5 Characteristics List Of Textile And Apparel Listed Companies

The disclosure of annual reports of listed companies is over. Textile and garment sector Reflection on overall performance is just in time.

In 2011, the growth ECG of the listed companies entered the "half shock" state. The 2381 listed companies belong to the parent company's net profit of 19267 billion yuan, an increase of 13.13% over the same period last year. The growth rate in 2009 was 38.95%. In 2011, the 1/3 company's performance declined with the growth of the gem company.

According to experience, all "pseudo growth" have different omen, ranging from 19 key indicators in all directions. Listed company It is imperative for financial statements to measure the quality of the textile and garment sector.

From the perspective of financial strategy, the bottom line of company growth is safety. A company lacking financial security talks about growth, like a starving person talking about fitness. An ultra radical company, even if its short-term growth indicators are good, is easy to catch up with. We investigate the growth ability of the company separately from the growth rate of operating income, the growth rate of operating profit, the growth rate of net profit, the growth rate of shareholders' equity and the growth rate of total assets. Because of the macro-economic downturn and terminal consumer demand, the main revenue and net profit growth of the listed companies slowed down significantly: the operating income, operating profit and net profit increased by 34.26%, 5.12% and 2.52% respectively in 2011, a big decline compared with 2010.

From the perspective of cash flow, the core index is net cash flow / operating income generated by business activities. The larger the ratio is, the higher the profit quality is, the negative is the net outflow of operating cash flow. In 2011, the operating cash flow index of men's clothing industry is relatively healthy. The home textile industry is second only to men's clothing, and the overall cash flow situation of casual wear sub industry is relatively poor.

So-called Growth quality The main index of the company's profit is "gold content". The core indicators are net profit excluding non recurring gains and losses, gross profit and total assets return. In terms of operating capacity, it is inspected separately from the accounts receivable turnover rate, inventory turnover rate and total assets turnover rate; and the ability to repay debt is investigated from the following aspects: working capital, turnover ratio, cash ratio, asset liability ratio, equity ratio, net debt, long-term debt shareholders equity ratio and other indicators.

After classifying and evaluating the 19 indicators, we first tried to launch 5 awards in the textile and garment sector, namely, the comprehensive growth award, the cash flow adequacy award, the profitability Gold Award, the asset turnover sensitivity award and the solvency margin award, and selected 3 profiles from each dimension. Focusing on the growth characteristics of these companies, the aim is to set an example for other listed companies or non-listed company so as to grow healthily step by step in daily operation.

1 comprehensive growth Excellence Award

A great contribution to the franchisor's extension

The award shows: the pace of growth has slowed significantly, the once familiar profit model has gradually failed, and the listed companies are entering a period of painful performance. Due to the macroeconomic downturn and the drop in the terminal consumption demand, the growth of the main income and net profit of the textile and clothing listed companies slowed obviously. In 2011, the operating income, operating profit and net profit increased by 34.26%, 5.12% and 2.52% respectively, while the three indicators in 2010 were 37.65%, 54.98% and 47.07% respectively. Obviously, the growth of the textile and apparel listed companies in 2011 almost stopped. From the operating income growth rate, operating profit growth rate, net profit growth rate, shareholders' equity growth rate, total assets growth rate and other indicators to inspect the company's performance growth, we find that three companies have outstanding growth ability.

Top 10 listed textile companies with better overall growth

[search for special] franchises contribute greatly

In 2011, the company's operating income was 1 billion 100 million yuan, an increase of 73.75% compared with the same period last year, while the increase in 2010 was 67.09%, the operating profit growth rate was 89.07%, the increase in 2010 was 71.55%, the net profit growth rate was 90.73%, and the 2010 growth rate was 67.96%; meanwhile, the growth rate of shareholders' equity and total assets were 5.51% and 13.94% respectively.

