When the synthetic leather industry meets the cold wave, the middle and high-end market is still hot
Amway shares, which was listed on the small and medium-sized board yesterday, attracted market attention with its main product ecological functional PU synthetic leather. It is understood that due to the rise of raw materials and other factors, the gross profit margin of synthetic leather enterprises has declined to varying degrees. However, the medium and high-end synthetic leather markets such as eco functional synthetic leather and microfiber synthetic leather are still optimistic
Mr. Feng, a small leather manufacturer in Shiling Town, Guangzhou, said in an interview: "orders this year are half less than last year. Now profits are much lower. On the one hand, there are more and more manufacturers and fierce competition; on the other hand, the price of raw materials is rising, and the appreciation of the RMB makes export business more and more difficult." In fact, not only the profits of small synthetic leather enterprises have shrunk, but also several listed synthetic leather companies have been impacted to varying degrees
the first quarter report of Huafeng microfiber, a synthetic leather enterprise listed on the small and medium-sized board on February 11 this year, showed that the net profit in the first quarter was 13.1214 million yuan, a year-on-year decrease of 9.79%. Huafeng super fiber said that the sharp rise in raw materials has brought great pressure on the company's costs. The average gross profit margin of the company's products in the first quarter was 30.54%, down 1.9% from 2010. The gross profit margin of Huafeng microfiber in 2010 has decreased by 1.24% compared with that in 2009
Hexin shares also disclosed in the 2010 annual report that the price of main raw materials increased significantly, making the company's products face greater cost pressure. The gross profit rate of main products decreased to varying degrees, of which PU leather was the largest, with a decrease of 5.05%
however, a securities analyst who did not want to be named said to Xiang, "the medium and high-end synthetic leather is still favored. This is a process of upgrading. The PVC synthetic leather was very good, and then there was PU synthetic leather, but now the high-end PU synthetic leather is gradually replacing the ordinary Pu synthetic leather, and the products are developing from low-end to high-end."
although China's high-end brand sports shoe leather and sports goods leather are still mainly imported from South Korea and Japan, China's high-end synthetic leather enterprises have developed r20=rt*kt*1000/l rapidly, The above-mentioned analyst told: "synthetic leather produced in foreign countries is not necessarily very good. At present, many domestic PU synthetic leather products have reached some high-tech products to very high grades, including Dingdao microfiber synthetic leather of shuangxiang Co., Ltd., which has represented the highest grade in the industry."
the announcement of shuangxiang shares shows that the proportion of its microfiber synthetic leather in its main business has increased from 20.24% in 2008 to 30.57% in 2010. In last year's annual report, the growth rate of microfiber synthetic leather was 3. The development trend of automotive parts 31%, reaching 29.35%, driving the growth rate of comprehensive gross profit margin to 2.69%, reaching 18.29%
it can be seen from historical data that China's demand for high-grade PU synthetic leather is increasing year by year. Taking microfiber as an example, the consumption of microfiber in China in 2009 was about 70.62 million square meters, an increase of 61.6% year-on-year. According to the statistics of industry associations, the domestic demand for microfiber was about 107million square meters last year, with a market gap of 35million square meters. The market demand is expected to reach 200million square meters in 2012. At that time, the situation of supply exceeding demand will be further highlighted
239million yuan of the funds raised by Amway will be used for the eco functional PU synthetic leather production expansion project, which is a high-end leather project. According to Amway's announcement, the average proportion of ecological functional PU synthetic leather in the company's main business income from 2008 to 2010 was 80.74%, and the proportion has increased in the past three years. From 2008 to 2010, affected by ecological functional PU synthetic leather, the gross profit margin of the company's main business was 13.72%, 20.58% and 23.34% respectively, showing an upward trend year by year
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