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    Is The Textile Industry Sluggish? China Cotton Textile Ten Xinye Textile Made Nearly 3 Hundred Million In 2019.

    2020/2/4 22:10:00 0

    2019Xinye Textile

       Henan Xinye textile Limited by Share Ltd (hereinafter referred to as "Xinye textile") has released 2019 annual performance notice. It is estimated that the net profit attributable to shareholders of listed companies during the reporting period will be 272 million 208 thousand yuan -31109.49 million yuan, down by 20%-30% compared with the same period last year.


    Xinye textile explained that the decline in performance was due to the fact that the Sino US trade dispute intensified during the reporting period. The domestic macro-economy was downhill, and the overall downturn in the textile industry affected the gross profit margin of the company's products, which was attributable to the decline in net profit of the shareholders of the listed companies.


    Public information shows that Xinye textile is one of the major textile backbone enterprises in the country, one of the 520 major enterprises in China and one of 50 key supporting enterprises in Henan province. The main business of the company is to engage in the production and sale of medium and high-grade cotton textiles. The main products include grey fabric series products and yarn series products. It has the perfect industrial chain of cotton processing, spinning, weaving and dyeing and finishing. Under the framework of the national strategy, the company has invested about 2000000000 yuan in Xinjiang, integrating the cotton acquisition, cotton processing and spinning industry chain in Xinjiang, and driving the company's capacity to 170 million spindles. In July 2019, the China Cotton Textile Industry Association released the list of China's top 100 cotton textile industry competitiveness companies, ranking seventh.

    In the three quarter of 2019, Xinye textile realized operating income of 4 billion 220 million yuan, down 10.98% compared with the same period last year. The net profit attributable to shareholders of listed companies was 204 million yuan, down 35.61% from the same period last year. Basic earnings per share of 0.2502 yuan. Among them, the three quarter achieved operating income of 1 billion 358 million yuan, down 62.39% compared with the same period last year, the net profit attributable to shareholders of listed companies was 51 million 767 thousand yuan, down 62.39% from the same period last year.


    Li Jie, an analyst at Everbright Securities, said earlier that cotton prices continued to decline in the two quarter to the three quarter of 2019, thanks to the intensified trade friction between China and the United States. At present, trade frictions between China and the United States have eased, and China's purchase of US agricultural products has increased. Cotton prices in the future are expected to stabilize gradually, and the prices of textile products in Xinye are expected to remain stable.


    From the point of view of profitability, the three quarter of 2019 was affected by the drop in cotton prices. The gross profit margin of Xinye textile industry slipped year by year, cotton prices stabilized, Xinye textile strengthened the development of new products with high gross margin, and the gross profit margin was expected to maintain stability and improvement.


    Insiders said that in the second half of 2018, cotton textile manufacturing industry was facing weak domestic demand and the impact of external demand brought by Sino US trade friction. The pressure of receiving orders was obvious. But at the end of 2019, trade friction between China and the United States showed a turning point. In addition, the new cotton futures and spot prices rebounded at the end of the year, which promoted the increase of yarn reserves in the downstream. In addition, the autumn and winter in 2020 was a new year for the clothing industry (after the Spring Festival in 2021). From the perspective of the transmission of the industrial chain, the stock of upstream raw materials was strengthened, and the related enterprises were improved.


    Guang Fa Securities researcher Mi Hanjie recently pointed out that for cotton spinning companies, the cotton used for production is usually cotton purchased in the past. When cotton prices continue to rise, product prices will be raised by cost plus pricing, but the cost of products will remain unchanged, so gross margins will grow correspondingly and profits will also rise. On the contrary, if the market price of cotton is kept low with the production of cotton in stock, the price basis may be lower than the cost price. In addition to the profit of the price increase, the company also faces the loss of the price basis, which is lower than the cost price.


    Upstream enterprises' export accounts for a relatively high proportion, so if the RMB exchange rate is maintained at a high level, even if the situation continues to rise significantly, it will affect the order and profitability of these enterprises. Two, in recent years, domestic and foreign major resource goods have seen a rise in prices, and the prices of raw materials in some textile industries have risen sharply, which has caused some pressure on the profitability of enterprises. Especially when the gross profit margins and net interest rates of textile enterprises are not high, the price of raw materials will continue to rise sharply, which will inhibit the profit growth of manufacturing enterprises. Three, from the historical experience, clothing and related textiles as traditional alternative consumer goods are greatly influenced by external economic environment. If the economy is depressed, consumers will expect lower income, so the terminal retail will bear great pressure. Mi Hanjie said frankly, for upstream textile manufacturers, there are several factors to consider.


    As of January 24, 2020, Xinye textile reported 3.46 yuan / share, a decline of 2.54%, the market value of 2 billion 826 million yuan.

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