Feiyue Rainbow Textile said that although the global epidemic situation has not been completely controlled, China's domestic market demand has taken the lead in recovering, economic activities in European and American countries and regions have gradually recovered after vaccination, the Indian epidemic, a major textile supplier, has affected its exports, and other factors have promoted it to make better use of investment and build its capacity in the past three years.
The insiders believe that the explosive growth of Rainbow Textile in the first half of the year fully shows the company's absolute leading position in the field of functional yarn; At the same time, the increase in gross profit margin brought by integration has gradually emerged. More importantly, the explosive performance growth in 20021is expected to help the company comprehensively improve its balance sheet structure and lay a solid foundation for healthy growth in the future.
Han Yijia, an analyst at Industrial Securities, said that as a leading enterprise in the yarn field, over the rainbow Textile has expanded against the trend since 20 18, and has continuously promoted the layout of industry consolidation, and its profitability and profitability stability are expected to continue to grow; Affected repeatedly by overseas epidemic, some orders were transferred to China, yarn prices continued to rise in July/August, and gross profit could be maintained at a high level.
When the first textile network counted the financial report of Rainbow Textile, it also noticed that according to the product situation:
During the reporting period, the yarn sales revenue was 9.875 billion yuan, an increase of 58.3% over the same period of last year, accounting for 78.8% of the company's operating income; The business in the middle and lower reaches is mainly woven fabric sales, while developing knitted fabrics and clothing manufacturing business.
During the reporting period, although the woven fabric business gradually recovered under the influence of the epidemic, the order volume basically returned to normal by the end of the second quarter of 2002/kloc-0. However, due to the stronger recovery of the China market faced by yarns than the European and American markets faced by fabrics, the overall yarn sales and revenue reached the highest level in the history of Rainbow Textile, which promoted the increase of yarn sales revenue.
During the reporting period, the yarn sales volume reached about 4,654,338+0.7 million tons, an increase of 37.8% over the same period of last year. With the China market returning to normal at the beginning of this year, overseas markets are gradually picking up. The demand for over the rainbow textile products is strong, and the rapid growth of customer orders enables over the rainbow textile to adjust its product structure to an ideal state. In the past three years, the input capacity has been brought into play, especially the yarn price has risen with the rebound of raw material prices. The gross profit margin of textile yarn above Rainbow is higher than the normal level before using low-cost stock raw materials. The average gross profit margin of textile yarns has risen to 23.8%, up 65,438+03.2 compared with the same period of last year.
During the reporting period, the sales volume of grey cloth was about 25.6 million meters, which was about 2.7% lower than that of the same period last year. The decline in sales is mainly due to the increase in grey cloth used for fabric production compared with the same period last year. Driven by the use of yarns produced by over the rainbow Textile, the gross profit margin of grey fabrics has also increased from about 8.8% in the same period last year to 365,438+0.4%.
During the reporting period, the sales volume of woven fabrics produced by Rainbow Textile was about 64 million meters, and the operating income was about165438+600 million yuan, an increase of about 47.2% over the same period of last year. The gross profit margin has increased from 20.7% in the same period in 2020 to 22.4% at present.
During the reporting period, the sales volume of knitted fabrics produced by Rainbow Textile increased from 6,400 tons in the same period last year to about 8,300 tons, and its operating income was RMB 450 million, up by 47.3% compared with the same period last year. The gross profit margin increased from 12.4% to 16. 1%. During the review period, the sales of knitted fabrics were also affected by the increase in the price of raw yarn purchased from abroad. At the same time, some new equipment in Vietnamese factories is in the initial stage of production, which affects the profit rate.
During the reporting period, the sales volume of denim garments produced by Rainbow Textile increased from about 4.7 million pieces in the same period last year to about 5,654.38+pieces in the reporting period, and the gross profit margin rose to about 65,438+02.7%. There is still room for further improvement in product development and production efficiency, thus improving future profitability.
During the reporting period, the trading business of Feiyue Rainbow Textile (the American fabric and clothing trading business acquired by 20 18) achieved an operating income of 460 million yuan, with a gross profit margin of about 12.3%. The development of textile trade business above Rainbow mainly hopes to help expand the sales channels of its own products and promote business growth.
During the reporting period, the non-woven fabric business of Feiyue Rainbow Textile realized an operating income of 42.34 million yuan, much higher than the same period of last year, but it still needs to further tap customers to win market orders.
