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China's Clothing Exports To The EU Increased By 8.2% Over The Same Period Of 10 Shares.

2013/12/4 9:22:00 46

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Finance Stock Clothing Export European Union

expert cautions: we should note that the international financial crisis has brought heavy losses to the global textile industry, and the rising cost of production factors has also caused great pressure on Chinese textile enterprises. We should prepare for the rainy day and tackle the challenges and continue the good scenery. The responsible person of the China Textile Industry Federation stressed that although China's textile industry has made great progress in the internationalization of the textile industry for many years, in the future, in order to adapt to the economic globalization, China's textile industry has to work hard at the level of improvement and insist on going abroad. On the one hand, we should increase the export of brand products with high added value and increase the export economic benefits; on the other hand, we should also allow capital to go out, so that channels and brands can be integrated into the international market to carry out related resources and improve the international competitiveness of the textile industry. 
 > strong > cashmere industry quarterly comment: the issuance plan has been approved, and the future expansion can still be .
 > a > /a > strong > a > cashmere industry < /a > 000982 < > >
 income in the first three quarters increased by 17.82% compared with the previous year, and the profit increased by 33.32% 
 revenue in the first three quarters of the company was 2 billion 188 million yuan, an increase of 17.82% over the same period last year. The net profit attributable to shareholders of listed companies was 281 million yuan, an increase of 33.32% over the previous year and 0.39 yuan per share. The third quarter's operating income was 773 million yuan, an increase of 19.41% over the same period, and the net profit attributable to shareholders of listed companies was 100 million yuan, an increase of 33.37% over the same period last year. 
 gross profit margin continued to increase 
 gross profit margin in the first three quarters was 25.07%, increasing gradually in the year, and 3.08 percentage points higher than the same period last year. The period cost rate is relatively stable. Accounts receivable decreased by 30.46% compared with the beginning of the year, mainly due to the strengthening of the management of loan recovery. Inventories increased by 31.09% over the beginning of the year, basically in line with revenue growth and stocking requirements. The main reason for the significant decline in pre receivable accounts is that the company carried out the accounting treatment and tax return after 12 years of collecting all the documents. In order to ensure the accurate and timely financial accounting, the company adjusted the processing method of the tax refund declaration for 13 years. After the goods export and the electronic port law enforcement system checked the information, the company was temporarily estimated, and the tax refund declaration was carried out after the documents were complete. Next year it will no longer be affected by this effect. In addition, Kampuchea's production capacity has been fully put into operation, and this year has contributed to profits, and has begun to accept orders from Europe and Japan next year. 
 establish the import and export subsidiary company, enjoy the preferential policy of "two districts" /p >
 the company invested 20 million yuan to set up the "Ningxia silver import and Export Co., Ltd.", mainly in order to make better use of the State Council's approval to establish the "two zone" preferential policy of Ningxia inland open economic test zone and Yinchuan comprehensive (market area) bonded zone, which is not only conducive to the customs clearance of goods, equipment import, raw material import and so on, but also can reduce tax exemption. 
 investment recommendation /p >
 the company's private placement scheme has been approved by the securities and Futures Commission of the securities and Futures Commission, issuing an additional 2 billion yuan to major shareholders with a price of 8.10 yuan / share. The shareholding ratio will be 48.53%; CITIC Securities (stock market trading point) is 300 million yuan, with a shareholding ratio of 3.69%. Taking all these factors into consideration, we expect the company's revenue growth to be 21%, 17% and 34% in the 13-15 years, and the profit growth rate is 35%, 34% and 20%, respectively. EPS is 0.53 yuan, 0.70 yuan and 0.85 yuan. Give recommended ratings. 
 > a > Weixing shares < /a >: meet the expected weak recovery /p >
 Weixing stock 002003 
 the company's operating income in the first three quarters of 2013 decreased by 2.01% compared with the same period last year, and net profit increased by 11.10% over the same period last year. In the third quarter, the single quarter business income decreased by 3.05% compared with the same period last year, and net profit rose 12.02% over the same period last year. The company expects net profit growth of 0%-30% in the first three quarters of 2013. 
 gross profit margin increased by 1.85 percentage points in the first three quarters of the year, and the overall cost control rate was better than that of the previous quarter, a slight decrease of 0.59 percentage points compared with that of the previous year. 
 if the profit is improved in the recovery environment, the quality of operation still needs to be improved. In the first three quarters, the net cash flow of business activities decreased by 24.30% compared with the same period last year. At the end of the three quarter, the accounts receivable increased significantly by 52.36% compared with the beginning of the year, while the balance of inventories increased by 10.83% over the beginning of the year. 