In 2011, the company's main revenue growth was mainly contributed by franchisees. In 2011, the revenue of franchised stores increased by 82%, and the high growth rate of affiliate mode was mainly due to the 34% increase in the number of franchised channels, the increase in the number of new franchised stores, the increase of single store display, the increase of single store income, the increase of discount rates for dealers, and the increase in gross margin of 0.46 channels to 33.50% in 2011. According to the products, men's wear increased by 103% in 2011, while women's wear increased by only 51%, and the gross price of women's clothing dropped by 0.7 percentage points. In addition, the increase in net profit was mainly due to a substantial increase in interest income. The company's interest income in 2011 was 26 million 800 thousand, 12.91 times that of the same period last year, accounting for 70% of net profit in 2011. It is estimated that the net profit attributable to shareholders of Listed Companies in 2012 1~6 increased by 30%~50% compared to the same period last year.

　　
{page_break}

Pathfinder expansion

In 2011, the company's operating income and net profit were 750 million yuan and 110 million yuan, up 74% and 99% respectively. The company's revenue has maintained strong growth, while the consolidated gross margin has dropped by 1.5 percentage points to 47.5% due to the adjustment of the outdoor equipment pricing strategy. However, the reduction in advertising expenditure and the significant scale effect have reduced the period cost rate by 5.5 percentage points, stimulating the performance to explode again.

The company expanded the breadth and depth of high-speed expansion, to the end of 2011, the number of stores reached 1041, an increase of 56.3% over the same period last year. Among them, 144 and 897 outlets and franchisees grew by 46.9% and 57.9% compared to the same period, and the 91.7% coverage of the information shop. From a regional perspective, North China (including Beijing) continues to gain about 60% growth as a traditional dominant area, and the potential areas such as East China and southwest China have also achieved breakthroughs. By the end of 2011, the company has won the first place in similar products in the national market for four consecutive years. In 2011, the company joined the business of 546 million 105 thousand and 400 yuan, an increase of 74.62% over the same period last year, because the proportion of newly opened shops in the two tier and part of the economically developed three grade market is large, and the market space for expansion can be larger. In 2012, the company striving to achieve operating income of not less than 1 billion 150 million yuan, an increase of about 52.5% compared with the company's 2011 annual operating income of 754 million yuan, and plans to open a new shop not less than 400.

[CB velvet industry] further extension of industrial chain

In 2011, the company's operating income was 1 billion 810 million yuan, up 53.74% over the same period last year. Net profit was 166 million yuan, an increase of 123% compared with the same period last year, and the basic earnings per share were 0.31 yuan.

The company's short-term performance catalyst comes from the increase in gross profit margin brought about by the increase in terminal product prices. The medium and long term comes from the commissioning of Gao Mao interest rate yarn production capacity, which brings about the improvement of profitability. The sales revenue of deep-processing products with high added value yarn and products continued to grow. Cashmere yarn sales increased by 180 million yuan over the previous year, and sales of cashmere products increased by 194 million yuan over the previous year. The above two income increased by 374 million yuan, accounting for 59.10% of the current income increase. At the same time, the company sold the upstream products such as washes in a timely manner. In 2011, the sales of water washed velvet and no Plush were 682 million yuan, an increase of 226 million yuan over the previous year, with a growth rate of 49.66%.

The cashmere industry said that in 2012, the company will invest in the production line of 720 tons of special fiber roving yarn and 260 tons of worsted yarns annually. After the project is completed, the added value of cashmere products will be further enhanced, and the market share and competitiveness of the worsted high-end products will be enhanced.

2 ample cash flow Award

Awards: according to the latest statistics of Choi Hui, the cash flow situation in the upstream industry has dropped sharply, which is close to the historical low. The net cash flow in the middle reaches and the downstream reaches a negative value. Relatively speaking, the cash flow situation in the middle reaches is at the worst level in history. The total net operating cash flow of the textile and garment sector totaled 1 billion 386 million yuan, compared with 17 billion 826 million yuan in 2010, and the cash flow rate shrank by 92.23%. Men's clothing industry's operating cash flow index is relatively healthy, the home textile industry is second only to men's clothing, and the overall cash flow situation of casual wear sub industry is relatively poor. From the cash flow of business activities, net cash / net profit of operating activities, net cash / total assets of operating activities, cash operation index and other indicators, we investigate the inflation of company's pockets, and find that three companies have sufficient cash flow.

The top 10 listed companies are in better financial position.

