Weiqiao Textile Reports CN¥1.30 Loss per Share in 2022, Revenue of CN¥16.6b for 2023.
March 24, 2023
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Weiqiao Textile ($SEHK:02698)’s Full Year 2022 Financial Results have been released, revealing a Net Loss of CN¥1.30 per share. This marks the first loss reported by the company in two years, making the end of 2022 a financially challenging year for the company. Despite this setback, total revenue for 2023 came in at CN¥16.6b, a slight increase from 2022. The company is confident that despite the loss in 2022, they are well-positioned to continue to grow and expand operations in 2023 and beyond.
To this end, they have outlined a number of initiatives designed to improve efficiency, reduce costs, and drive customer satisfaction. These initiatives are already beginning to pay dividends and are expected to further strengthen Weiqiao Textile’s financial position in the coming year.
Price History
On Monday, WEIQIAO TEXTILE reported a CN¥1.30 loss per share for the fiscal year 2022 and revenue of CN¥16.6b for fiscal year 2023. After the news, the company’s stock opened at HK$1.3 and closed at HK$1.2, representing a drop of 5.4% from the prior closing price of HK$1.3. So far, the news regarding WEIQIAO TEXTILE has been mostly negative, leading to a drop in its stock price. This news puts further strain on the company’s ability to remain competitive in the industry, as it is facing increased competition from other textile companies. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Weiqiao Textile. More…
| Total Revenues | Net Income | Net Margin |
| 17.06k | -618.9 | -3.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Weiqiao Textile. More…
| Operations | Investing | Financing |
| -891.06 | -212.8 | -4.6 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Weiqiao Textile. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 24.86k | 6.63k | 15.25 |
Key Ratios Snapshot
Some of the financial key ratios for Weiqiao Textile are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 2.5% | -12.9% | -3.0% |
| FCF Margin | ROE | ROA |
| -7.0% | -1.7% | -1.3% |
Analysis
At GoodWhale, we recently conducted an analysis of WEIQIAO TEXTILE‘s wellbeing. We produced a Risk Rating that determined WEIQIAO TEXTILE is a medium risk investment in terms of financial and business aspects. During our analysis, we detected two risk warnings in WEIQIAO TEXTILE’s income sheet and balance sheet. To view these warnings, we invite you to become a registered user of our platform. Once you become a registered user, you can check out the full report and our conclusions. We believe that this information will help you make an informed decision about investing in WEIQIAO TEXTILE. More…
Peers
Weiqiao Textile Co Ltd is one of the largest producers of textiles in China, competing against other leading companies such as Anhui Huamao Textile Co Ltd, Pioneer Embroideries Ltd, and Henan Xinye Textile Co Ltd. With a focus on quality and innovation, Weiqiao Textile Co Ltd has become a formidable player in the highly competitive textile industry.
– Anhui Huamao Textile Co Ltd ($SZSE:000850)
Anhui Huamao Textile Co Ltd is a Chinese textile company based in Hefei, China that produces and supplies cotton, polyester, and blended fabrics. As of 2023, it has a market cap of 3.58 billion, which makes it one of the larger players in the Chinese textile market. It also has an Return on Equity (ROE) of -0.05%, which signals that the company does not have a very profitable business model. However, overall, Anhui Huamao Textile Co Ltd is a strong player in the Chinese textile market and is growing steadily.
– Pioneer Embroideries Ltd ($BSE:514300)
Pioneer Embroideries Ltd is a leading manufacturer and supplier of custom embroidered apparel, including polo shirts, t-shirts, hats, and accessories. As of 2023, the company has achieved a market cap of 790.02M and a Return on Equity (ROE) of 7.43%. This demonstrates that the company is performing at a high level, delivering strong returns to its shareholders. Pioneer Embroideries Ltd has also been able to differentiate itself with its comprehensive product line and high quality standards.
– Henan Xinye Textile Co Ltd ($SZSE:002087)
Henan Xinye Textile Co Ltd is a Chinese company that specializes in the production of textile products. As of 2023, the company has a market capitalization of 2.53 billion. The Return on Equity ratio is -0.24%, indicating that the company is not generating sufficient returns to cover its equity investments and may be over-leveraged. The company develops and manufactures a wide range of fabrics, apparel and accessories for the apparel, home and automotive markets. Henan Xinye Textile Co Ltd’s products have gained mainstream recognition for their quality and durability.
Summary
Weiqiao Textile Company Limited reported a net loss of CN¥1.30 per share for the year 2022. Revenue for 2023 was recorded at CN¥16.6 billion. The stock price of Weiqiao Textile reacted negatively to the news, dropping on the same day. For investors, the outlook of the company appears to be negative in the short term.
Weiqiao Textile’s current financial position and operations should be further evaluated to determine whether there are any opportunities for return on investment. Given the current market conditions and the results of Weiqiao Textile, investors should be cautious in investing in the company and should assess the risk associated with the stock before putting money into it.
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