Five Industries, Such As Textiles And Clothing, Have The Most "Money Scene".

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Under the guidance of the planning outline and the government work report, all sectors of the industry have launched a tough battle for supply side reform.

Textile and garment industry is also keeping pace with the times and exploring the future.

The five major tasks of the supply side structural reform are "to go to capacity, to stockpile,"

"Reduce costs, make up for short boards", of which "to capacity" ranks first.

Today, this edition will comb out the annual report from five major financial indicators, including cash flow, operating revenue growth rate, product inventory turnover, asset liability ratio and gross profit growth rate, and dig out potential investment opportunities in the economic structural adjustment of pportation, real estate, food and beverage, media and leisure services and other related industries in order to provide readers.

cash flow

Five industries, such as textiles and clothing, have the most "money scene".

The growth of operating cash flow is a precursor of corporate earnings growth, and it is also an index that can best reflect the operation ability and payment ability of listed companies, thus becoming an important index of stock selection.

According to the Securities Daily Market Research Center statistics, as of yesterday, a total of 709 listed companies in Shanghai and Shenzhen two cities announced the 2015 annual report. Among them, 396 companies had achieved varying degrees of net cash flow from operating activities (excluding listed companies in banking and non banking sectors), indicating that the operating cash flow of these companies had improved.

It is worth noting that, from the annual report of listed companies published in 2015, the cash flow situation of nearly 60% companies improved year by year. Among them, the number of "bad money" stocks in five industries, such as textile, clothing, food and beverage, pportation, media, real estate and so on, accounted for the proportion of the total number of annual reports disclosed in the industry, accounting for 84.21%, 78.95%, 72.73%, 70.59% and 70.59% respectively, and became the most "money scene" industry.

Last year, the number of "not bad money" companies accounted for the highest proportion, reaching 84.21%, and the number of "no bad money" companies was 16. Among them, Jiaxin silk, Shandong Ruyi, Xin Er, Xin Ao shares, Dayang creation, Bo Bao Long, Hong Kong Group, Weixing share, and Jie Jie share company's net cash flow activities in 2015 increased by 537.51%, 424.02%, 400.79%, 104.02%, 76.03%, 30.47%, 21.61%, 2.16% and 0.82% respectively.

In addition, Shanghai San Mao, Huamao shares, Zhejiang Fu run, Busen shares, search for special, San Mao Pai Shen, Huas shares and other 7 companies in 2015 operating cash flow from negative to positive.

The number of "bad money" companies in the food and beverage industry accounted for second last year. The number of "bad money" companies was 15. In addition to Beingmate's cash flow from operating activities in 2015, the other 14 companies, such as plum blossom organisms, dragon meat, golden ham, Huangshi group, delis, Cody dairy, Chengde Lulu, Kaiser tourism, QQ food, Guizhou Moutai, peach and bread, Gold Emblem Wine, Tomson health, Yan Tang dairy and other 14 companies operating cash flow activities increased year-on-year.

The number of "not bad money" companies in the pportation industry ranked third last year, and the number of "no bad money" companies was 16. In addition to the operating cash flow of song Du stock in 2015, the other activities such as Xiamen port, Dalian Port, merchant shipping, Hainan airlines, Macao and Shunchang, mass pportation, Yingkou port, Sinop development, Chongqing Luqiao, Chongqing, Hong Kong and Kowloon, Shenzhen airport, CITIC sea straight, Tianjin port, modern investment, Shanghai airport and other 15 companies in 2015 increased net operating cash flow year-on-year.

The number of "bad money" companies ranked fourth in the media industry last year, and the number of "bad money" companies was 12. Among them, 6 companies in Songliao automobile, 37 mutual entertainment, LETV, God entertainment, travel network and Tian Zhou culture all increased their net operating cash flows in 2015.

At the same time, business activity cash flow in 2015 shifted from negative to positive, including north latitude communication, Huayi Brothers, Zhongqing Bao, Wanjia culture, new culture and Yin Ji media.

The number of "bad money" companies in the real estate industry accounted for fifth in the past year. The number of "no bad money" companies was 26. Among them, 7 companies such as HARCO, Shimao shares, new trend industries, Suning global, Wan ye, China World Trade Center, China and so on in 2015 increased their net cash flows.