[Nanjing chemical fiber] from deficit to multiplication

In 2011, the cash flow of the company's operating activities was 946 million 17 thousand and 500 yuan, an increase of 267.67% compared with 257 million 299 thousand and 600 yuan in 2010, while in 2009, the company's operating cash flow deficit was 1 billion 492 million 527 thousand and 800 yuan. From the net cash of business activities divided by net profit, the ratio in 2009 was -21.59 times, and in 2010 it increased to 2.48 times, and in 2011 it was 61.66 times higher. In terms of net cash in business activities divided by total assets, the ratio between 2009 and 2011 was -0.47 times, 0.07 times and 0.27 times respectively, and the trend of increase was very obvious.

From the cash operation index (the ratio of cash flow to cash flow), this index was 8.48 times in 2011, compared with 1.61 times in 2010 and -32.53 times in 2009.

(Li Li Holdings) real estate sales Drum pockets

In 2011, the cash flow of the company's operating activities was 360 million 60 thousand and 700 yuan, down 38.56% compared with 586 million 37 thousand and 200 yuan in 2010. Despite the decline in cash flow, net cash in business activities is divided into 34.24 times net profit. In 2009 and 2010, this ratio is only -5.31 times and 4.64 times. From the net cash of business activities divided by total assets, the ratio of 2009 to 2011 is -0.06 times, 0.17 times and 0.1 times respectively. From the cash operation index (the ratio of cash flow to cash flow), the index is 2.6 times that of 2011, while that of 2010 is 2.01 times, while that of 2010 is only -1.76 times, and the rising trend is very obvious.

In 2011, 1~12 monthly earnings per share were 0.0257 yuan, 4.04 yuan net assets per share, 0.64% net assets yield and 0.8810 yuan of cash flow per share. In the real estate development business, the construction of the "Shu Du center" urban complex D7 block project is progressing smoothly, all the buildings have been capped, and the pre-sale amount has accumulated 1 billion 458 million 920 thousand yuan at the end of the deadline. The construction of the D3 site of the "Shu Du center" is progressing smoothly. It is expected to be pre sold in May 2012. The D4 plot project is expected to start construction in May 2012.

American Apparel continues to improve without suspense.

In 2011, the company achieved revenue of 9 billion 940 million yuan, an increase of 33% over the same period last year, operating profit of 1 billion 345 million yuan, an increase of 50% over the same period last year, and net profit of 1 billion 206 million yuan, an increase of 59% over the same period last year. The company has been worried about the company's operating cash flow problems, in 2011 has been changed. The annual report shows that in 2011, the operating cash flow amounted to 977 million yuan, compared with -10.5 billion in 2010.

The change of cash flow is mainly affected by the scale of production. In the second half of 2010, the United States has higher expectations for future revenue growth, and the scale of production has been deliberately enlarged, resulting in more cash payments and a sharp increase in cash flow pressure. In 2011, the company had more effective control over production scale, more cautious orders for production, and stable sales of cash, and cash flow improvement was reasonable.

The company's performance continued to grow in the first quarter of 2012, and the cash flow continued to turn better. A quarterly report shows that the net operating cash flow has improved continuously, and the monetary fund has increased significantly to 986 million yuan. In the first half of this year, the growth of US bond apparel is between 10% and 30%.

　　
{page_break}

3 Gold Award

Prizes note: non recurring gains and losses are double-edged sword. For some loss making companies, non recurring gains and losses are lifesaving straw. But for some listed companies whose performance is declining or losing, the non recurring gains and losses will be worse. Therefore, deducting the net profit from non recurring gains and losses can truly reflect the "gold content" of the performance. The net profit of the textile and garment sector after deducting non recurring gains and losses in 2011 totaled 14 billion 728 million yuan, an increase of 0.99% compared with 14 billion 584 million yuan in 2010. By examining the net profit, gross profit margin, net asset yield (weighted) and total assets yield of non recurring gains and losses, high-quality companies surfaced.

Profitable "gold content" is higher than the top 10 listed textile enterprises

[Semir] the river is full of water.

