Interpretation of the 2014 Annual Report of Textile and Apparel StocksRelease time: 2015-05-06 10:12
Standard Group (Hong Kong) Co., Ltd. Textile Industry Information: Interpretation of the 2014 Annual Report of Textile and Apparel Stocks. In the past 2014, the global economic recovery has been difficult and tortuous, and the downward pressure on the domestic economy has increased. China's textile industry has also ushered in a "new normal" and the industry's economic growth has shifted from high speed to medium speed. Based on the data of the 2014 annual reports of listed textile companies , traditional textile companies have seen steady growth and emerging industries have grown rapidly. Overall, listed companies are actively responding to the “new normal”.
Recently, some listed companies in the textile and apparel industry disclosed their 2014 annual reports. We selected 20 representative textile listed companies in the industry, including: Huafeng Spandex, Xinxiang Chemical Fiber , Tongkun Co., Ltd., Zhejiang Furun, Huafang Co., Ltd., Huafu Yarn Spinning, Huamao Co., Ltd., Lutai, Nanfang Shares, Tianshan Textile, Xinye Textiles, Ordos, Jiangsu Sunshine, Youfu Share, Hailide, Sanwei Silk, Jiangsu Kuangda, Teda, Fuanna, Mengjie Home Textiles, etc., analyze these companies from the perspective of operating income, net profit and other financial aspects And summarize the content disclosed in the annual report, hoping to use this to take the pulse of the changes in the backbone of the textile industry .
Strive hard to achieve smooth operation
2014 was a year of testing for the textile industry . The overall operating situation was severe. However, listed companies in the textile industry continued their efforts in technology research and development, product innovation, refined management, channel expansion, and brand building, and their main operating performance improved steadily overall.
Judging from the annual report data of these 20 textile listed companies, in 2014, both operating income and net profit were flat with the previous year. In 2014, 20 textile listed companies realized operating income of 89.323 billion yuan, an increase of 0.64% over the same period last year; the net profit attributable to shareholders of listed companies was 39.377 billion yuan, an increase of 2.78% year-on-year.
Among these 20 companies, 10 have increased their operating income and 10 have fallen; the net profit attributable to shareholders of listed companies has increased, and 7 have fallen. A careful analysis shows that listed companies with a large year-on-year decrease in operating income are concentrated in the chemical fiber and textile fields. A total of 9 declined, namely Huafeng Spandex, Xinxiang Chemical Fiber , Zhejiang Furun, Huafu Yarn Spinning, Huamao Stock, Shandong Thai, Nanfang Textile, Tianshan Textile, Jiangsu Sunshine. And seven industrial textile companies and home textile companies that followed the industrial chain saw only TEDA decline.
Most companies have stated in their annual reports that 2014 will be a year of testing for the textile industry . The overall operating situation is severe, such as market demand remains sluggish, domestic and international cotton price gaps still exist, cotton raw material prices are unstable, and labor costs continue. Rising, Southeast Asian countries ’textile competitiveness has been increasing year by year, the US economy is slowly recovering, and the international economic growth is slowing. Downward economic pressures and risks remain high. Under the "new normal" of the economy, textile enterprises have further promoted transformation and upgrading, and actively adapted to it. Whether in technology research and development, product innovation, refined management, channel expansion, or brand building, they have made continuous efforts to ensure the healthy development of industry enterprises. Listed companies are leading companies in the industry. After unremitting efforts, the main operating performance of 2014 has been steadily improved.
Grasp R & D and Consolidate Core Competitiveness
Facing the "new normal" of the economy, some listed companies have increased their investment in technological innovation, continuously improved production technology, strived for excellence, stabilized product quality, enhanced product market competitiveness, and steadily increased their core competitiveness.
Facing the new normal, new opportunities and new challenges, Zhejiang Huafeng Spandex Co., Ltd. has promoted the development of differentiated products, the product structure has been gradually optimized, and its core technical advantages have been consolidated. In 2014, Huafeng Spandex achieved an operating income of 2.362 billion yuan, which was basically the same as in 2013, but the company achieved a net profit of 411 million yuan, an increase of 48.38% over the previous year.
In terms of specific methods, Huafeng Spandex has introduced a number of domestic and foreign industry technical talents, trained a group of outstanding R & D teams with high professional quality and rich R & D experience, and successfully developed and promoted high-grade warp-knitted spandex, black spandex, and chlorine-resistant New differentiated products such as cotton-span spandex, the proportion of differentiated products has increased to 48%. Throughout the year, it obtained 5 invention patents and 1 utility model patents, applied for 27 patents, published 6 scientific and technological papers, and 3 QC teams won honors above the provincial level. In particular, the successful implementation and technical accumulation of technical upgrading projects such as the national "two highs and one excellent" project have fully mastered and successfully applied the latest technologies and processes such as continuous polymerization, multi-spinning, and high-speed spinning, and have been fully implemented in Chongqing Spandex. application. The company attaches great importance to the investment of technology and hardware, and has built a full set of test devices for small, medium and industrial applications. It is in a leading position in China and has vigorously promoted the development and application of new technologies.