Judging from the performance of the two tier market, of the 396 stocks that are "not bad money", 267 stocks last week outperformed the stock market (the Shanghai Composite Index rose 0.82% over the same period last week), of which 43 stocks rose more than 10% last week, while Zhongxing mushroom industry, Hefei city construction, Huijin shares, financial development, Yuguang Gold lead and new union electronics increased by more than 20% during the week.

Operating income growth rate

Over 60% business revenue grew year on year

According to the Securities Daily Market Research Center statistics, as of yesterday, the Shanghai and Shenzhen two cities, a total of 709 companies announced the 2015 annual report, of which 432 companies operating income in 2015 increased year by year, accounting for 60.93%.

Among them, 33 companies doubled their business revenue last year, while Songliao automobile, Wanjia culture, contemporary Oriental, 37 mutual entertainment, Dao Bo shares, Shibei high tech, flush, Oriental Wealth, Hua Changda, Bao de stock, Ying Tangzhi control and other companies increased their business revenue over 2 times last year, reaching 7123.45%, 2930.57%, 2100.74%, 678.43%, 507.55%, 491.90%, 442.91%, 359.59%, 359.59%, 359.59%, and 442.91% respectively.

Of the 432 companies, 346 companies achieved a year-on-year increase in operating income and net profit compared with the same period in the past year, while the 24 companies operating in the 24 companies, including Dongfang, dau Bo, Dongfang fortune, merchants, steamboat, beautiful group, city north high tech, flying music, Songliao automobile, Baodu stock, Everbright Securities, star technology, Dongfang securities, Wanjia culture, state securities, China Merchants Securities, Dongxu photoelectric, GF Securities, Southwest Securities, Xingmei joint stock, Xingmei joint stock, Keda stock, *ST Hua Sai, Hua Changda and so on last year increased by 100% over the same period last year, and the net profit of the 24 companies increased by 20335.79%, 5079.28%, 1483.35%, 1472.74%, 1015.79%, 1015.79%, respectively, compared with the same period last year, up to 100% in 2015. Above

467.64%, 428.54%, 398.81%, 388.42%, 289.17%, 262.57%, 249.49%, 212.64%, 188.29%, 181.88%, 181.33%, 181.33%, 181.33%, 181.33%, 181.88%, 0, 1, 2, 2, 1, 2, 1, 2, 1, 2, 1, 2, 2, 1, 2, 2, 2, 2, 2, 2, 1, 2, 2, 1, 2, and 1 respectively.

It is worth noticing that among the 432 companies, 160 companies have released a quarterly performance notice this year, and 126 companies have been pleased with the results. Among the 47 companies, the biggest growth rate in the first quarter of this year is over 100%, while the 9 companies in the first quarter of 2016, including intelligent control, spin pole information, herding stock, Su Dawei, Dongfang Risheng, Baoxi stock, Hao Ning Da, Zhi Guang electric, and so on, expect net profit to increase by more than 5 times in the first quarter, reaching 6992.05%, 2130%, 1833.11%, 950%, 950%, 950%, 1833.11%, 950%, 950% and 6992.05% respectively.

Up to now, Ying Tang intelligent control has achieved the best quarterly performance forecast this year. The company expects net profit from January to March 2016 to be 68 million 900 thousand yuan to 69 million 190 thousand yuan, an increase of 6962.32% to 6992.05% over the same period last year (a net profit of 975 thousand and 600 yuan in the same period last year). The main reason is that the phased work of the company's strategic adjustment has basically been completed, and the relevant benefits have begun to show. At the same time, the company's equity pfer in the first quarter has brought benefits.

The above reasons increased the company's performance year-on-year.

The impact of non recurring gains and losses on net profit is about 58 million 400 thousand yuan.

From the industry point of view, the 432 companies increased their business revenue year-on-year mainly in four industries, such as national defense industry, non banking finance, computers and media. The above four industries accounted for 100%, 90%, 85.29% and 82.35% of the total number of Growth Company reported in the industry compared with the total number of Growth Company, respectively.

Inventory turnover

Over 40% companies have accelerated inventory turnover.

Inventory turnover is an important index to measure the asset management ability of listed companies.

