List Of The Most Beneficiary List Of Devalued Textile And Other Export Industries

In December 14th, the central parity rate of RMB against the US dollar was 6.4495, which was 137 points lower than the 6.4358 of the previous trading day (December 11th), and sixth consecutive days, creating the lowest value since July 2011.

After the RMB joined the SDR, the market's expectation of RMB depreciation began to increase significantly.

The sharp decline in foreign exchange reserves in November has also led to the market's concern over the massive outflow of capital.

Therefore, the market is generally expected that the RMB has entered a slow decline.

According to the institutional analysis, the depreciation of the RMB will boost some export oriented export-oriented industries. On the one hand, the export enterprises generally use the US dollar as the settlement currency when they export settlement. The depreciation of the RMB can increase the exchange earnings of the related enterprises; on the other hand, the competitiveness of the domestic export products will be strengthened after the depreciation of the RMB.

According to the Shanghai Zhengbao information statistics, excluding trade and other special industries, last year's main business composition data showed that the total export volume of 186 listed companies accounted for more than 50% of the company's main business revenue.

The above companies are mainly distributed in textile, clothing, household light industry, white household appliances, electronics manufacturing and other industries.

Among them, Jia Linjie, giant star technology, four shares and Shandong Jintai 15 listed companies accounted for more than 90% of exports.

The business layout is mainly based on outdoor high quality fabric and clothing manufacturing, and its core competitiveness is enhanced by strengthening technology research and development, fine management and upgrading vertical industry chain resources advantages.

In terms of foreign investment, the company actively deployed and integrated global resources. At present, the first phase of the Pakistan production base is close to completion, and small batch trial production has begun.

At present, the company has increased investment to actively cultivate and build outdoor sports apparel brand and self export clothing brand. Through the development in recent years, the reputation and influence of the company's own outdoor sports brand has been improved.

The main business of giant star technology is DIY level hand tools and traditional tools. 97% of its revenue comes from overseas, and has accumulated a strong sales network over the years.

The company announced in November 19th that the application for non-public offering of shares was approved by the SFC. This plan plans to raise funds of not more than 1 billion 33 million, which is used for intelligent robot intelligent cloud service platform project, acquisition of 65% stake in China's Dakota, e-commerce sales platform and automatic storage fluid system construction project.

The agency believes that superstar technology is developing from the field of hand tools to the field of intelligent equipment.

Moreover, most of the company's products are sold overseas, and the income is also affected by the exchange rate in the medium and long term.

The four way share is a global ceramic household supplier, which covers all kinds of household porcelain, such as household ceramics, sanitary ceramics and art ceramics.

China is the largest ceramic producer and exporter in the world. The main developed countries such as Europe and the United States are mainly Chinese products.

In 2013, the dependence of the United States and the European Union on China's ceramics was 43.6% and 44.6% respectively.

From 2012 to 2014, the export volume of the company's products ranked the top 3 in the industry.

(Shanghai Daily)

UBS Securities pointed out that if the RMB devaluation in the near future, the A share market may be under pressure.

Overseas experience shows that every round of currency depreciation in emerging markets is accompanied by capital outflows and stock market pullbacks.

In terms of industry sectors, the financial and real estate industries tend to be hit most deeply.

At the same time, the depreciation of the RMB may lead to temporary capital outflow.

As more bonds, trusts and real estate debt defaults are emerging, foreign investors' concerns about China's macro economy may be enhanced, resulting in temporary capital outflows.

UBS points out that the depreciation of the RMB will affect the balance sheet and profit and loss statement of listed companies.

From the perspective of balance sheet, civil aviation and real estate sectors may suffer the biggest negative effects.

If there are any disadvantages, is there any benefit from the depreciation of the RMB?

From the perspective of industry, the export oriented industries of the A share market will undoubtedly benefit from the depreciation of the renminbi.

Toys, shoes and caps will be the biggest beneficiaries.

