Home >

The Textile Industry Is Improving Or The Ten Big Companies Will Be Reassessed.

2013/3/20 19:52:00 21

??? 日本語 Fran?ais English 中文

Textile Industry Textile Enterprise Textile Export

The foreign trade data released by the General Administration of Customs (P) confirm that the textile industry is expected to rebound.

In February, China's textile and clothing exports were 16 billion 480 million US dollars, an increase of 69.7% over the same period last year, far higher than the year-on-year increase of 31.8% a in February and 31.8% in the previous month.

There is optimistic analysis that under the background of global economic recovery, the a href= "http://www.91se91.com/news/index_c.asp" > textile > /a > garment industry export inflection point has emerged, the main domestic export market demand rebounded, and the trend of foreign trade recovery will continue.

However, the pessimistic view is that the domestic market data are not optimistic, and the textile and garment industry is still hard to recover.

According to the latest data of the General Administration of Customs (P), the total export volume of China's foreign trade in February 2013 was 139 billion 369 million US dollars, up 21.8% over the same period last year.

In February, domestic textile exports amounted to US $5 billion 890 million, an increase of 38.08% over the same period last year. The export volume of domestic clothing products was 10 billion 590 million US dollars, an increase of 94.36% over the same period last year, and the increase in textile and clothing exports was far higher than the total export volume.

industry pointed out that as the domestic "a href=" http://www.91se91.com/news/index_cj.asp "export trade < /a" continues to improve, export performance of the larger textile and garment companies will be improved.

At the same time, the rebound of export market will also ease the competitive pressure of the domestic market, and domestic textile companies will also benefit from it.

however, the domestic market in the first two months of this year is not optimistic.

Data show that in 2013 1-2 months, the sales volume of 100 large shopping malls in the country was 46 billion 300 million yuan, up 6% from the same period last year, lower than the market expectations.

"In fact, the pressure of rising labor costs and raw material costs still exist, leading to the fact that the enthusiasm of clothing enterprises is not high enough."

Insiders pointed out that with the sale of seasonal clothing in March, the domestic sales situation is expected to improve. However, in the context of weak economic recovery, clothing terminal sales in the next 1 months are still in the process of going out of stock.

Tianshan textile (000813): achievement is the first step in the achievement of restructuring and profitability.

by developing independent brands and improving domestic sales, the company's 2010 report reversed the first quarter loss and achieved profitability.

The total profit in the first half of 2010 was 2196022 yuan, down 11.79% compared with the same period last year. The net profit attributable to shareholders of listed companies was 2785961 yuan, down 3.45% compared with the same period last year, and the earnings per share were 0.0077 yuan, down 3.75% compared with the same period last year.

affected by the financial crisis, the company's foreign sales revenue was 49 million 871 thousand and 400 yuan, down 23.62% compared to the same period last year.

But through the construction of independent brands and sales channels, the domestic sales revenue of the company reached 72 million 514 thousand and 100 yuan, up 44.89% from the same period last year, which is the main reason for the gross profit margin growth of the company.

Among them, cashmere sweater achieved revenue of 55 million 596 thousand and 300 yuan, and gross profit margin increased by 7.15% over the same period last year.

Xinjiang Katie Investment Co., Ltd. completed the first step in restructuring Tianshan textile, and completed the pfer of stock rights in July 9, 2010. At this point, Xinjiang's investment in Xinjiang held 206354457 shares of Tianshan textile, accounting for 56.78% of the total share capital of the company and became the controlling shareholder of the company.

The next step to restructure is the asset injection of Xi Tuo mining.

According to the company's announcement, the assets of the mine will not be profitable in 2010 and 2011. There are some uncertainties in the development of the mineral resources. However, the injection of mineral resources will fundamentally change the main business and profitability of Tianshan textile, and it is worth looking forward to.

Katie, the new controlling shareholder of the company, promises to make sure that Tianshan textile does not lose money in 2010, realizes net profit of not less than 10 million yuan in 2011, and achieves net profit of not less than 20 million yuan in 2012. If the above profit target is not achieved, the deficiency will be replenished in cash, so as to fully protect the interests of listed companies and minority shareholders.

