The large-scale migration of China's supply chain to the south also brought a lot of problems. Hong Kong garment manufacturer Pacific Textiles Holdings Limited (1381.HK) Pacific Textiles Holdings Limited issued an announcement stating that on the Easter holiday, the Avenue connecting the company’s Vietnamese factory entrance was Villagers were blocked because the local government failed to resolve their demands. It is reported that currently Vietnam's plant accounts for approximately 10% of the production capacity of Pacific Textiles, and the company said that the suspension of operations will not have a major impact on the Group's financial performance. According to statistics, the revenue of Pacific Textiles for the first half of the fiscal year ended September 2016 was HK$3,026.9 million, a 19.7% year-on-year drop. The company’s customers include many underwear giants such as Calvin Klein, Maidenform and Victoria's Secret. Click to learn immediately about cashmere sweaters The U.S. textile Vietnam plant event is a reflection of the recent risk of Chinese-owned supply chain companies in the Southeast Asian market. Prior to the beginning of February, Hangzhou Hundred-Tex Garment (Myanmar) Company Hangzhou Baiyi Garment & Clothing (Myanmar) Co., Ltd. (hereinafter abbreviated as) Hangzhou Baiyi Myanmar Co., Ltd. was attacked in Yangon, the former capital of Myanmar, for workers seeking more welfare and was temporarily closed. Hangzhou Baiyi Myanmar Co., Ltd. is mainly involved in labor disputes. This is also a collective problem in Southeast Asia where Vietnam, Cambodia, Myanmar, Bangladesh and other textile export countries have encountered difficulties. This issue will have a certain impact on the production capacity of Chinese-funded enterprises. . In addition, regional political crisis often also has a certain impact on Chinese companies. In early 2014, due to the South China Sea issue, Viet Nam’s violent anti-China incident led to the temporary suspension of production of Li & Fung Ltd. (0494.HK) Li & Fung Co., Ltd. in Vietnam. Vietnam was the second largest purchasing country in Li & Fung and Li & Fung was in Vietnam. Purchase 85% for clothing. Click to learn immediately about cashmere sweater company Despite uncertainties, low labor costs still drove a large number of Chinese companies to relocate to Vietnam and other countries. Underwear manufacturer Regina Miracle International (Holdings) Limited (2199.HK) Virginie International (Holdings) Limited (hereinafter abbreviated as) Vivienne) founder, chairman and CEO Hong Youli said in mid-February that the company's future capacity in Vietnam will exceed that of mainland China. Data map He pointed out that the plants in China and Vietnam currently have 19,000 and 13,000 employees respectively, and they will increase their number of employees as soon as possible. At present, the number of second plants in Vietnam is 700, which is expected to increase to 6,000, while the third and fourth plants in Vietnam will be 6 this year. In the months of December and December, it is expected that there will be nearly 4,000 employees in factories in Vietnam and Shenzhen. After the four factories in Vietnam are fully operational by the end of 2018, their production capacity will be at least double that of Shenzhen. The local knitting giant Utopa Textile Holding Co., Ltd. (hereinafter referred to as “Ultimate Textileâ€) announced on April 19 that during the Easter period in April, the road leading to the company’s entrance to Vietnam was blocked by the villagers because the local government did not Can solve the villagers' demands. The company is closely following the handling of the incident with the local government in Hanoi to resolve the incident peacefully. However, due to the continuous fermentation of the incident, ET Textile announced today (May 22) evening that it has suspended the operation of the Vietnam plant and will The sales order for the Vietnam plant was transferred to the Panyu plant in Guangdong, China, until the incident was resolved. The First Textile Network reporter learned from the above that the production capacity of the Pacific Textiles Vietnam plant accounted for approximately 10% of the total sales volume of the company. The company has considered that the suspended operation will not cause major financial impact on the company. It is reported that each of Pacific Textile's factories in Vietnam fully services Uniqlo. The current output is 60,000-70,000 tons/day, and the utilization rate is 80% relative to 80,000 tons/day. In view of the increase in customer demand, the Vietnam project has applied for an additional capacity of 20,000 tons/day. Liu Zhicheng, a researcher at BOC Securities, previously said that Pacific Textile currently has a total of 267 million lbs/year of design capacity in China, Vietnam and Sri Lanka. China accounts for more than 88% of total production capacity. Vietnam's production capacity was put into operation in September 2015, and by April 2016, full-load operation of 80,000 tons/day was achieved, accounting for 12% of the total production capacity. In addition to China and Vietnam, the company also holds a 30% stake in a Sri Lankan weaving mill with an annual capacity of 22 million pounds. Pacific Textile is considering adding another 55,000/day of capacity in Vietnam, while Vietnam's current production capacity will be left to Uniqlo and new capacity may be allocated to other customers. Therefore, if 55,000 tons/day (or 20 million pounds) of new production capacity is confirmed, then Vietnam may contribute 19% of the company's total production capacity. Due to the lower salary and utility costs, Liu Zhicheng expects that the gross margin of Vietnamese projects may be 2-4% higher. Click to learn immediately about cashmere sweater suppliers According to Liu Zhicheng, in order to replenish inventory, it is expected that LBrands' orders for Pacific Textiles may double-digitly increase in the second half of 2017, and declined by 4% in the first half of the year. It is expected that LBrands' fabric suppliers will be affected by the company's strategy of reducing product range and simplifying operations. With little impact, it is expected that LBrands will contribute 13% of Pacific Textile's revenue in FY2017, up from 10% in 2016, and that ratio may be 15% in FY18. From the perspective of capacity, each of Pacific Textile's factories in Vietnam fully services Uniqlo. The current production volume is 60,000-70,000 tons/day, which is 80% compared to 80,000 tons/day. In view of the increase in customer demand, the Vietnam project has applied for additional 20,000 tons/day of production capacity. The results of the government approval were announced in February this year. Considering that Uniqlo's orders have resumed growth, Liu Zhicheng predicts that the utilization rate of new production capacity will remain at 80% after joining. Liu Zhicheng further stated that with the recurring earnings decline of 21% in the first half of FY2017, due to the resumption of revenue growth, profit margin expansion and low base, Pacific Textiles expects to increase its regular earnings by 9% in the second half of 2017. Looking into fiscal year 2018-19, the earnings of Pacific Textiles will increase by 5-6%, which is mainly due to the fact that the reduction of orders by US mass retailers will affect the profitability, although the degree may be reduced. According to the analysis, the potential earnings growth potential of Pacific Textiles may come from orders from new customers such as Anta/Calvin Klein, expansion of production capacity in Vietnam, lower cost, higher utilization rate, and changes in product mix and RMB depreciation make profit margins better than Expect many other factors. Want to learn more about cashmere sweater: accessible Pay attention to WeChat public number "Cashmere sweater industry platform" to learn more about cashmere sweater information
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July 04, 2023