The textile and garment industry is highly dependent on exports. The devaluation of the RMB will help companies reduce costs and improve product competitiveness. Enterprises will get more orders, and on the other hand, it will help export enterprises gain foreign exchange earnings.

The depreciation of the renminbi means that the purchasing power of foreign currencies will increase, which will further stimulate consumption and benefit the toy industry.

Such as good, Gao Le shares and so on.

Compared with the leading position of China's textile and apparel industry in the international market, the household appliance industry also occupies an important position in China's foreign trade industries.

Analysts believe that with the depreciation of the renminbi, many home appliances listed companies in the A share market are also expected to see an increase in export volume.

We can pay attention to the group such as Yi Pu and Mei.

In addition, some brokerages believe that under the background of RMB devaluation, steel, shipping, chemical and other industries will also gain some good results.

For example, for the steel industry, after the depreciation of the RMB, the export of machinery and household appliances will rise, which may enhance the domestic upstream steel market demand.

(UBS Securities)

red

Men's business adjustment smoothly pushed forward, major shareholders and executives continue to increase their holdings. The prospect of stock companies is worth looking forward to: the Research Institute of the company: China Galaxy Securities Limited by Share Ltd research fellow: Mary, Yang Lan date: 2015-08-20 company revenue in the first half of the year reached 1 billion 91 million yuan, an increase of 19.45% over the same period last year, gross margin 26.59%, down 1.32pp compared to the same period last year; sales cost rate and management fee rate totals 15.21%, down 0.28pp compared with the same period last year; net profit attributable to parent company was 29 million yuan, up 26.59% over the same period last year.

According to the single quarter split, the two quarter income was 512 million yuan, an increase of 17.96% compared with the same period last year. Gross profit margin was 27.85%, down 0.69pp compared to the same period last year; the sales expense rate and the management fee rate were 16.99%, down 0.34pp compared with the same period last year; net profit of the parent company was 16 million yuan, up 77.27% over the same period.

In addition, the company's accounts receivable at the end of the year was 189 million yuan (212 million yuan at the end of 14, and 187 million yuan at the end of the first quarter of 15). The stock was 4 billion 16 million yuan (3 billion 908 million yuan at the end of 14) and 3 billion 754 million yuan at the end of the first quarter of 15.

(1) the accelerated recognition of real estate revenue, the steady growth in the income of garment business, and the slight decrease in profit contribution of financial companies and small loan companies.

In the first half of 15 years, the sales revenue of the company's real estate was 553 million yuan, an increase of 27.83% over the same period last year, and the development cost of the inventory is being accelerated to the development product (the development cost is reduced by 400 million, and the development product is up 600 million).

Clothing business income of 497 million yuan, an increase of 14.56% over the same period, combined with the company's men's clothing business is in a critical period of structural adjustment, such revenue growth is in line with expectations.

From the perspective of profit composition, financial companies and small loan companies contributed about 11 million 800 thousand yuan of pre tax profits, about 8 million 850 thousand yuan after tax, accounting for about 30% of net profit, accounting for 35% of the same period last year.

(two) the gross profit margin of garment business in the adjustment period is slightly lower than that in the adjustment period. The increase in margin reflects the smooth adjustment of the business structure.

Red beans men's clothing at the channel side to adopt a joint mode, at the supply side using consignment mode, such a business structure before the scale of the need for companies to spend more energy and part of the profits to coordinate the interests of franchisees and suppliers, we expect this will have some negative impact on gross margin, the first half of 15 years, the gross profit margin of clothing business fell 1.21pp.

But another data reflects that the company's business structure is advancing smoothly. At the end of the first half of 15 years, the margin of the company was 202 million yuan, and the initial period was 100 million yuan. The increase in margin reflects the smooth progress of the expansion of the joint store.

(three) fixed increase to complete the old leader to set sail, the actual controller and CEO continued to increase the prospect of the company is worth looking forward to.

