In The First Half Of The Year, More Than 500 Million Textile Companies Were Listed

Home textile is one of the important end products in China. In recent years, with the continuous development of economy and society, the characteristics of residents' consumption upgrading are more significant. The home textile products which meet the needs of beautiful decoration, practical function, fashion and fashion, health and comfort, green ecology and other aspects are gradually loved and recognized by consumers, and some backbone home textile enterprises have also entered the capital market. At present, the home textile industry will be listed on the main board of China's home textile industry (sh60503) in July 2020, and it will become the main board of China's home textile industry. This report analyzes the relevant data in the 2020 semi annual report disclosed by 6 listed companies except Zhongwang cloth art. On the whole, in the first half of 2020, facing the impact of the new crown pneumonia epidemic and the complex and severe development environment at home and abroad, under the difficult situation of weak market demand and overall decline of revenue, domestic textile listed companies not only actively took measures to relieve the difficulties, but also insisted on promoting transformation and upgrading, and carried out various beneficial measures in the production of epidemic prevention materials, deepening brand building, and strengthening operation management Try to basically achieve smooth operation, showing good development toughness.
01

The operation is basically stable and the performance is differentiated

Affected by the new crown pneumonia epidemic, the performance of domestic textile listed companies declined compared with the same period of last year, but the overall operation was basically stable. In the first half of 2020, the domestic textile listed companies realized a total of 9.51 billion yuan of operating revenue and 960 million yuan of operating profit, which decreased by 3.2% and 19.3% respectively year on year. The average gross profit margin of the six listed companies is 37.7%, the average operating profit margin is 10.1%, and the average net profit margin is 8.2%, which are significantly higher than the level of home textile enterprises above the scale. Among them, there are 5 enterprises with more than 1 billion yuan of operating revenue, and mengbaihe ranks first among the six listed companies, with operating revenue of 2.42 billion yuan.

Table 1 overall performance of 6 listed companies in household textile industry in the first half of 2020

Data source: according to the semi annual report of Listed Companies in 2020

Table 2 performance of Listed Companies in China's household textile industry in the first half of 20

Data source: according to the semi annual report of Listed Companies in 2020

The performance of listed companies is different. Fuana Through strengthening the construction of direct marketing channels and strengthening the operation of e-commerce platform, although the operating revenue decreased slightly by 0.4% on the same period, the net profit increased by 8.1% over the same period last year, and the net sales interest rate reached 15.2%, which was at a high level among the six listed companies; Dream Lily The advantages of international distribution of production capacity and brand are obvious, and the overall profitability is good. The operating income and net profit are increased by 52.9% and 2.9% respectively. Due to the shortage of terminal demand caused by the outbreak of new crown pneumonia, market orders were greatly affected, Roley life, Mengjie and Vosges In the first half of the year, the profit decreased by more than 20%. From the perspective of profitability, the gross profit margin of rolley life, fuana and Mengjie shares exceeded 40% and increased compared with the same period of last year. The gross profit margin of five enterprises reached more than 30%, indicating that the overall value-added ability of listed companies is relatively stable. From the perspective of shareholders' income, the basic earnings per share of dream Lily and mercury home textile is more than 0.3 yuan, which is relatively higher to shareholders; fuana's basic earnings per share slightly increased by 0.01 yuan compared with the same period of last year, which improved the return to shareholders.

Table 3 operation of Listed Companies in China's household textiles industry in the first half of 20

Data source: according to the semi annual report of Listed Companies in 2020

In the first half of 2020, the operation quality of six listed companies in the household textile industry has declined, and the operating pressure has increased significantly compared with the same period of last year. The inventory turnover rate of listed companies is between 0.6 and 1.7 times, which is lower than the level of the same period of last year, and the inventory turnover rate of four enterprises is less than once, which indicates that the occupation level of inventory is relatively high and the liquidity is insufficient, which is consistent with the current situation of weak market demand and poor sales situation. The proportion of three fees of six listed companies is between 10% and 40%, which is higher than that of the same period of last year. On the one hand, it is related to the increase of expenses in channel construction, brand operation and M & a business, on the other hand, it is also related to the slow progress of business resumption during the epidemic period, which is used to pay rent, employee wages and related expenses Long related. From the perspective of financial risk management and control, the asset liquidity of the six listed companies is generally normal, the current ratio is in the reasonable range of more than 2:1, and the short-term solvency is good; the asset liability ratio of fuana, mercury home textile and rolai life are all below 25%.

zero two

Strive to overcome the impact of the epidemic situation and continuously deepen the transformation and upgrading

In the first half of 2020, due to the impact of new crown pneumonia, the operating pressure of home textile enterprises is significantly increased compared with previous years. Listed companies pay attention to give full play to their advantages in production and manufacturing, brand operation and resource coordination. In order to overcome the multiple adverse effects such as insufficient market demand, deteriorating trade environment and rising comprehensive costs under the impact of the epidemic, listed companies have taken various beneficial attempts, which have become a new way for the textile industry to continuously promote transformation and upgrading, continuously extend endogenous resilience and effectively enhance the ability to resist risks under the impact of the epidemic Highlights.

First, actively transfer production of epidemic prevention materials, coordinate resources and orderly promote the resumption of work and production. At the beginning of the outbreak of the epidemic, domestic textile listed companies quickly adjusted their production lines and business scope, and produced anti epidemic materials such as masks and medical protective clothing, which made due contributions to the fight against new crown pneumonia in the whole society. The production capacity of N95 protective clothing line was set up in the last ten days of 2000. The production line of civil masks was added in Luolai's life transformation, and the initial output reached 5000 pieces / day. The measures taken by listed companies to change production and fight the epidemic not only stabilize their own economic benefits, but also bring good social repercussions.

Second, we should actively use all kinds of new retail tools, explore new models and formats, and seek new growth. Relying on the "goddess Festival" activity, through the cooperation between brand spokesperson and KOL talent matrix of full platform media, with the consumption concept of "elegance, self-confidence and understanding life", Luolai caters to the needs of consumers for the quality of bed products during the period of home isolation under the epidemic situation, shapes and strengthens the consumption scene of "super soft bed products", and achieves a breakthrough of 10 million live sales on the same day. Fuana has actively arranged the normal operation of live network broadcast and short video, driving the sales of e-commerce platform to achieve a good growth of 13% in the first half of the year, and the proportion of online channel revenue has reached 42%.

Third, accelerate the adjustment of global production capacity layout and properly deal with trade frictions. Mengbaihe is an export-oriented enterprise producing memory cotton household products. Its products are mainly sold in European and American markets. It has production bases in Serbia, Spain, Thailand and the United States, and has retail terminals in North America, Europe, Oceania and Asia. Since September 2018, due to the implementation of import tariff measures by the United States, the tariff rate of dream Lily's memory cotton mattress products exported to the United States has reached 25%. Since 2019, the United States has launched anti-dumping investigations on mattresses imported from China, Serbia, Thailand, Turkey and other countries. The foreign trade situation of dream lily is getting worse. Since the beginning of this year, mengbaihe has accelerated the adjustment of overseas production capacity layout, invested in new production capacity on the west coast of the United States and Spain, and also put some production bases on the east coast of the United States and Thailand. At the same time, relying on its good R & D and design ability, stable product quality and large-scale production advantages, the company has accumulated stable customer and channel resources, and its business performance has increased significantly in the first half of the year.