The Chemical Fiber Industry Is No Longer &Nbsp, And Stocks Are Reporting A Sharp Decline.

This year,

Recently, 002172.SZ and 002127.SZ announced their revised notice of performance notice: one from profit to loss, one from increase to decrease, and the content of the announcement changed one after another.

"We expect to see a net loss of -22000 million yuan to -19000 million yuan from January 2011 to June. The net profit of 88678300 yuan in the same period last year," the company said in a notice.

In the company's first performance forecast for April 22nd, it only projected a net profit of 50% to 20% in the first half of 2011.

According to Xinmin Technology Bulletin, its net profit in the first half of the year is 31 million yuan to 40 million yuan, a decline of 15% to 35%. In the first forecast of April 19th, the growth rate was 60% to 90%.

"Ao Yang technology and Xinmin technology are all representative enterprises in their respective subdivision industries. Their performance forecasts are related to the company's management policies, but the cooling of the industry environment is also irrelevant.

Since the beginning of this year, the textile industry has been in a certain predicament on the whole because of the macroeconomic factors, especially in the two quarter, the price of chemical fiber and viscose fiber has dropped considerably, and the whole industry has no big performance in the medium term. "

A Shenzhen based chemical industry analyst told reporters.

"Affected by the domestic and foreign market environment and national macro policies, the cost of labor and financial costs of domestic textile enterprises has been rising since the first half of this year, and faced with the shortage of funds, the operating rate of downstream yarn and fabric manufacturers has generally been reduced."

Australian foreign technology also stated its industry predicament in its performance correction notice.

Indeed, according to the latest textile and garment industry data released by the NDRC in 1-5, although the textile industry has maintained growth momentum, the growth rate of production is showing a downward trend.

Data show that in 1-5 months, the textile industry above scale enterprises achieved industrial output value of 1 trillion and 990 billion yuan, an increase of 30.15% over the same period last year.

However, 1-5 months decreased by 1.8, 1.45 and 0.4 percentage points compared with 1-2 months, 1-3 months and 1-4 months respectively.

And investment growth and export growth also have the same trend.

"When the market demand is reduced and the selling price of products falls, it will cause losses due to the initial inventory cost."

Australian Ocean Technology

"The two companies reported time in the first quarter because they are optimistic about the future, hoarding a lot of stocks, and now the stock prices are falling sharply, and the financial statements are bound to face the situation of preparing for the decline in inventory prices."

The researcher explained.

Indeed, (300033) the financial data terminal showed that the quarterly inventory of Australia ocean technology was 1 billion 308 million, and the annulus ratio increased by 66.67% in 2010. At that time, the interpretation of Australia's technology was "due to the fall in the price of viscose staple fiber in March 2011, the sales slowed down, and the company's Viscose stock increased."

However, after March, the price of viscose staple fiber has dropped further.

According to statistics, viscose staple fiber prices fell sharply in the two quarter, from 28500 yuan / ton to 18000 yuan / ton, or nearly 40%.

If half of the company's inventory is viscose staple in the first quarter, a partial revaluation of the inventory may result in a 260 million loss of the company.

And Xinmin technology in the first quarter of inventory is increased by 94.84%, of which differential fiber polyester filament became the main component of the inventory growth in the announcement.

According to the monthly data of the basic chemical monthly of CIC, the price per ton of polyester long line in East China has fallen from 17500 yuan in early April to 15150 yuan at the end of June, or 15%.

"The inventory structure of a specific company will be different from its operating policy, specific pressure conditions, or because of the failure to carry out the performance preview, or because the scope of the change has not reached the requirements of the announcement.

However, there is a certain uncertainty in the quoted prices of companies with high inventories in these industries.

The analysts pointed out.

According to the statistics of reporters, at present, 11 of the main products in the A share market are chemical fiber companies, and only announced their semi annual performance notices in the first quarter or have not announced their performance forecasts. Of them, 7 stocks rose in a quarterly report.

They are Nanjing chemical fiber (600889) (600889.SH), Jiuding new material (002201) (002201.SZ), Yantai spandex (002254) (002254.SZ), Xinxiang chemical fiber (000949) (000949.SZ), Changshan share (000158) (000158.SZ), Halliday (002206.SZ) He Rong Sheng Petrochemical (002493) (002493.SZ).

Among them,

Rongsheng Petrochemical 2010 annual report shows its main PTA and polyester drafting yarn (FDY), polyester preoriented silk (POY), polyester and elastic wire (DTY) and other products.

Among them, PTA business, polyester stretch yarn and polyester drafting yarn accounted for 63%, 18% and 13% respectively.

CIC's basic chemical data show that from the beginning of April to the end of June, the price of PTA per ton dropped from 11425 yuan to 9200 yuan, or 24%, and the decline of polyester filament also reached 15% based on the above data.

According to press reports, the basic raw material of PTA is xylene (PX), and its range decreases by 15%.

The unannounced results are Nanjing chemical fiber and Xinxiang chemical fiber. Their main products are all viscose fiber. Taking staple as an example, the 40% quarter decline is 40%.

"Because cotton prices were at a high level last year and cotton growers grew enthusiastically, cotton production has become a high probability this year, and cotton prices will be under pressure. The downstream textile industry will not be able to get warmer in the next few days. Although the viscose category or profit margins will be brought down by the price of raw materials, the chemical fiber industry will not be able to make any big gains this year."

The analysts pointed out.