After years of development, Huafang Co., Ltd. has gradually established its own advantageous position in the printing and dyeing industry. In 2014, the company's main product printing and dyeing fabrics achieved sales of 22,184,500 meters, an increase of more than 3 million meters compared with the previous year; operating income of 2,250,311,100 yuan, a year-on-year increase of 1.28%; net profit attributable to shareholders of listed companies, 24.32 million yuan, year-on-year Up 43.01%. The company has established a complete energy-saving emission reduction printing and dyeing technology engineering research center, pilot test base, and testing center, and has established a comprehensive research and development system including five modules including data collection, research and development, pilot testing, testing, and industrialization promotion.
In 2014, China Textile has completed the research and development of nearly 100 science and technology projects, obtained 50 technological innovation achievements and key research projects, and undertaken 32 scientific and technological innovation projects, including 3 national science and technology support plan projects; provincial-level projects "1500m3 / d high concentration regression The anaerobic biological treatment project of pulp wastewater was completed and accepted. At present, the company has a total of 23 authorized patents, including 19 invention patents and 4 utility models. The company won the Chinese textile brand influence with outstanding scientific and technological innovation and brand innovation capabilities-the 2014 "most technologically innovative home textile brand " award, and successfully held the "2014 China Textile Cup" textile chemicals and new dyeing and finishing technology And energy saving and emission reduction seminar. " New printing and dyeing technologies such as "cotton-type fabric ascended into the catalyst with controlled oxidation and new cooperative pre-treatment technology" have received attention from all parties at the technology development exhibitions hosted by the Ministry of Science and Technology and the Beijing Municipal People's Government; The first prize of "China Outstanding Printing and Dyeing Fabric ".
Shenzhen Fuanna Home Furnishing Co., Ltd. takes "artist spinning" as its core, steadily promotes the concept of "big home", and actively creates "one-stop shopping" for home furnishings. In 2014, the adverse effects brought by the economic slowdown were overcome, and the continuous growth of main business income and profits was achieved. In 2014, the company realized a total operating income of 1.970 billion yuan, an increase of 5.68% year-on-year; a net profit of 377 million yuan, an increase of 19.56% over the same period last year.
Fuanna Company relies on the unique pattern design of "Artist Spinning" to increase research and development expenditure on new product design and new material development projects, and continuously expand the company's product line. The company attaches importance to the independent original design of products, strengthens the research and development and application of new materials and new technologies, has a domestic first-class research and development team, regularly arranges research and development personnel to study abroad, maintains exchanges with international top design teams, and launches hundreds of new products every year. To provide consumers with more "core value" products. The total R & D expenditure invested in 2014 was 23.6394 million yuan, a slight increase compared with the same period last year. The total R & D expenditure accounted for 1.2% of the annual operating income.
Adding projects to improve the industrial market layout
To consolidate the domestic market, expand the international market, and actively promote project construction, listed textile companies are all accumulating their strengths to become stronger and larger. New equipment, new technologies and new processes will provide support for the rapid development of enterprises.
Listed companies all have their own unique advantages, and in order to enlarge their advantages and expand their scale, it is essential to invest in new projects.
Zhejiang Huafeng Spandex Co., Ltd. has adopted the three major development strategies of “strengthening the main business, moderate diversification, and combining production with financing” as the three major development strategies. It has completed the first phase of the Chongqing Spandex project with a capacity of 30,000 tons. The production cost is further reduced, and the industry advantage is more obvious. The Chongqing project fully applies new equipment, new technologies, and new technologies such as multi-spinning, high-speed spinning, new energy-saving refining, high-efficiency heat exchangers, and three-dimensional warehouses, and effectively leverages cost advantages of scale. The Liaoning Huafeng Chemical Cyclohexanone project also completed the construction of the project in September 2014, and delayed driving due to external factors. The Liaoyang cyclohexanone project has been completed and is awaiting production. The company also successfully implemented refinancing, non-publicly issued 100 million shares, and successfully raised funds of 916 million yuan, providing a solid financial guarantee for the project construction. The Wenzhou Civil and Commercial Bank, which was funded by the company as one of the main sponsors, has also officially opened, marking that the company's direct financing channels and indirect financing channels are also smoother than before, and laid a solid foundation for future development.
Anhui Huamao Textile Co., Ltd. achieved operating income of 1.982 billion yuan in 2014, a year-on-year decrease of 3.71%; net profit attributable to the parent company was 378 million yuan, a year-on-year increase of 99.30%. The company closely linked the main line of transformation and upgrading in 2014, accelerated the pace of structural adjustment, and worked hard to plan industrial strategic shifts. Through joint ventures, cooperation, and stock exchanges, it gathered high-quality resources at home and abroad, and established its own cotton base. , Germany, Switzerland, Japan, and Hong Kong, China's leading enterprises to cooperate, the introduction of international high-end printing and dyeing companies, from cotton -yarn- clothing retail, built a complete textile main industry high-quality industrial chain value system, to achieve Less input, more output, and high-end.
