Core point of view: The company signed a strategic cooperation framework agreement with Alashankou Comprehensive Bonded Zone According to the announcement on November 8, the company signed the "Framework Agreement for Air-jet Textile Industry Project" with the Alashankou Comprehensive Bonded Zone Management Committee. The company will construct a high-end air-jet spinning project in the Alashankou Free Trade Zone in two phases. The first phase of the investment is about 500 million yuan, which will be used to build 350,000 spindle air spinning capacity. The planned construction period is 8 months. The second phase of investment will be about 500 million yuan, which will expand production capacity to 500,000 spindles and will be extended to the downstream weaving industry chain project. The parties agree to sign a formal investment agreement by December 31, 2017. According to the company's forecast, after the two phases of the project are fully put into production, it is expected to achieve annual revenue of 1.5 billion yuan and total profit of more than 200 million yuan. On September 6 this year, the company announced plans to invest 490 million yuan to build a 22,000 air spinning production line in the Alashankou Free Trade Zone. The cooperation agreement signed this time has expanded the company's investment scale in the bonded area. The agreement is expected to introduce the Central Asian cotton resources for the company, while improving the layout of the industry in Xinjiang. The Alashankou Comprehensive Bonded Zone is located in the “One Belt and One Road†strategic key node zone, which facilitates exchange of materials with Central Asia. Central Asia is a traditional cotton growing area. The net export volume of cotton is second only to the United States, and the cultivated land resources are abundant, and there is still room for improvement in cotton production. The construction of spinning capacity in the bonded area will be able to enjoy the international low-priced cotton preferential policy in the bonded area, which will help the company to introduce foreign cotton resources into the country. At present, the company's projects in Xinjiang are spinning projects, and the Xinjiang region has increased its incentives for downstream industries such as weaving and garments since last year. In the second phase of the investment, the company will extend to the downstream weaving industry, which will help the company to improve its industrial layout in Xinjiang and enjoy the policy dividends of the cotton textile industry in Xinjiang. It is estimated that the results for 17-19 years are 0.38 yuan / share, 0.47 yuan / share, 0.57 yuan / share The current stock price corresponds to 17/18 year P/E of 16.6x and 13.3x. Maintain Buy rating. risk warning The risk of falling demand for yarn and fabric products; new projects are pushing less than expected. Editor in charge: Xu Yuehua
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Xinye Textile signed a strategic cooperation agreement to improve the production capacity of Xinjiang