In 2019, my country’s textile industry withstood severe tests under multiple pressures such as a more complex foreign trade environment, slowdown in domestic and foreign market demand, and continued increase in comprehensive costs. The entire industry insists on deepening supply-side structural reform, strives to overcome downward risk pressure, and accelerate industrial transformation and upgrading. Judging from relevant economic operation statistics, industrial production is generally stable, and the overall prosperity of the industry is still operating within the normal range. However, the main economic indicators are all showing a slowdown, the investment growth momentum is weak, and the efficiency level has declined.
For a long time, listed textile and apparel companies have made important contributions to leading the innovative development of the entire industry and maintaining the smooth operation of the textile economy in the process of industry development. With the completion of annual report disclosures in Shanghai and Shenzhen at the end of April and the recent completion of the first draft of the “2019 Development Report of Listed Companies in the Textile and Apparel Industry” by the China Textile Planning and Research Association, preliminary conclusions have been drawn on the 2019 performance report card of listed companies in the textile and apparel industry.
1. Basic Overview
1. According to incomplete statistics, as of the end of 2019, A. There are 176 listed companies. Compared with the statistical base of 166 companies in the previous year, the new companies mainly come from newly listed companies with IPOs in 2019 and those that have added or changed their main business of textiles and clothing.
Among the 176 listed textile and apparel companies, 82 are on the main board, 73 are on the small and medium-sized board, and 21 are on the GEM. The three sectors account for 46.59%, 41.48% and 11.93 respectively. %.
2. As of the end of 2019, the market value of 176 listed companies mainly engaged in textile and apparel on the Shanghai and Shenzhen stock exchanges was approximately 1,397.561 billion yuan, a year-on-year increase of 29.48%, accounting for 10% of the total market value of A-shares in the Shanghai and Shenzhen stock exchanges. 2.05%.
Hengli Petrochemical (600346.SH), Rongsheng Petrochemical (002493.SZ), and Zhejiang Longsheng (600352.SH) ranked among the top three with 113.189 billion yuan, 77.947 billion yuan, and 47.076 billion yuan respectively. .
3. According to statistics, in 2019 Suzhou Longjie (603332.SH), Zhongjian Technology (300777.SZ), Golden Pheasant (300798.SZ) and Qicai Chemical (300758.SZ) were 4 A number of textile and apparel companies were approved for initial IPO listing, accounting for 1.97% of the newly listed companies in Shanghai and Shenzhen stock exchanges in 2019. The professional fields of these four newly listed textile and apparel listed companies are mainly concentrated in the production of chemical fibers and dyes. A total of 1.439 billion yuan was raised from the IPO, which was a 25.54% decrease from the amount of funds raised by newly listed textile and apparel companies in the previous year.
4. Statistics show that with the further deepening of the market-oriented reform of the domestic capital market in recent years, the demand for additional capital raising, mergers and acquisitions and restructuring, and the issuance of convertible bonds by listed textile and apparel companies has continued to be released. In 2019, a total of 8 listed textile and apparel companies in Shanghai and Shenzhen stock exchanges raised 25 billion yuan through additional issuances (including 3.503 billion yuan in supporting financing from additional issuances); 6 companies actually completed their restructuring, and 14 listed textile and apparel companies issued first announcements of restructuring ; Five listed textile and apparel companies raised 2.273 billion yuan in funds through the issuance of convertible bonds.
5. Industry status and role of textile and apparel listed companies in Shanghai and Shenzhen Stock Exchanges
Relevant statistics show that the number of listed companies in Shanghai and Shenzhen Stock Exchanges accounts for only 0.51%, but the asset scale accounts for 47.16%. The total revenue of the city’s textile and apparel listed companies in 2019 accounted for approximately 25.85% of the enterprises above designated size in the entire industry, and the profit accounted for 36.36%. The main items are shown in the table below:
The status of textile and apparel listed companies in Shanghai and Shenzhen in the economic operation of the textile industry
(Data sources: National Bureau of Statistics, annual reports of listed companies, China Textile Federation Industrial Economics Research Institute)
2. According to the Asys.16 evaluation and evaluation system, the operation and development of listed textile and apparel companies in 2019 Comprehensive evaluation and health index evaluation conclusion
1. The total evaluation score of listed textile and apparel companies in 2019 was 505.06, an increase of 2.72% from the previous year. Among them, the income quality and profitability evaluation score was 47.81 (a decrease of 0.64% from the previous year), the operation quality and management control ability evaluation score was 56.38 (a 3.09% increase from the previous year), and the capital structure and debt solvency evaluation score was 59.56 (a decrease from the previous year). an increase of 3.03% year-on-year), and the development potential assessment score was 36.69 (an increase of 8.45% over the previous year).
