Introduction Of A, Huafu Color Spinning And Silver Cashmere Industry Of Textile Listed Companies

2012 for Spin In terms of industry, it is no less than "the end of the world".

In 2012, the textile industry could not escape the internal and external troubles.

This year, the three main export markets in China are textiles from Japan, the European Union and the United States. clothing Export growth has slowed down and share in the market has declined, especially for the EU export situation.

According to statistics from reporters, the total inventory of 51 companies in the textile industry in the middle of 2012 was 29 billion 600 million yuan, an increase of 2.1% over the same period last year. Inventory turnover 146 times, an increase of 13.2% over the same period. Net profit totaled 2 billion 500 million yuan, down 45.7% compared to the same period last year.

Under the pressure of internal and external pressure, what difficulties do domestic listed companies face and how to find their Noah's Ark?

This issue focuses on domestic brands listed companies A, Huafu color spinning and silver cashmere industry.

Gross profit rate fell 9.65% in the same period.

The industry is frustrated, leading enterprises bear the brunt.

The product chain of Lu Tai involves a long period of time, and the impact is relatively large.

As the leader of the industry, Lu Tai is a textile enterprise integrating cotton planting, spinning, dyeing and finishing, weaving, finishing and garment making. The leading product is the colored woven fabric of shirts. The company exports 80% products, and the market covers more than 30 countries and regions, such as Japan, Korea, the United States, the United Kingdom, Italy and so on.

This year's China Daily reported that Lu Tai faced an unfavorable objective environment. Although sales increased by 1.6% over the same period, gross margins and gross margins fell periodically due to the structural adjustment of the market and orders. In addition, cotton prices rose sharply in the first half of last year, while the price of the company's products also increased. The time and magnitude of the rise in product prices lagged behind the rise and increase in cotton prices. The increase in prices partly offset the rising cost of cotton caused by the rise in prices, leading to a higher base in the first half of last year.

During the reporting period, the gross profit margin of yarn dyed fabric decreased by 9.65% over the same period last year. The main reason is that as the European debt crisis continues, market demand recovers slowly, domestic and foreign cotton spreads continue to increase, and domestic labor costs continue to rise and customers transfer orders to Southeast Asia, the market structure and order structure are adjusted accordingly, resulting in a gross margin. A sharp decline.

The main business of the company during the reporting period was 1-6 in 2012, with a gross margin of 7.42%, a decrease of 23.34% over the same period last year.

Lu Tai did not watch the market down, but began to seek new ways.

According to the research report, taking into account the low base number of the fourth quarter last year, the new production line of LSO dyed fabric and dyed fabric has been put into operation in the first half of May, and some new capacity will be released in the second half of the year. However, due to the weak market in Europe and the United States, the company will continue to focus on developing new markets in order to digest capacity, and the quality and sales of orders may be limited in the second half of this year.

Gratifying is that there are some dawns in front of the industry.

According to an analyst at state securities, "although the market in Japan and the EU is as bad as last year, there has been a slow recovery process, mainly in the US, where the warmth is beginning to spread from there." the overall export situation of leading enterprises is still better than that of ordinary enterprises, and the price of cotton is expected to stabilize next year. The situation remained positive in the year.

Huafu color spinning is not successful either upstream or downstream.

Like Lu Tai, the three quarterly report of Huafu color spinning is also lower than expected.

Domestic cotton prices continue to fall, and domestic and foreign spreads increase, resulting in a sharp decline in Huafu color spinning net profit.

According to the China Daily, the income of Huafu color spinning H1 was 2 billion 792 million, down 0.84% compared to the same period last year. Net profit was 51 million, down 78.78% compared with the same period last year, which is close to the upper limit of the company's performance correction notice (50%-80%) in May. Net operating cash flow is 109 million, down 233.62% compared to the same period last year; EPS0.06 yuan per share, a decrease of 79.31% compared with the same period last year. The company's H1 gross profit margin was 12.60%, and its net profit margin was 1.83%, down 7.30 and 6.74 percentage points respectively.