 aiming at the fluctuation of domestic and foreign economy and the current situation of the low brand industry in the field of domestic brand clothing, the company has been carrying out strategic adjustment since last year, and further enhanced its competitive position in the field of subsidiary material subdivision through meticulous production management, strengthening the structural optimization of customers, binding large brand enterprise customers and other measures. 
 we think that the company is not a simple manufacturing enterprise. Its comprehensive advantages in R & D, marketing and management need market to examine its reasonable value. After the industry shuffle, a leading company with comprehensive competitiveness will gain more market share in the medium and long term. The company has completed the equity incentive plan for some executives in July, and the exercise price is 9.83 yuan, which will also provide a guarantee for the steady growth of the company's performance in the next 3 years. 
 Finance and valuation 
 we maintain the company's earnings per share for 2013-2015 years, which are 0.75 yuan, 0.90 yuan and 1.06 yuan respectively, considering the compound growth of the peer valuation and the company's future 3 years performance, and the company's premium as an intermediate consumer goods brand, giving a certain valuation premium, giving the company 15 times PE valuation in 2014, corresponding to the target price of 13.50 yuan, maintaining the company's "overweight" rating. 
 risk warning 
 domestic and foreign economic recovery is lower than expected, and the impact of RMB exchange rate volatility on company performance. {page_break} 
 > a > seven wolves < /a >: the franchisee goes to stock to result in a decline in performance /p >
 seven wolves 002029 .
(P) seven wolves 20 disclosed its third quarterly report, which met expectations: (1) 2013Q1-Q3's operating income was 2 billion 310 million yuan, down 8% compared to the same period last year; operating profit was 479 million, down 11.2% compared to the same period last year; net profit 372 million, down 7.9% last year (from the same period last year, the actual tax rate was 25%, 2013Q1-Q3 20.8%). (2) according to the calculation, in 2013, the Q3 income was 2, decreased compared with the same period last year; 
 we expect the Q3 franchisee to take delivery down by 20%. According to the company's interim report, there are 68 to 462 outlets in the direct channel, and 84 to 3393 outlets in the franchising channel. We estimate that Q3 will remain closed in 2013. According to tracking, 1) in the first three quarters, we promptly considered the closure of the channel, and the total revenue of the company was 3.7-3.8 million (including Kenna), which increased slightly. In the three quarter, due to the poor sales environment, the number of low single digit businesses declined. 2) the electricity supplier expects that the revenue in the first three quarters is close to 140 million, an increase of about 40%, 3. Taking into account the company's Q3 receivables and accounts receivable 1 billion 360 million, pre paid 390 million, 2012Q3 receivables + accounts receivable 1 billion 80 million, pre paid 320 million, combined with the scale of revenue, the overall credit granting to distributors increased, and the rate of 13SS sales remained normal. We expect that in 2014, the income of spring and summer will continue to decline (consistent with the order). If the environment is similar to that in the second half of 2013, 14h1 is expected to decline in the same way as in the second half of 2013. The positive growth of revenue needs to wait until the second half of 2014. 
 gross margin increase, sales cost and management cost dragged down net profit margin (down 2 points to 13%),.Q1-Q3 gross margin increased 2.5 percentage point to 46.2%, sales cost rate increased 1.2 percentage point to 13.5%, management cost increased 5.9% to 178 million, management fee rate increased 1 percentage point to 7.7%. Judging from the single season, the gross profit margin of Q3 was 45.1%, 1 percentage points higher than that of the same period last year, and the total sales cost and management cost were basically flat. The sales cost rate and the management cost rate increased by 1.7 and 1.2 percentage points respectively from the year to year. Taking account of the increase in accounts receivable, the intensity of impairment loss was greater, Q3 was 93 million, up 30% over the same period last year. 
 inventory is good, and cash on the books is possible for the new business development of the company. 13Q3 inventory at the end of the account is 666 million, an increase of 100 million compared with the beginning of the year, a decrease of 70 million over the same period last year. Taking into account 300 million of the new products for the season, 400 more direct channels, the overall inventory is reasonable. The company's 13Q3 account has 2 billion 370 million cash and 1 billion 50 million money management, eliminating short term loans and short-term financing coupons. There are still nearly 2 billion rich people. 
 maintain the company's cautious recommendation rating. The company's total revenue in 2013 is expected to be 3 billion 130 million, down 10% from a year ago, net profit of 480 million, down by about 15%, EPS0.64, and 2014's annual performance depends on the sale of autumn and winter clothing in the second half of 2013, and there is uncertainty. Preliminary forecast net profit is about 510 million, EPS0.68, up 6% over the same period. The current share price corresponds to PE 15 and 14 times. 
