2020 has come to a perfect end. Although China’s textile and apparel industry has faced many severe tests, it has still delivered outstanding results, especially exports, which have bucked the trend and boosted the overall export of national goods trade. an increase of 1 percentage point. Now we will focus on listed textile and apparel companies in all aspects to see how they, as industry leaders, performed in the difficult 2020.
The number of listings hit a new high
As a pillar industry for the national economy and social development, a basic industry that solves people’s livelihood and beautifies life, international cooperation and integrated development As a dominant industry, textile and clothing companies have also entered an intensive period of “going public” in 2020. Relevant statistics show that throughout the year, textile and apparel companies achieved rapid increases in the number of IPO listings and the scale of fundraising. A total of 18 new textile and apparel stocks were listed throughout the year, accounting for 4.55% of the annual IPO companies, which was the fastest growth rate in the past two decades. The initial IPO funds raised reached 19.6 billion yuan, accounting for 4.15% of the annual IPO funds raised by A-shares, a significant increase of 2.18 percentage points from the 1.97% of the previous year.
From the perspective of subdivided professional fields, this year’s textile and apparel listed fund-raising companies Mainly chemical fiber manufacturing, clothing and apparel and industrial textiles. Among them, chemical fiber manufacturing companies accounted for 33.33%, industrial textile companies 27.78%, and clothing and apparel companies 22.22%. The number of listed companies in these three professional fields accounts for 83.33% of the entire newly listed textile and apparel companies. The professional classification of 18 newly listed textile and apparel companies in 2020 and the listing status of textile and apparel companies in recent years are as follows.
Old listed companies have mixed success
Judging from several traditional textile manufacturing companies that have released performance forecasts, the resumption of production has been delayed due to the epidemic, and coupled with shrinking downstream demand, their performance has declined to varying degrees, or even suffered losses.
Lutai Group is expected to make a profit of 90 million yuan to 135 million yuan in 2020. The profit in the same period last year was 950 million yuan, a year-on-year decrease of 90.55%-85.83%.
Xinye Textile released a performance forecast stating that the company expects net profit attributable to shareholders of listed companies in 2020 to be 196 million to 251 million, a year-on-year decrease of 29.85% to 10.17%. The company explained that due to the impact of the new coronavirus epidemic, the company and its upstream and downstream companies have delayed the resumption of work and production, resulting in a decline in production and sales and a decline in profits.
Huafu Fashion expects a loss of 350-430 million yuan in 2020, with a net profit of 402.3 million yuan in the same period last year. The announcement stated that due to the impact of the epidemic, production capacity in Xinjiang and other regions was delayed in resuming work and production, which increased large fixed expenses. The U.S. Department of Commerce’s entity list sanctioned the company’s large-scale employment settlement at Aksu Huafu, which was suspected of forced labor. Implicated, many American brands canceled orders and suspended cooperation, which had a negative impact on the company’s operations.
△Sunshine Group
1 On March 29, Jiangsu Sunshine released a performance forecast. The company expects net profit attributable to shareholders of listed companies from January to December 2020 to be 13.90 million, a year-on-year decrease of 80.17%. The company’s announcement on the impact on its main business explained that in 2020, the COVID-19 epidemic spread around the world, causing a huge impact on the macro economy. The company’s resumption of work and downstream demand have been affected to a certain extent, which has affected the sales of the company’s products and the company’s operating income has declined. As the domestic epidemic was brought under control, the company’s domestic business recovered well in the second half of the year, but its foreign business was still affected.
Ruyi Group is expected to make a profit of 5.5 million yuan to 8 million yuan. The profit in the same period last year was 48 million yuan, a year-on-year decrease of 83.39%-88.58%. Net profit after deducting non-recurring gains and losses (excluding Capital premium and other factors, only looking at operating profit, the same below) the loss was 60 million yuan – 80 million yuan, a decrease of 468.43% – 591.24% compared with the same period last year.
Downstream clothing brands performed slightly better, with most leading companies maintaining profitability or positive growth.
Youngor expects to achieve a net profit attributable to shareholders of listed companies of approximately 7.15 billion yuan in 2020, an increase of approximately 3.178 billion yuan over the same period last year, a year-on-year increase of approximately 80%. In terms of main business, the company expects that the fashion apparel segment will achieve operating income of approximately 5.837 billion yuan in 2020, a decrease of approximately 8% from the same period last year; the company will achieve a net profit attributable to shareholders of listed companies of approximately 1.014 billion yuan, basically the same as the same period last year.
△Peacebird Store
Peacebird expects to achieve a net profit attributable to shareholders of listed companies of about 700 million yuan in 2020, an increase of about 27% compared with the same period last year. The net profit attributable to shareholders of listed companies after excluding non-recurring gains and losses in 2020 is about 560 million yuan, which is expected to increase by about 59% compared with the same period last year.