The total Q2 revenue of the company was 1 billion 566 million, an increase of 11.77% over the same period last year. Net profit was 16 million, down 88.91% from the same period last year, exceeding the expectation of Q2 in the revised forecast of the company's performance.

Overall, although the company's Q2 is more than Q1, revenue has rebounded, but profits have declined significantly.

Comparing the export data of textile and yarn between 2011 and 2012 of the General Administration of customs, according to the financial weekly reporter, a total of 94 billion 700 million US dollars were exported last year, and as of September this year, the export volume of textile yarns was 71 billion 100 million US dollars, down 25%.

The main product of the textile yarn, Hua Fu color spinning, of course, has been a lot of influence. A decline in cotton prices has led to lower prices for yarn downstream customers and forced sale of yarns, while the increase in intra and extra cotton prices has led to a relative rise in product costs. The income of Huafu color spinning is only slightly down, mainly due to the company's efforts to strengthen customer development and marketing strategy.

Huafu color spinning is not only vulnerable to price cuts, but also facing difficulties in stockpiling goods.

Data show that in the first half of 2012, the total raw materials of 64 textile and garment companies listed as high as 8 billion 99 million yuan. Among them, 18 companies have over 100 million raw materials, and the raw materials of Huafu color spinning are up to 1 billion 125 million yuan.

During the reporting period, the company achieved operating income of 2 billion 791 million 576 thousand and 600 yuan, down 0.84% from the same period last year, and realized net profit of 62 million 209 thousand and 400 yuan, down 74.39% from the same period last year. Among them, the net profit attributable to parent company was 51 million 178 thousand and 400 yuan, a decrease of 78.78% compared with the same period last year.

In resisting external pressure, Huafu color spinning actively practices "internal strength", mainly through strengthening brand strategy and planning marketing highlights, and developing two or three line brand.

Silver cashmere industry inventory pressure is small, hard performance is good.

The cashmere industry is a rare flower in the industry that is expected to grow in performance. {page_break}

According to the 2012 semi annual report: the total operating income, operating profit, gross profit and net profit during the reporting period were 1 billion 209 million yuan, 124 million yuan, 155 million yuan and 136 million yuan, respectively, representing an increase of 61.21%, 186.83%, 99.39% and 97.89% respectively. Basic earnings per share of 0.24 yuan. At the same time, the company issued a notice on the performance of 1-9 menses in 2012: it is estimated that the net profit of the shareholders who belong to the listed companies in 2012 will be increased by 43.53%-59.55% in 2012.

Moreover, in the first half of the year, inventory fell to 49.9% in the first half of the year, and the number of inventory turnover decreased slightly from 0.04 times to 0.42 times in the same period last year. This change is negligible in the industry.

"The inventory of China silver cashmere industry is not serious in the industry, mainly because of its main products, cashmere is a scarce product in foreign countries, and the company's industrial chain is perfect, and the upstream and downstream industries are all done to help digestion." A the Great Wall securities analyst told reporters.

The cashmere industry is still very interested in dealing with export pressure. "Because the United States taxes heavily on domestic exports, the company has a new subsidiary in Kampuchea by issuing additional projects, where the tax burden on exports to the United States is relatively low, while the United States has also set up a subsidiary to sell cashmere in the United States. clothes " The analyst told reporters.

With the completion of the construction of the company's industrial chain and the completion and commissioning of various engineering expansion projects, the company's production scale is fully released, inventory control is also more convenient, and the risk of inventory continues to increase significantly. In addition, the operating net cash flow in the first half of the year is still negative, but has dropped by 51.2% over the same period last year.

Despite the good performance, there are still people in the industry who say BOC cashmere industry There are signs of stockpiling, and the fact that the amount of the finished product is too low indicates that the company's operating rate is not high. At the same time, inventory pressure will bring a certain risk of impairment.