September 21, 2017, as the Chinese nylon textile fabrics of leading enterprises in Zhejiang Taiwan and China New Materials 603,055, attending a strand Co., Ltd. (hereinafter referred to as "Taiwan and China New Materials") landing the Shanghai Stock Exchange. The company's A-share capital is 54.76 million shares, the number of listings is 67.6 million shares, the stock is referred to as "Taihua New Materials", the stock code is "603055", the actual raised funds amounted to 623 million yuan, and the issue price was 9.21 yuan / share. As of September 26, it closed at 17.66 yuan / share.
According to the data, Taihua New Materials is mainly engaged in the R&D, production and sales of nylon filament, nylon grey fabric and nylon finished fabric, and has now grown into the leader of nylon fabrics in China.
As one of the important raw materials for textile products, nylon, which belongs to the field of synthetic fibers, is widely used in high-end apparel fabrics, industrial and industrial fields. Compared with other chemical fibers, nylon has outstanding characteristics in strength, wear resistance and hygroscopicity. Compared with other chemical fiber fabrics, nylon fabrics are stable in quality and durable, and become outdoor, sports, cold-proof, leisure and other apparel fields. A good choice.
Nylon's entire industrial chain contributes to high growth
Since its establishment on February 21, 2001, Taihua New Materials Co., Ltd. has been engaged in nylon weaving business. In the development process of more than ten years, in order to continuously improve the market competitiveness and overall profitability, the company has gradually expanded its upstream and downstream industrial chain while expanding and strengthening the nylon weaving business. At present, nylon spinning and weaving have been formed. The complete nylon textile industry chain, such as dyeing and finishing, is one of the few nylon industrial chain manufacturers in China.
First of all, the complete industrial chain can reduce the operating costs of the company in the field; secondly, the complete industrial chain can make it respond quickly to customer needs and meet the different needs of customers; once again, the complete industrial chain can ensure the quality of its products; It is also the most important that the complete industrial chain has improved its ability to resist industry risks and profitability.
With the advantages of the complete nylon textile industry chain formed by nylon filament, nylon fabric and nylon finished fabrics formed over the years, Taihua New Materials not only effectively reduces the impact of fluctuations in the upstream petrochemical industry on its operating results, but also keeps the company's overall profitability stable. At a higher level.
According to the prospectus, from 2014 to 2016 and the first half of 2017 (hereinafter referred to as “Reporting Periodâ€), Taihua New Materials realized operating income of 1.942 billion yuan, 1.879 billion yuan, 2.244 billion yuan and 1.304 billion yuan respectively. They were 81 million yuan, 0.41 billion yuan, 228 million yuan and 201 million yuan respectively.
According to the latest performance forecast, this high growth trend is expected to continue. According to the company's operation from January to June 2017, it is estimated that the company's operating income from January to September 2017 will be 1.78 billion yuan to 2.03 billion yuan, compared with the same period of last year. From 10% to 25%, benefiting from the increase in gross profit margin and financial expenses this year, the net profit attributable to the parent company after deducting non-recurring gains and losses from January to September 2017 was 250 million yuan to 275 million yuan. In the same period last year, it increased by 90% to 105%.
According to the March 2017, the China National Textile and Apparel Council issued a certificate: Taihua New Materials is a famous domestic textile fiber spinning, weaving, dyeing and finishing industrial chain chemical fiber textile enterprise. It is recognized that Taihua New Materials is a segment of China's nylon fabrics. The leading enterprises have strong strength in the production of nylon fiber, fabric development, production and sales.
From the perspective of industry status, the company has been rated as “National Nylon Fabric Development Base†by China Textile Industry Association for many years. In 2012 and 2015, it was awarded “China Functional Nylon Silk Fabric Production Base†by China Filament Weaving Association.
From 2012 to 2015, the company has been rated as “Top 500 Competitiveness of China's Textile and Apparel Enterprises†for many years; in the “Top 10 Enterprises in China's Filament Weaving Industry Competitiveness†from 2011 to 2013, the company ranked third. The company ranked third in the “Top 50 Economic Benefits of China's Filament Weaving Industry†in 2014; the company ranked second in the “Top 50 Economic Benefits of China's Filament Weaving Industry†in 2015.