The company is a large group and a small listed company. Zhou Haijiang, President of the group, is vice chairman of the National Federation of industry and commerce.

We have shown investors to stretch the dimensions of the company's capital operation in recent years: since the completion of the 14 year completion of the Taxus bio Polytron Technologies Inc new three board listing and general technology IPO declaration, the group has been increasing the holding ratio through the two tier market holdings (previously holding the proportion close to 50%); in November 14, it also raised 800 million increase plans, aiming to further enhance the shareholding ratio. After the increase, the group shareholding ratio was nearly 58%. In addition, the actual controller of the company, the company executives and the company executives repeatedly increased their holdings in the short run of the company's stock price.

We believe that this reflects the change of attitude of the red bean group after the quiet years of the Hong Kong stock listing platform. Combined with the company strategy, we believe that the red bean stock will become the core platform of the group clothing business in the future, and its strategic position will rise to the center of the whole group's financing strategy.

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Roley home textiles: the performance is in line with expectations, the initial success of the pformation household: Company Research Institute: Everbright Securities Limited by Share Ltd research fellow: Li Jie date: 2015-09-21 first half of the year net income at the same time recorded double-digit growth.

In the first half of 15 years, the company achieved operating income of 1 billion 250 million, an increase of 12.38% over the same period, and a net profit of 184 million yuan to the parent company, up 16.78% from the same period last year, EPS0.26 yuan, which was in line with expectations.

The increase in net non profits was 0.90%, mainly due to the increase in government subsidies in the first half of the year and the increase in profits from investment or management of assets entrusted to others.

15Q2 single quarter revenue increased by 19.70%, net profit increased by 15.31%.

14Q1-15Q1 revenue increased by 6.82%, -1.68%, 19.10%, 9.96% and 7.32% respectively, and net profit increased by 15.15%, 14.16%, 19.24%, 27.82% and 17.65% respectively.

Q2 single quarter income growth is mainly due to the lower 14Q2 base.

From the regional perspective, Southern China, Hong Kong, Macao, Taiwan and overseas, East China and Northwest China increased by 54.35%, 27.26%, 20.32% and 18.71% compared with the same period last year. The number of North, northeast and southwest regions decreased slightly, which were 10.31%, 6.27% and 1.78% respectively.

The gross profit margin continued to rise and the cost rate increased.

Gross profit margin: gross profit margin increased from 3.53PCT to 48.32% in the first half of 15 years.

The gross profit margin of 14Q1-15Q1 was 44.53% (+2.2PCT), 45.16% (+0.63PCT), 43.29% (-1.87PCT), 46.33% (+3.04PCT) and 47.78% (+1.45PCT) respectively.

The growth of gross margin mainly came from cost control, the development of home stores, the pformation of direct businesses and the upgrading of electricity providers.

15Q2 gross profit increased 3.85PCT to 49.01% compared to the same period last year.

Cost ratio: 15, the first half of the year sales cost increased by 1.97PCT to 23.93%, the management fee rate increased 1.30PCT to 8.77%, and the financial cost rate increased from 0.57PCT to -0.59%, of which interest income was 7 million 808 thousand yuan.

15Q2 sales, management and financial expenses rates were 27.06% (+5.23PCT), 11.90% (+3.13PCT), and -0.57% (0.53PCT) respectively. The increase in the single quarter sales expense rate and management fee rate of Q2 was mainly due to the development of some stores to the home life hall, the increase of Direct stores, and the establishment of partner system.

Other financial indicators:

1) inventory fell 3.69% to 610 million in the first half of 15 years.

Inventory / revenue was 48.78%, inventory depreciation reserve / inventory was 1.34%.

Inventory turnover was 1.04, slightly higher than the recent three years.

2) accounts receivable increased by 41.17% to 221 million compared with the beginning of the year.

3) asset impairment losses increased by 24% to 3 million 336 thousand and 600 yuan over the same period, mainly due to the increase in bad debt losses (1 million 585 thousand and 800 yuan in bad debts and 939 thousand and 800 yuan in inventory depreciation).

