At the same time, the 16th meeting of the 9th Board of Directors of Lutai A also reviewed and approved relevant proposals. According to the proposal, the company will apply for a credit line of RMB800 million from China Minsheng Bank Zibo Branch, RMB600 million from Shang Qi Bank, RMB500 million from The Export-Import Bank of China Shandong Branch, RMB654.38+03 billion from China Agricultural Bank Zibo Branch and RMB300 million from China CITIC Bank Zibo Branch.
According to public information, Lutai A is the leading yarn-dyed fabric industry in China and the largest high-end yarn-dyed fabric production base in the world. The company was originally Lutai Textile Co., Ltd., a joint venture between Lucheng Textile and Thai Tailun Textile, and was listed on Shenzhen Stock Exchange in August. 1997. The company is mainly engaged in the production and sales of textiles, clothing and accessories. Products cover yarn, fabrics, shirts, suits, coats and other categories, of which the most important products are fabrics and shirts. At present, the company's yarn-dyed fabric production capacity accounts for about 18% of the world's top-grade yarn-dyed fabric for shirts, and its net assets rank second in the national A-share industry. The company's main customers include Tal, Chenfeng, PVH and other well-known clothing companies at home and abroad.
At present, Lutai A has production bases in Shandong, Xinjiang and Southeast Asia, and has completed the full coverage from cotton planting to garment manufacturing in the industry layout. Taking advantage of the labor cost in Southeast Asia, the company has set up garment factories in Cambodia and Myanmar. Vietnam has formed the industrial chain layout of yarn, fabric and clothing, mainly because Vietnam's textile industry level is relatively advanced in Southeast Asia as a whole, which can form industrial chain synergy with garment manufacturing in Cambodia and Myanmar.
Lutai A previously released the semi-annual performance forecast for 2020, and estimated the net profit for the first half of the year to be1.2-1.60 billion yuan, down 7 1-6 1% year-on-year.
Guo Haiyan, an analyst at CICC, had previously judged that domestic orders were affected by the epidemic from June 5438+ 10, and overseas orders were affected from March. At present, domestic orders have stabilized and rebounded, and overseas orders have not yet reached an inflection point. The financial report also shows that in 20 19, the income from Europe and America accounted for 17% of Lutai A's operating income. Considering that some European and American garment customers indirectly purchase goods from Southeast Asia, Lutai A actually sells more products to Europe and America. With the initial lifting of the European epidemic blockade, brand owners resumed opening stores, still in the stage of inventory digestion, and fewer new orders were added; The epidemic in the United States is still spreading. It is expected that the inflection point of overseas orders will appear as early as the third quarter. Considering that the production cycle of ordering is about 2-3 months ahead of schedule, it is expected that the inflection point of Lutai A's performance will appear as early as the fourth quarter.
By the end of March 2020, Lutai A had total assets of 65.438+06.5438+84.7 million yuan, total liabilities of 3.465438+90 billion yuan, and owners' equity (including minority shareholders' equity) of 8.428 billion yuan, of which 7.823 billion yuan was attributable to the owners' equity of the parent company. From June 5438 to March 2020, the company realized operating income of125.2 million yuan and net profit of107 million yuan, of which the net profit attributable to the owners of the parent company was104 million yuan; The net cash flow from operating activities was 65.438+0.46 billion yuan, and cash and cash equivalents increased by 0.62 billion yuan.
By the end of 20 19, the asset scale of Lutai A kept growing, and it was still dominated by non-current assets; Accounts receivable and inventory account for a large proportion of current assets; Non-current assets are mainly fixed assets; The proportion of restricted assets of the company is low, and the overall asset quality is acceptable.
By the end of 20 19, the total assets of Lutai A were118.85 million yuan, an increase of 12.63% compared with the beginning of the year. Among them, current assets account for 35.59% and non-current assets account for 64.45438+0%. The company's assets are mainly non-current assets, and the asset structure has not changed much since the beginning of the year.
As far as liabilities are concerned:
By the end of 20 19, due to the substantial increase in short-term loans, the debt scale of Lutai A has increased, and it is still mainly current liabilities; The overall debt burden of the company is light and the debt structure needs to be adjusted.
