For H&M, ZARA And Other Big Name Fabrics For Civil Aviation Shares, Last Year'S Printing And Dyeing Industry'S Main Business Revenue Exceeded 3 Billion 800 Million

The Zhejiang civil aviation Limited by Share Ltd (hereinafter referred to as "hang min share"), the main local textile company, released its annual report in 2019 (April 9th). During the reporting period, the company achieved operating income of 6 billion 690 million yuan, down 11.14% compared to the same period last year, and the net profit attributable to shareholders of listed companies was 737 million yuan, an increase of 11.34% over the same period last year.

In 2020, hang min shares continued to promote the level of intelligence, informatization and modernization of enterprises, to achieve the upgrading of the main body of textile printing and dyeing and thermoelectric industry, to consolidate the leading edge of the industry, to expand the market share and enhance the new kinetic energy by making use of the new production capacity of non-woven fabrics and the expansion of civil aviation contracts and other machines.

According to public information, hang min shares is a company that focuses on the development of double main industries of textile printing and dyeing and gold jewelry, and is a company that integrates thermal power, weaving, nonwovens production, industrial water, sewage treatment and marine logistics. Now, the company has formed a steady and efficient industrial chain with printing and dyeing as main business, thermal power, weaving, nonwoven, and marine supporting development. "Brand printing and dyeing products have been certified by ISO9001, ISO14001, Oeko-texstandard100, cleaner production audit and so on. The company has become a qualified supplier of domestic clothing quality brands and international brands H&M, ZARA, M & S, Wal-Mart, VF and so on. The company has been named the" top twenty "enterprise in China's printing and dyeing industry for many years.

Hang min shares were listed in 2004, mainly in the printing and dyeing industry. After the listing, the company set up a number of printing and dyeing industries through the integration of the upstream and downstream industries chain, and gradually formed the scale advantage. In 2018, the company found that the shares were acquired by the controlling shareholder of the hang min group, a 100% stake in the civil aviation and 100 Thai companies. At present, the acquisition plan has been approved by the SFC. By the end of 2018, the business contributed 3 billion 570 million 200 thousand yuan in revenue to the company, accounting for 47.39% of the company's revenue.

Hongta securities analyst Yu Aili said that the revenue, operation and profitability of civil aviation shares are located in the forefront of the printing and dyeing industry. With the high technical strength and scale, the overall gross profit margin and net interest rate continue to be higher than the industry average and similar listed companies, occupying the leading position of A share printing and dyeing.

At present, the aviation and civilian share printing and dyeing industry chain has set foot in the heating, power supply, water supply and necessary sewage treatment business, and has also arranged weaving, nonwovens, Offshore Shipping and other related businesses. The layout of printing and dyeing upstream and downstream industry chain provides effective support for printing and dyeing business, promotes the stability of the company's operation, and makes the company gradually become the leader in the industry.

From the net profit to the parent, the 57 million yuan in 2001 has increased to 574 million yuan in 2017, the annual compound growth rate is about 15.53%, and the net profit of the company returns to 15.39% in 2018.

Yu Aili had previously thought that the gross profit margin and net interest rate of civil aviation shares have been rising since 2005, and the gross profit margin and net interest rate of the company declined slightly in 2017. It is due to the rapid rise of coal prices and dyestuffs. But in the long run, coal prices and dye are not likely to continue to rise. It is expected that the gross profit margin and net interest rate of the company will gradually increase steadily. In 2018, gross margins and net interest rates fell sharply because the gross profit margin of the gold and jewelry industry was relatively low, and the company's consolidated gross profit margin was lowered.

In the view of Yu Aili, the rising price of raw materials such as dyes has a certain impact on the gross profit margin of the printing and dyeing industry, but it has different effects on different companies in the industry. For leading enterprises, the bargaining power is strong and the scale effect is high, so that the cost can be transferred to the downstream to ensure the company's profitability. From 2011, the price of dyestuffs has fluctuated several times, especially the price of dyes has increased significantly in 2013 and 2014. However, the net interest rate of civil aviation company has increased significantly during this period. The price of dye has increased since mid 2017, and the net interest rate of civil aviation shares remains at a higher level.

However, we should also see that because of the stricter environmental protection and the upgrading of the printing and dyeing industry, civil aviation shares are the leading industry with price transfer capability. But if the upstream raw material prices go up too fast and the company rises passively, because of the fierce market competition and the limited ability of the downstream enterprises, there may be some factors that can not completely transfer the price of all raw materials.

Aili pointed out. At present, the printing and dyeing industry has the characteristics of "geographical concentration and low market share of single enterprises". At the same time, the public's awareness of environmental protection is enhanced, and the state's efforts to improve environmental protection are intensified. The industry is facing fierce competition while being subjected to strict external supervision, making some enterprises that are less competitive, backward in production capacity, backward in technology and weak in comprehensive management ability are gradually being eliminated, prompting the industry. With the gradual improvement of the concentration ratio, the advantages of the leading enterprises are gradually being highlighted.