In the first half of 2020, as the COVID-19 epidemic continues to spread, the global economy faces a greater risk of recession, which has a greater impact on the production and operation of my country’s textile and apparel industry. Judging from the statistics of the mid-term reports of 177 listed textile and apparel companies in Shanghai and Shenzhen, the vast majority of listed companies have steadily promoted the resumption of work and production, actively cultivated and expanded new business formats spawned by epidemic prevention and control, and demonstrated strong resilience and confidence. Especially since entering the second quarter, they have seized the favorable opportunity of the normalization of domestic epidemic prevention and control and the gradual recovery of the domestic demand market. Through practical and effective measures such as strengthening emerging consumer supply, creating new growth points, and improving the brand value chain, the overall production and operation performance has rebounded. , performance gradually picked up, and the upward trend was obvious. Data show that in the first half of the year, although the production efficiency and other major economic operating indicators of listed companies in the textile and apparel industry dropped significantly compared with the same period last year, most of them were still in the negative growth range. However, the decline has continued to narrow since the second quarter, and major economic indicators have shown signs of recovery.
1. In the first half of the year, three textile and apparel companies were approved to go public and raised funds through initial launches. The total amount has exceeded the fundraising scale of four newly listed companies in the textile and apparel sector in 2019
(1) The China Securities Regulatory Commission vigorously promotes the Science and Technology Innovation Board and accelerates the pilot reform of the GEM registration system Against this background, IPOs of listed textile and apparel companies have accelerated significantly. Data shows that the total number of A-share IPOs listed in the first half of 2020 reached 127 (nearly two-thirds of the number listed on the Shanghai and Shenzhen Stock Exchanges in 2019).
The details of newly listed textile and apparel companies in the first half of the year are shown in Table 1 below, among which:
① Number of IPO listings of textile and apparel companies 3, accounting for 2.36% of the total number of newly listed companies in the Shanghai and Shenzhen Stock Exchanges in the first half of this year, 0.39 percentage points higher than the proportion of newly listed companies in the textile and apparel sector (4) last year.
②The three newly listed companies in the textile and clothing sector in the first half of the year raised a total of 1.794 billion yuan, which was the amount raised by newly listed companies in the textile and clothing sector (4) last year 124.67%.
(2) As of June 30, 2020, There are 177 listed companies in the textile and apparel sector of the Shanghai and Shenzhen Stock Exchanges (A-shares).
According to the tracking and sorting of 176 listed companies in the textile and apparel sector at the end of 2019, due to changes in the main business adjustments, the textile and apparel sector eliminated Duoxi (002761.SZ) and Gan Consulting (000779) .SZ) 2 listed companies, adding 3 newly listed companies in the first half of the year.
2. The epidemic has intensified the shrinkage of the market value of the textile and clothing sector, further reducing the market value of the textile and clothing sector as a proportion of the total market value of the Shanghai and Shenzhen stock markets.
(1) Affected by the new coronavirus epidemic, global stock markets were hit hard, and U.S. stocks even experienced circuit breakers one after another. Since March, with the strong prevention and control of the domestic epidemic and the government’s successive introduction of a series of policies and measures, my country’s capital market has recovered rapidly and has recovered significantly. The three major Shanghai and Shenzhen indexes continue to rise. The ChiNext Index, the Small and Medium Enterprises Index and the Shenzhen Stock Exchange Component Index ranked among the top three global major indexes with increases of 35.6%, 20.85% and 14.97% respectively, becoming the best-performing global index in the first half of 2020. One of the markets.
(2) Statistics show that as of June 30, 2020, Shanghai The total market value of 177 textile and apparel companies in Shenzhen and Shenzhen cities is 1.368648 billion yuan, a decrease of 21.236 billion yuan from the market value of the sector at the end of 2019, a decrease of 1.53%. An increase of 5.44% compared with the end of the first quarter. The market value of the textile and apparel sector accounted for 1.98% of the total market value of A-shares in Shanghai and Shenzhen stock exchanges (a decrease of 0.18 percentage points) from 2.16% at the beginning of the year. The relevant data are as follows in Table 2 (unit: 100 million yuan):
(3) According to the six main sub-industries in the textile and clothing sector, including chemical fiber manufacturing, clothing and apparel, textile machinery, industrial textiles, home textiles and traditional textiles 101 Look at the market value statistics of listed companies on June 30 (as shown in Table 3 and Figure 1 below):
①The market value of the chemical fiber manufacturing sector accounts for the largest share of the textile and apparel sector. The market value changes of this sector in the first half of the year showed an initial decline and then an increase. The sector was affected by the epidemic and experienced great fluctuations, and the recovery was also relatively fast. At the end of June, the market value of the sector was close to the pre-epidemic level;
②The market value of the clothing and apparel sector accounted for 20.95%, ranking first in the industry The two largest market value sectors are characterized by a large number of companies and a small market value of a single company. The market value of this sector went from bad to worse in the first half of the year, gradually falling, and as of the end of June, it had not bottomed out yet. This is related to the fact that most of the listed clothing and apparel companies have not yet fully escaped the impact of the epidemic’s impact on domestic and foreign markets.
③ In the first half of the year, due to the surge in demand for anti-epidemic supplies, the market value of the industrial textiles sector increased from 186.484 billion yuan at the beginning of the year. Soared to 236.757 billion yuan, and its share in the industry also increased rapidly from 13.41% to 17.30%. Although it is still the third largest market value in the textile and apparel sector, it has significantly narrowed the gap with the second place (clothing and apparel sector).The expansion of scale will bring obvious cost advantages. According to the interim report, the company’s assets reached 186.144 billion yuan (ranking second in the textile and apparel sector), total operating income was 67.358 billion yuan (ranking first in the industry), and profit was 5.546 billion yuan (ranking second in the industry).
For another example, Heilan Home (600398) saw rapid growth in its online economy and significant revenue growth in the second quarter. The company focuses on the main brand of Heilan Home, actively promotes the digital upgrade and online transformation of stores, and deepens channel development to move forward steadily. According to statistics from the mid-term report, operating income in the second quarter of 2020 increased by +110.53% month-on-month, and net profit increased by +219.29% month-on-month. The company’s main operating economic indicators quickly returned to healthy growth, and the performance recovery trend is obvious.
6. Judging from the 2020 mid-term assessment and evaluation, the textile and apparel sector is currently in a “sub-healthy” state, and there are potential risks in operational development
(1) Based on the Asys.16 system evaluation of the profitability and health index (HIS average) of 177 listed textile and apparel companies in Shanghai and Shenzhen stock markets in the first half of 2020, the evaluation value They were 39.39 and 75.56 respectively, which were 12.51% and 7.94% lower than the mid-term evaluation results in 2019. Judging from the overall trend, the profitability and health index of listed companies in the textile and apparel sector have continued to decline since 2017, and the evaluation value in mid-2020 reached a relative minimum. It shows that the textile and apparel sector is in a sub-healthy state in mid-2020, and there are certain potential risks and hidden dangers in operational development. The evaluation results over the years are as follows in Table 15 and Figure 4:
(2) Ranking of the top 30 textile and apparel sector profitability estimates:
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