In 2011, the net profit of the company excluding non recurring gains and losses was 1 billion 213 million 311 thousand and 100 yuan, an increase of 21.21% compared with 1 billion 1 million 13 thousand and 300 yuan in 2010. The gross profit from 2009 to 2011 was 1 billion 446 million 694 thousand and 400 yuan, 2 billion 250 million 74 thousand and 200 yuan and 2 billion 900 million 992 thousand and 200 yuan respectively, with a steady growth trend. The total assets return rate in the past three years was 59.3%, 49.3% and 25.59% respectively.

Facing the complex situation in 2011, the company adheres to the core values of "the river is full of water and the river", and striving to overcome the adverse factors such as the upstream supply chain and the rising cost of terminal channels, so as to successfully accomplish its business objectives, and has made notable progress in product development, brand marketing, marketing network and information construction, and supply chain management. Net profit of 1~6 months in 2012 is expected to decrease by 0~30% compared with the same period last year.

[Lu Tai A] equity incentive can finally be implemented

In 2011, the net profit of Lu Tai A excluding non recurring gains and losses was 779 million 695 thousand and 600 yuan, an increase of 16.89% compared with 667 million 51 thousand and 300 yuan in 2010. The gross profit from 2009 to 2011 was 1 billion 234 million 328 thousand and 900 yuan, 1 billion 635 million 13 thousand yuan, and 1 billion 893 million 209 thousand and 300 yuan respectively, with a steady growth trend. The total assets return rate in the past three years was 10.98%, 14.66% and 15.44%, respectively, with the same growth trend.

It is worth noting that Lu Tai A failed to prepare for the depreciation of raw materials last year, resulting in a profit increase; and the reason why Lu Tai A did not mention the loss mentioned above is to ensure that the company's performance growth last year, and ultimately enable the equity incentive to be successfully implemented. Net profit after deducting non recurring gains and losses increased by about 16% over the same period last year, reaching just 15% of the exercise rights. In other words, if ruthai A prepared for the sale of raw materials in high price last year, the net profit of the company would be difficult to guarantee, and the exercise conditions would not be achieved. The equity incentive plan would be aborted.

[King of nine herd] truly do both inside and outside

In 2011, the company deducted the net profit of non recurring gains and losses of 515 million 319 thousand and 200 yuan, an increase of 43.20% compared with 359 million 853 thousand and 400 yuan in 2010. The gross profit from 2009 to 2011 was 672 million 454 thousand and 800 yuan, 930 million 569 thousand yuan, and 1 billion 256 million 155 thousand and 600 yuan respectively, with a steady growth trend. The total assets yield rate in the past 3 years was 22.26%, 29.23%, 18.99%, with a gradual downward trend.

The company's operating income increased by 34.78% in 2011, mainly due to the strengthening of marketing channel construction. As of December 31, 2011, the company's sales terminals reached 3140, an increase of 430 compared with the beginning of the year, an increase of 15.8% over the same period. The promotion of brand awareness, reputation, loyalty and terminal operation and management capabilities has promoted the performance improvement of single stores, of which the direct sales terminals have increased 15.9% year-on-year.

4 asset turnover sensitive Award

Award Description: We selected indicators to evaluate the turnover rate of accounts receivable, inventory turnover and total assets turnover in the operation of listed companies' assets, and analyzed the current asset turnover problems in the rapidly expanding textile and garment industry. The turnover rate of accounts receivable of textile and garment sector in 2011 was 26.95%, which was less than two percentage points compared with 28.86% in 2010. Comparing inventory turnover, it is easy to find that the inventory turnover of Listed Companies in the industry is gradually improving, which has added a lot of color to the industry's financial improvement. From 2009 to 2011, the inventory turnover rate of the industry was 4.97%, 5.51% and 5.62% respectively, and the turnover rate of total assets was 0.85%, 0.93% and 0.90% respectively. Through the selection of layers, three companies with relatively fast turnover in assets have become examples of operational capability.

Top 10 listed textile companies with better operating capacity

[China Textile investment] let idle money move.

