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"Equity Incentive" Adds Color To The Leader Of Color Spinning

2011/4/4 16:58:00 41

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Economic Recovery Of Color Spinning Equity

Revival in the textile and garment industry.

Exit

In 2010, the company's revenue increased significantly.

In 2010, the domestic textile and garment industry was revival, and the demand for yarn was strong. The price of all kinds of yarns rose rapidly under the impetus of cotton prices.

In addition, under the situation of global economic recovery, exports also showed a rapid upward trend.

The price of the company's products has increased by more than 20% under the situation of rising demand.

The company's product price volume rose in 2010, operating income of 4 billion 783 million yuan, an increase of 45.4% over the same period last year.

The increase in the average gross profit margin of the product has greatly increased the company's performance.

In 2010, the gross profit margin of the company's products reached 19.7%, an increase of 1.67 percentage points over the same period last year.

The increase in gross profit margin is mainly due to the increase in product prices.

In the case of rising cotton prices, yarn prices began to rise rapidly in April 2010. Up to now, the yarn price has increased by more than 100%. Since most domestic cotton spinning enterprises have their own cotton purchase channels, the average purchasing price of cotton is relatively low, and the average gross profit margin of the company's products has increased year after year.

The increase in gross profit margin made the company realize a total profit of 457 million yuan, doubling compared with the same period last year.

In addition, due to the reduction of the income tax rate, the company achieved a net profit of 371 million yuan, an increase of 153.59% over the same period last year.

As a leading enterprise in the colored spinning industry, the company will continue to grow in the future.

Colored spun yarn has realized traditional white.

Grey

The obscure three-dimensional effect and texture can not be achieved by dyeing.

In addition, the appearance of colored spun yarn has broken the boundary of the textile industry, and has realized the free blending of cotton, linen, wool, silk, chemical fiber and other raw materials.

In addition, the water, electricity, steam consumption and sewage discharge and treatment of colored spinning products are energy saving and environmental friendly.

In the future, with the improvement of people's living standard and the pursuit of natural color and environmental protection, the proportion of colored spun yarn in textile fabrics will gradually increase.

Therefore, as a leading manufacturer of colored spun yarn, the company will continue to maintain steady growth in the future.

Company equity incentive will promote the rapid growth of company management.

The company intends to grant 62 employees, including executives, a total of 10 million stock options (9 million stock options, 1 million reserved stock options), which is valid for 4 years. The incentive object will be divided into three stages of exercise according to the proportion of 4:3:3 exercise rights within the right days. The exercise price is 27.77 yuan. The exercise conditions are: the net profit in 2009 is the base, and the net profit growth rate in 2011 to 2013 is not less than 112%, 154%, 205% in comparison with 2009.

This option incentive plan will greatly enhance the enthusiasm of the company's management and lay the foundation for the rapid growth of the company's future performance.

High cotton price

The era will further make the company as the leading enterprise's advantage.

In 2011, the cotton textile industry will enter the era of high cotton price. As the leader of the color spinning industry, the company has a larger technology and brand advantage, and its product pricing power is larger and its cost pfer capability is stronger.

In addition, the company has the advantage of cotton purchase channel, so in the era of high cotton price, the company has stronger market competitive advantages.

We continue to give the company "recommended" investment rating.

We predict that the company's EPS will be 1.41, 1.83 and 2.38 yuan in 11-13 years, corresponding to the 11 to 13 year dynamic price earnings ratio of 19.11, 14.72 and 11.37 times.

We continue to give the company "recommended" investment rating.