Through this index, people can see that the management of enterprises' products from various aspects, such as purchasing raw materials, putting into production, sales and recycling, has become a direct embodiment of the operation efficiency of enterprise assets.

Generally speaking, the quicker the turnover of inventory, the shorter the occupation time of inventory and the stronger liquidity, the faster the stock will be converted into cash or accounts receivable.

According to the Securities Daily Market Research Center statistics, as of yesterday's closing, 709 companies have published the 2015 annual report. In 670 of the comparable furniture companies, 282 companies had increased inventory turnover over the previous year, accounting for 42.09%.

Specifically, the turnover rate of people's stock in the pharmaceutical and biological industry company increased from 1.59 times the year before last to 11.39 last year, and the turnover of the real estate industry increased significantly. The stock turnover rate of the real estate industry company increased from 0.25 in the previous year to 0.25 last year.

In addition, the stock turnover rate of 37 mutual entertainment, Nanjing Zhongbei, Huaxin International, contemporary Oriental, Guan Hao biological, intelligent control, Tibet mining, key bridge communications, Luoping zinc power, uzin travel and nice group last year increased by more than 1 times than that of the previous year.

The number of companies that have increased turnover from inventory accounts for the number of companies that have disclosed the number of annual reports in the industry. The top industries include: media, communications, leisure services, food and beverage, mining, real estate, public utilities, defense, military industry and pportation, with a ratio of more than 50%.

In the industry mentioned above, real estate is a key area for the country to stock up, and the future performance of the sector is still noteworthy.

In this regard, Haitong Securities said that the real estate cycle recovery will arrive in 2019, the next 10 years early cycle attributes remain unchanged (pillar position), the real estate early cycle recovery will gradually become the economic and inflation rebound will feed back to real estate; real estate inventory resistance is smaller than other industries, there is no resistance to rising unemployment, and demand side is still higher than the market expected replacement demand and new economic support.

From the point of view of inventory logic, Haitong Securities said that stocks can be selected: to benefit from the recovery of the value of the blue chips in the mainstream market recovery and increase in concentration, the first choice is Poly Real Estate and overseas Chinese town A; second tier inflation logic: the key second tier supply and demand will be roughly balanced, and the inventory policy will follow the first line of inflation, especially the regional core of Wuhan and Chengyu and so on. The first choice is Wuhan Fuxing share, focusing on the blue light development of Chengdu and the Jinke stock of Chongqing.

The three or four line selected metropolis circle is a serious surplus for the three or four line city inventory, but the satellite city of the metropolis circle can get the spillover of the core city resources, and the first is Rongsheng development.

In the food and beverage industry, 12 companies increased their inventory turnover over the previous year. Among them, 100%, Chengde Lulu, Huangshi group, Meihua biology, Cody dairy and other companies increased by more than 20%, respectively: 79.07%, 45.77%, 42.24%, 34.97%, 26.42%.

For the 100 run shares, Northeast Securities said that taking into account the company's current channel inventory is still relatively high, the one or two quarter may still be in the process of channel inventory, the three quarter or the turning point for the company, the first coverage to give the company "overweight" rating.

It is worth mentioning that, as a direct reflection area of the national economic development and the prosperity of various industries, pportation industry's overall turnover rate has accelerated as a whole, or to a certain extent, indicates that China's economy has stabilized and rebounded. In particular, 11 companies in the industry have increased their inventory turnover over the past year, compared with the previous year. Among them, merchants, ships, song Du shares, Pegasus international, Chongqing Luqiao and Hainan Airlines increased by more than 10%, respectively: 46.38%, 45.54%, 20.25%, 19.21% and 17.30%.

In this regard, analysts said that the increase in inventory turnover directly reflects the improvement of the company's operating conditions, which is conducive to the performance of the company during the reporting period thickening, and further promote the rise in stock prices. Investors can actively pay attention to the investment opportunities brought about by the recovery of the company's attitude.

Asset liability ratio

The debt ratio of the four industries decreased significantly.

According to statistics from the market research center of the Securities Daily, in the 709 companies that have published annual reports, 369 of the 2015 assets and liabilities ratios (excluding 22 financial companies) accounted for 53.71%, indicating that the protection of creditors' rights and interests of enterprises assets is rising continuously, and the long-term solvency of enterprises is increasing.

