Chemical fiber half annual report of listed company prompt management risk

Recently, chemical fiber listed companies released quite closely half annual report in 2014. Polyester, polyamide fiber with viscose three different chemical species of profitability, ding polyamide from yizheng chemical fiber corporation, China and the constant day dragon can be seen in its annual report for the industry in general.

 

Polyester, in the first half of 2014, the domestic polyester capacity is still maintained a fast growth, new polyester production capacity of about 2.85 million tons, to the end of June in polyester output can reach 45.07 million tons, domestic polyester overcapacity situation further. In the first half of polyester production continue to rise, but industry load decline further, domestic polyester fiber production grew by 8.8% year on year. Polyester fiber total supply of 18.5286 million tons, up 12.9% from a year earlier. Rigid demand at the same time, the domestic polyester and polyester products exports continue to rise, the influence of domestic polyester fiber total consumption of 16.0931 million tons, up 9.1% from a year earlier.

 

Yizheng chemical fiber corporation in the annual report, said in the first half of 2014, by the slow recovery of the global economy, and China's exports is not prosperous, economic structure transformation and other factors, the domestic chemical fiber market demand continued weakness, domestic polyester industry in depth adjustment pattern. At the same time, due to domestic polyester capacity continues to increase, polyester further contradictions between supply and demand, market competition is intensifying. Said in a statement, yizheng chemical fiber corporation, the company in the face of severe market environment and the management situation, increased the enterprise management, focus on technological innovation and marketing, authors fee, vigorously promote the effective development, efforts to loss-mitigation efficiency.

 

Ding nylon polyamide fiber, yiwu China co., LTD., in the annual report, said in the first half of the company business income of 766509192.87 yuan, compared with a year earlier compared with a 4.38% drop in; To achieve net profit attributable to shareholders of listed companies - 26127882.12 yuan, down 166.63% year-on-year.

 

In the first half of 2014, as a result of polyamide fiber industry capacity expansion, market competition stage, and the overall downstream textile market weak, demand decreases, the polyamide market has been in a weak down pattern. Hua ding polyamide, said its in adversity strives for the survival by the quality, take the customer's needs as the goal, to ensure the double stable sales and production. A slight increase in the first half of the production and sales in both, but as a result of product sales prices and raw material prices continue to fall, and the range of the product prices is greater than the size of raw materials prices, the company's operating income decrease, the profit space is squeezed, a significant decline in gross margin.

 

Hua ding polyamide, said during the reporting period, hangzhou HangDing polyamide fiber technology co., LTD., with annual capacity of 80000 tons of nylon (polyamide) slice project has successfully reaches producing in 2014 June, in the future the company will improve its polyamide slicing the stability of product quality; With a total investment of 313 million yuan annual output of 20000 tons of differential DTY fdy offering investment project, has been in the stage of equipment debugging, trial production is expected in November 2014; With a total investment of 629.5 million yuan annual output of 50000 tons of differential polyamide filament "self-raised funds of the project, has been in the stage of equipment installation and debugging, trial production is expected in November 2014, a total investment of 1.824 billion yuan annual output of 150000 tons of differential polyamide fiber filament project prophase preparatory work is orderly.

 

Profitability is also not ideal during the first half of viscose fiber. In the constant day dragon, for example. In the first half of 2014, the company implemented the business income is 2014 yuan, down 22.53% year-on-year. Net profit attributable to shareholders of listed companies for the loss of 192.1785 million yuan, compared with the loss of 56.0658 million yuan. Constant day dragon said in a statement, in the first half of the company's core business of the viscose fiber industry as a whole operation. Company said that 2014 viscose industry continue to slump, although 1 ~ 6 month viscose filament has experienced a dramatic drop in the process of recovering slightly, filament prices rebound from month to month, but the overall comparison, viscose yarn and filament price still fell 11% and 14% from a year earlier. Another company to shutdown overhaul of part of the short wire production line, short silk revenues from a decrease in the first half of the year. Notice, however, at the same time, according to the cord fabric and canvas in the first half of the business profits from a year earlier has improved a lot.