4) business turnover increased by 108% to 12 million 411 thousand and 100 yuan, mainly due to increased government subsidies and fines (government subsidies increased by 54.91%).

5) the investment income increased by 123.28% compared to the same period last year, which was 18 million 458 thousand and 100 yuan.

6) the net cash flow from operation decreased by 16.21% to 70 million 588 thousand and 300 yuan, mainly due to the increase in the purchase of goods and the payment of staff salaries.

From home textiles to home pformation, initial success.

The company plans to realize the pformation of home furnishing in the next 2-3 years, and will continue to increase the proportion of household and single store household products in the future.

In the first half of the year, the brand stores in Shanghai have gradually appeared in the home mode, and the products are more abundant, including bathroom, bathing, furnishings and other home furnishings and soft ornaments, so that consumers can achieve one-stop shopping experience.

In the 15 autumn and winter ordering meeting held in mid April, household products were also more abundant, including scarves, umbrellas, slippers, bathroom supplies, and other small objects, blankets, household clothes and so on.

Under the background of the downturn of the retail terminal, the rate of home textile product re purchase is relatively low, which has a great impact on the company's revenue. The company actively builds a home library mode, and uses home products to enhance the rate of repeat purchase, the rate of entry, the paction rate and the unit price.

At present, the main mode of the company's home hall is divided into:

(cost-effective, civilian brand new self created popular brand) home mode and other brand home mode.

The home business mode of Lok home started earlier, and the pformation was more thorough. At present, some stores have better profitability, and the average annual flat shop efficiency is about 1-1.5 million square meters / year.

Judging from the sales category of stores, the proportion of home textile products is still higher than 80%. In the future, the proportion of household products will continue to increase, and the proportion of home textiles may gradually drop to about 1/3.

The number of shops opened in the first half of this year is estimated to be 10, while other brand mode stores are late in pformation to home stores. Currently, there are more pformation stores such as Luo Lai HOME Shanghai Yushan Road store and KIDS five home stores.

Reduction is complete, layout smart home, Internet, "industry + capital" two wheel drive.

The company's 5.26 day announcement is that the actual controller will not reduce more than 27% in half a year. The largest shareholder of the 7.1 announcement, Luo Lai Investment Holdings, will pfer 26.97% of the share agreement to Xue's two generation of four people (President Xue Weibin's son Xue Jun 12%, chairman Xue Weicheng's son Xue Jinchen 4.99%, Xue Weicheng's daughter-in-law Wang Chen 4.99%, Xue Weicheng's nephew Xue Jian Feng 4.99%), pfer price 8.88 yuan / share, Luo Lai Investment Holdings changed to second major shareholders holding shares, and the original largest shareholder, Wei Jia international shareholding, became the largest shareholder.

The company proposed Smart Home + big healthy ecosystem + Internet "industry + capital" two wheel drive strategy, mergers and acquisitions quickly landed.

Strategic cooperation with Shenzhen and ertai has been launched, and Internet investment fund has been established respectively with AI Zi Guan and Gobi Chuang Sheng. It has launched an industrial investment fund with Yuhua, and set up a wholly-owned Sun company "Nantong Luo Lai Smart Home Technology Co., Ltd.". It is the largest shareholder to join Jingdong to invest in Shenzhen's 21.17% equity.

The company expects 15 annual revenue growth of 0-10%, net profit growth of 10-20%; 1-9 month net profit increase of 0-20%.

We judge:

(1) the company's 15 autumn and winter ordering will highlight the concept of home, and strive to pform home textiles to home in 2-3 years. The home market is larger than the home textile market, and the company's future development can refer to IKEA mode.

(2) after more than 2 years of adjustment, the company's mode has been straightened out, institutional pformation has been made, emphasis has been placed on incentives for employees and franchisees, partnership mechanism and implementation of "cattle man" project and so on.