Taihua New Materials adheres to the high-end product line and has formed a high reputation in the industry. It has established good cooperative relations with a large number of well-known brand clothing customers. The high-quality customer group has laid a solid foundation for the company's steady development. By establishing a terminal customer feedback mechanism, the company promoted R&D to the front end of the industry chain for joint research and development, which enhanced the effectiveness of research and development. The company's strong independent research and development design strength has won the trust of domestic and foreign well-known brand customers such as Decathlon, Pathfinder 300005, Diagnostic Unit , C&A, H&M, Haishu House 600398, Diagnostic Unit , Jordan, Anta, American Victor. And established a stable cooperative relationship with it. After years of development, the company has cultivated a stable customer base and formed a high reputation among its customers. The stable customer resources have also laid a foundation for the company's stable development.
R & D technology has obvious advantages
Compared with Huading Co., Ltd. 601113, Diagnostics , Meida shares 000782, Diagnostics , Fuxi Xingye, Japan Toray equivalent industry companies, Taihua New Materials is not dominant, but its subsequent growth ability is remarkable.
It is reported that Taihua New Materials participated in the revision of the "Nylon Silk Fabric" industry standard as the second drafting unit. It is worth noting that the company's subsidiary Fuhua Weaving is the sampling unit of “China Shengze Silk Market Chemical Fiber Indexâ€. As the first drafting unit, it drafted the “Nylon, Cotton Interwoven Printing and Dyeing Fabric†industry standard, and for many years with China Textile Information Center. The National Textile Product Development Center jointly held the “Chemical Fiber Fabric Trends Release Conferenceâ€, which is one of the “Popular Trends of Chemical Fiber Fabrics†in China.
In addition, as of June 30, 2017, Taihua New Materials and its holding subsidiaries have 34 invention patents, 94 utility model patents, and 1 design patent. It has been rated as “National Nylon Fabric Development Base†by China Textile Industry Association for many years. In April 2012 and April 2015, the company was also awarded “China Functional Nylon Silk Fabric Production Base†by China Filament Weaving Association. And as the second drafting unit participated in the revision of the "Nylon Silk Fabric" industry standard.
Shen Weifeng, general manager of Taihua New Materials, said that through its own research and development strength and cooperation with the outside, the company has gradually formed technological advantages in the industry, and basically established a technological innovation system integrating technical research and integration of production, education and research, so that the company's technical level is at home. The same industry maintains a leading level. At present, the company has formed core technology with independent intellectual property rights in spinning, weaving, dyeing and finishing, and has obvious technical advantages compared with other companies in the same industry.
According to the prospectus, the investment in research and development of Taihua New Materials has increased year by year. The expenses are 3,668,750 yuan, 4,924,200 yuan and 5,266,600 yuan. The new Taiwanese new material is also planned to build a new fiber and fabric technology research and development center. It is expected that there will be Helps enhance the diversity and diversity of product categories and enhance the competitiveness of products.
Shi Qingdao, chairman of Taihua New Materials, said: Taihua New Material Development Plan is to develop new product series in order to grasp the important development trends of high-grade, multi-functional, low-carbonization of nylon products. The specific research and development contents include: (1) nylon spinning In terms of silk, we will strengthen the development and production of functional fiber products with environmentally friendly, high-strength, wear-resistant, permanent UV-resistant, high-simulation composites. (2) In the aspect of nylon fabric, we will strengthen the research and development and production of differentiated products such as breathable fabrics, high-strength fabrics and ultra-fine high-density fabrics. (3) In terms of nylon finished fabrics, we will strengthen the research and development and production of high-end products such as eco-composite fabrics, fluorine-free washable waterproof fabrics, antibacterial medical fabrics, and high-breathing skin-friendly fabrics.