Specifically, in the listed companies with a decline in asset liability ratio compared to the same period last year, Xia's environmental protection dropped to the highest level. Last year, the assets and liabilities ratio reached 7.76%, compared with the previous year, this figure reached 239.49%. Beijing Blue Technology declined more obviously. The asset liability ratio dropped from 73.33% in the previous year to 2.82% last year. In addition, the assets and liabilities ratio of the companies with obvious decline in the same year also had Chuangxing resources, Gaosheng holdings, *ST huaxai, Haide shares, contemporary Orient, Jinniu chemical industry, Songliao automobile, four new materials, Hengfeng tools, Rong Jie shares, three Xin medical and Hengtian Hailong, and their asset liability ratio decreased by more than 70%.

Analysts pointed out that the level of asset liability ratio of listed companies has declined, both performance improvement, listed companies to repay debt to reduce financial expenses, there are also pressure on the industry, companies slow down the expansion rate, in addition to selling assets, donations and government finance and tax subsidies, financing, restructuring and other factors, so we need to combine other indicators to analyze the company's current operating conditions.

The 2015 annual report of the largest decline in asset liability ratio showed that the main business income of the company was 350 million 873 thousand and 100 yuan during the reporting period, down 62.14% from the same period last year. The main business cost was 316 million 264 thousand and 400 yuan, a decrease of 73.75% compared with the same period last year. The main business income and the main business cost decreased compared with last year. During the reporting period, the merger of the original controlling shareholder Chuzhou Anxing and Chuzhou Xia Ke was reduced.

The asset liability ratio has reached 154.83%, and there is a serious problem of insolvency. The assets and liabilities ratio of 3 companies such as ST, Meili, and Nanfeng chemical industry has also been close to 100%, which are 98.44%, 97.52% and 95.74% respectively. Besides, *ST gas (94.11%), Lu Shang (93.06%), Lutianhua (91.01%), Yunnan Tianhua (91.01%), *ST Baihua (91.01%), *ST (ST), Pegasus International (E), Guangdong hydropower (H), Yinxing energy (H), Taiyuan Heavy Industries (H), Yuguang Gold lead (H) and other companies are also above assets. It is worth noting that, from the data of listed companies that have published the 2015 annual report, there are 59 companies' last year's asset liability ratio exceeding 70% of the warning line, *ST 2015.

The deterioration of the management situation has also led to the pformation and reorganization of relevant listed companies, and even by other companies, such as *ST, Xingye is being backpacked by Asian logistics. The company announced in March 5, 2016 that it would replace all the equivalent parts of the 100% equity interest (4 billion 200 million yuan) of the sub China logistics held by all shareholders of the Asia China Logistics Group, with all assets and liabilities (valued at 40 million yuan), and Asia China logistics is one of the leading business logistics enterprises in the northwest region.

In addition, the United States paper industry intends to pform the data center, in January 2016, the SFC former permitted company with 5.14 yuan / share, increased by 378 million shares, the total fund-raising of 1 billion 950 million yuan.

Among them, 6 investment ventures such as Sai Bo Le investment were subscribed for 1 billion 200 million yuan, all of which were used to increase capital Yun Chuang company and build Zhong Wei cloud data center project.

From the perspective of specific industries, the ratio of assets and liabilities of Listed Companies in non-ferrous metals, agriculture, forestry, animal husbandry and fishery, machinery and equipment, chemical industry and other four industries has fallen, accounting for 68% of the total number of companies that have disclosed annual reports, which are 71.43%, 70.59%, 68.85% and 68.75% respectively.

In these industries, the decline in the assets and liabilities rate of the cyclical industry represented by non-ferrous metals, mechanical equipment and chemical industry shows that the surplus capacity of these industries is clear, the supply and demand is improved, and the future opportunities of the leading stocks in the industry are obvious.

In this regard, analysts said that the asset liability ratio is only an indicator of the operation of enterprises. The level of assets and liabilities of different industries is also different. For example, the real estate industry is generally high. Therefore, we can not simply rely on the debt ratio to evaluate the development potential and investment value of enterprises.

