Textile And Garment Enterprises Run The Three Main Embarrassing Images

The main revenue is the main business achievement of the enterprise, and it is an important guarantee for the enterprise to obtain profits.

In the time window of the semi annual report of listed companies, it is particularly important to study the main changes of listed companies.

In textile

Despite the fact that many companies have worked hard to make the semi annual report bright, the fact that the main business is in deep trouble is unquestionable.

The central bank's continuous interest rate cuts did not bring a significant upward momentum to the stock market.

With the recent big sell-off in the market (in July 9th and July 16th respectively, 2.37% and 1.74% respectively), the dream of "five poor, six and seven turning around" was finally broken.

The author believes that although this is related to the current economic downturn, it is also related to the weak fundamentals of the listed companies, especially the non sustained growth of the main income has a negative effect on the stock price.

"Many of the listed companies rely on non recurring earnings to make their performance" cheap ", including the sale of their assets, investment business, and even government subsidies. Many earnings conceals the real profit situation of the company.

Experts in the industry say, "it is these practices that can always put on a beautiful coat for the overall performance of listed companies, and even these practices play a certain role in the capital market, so exposing them is necessary."

Embarrassing image 1: stock is much less than silver.

Typical company: Black Peony

Textile and garment enterprises have surged from high storage to business pressure, which has become a hot topic in recent years.

The backlog of goods in the warehouse and the lack of money in hand are the last thing a listed company wants to see. Therefore, the main revenue of listed companies can not grow.

According to WIND statistics, in the textile and garment industry, the net cash flow per share of business activities increased from -0.193 yuan in the first quarter of last year to 0.0397 yuan in the first quarter of this year.

The author noted that although there was some cash in hand, it was rather shabby compared with all A shares in the same period.

In other words, the textile and garment industry has less silver as a whole; correspondingly, less cash means more stocks.

In this regard, black peony is the most typical company. Inventory and receivables explosion lead to tight capital chain, resulting in the company's two main difficulties.

The company is a listed company that integrates the manufacturing of cowboy fabrics, garments, dyed fabrics, and comprehensive functions development of the city, and innovating new business of industrial investment.

Black peony is facing a shortage of funds and a high level of inventory and accounts receivable.

According to WIND statistics, the net cash flow of black peony in 2009~2011 business activities is 1 billion 266 million yuan, 247 million yuan and -16.40 billion yuan respectively. The drop is like diving.

On the other hand, the stock of black peony in 2009~2011 was 3 billion 135 million yuan, 3 billion 879 million yuan and 4 billion 153 million yuan respectively, which is increasing year by year, and accounts receivable also showed a large increase. In 2011, the receivables amounted to 626 million yuan, up 147.07% over the same period last year.

Inventory, accounts receivable and notes receivable in the first quarter of 2012 were 4 billion 143 million yuan, 943 million yuan and 39 million 440 thousand yuan respectively, representing an increase of 5.39%, 79.05% and 23.53% respectively.

Black Peony inventory, accounts receivable and high notes receivable are directly related to the net cash flow generated by operation.

The latest quarterly report shows that the short-term loans of black peony and the non current liabilities due within one year are 2 billion 462 million yuan and 106 million yuan respectively, while the monetary fund is only 2 billion 216 million yuan, which means that there is a short-term pressure of 352 million yuan on black peony and long-term loans are as high as 2 billion 11 million yuan.

In the main camp, black peony does not increase profits.

In 2011, black peony achieved an operating income of 3 billion 363 million yuan, an increase of 24.50% over the same period last year, but net profit was 301 million yuan, down 22.50% compared with the same period last year.

The Black Peony announcement also acknowledged that the regulation of real estate in 2012 is still unknown. The company's urbanization business is facing challenges, while textile products are running on a low cost route without improvement, and the profit decline pattern is hard to change.

In July 13th, black Mudan registered a wholly owned subsidiary, Changzhou black Mudan science and Technology Park Limited, which is responsible for the construction of the Black Peony Tianning Science Park.

The black and white peony gained 140 million yuan net income, and directly increased the company's profit in 2012.

The author thinks that the black tree peony receivable increase sharply highlights the risk of bad debts, and the high inventory also reflects the severe situation of the company's market sales. Once the business environment changes again, the company's capital chain may break, which will bring the unforeseen serious impact to the company.

Embarrassing image two: diversification or win the battle

Typical company: Huamao stock

In the listed companies, the main business has often been replaced, and there are two final results, or those who come from behind to bring about the best returns, or the new main business has failed to make up the previous main business.

In the textile and apparel listed companies, such stories of frequent competition are frequently staged, but few are successful.