(3) layout Smart Home + internet background opens the merger.

Maintain 2015/16/17 EPS0.67 yuan, 0.80 yuan, 0.99 yuan profit forecast, maintain buy rating.

(Everbright Securities)

Cross border links: successful pformation of cross-border electricity providers, performance exceeding expected categories: Company Research Institute: Pacific Securities Limited by Share Ltd research fellow: Liu Huiming date: 2015-09-01 events: during the reporting period, the company achieved operating income of 1 billion 203 million yuan, an increase of 506.63% over the same period, and realized operating profit of 91 million 500 thousand yuan, an increase of 636.62% over the same period; the net profit attributable to shareholders of listed companies was 75 million 930 thousand yuan, up 566.26% over the same period last year; the realization of earnings per share was 0.36 yuan.

The profit distribution plan is to increase 20 shares to every shareholder by the capital reserve fund for every 10 shares.

The growth is due to the inclusion of the company's global financial data from Tesco in November 2014.

Trousers industry continues to slump.

The predecessor of cross border communication was the hundred round trousers industry, founded in 1998, and its main business is located in low price trousers. Its performance has been declining in recent years. In the first half of 2015, the trousers industry accounted for 9.3% of the combined income, and realized operating income of 112 million yuan, down 41.32% from the same period last year, with gross profit margin of 49.74%, up 3.24 percentage points over the same period last year.

In the stage of high growth: Global Tesco is the first three tier retail outlet for retail, clothing and electronic vertical B2C e-commerce platform.

As of June 31st 15, the number of registered users of global Tesco website was over 20 million (2014 at the end of 12 million), with the highest monthly traffic exceeding 60 million times; the first half of 2015, the rate of repeat purchase was 36.07%, and the conversion rate of traffic was 1.39%.

The operating income is 1 billion 85 million yuan, gross profit margin is 57.55%, net profit is 68 million 320 thousand yuan, net profit rate is 6.30%.

In 2014, the total operating income was 1 billion 416 million yuan, net profit was 77 million 280 thousand yuan, and net profit margin was 5.46%.

)

Export and import: two wheel drive: the export side: the company invested 12 million 240 thousand yuan in February 2015 to share with Qianhai palotson, accounting for 8% of the total capital stock after the capital increase. As a cross-border e-commerce company, it mainly engaged in the sale of wireless and Bluetooth electronic products, and invested 12 million yuan to share with Guangzhou Bai Lun, which accounted for 15.39% of the total capital stock after capital increase. It mainly engaged in cross-border electricity supplier, cross-border logistics, overseas business services and other cross-border e-commerce comprehensive service providers.

In May 15, it invested 90 million yuan in equity extension technology, accounting for 9% of the total capital stock after the capital increase. The company is a cross-border e-commerce company based on the "pan supply chain and pan channel" mode.

In terms of cross-border electricity supplier import, the company invested 48 million 400 thousand yuan in July 15 to participate in the "cross-border advantage" of the import electricity supplier chain enterprises, accounting for 24.86% of the total capital stock after the capital increase.

Cross border easy business includes two major business segments: cloud storage and logistics platform, supply and marketing platform.

Investment of 26 million 100 thousand yuan shares "Yi pole cloud merchant", accounting for 20% of the total equity capital after the increase of capital.

The Yi pole cloud business mainly engaged in the three types of business, such as the purchase and sale of the whole program (the easy supply chain), the bonded generation business (easy to help the overseas), and the online snack of imported goods.

From the point of view of valuation and investment opportunities, the company's share price has fallen considerably, which is close to the lowest price in July 8th. Its total market value is close to 11 billion yuan. It does not consider the income contribution of the new business of the imported electricity supplier. According to the company's pro forma combined profit forecast, it is estimated that the company's EPS in -17 15 years is 0.75 yuan, 1.11 yuan, and 1.79 yuan respectively.