As of June 30th, 20021year, there were 39,926 textile employees on Rainbow, of which 204,665,438+0 employees were located in Shanghai headquarters and the company's factory in Chinese mainland, and the remaining 65,438+09,465 employees were located outside Chinese mainland (including Vietnam, Turkey, Nicaragua, North America, Hong Kong Special Administrative Region and Macao Special Administrative Region).
By the end of the reporting period, the total number of spindles of Rainbow Textile in China and overseas (mainly in Viet Nam) was about 2.52 million spindles and 6.5438+620 million spindles respectively. Since the first half of 20021,the increase in the sales price of textile yarn above Rainbow has completely caught up with the increase in the price of raw materials, and the textile export supply in some countries or regions is still affected by the epidemic, which is beneficial to the sales orders and profits of textile above Rainbow. Rainbow Textile predicts that the company's yarn business will still benefit from the current business environment in the future.
The epidemic situation in Vietnam is still unstable, which puts some pressure on Rainbow Textile's capacity utilization in Vietnam in the second half of the year. Vietnam Rainbow Textile's factory in northern Vietnam has arranged vaccination for employees, and the coverage rate is close to 90%. Up to now, employees of over the rainbow Textile Company's factory in southern Vietnam have completed the first round of vaccination. In order to meet the local government's requirements for epidemic prevention and control, over the rainbow Textile only arranged the employees who stayed in the factory to continue to work as usual, resulting in the reduction of the factory's capacity utilization rate to less than 40%. If this situation lasts for 30 days, it will affect the annual yarn production capacity of Rainbow Textile by about 65,438+0%. Due to the delay in the completion of the new factory in Vietnam and the epidemic situation in Vietnam, it is necessary to lower the sales target of knitted fabrics from 202 1 to 20,000 tons.
Feiyue Rainbow Textile said that in the second half of the year, the company will continue to consolidate its existing production bases in China, Viet Nam, Turkey, Mexico and Nicaragua, give full play to the advantages of regional supply and vertically integrated fabric production, and enhance and stabilize the profitability of the Group. At the same time, the company will also focus on completing the construction of the new knitting fabric factory in Vietnam and the technical transformation of the local yarn factory.
Yu Xuhui, a researcher in changjiang securities, pointed out earlier that the demand of major overseas clothing importing countries has obviously picked up, orders have continued to flow back due to the rebound of the superimposed epidemic, and the export boom has gradually increased. At the same time, the stability and competitiveness of China's textile and garment industry chain have been improved under the epidemic, and the spread of Indian and Southeast Asian epidemics has also led to the transfer of some orders to Chinese mainland. Under the epidemic rebound, the positive pull of expected order return still exists. However, under the rising pressure of raw materials and the improvement of internal and external needs, the inventory performance of textile and garment industry chain is slightly different, that is, the industrial and commercial inventory of cotton is higher, while the inventory of intermediate products and finished products is at a historical low level. Under the expectation of the rising of upstream raw materials represented by cotton, enterprises have a strong desire to stock cotton, and the industrial and commercial inventory of cotton is at a historical high. However, the recovery of demand has led to a rapid decline in the inventory of intermediate products and finished products such as yarn and grey cloth.
Looking forward to the market outlook, Yu Xuhui believes that considering that the inventory of industries except cotton is basically at a historical low at this stage, it is expected that under the catalysis of the recovery of clothing retail at home and abroad, the replenishment demand of brand customers and the traditional Q3 peak season, the orders of manufacturing enterprises will be full and the income will increase. At the profit end, the utilization rate of production capacity was improved, and the order volume and price were Shuang Sheng, which ushered in a comprehensive repair. It is particularly important to emphasize that at present, the retail sales of foreign clothing are still dominated by the initial recovery of some countries represented by the United States and Britain, while the retail sales of clothing in Japan and other countries have not recovered to the pre-epidemic level and the downward trend is still continuing. In the future, the initial shift to deepening and partial shift to the whole is expected to drive the further release of external demand. In the short term, the positive pull of order return is also expected to continue. In addition, the third quarter is the peak season of cotton spinning industry, and manufacturing enterprises are expected to usher in an overall improvement.
As of the last trading day before the publication of the First Textile Network tonight, over the rainbow Textile closed at HK$ 12. 10 per share, with an increase of HK$ 1.68% and a market value of HK$11billion. (First Textile Network Martin)