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    This Chinese Textile Enterprise Only Takes 100 Million Yuan To Win Vietnam'S 512 Thousand And 400 Industrial Land.

    2019/12/25 11:30:00 91

    Elastic Core Spun YarnTianhong Textile

    The global elastic core spun yarn market leader, Tianhong textile, announced in December 23rd that the company's indirect wholly affiliated subsidiary Tianhong knitting and Haihe Industrial Zone entered into an agreement to acquire an industrial land and its infrastructure built in Haihe industrial area, Haihong Industrial Zone, Haihe District, Guangning, Vietnam, with an area of about 512 thousand and 400 square meters, of which the first phase is about 249904.5 square meters, with a cost of RMB 106 million yuan.

    According to the agreement, the Haihe industrial area will be delivered to the Tianhong knitting by the end of December 2019 or other dates of the contracting parties. The second phase will be delivered at the end of December 2021 or before, but only after the completion of the second phase of the plot and the vacancy tube from the Haihe County Land Development Center to acquire the second phase of the plot will be realized. Haihe industrial zone will undertake to complete infrastructure and roads around the site.

    It is reported that the Haihe industrial area was established in Vietnam. Zhu Yongxiang, the chairman and executive director of Hong Kong Tianzhu and the group's joint chief executive officer and executive director, respectively, had 78% and 22% interest respectively. Haihe industrial area is mainly engaged in infrastructure development.

    Earlier, a group of Affiliated Companies has acquired several blocks of Haihe industrial area to build factories for producing textile products. After the reorganization of China's knitted fabric dyeing business, the Group intends to establish a large scale knitted fabric dyeing production base in Vietnam. Therefore, the group decided to purchase the land for building factories and expand the investment scale of the group in this field.

    According to the insiders, Tianhong textile can realize the production and management of the whole industrial chain through the construction of the northern Vietnam Industrial Park. From the perspective of the profitability of enterprises in the various links of the industrial chain, because the cost of raw materials accounted for 77% of the spinning enterprises, the profitability of the spinning industry is the worst and the most unstable. Through the vertical integration of the industrial chain, the profitability of the group is expected to be improved and the stability is expected to increase.

    Lv Ming, an analyst with Tianfeng securities, thought that the main reasons why Tianhong textile chose to build factories in Vietnam are as follows:

    1) geographical location advantage:

    China has a large demand for Vietnamese yarn and other products, and is the largest importer of yarn products in Vietnam. Guangning province is a key economic region in the north of Vietnam. It belongs to the "two corridors and one circle" economic development strategy. Haihe County, close to the border street of China, is only 30 kilometers away from Dongxing, Guangxi. It can effectively radiate the mainland market. From Vietnam's Mong Jie port and Guangxi Dongxing port, the road transportation to Guangzhou is about 650 kilometers, 7 hours' drive, to Xiamen about 1200 kilometers, 12 hours drive, and only two days for logistics to Jiangsu and Zhejiang provinces.

    2) cost advantages:

    From Vietnam's labor, land, energy, tax and other aspects to compare:

    Labor cost: first, Vietnam is in the labor bonus stage, and the young labor force is abundant and cheap. As of 2017, the total population was 93 million 700 thousand, the median age of the population was only 30.5 years old, and the average monthly salary of the workers in general was about 9.12 dollars per day, which is lower than the average labor cost in China today.

    Land cost: Vietnam's industrial land acquisition costs are lower than those in China, and some even get permanent property rights. In 2017, the average land price of Hu Zhiming Industrial Park in Vietnam was 75 to 80 US dollars per square meter. According to the latest data of China industrial information network, the land price of industrial land in China in the three quarter of 2018 was 120.35 US dollars / square meter, compared with Vietnam's land cost.

    The cost of energy: Vietnam's average industrial electricity price is about 0.5 yuan / degree, while the price of industrial electricity in various regions in China is between 0.5-0.9 yuan / degree. The average price of industrial water in Vietnam is about 3 yuan per cubic meter, while domestic water charges exceed 4 yuan / cubic meter.

    Tax preference: Vietnam offers preferential tax rates for foreign-funded projects: most enterprises can enjoy the "four exemption and nine halved policy", that is, to achieve profits in any one year during the 3 year start-up period, that is, to transfer to 4 years' tax exemption period, and enjoy half the tax revenue in the next 9 years.

    Lv Ming analysis, on the future development strategy of Tianhong textile, the company will continue to take the road of deep development as the main factor in the future development of China's textile industry, make product specialization and differentiation, create product competitiveness, maintain the leading position of the core spun yarn of the traditional superior products of the company, and for overseas, the company hopes to form an overseas cluster with Vietnam as its main base, and achieve vertical and vertical integration development, so as to create a seamless chain of the upstream and downstream integration from spinning, weaving to terminal textiles. This will make the enterprises in the park produce low cost effect and high output efficiency.

    For Tianhong textile, under the background of the current industrial transfer, the company hopes to form a collective force base and platform overseas, and build an international and specialized textile industrial park. But Lv Ming also stressed that Tianhong textile is not to develop all the links of the industrial chain itself, but will rely on the industrial park in Vietnam to absorb enterprises from all sectors of the industrial chain such as spinning, weaving, printing and dyeing to knitwear, home textiles, clothing and so on, and jointly build a large industrial alliance, and join the enterprises in the park to realize the system pattern of similar partners, so as to achieve resource sharing, complementary advantages and mutual help and win win.