According to the closing price of 49.98 yuan in August 26th, the corresponding P / E ratios are 66.64 times, 45.03 times and 27.92 times respectively.

Although the short-term valuation is not cheap, the company should enjoy the valuation premium at the high growth stage.

Considering the prospects of the cross-border electricity supplier industry and the medium and long-term development potential of the company (high performance growth, scarcity of plates and high delivery (medium to 10 shares to 20 shares), the cross border pass "buy" rating is given.

(Pacific Securities)

The income and gross profit margin of A: in the first half of the year were mainly affected by the fall in cotton prices and the difference between inside and outside cotton prices. The company's valuation has entered the category of value interval: the company's research institution: China Galaxy Securities Limited by Share Ltd research fellow: Mary, Yang Lan date: 2015-09-012., our analysis and judgement.

(1) cotton prices fell significantly over the same period, and the pressure on orders prices was large.

Compared with the same period last year, the main cotton value index has declined considerably. The 328 level cotton price index, Cotlook A index, the inner cotton 137 grade long staple cotton price index and the PIMA cotton port delivery price in the first half of the year were down 27.76%, 24.36%, 15.43%, 13.48% respectively.

As the price of the order is determined by reference to the spot price of raw materials, the fall in cotton prices will cause greater pressure on revenues, which is the main reason for the decline in the company's sales revenue in the first half of the year.

In addition, the increase of the production capacity of the yarn dyed fabric has certain support for the sales volume (the 40 million meter high grade dyed fabric production line project is solid, and the sales cost of the dyed fabric has increased 10.17% over the first half of 15 years).

(two) the cost remains natural growth, and the decrease in gross margin is the main reason for the decline in performance.

The company's cost control is in good condition. The three expenses increased by only 5.69% over the same period last year, but the cost rate rose by 1.5pp due to the decline in sales revenue.

Gross profit margin fell sharply in the first half of the year, with gross profit margin falling 5.69pp and gross profit margin slipped 4.15pp, leading to a 17% decline in gross profit and a 27.8% decline in net profit.

(three) the difference between domestic and foreign cotton prices is reduced until the upside down is the main reason for the decline in gross profit margin, and the negative impact of cotton prices on gross margins will be mitigated after the price shocks.

There were two main reasons for the sharp decline in gross profit margin in the first half of the year. First, the company used quotas for cotton more, and the cost advantage of the cotton in the first half of the year was greatly reduced because of the sharp reduction in the cotton price difference between inside and outside. This is the main reason for the significant reduction in gross profit margin in the first half of the year. The company is also taking the initiative to reduce the proportion of foreign cotton (half of cotton last year, which accounted for 1/3 of cotton this year). In addition, in the downward cycle of cotton prices, the reduction of the order price and the use of relatively high price raw material stocks will also squeeze the gross profit rate. This negative effect will greatly reduce the gross profit margin of the second half of the year as the cotton price goes into the low shock interval in the first half of the year (the company's raw material reserves are about the cost of sales).

(four) in the first half of the year, the effect of hedging operation was obvious, and hedging options were used.

As of June 30th, the company held 31 contracts for financial derivatives that had not yet expired, totaling $398 million, of which the forward settlement contracts amounted to $86 million and foreign exchange options contracts were $310 million.

Although the exchange rate fluctuated in the first half of the year, the RMB was generally in the appreciation channel, while the company's performance in the first half of the year was excellent. The income from derivatives investment was 28 million 860 thousand yuan, which was 21 million 160 thousand yuan in the same period last year.

In the middle of August, due to the significant depreciation of the RMB (cumulative nearly 5%), although the balance of the relevant exchange rate derivatives contracts was relatively large, but because the company used more options tools (the company's final derivative financial assets balance was 8 million 940 thousand yuan), the negative effect of RMB depreciation in this regard is expected to be more limited.

Because the settlement currency of the company's export business is US dollars (export earnings account for 70%), the depreciation of the RMB will have a positive impact in this respect.