Clothing And Textile Industry, Sluggish Enterprises, Enthusiasm For Listing

< p > with the opening of IPO, < a target= "_blank" href= "http://www.91se91.com/" > clothing > /a > a target= "_blank", "a", "textile" industry, the depression is difficult to prevent the enthusiasm of Listed Companies in the industry. Jiangsu danmao textile Limited by Share Ltd (hereinafter referred to as "danmao textile") pre disclosure prospectus in May 30th. Prior to this, Zhejiang new Australia textile has pre disclosure prospectus. < /p >
< p > the difference is that the new Australian textile aims at the Shanghai Stock Exchange. Dan Mao textile is going to land in the Shenzhen Stock Exchange. Similarly, the net profit of the two companies is affected by the downlink of the textile industry. However, the former is only 3 years without growth. Dan Mao textile is relatively serious. Net profit is declining at an annual rate of over 20%, accounts receivable has increased significantly, and the pressure on earnings to rebound has been greater. At the same time, the production and sale rate of main products in the past 3 years has been decreasing, and gross profit margin has been decreasing. < /p >
< p > < strong > net profit fell by more than 20% per year < /strong > < /p >.
< p > Dan Mao textile is mainly engaged in high-grade wool worsted < a href= "http://www.91se91.com/news/index_f.asp" > Fashion Fabric < /a > and clothing R & D, design, production and sales. The proposed prospectus shows that the company's operating income and operating costs fluctuate little during the reporting period, but net profit shows a more obvious downward trend. From 2011 to 2013, the net profit of the company was 41 million 101 thousand and 300 yuan, 32 million 697 thousand and 200 yuan and 23 million 878 thousand and 900 yuan respectively. Net profit in 2012 decreased by 20.45% compared with 2011, while net profit in 2013 decreased 26.97% compared with last year. < /p >
< p > Dan Mao textile claims that the reasons for the decline in net profit of the company during the reporting period are mainly due to 3 aspects: the overall downturn in the textile industry, especially the wool textile industry, due to the impact of the international and domestic business environment, and the total depreciation and amortization of the company in the past 3 years have increased significantly, which has brought some pressure to the company's performance. At the end of 2013, the company's total bank loans increased by 119 million yuan at the end of 2011, while the interest expense increased significantly during the same period. < /p >
< p > in addition to the sharp decline in net profit year by year, the accounts receivable of Dan Mao textile also surged in 2012. The prospectus shows that at the end of 2011 to 2013, the book value of the company's accounts receivable was 13 million 5 thousand and 300 yuan, 30 million 160 thousand yuan and 39 million 233 thousand and 400 yuan respectively. The end of 2012 increased by 131.90% from the end of 2011, and increased by 30.08% at the end of 2013 compared with the end of 2012. In addition, from the end of 2011 to the end of 2013, the turnover of accounts receivable decreased year by year, which was 25.11 times / year, 20.08 times / year and 13.62 times / year respectively. < /p >
< p > in fact, accounts receivable is the lifeline of a company's capital, and it is a dangerous mine buried in the company. Before the accounts receivable are recovered, the profits that the enterprises achieve is only the book profits. When some companies with high credit ratio have difficulty in returning money, all the "paper riches" will vanish. < /p >
< p > < strong > product production and sales rate and gross margin show a downward trend < /strong > < /p >
< p > prospectuses show that Dan woolen textile intends to raise 356 million yuan this year, and will be used in the elastic combed woollen fashion fabric project, with a construction period of 1 years. After the completion of the project, 18720 worsted spinning lines can be added. < /p >
< p > however, Economic Herald financial researcher found that from 2011 to 2013, the production and sale rates of pure wool worsted fabrics of one of the main products of Dan Mao textile were 95.05%, 97.55% and 93.18% respectively, and the sale and sale rates of the blended worsted fabrics of another product were 93.99%, 102.10% and 94.12%, respectively, 94.32%, 100.73% and 93.83% respectively. The production and sale rate of the company is not stable overall, and it dropped more in 2013 than in 2012. < /p >
< p > at the same time, from 2011 to 2013, the gross profit margin of Dan Mao textile was 22.93%, 23.71% and 20.78%, respectively, and decreased more in 2013 than in 2012. The company said that because of the environmental impact of < a href= "http://www.91se91.com/news/index_s.asp" > market < /a >, the gross profit margin of the main products of the company declined in varying degrees in 2013, especially the decline of clothing. < /p >