2017 Tianhong Textile "Cowboy is very busy": returning to the industry to make money easy
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Tianhong Textile (02678) announced its 2016 annual results in Hong Kong on March 3, and experienced a rebound in cotton prices. Tianhong’s revenue and profits have risen. In 2017, Tianhong plans to lay out the denim production line in addition to the sand line. Under Industry 4.0 Return to industry.
Zhitong Finance was informed that in 2016, Tianhong Textile's revenue increased by 29.1% year-on-year to RMB 13.65 billion (RMB, the same unit); gross profit margin increased by 1.4% to 19.4%; net profit margin increased by 3.2% to 8.8%, net profit increased by 103.9% To 1.201 billion yuan; profit attributable to shareholders was 1.188 billion yuan, and basic earnings per share was 1.33 yuan.
The dividend payout ratio was maintained at 30% in the previous year, with a final dividend of 26 HK cents per share and a dividend of 44 HK cents per share for the full year.
Yarn is still the main business
Yarn ingots are still the main products of Texhong, accounting for 92.5% of the total revenue, reaching RMB 12.63 billion. The income of grey cloth and fabrics and apparel products was RMB 1.023 billion, accounting for 7.5% of the Group's total revenue.
Tianhong Textile has added about 630,000 spindles to its plant in Vietnam's Galaxy and Xinjiang projects. The sales of spindles increased by 25.7% year-on-year to approximately 600,000 tons.
The 2017 sales target is 690,000 tons of yarn, 90 million meters of grey cloth shawl and 7 million jeans.
There are more than 3,000 customers in Tianhong's customer base, of which 90% are in the Mainland and 10% are overseas. About 87% of the products are sold back to China, mainly in Jiangsu, Zhejiang, Guangdong and Shandong, while overseas sales networks include Vietnam, Brazil, Turkey, Bangladesh, Japan and South Korea.
Tianhong executive director Xu Zihui said that the company's customer base is scattered, there will be no reliance on the results of a single customer, and no one will be given up.
Cowboy is very busy
In 2016, Tianhong increased the output of the denim garment business, adjusted the denim garment team and production line in Shandong and Cambodia, and produced more than 3 million jeans in 2016.
Zhitong Finance is informed that Tianhong will focus on the development of denim clothing business in 2017, focusing on the new factory in Vietnam, supplemented by the domestic and Cambodian acquired capacity, and taking advantage of the raw material resources of denim yarn already formed in Vietnam, combined with existing denim The production capacity of the cloth customer is expanded to fill the production line of denim products.
The production line invested in clothing and downstream business in Vietnam is expected to be put into production in 2017. The denim production line that has been acquired and built in Shandong will also be completed in the second half of 2017. These new investments total about 500 million yuan.
However, Xu Zihui bluntly said that although the amount of jeans will be doubled in 2017, the amount of jeans will double, but it is still difficult to shake the main position of the yarn.
“The goal of Tianhong in denim products in 2017 is not how much production or profit, but how much the big brand customers serve.â€
Financial security needs to return to industry
Hong Tianzhu pointed out that China has mature markets and mature industries in the apparel and textile industry, but there are no mature enterprises. So far, there is no textile giant in the market, which provides a huge market space for textile manufacturers.
He made it clear that Rainbow will focus on industrial production, regardless of brand operations. He believes that industry can easily make money by adding gross profit margin under the control of management costs. Brand operation is more difficult to make profits, and industry is more likely to make financial performance safe.
"Informatization era and big data transformation have brought opportunities for industrial development. Today's industry integrates industry 4.0, electronic and information technology. Different from the previous industry, returning to industry is the individual and the group's fundamental goal."
Domestic expansion is mainly based on acquisition
According to Zhitong Finance, in 2016, Tianhong received about 94.3 million government subsidies in Xinjiang, and 31.8 million government subsidies in other regions. The annual subsidy is about 126 million yuan. Xu Zihui said that in 2017, government subsidies will still be obtained, but the specific figures are It is not convenient to disclose.
In terms of domestic capacity expansion, Hong Tianzhu is more inclined to acquire and merge. He believes that the cost of acquiring a mature and stable team is far lower than that of a new factory.
Hong Tianzhu revealed that in addition to Vietnam, Tianhong will conduct research and evaluation in other regions, and will continue to invest in other producing areas except China and Vietnam in the future, but will definitely not invest in Cambodia.
He laughed and said that the wages of workers in Cambodia are paid in US dollars. Cambodia has no monetary autonomy, and the economy is not good enough to have any room for depreciation. There is no expansion plan in Cambodia in the future. (Text / Guo Jiaxuan from Hong Kong)
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