Investment summary:
Talk every Monday: Textile & Beauty 21 annual report and 22q1 performance review
Light industry manufacturing
In the light industry manufacturing industry, the revenue and net profit attributable to the parent increased rapidly in 21 years, and the net profit attributable to the parent in 22q1 was under pressure. According to the latest industry classification, SW light manufacturing industry covers 140 listed companies. In 2021, the light manufacturing industry achieved an operating revenue of 560.9 billion yuan, a year-on-year increase of 25%; The net profit attributable to the parent company was 24.9 billion yuan, a year-on-year decrease of 1%. The revenue of 22q1 light industry manufacturing industry was 131.3 billion yuan, a year-on-year increase of 7%, and the net profit attributable to the parent company was 6.4 billion yuan, a year-on-year decrease of 42%.
In 2021, the gross profit margin and net profit margin of light manufacturing industry decreased slightly. In 2021, the gross profit margin and net profit margin of light manufacturing industry were 22% and 6% respectively, with a year-on-year decrease of 3PCT and 1PCT respectively. The decline in gross profit margin was due to the rise in the price of raw materials. During the period, the expense rate was 11%, with a year-on-year decrease of 2pct. In 2022q1, the gross profit margin and net profit margin of light industry manufacturing industry are 20% and 7% respectively; The period cost rate is 11%.
In 2021, the operating capacity of light industry manufacturing industry increased and the asset liability ratio increased slightly. In 2021, the industry’s inventory turnover days and accounts receivable turnover days were 75 and 49 days respectively, with a year-on-year decrease of 10 and 4 days respectively, and the operation efficiency was improved. In 2022q1, the inventory turnover days and accounts receivable turnover days of the industry were 86 and 58 days respectively, with a year-on-year increase of 11 and 9 days respectively, and the operating capacity declined. In 2021, the overall asset liability ratio of the industry was 49.14%, with a year-on-year increase of 1.03pct. In 2022q1, the overall asset liability ratio of the industry was 48.83%, with a year-on-year decrease of 0.31pct.
Textile clothing
In the past 21 years, the revenue and net profit of the textile and clothing industry increased steadily, mainly due to the increase of exports. According to the latest industry classification, there are 118 listed companies in SW textile and clothing industry. In 2021, the industry achieved a total operating revenue of 484.3 billion yuan, a year-on-year increase of 12%; The net profit attributable to the parent company was 24.9 billion yuan, a year-on-year increase of 179%. This is due to the increase in exports. In 2022q1, the overall revenue of the industry was 127.6 billion yuan, a year-on-year increase of 12%; The net profit attributable to the parent company was 8.4 billion yuan, a year-on-year increase of 11%.
The net interest rate of textile and clothing industry continued to rise in 21 and 22q1. In 2022, the gross profit margin of textile and clothing industry decreased by 1.38pct to 24.71%, and the net profit margin increased by 4.04pct to 5.19%, which was caused by the decrease of expense rate during the period. In 2022q1, the gross profit margin of textile and clothing industry is 24.99% and the net profit margin is 6.73%.
In the 21st and 22q1, the industry’s operating capacity continued to improve, and the asset liability ratio continued to decline. The turnover days of inventory and accounts receivable in textile and clothing industry in 21 years were 134 days and 34 days respectively, with a year-on-year decrease of 34 days and 15 days respectively. 22q1 the turnover days of inventory and accounts receivable in textile and clothing industry were 132 days and 31 days respectively, with a year-on-year decrease of 2 days and 3 days respectively. In 21 years, the overall asset liability ratio of the industry decreased by 0.26pct to 44.24%, and the overall asset liability ratio of 22q1 industry continued to decline by 1.28pct to 42.97%.
Beauty care
The revenue of beauty care industry increased slightly in 21 years, and the net profit attributable to the parent increased significantly. According to the latest industry classification, there are 29 listed companies in SW beauty care industry. In 2021, the industry achieved a total operating revenue of 77.28 billion yuan, a year-on-year increase of 3.5%; The net profit attributable to the parent company was 8.7 billion yuan, a year-on-year increase of 39%. 22q1 industry achieved a total operating revenue of 18.5 billion yuan, a year-on-year increase of 3.8%; The net profit attributable to the parent company was 1.8 billion yuan, a year-on-year decrease of 21.6%.
The gross profit margin in 21 years was basically the same as that of last year. The gross profit margin and net profit margin of the beauty care industry in 21 years were 44.09% and 11.32% respectively, and the expense rate during the period was 30%, basically stable compared with last year. The gross profit margin and net profit margin of 22q1 beauty care industry were 43.54% and 9.44% respectively, and the period expense rate was 29.34%.
In the past 21 years, the operating capacity was improved and the asset liability ratio continued to decline. In 21 years, the inventory turnover days of beauty care industry were 133 days, a year-on-year decrease of 6 days, and the turnover days of accounts receivable were 43 days, a year-on-year decrease of 1 day. In the 21st year, the asset liability ratio was 31.45%, with a year-on-year decrease of 4.09pct. 22q1 asset liability ratio was 30.61%, which continued to decline.
Market review (April 24-april 29):
Among the Shenwan level industries, the light industry manufacturing industry fell by 5.72% this week, ranking 29th among Shenwan’s 31 level-1 industries, underperforming the market. Among the sub sectors, the cultural and entertainment products sector performed better, down 3.57%, and household products performed poorly, down 6.76%; The textile and clothing industry fell 9.90% this week, ranking 31st among Shenwan’s 31 primary industries, outperforming the market. Among the sub sectors, the jewelry sector fell 6.59%, the textile manufacturing sector fell 10.60%, and the clothing and home textile sector fell 10.43%.
Industry tracking data:
Furniture: the price of TDI this week is lower than that of last week, and the price of MDI is lower than that of last week.
Papermaking: according to Zhuo Chuang information, in terms of pulp, on April 29, the market price of coniferous pulp was 725411 yuan / ton, down 0.57% from last Sunday; The market price of broad-leaved pulp was 601909 yuan / ton, down 0.10% from last Sunday; The market price of natural color pulp was 646667 yuan / ton, down 0.39% from last Sunday; The market price of chemical mechanical pulp was 546667 yuan / ton, down 0.30% from last Sunday. In terms of packaging paper, on April 29, the market price of corrugated paper was 378125 yuan / ton, down 0.98% from last Sunday; The market price of white cardboard was 645000 yuan / ton, up 0.16% from last Sunday. In terms of cultural printing paper, on April 29, the market price of double offset paper was 625000 yuan / ton, up 0.60% from last Sunday; In terms of household paper, the market price on April 29 was 700000 yuan / ton, unchanged from last Sunday.
Textile and clothing: on April 29, the price of cotton was 2240231 yuan / ton, down 0.51% from last week; The price of yarn has increased and the price of polyester has decreased.
Investment strategy:
Recently, the policy margin of the real estate industry has been relaxed. We believe that we can pay attention to the home sector in the near future. It is suggested to pay attention to [ Oppein Home Group Inc(603833) ], [ Suofeiya Home Collection Co.Ltd(002572) ]; It is suggested to pay attention to [ Jason Furniture (Hangzhou) Co.Ltd(603816) ], [ Xlinmen Furniture Co.Ltd(603008) ].
Risk tips: raw material price fluctuation risk and exchange rate fluctuation risk.