Net profit after deducting non recurring gains and losses can more accurately grasp the company's substantive performance changes.

According to WIND statistics, the net profit of the textile and garment industry after deducting non recurring gains and losses in the first quarter was 2 billion 316 million yuan, becoming the lowest data value in the last 4 quarters. In the first quarter of 2011 to the first quarter of 2012, the net profit of the industry was 2 billion 269 million yuan, 2 billion 319 million yuan, 2 billion 752 million yuan, 2 billion 357 million yuan and 2 billion 316 million yuan respectively.

Net profit / net profit after deducting non regular profit and loss reflects the degree of the company's insisting on the main business. In 2011, there were 4 listed textile and garment companies with less than 50%, and two in the first quarter of 2012.

Contrast shows that Huamao shares are most typical.

The net profit / net profit ratio of the company after deducting non recurring gains and losses is only 3.93%, compared with -52.73% in the first quarter of this year.

In July 7th, Huamao shares announced that the company received another 39 million 358 thousand and 200 yuan in cash dividends from GF Securities, accounting for 13.25% of the company's net profit in 2011.

However, in the first quarter, Huamao shares only realized net profit of 77 million 230 thousand yuan, down 69% compared to the same period.

Since its establishment for more than 50 years, Huamao shares, which are mainly owned by the textile industry, have not only benefited a lot from financial investment, but also have great interest in mining.

Recently, the company announced that it will invest more than 500 million yuan to invest in mining, and intends to acquire 80% stake in Kunming Xingyu Mining Co. Ltd. held by Luo Xinghua and 80% stake in Liuyang Xinlei Mining Development Co., Ltd.

At present, Xin Lei mining is still in the stage of mine construction. There is a discrepancy between the planned construction period and the actual construction cycle to reach the scheduled production scale. There is uncertainty in the next 6 months to achieve the expected production capacity.

The author believes that at present, the consumption power of domestic copper market is sluggish, the price trend is not clear, the market is repeated, and the buyers' enthusiasm for buying goods and the deadlock in trading are suppressed.

Under the psychological pressure of overtaking all year round, worries about the future of copper and zinc are coming.

In addition, the relevant departments of the state are drafting more stringent industry access conditions for copper processing enterprises, hoping to increase the entry threshold, which has overshadowed this huge acquisition.

In fact, this is the main textile and Huamao shares. Besides mining, it has strong interest in the field of financial investment.

Anhui Huamao Industrial Investment Co., Ltd., a wholly owned subsidiary, has increased its capital two times since its establishment in 2009.

The registered capital of the industrial investment company increased from 30 million yuan to 130 million yuan, mainly investing in the equity of unlisted companies, and has invested in 8 projects.

On the other hand, in the big money "play" mine, pfer assets and sell shares to absorb gold.

Huamao textile main business has greatly reduced its contribution to performance.

Statistics show that Huamao's total investment amounted to 240 million yuan last year, all of which were non fund-raising funds, an increase of 220 million yuan over the previous year, an increase of 1521.21%.

Embarrassing three: chaos caused by executives

Typical company: Kaiser shares

At the end of each quarter is the peak of personnel turnover in listed companies.

"Executives change too frequently, and their business ideas will be difficult to continue in the listed company, which is unfavorable to the long-term development of the company."

Hongyuan securities, a market researcher believes.

The author notes that in the textile and garment sector, the crisis caused by the violation and resignation of executives also exists, and has already seriously affected the maintenance of the main business of listed companies.

Kaiser's main revenue in 2011 was 415 million yuan, an increase of 10.52% over the same period last year. In 2010, its main revenue was 376 million yuan, an increase of 18.68% over the same period last year, while the main revenue growth in 2009 was 20.02%. The main revenue slowed down year by year.

The reason is that the executives of listed companies illegally buy and sell stocks and retire.

In mid October of last year, Huang Zhenkai, the director of Kaiser shares, made a total of 982 thousand and 400 shares in October 14th through the two reduction of Kaiser shares, with a total cash dividend of 12 million 447 thousand yuan.

The date of the paction is serious irregularities.

In addition to executives suspected of illegal trading in stocks, in June 20th this year, the announcement by general manager Zheng Heming agreed that the company dismisses the position of deputy general manager of Ji Xian.

The number of deputy general managers leaving the company can not meet the needs of the operation, let alone stable growth.

Xiangcai securities analyst said that good companies usually do not frequently replace executives.

The relevant rules and regulations of the SFC, a senior executive left office, only half a year.

From this point of view, after six months of resignation, the shares held by the executives can be pferred, thereby triggering fluctuations in share prices in the two tier market.