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證券簡(jiǎn)稱:蒙泰高新
證券代碼:300876
Guangdong Modern High-tech Fiber Co., Ltd., textile industry, textile industry prospects
[The economic operation of the textile industry in the first half of the year and the outlook for the second half of the year]
Release date:[2019/8/12] Is reading[895]次

In 2019, the domestic and international macroeconomic situation facing China's textile industry has become more complicated and severe, and various unstable and uncertain factors have been intertwined, bringing multiple tests for the industry to promote high-quality development. In the first half of the year, under the background of increased internal and external market pressures, the operating indicators of production, sales, efficiency and investment in the textile industry fluctuated. The industry insisted on deepening the structural reform of the supply side and accelerating the transformation and upgrading. The prosperity remained in the expansion range. The economic operation situation is generally normal, which is basically consistent with the macro situation and development expectations.


Domestic market growth slowed down and export pressure increased


Since 2019, China's domestic market for textile and apparel products has steadily slowed down, but online retail sales have been growing well. According to the National Bureau of Statistics, in the first half of the year, the retail sales of clothing, shoes, hats and needles and textiles above designated size was 656 billion yuan, a year-on-year increase of 3%. The growth rate slowed by 6.2 and 0.3 percentage points respectively compared with the same period of the previous year and the first quarter of this year. The national retail sales of online wearing goods increased by 21.4% year-on-year, and the growth rate slowed down by 2.7 percentage points compared with the same period of last year, but accelerated by 2.3 percentage points from the first quarter of this year and returned to a higher growth level of more than 20% since April.


Affected by factors such as the weakening of the international economic recovery and rising risk of trade environment, the export pressure of the textile industry has increased significantly compared with the same period of the previous year, and the product structure and market structure have been adjusted. According to China Customs data, in the first half of the year, China's textile and apparel exports amounted to US$128.4 billion, down 2% year-on-year. The growth rate slowed by 4.8 and 0.4 percentage points respectively compared with the same period of the previous year and the first quarter of this year. From the perspective of product structure, upstream chemical fiber, yarn, fabric and other products have become the main driving force for the export growth of the industry. In the first half of the year, China's textile exports increased by 1% year-on-year, accounting for 48.2% of the total export volume of the industry, up from 2018. 4.1 percentage points; in the same period, clothing exports fell by 4.7% year-on-year. In terms of export market structure, exports to emerging markets are better than traditional markets. In the first half of the year, China’s exports of textiles and clothing to the United States, the European Union and Japan decreased by 0.7%, 4.2% and 4.7% respectively, and exports to ASEAN, Mexico and Africa were respectively year-on-year. Growth of 0.8%, 3.9% and 5.2%.


The overall situation is stable and the production has achieved steady growth.


Since 2019, the textile industry's prosperity has continued to expand. According to the survey data of the China National Textile and Apparel Council, in the first quarter and the first half of the year, the textile industry's prosperity index was 55 and 52 respectively, both above the 50-year-old line, indicating that the industry is still in a growth cycle.


The overall production of the industry achieved steady growth. In the first half of the year, the industrial added value of enterprises above designated size in the textile industry increased by 3.6% year-on-year, which was 0.8 percentage points higher than the same period of the previous year, but slowed by 1.8 percentage points from the first quarter of this year. Among the various links in the industrial chain, the industrial added value of the chemical fiber industry maintained a 13% double-digit growth rate, which was 6.4 percentage points higher than the same period of the previous year; the industrial added value of the industrial textile industry grew more steadily, and the growth rate in the first half of the year was relatively high. It is 7.6%.


The pressure on operational quality has increased, and the scale of investment has declined slightly.