    Long term concern about Tianhong textile securities analyst Wu Li said that in order to bring the company's overall profitability to a new level, Tianhong textile is fully promoting the construction of industrial chain integration. First of all, at the level of listed companies, Tianhong textile hopes to use jeans as the main production category. In 2017, the company began to improve its manufacturing capacity of jeans garments through cooperation with top garment manufacturers and acquisitions in the industry, and at the same time, to further enhance the company's profit stability; secondly, at the group level, Tianhong textile is building up Vietnam's Industrial Park, hoping to integrate and upgrade the efficiency of the whole industrial chain through the introduction of more upstream and downstream enterprises.

    From the perspective of group, Tianhong textile industry builds Vietnam Textile Industrial Park to promote the overall efficiency of the industrial chain. In 2014, Tianhong Industrial Park, Haihe District, Guangning, Vietnam, was built to open up the whole industrial chain. In November 2014, Tianhong Group began investing in the construction of the first large-scale industrial park in Haihe District, Guangning, Vietnam. The park covers an area of 660 hectares, with a total investment of US $225 million. It belongs to the listed company in vitro. It is owned by 78%/22%, Mr. Hong Tianzhu, the chairman of the listed company and Mr. Zhu Yong, the joint chief executive officer. Tianhong Group is trying to build various supporting facilities in the industrial park to provide all-round services for the upstream and downstream industries.

    The planning and construction of the Tianhong Textile Industrial Park includes infrastructure such as water supply, power supply sewage, warehouses, wharfs, staff dormitories, etc. These infrastructure will serve the Tianhong textile (listed companies) and other upstream and downstream companies on the textile industrial chain that are stationed in the industrial park. At the same time, Tianhong will also provide comprehensive guidance to its manufacturers in the light of its accumulated experience in Vietnam, providing as many infrastructure services as possible for the enterprises in the park to enhance the efficiency of the industrial chain. At present, the subsidiary companies of Tianhong galaxy, Tianhong dyeing and finishing, Tianhong technology, and LAN Yan denim garment have been completed.

    Tianhong textile has experienced 20 years of development. In 2017, it has become a high-quality leader with 3 million 30 thousand spindles. The elastic core spun yarn ranks first in the world, and its capacity is 5-6 times that of the two or three industries. Taking the Shandong Dai Yin group, the leader of the elastic core spun yarn and the leading technology and R & D group, its official website shows that it currently has 500 thousand spindles of /7 million tons of yarn production capacity and is currently 1/6 of Tianhong textile. At the same time, as one of the earliest textile manufacturers to expand overseas production, Tianhong textile began to set up factories overseas in 2006. In 2017, through self construction and acquisition of local capacity, Vietnam's capacity has reached 1 million 250 thousand ingots, accounting for 41% of total yarn production capacity. Vietnam's raw material cost advantages (overseas cotton) and labor cost advantages enable the company to concentrate its cotton yarn related orders in Vietnam and domestic production capacity, so that it can focus on higher orders of man-made yarn orders and innovative products, so as to provide one-stop service for customers while the gross profit margins of China and Vietnam are basically at the same level.

    In Marie's view, the expansion of production capacity is inseparable from the strong hematopoietic capacity of the main industry: the yarn manufacturing industry requires higher capital input, including the continuous investment in land, plant and equipment during the expansion process, and the daily operation capital (especially raw material stock). Specific to Tianhong, its capital investment in the past year is in the range of 4-19 billion yuan. In addition to the fact that in 2016, the company raised 288 million Hong Kong dollars for the expansion and supplement of working capital through the allotment of shares, other capital investment was basically completed through independent financing or loans, and because of the hematopoietic capacity of the company's main business, the company's cash flow in recent years was stable, supporting the smooth expansion of the company's capacity in China, Vietnam and Kampuchea. Tianhong textile also disclosed in 2017 annual report, 2018, 2019 capacity expansion and equipment upgrading plan capital expenditure of about 2 billion yuan.

    According to public information, Tianhong textile is one of China's largest cotton textile manufacturers, and is also the leader of the global elastic core spun yarn market. The main business of the group is to manufacture and sell high quality yarn, grey fabric, needle woven fabric and garment (jeans), especially focus on producing high added value elastic core spun yarn. Since its establishment in 1997, the group has been developing rapidly and has more than 3000 domestic and foreign customers. Its sales network is in China, Vietnam, North America, Europe, Brazil, Turkey, Bangladesh, Japan and South Korea. The company takes Shanghai as its sales headquarters, and sets up production bases in China, Vietnam, Kampuchea and Nicaragua. Turkey, Uruguay and other places are also developing industrial bases. The main production facilities include about 3 million 30 thousand spindles and 1283 looms, with a total investment of over 8 billion RMB.

    According to the financial report, in the first half of 2019, Tianhong textile realized business income of 10 billion 191 million yuan, an increase of 15.66% over the same period last year, a gross profit margin of 1 billion 381 million yuan, a decrease of 6.51% compared with the same period last year, a gross margin of 13.5%, a decrease of 3.3 percentage points, and a company owner's profit of 471 million yuan, a decrease of 21.81% over the same period last year, and a net profit margin of 4.8% percentage points, down by 2.1 percentage points.

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