The turnover rate of total assets in the company has improved significantly in recent years. From 2009 to 2011, this index was 1.55%, 2.12% and 2.61% respectively. The turnover rate of accounts receivable in the same period was 25.51%, 33.62% and 46.84% respectively. The turnover rate of the company also increased significantly. The turnover rate of the same period was 5.1%, 6.25%, 6.75%, although the absolute value was not large, but the turnover speed was accelerating. As early as March 18, 2011, the company will use short-term liquidity of not more than 80 million yuan to purchase and invest short-term shares in Shanghai and Shenzhen stock exchange for a period of not more than one year. This shows that the company attaches great importance to capital mobility.

[Tong Kun] accounts receivable speed amazing

In 2011, the total assets turnover rate of the company decreased, and the index from 2009 to 2011 was 2.74%, 3.04% and 2.43% respectively. In the complex environment of 2011, the turnover speed of all assets from input to output slowed down during the operation period, and the management quality and utilization efficiency of all assets of enterprises were also gradually raised. However, the turnover rate of accounts receivable in the same period was 142.85%, 211.01% and 249.66% respectively, and the turnover speed was very amazing. It reflected that the company had a fast collection speed, short average receivables, bad debt losses, fast asset flow and strong solvency, while the inventory turnover at the same period was 14.66%, 15.58% and 18.4% respectively, and the turnover speed was also at a higher level in the industry.

　　
{page_break}

[Shen Da shares] stable operation of capital

In the past three years, the asset turnover rate of Shenda has accelerated. From 2009 to 2011, the total assets turnover rate was 1.78%, 2.08% and 2.2% respectively. The turnover rate of accounts receivable in the same period was 19.49%, 22.04% and 25.11% respectively, and the turnover rate of stocks was 26.61%, 30.6% and 34% respectively. The efficiency of capital operation remains healthy and healthy, and it is at the middle level of the same industry in terms of cash flow security.

5 outstanding debt paying ability Award

According to the award, the total debt of textile and apparel listed companies has increased in recent years, of which the total short-term debt in 2011 has increased to 37 billion 860 million yuan, an increase of 15.01% over the same period last year, and the short-term debt increased by 33.78% in 2010. The total liabilities for long-term debt totaled 13 billion 450 million yuan, down 7.54% from the same period last year; net debt in 2011 totaled 24 billion 400 million yuan, up 25.24% over the same period last year; total debt in 2011 totaled 51 billion 313 million yuan, an increase of 8.10% over the previous year, and the total debt in 2010 increased by 32.15% over the same period last year. The debt ratio of textile and garment industry decreased year by year, from 2009 to 2011, respectively, 47.56%, 44.20% and 42.95%, reflecting the cautious operation of Listed Companies in the industry.

High debt paying ability of 10 listed textile companies

[assets] strong asset control capability

The company started the whole industry chain mode, and built the two phase project of "Beijing South fur city" fur raw material market. At the same time, it positioned high-end and fashionable consumer groups, and built the domestic brand "yijiaqi" terminal brand. In 2010 and 2011, the company's asset liability ratio declined rapidly, of which 5.6% in 2011 and 4.5% in 2010. In 2011, the current ratio and cash ratio were as high as 2030.24% and 1342.16% respectively, although they fell compared with the same period last year, but such a high proportion reflects the strong ability of company cash to repay debts.

[Tai Ya shares] raise funds very much to force

In order to save financial expenses, the company used part of the raised funds to repay bank loans, so the company's liabilities were good, and the asset liability ratio remained at a low level of 5.35%. In 2011 and 2010, the profits before the company's interest tax depreciation and amortization were 62 million 754 thousand and 700 yuan and 65 million 18 thousand and 100 yuan respectively, maintaining a relatively stable level. In 2011, the company had no liability to pay interest. Credit rating agencies rated the company as AA credit customers.

[Jiangnan high fiber] too much cash is also worried.

In 2011, the company's asset liability ratio dropped rapidly to 5.1%, while in 2009 and 2010 it was 31.43% and 31.47%. The current ratio increased from 165.77% in 2010 to 1192.88%. The cash ratio increased from 47.17% in 2010 to 559.56%, reflecting the ability to directly pay current liabilities, and to some extent, the failure of rational use of current assets. In November 25, 2011, the company announced a small loan company of 150 million yuan (30% of its controlling shareholder). It seems that the cash in hand is much, and the mind is not steadfast.