This commitment will prompt the company to take measures to improve its operation and ensure that the company can maintain its growth in performance before its main business has changed.

We expect the company to be EPS in 2010 and 2011.

For 0.01 yuan, 0.011 yuan, give company neutral rating.

{page_break}

Lu Tai A (000726): low valuation suggests buying /p >

In the first half of the year P < 2010, the company achieved operating income of 2 billion 247 million yuan, an increase of 21.95% over the same period last year, and realized a total profit of 463 million yuan, an increase of 53.31% over the same period last year. The net profit attributable to the listed shareholders was 367 million yuan, an increase of 39.20% over the previous year, achieving 0.37 yuan per share, slightly higher than our expected period 5%.

currently, the 10 million meter Jacquard Dress high-grade fabric production line has been put into operation, and 3 million production lines of shirts have entered the trial production stage. It is expected to release about 50% in 2010. It is estimated that the total production capacity of the whole year's yarn dyed fabric and shirts reaches 140 million meters and 16 million 500 thousand pieces respectively, up 8% and 10% from the same period last year.

Considering the improvement of product prices, revenue growth in 2011 and 2010 is expected to increase by 16% and 10% respectively.

In the first half of the year, the price of products increased by about 8%. Meanwhile, some research and development expenses were included in the management cost. The consolidated gross margin of the company increased by 5.58 percentage points in the first half of 2010 and the percentage of management fees increased by 3.53 percentage points over the first half of the year. If the effect of R & D expenses was deducted, the gross profit margin of the company increased by about 2 percentage points over the same period last year. P

As the impact of R & D costs will be eliminated in the second half of 2010, cotton prices will remain high at the same time. After the gradual consumption of low priced cotton stocks, there will also be some cost pressures. Future Ltd's gross profit margin will continue to increase substantially. The gross profit margin of 2010 and 2011 will be stable at around 33.5%.

the development of domestic brand and marketing network was slower. By the end of 2010, only 7.72% of the planned investment had been completed, and only 36 of the major shirts in Beijing and Shanghai were opened.

At home, domestic sales in the first half of 2010 increased by 17% over the same period last year, taking into account the initial investment in domestic sales pipeline construction and the sales cost of brand promotion will gradually increase. It is estimated that in the past 3 years, the domestic market will be difficult to make profits.

we have slightly raised the company's profit forecast by 5%. We expect the company to achieve net profit of 736 million yuan and 830 million yuan respectively in 2010 and 2011, up 29.09% and 12.76% respectively over the same period last year.

At present, the A shares corresponding to the PE in 2010 and 2011 are 13.2 times and 11.7 times respectively, giving the investment proposal of buying, the target price is 12 yuan, the PE of B shares in 2011 and 2011 are 7.7 times and 6.8 times respectively, giving the investment proposal of buying, the target price is 7.5 Hong Kong dollars.

Weixing stock (002003): the downstream demand is strong, and the performance continues to grow at a high level

1-9 months in 2010, the company achieved operating income of 1 billion 323 million yuan, an increase of 36.32% over the same period last year, operating profit of 243 million yuan, an increase of 48.61% over the same period last year, and net profit attributable to parent company 181 million yuan, an increase of 45.09% over the same period, and a diluted earnings per share of 0.88 yuan.

in the three quarter of 2010, the company achieved operating income of 540 million yuan, an increase of 31.08% over the same period last year, operating profit of 118 million yuan, an increase of 27.28% over the same period last year, and net profit attributable to parent company 84 million yuan, an increase of 21.34% over the same period; and diluted earnings per share of 0.40 yuan.

downstream needs are strong and performance is enhanced.

The company mainly produces and sells buttons and zippers, of which nearly 86% of its revenue comes from downstream textile and garment enterprises.

Benefiting from the steady growth of the textile and garment industry, coupled with the release of some of the new capacity of the company's early recruitment and investment projects, the production and sale scale of the company has increased to a certain extent during the reporting period.

Taking into account the demand for downstream industries in the four quarter will continue to be strong, it is expected that the main business revenue of the company is expected to grow by about 34%.

cost pressure upward, gross profit margin declined in the single quarter.