2. The health index (HIS score) of textile and apparel listed companies in Shanghai and Shenzhen in 2019 was 74.22, an increase of 2.42 points from the previous year. , but still in a sub-healthy state (HIS score between 60 and 75 points). This indicates that textile and apparel listed companies in Shanghai and Shenzhen may also have certain potential risks or instability factors. Compared with the previous year, the number of entrepreneurs with a health index score higher than 76 in 2019 accounted for 64.20% (113 companies), which was higher than 59.64% in 2018 (an increase of 4.56 percentage points). This shows that the overall operation and development trend of listed textile and apparel companies in 2019 is improving in a healthy direction.
3. Summary of the operations and development of textile and apparel listed companies in 2019
1. Operations Revenue situation
In 2019, 176 listed textile and apparel companies in Shanghai and Shenzhen stock exchanges achieved a total operating income of 1.278227 billion yuan, compared withIt increased by 22.60% in the previous year, and the growth rate decreased by 8.81 percentage points compared with the previous year. Among them: 28 (accounting for 15.9%) have revenue exceeding 10 billion yuan, with Hengli Petrochemical (600346.SH) ranking first with 100.782 billion yuan.
From the perspective of revenue distribution, listed textile and apparel companies accounting for 15.9% and with revenue exceeding 10 billion yuan totaled 914.377 billion yuan, accounting for nearly 2/3 of the total revenue. . The operating income of listed textile and apparel companies, which account for about two-thirds of the total, in 2019 is mainly below 5 billion yuan.
2. Profitability
In 2019, 176 listed textile and apparel companies in Shanghai and Shenzhen stock exchanges achieved a total net profit of 62.845 billion yuan, a year-on-year increase of 15.69%. Among them, 82 companies (accounting for 46.59%) achieved year-on-year net profit growth, with the highest increase reaching approximately 850.23%; 94 companies (accounting for 53.41%) saw net profits decline year-on-year.
From the perspective of net profit distribution, there are 21 companies with net profits of more than 1 billion yuan (accounting for 11.93%), Hengli Petrochemical (600346.SH), Zhejiang Longsheng (600352.SH), Hengli Petrochemical Yi Petrochemical (000703.SZ) ranked among the top three with net profits of 10.112 billion yuan, 5.306 billion yuan and 4.021 billion yuan respectively. Nearly half of listed companies have net profits in the range of 0 to 100 million yuan. There were 26 companies with losses (loss ratio 14.77%).
3. Profitability and quality
(1) Net sales profit margin is a measure of the profit level of an enterprise’s sales revenue. In 2019, the net sales profit margin of listed textile and apparel companies was 4.92%, a decrease of 0.42 percentage points from the previous year. Among them, 100 companies are higher than the industry average of 4.92% (accounting for 56.82%), and 26 companies have negative net profit margins (accounting for 14.77%). Zhongjian Technology (300777.SZ) ranked first with a net profit margin of 58.26%, China Textile City (600790.SH) and Jianxin Co., Ltd. (300107.SZ) ranked second and third with 36.79% and 35.18% respectively.
(2) Gross sales profit margin is the most basic and important indicator to measure the competitiveness of an enterprise. Statistics show that in 2019, there were 19 companies whose profitability was maintained above the “profit margin line” of “50% gross sales profit margin” of listed textile and apparel companies. Zhongjian Technology (300777.SZ), Disu Fashion (603587.SH), and Biyinlefen (002832.SZ) ranked among the top three with 82.35%, 75.00%, and 67.78% respectively. There are 17 companies with gross profit margins in the 40% to 50% range (accounting for 9.66%); there are 24 companies with gross profit margins below 10% (accounting for 13.64%).
4. Operation and cash flow, statistical data shows:
(1) Cash income generation capacity, inventory turnover, and accounts receivable turnover of listed textile and apparel companies in 2019 , current asset turnover and other conditions are basically the same as the previous year.
(2) There are 107 companies (accounting for 60.80%) whose net cash flow generated from operating activities has achieved positive growth compared with the previous year, indicating that more than 60% of listed textile and apparel companies are generating income from cash flow Performance in this area was better than the previous year.