Tongkun Group Co., Ltd. relied on new projects to start production, strengthened cost control, improved refined management, and achieved annual performance growth. In 2014, it realized operating income of 25.094 billion yuan, a year-on-year increase of 13.36%; net profit attributable to shareholders of listed companies was 112 million yuan, a year-on-year increase of 55.46%. The 800,000-ton-per-year PTA project of Jiaxing Petrochemical invested by Tongkun Co., Ltd. officially entered the trial production stage in 2014 after preliminary equipment installation, stand-alone commissioning, linkage commissioning, cold commissioning, hot commissioning, and commissioning. This project is part of the company's efforts to expand the industrial chain upstream, optimize the company's industrial structure, ensure stable supply of raw materials, further reduce the cost of its main business, consolidate the company's competitive advantage in polyester filament products, and enhance the company's overall strength and core competitiveness. Major strategic initiatives. Through the implementation of the 800,000-ton-per-year PTA project of Jiaxing Petrochemical Company, the company has formed a full-scale polyester filament industry chain integrating PTA, polyester, spinning, and texturing.
Branding enhances company influence
From textile manufacturing to textile creation and upgrading, listed textile companies are persisting in implementing brand strategies, responding quickly to customer needs, continuously providing intimate services to customers, letting customers understand the brand in various ways, and increasing brand influence.
Zhejiang Hailed New Materials Co., Ltd. has always attached great importance to corporate brand building, and has won honors such as Zhejiang Famous Trademark, Zhejiang Famous Brand Product , Zhejiang Famous Trade Name, Zhejiang Export Brand . In 2014, the operating income was 2.286 billion yuan, an increase of 6.40% year-on-year; the net profit attributable to shareholders of listed companies was 144 million yuan, an increase of 41.97% year-on-year.
Hailide attaches great importance to trademark management, and regularly publicizes and maintains the "Haliday" trademark through various publicity forms such as television, newspapers, Internet, and magazines. At the same time innovate the quality management of enterprises, deepen and optimize the construction of quality management systems. In the product design and production process, APQP tools are used in the design and development of automotive products to improve the effectiveness of statistical analysis of quality management and its application, and truly achieve the goal of source control. The company also meets the four requirements of customers: quality, cost, delivery and service as the starting point to improve product cost performance and provide customers with products that meet the requirements until they exceed customer expectations. In this way, it reflects the brand image of “Honesty, Innovative, Leading, Vigorous, International” of Hailide.
Hunan Mengjie Home Textiles Co., Ltd. adheres to the implementation of brand strategy, implements comprehensive work projectization, improves internal control and incentive system, continuously optimizes the sales terminal network, actively expands e-commerce business, and wins the market with refined products and caring services. In 2014, the company achieved operating income of 1.566 billion yuan, a year-on-year increase of 10.08%; net profit attributable to shareholders of listed companies was 148 million yuan, a year-on-year increase of 50.27%. In 2014, the company carried out a series of brand promotion around “Love Family Culture”. The "Mengjie I Love You" promotional video has been widely praised, and its brand image and corporate culture have gained popular support. Established "Hunan Mengjie Mobile Internet E-Commerce Co., Ltd." and opened WeChat Mall. Through further integration of the company's internal and external online resources, online sales revenue for the year increased by 60% year-on-year.
Strong performance of industrial textile enterprises with strong advantages
With the advancement of new-type urbanization, enhanced environmental awareness, and national policy support, the industrial textile industry has ushered in a rapid development stage, and the performance of listed companies has also grown rapidly. The listed companies for industrial use are actively innovating, increasing investment in technology research and development, and achieving steady growth.
Zhejiang Hailed New Material Co., Ltd. mainly produces three major products of polyester industrial filaments, plastic materials, polyester cord fabrics, high-mold low-shrink yarns with high technical capabilities, polyester seat belt yarns, and polyester airbag yarns; production of advertising materials for light boxes , Canopy materials, and highly profitable decorative materials such as smallpox film, smallpox cloth, etc .; High-quality polyester cord fabrics based on high-quality, high-mold, low-shrinkage yarns as raw yarns, and long-term stable automotive silk customers. In 2014, operating income was 2.286 billion yuan, a year-on-year increase of 6.40%; net profit attributable to shareholders of the company was 144 million yuan, a year-on-year increase of 41.97%.
Jiangsu Kuangda Automotive Textiles Group Co., Ltd. achieved operating income of 1.744 billion yuan in 2014, an increase of 22.36% over the same period last year; net profit attributable to shareholders of listed companies was 169 million yuan, an increase of 18.16% over the same period last year. The company's fabric segment business has developed steadily. Extended product automotive seat covers have formed a certain production capacity. The development of the secondary market business of automotive seat cushions has further extended the company's industrial chain. With the increase in car ownership, the replacement of automotive fabrics will bring more room for growth in the automotive seat cushion market.
Xiamen Sanweisi Environmental Protection Co., Ltd. makes full use of the good opportunity of the state to implement environmental protection industry policies, actively promotes the company's extensional development, and strives to transition to the development strategy of integrated environmental protection service providers for flue gas treatment. In 2014, it realized operating income of 455 million yuan, an increase of 4.74% over the same period of the previous year. Net profit attributable to shareholders of listed companies was 58.825 million yuan, an increase of 18.4% over the same period of the previous year.
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