Jingwei Textile Machinery Is Expected To Get Out Of The Trough In The Second Half Of 2013.

　　 Jingwei Textile Machinery In 2012, the company achieved a net profit of 430 million yuan, down 12.34% from the same period last year. The company intends to distribute a cash dividend of 1 yuan for every 10 shares in 2012. The main business income of the company mainly includes 4 billion yuan of textile machinery business income, 414 million yuan of non spinning machine business income, 3 billion 615 million yuan of trust fees and commission income from financial trust business, and three business income decreased 36.55%, 70.96% and 21.39% respectively over the same period last year. Because domestic and foreign cotton price inversion seriously leads to downstream Spin The profitability of enterprises has dropped significantly, reducing the demand for textile machinery, resulting in the decline of textile machinery performance. Among them, the main business of textile machinery is still a loss, dragging down the company's performance.

Based on the judgment that the main business of textile machinery is expected to come out in the second half of 2013, Wei Tao and Sun Ying of CITIC investment analyst believe that the turning point of the company's performance is about to appear. At the same time, the company put in trust projects, the trust trust cooperation scale in 2012 is about 50 billion yuan, and the public welfare projects which are repaid by local fiscal funds account for a relatively small proportion. Previously, the suspension of such trust and cooperation business has limited influence on the trust of China Trust, and the scale of the wind trust control team of China Trust is ranked the forefront of the market, and its ability to control wind is strong.

Based on this, analysts give a target price of 16.5 yuan, which is 73% higher than the current price of the stock.

Companies in the first quarter of 2013 Textile machinery business The main business revenue was 1 billion 112 million yuan, down 13.83% from the 1 billion 289 million yuan in the first quarter of 2012. The company's management fees in the first quarter reached 649 million yuan, an increase of 29.33% compared with the same period last year, although the financial cost dropped by nearly 1000 yuan, but it still amounted to 34 million 790 thousand yuan. Even if the financial cost is deducted, the main business of the spinning machine in the first quarter is still a loss, which is a drag on the company's performance. The upside down of cotton prices at home and abroad has seriously reduced the profitability of downstream textile enterprises, and reduced the demand for textile machinery, which is the main reason for the decline of textile machinery performance.

13 years Outlook: trust high growth can be expected, the main business of textile machinery is improved. Under the current net capital regulatory requirements, shareholders' capital injection in 2012 greatly increased the competitiveness of the financial trust, and benefited from a good incentive mechanism, active management capability and wind control mechanism. The scale of the trust has increased rapidly. It is expected that the size of trust assets will exceed 400 billion yuan in 2013, and is expected to maintain a high growth trend in scale and performance.

As for the main business of textile machinery, the relocation of Chinese enterprises to Southeast Asia will bring about the expansion of production capacity and abroad. Cotton price The return of value and favorable policies that some local governments may subsidize domestic cotton prices will promote the release of downstream demand. At present, the main performance of textile machinery has been bottomed out and is expected to come out of the trough in the second half of 2013.