In the first three quarters, the consolidated gross profit margin of the company was relatively stable, a slight increase of 0.32 percentage points from the same period last year to 36.30%, while the three quarter single quarter gross profit fell 1.84 percentage points to 36.76%.

We believe that the price of raw materials and labour costs required for production during the reporting period are substantially higher than those of the same period last year.

However, the cost control was relatively good during the first three quarters (the cost rate was 16.59% in the first quarter of the year, 1.58 percentage points lower than the previous year), and the 0.87 quarter percentage point decrease in the three quarter to 14.57% over the same quarter.

the gradual release of production capacity will be a driving factor for the growth of post performance.

With the release of the new capacity of the investment projects, the pressure of tight production capacity will be effectively alleviated, and at the same time, it will provide a strong support for the stable growth of the company's later performance.

In addition, with the introduction of new products, the company's gross margin level will also be improved.

risk note: 1) exchange rate fluctuation risk; 2) upstream raw material price and labor cost increase, pressure on gross margin.

profit forecast and rating: the EPS of the company is expected to be 1.14 yuan, 1.40 yuan and 1.69 yuan respectively in the past 2010-2012 years, and the corresponding dynamic price earnings ratio is 24 times, 19 times and 16 times respectively, with the closing price of 27.04 yuan in October 22nd, and the investment rating of "overweight" should be maintained.

{page_break}

Xia Ke environmental protection (002015): new capacity progress exceeds expectations, increase profits and elasticity forecast

productivity and expansion of polyester staple.

The company uses waste PET resin to produce polyester staple fiber, with an annual capacity of 15 thousand tons, and 70% of ANN Xing color fiber produces colored polyester chips and polyester staple fibers, with an annual capacity of 200 thousand tons of polyester, 5 production lines of polyester staple, and a daily production capacity of a single production line at 50 tons, reaching 100 thousand tons at full load.

The company is building 5 polyester staple production lines. At present, 2 lines of equipment have been installed. This capacity will be put into operation by the end of this year. The other 3 lines have been ordered and will be put into operation in April next year.

There is no need to ramp up production capacity. Next year, the equity capacity will reach 130 thousand tons (14*0.7+3*0.7+1=13).

100% Chuzhou Hakka holdings and Huanggang Xia Ke produce colored yarns, with an annual capacity of 200 thousand spindles and a capacity of 40 thousand tons.

The company plans to eliminate 100 thousand of its old production capacity and build 300 thousand advanced spinning capacity.

the most flexible target of polyester staple industry.

Xia Xia environmental protection polyester fiber staple production capacity of 80 thousand tons, next year, the company's overall interests and capacity reached 130 thousand tons.

According to the capacity of 130 thousand tons rights and interests, the price of polyester staple fiber rose by 1000 yuan, and the company's performance elasticity was 0.5 yuan.

Compared with the performance elasticity of 0.15 yuan in Huaxi Village and the performance elasticity of 0.08 yuan in S, the environment of Chardonnay is the most flexible standard for polyester staple fiber industry at present.

P > color fiber can avoid sewage discharge from traditional printing and dyeing, and reduce the printing and dyeing costs.

The production principle of the company's color fiber is that the color masterbatch is added to the melted polyester, after mixing evenly, the silk is spun out, and the fibers need not be dyed again.

The dyeing of traditional yarns and fabrics is accompanied by a large amount of sewage discharge, and the traditional blended yarn needs to be multi chromatic to increase the cost.

Less than P, Seth developed successfully and will be industrialized next year.

At the beginning of next year, the company will launch the polyester staple fiber, which is called staples. Its advantage is that the yarn made of silk and cotton blended with only 30% cotton will be better than the blended yarn containing 50% cotton.

Considering that the launch of silk is at the stage of high cotton price, we expect its market demand and profitability to be more optimistic.

At present, the company is making efforts to enhance the strength of the whole industry chain of color fiber and fiber spinning, and maximize the advantages of the company's color fiber.

profit forecast and investment suggestion.

We expect the company's EPS for 10-12 years to be 0.34, 1.31 and 1.41 yuan / share respectively.

Considering the explosive growth of the company's polyester staple fiber business and the biggest elasticity of its performance, the target price is 20 yuan / share, and strongly recommend -B's investment rating.