Since 2019, under the pressure of the internal and external markets, the profit pressure of textile enterprises has increased, the difficulty of improving the operation quality has increased, and the operating profit margin is increasing month by month. In the first half of the year, the country's 34,000 textile enterprises above designated size achieved operating income of 24,515.5 billion yuan, a year-on-year increase of 3.2%. The growth rate slowed by 0.9 percentage points from the same period of the previous year; the total profit reached 103.16 billion yuan, a year-on-year decrease of 4%. In the same period of last year, it slowed down by 6.4 percentage points, but it was still better than the national manufacturing profit growth rate in the same period. Among the various sub-sectors, the profit growth of the filament and printing and dyeing industries led the whole industry, and the total profit increased by 12.9% and 9.9% respectively. In the first half of the year, the operating profit margin of textile enterprises above designated size was 4.2%, slightly lower than 0.3 percentage points in the same period of the previous year, but this year it has been improved month by month. The profit rate in the first half of the year was 0.5 percentage points higher than that in the first quarter. In the first half of the year, the turnover rate of finished products of textile enterprises above designated size was 15.1 times/year, a slowdown of 5.9% year-on-year; the total asset turnover rate was 1.3 times/year, the ratio of three fees was 6.9%, and the asset-liability ratio was 56.3%. The same period was generally flat. The changes in the quality indicators of the industry's operation indicate that the pressure on the survival and development of textile enterprises has increased, but the enterprises are still actively accelerating transformation and upgrading, striving to improve their comprehensive management capabilities, striving to resolve external risks and maintain stable development.


The scale of investment in fixed assets has shrunk slightly, reflecting a slight lack of investment confidence. In the first half of the year, the completion of fixed assets investment in the textile industry decreased by 1.3% year-on-year, and the growth rate slowed by 2.6 and 7.8 percentage points respectively compared with the same period of the previous year and the first quarter of this year. In each sub-sector, the investment in the garment industry increased by 0.8% year-on-year, with a growth rate of 6.5 percentage points higher than the same period of the previous year. The investment scale achieved positive growth for five consecutive months; the investment in the textile and chemical fiber industries decreased by 0.3% and 10.6% respectively. . In terms of regions, the investment in some provinces in central China has accelerated, and the investment in textile industry in Anhui, Henan, Hubei, and Hunan provinces has achieved good growth, and the growth rate is significantly higher than the national average.


The development pressure throughout the year is still outstanding, and the support of the domestic market is prominent.


Looking forward to the whole year, the complexity and uncertainty of the macro-environment at home and abroad facing China's textile industry will not be weakened. In the second half of the year, due to factors such as rising uncertainty in the trading environment and weakening of the US economic growth, the global economy and market demand growth are expected to slow down. Sino-US trade relations are difficult to alleviate completely. The trade war does not rule out the possibility of further upgrading. Although it only involves the export of goods to the US single market, the deterioration of the trade environment will affect the market confidence, which will make the export situation of the textile industry more severe. It is more difficult to resume positive growth in half a year.


Affected by the international economic and trade situation, China's macroeconomic operation pressure has also improved. Although the economic operation will remain in a reasonable range, the income growth of residents and the boost of consumer confidence are facing a certain degree of restrictive influence. With the external situation becoming more severe, the state will pay more attention to stabilizing consumption and investment demand through policy regulation and promoting the formation of a strong domestic market. At the same time, it will further implement the policy of reducing tax reduction and fee reduction, and better maintain a reasonable and sufficient liquidity. To create a better market space and business environment for the development of the real economy, which is conducive to the formation of a virtuous cycle of corporate profit growth, increased investment confidence and increased consumer demand.


Generally speaking, in the second half of 2019, the external environment faced by the textile industry is more complicated, but China's macroeconomic environment and domestic demand consumer market will still provide the primary development support for the industry. The textile industry will continue to fully implement the spirit of the 19th Party Congress and the Central Economic Work Conference, adhere to the structural reform of the supply side, deepen the potential of domestic demand, vigorously promote high-quality development, further enhance the ability to resist risks and develop resilience, and make every effort to ensure The operation is stable. At the same time, the textile industry must correctly and fully understand the complexity of the global economy and trade environment and the long-term nature of risk factors, properly prepare for it, promote sustained and healthy development of the industry, and build a well-off society for the development of the national economy and the victory. Goal fulfillment should make a contribution!


Guangdong Modern High-tech Fiber Co., Ltd. is a professional manufacturer, manufacturer and seller of PP yarn. Since its establishment, the previous year's various specifications of PP yarns exceeded 24,000 tons, becoming the current PP yarn production line with a large domestic production. With reliable product quality and good after-sales service, our products are sold well in various provinces and Exported to Asia, Europe, America, Middle East, South America and many countries and regions.

 


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