By the end of 20 19, the total liabilities of Lutai A were 3.586 billion yuan, an increase of 27.53% compared with the beginning of the year, mainly due to the increase in current liabilities. Among them, current liabilities accounted for 88.85%, non-current liabilities accounted for 1 1. 15%, current liabilities still dominated, and the liability structure changed little compared with the beginning of the year.
By the end of 20 19, the current liabilities of Lutai A were RMB 3186 million, an increase of 34. 16% compared with the beginning of the year, mainly due to the increase in short-term loans. The company's current liabilities are mainly composed of short-term loans (accounting for 66.54%), accounts payable (accounting for 9.58%) and salaries payable to employees (accounting for 65,438+00.53%).
By the end of 20 19, Lutai A had borrowed 265,438+200 million yuan in short term, an increase of 59.98% compared with the beginning of the year, mainly due to the increase of Lutai's loan in Vietnam. Among them, mortgage loan accounts for 14.59%, guaranteed loan accounts for 22.60%, and credit loan accounts for 62.80%.
By the end of 20 19, the accounts payable of Lutai A was 305 million yuan, down by 13.55% compared with the beginning of the year, mainly due to the decrease in unpaid accounts; Mainly for the purchase payment payable (accounting for 52. 13%) and the construction equipment payment (accounting for 44.40%).
By the end of 20 19, the salary payable of Lutai A was 336 million yuan, an increase of 2.94% compared with the beginning of the year, with little change.
By the end of 20 19, Lutai A's non-current liabilities were 400 million yuan, down 8.50% from the beginning of the year, mainly due to the decrease in long-term loans. The company's non-current liabilities are mainly composed of long-term loans (accounting for 65,438+00.59%), long-term employee salaries payable (accounting for 26.40%), deferred income (accounting for 39.43%) and deferred income tax liabilities (accounting for 23.65,438+02%).
By the end of 20 19, Lutai A had long-term loans of 42 million yuan, down 75.08% from the beginning of the year, mainly due to the conversion of long-term loans due within one year into current liabilities; Long-term loans are guaranteed loans, all of which are due at 202 1.
By the end of 20 19, the long-term salary payable by Lutai A was1060,000 yuan, an increase of 8.90% compared with the beginning of the year, all of which were other long-term benefits. By the end of 20 19, the company's deferred income was1580,000 yuan, an increase of 12.47% compared with the beginning of the year, mainly due to the increase in government subsidies. By the end of 20 19, the company's deferred income tax liabilities were 92 million yuan, an increase of 229.79% compared with the beginning of the year, mainly due to the temporary difference in taxable income.
By the end of 20 19, the total liabilities of Lutai A were 2.349 billion yuan, an increase of 57.03% compared with the beginning of the year, mainly due to the increase in short-term loans. Among them, short-term debt accounts for 98.20%, long-term debt accounts for 1.80%, and short-term debt is the main one. By the end of 20 19, the company's asset-liability ratio, total debt capitalization rate and long-term debt capitalization rate were 30. 17%, 22.06% and 0.5 1%, respectively, up by 3.53 percentage points, up by 5.87 percentage points and down by 1.64.
By the end of March 2020, the total liabilities of Lutai A were 34/kloc-0.90 billion yuan, down 4.66% from the beginning of the year, with little change. Among them, current liabilities accounted for 88.80%, and non-current liabilities accounted for 65,438+065,438+0.20%. Current liabilities still dominated, and the debt structure changed little compared with the beginning of the year.
By the end of March 2020, the total liabilities of Lutai A were 2.326 billion yuan, down 0.97% from the beginning of the year, with little change. Among them, short-term debt was 2.297 billion yuan (accounting for 98.77%), down 0.39% from the beginning of the year, and it was still dominated by short-term debt.
By the end of March 2020, the asset-liability ratio, total debt capitalization rate and long-term debt capitalization rate of Lutai A were 28.86%, 265,438+0.63% and 0.34%, respectively, which decreased by 65,438+0.365, 438+0 percentage point, 0.43 percentage point and 0.65,438+respectively compared with the beginning of the year. (First Textile Network Martin)