Meibang Apparel’s net profit attributable to shareholders of listed companies was a loss of 820 million yuan to 580 million yuan, a loss of 825 million yuan in the same period last year, and the performance increased by 0.66% to 29.74% year-on-year
The performance of companies benefiting from the epidemic has exploded
△Xinlong Holdings Workers transport filtered non-woven fabrics into the transit warehouse
Xinlong Holdings, a leading company in the non-woven industry, released a performance forecast. The net profit in 2020 will be 175 million yuan to 220 million yuan, an increase of 35.26 times. to 44.59 times. Due to the increase in market demand for medical and health protective equipment and personal and household cleaning and hygiene, which stimulated the rapid growth of upstream non-woven fabric demand, the company’s non-woven product sales and gross profit rose sharply driven by market demand. Also driven In addition, the parent company of Cotton Times, Wenwen Medical recently released a performance forecast stating that profits in 2020 are expected to be 3.65 billion-3.95 billion yuan, a year-on-year increase of 568%-623%.
But In the same production of masks, there are also companies that make mistakes in timing and cause losses. Last year, Jujie Microfiber, which was popular in the capital market, had a net profit of 4.5 million yuan to 6.7 million yuan, a year-on-year decrease of 92.46% to 88.77%. The announcement stated that 2020 will be affected by the European epidemic. , the demand for the company’s products has been greatly suppressed compared with previous years, resulting in a significant reduction in export orders. The export value in 2020 was 207 million yuan, a decrease of 37.85% compared with the same period last year. In order to meet the public’s demand for epidemic prevention materials, the company established a mask production workshop. Due to the sharp decline in the prices of masks and raw materials in the later period, the mask business suffered a cumulative loss of 5.856 million yuan in 2020.
The industry rebounded in the fourth quarter
Upstream raw material companies turned losses into profits
Demand from the downstream of the textile industry chain increased significantly in the fourth quarter of last year. The performance of the chemical fiber industry in the upstream of the industry chain exceeded expectations, and the volume and price of main products increased. This has led to a positive recovery in the performance of relevant listed companies in the fourth quarter of 2020. Among the relevant listed companies that have released performance forecasts for 2020, companies such as Huafeng Chemical, Xinfengming, and Zhongtai Chemical all achieved better-than-expected results in the fourth quarter of last year. Growth.
On January 22, the domestic average domestic selling price of spandex 40D was 42,500 yuan/ton, a year-on-year increase of 44%. Compared with the low price in August last year, the increase was over 50%; The average domestic selling price of viscose staple fiber is about 13,200 yuan/ton, a year-on-year increase of nearly 40%, and an increase of nearly 60% compared with the low price in August last year. Since September last year, due to the peak season of industry demand and overseas orders Affected by the reshoring, chemical fiber prices continue to rise. The top three varieties are: viscose staple fiber, spandex and polyester filament.
According to the 2020 performance forecast announced by Huafeng Chemical, The company expects net profit attributable to the parent company to be 2 billion yuan to 2.5 billion yuan last year, a year-on-year increase of 8.6% to 35.8%. Among them, the net profit attributable to the parent company in the fourth quarter was 759 million yuan to 1.259 billion yuan, a month-on-month increase of 31.8% to 65.9%. The company stated that the main reason for the much higher-than-expected increase in performance in the fourth quarter of last year was that the volume and price of its main products spandex and adipic acid increased. The average prices of spandex 40D and adipic acid in the fourth quarter of last year were 36,840 yuan/ton and 7,495 yuan/ton respectively, up 18.8% and 22.5% respectively from the previous quarter. At the same time, the company’s product production and sales increased significantly compared with the same period last year.
△Xinfengming’s production workshop
Xinfengming expects to achieve net profits attributable to shareholders of listed companies in 2020 of 580 million to 650 million yuan, a year-on-year decrease of 52.02% to 57.19%. However, since the fourth quarter of last year, with the recovery of downstream demand and the stabilization of oil prices, the profit margin of the company’s products has gradually recovered. With the commissioning of new production capacity, the company’s net profit attributable to shareholders of listed companies in the fourth quarter of last year is expected to increase by 28.55% year-on-year. to 56.65%.
On January 16, Zhongtai Chemical released a revised performance report for 2020, with net profit turning from a loss to a profit year-on-year. The company stated that the performance revision was mainly due to the increase in sales prices of the company’s main products, polyvinyl chloride and viscose fiber, in the fourth quarter of last year. According to estimates from Essence Securities, based on the company’s announced production capacity of 1.83 million tons of PVC resin and 730,000 tons of viscose fiber, if PVC and viscose staple fiber increase by 1,000 yuan per ton, the company’s profits will increase by 1.21 billion yuan and 480 million yuan respectively.
Whether looking at the types of newly listed companies or last year’s performance, the textile industry chain The profit distribution pattern is already very obvious. Upstream chemical fiber raw materials and downstream clothing brands and industrial textiles performed well, while traditional labor-intensive spinning and weaving enterprises fell into a situation of sharp decline in performance or even losses. As an intermediate link in the industrial chain, it has neither bargaining power nor brand premium. In addition, labor costs are rising year by year and the added value of products is low. The profit margins of traditional textile companies have been minimal. We can only hope that the epidemic can be controlled in 2021, downstream demand is released, and the production and sales situation of traditional textile manufacturing improves, in order to save the current passive situation.
<br