Risk warning: polyester staple fiber prices fell sharply, raw materials rose sharply.

seven wolves (002029): lay a solid foundation for stable and steady growth of performance,

1-9 months in 2010, the company achieved operating income of 1 billion 578 million yuan, an increase of 8.37% over the same period last year, operating profit of 236 million yuan, an increase of 29.02% over the same period last year, and net profit attributable to parent company 181 million yuan, an increase of 35.90% over the same period, and a diluted earnings per share of 0.64 yuan.

in the three quarter of 2010, the company achieved operating income of 604 million yuan, an increase of 4.86% over the same period last year, operating profit of 66 million 177 thousand and 500 yuan, an increase of 6.43% over the same period last year, and net profit attributable to parent company 56 million 960 thousand and 900 yuan, an increase of 47.87% over the same period; and diluted earnings per share of 0.20 yuan.

orders will not be settled by a large number of commercial bills, resulting in a slowdown in revenue growth.

According to historical data, the annual order meeting held in March and September each year can basically confirm the share of sales income of 85% in spring, summer and autumn and winter. About 25% of the deposit will be paid at the time of ordering.

However, most of the deposit of the autumn and winter ordering Society held in September this year is still in the form of commercial paper, and it has not been settled during the reporting period, so it has slowed down compared with the same period last year.

However, this part of the outstanding receivables is expected to be recognized in the fourth quarter, when the company's revenue will have a substantial increase.

gross profit margin has been steadily raised, and the cost is well controlled.

The strategy of single epitaxial expansion in the pformation of endogenous growth is obvious, while enhancing the gross margin level, effective self control is achieved.

During the reporting period, the company consolidated gross profit margin in the first three quarters was 40.96%, up 1.99 percentage points from the same period last year. The three quarter gross profit margin increased by 0.49 percentage points over the same period last year, reaching 40.38%. In addition, the sales cost of three items in the company dropped sharply, and the overall cost rate level was lowered due to the slow down of the shop opening rate.

In the first three quarters, the company's sales expense rate dropped 2.69 percentage points year-on-year to 13.56%, of which the three quarter fell to 12.62% in one quarter, down 2.33 and 7.28 percentage points respectively.

In the later stage, with the continuous increase of the proportion of direct battalions, the gross profit margin level of the company is expected to be further improved, and the joint venture and joint venture will help reduce the cost of establishing direct stores.

the adjustment of income tax rate promotes the net profit growth rate to be higher than the total profit growth rate.

Benefiting from the parent company's authentication of high-tech enterprises (the tax rate was reduced to 15%), the company's tax rate in the three quarter dropped to 12.50%, down 17.52 percentage points from the same period last year. This directly promoted the net profit of the same period to 34.09%, which was significantly higher than that of the total profit 7.24%.

risk note: 1) increase in production costs and pressure on gross margin; 2) risk of continuous increase in commercial store rents.

profit forecast and rating: the EPS of the company is expected to be 0.95 yuan, 1.21 yuan and 1.53 yuan respectively in the past 2010-2012 years, and the corresponding dynamic price earnings ratio is 34 times, 27 times and 21 times respectively, with the closing price of 32.52 yuan in October 22nd.

{page_break}

Yi Ke science and Technology (002036): there is a chance to welcome the increase of the turnaround, /p >

maintain "overweight" rating.

As an opportunistic variety, we think we need to pay close attention to the orders in the near future. If we implement the order, hemp holdings will be profitable.

At present, yi Ke technology can be used as a trend investment variety to maintain the "overweight" rating.

Specific profit forecasts need to be determined by the quantity of hemp yarn orders.

public and shares (002070): benefit from the textile industry boom recovery recommendation

investment point:

the recovery of textile and garment industry has made the company's performance increase greatly, which is in line with our expectations.

In the first half of the year, the company realized revenue of 518 million yuan, an increase of 26.04% over the same period, of which the parent company realized 1.97 of its revenue.

Billion yuan, an increase of 37.24% over the same period last year.

The substantial increase in revenue from the parent company benefited from the revival of the textile and garment industry as well as the consolidation of printing and dyeing business orders to the dominant companies, as well as the IPO of the company's 9.8 month operation.

