Textile And Apparel Listed Companies In 2019

In 2019, China's textile industry withstood the severe test under the pressure of more complex external trade environment, slower demand for domestic and foreign markets, and continuous upgrading of comprehensive costs. The whole industry insists on deepening the structural reform of supply side, striving to overcome the pressure of downside risks and accelerating industrial transformation and upgrading. From the relevant economic operation statistics, the situation of industrial production is generally stable, and the overall prosperity of the industry is still running in the normal range. However, the main economic performance indicators are slowing down, and investment growth momentum is weak, and the level of efficiency has declined.

Textile and apparel listed companies have made important contributions to the innovation and development of the whole industry and the smooth operation of the textile economy in the course of the development of the industry. With the conclusion of the end of the April Shanghai and Shenzhen two annual reports and the first draft of the 2019 annual report on the development of textile and garment companies listed in the China Textile Planning Research Institute, 2019 annual performance report of textile and apparel listed companies has reached a preliminary conclusion.

I. General Situation

1, according to incomplete statistics, as of the end of 2019, there were 176 A shares listed companies in the two cities of Shanghai and Shenzhen. Compared with the statistics base of the 166 households in the previous year, the new company mainly came from the new IPO listed companies in 2019 and the main business of increasing or changing to the textile and garment industry.

Of the 176 textile and apparel listed companies, 82 were the main board, 73 were medium and small boards, 21 were gem, and three accounted for 46.59%, 41.48% and 11.93% respectively.

2, by the end of 2019, the market capitalization of 176 major textile and garment listed companies in Shanghai and Shenzhen two cities was about 1 trillion and 397 billion 561 million yuan, an increase of 29.48% over the previous year, accounting for 2.05% of the total market capitalization of A shares in Shanghai and Shenzhen two cities.

Hengli Petrochemical (600346.SH), Rongsheng Petrochemical (002493.SZ) and Zhejiang Longsheng (600352.SH) ranked the first three in 113 billion 189 million yuan, 77 billion 947 million yuan and 47 billion 76 million yuan respectively.

3. According to statistics, 2019 textile and garment enterprises in Suzhou, including 603332.SH, 300777.SZ, 300798.SZ and 300758.SZ, were first approved for IPO listing in 2019, accounting for 1.97% of the new listed companies in Shanghai and Shenzhen two cities in 2019. The 4 newly listed textile and apparel listed companies mainly focus on chemical fiber and dyestuff production. IPO initial listing raised a total of 1 billion 439 million yuan of funds, compared with the previous year's textile and apparel listed companies raised 25.54% of the amount of fund-raising.

4, statistics show that, with the further deepening of market-oriented reform of domestic capital market in recent years, the demand for additional financing, mergers and acquisitions and issuance of convertible bonds of textile and apparel listed companies has been continuously released. In 2019, a total of 8 textile and apparel listed companies in Shanghai and Shenzhen two cities raised 25 billion yuan (including 3 billion 503 million yuan for additional financing) through the issuance of additional funds, 6 enterprises actually completed restructuring, and 14 textile and apparel listed companies released the first announcement of reorganization; 5 textile and garment companies raised 2 billion 273 million yuan by issuing convertible bonds.

5. Industry status and role of textile and apparel listed companies in Shanghai and Shenzhen two cities

Related data statistics show that the number of Listed Companies in textile and clothing companies in Shanghai and Shenzhen two, which accounts for only 0.51% of the total assets and the proportion of assets accounted for 47.16%, accounted for about 25.85% of the total industry's total revenue in 2019 and accounted for 36.36% of the profits. The main items are as follows:

The position of textile and clothing listed companies in the economic operation of the textile industry in Shanghai and Shenzhen two cities

(source: National Unification Bureau, annual report of listed companies, China Textile Economic Research Institute)

Two. According to the Asys.16 evaluation and evaluation system, the comprehensive evaluation of the operation and development of textile and apparel listed companies in the year 2019 and the evaluation of health index are concluded.

The total score of textile and apparel listed companies in 1 and 2019 is 505.06, up 2.72% over the previous year. Among them, the measurement of earnings quality and profitability was 47.81 (0.64% lower than the previous year), and the operational quality and control capability were 56.38 (3.09% higher than the previous year), 59.56 of the capital structure and debt paying ability (3.03% higher than the previous year), and the assessment of development potential was 36.69 (up 8.45% over the previous year).

In 2 and 2019, the health index (HIS score) of the listed companies of textile and clothing in Shanghai and Shenzhen two cities was 74.22, an increase of 2.42 points over the previous year, but it was still sub healthy (HIS score was 60~75). It shows that there are potential risks or unstable factors in textile and clothing listed companies in Shanghai and Shenzhen two cities. Compared with the previous year, the number of entrepreneurs in the 2019 health index above 76 points was 64.20% (113), which was higher than that in 2018 (4.56 percentage points). This shows that the overall operation and development trend of textile and apparel listed companies in 2019 has turned to a healthy direction.

Summary of the operation and development of textile and apparel listed companies in three and 2019

1, revenue situation

In 2019, 176 main textile and apparel listed companies in Shanghai and Shenzhen two cities achieved a total operating income of 1 trillion and 278 billion 227 million yuan, an increase of 22.60% over the previous year and a 8.81 percentage point increase over the previous year. Among them: 28 (accounting for 15.9%) revenue more than 10 billion yuan, Hengli Petrochemical (600346.SH) topped the list with 100 billion 782 million yuan.

From the distribution of revenue, accounting for 15.9% and revenue of over 10 billion textile and apparel listed companies totaled 914 billion 377 million yuan, accounting for nearly 2/3 of total revenue. About 5 billion of textile and apparel listed companies in 2019 accounted for less than RMB $2/3.