(3) Enterprise operating costs continued to rise in 2019. Among them, sales expenses were 75.954 billion yuan, administrative expenses were 47.100 billion yuan, and financial expenses were 22.024 billion yuan. They increased by 15.63%, 20.57% and 27.75% respectively compared with the previous year.
5. Asset scale and capital structure
(1) As of the end of 2019, the total net assets of 176 listed textile and apparel companies in Shanghai and Shenzhen stock exchanges were 825.896 billion yuan. It increased by 15.61% over the previous year, and the growth rate increased by 5.89 percentage points year-on-year. The total assets were 1.918306 billion yuan, an increase of 24.42% over the previous year, and the growth rate decreased by 1.01 percentage points year-on-year.
(2) In 2019, the asset-liability ratio (average) of 176 textile and apparel listed companies in Shanghai and Shenzhen stock exchanges was 39.37%, a decrease of 1.63 percentage points from the previous year. Among them, more than 70% of listed textile and apparel companies have debt ratios in the 20-60% range; 9 companies (accounting for 5.11%) have debt ratios higher than 70%. Four companies including Duokei (002761.SZ), *ST Guiren (603555.SH), *ST Youf (002427.SZ) and La Chapelle (603157.SH) have debt ratios of more than 80%, reaching 92.46% respectively. , 87.20%, 86.34% and 85.59%.
(3) The proportion of current assets (average value) is 55.16%, and the proportion of current liabilities (average value) is 83.20%, a decrease of 0.35 and 1.37 percentage points respectively from the previous year, both within a reasonable and safe range.
6. Short-term borrowings and solvency
(1) Statistics show that in 2019, 176 listed textile and apparel companies in Shanghai and Shenzhen stock exchanges achieved short-term borrowings of 292.053 billion yuan, an increase of 31.63% over the previous year. It has maintained a high growth trend of around 30% in annual short-term borrowing growth for listed textile and apparel companies since 2017.
(2) The current ratio, quick ratio and cash ratio of listed textile and apparel companies in 2019 are 2.41, 1.82 and 0.80 respectively, which are basically the same as the previous year and are all within a reasonable and safe range.
7. R&D investment
(1) The actual annual R&D expenditures of listed textile and apparel companies in 2019 totaled 20.666 billion yuan, an increase of 22.36% over the previous year. The industry’s R&D investment intensity was 3.08, down 1.21 percentage points from the previous year.
(2) In 2019, listed textile and apparel companies invested an average of 130 million yuan in R&D per company. Statistics show that nearly 30% of listed textile and apparel companies have invested more than 100 million yuan in R&D throughout the year. Tongkun Petrochemical (601233.SH), Rongsheng Petrochemical (002493.SZ) and Hengli Petrochemical (600346.SH) ranked the top three with 1.118 billion yuan, 981 million yuan and 958 million yuan respectively.
(3) R&D investment intensity (mean) 3.08. There are 52 listed textile and apparel companies (accounting for 29.55%) whose R&D investment intensity exceeds 3.
The R&D investment intensity of Jin Membrane Technology (300334.SZ), Dahao Technology (603025.SH) and Guangwei Composite Materials (300699.SZ) ranked among the top three with 12.63, 11.43 and 11.08 respectively.
It is reported that the China Textile Planning Research Association is about to compile the “2019 Development Report of Listed Companies in the Textile and Apparel Industry”. The report includes more detailed 2019 statistical analysis of listed textile and apparel companies, Asys.16 comprehensive performance evaluation and TOP30 rankings of 10 groups of individual indicators, as well as an overview and comparative analysis of 12 groups of 48 individual indicators for each company’s operation and development in the five years from 2016 to 2019. An overview and analysis of the operations and development of listed textile and apparel companies listed in Hong Kong and the United States in 2019.
The Textile Planning Research Association is about to compile the “2019 Development Report of Listed Companies in the Textile and Garment Industry”. The report includes more detailed 2019 statistical analysis of listed textile and apparel companies, Asys.16 comprehensive performance evaluation and TOP30 rankings of 10 groups of individual indicators, as well as an overview and comparative analysis of 12 groups of 48 individual indicators for each company’s operation and development in the five years from 2016 to 2019. An overview and analysis of the operations and development of listed textile and apparel companies listed in Hong Kong and the United States in 2019. </p
