China Textile Shares (600448):2018 Net Profit To 2 Times, An Increase Far More Than Revenue

Huafang disclosed its annual report in April 23, 2019. The company realized total revenue of 3 billion 260 million in 2018, an increase of 14.5% over the same period last year. The net profit attributable to the owners of the parent company was 21 million 14 thousand, an increase of 206.3% compared with the same period last year, and the earnings per share were 0.04 yuan.

During the reporting period, the gross profit margin of the company was 8.7%, an increase of 0.9 percentage points over the previous year and a net interest rate of 0.6%, which basically maintained the level of the previous year.

During the reporting period, the non recurring gains and losses had a greater impact on the company's performance, totaling 10 million 900 thousand yuan, of which the government subsidy was 6 million 425 thousand yuan.

After deducting the non recurring gains and losses, the net profit to the mother was 10 million 114 thousand yuan, which was turned into profit from the loss of -1100.7 yuan last year. The gross profit margin was mainly increased from 7.77% last year to 8.69% this year.

At the same time, the financial expenses decreased by 24.7% compared with the same period last year, boosting the growth of earnings.

Operating cash flow fell sharply by 114.1%

The cost rate of the company in 2018 was 6.9%, which did not change much compared with that of last year.

The total cost during the period reached 220 million, up 16.4% over the same period last year.

The sales cost was 68 million 675 thousand, an increase of 12.7% over the same period last year, and the management cost was 110 million, an increase of 57.3% compared to the same period last year. The financial cost was 47 million 252 thousand, down 24.7% compared with the same period last year.

Operating costs 2 billion 980 million, an increase of 13.4% over the same period, lower than the 14.5% growth of operating income, resulting in a 0.9% increase in gross margin.

Operating cash flow decreased from 150 million to -2166.7 million, down 114.1% from the same period last year.

This period "printing and dyeing products" has a larger revenue contribution.

From the perspective of business structure, "printing and dyeing products" is the main source of business revenue.

Specifically, "printing and dyeing products" business revenue was 2 billion 730 million, revenue accounted for 84.2%.

"Home textiles" business income was 260 million, revenue accounted for 7.9%.

"Cotton yarn" business income was 97 million 404 thousand, revenue accounted for 3%.

From the perspective of profit contribution, the consolidated gross profit margin of enterprises is 8.7%.

Among them, the contribution rate of "printing and dyeing products", "clothing" and "other" gross profit was 91.9%, 5.3% and 1.6% respectively, and the "printing and dyeing products" contributed a lot.

The gross profit rates of "printing and dyeing products", "clothing" and "others" are 9.2%, 14.7% and 17.5% respectively.