The middle and high grade leisure fabric weaving project benefit is presented.

With the increase of business volume of Xiamen Huayin in the two quarter, the subsidiary's printing and dyeing business increased revenue by 20% in the first half of the year.

The company's growth is in line with our expectations.

the gross profit margin of the parent company increased in the first half of this year, resulting in a substantial increase in the company's performance.

In the first half of the year, the company achieved operating profit of 48 million 795 thousand and 900 yuan, an increase of 65.42% over the same period, of which the parent company achieved a profit of 1750.35.

000 yuan, an increase of 372.57% over the same period, and a net profit of 45 million 244 thousand and 700 yuan, an increase of 61.84% over the same period last year, of which the parent company achieved a net profit of 2007.

000 yuan, an increase of 179.92% over the same period last year.

The total profit and net profit of the company increased significantly because the gross profit margin of the company increased by 0.8 compared with the same period last year.

A percentage point (23.13%), the average gross profit margin of the parent company was 21.97%, an increase of 1.95 over the same period.

The average gross profit margin of the subsidiary was 23.83%, which was basically flat during the same period.

In the first half of this year, a substantial increase in the company's performance was mainly due to the substantial growth of the parent company's performance.

as the leading fabric manufacturer in Fujian textile industry group, the company will continue to benefit from the industry concentration.

With the increasingly stringent requirements of the state for environmental protection in the printing and dyeing industry, the concentration degree of the industry will increase in the future.

As a leading textile enterprise in Fujian textile industry group, the volume of business in the textile and garment industry will continue to grow.

In the first half of the year, the company has benefited from the "order to focus on the dominant enterprises", Future Ltd will continue to benefit.

to the lower reaches of the fabric -- expanding the brand clothing industry chain will increase the company's new profit growth point.

The company invested in establishing a joint venture with SVC in France and acted as Krief Group.

Its "NEWMAN" clothing brand is the only general agent in China. (the company promises that there will be no less than 120 stores in the Greater China region in the next two years, and not less than 400 in the next five years). (NEWMAN)

Home.

Brand clothing will become a new growth point for the company in the future.

no matter whether the site is raised or not, future project changes deserve attention.

In the first half of the year, the company issued 61 million 700 thousand shares in public and actually raised 417 million yuan.

The proposed investment projects are: 1320

"Wan Mei liquid ammonia tide cross-linking finishing fabric construction project" and "22 million meters high quality printing and dyeing fabric production equipment technical pformation project".

But at present, "2200"

The workshop land for the implementation of the technical pformation project of "10000 meters top grade printing and dyeing fabric production equipment" was rejected by the Xiamen Municipal Planning Bureau. The project is temporarily unable to continue, and the Future Ltd's fund-raising is worth paying attention to.

continue to give the company "recommended" investment rating.

According to our prediction, the company's EPS in 10-12 years is 0.33, 0.47 and 0.62 yuan, corresponding to 10 - 12.

The dynamic P / E is 25.88, 18.32 and 13.77 times respectively.

Continue to give the company "recommended" investment rating.

{page_break}

Fu Tian stock (002083): Textile steady growth performance is in line with expectation

report Abstract:

towel products grew well and business income increased by 29.09% over the same period last year.

Towel series products accounted for 71.5% of the revenue. In the first half of the year, the company made different price increases in various markets.

At present, the capacity utilization rate of the company is 100%. Future Ltd will not take the development way of capacity expansion. It will meet the demand growth by increasing the production efficiency and the way of outsourcing of the existing production lines.

The domestic market is growing faster and the gross profit margin is slightly lower than the export market, but the growth prospects can be expected.

the shortage of demand and high cost together result in the gross profit margin of the decorative cloth business is only 1.9%.

In order to guarantee the high quality of decorative cloth products, the company has purchased the most advanced production equipment. However, the number of high-grade orders in foreign countries is reduced, the gross profit of domestic sales orders is low, and the depreciation cost of fixed assets is high, leading to the low gross profit rate of decorative cloth business.

Company 7

On 27 October, the announcement announced that it would increase capital for the wholly owned subsidiary decorative fabric company (130 million yuan for cotton spinning equipment and 5000 of its own currency fund).

