What Is The Three Quarterly Report Of 107 Textile And Apparel Listed Companies?

As of December 13, 2019, 2019 three quarterly reports of 107 textile and apparel listed companies in Shanghai, Shenzhen and Hong Kong have been disclosed in three cities. According to the performance report, 33 companies' operating income and net profit attributable to shareholders of listed companies increased by double, while 31 companies' operating income and net profit attributable to shareholders of listed companies decreased by two times.

　　 Net profit growth of nearly 50% Enterprises

In the statistics of net profit growth attributable to shareholders of listed companies, a total of 52 companies had net profit growth, and 21 companies had a net profit increase of over 30%. Black Peony (600510), Saturday (002291), Shanghai Sanmao (600689), Pathfinder (300005), Zhejiang Fu run (600070), good news bird (002154), Huamao shares (000850) belong to the shareholders of listed companies, net profit increased rapidly, 462.60%, 432.56%, 422.37%, 293.22%, 293.22%, 293.22%, and 422.37% respectively. Hengli Petrochemical (600346), Ordos, Xinlong Holdings (000955), Be Meleven (002832), Oriental Sheng Hong (000301) attributable to shareholders of listed companies increased by 50% net profit, 86.64%, 84.12%, 67.73%, 51.09%, 52.23%, respectively.

Statistics on net profit attributable to shareholders of listed companies reduced 53 companies' net profits and 34 companies' net profit by over 30%. Most of the net profit of La Natsu Bell (603555), Mei Bang dress (002269), Jia Linjie (603157), Jia Linjie (002486), Tanaka (300461), modern Avenue (002656), and favorite (002761) belong to the shareholders of listed companies, respectively, 1134.18%, 692.42%, 444.7%, 284.50%, 284.50%, 284.50%, and 444.7%. Three dimensional silk (300056), Hasen shares (603958), Zhongtai chemical (002092), Jihua Group (601718), Shanshan stock (600884), Cixing share (300307), Sanyou chemical (600409), Hua Fengchao fiber (300180), red dragonfly (603116) belong to the shareholders of listed companies, the net profit fell by 50%, 94.03%, 94.03%, 94.03%, 50%, 0, 2, 2, 1, 2, and 2 respectively.

According to the insiders, the reason for the slight decrease in income in the first three quarters of 2019 was mainly due to the uncertainty of foreign trade environment, which led to the slowdown of orders for overseas customers. Meanwhile, domestic and downstream demand growth slowed down, and internal and external orders were under pressure. The decline in profitability is due to the shortage of orders, which leads to a decline in capacity utilization, an increase in unit costs, a superimposed reduction in stock prices and a continuous fall in cotton prices. In terms of operation, inventory backlog and inventory turnover slowed down, but the company was more cautious in stock preparation and reduced in expenditure and increased in cash flow. However, some of the leading enterprises in textile industry are still growing at a high speed.

Part of the textile business transformation results show

The black peony, which achieves double growth in revenue and net profit, is responsible for the change of annual performance in 2019. The company said it was based on the company's most real estate settlement in 2019 in the second, third quarter. After preliminary calculations, it is estimated that the net profit attributable to shareholders of listed companies in 2019 will increase by about 20% compared with the previous year. The main reason for the growth of Zhejiang's fortune is that the main business of the company has maintained steady growth.

The reason for the change in Huamao shares is that during the current reporting period, the company realized the proceeds from the sale of some shares held by Guotai Junan Securities and the investment income recognized by the dividends of the participating companies according to the accounting standards, which increased the net profit attributable to shareholders of the listed companies this time. At the same time, the company actively promoted the structural adjustment and transformation and upgrading of the textile business, and the textile business profits rebounded steadily.

It is understood that Hengli Petrochemical since May this year, the company's wholly-owned Hengli 20 million ton / year refining and chemical integration project took the lead in the industry and entered the performance contribution period, benefiting from the continuous, stable and efficient operation of the refinery after its commissioning. The refinery assets in the two or three quarter have become the main driving force to promote the rapid growth and profitability of the listed companies. In addition, the average price difference of domestic PTA industry has been widened than that of the same period last year, driving the company's profit growth.

The reasons for the change in employment performance, Dongsheng Hong said that during the reporting period, the company's production and operation was stable and its profitability was good. The reasons for the change in the current performance were mainly due to the impairment of goodwill prepared by the company during the same period last year.

Confined operation of enterprises in adjustment period

Xinlong holdings announced that the company's operating income and profitability increased during the reporting period compared with the same period last year. Net profit attributable to shareholders of listed companies has been substantially reduced compared with the same period last year. However, due to the fact that the expansion projects of Hubei base and Hunan base are still under construction, no new benefits have been formed. At the same time, in order to enhance market competitiveness, the company increased its R & D investment in the main business of the nonwoven industry during the reporting period, resulting in a three quarter performance deficit.

