1、 Comparison of Basic Information of Key Enterprises in the Industry
Non woven fabric, also known as non-woven fabric, needle punched cotton, needle punched non-woven fabric, etc. Made of polyester fiber and made of polyester fiber material through needle punching technology, it has the characteristics of moisture-proof, breathable, flexible, lightweight, flame retardant, non-toxic and odorless, low price, and recyclable. Can be used in different industries, such as sound insulation, heat insulation, electric heating pads, masks, clothing, medical, filling materials, etc.
2、 Comparison of Development History of Key Enterprises in the Industry
Jinchun Shares successfully listed on the Growth Enterprise Board of the Shenzhen Stock Exchange on August 24, 2020 (stock code: 300877); Focusing on the research and development, production, and sales of non-woven fabric products, we are a comprehensive and diversified new material manufacturing enterprise. Jinchun Group currently has 8 spunlace non-woven fabric production lines with an annual production capacity of over 50000 tons, ranking among the top in the same industry nationwide; 6 hot air non-woven fabric production lines with an annual production capacity of 16000 tons, and 1 ultra-fine fiber non-woven fabric production line with an annual production capacity of 2000 tons.
Nobon Corporation was listed on the Shanghai Stock Exchange on February 22, 2017 (stock code: 603238); Persist in rooting in the non-woven industry and continuously expand the business scope of non-woven material products, including dry and wet wipes. Currently, Nobon Corporation has twelve technologically advanced production lines for spunbond nonwoven materials, and has the first domestically built experimental line for spunbond nonwoven materials.
3、 Comparison of business operations of key enterprises in the industry
3.1 Total assets and net assets of the enterprise
By comparison, the total assets of Nobon Corporation are slightly higher than those of Jinchun Corporation. In 2021, the total assets of Nobon Holdings (2.2 billion yuan) decreased by 3.9% compared to the previous year. The total assets of Jinchun Group in 2021 were 2 billion yuan, a year-on-year increase of 12.0%.
From the perspective of net asset size in 2021, Jinchun Group (1.63 billion yuan) was higher than Nuoban Group (1.25 billion yuan), with year-on-year changes of 0.3% and 9.1%, respectively.
3.2 Operating revenue and operating costs
In 2020, the outbreak of the COVID-19 caused a surge in demand for epidemic prevention materials, promoted the production capacity of the non-woven industry to expand significantly, and also accumulated a large base for the development of the non-woven industry in 2021. In 2021, as the demand for epidemic prevention materials receded and the sales and prices of epidemic prevention related products fell, the market regained rationality, and the operating profit margin of the non-woven fabric industry gradually returned to the operating range before the epidemic. Among them, Jinchun Group’s total revenue in 2021 was 890 million yuan, a decrease of 18.6% compared to the previous year; The total operating revenue of Nobon Corporation was 1.52 billion yuan, a year-on-year decrease of 24.4%. In addition, the total operating costs of Nobon Corporation (1.39 billion yuan) in 2021 were higher than those of Jinchun Corporation (850 million yuan), with year-on-year changes of -10.0% and 9.2%, respectively.
3.3 Net profit of the enterprise
In 2021, the net profit attributable to the parent company of Nobon Group (100 million yuan) was higher than that of Jinchun Group (90 million yuan), and the difference between the two was not significant.
3.4 Comparison of Enterprise R&D Investment
In 2021, the R&D investment amount of both companies has decreased compared to the previous year. Among them, Jinchun Group’s R&D investment amount was 34 million yuan, a decrease of 0.02 million yuan from the previous year; The R&D investment amount of Nobon Corporation was 58 million yuan, a year-on-year decrease of 10 million yuan.
From the perspective of the proportion of total R&D investment to operating income, in 2021, the R&D investment ratio of Nobon Corporation (3.84%) was slightly higher than that of Jinchun Corporation (3.81%). As of the end of 2021, Nobon Corporation has a total of 165 patents, including 52 invention patents; Jinchun Co., Ltd. has passed the ISO9000 international quality system certification and as of December 2022, has dozens of patented and non patented technologies.
4、 Comparative analysis of non-woven fabric product management in key enterprises
4.1 Non woven fabric operating income
During the period of 2019-2021, Jinchun Group’s non-woven fabric product revenue was higher than that of Nobon Group. Although both companies saw significant growth in non-woven fabric revenue in 2020, Nobon Group’s non-woven fabric revenue decline in 2021 was smaller than that of Jinchun Group. In 2021, Jinchun Co., Ltd.’s non-woven fabric products had a total revenue of 870 million yuan, a year-on-year decrease of 19.7%, while Nobon Co., Ltd. had a revenue of 590 million yuan, a decrease of 0.6% compared to the previous year.
4.2 Operating costs of non-woven fabrics
In 2021, the operating cost of non-woven fabrics of Jinchun Shares (RMB 764 million) increased by 9.9% compared to the previous year; Mainly due to the dual impact of upstream raw material supply and demand and the rise in international crude oil prices, the prices of non-woven fabric main raw materials have increased, production costs have sharply increased, and profits have decreased. The operating cost of non-woven fabrics for Nobon Corporation was 409 million yuan, which is the same as the previous year.
4.3 Non woven fabric gross profit margin
In 2021, the gross profit margin of Jinchun Co., Ltd.’s non-woven fabrics was 12.1%, a decrease of 23.6 percentage points from the previous year, due to high costs and declining profits; The gross profit margin of non-woven fabrics of Jinchun Shares (31.1%) has decreased by 0.3 percentage points compared to the previous year, with a relatively small change.
Dongguan Liansheng Nonwoven Fabric Co., Ltd., a manufacturer of non-woven fabrics and non-woven fabrics, is worthy of your trust!
Post time: Jun-07-2024