10 million yuan to enhance the profitability of the decorative fabric business, profitability needs to continue to pay attention.

crystalline silicon packaging business grew rapidly, achieving a net profit of 12 million 548 thousand and 600 yuan in the first half of this year.

The company's packaging technology is more mature, production capacity 50Mw, product positioning in the high-end, the price is 1.6

Euro / tile is higher than similar products.

The crystal silicon packaging product is sold by BOSCH, Germany. There is no need to worry about the demand.

Plan to increase production capacity by 300 thousand Mw during the year.

CIS

The thin film solar cell project is expected to be profitable and is still being debugged. It is not expected to make any profit contribution this year.

profit forecast.

It is estimated that earnings per share will be 0.18 yuan and 0.25 yuan per share in 2010 and 2011, according to the closing price of the company in August 16, 2010 10.32.

In terms of meta computation, PE in 2010 and 2011 was 57.3 and 41.28 respectively.

Times, the company's textile business grew steadily, and the prospects for crystalline silicon and thin film battery business were promising. However, the current valuation level is high, giving the "neutral" rating.

good news bird (002154): look forward to pformation fashion, scale efficiency recommendation

with the expansion of the company scale and brand reputation, the company's leading products continue to raise prices. In 1-6, the gross profit margin of the company's formal garments (jackets, formal garments, shirts and neckties) was 49.99%, an increase of 0.58 points, a slight decrease of 0.44 to 66.22%, and a gross profit of 156 million yuan, an increase of 20.04%, and a gross profit margin of 0.75 points to 68.07% over the same period.

As the company's non formal gross profit margin fell 2 points year-on-year, the company consolidated gross margin fell 0.29 points to 48.99%.

the steady growth of formal clothing, fashion series volume to achieve scale profits is the company's main point of view

the expansion of domestic refined leisure consumption groups and the specialization of brand clothing production and consumption are the fast developing good market base of the company's fashion series, the investment promotion and industry boom. In the first half of the year, the development of the company's fashion series is in line with the expectation. In the 1-6 month, there are 26 net increase outlets in fashion series, an increase of 49.32% over the same period, and the fashion shop's single shop revenue exceeds 210 thousand yuan.

In the first half of the year, the company continued to consolidate the business series, increase the proportion of direct and large stores, and enhance the efficiency of single stores. In the first half of the year, the company's business series increased by 14, and the number of outlets increased by 1.6%. The number of business series stores increased by 6.8%.

reasonable value 24.12-26.23 yuan / share, maintain "recommended" rating

the company's cost control capability is slightly ahead of our expectation. The fashion series still needs to observe the scale profit. We adjust the EPS for 2010-11 years.

To 0.81 yuan and 1 yuan (original 0.75 yuan and 0.92 yuan), the company has a reasonable value of 24.12-26.23 yuan / share, based on the company's fine management and sustainable growth potential, maintain "recommended" rating.

{page_break}

Shandong Ruyi (002193): expect the next 18 months of capacity release recommendation /p >

business outlook:

since the first quarter of this year, the new capacity has started commissioning and trial production. As of the first half of this year, about 300-400 million meters of new capacity will be put into use, with the order period 2.

In the next month, the new capacity is expected to be released from the third quarter of this year. The new capacity will be put into operation by the end of this year or early next year.

group company successfully acquired Japanese brand operator RENOW in the first half of this year.

The company becomes its controlling shareholder.

The company owns more than 20 garment brands, many of which are high-end business clothing brands. The listed company will use this advantage to supply high-end products with cashmere high count yarn products to high-end Japanese brands.

Considering the time of supply negotiations and the order period of brand dealers, we expect that the proportion of high-end products will increase significantly next year.

profit forecast

we expect the company's EPS in 10-12 years to be 0.61, 0.91, and 1.16 yuan respectively. Based on this, we think that the 18-22 times of the company's PE is more reasonable, and the corresponding price range of 2011 forecast is 18.2-22.75 yuan.

Considering that the company's share price has increased significantly since our recommendation, the expectations for external economic growth are more pessimistic, as well as the long-term expectation of rising labor costs and RMB appreciation, we downgraded the company's investment rating from "highly recommended" to "recommended".