Saturday, Women'S Shoes, Smith Barney Apparel And Other A Shares Listed Companies Top Inventory

A share listed companies have been published in 2011 semi annual report, according to Wind statistics, in 2011 6, the total inventory of listed companies amounted to 3 trillion and 120 billion yuan, while the total inventory in 2010 was 2 trillion and 840 billion yuan, an increase of 9.9% over the same period last year.

The high inventory makes the operation of listed companies face certain risks, and the three quarter listed companies will be faced with the pressure of de stocking.

However, in the process of stock going out of listed companies, it may also affect the performance of listed companies.

The total inventory in the interim is 3 trillion and 120 billion yuan.

Since the second half of 2010, the total stock of A share listed companies has been growing.

At the end of 6 last year,

Although the stock has reached a peak again, the listed company's stock taking up

From the structural point of view, according to relevant statistics, the increase in the stock of listed companies is mainly in raw materials and products, but the finished products tend to decline at the end of 6 this year.

Insiders pointed out that, affected by the global economic growth decline, the bulk

From the industry perspective, the inventory of real estate is as high as 917 billion 585 million yuan, accounting for 31.4% of the total inventory.

This can be seen from the construction and sale of Housing enterprises.

Wind statistics show that the cumulative growth rate of commercial housing sales in the first half of this year was 2.49 percentage points lower than that of the same period last year, but the cumulative growth rate of commercial housing construction area increased by 2.84 percentage points.

The high inventory makes some listed companies face certain risks.

Such as iron and steel industry Benxi steel plate, Shanxi securities analyst Liu Junqing analysis of the company's inventory and its proportion, found that not only the annual inventory is increasing, and the share of inventory in total assets has also greatly improved, inventory turnover rate has dropped significantly, in the inventory structure, finished products, raw materials and inventory in products have increased.

Liu Junqing pointed out that at present, the price of raw materials is at a high level and there is a possibility of falling down. The market price of steel products is also in the process of shock adjustment, and a large quantity of inventory is not conducive to the future operation of the company.

For example, the only A share listed company in China's women's shoes now has the highest inventory in, reaching 718 million yuan, an increase of 69 million yuan compared with the first quarter.

The main reasons are the mistakes in the company's sales strategy and the stocking of new stores.

In addition, there are some problems in supply chain management, which can not be independent in production, and the market reaction is slow, resulting in excessive inventory.

Haitong Securities textile and garment industry analyst Lu Yuanyuan pointed out that a record high inventory is the biggest risk point.

De stocking pressure is coming.

For those who reach the peak level again, there is an analysis of the industry. The three quarter will be faced with the pressure of going out of stock.

Changjiang Securities macro strategy analyst Deng Eryong pointed out that more than 20% of the year-on-year high deposit will also be accelerated in 8 months, 9 months and 10 months in three months.

In July, the PMI data also seemed to confirm this point. In July, the industrial added value increased by 14% over the same period last year, and the growth rate was 0.9% compared with the same month last month, which is the same as that of the PMI production in July.

Northeast Securities macro group also pointed out that in July, the growth rate of industrial added value fell as expected, but the rate of decline exceeded expectations.

The reason is that the production slowdown caused by inventory depletion and the decrease in output brought by inventory reduction.

The new inventory cycle will only begin, even if short-term inventory is likely to continue to August and September, and the pmission of inventory from downstream to upstream determines the adjustment pressure facing heavy industry growth. This also determines that industrial added value will still face greater downward pressure.

Societe Generale Securities pointed out that the data in July showed that the overall industrial structure initiative to accelerate inventory, the scope of the inventory industry has also been expanded.

At present, the inventory level of the whole industry is close to the historical equilibrium value. However, because the demand is still weak (the new order in PMI is less than 50 for the first time since July last year), it will continue to explore for a period of time when the inventory reaches equilibrium value.

Orient Securities electronics industry weekly pointed out that from the semiconductor industry, it is expected that the de stocking of the industry is expected to come to an end before the end of August, and the industry may start replenishment again in September.

In the process of stock going out, the performance of listed companies may be affected.

For example, the United States apparel, according to its 2011 China Daily, as of June 30th, the company's stock book value of 2 billion 890 million yuan, its last year's company's winter clothing aggressive stock, so that the company's inventory is high, in the current inventory of up to 2 billion 500 million yuan, of which winter clothing accounted for relatively high, the second half of the winter sales season, the company opened a discount store this year to solve the problem of inventory, to discount stores franchisee discount rate of 3 to 65% off, far below the normal goods 5.5 to 40 percent off discount.

Xu Wen, a researcher at Xiangcai securities, pointed out that the company's self discount terminal discount will also be lower than the company's new product discount, and there will be a downward pressure on the gross profit margin in the second half of this year.