At Present, Spandex Is At The Bottom Of The Market &Nbsp, And Is Expected To Fall Back In The Coming Year.

Taihe new material announcement, 1-9 months in 2011, Taihe new material realized income and net profit 1 billion 203 million yuan and 130 million yuan respectively, an increase of 9.92% and -30.64% compared with the same period last year. The realization of basic earnings per share of 0.33 yuan, net assets yield 7.8%. In the 3 quarter, the company realized revenue and net profit of 412 million yuan and 115 million yuan respectively, an increase of 6.06% and -74.65% compared with the same period last year. Achieve basic per share Profit 0.03 yuan.

The performance of Taihe new material is lower than that of the market, mainly due to the sharp decline in the price of spandex.

Spandex prosperity downturn is the main reason for the decline in company performance.

China's spandex industry has been booming since 09 years, and a large number of projects have been launched gradually, which has led to this year's new increase. spandex More capacity. At the same time, China's textile and garment exports are growing at a low speed, and downstream demand is not strong. In terms of price, China's Spandex this year Price Showing a unilateral downward trend, the spandex price is 45 thousand yuan, 25% lower than the beginning of the year. In terms of cost, PTMEG accounts for more than 50% of spandex production cost, and the price of PTMEG is generally strong as a result of the unexpected shutdown of several sets of devices worldwide.

Spandex is at the bottom of the market.

According to the calculation, at present, the gross profit margin of the spandex industry is around 0%, which is in a state of loss in the whole industry. Taking Huafeng spandex as an example, the 3 quarter was a big loss, with gross margin and net interest rate of only 4.9% and -4.65% respectively. In the context of the continuous decline of textile and garment exports in China, the spandex industry in the 4 quarter of 2011 will maintain a loss situation. The company has spandex production capacity of 30 thousand tons, and 7000 tons of comfortable spandex project is being built. The spandex productivity and differential rate of the company are steadily improving.

We expect that a sharp fall in cotton prices will help to raise demand for textile and clothing next year and PTMEG prices are expected to fall at a high level. In 2012, the spandex industry will gradually go out of the deficit situation. The spandex business of the company has contributed EPS0.03 yuan, 0.14 yuan and 0.26 yuan in 2011-2013 years.