Analysis on the Economic Operation of Textile Industry from January to March in 2012

1 Import and export of textiles and garments

According to statistics from China Customs, China's textile and clothing exports totaled US$51.158 billion in the first three months of 2012, an increase of 3.41% year-on-year, accounting for 11.99% of the country's total merchandise exports totaling US$430 billion. Among them, total textile exports during the January-March period were 21.766 billion. The U.S. dollar increased by 1.69% year-on-year, accounting for 42.21% of the total value of 51.568 billion U.S. dollars in textiles and apparel exports; the total value of apparel exports during the January-March period was 29.982 billion U.S. dollars, an increase of 4.71% year-on-year, accounting for 57.79% of the total value of 51.568 billion U.S. dollars in textile and apparel exports;

In terms of imports, China's textile and clothing imports totaled US$5.483 billion in the first three months of 2012, an increase of 6.02% year-on-year, accounting for 1.28% of the country's total merchandise imports totaling US$429.21 billion; of which, the total imports of textiles in January-March was US$4.368 billion. The increase was 0.14%, accounting for 79.66% of the total textile and apparel import value of 5.483 billion U.S. dollars; the total amount of apparel imports during the January-March period was 1.116 billion U.S. dollars, an increase of 37.64% year-on-year, accounting for 20.34% of the total textile and apparel import value of 5.483 billion U.S. dollars; The foreign trade situation of clothing is good.

2 Textile Industry Production and Profitability

From the perspective of business production and profitability, the gross margin of the textile industry was 12.09% in January-March 2012, and the tri-rate ratio (sum of operating, management, and financial expenses) was 6.41%, and the profit rate was 4.51%. Affected by non-recurring gains and losses, the nominal pre-tax profit rate was 5.68%; the industry's inventory ratio was 18.85%, indicating that the product sales were normal; the export ratio was 15.73%, indicating that the export situation was good; the industry's loss was 19.67%. From this we can see that in the entire textile industry, the production and operation status has worked well.

From the perspective of different sub-sectors in the textile industry, the gross margins of apparel and textile machinery industries are higher, and the profit margin is slightly higher, indicating that their profitability is relatively satisfactory.

3 Production and Sales Connection and Asset Operation of the Whole Textile Industry

From the perspective of convergence of production and sales, the production and sales ratio of the textile industry from January to March in 2012 was 97.22%, indicating that the industry’s product sales were in a better condition; the accounts receivable turnover rate (main revenue/net accounts receivable) was 3.67. Secondly, the accounts receivable operating cycle (90 days/receivables turnover rate) is 24.51 days. The more account receivable turnovers or the smaller the number of accounts receivable turnover days, indicates that the channels for realizing profits increase. unobstructed.

From the perspective of the operation of assets, the textile industry's total asset turnover rate (main revenue/asset total) was 0.37 times in the first three months of 2012, and the total asset operating cycle (90 days/total asset turnover rate) was 242.45 days. Total assets The greater the number of turnovers or the fewer days of total assets turnover, the higher the efficiency of asset utilization.

The asset-liability ratio of textile industry in the period from January to March in 2012 was 57.14%, indicating that the operation of the financial policy was relatively stable; the return on net assets was 3.91%, indicating that the industry's net assets operating efficiency was higher.

From the perspective of different sub-sectors of the textile industry, the connection between production and sales of various industries is good, the operating efficiency of the total assets of garment and apparel industries is high, and the financial operation is relatively stable; the net asset operating efficiency of the clothing and apparel industry and textile machinery industry is relatively high, indicating that Its profitability is even better.

4 Short-term debt repayment and liquidity changes in the textile industry

From the perspective of short-term debt repayment and liquidity changes, the textile industry’s current ratio (current assets/current liabilities) was 2.47 times in January-March 2012 and 2.47 times in the same period of last year. The current ratio was relatively high, indicating that companies’ short-term payment Strong debt ability;

From the perspective of changes in the quick ratio ((current assets-inventory)/current liabilities), the textile industry was 1.55 times, compared with 1.59 times in the same period of last year, and the quick ratio was high, indicating that the company's liquid assets are not considered in the case of inventory. Stronger liquidity;

From the perspective of changes in cash ratios ((monetary funds + short-term investments)/current liabilities), the total textile industry was 0.96 times, 1.03 times the same period last year, and the cash ratio was higher, indicating that inventory and accounts receivable are not considered. Under the circumstances, the company's short-term solvency is more secure. It can thus be seen that in the entire textile industry, the short-term debt repayment and liquidity capabilities of enterprises are relatively good.

From the perspective of different sub-sectors, the short-term debt repayment and liquidity abilities of clothing and textile machinery and other industries are slightly stronger.

5 Changes in Economic Scale of Products in the Whole Textile Sector

From the perspective of the change in the economic scale of the unit product, in the textile industry from January to March in 2012, if the per-ton yarn output value is approximately 32,671 yuan/ton as the average reference price for the industry, the single cost is 28,074 yuan. About 85.93% of tons, single profit of 1,385 yuan / ton, about 4.24%; Similarly, the per unit of fabric yield 29.52 yuan / meter is similar to its industry average reference price, then the single cost of about 24.48 yuan / meter accounted for about 82.95 %, a single profit of 1.13 yuan / meter accounts for about 3.84%; each piece of woven garment output value of 106.71 yuan / piece as an industry average reference price, then the single cost of 82.42 yuan / piece accounted for about 77.24%, single profit 5.73 yuan / piece accounts for about 5.37%.

6 Changes in Cost Composition of Textile Industry Units

From the perspective of changes in the cost structure of unit product, the single gross profit of China's textile industry in the period from January to March in 2012 was 3436 yuan per ton per ton of yarn production, and the single three-point fee (single business, single management and single The sum of finance is 1510 yuan/ton, and the single profit (profit before tax) is 1385 yuan/ton. If it excludes the impact of non-recurring gains and losses, the nominal pretax profit per unit product is 1926 yuan/ton; For the production of rice fabrics, the single gross profit was 3.21 yuan/meter, the single three fee was 1.55 yuan/meter, and the single profit was 1.13 yuan/meter. If the non-recurring gains and losses were excluded, the nominal pre-tax profit of the unit product was 1.66. Yuan/meter; In addition, compared to the output of each woven garment, the single gross profit is 16.24 yuan/piece, the single three fee is 8.91 yuan/piece, and the single profit is 5.73 yuan/piece, if it excludes the non-recurring gains and losses Affected, the pre-tax profit per unit product is 7.32 yuan/piece.

7 Textile Industry Investment in Fixed Assets

According to data released by the National Bureau of Statistics, in the first three months of 2012, the textile industry actually completed an investment of 117.808 billion yuan, an increase of 17.0 percent year-on-year; the total number of construction projects so far this year was 6536, a year-on-year decrease of 12.19 percent; The number of projects was 2865, a year-on-year decrease of 6.65%. As of the end of March, the number of completed projects was 1,260, a year-on-year decrease of 14.29%, accounting for 19.28% of the total number of construction projects, indicating that the industry's investment projects are progressing well.

From the perspective of the sub-sectors of the textile industry, the investment in the textile industry and clothing and apparel industry is relatively large, the number of construction projects and the number of completed projects are also higher; the investment in the chemical fiber industry is not low, but the number of construction projects is relatively small. This indicates that the project has a large scale, while the amount of investment and construction projects in the textile machinery industry is relatively small.