In the future, Taihua New Materials will continue to innovate the R&D model, strengthen the reverse engineering analysis of the industrial chain in the early stage of R&D projects, improve the market targeting and industrialization rate of new product R&D, commercialization rate, and fully utilize the company's complete industrial chain advantage to enhance the company's nylon Synthetic innovation ability of the whole industry chain of spinning, grey fabric weaving and dyeing and finishing, forming a system integration research and development innovation system. At the same time, we will increase the resources investment of the company's R&D center every year, and provide guarantee for the company's goal of achieving R&D and innovation.
Shi Qingdao also pointed out that after years of steady development, Taihua New Materials has already established the basis for implementing foreign mergers and acquisitions in terms of technical strength and management. Taking this listing as an opportunity, under the premise of prioritizing the various resources required for the rapid development of production and operation, according to the development strategy and market competition, the rational distribution of production bases and the advantages of the industrial chain will be gradually strengthened through mergers and acquisitions. .
Broad industry prospects
Many favorable factors such as industry policy support, strong downstream consumer demand, cancellation of textile export quotas and successful bids for the 2022 Winter Olympics have brought huge market opportunities to China's nylon industry, and have brought more excellence to Taihua New Materials in the capital market. Prospects.
According to the prospectus, the funds raised by Taihua New Materials will be used for “year-old dyeing of 80 million meters of high-grade differentiated functional nylon fabric expansion project†and “year-end finishing processing of 34.5 million meters of high-grade special functional fabric expansion project†and Three projects of “New Fiber and Fabric Technology R&D Centerâ€.
The company said that after the completion of the project, it will further enhance the company's vertical industrial chain integration and efficient operation capabilities, improve the high added value of products, thereby continuously improving the company's product market competitiveness and market share, and enhance its ability to resist risks.
It is reported that Taihua New Materials has always paid attention to maintaining exchanges and cooperation with international industry or professional institutions in new product development and technological innovation. The company often cooperates with DuPont, Germany, DyStar, American Huntsman, BASF, and Japan TMT. Experts from the industry, such as Tsudakoma, Japan Daikin, Germany Barmag, Germany Menfoss, and US 3M, conducted technical exchanges with DuPont, BASF, and INVISTA to develop high-tech products and international popular products.
Shi Qingdao also said: Taihua New Materials will firmly grasp the opportunities of the booming development of the textile and garment industry. Based on the characteristics and development trends of the nylon industry, we will firmly grasp the differentiated, functional, healthy and fashionable nylon products. The development direction and goal are to guide the industrial environmental protection road with healthy products, to lead the development direction of the industry with innovative technology, to achieve the industry value model with brand service, and strive to become the world leader in nylon fabrics.
Recently, at the 2017 China Textile Innovation Annual Product Summit, Chen Baojian, chief engineer of the National Textile Product Development Center, said that in the future, nylon will be in the three major areas of home textiles, industrial use and military industry. There is a great use of space; nylon product development will make breakthroughs in differentiated products as well as recycled fiber, bio-based fiber and raw liquid coloring fiber. It is hoped that upstream and downstream enterprises can cooperate with innovation, based on market demand and synergistically generate benefits."
According to the "China Textile Industry Development Report", the annual per capita fiber consumption in developed countries is generally 20 to 30 kg, while the per capita annual fiber consumption in developing countries is still less than 10 kg. As the income level of residents continues to increase and living conditions gradually improve, fiber consumption will continue to grow.
In September 2016, the Ministry of Industry and Information Technology released the “13th Five-Year Development Plan for Textile Industryâ€. The annual growth rate of industrial added value of textile enterprises above designated size will remain at 6%~7%; by 2020, a batch of technology will be built. The new industrialized industrial demonstration base of the textile industry with advanced management, sound quality system, outstanding leading products and strong brand influence has formed 3 to 5 world-class textile industrial clusters with an output value of 100 billion yuan.
In the future, with the sustained and rapid growth of China's economy, people's consumption concepts are constantly updated, consumption levels are constantly improving, domestic consumer demand is constantly upgrading, the demand for chemical fiber textiles, especially high-end products, will continue to expand, and the demand for per capita fiber consumption will increase. Textiles offer a broad market space.
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