 Hua Fu color spinning: material business is dragging down revenue growth, gross margin ratio continues to improve 
 Hua Fu color spinning 002042 .
 net profit increased by 100% in the first three quarters, and slowed down in revenue and net profit in the third quarter 
 in the first three quarters, the company achieved operating income of 4 billion 670 million yuan, an increase of 14.2% over the same period last year. The net profit attributable to shareholders of listed companies was 162 million yuan, an increase of 100.7% over the same period last year, and the net profit growth rate was higher than that of the income growth rate. Non profit net profit increased by 619% over the same period last year, and non recurrent items such as government subsidies had a greater impact on performance. 
 gross profit margin of the first three quarters increased 2.09 points to 14.13% compared with the same period last year. The difference between the inside and outside cotton prices narrowed and the proportion of imported cotton increased. 
 sales expense rate increased 0.85 points to 4.45% compared with the same period last year, because the Xinjiang 120 thousand ingot project in the 4 quarter of 12 years increased production and sales volume in Xinjiang, the logistics cost increased, while the cotton and yarn subsidies were included in the operating income. The management and financial expenses rates dropped 0.57, 0.6 points to 4.48%, 3.22% respectively. 
In the third quarter, the company achieved 1 billion 360 million revenue in the first quarter of the year P, up 4.53% over the same period last year. The net profit attributable to the shareholders of the listed company was 46 million 830 thousand, an increase of 57.89% over the same period last year, and the growth of revenue and net profit slowed down significantly compared with 15.3% and 350% in the two quarter. 
In the first three quarters of the year, material business was a drag on revenue growth, while color spinning business was dependent on sales growth of P.
 12Q1-13Q3, the company's revenue increased by -13.34%, 11.77%, 25.18%, 30.91%, 23.05%, 15.30%, 4.53%, respectively. It can be seen that the first quarter of this year's revenue growth slowed down in the first quarter of this year, and the growth rate slowed down. The sales of materials (including noil) decreased year by year (the average price of cotton fell less than last year, resulting in falling cotton prices). We expect that the company's chromatic spinning business increased by 20% over the same period last year. 
 from the perspective of volume and price relationship, the sales volume of Growth Company's product spun yarn has maintained double-digit growth every quarter, which is expected to grow by 20% in the first half of the year. The price of foreign cotton has rebounded but it is still lower than the average level in the first half of 12 years, resulting in an average price of 3-5 points lower than that of the first half of the year, resulting in a slight increase in revenue growth, while sales in the third quarter increased by 16-17%. 
 outlook for the four quarter, we judge that domestic and foreign cotton prices will continue to be stable and volatile, and there is little probability of large and upward fluctuations. The fourth quarter color spun yarn is still increasing in volume. However, in the last quarter of the year, the company's active price reduction went to inventory. The fourth quarter sales growth will be slightly lower than the first three quarters. It is expected that the income will increase in single digit year and the annual income will remain at 10-15% level. 
 the three quarter benefited from the increase in the proportion of imported cotton, gross profit margin continued to rise significantly compared with the same period last year, the ring ratio slightly rose .
The main factors affecting the gross profit margin of the company include the fluctuation of cotton price at home and abroad, the proportion of import quotas (the international cotton price determines the price of the company's products, and the domestic cotton price determines the cost of the cotton used by the company). P.
 the three quarter of last year, cotton prices have experienced a rapid decline (from the end of 12Q2 to the end of 12Q3), the slow recovery (from the end of 12Q3 to the end of 13Q1), and the smooth oscillation (13Q1 end to date), and domestic cotton prices remained relatively stable. Therefore, the cotton price difference between home and abroad has changed rapidly during the past 12 years. In the first half of 12 years, the difference between cotton prices at home and abroad continued to expand from 2300 yuan / ton at the beginning of the year to close to 6000 yuan / ton at the end of the two quarter. The second half of 12 years basically remained at the range of 4000-5000 yuan / ton, while the first quarter of the year benefited from the rise of the international cotton price. The difference between the inside and outside cotton prices was narrowed to 4200 yuan / ton from 3500 yuan / ton, and the widening of the price difference in the two quarter reached a slight fluctuation around the two yuan / ton and continued to the end of the end of the season. 
