Analysis Of Possible Export Tax Rebate Policy
Textile and garment industry may welcome export tax rebate policy
In the 08 years, with the continuous appreciation of RMB and the rise of labor costs, the internal and external pressures of the industry are increasing.
From the point of view of the recent central work, the government will increase support for the industries with low pollution and solve labor employment, and will also pform the textile and garment enterprises into proactive policies.
We believe that the direct effect of raising the export rebate rate of textile and garment enterprises is the best and the possibility of introduction is greater.
Policy implications
According to relevant news, we assume that the export rebate rate of clothing products will be raised by 4%, and the export rebate rate of textile products will be increased by 2%.
The garment industry will increase the pre tax profit by 10 billion 700 million yuan, and the textile industry will increase profits by 2 billion 960 million yuan. The total industry will increase the pre tax profit by 13 billion 660 million yuan.
Export oriented enterprises benefit most
The export tax rebate rate will be greatly increased by export oriented enterprises and low gross margin textile and garment enterprises.
Among them, Jin Fei Da, Lu Tai A, and URI shares will all have varying degrees of profit increase.
Investment suggestion
We believe that the purpose of this policy is to save the Eastern Textile and garment enterprises from a continuous loss situation, relieve the pressure of employment, and can not fundamentally change the competitiveness of the industry, or even hinder industrial upgrading.
In the short term, some small and medium-sized export enterprises will benefit from policy support, but in the long run, they do not have the capability of sustained growth in performance.
The industry's recovery must be based on industry restructuring and fundamental changes.
If the textile export industry wants to turn over, it will also need to digest the impact of policies, and start with cracking down on the plight of the industry.
We maintain the industry's "neutral" rating.
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