2. Profitability

In 2019, 176 textile and apparel listed companies in Shanghai and Shenzhen two realized a net profit of 62 billion 845 million yuan, an increase of 15.69% over the same period last year. Among them, 82 (accounting for 46.59%) realized net profit year-on-year growth, the highest increase was about 850.23%; and 94 (accounting for 53.41%) net profit fell year by year.

From the distribution of net profit, the total profit of 1 billion yuan was 21 (accounting for 11.93%). Hengli Petrochemical (600346.SH), Zhejiang Longsheng (600352.SH) and Hengyi Petrochemical (000703.SZ) respectively ranked 10 billion 112 million in the net profit, 5 billion 306 million yuan and 4 billion 21 million yuan in the top three. Nearly half of the listed companies net profit in the 0~1 billion yuan area. 26 enterprises were losing money (14.77%).

3. Profitability and quality

(1) sales net interest rate is a measure of the income level of a company's sales revenue. In 2019, the net sales rate of textile and apparel listed companies was 4.92%, down 0.42 percentage points from the previous year. Among them, 100 were higher than the industry average of 4.92% (accounting for 56.82%), and 26 had a negative net profit margin (14.77). Science and Technology (300777.SZ) ranked first in net interest rate of 58.26%, and 600790.SH and 300107.SZ respectively ranked second, third in 36.79% and 35.18% respectively.

(2) gross margin is the most basic and important index to measure the competitiveness of an enterprise. Statistics show that the profitability of textile and apparel listed companies in 2019 was maintained at "sales gross margin of 50%" this "profiteering line" above a total of 19 companies. 300777.SZ, 603587.SH and Be Meleven (002832.SZ) ranked the top three in 82.35%, 75% and 67.78 respectively. Gross profit margin in the 40%~50% interval of 17 (accounting for 9.66%); gross margin of less than 10% of 24 (13.64%).

4. Operation and cash flow statistics.

(1) the cash earning capacity, inventory turnover, accounts receivable turnover and liquidity turnover of textile and apparel listed companies in the year 2019 are basically the same as that of the previous year.

(2) the net cash flow generated by business activities of 107 (60.80%) enterprises increased positively compared with the previous year, indicating that over 6 of the listed companies of textile and clothing companies outperformed the previous year in terms of cash flow generation.

(3) enterprise operating costs continued to rise in 2019. Among them, the selling cost is 75 billion 954 million yuan, the management cost is 47 billion 100 million yuan, and the financial cost is 22 billion 24 million yuan. They increased by 15.63%, 20.57% and 27.75% respectively over the previous year.

5, asset size and capital structure

(1) by the end of 2019, the total net assets of 176 textile and apparel listed companies in Shanghai and Shenzhen two were 825 billion 896 million yuan, an increase of 15.61% over the previous year, and the growth rate increased by 5.89 percentage points over the same period last year. The total assets amounted to 1 trillion and 918 billion 306 million yuan, an increase of 24.42% over the previous year, and the growth rate dropped by 1.01 percentage points over the previous year.

(2) in 2019, the asset liability ratio (176) of 176 textile and apparel listed companies in Shanghai and Shenzhen two was 39.37%, down 1.63 percentage points from the previous year. Among them, more than 70% of the listed companies in textile and clothing enterprises have liabilities in the 20-60% area, and liabilities rate is higher than 70% (9) (5.11%). Four companies such as 002761.SZ, *ST, 603555.SH, *ST 002427.SZ and La Natsu Bell (603157.SH) accounted for more than 80% liabilities, reaching 92.46%, 87.20%, 86.34% and 85.59% respectively.

(3) the proportion of current assets (mean) is 55.16%, and the proportion of current liabilities (mean) is 83.20%, which is 0.35 and 1.37 percentage points lower than that of the previous year, respectively.

6, short-term loans and solvency

(1) statistics show that in 2019, two textile and garment listed companies in Shanghai and Shenzhen two realized short-term loans of 292 billion 53 million yuan, an increase of 31.63% over the previous year. It has maintained a high growth rate of the annual growth rate of short-term loans of listed companies of textile and clothing since 2017, which has been growing at around 30%.

(2) the turnover ratio, the quick ratio and the cash ratio of the textile and apparel listed companies in the 2019 are 2.41, 1.82 and 0.80 respectively, which are basically the same as those of the previous year.

7, R & D investment situation

(1) the total annual R & D expenditures of textile and apparel listed companies in 2019 totaled 20 billion 666 million yuan, an increase of 22.36% over the previous year. The intensity of R & D input was 3.08, down 1.21 percentage points from the previous year.

(2) in the 2019 year, the textile and apparel listed companies invested 130 million yuan in each year. Statistics show that nearly 3 of the listed companies in textile and clothing industry have invested more than 100 million yuan in R & D all year round. 601233.SH, Rongsheng Petrochemical (002493.SZ) and Hengli Petrochemical (600346.SH) ranked the top three in 1 billion 118 million yuan, 981 million yuan and 958 million yuan respectively.

(3) R & D input intensity (mean) 3.08. There are 52 textile and apparel listed companies (accounting for 29.55%) with R & D strength exceeding 3.

The research and development input intensity of 300334.SZ, 603025.SH and 300699.SZ were respectively ranked 12.63, 11.43 and 11.08 in the top three.

It is reported that China Textile Planning Research Association is about to compile the "2019 annual report on the development of Listed Companies in textile and garment industry". The report includes a more detailed statistical analysis of 2019 years of textile and apparel listed companies and a comprehensive evaluation of Asys.16 performance and 10 groups of single index TOP30 ranking, as well as a comparison and analysis of 48 single indicators of 12 sets of operation and development in 5 years from 2016~2019 to 5.