 quarterly, 12Q1-13Q3 gross margins were 16.58%, 9.49%, 10.83%, 7.6%, 11.66%, 15.19% and 15.45% respectively. Narrowing, the gross profit margin has increased by 4.06 points, but the price difference is still higher than that of 12Q1. The gross profit margin continued to rise by 3.5 points, up by 5.69 points over the same period last year, mainly due to the company's active bid for the auction of national cotton stores, the increase in quotas over the same period (3 tons of national cotton reserves, 1 tons of quotas), effectively reducing the cost of cotton production, and the upgrading of the order structure (the 6 increase in the proportion of the color new year) has contributed to the increase in gross margin. 13Q3, the gross profit margin of the company continued to be in the two quarter level, benefiting from the structural upgrading of gross margin, which continued to rise by 0.26 points, compared with the previous year, which has benefited from the increase in the cost of cotton, which has increased by 4.62 points in the same period of the previous year. The 13Q3 has benefited from the decline in the cost of cotton production. 13Q1 benefits from cotton price differentials 
 based on the high probability of cotton price difference between inside and outside of the fourth quarter, the three quarter level will continue. We expect that the price of the company's products will not increase significantly in the four quarter. The gross margin will depend on the change of the cost side, that is, the proportion of imported cotton quotas. We expect the company's fourth quarter gross margin to be comparable to that of the second, third quarter, benefiting from low inventory last year, resulting in a marked recovery. 
 > strong > third quarter, the cost rate increased significantly, and the cost control pressure in the four quarter still existed .
 13Q1-13Q3, the company's sales expenses rates were 3.87%, 4.22% and 5.39% respectively, up 0.23, 0.74, 1.67 percentage points compared with the same period last year, and the management fee rate was 4.28%, 4.12%, 5.18%, up -1.55%, -0.49% and 0.35% compared with the same period last year. The rate of financial expenses was 3.08%, 3.08% and 3.08%, increasing -1.49%, -0.65% and -0.65% respectively. The growth rate of the company's revenue increased by, respectively, and the growth rate slowed down. 
 strong > colored spun yarn business growth is in line with expectations, but the year-on-year decline in material leads to limited revenue growth, maintaining "overweight" rating /p >
 in the 10 year, the company issued 42 million 550 thousand shares of non-public offering, raising 1 billion of its capital, investing in the construction of "Shangyu 80 thousand spindles semi worsted yarn project" and "Xinjiang five main canal 120 thousand ingot color spinning project" and began to put into operation in May 12. The Xinjiang project reached its 4 quarter in 12 quarter, and the total output of the two projects was about 200 thousand spindles. The capacity growth rate was close to 20% (total production capacity of 1 million 300 thousand spindles, respectively, 120 and 100 thousand spindles). The annual sales volume increased by 20%, benefiting from a steady rebound in cotton prices. The annual average price of products is flat compared with last year. The income of colored spinning business is expected to increase by 20% over the same period last year. However, the year-on-year decline in material business will drag down the growth rate of revenue. We expect annual revenue to grow by 10-15%, while the gross profit margin will benefit from the increase in the proportion of cotton to cotton. 
In the past 14 years, we have judged that domestic and foreign cotton prices remain stable and volatile. The revenue side of the company depends on the capacity utilization rate (currently 90%), and the new 100 thousand P high-end color spinning project and the outsourcing outsourcing capacity of the subsidiary company in Jiujiang are still at 10-15% level. At the same time, the export processing area in Jiujiang has abolished the restrictions on the use of cotton, which is expected to reduce the cost of cotton and gross profit margins will continue to rise. 
 the company expects net profit growth of 100-130% over the past 13 years, which mainly benefited from a year-on-year increase of over 20% in sales volume and a continuous increase in the proportion of imported cotton. In view of the decline in material business income over the same period, we lowered the EPS growth rate by 0.23, 0.30 and 0.35 yuan for 13-15 years, and maintained the "overweight" rating. {page_break} 
 Jiangsu three friends: acquisition of the controlling rights of small loan companies /p >
 Jiangsu three friends 002044 /p >
 performance remained stable: the total revenue in the first three quarters of 2013 was 505 million 160 thousand and 600 yuan, an increase of 5.45% over the same period last year, with a total profit of 50 million 24 thousand yuan, a decrease of 0.84% over the same period last year. The net profit attributable to shareholders of listed companies was 36 million 912 thousand and 100 yuan, a decrease of 2.36% over the same period last year. Earnings per share of 0.165 yuan, basically meet expectations. 