When the industry is in a downward cycle, the decline in corporate performance and increase in borrowing will lead to an increase in asset liability ratio.

When the enterprise is ready to adopt an expansive business strategy, the cost of labor, rent, management and finance will increase. At that time, the asset liability ratio will also increase. This is because the company is optimistic about the future of the industry.

Gross profit growth rate

53 companies doubled gross profit in the same period last year.

Generally speaking, gross profit is the basis of business profits. If an enterprise wants to make profits, it must first get enough gross profit. At the same time, the growth rate of gross profit will also determine the overall prosperity of the industry and the position of the enterprise in the industry to a certain extent.

According to the Securities Daily Market Research Center statistics, as of yesterday, the Shanghai and Shenzhen two cities have disclosed 709 annual reports in 2015, of which 445 companies achieved 2015 year-on-year gross profit growth, accounting for 63.76%, of which 53 companies gross profit increased significantly, double the same period last year.

Specifically, from the growth rate of gross profit year-on-year, the profits of Songliao automobile (18454.94%), Wanjia culture (6595.03%), Gaosheng Holdings (3390.41%), Dao Bo share (1316.48%), Heron medicine (1129.21%), and contemporary Oriental (1123.19%) and other 6 companies have increased by more than 10 times.

Songliao automobile gross profit growth is more than a hundred times, 2015 gross profit of 330 million yuan.

In 2015, the company completed the network of Yao Lai film city and Shanghai, and consolidated statements simultaneously.

Among them, the network is mainly engaged in webpage, mobile game development and game platform operation business. At present, there are 11 popular web game products such as "Wu Zun", "dragon of fire", "Pride and shade" and so on, and 3 mobile game products, including mobile phone version of "xuanxuanyuan", "Wu Zun" and mobile phone version of "fierce fire dragon".

And Yao Lai movie city is a comprehensive film and television culture enterprise which is operated by cinemas, including movie projection, sales and advertising, film and television production, entertainment and broking.

In addition to the above 6 companies, 37 mutual entertainment, Chunhui shares, flush, Dongfang fortune, bus online, merchants ship, city north high tech, Guangji pharmaceutical, Dajin heavy industries, Dali technology, animal husbandry stock, Meili Paper and other 20 companies gross profit grew by more than 200%.

From the gross sales margin disclosed in the 2015 annual report, 3 of the 3 companies during the reporting period, including Minsheng Holdings (99.82%), Shu Tai Shen (94.57%) and Guizhou Moutai (92.23%), all sold gross margins of more than 90%. Besides, Eastern wealth (88.48%), flush (88.26%), Chongqing Luqiao (87.72%), CIT Union (86.75%), Ji Chuan Pharmaceutical (84.34%), red sun Pharmaceutical (82.72%), Guan Hao biological (82.72%), and Chile fly (bio) and other companies reported gross profit margins during the reporting period.

Through combing, we found that in the companies that had disclosed the annual report in 2015, there were 77 companies with gross profit margins above 50% in 2015. Among them, the pharmaceutical and biological industry accounted for 25. In addition, computers (8), media (6), leisure services (6), machinery and equipment (5), food and beverage (5) and other industries were also concentrated.

It is worth mentioning that a total of 15 companies in line with the 2015 year-on-year net profit growth, gross profit doubled over the same period, sales gross margin of more than 40% and other conditions, showing a high degree of prosperity and good growth.

From the perspective of market performance, since March, 9 companies have increased their share price by more than 20%, namely, Baed stock (96.72%), flush (43.13%), Oriental Fortune (31.89%), Jing Sheng electromechanical (30.44%), albait (25.64%), contemporary Orient (25.18%), bus online (24.20%), Dao Bo share (23.17%), Wanjia culture (21.79%), while the rest of the other companies are Songliao automobile, baoriun shares, Haixiang pharmaceutical, mutual entertainment, new culture and spin pole information.

From the point of view of quarterly earnings forecasts, the above companies also generally achieve performance prejokes. Among them, 2130% companies, including Baoxing stock (902.87%), albait (265.72%), 37 mutual Entertainment (154.65%) and flush (120%), are expected to achieve double profits in the first quarter of this year, while bus online is also expected to achieve profitability in the first quarter of this year.