The integration and transformation and innovation of industrial cloth textile industry will usher in a new peak

With the increasingly clearer "Route Map of State -owned Enterprises Reform", "reform fever" again in various industries, and the development of mixed -ownership economies is the "highlight" of deepening the reform of state -owned enterprises in this round. In 2014. the textile industry still faces the test of unhealthy basic aspects. The reform of state -owned enterprises in full swing will increase the profitability of state -owned assets in the short term. In the long run, the textile industry's mergers and acquisitions and transformation and innovation will usher in a new peak. This powerful reform will be greatly improved for the value of these companies.

With the increasingly clearer "Route Map of State -owned Enterprises Reform", "reform fever" again in various industries, and the development of mixed -ownership economies is the "highlight" of deepening the reform of state -owned enterprises in this round. For the textile industry, the market competition is high, but due to historical problems, state -owned textile companies in various places face reform problems.

According to statistics, there are currently 16 listed companies in the textile industry. There are 16 central enterprises and local state -owned enterprises. The total market value of state -owned enterprises accounts for about 16%of the total market value of the entire textile clothing sector. From the perspective of the sub -industry, companies with the background of state -owned enterprises are mainly concentrated in the processing and manufacturing sector, of which 6 cotton textile companies, 2 wool spinning companies, and 4 clothing manufacturing companies.

Although most of these textile companies perform in the capital market, they are not bad in the capital market, and they have rich resources, but their operating benefits have become increasingly declining.

Among them, in addition to the Jihua Group (601718), the other 15 companies are general competitive enterprises. The enterprise systems are generally disadvantaged. The industrial chain is not smooth, the performance loses, and even ST risks. Similarly, this round of power reforms will be greatly improved for the value of these companies.

Polyester gauze manufacturer

Hire the first shot

Shanghai first grab "good platform"

In this round of state -owned assets reform, Shanghai has launched the "first shot" of state -owned assets reform because of its financial center status and the huge volume and assets owned by state -owned enterprises.

On December 17. 2013. Shanghai's deepening of state -owned assets reform and promoting corporate development work conference officially released the "Opinions on Further Deepening Shanghai State -owned Assets Reform to Promote Enterprise Development". According to the plan of the Shanghai State SASAC, this year will focus on the industrial chain, value chain, and functional chain, strengthen vertical integration and horizontal linkage, and promote the diversified reform of the property rights of competitive enterprises, the competitive business of functional and public service enterprises to introduce strategic investment Explore the franchise of the public service industry.

Shanghai is the most concentrated areas of state -owned textile companies. There are 4 listed companies, namely Shanghai Sanmao (600689), leading shares (600630), Shenda (600626), and opening industry (600272).

In fact, related reform actions have begun. At the end of 2013. the wholly -owned subsidiary of the leading shares, Hailu Clothing, intends to replace 100%of the equity of the Malu Shirt Factory with the 100%equity of Kaizhong Industrial held by Shenda Group.

The leading shares and Shenda shares are also listed companies controlled by Shanghai Textile (Group) Co., Ltd., and the asset settlement also opened the prelude to the adjustment of Shanghai textile state -owned enterprises. According to relevant persons of the Shanghai State -owned Assets Supervision and Administration Commission, when Shanghai Textile formulated a group reform plan, it is bound to make good use of the "good platform" of Shenda Co., Ltd. to develop mixed ownership.

Under the top -level design, play the "pioneer role" of capital

Under the guidance of the state's macro level, under the guidance of "the transformation of enterprises from management from management to management capital" and "single ownership to mixed ownership", the reform situation in various places is different.

Taking Shenzhen as an example, the core idea of its reform is the "home nuclearization" of the business, that is, stripping non -main business, solving the competition of the same industry, highlighting the main business of the group company, integrating the main business in a certain field into a leading enterprise, forming formed The only listed group in a single industry.

As a pioneer in Shenzhen State -owned Assets Reform, Shenzhen Investment Holding Co., Ltd. (hereinafter referred to as "Shenzhen Investment Control"), which is a state -owned asset business company with property management, capital operation and investment and financing business. On March 17. Shenzhen Investment Holding Co., Ltd. intends to transfer 26%to 29%of the shares of Shenzhen Textile A (000045). According to the announcement, Shenzhen Investment Control this time the transfer shares are not less than 132 million shares and no more than 147 million The transfer price is not less than the weighted average price of the previous 30 trading days.

Unlike Shenzhen's "one -step exit" approach, the Hunan State -owned Assets Supervision and Administration Commission has grasped the transformation and upgrading of enterprises. Huasheng (600156) Due to the poor performance of the main business textile business for many years, under the guidance of the actual controller of the Hunan SASAC, Hunan Huasheng Group, a major shareholder of Huasheng, replaced with the assets of the listed company at the end of 2012 to set up the assets of the listed company to set up and set it up to place it and place it. 51%of the equity of Hunan Huiyi Pharmaceutical Machine, transformed the high -end pharmaceutical equipment industry from the traditional textile industry. As a result, Huasheng (600156) with a loss of 26.41 million yuan in the medium term achieved a national performance counterattack. On the evening of January 27th, the company disclosed the announcement of pre -increased performance in 2013. It is expected that the net profit attributable to shareholders of listed companies in 2013 will increase by 1570%to 2050%compared with the same period of the previous year.

Lifting the reform goals

Looking for the "main theme"

From the perspective of the reform of state -owned textile enterprises, through the reorganization of merger or asset injection, the introduction of strategic investors, the exit of state -owned capital, the management of management and employees, etc., to promote the flow of state -owned equity, it will give full play to the advantages of state -owned assets, so that state -owned state -owned Enterprises directly face the competition with private enterprises, and use the enthusiasm and creativity of the enterprise themselves.

For the capital market, there are two main lines of investment in the theme of state -owned enterprise reform: First, the value of the platform's platform value of the state -owned enterprise group is discovered. On the premise of specialized reorganization and market -oriented operations, we will make good profit and growth assets alone alone. Listing or injected into listed companies, and at the same time, stripped other non -main business of listed companies, will have a positive impact on the improvement of the company's market value and the performance of financing functions, and realize the preservation and appreciation of state -owned assets. Second, the operation of state -owned enterprises has changed from "bigger" to "strengthening" the valuation of related companies. Promoting industry -leading companies with mature conditions transition to strategic emerging industries, encourage state -owned enterprises to actively "go global", and accelerate the cultivation of state -owned multinational companies with strong international competitiveness.