 carbon black sales are delayed. The waste tire pyrolysis line is formally put into operation. The final product of the pyrolysis line of waste tire includes fuel oil and pyrolytic carbon black, and the sales of fuel oil is smooth, but the pyrolysis carbon black is not well sold. It is mainly due to the oversupply of traditional carbon black and fierce competition. In addition, the company's carbon black products are regenerated carbon black produced by the pyrolysis of waste rubber, and its market recognition and acceptance need to be further improved. The company is now vigorously promoting the marketing and sales of carbon black products and striving to achieve an important leap from sporadic sales to mass sales as soon as possible. 
 acquisition of the controlling rights of the small loan company: the board of directors passes the motion, and the company intends to use its own funds to grant the 60 million yuan invested by Nantong Xincheng Group Co., Ltd., which is invested by the company, which accounts for 60% of the registered capital of the capital loan company and the transfer price is RMB 84 million 797 thousand and 800 yuan. The net profit of the company was 8 million 170 thousand yuan in 2012, and the net profit in the first three quarters of 2013 was 3 million 870 thousand yuan. The acquisition of financial assets will help broaden the source of company profits and optimize the industrial structure. 
"P", "Beidou time service" received state policy support: the general office of the State Council recently issued the "mid long term development plan of the national satellite navigation industry". The satellite navigation industry is defined as a new high-tech industry composed of satellite positioning and navigation timing system, user terminal system manufacturing industry, satellite positioning system operation and maintenance, and navigation information service. The company is strengthening the market promotion of the synchronization equipment between Beidou /GPS dual-mode timing station, and the support of the policy will be conducive to the promotion of business. 
 investment suggestion: we expect the company's earnings per share in 2013 -2015 to be 0.29, 0.36 and 0.43 yuan respectively. Optimistic about the development prospects of the company in emerging industries, maintaining the investment rating of buying -A, the target price of 6 months is 8.8 yuan, equivalent to 24 times the dynamic price earnings ratio in 2014. 
 risk hint: the risk of industrialization of waste tire pyrolysis line; Sino Japanese trade friction risk 
 YOUNGOR: the first 3 quarters increased by 22%, and the real estate and investment business exceeded expectations /p >
 YOUNGOR 600177 /p >
 performance is higher than expected .
 YOUNGOR achieved operating income of 11 billion 580 million yuan in the 1-3 quarter of 2013, an increase of 50% compared with the same period last year, with a net profit of 1 billion 320 million yuan, corresponding to earnings per share of 0.59 yuan, up 21.7% over the previous year, higher than expected 13%, mainly affected by real estate (market area) and investment sector. After the deduction, the business performance increased by 69.3% over the same period last year. 
 the rapid growth of real estate business is the main reason for over expected performance. The first 3 quarters of the real estate business realized revenue of 7 billion 840 million yuan, an increase of 108.7% over the same period last year, and net profit of 910 million yuan, an increase of 66% over the same period last year. If we deducted the loss of 480 million yuan, the net profit of operating profit was 1 billion 390 million yuan, up 158.5% over the same period last year. At the end of the 3 quarter, the book receivable balance was about 15 billion 200 million yuan, laying the foundation for future revenue. 
 investment business is slightly profitable, better than expected. The first 3 quarters of the investment business contributed about 5 million yuan net profit, better than the expected loss of tens of millions of dollars before. 
 the trend of garment sector's continuation in the first half year has not improved significantly. In the first 3 quarters, the income of brand clothing increased by 4.1% to 2 billion 930 million yuan over the same period, which was affected by the increase in expenditure. Net profit decline was estimated to be about 35%, a slight improvement over the first half of the year. 
 development trend 
In the 4 quarter of P, the settlement of real estate business may slow down compared with the first 3 quarters. We estimate that the contribution of the whole sector has increased slightly over the past year. 
 the impact of last year's base is mainly on the second half of the year. It is expected that the profit margins for the 4 quarter will be narrowed. 
 profit forecast adjustment 
 up to 2013-14 years net profit 8% and 9% to earnings per share 0.85 yuan and 1.14 yuan. 
 valuations and recommendations /p >
 maintain the recommended rating. We expect that the performance of the garment sector is expected to gradually stabilize and pick up. In the next two years, the real estate business will continue to bring its performance contribution. The company's direct channel and low price increase have laid a solid foundation for the follow-up of the O2O mode. At present, the P / E ratios in the 2013-14 years are 9.7 times and 7.2 times respectively.