 40 million 340 thousand yuan, down 58% and 83% respectively (including 2009 yuan in the first half of the year).

According to the analysis of the state securities, according to the composition of the channel, the company's large expansion of Direct stores in the second half of last year saw a year-on-year growth of 53% in sales in the first half of this year, while the growth rate of the franchisee's income increased by 28% over the same period last year. According to the brand, the US brand grew steadily by 35%, and the urban brand gradually entered the right track. The sales revenue in the first half of the year was 243 million yuan, up 112% from the same period.

According to another analysis, the company's direct sales accounted for a large proportion, resulting in a significant increase in sales costs.

During the reporting period, the company's sales expenses increased by 53% over the same period last year, and the cost rate increased by 3.23 percentage points to 34.55%. The main reason is that the rental costs, staff costs and decoration fees of direct shops increased with the expansion of the shop scale, while the management fee rate remained basically stable.

Pathfinder was one of the first enterprises to enter the gem last year. The company achieved 1~6 revenue of 154 million yuan in 2010, an increase of 34% over the same period last year, and realized a total profit of 29 million 990 thousand yuan, an increase of 17.5% over the same period last year. The net profit of shareholders belonging to the listed company was 25 million 260 thousand yuan, an increase of 34% over the same period last year.

In the first half of the year, the company's revenue increased by 34%, of which outdoor clothing accounted for 62% of the total income, outdoor shoes accounted for 23% of the total income, outdoor equipment accounted for 15% of the total income, and the proportion of garments increased significantly.

In addition, it is reported that in the first half of this year, there were 71 new outlets, including 27 Direct stores and 44 franchised stores.