Despite the brilliant results of Sanmao's three quarterly report in Shanghai, the business related to the textile industry is affected by the external trade environment. The import and export trade revenue has declined, the cost of self run business has increased, and there has been a loss in business.

Jialin Jie announced that its performance declined. The company carried out related work of transferring related assets and liabilities of textile business to wholly owned subsidiary Shanghai Jialin Jie Textile Technology Co., Ltd., and carried out corresponding accounting treatment. After careful assessment of the company structure and business system after the asset transfer, the company decided to write down the book value of the deferred income tax assets that had been included and recorded the income tax expense accordingly, thus having a greater impact on the current net profit.

Performance report shows that home textile companies online recovery and offline differentiation is obvious. Mercury home textiles (603365) has recovered rapidly, and the life of Luo Lai (002293) has remained stable. The decline of the company's performance (002327) is mainly due to the company's efforts to strengthen channel inventory clearance, slow down the delivery rhythm and increase the rate of sales expenses.

It is not only the differentiation of textile and home textiles. In the clothing section, before the brilliant performance of some casual wear, women's clothing enterprises also suffered a decline in performance.

Casual wear, women's wear business decline

In the first three quarters of this year, the local casual wear enterprises, such as the bird of honor, the American dress, the search for special (002503), the Taiping bird (603877) and the Bai Bao Long (002776), all declined in different ranges. The reason for this year's net profit is a big decline. In the announcement, you see, as the main business income has declined, the sales cost and the provision for bad debts have increased significantly. The decline in sales revenue of the main brand "noble bird" is the main reason for the decrease in main business income.

In the first half of the year, due to the impact of the delivery period, the new products listed in the spring and summer of 2019 were postponed and failed to meet market demand in the first half of the year. The supply chain delivery problem has gradually improved in the second half of the year. The new products in autumn and winter are listed on demand. The three quarter operating income declines significantly narrowed compared with the first half of the year, and the fourth quarter is expected to continue this trend.

According to the analysis of the industry, the competition environment for domestic casual wear market more than ten years ago is relatively loose, and many enterprises have obtained high growth and high profits. But as foreign fast fashion and leisure brands enter the domestic market, the leisure wear market tends to be saturated. In the past two years, some enterprises have seized opportunities such as children's clothing and sinking market to win space for performance growth. Many other owners of enterprises have failed to fill in vacancy when they decline, resulting in poor performance.

In addition, the performance of La Natsu Bell and modern Avenue declined sharply. La Natsu Bell announced that the main reason for the loss was the year-on-year decline in operating income and accelerated digestion of the seasonal products, resulting in a year-on-year decrease in gross margin and a corresponding decrease in gross sales. At the same time, La Natsu Bell continued to close inefficient inefficient shops, resulting in accelerated amortization of long term prepaid expenses, which was affected by the new leasing criteria. At the same time, during the reporting period, the decline in reserves and provision for bad debts increased year by year, thereby affecting net profit. In addition, La Natsu Bell's implementation of the new leasing criteria also has a negative impact on the current net profit.

According to the modern Avenue announcement, the company's wholly owned sun Boulevard fashion Agel Ecommerce Ltd intends to make an impairment on its intangible assets (modern fashion platform APP software). A wholly owned subsidiary of the company, the card slave Road clothing and joint stock (Hongkong) Co., Ltd. intends to reduce the assets of its intangible assets (some trademarks).

　　 Outdoor products enterprises release potential

In recent years, the explorer who focuses on outdoor products relies on continuously enhancing the competitiveness of products, further enhancing the influence of brand culture and brand spirit on users, and finally achieving the three quarterly performance counter attack. The Pathfinder is also promoting the upgrading of the offline shop under more specific sense, the meticulous management of sales terminals and the continuous improvement of the channel structure. At the same time, it is reasonable and effective to control various expenses. It is expected that the current non recurring gains and losses will also increase compared with the same period last year, and the loss of non outdoor main businesses also decreased compared with the same period last year.

The net profit growth rate of the company is higher than that of revenue, mainly due to the rise in gross profit margin, loss in asset impairment, and decrease in income tax rate.

Zhongtai Securities Research Report analysis pointed out that, in the context of the weak demand of the industry as a whole, the leading sub sectors with better growth have significant advantages. At the same time, the risk of slowdown in macro-economic growth and the slowdown in demand for consumer goods will lead to less than expected sales of brand clothing and risk of cotton price changes.