Lenticular company research achieves a picture formerly / young actor
What busy all the time move gives others to do check-up is beautiful year of health, whether had ever also done seriously to oneself " check-up " ?
If beautiful year of healthy management layer is really so busy that year of healthy management layer do not have the word of time, lenticular company considers to wish to do sth for sb here:
Up to 2018, beautiful year since health had come true to borrow housing to appear on the market successive 4 years of fast growth, among them: Battalion receives 1.431 billion yuan from 2014 cruel add reach 8.458 billion yuan, attributive net profit soares from 139 million yuan reach 821 million yuan, 4 years a two index in pairs is nearly 5 times more outspread;
Beautiful what is what 4 years high speed growth relies on year of health?
It is to be bought!
Say well and truly, the income that beautiful and healthy the last few years increases newly, basically be the increment that after the subsidiary that this company buys newly enters amalgamative forms for reporting statistics, brings!
So, beautiful is pattern of year of healthy this kind of growth healthy can you last?
Very it's hard to say!
Continuously with great quantity buy, already Rangmeinian is earned on healthy Zhang came back the toxic substance with very fearsome your writing -- business praise; In the meantime, use up as a result of the cash in be in and be being bought breathtaking, beautiful indebted end has begun year of healthy liquid assets endowment not pay a debt in kind or by labour, and breach still is expanding continuously, alarm of risk of its capital catenary is pulled noisy already;
What make a person anxious more is, in business praise cruel add, tall look forward to of capital catenary risk, below the situation that buys the lever that changes growth to had been used to the limit, beautiful the income nowadays carried year of health to had appeared to glide dangerously to go up with sluggish signal...
Buy change growth to produce false number prosperity
According to beauty of tycoon of industry of domestic healthy check-up year health just releases 2018 annals, annual realized this company last year business gross income 8.458 billion yuan, relatively grew 34.64% compared to the same period 2017; Implementation is attributive appear on the market the net profit of company shareholder 821 million yuan, relatively grew 40.53% compared to the same period 2017.
2015, beautiful year health appears on the market through lending housing Jiangsu the means of 3 friend, lenticular company considers to notice, up to 2018, since this company had realized a success to appear on the market successive battalion of 4 years closes and profit fast growth, in 4 years of time in the past, beautiful data spurt gives out year of healthy finance affairs to last breathtakingly eruptive force, its battalion closes and profit dimensions is in 4 years short much time in pairs is cruel added 5 times more adjacent.
Before borrowing housing 2014, beautiful the battalion of year of health closes and figure of profit of attributive partner net mixes 139 million yuan 1.431 billion yuan only respectively; Annals data calculated the basis 2018, beautiful the battalion 2018 receives year of health relatively grew 491.06% 2014, its are attributive the net gain of partner is similar relatively grew 490.65% 2014.
Beautiful what is the motivation of growth of year of high speed of healthy and financial data?
Consider to look in lenticular company, its are main motivation is to buy: Arrive all the time from around borrowing housing 2018, beautiful year health is in all the time will enlarge business dimensions through be being bought, among them 3.7 billion yuan of a huge sum that the biggest brushstroke is pair of kind inscription check-up is bought (before borrowing housing 1 billion cash completes one part, 2.7 billion yuan of cash after borrowing housing add a stock to complete odd part then) -- because love the antitrust of guest international by the competitor,inform against, this trades till 2017 four quarters just are finished formally.
Nevertheless, alleged good food is not afraid of evening, in afore-mentioned buy after finishing, all and financial data of kind inscription check-up merges into directly beautiful year of healthy amalgamative forms for reporting statistics, battalion receives the amalgamative forms for reporting statistics of your latter to be jumped by 3.082 billion yuan of 2016 to 6.233 billion yuan of 2017, its the corresponding period is attributive the net gain of company shareholder also jumps from 339 million yuan before reach 614 million yuan.
Data of statistic of straight flush IFinD shows, besides kind inscription check-up, mixed 2016 between 2017, beautiful year health still started total amount 340 million yuan (the brushstroke that include a hand of 27.19 million dollar trade) external cash is bought; 2018, beautiful year of health more denounce endowment was close to 1 billion yuan to finish pair of greatly small fraction in succession of company of 10 a person of same business buy (include trait of 22 million dollar trade) .
Consider to look in lenticular company, the number of subsidiary finance affairs that buys newly in great quantities just about is brought into to incorporate limits of forms for reporting statistics, beautiful the battalion of year of healthy the last few years closes and ability performed profit to last of fast dilate " the surface is mythological " , with was last year exemple: Beautiful year health shared 38 to be bought newly 2018 (one-time trade or divide a pace to carry out) executive subsidiary was brought into its are amalgamative the limits of forms for reporting statistics, the United States is in all after balance of profit and loss of these 38 subsidiary year the net profit that healthy and amalgamative forms for reporting statistics contributed more than 100 million yuan, took this company the half of increment of net last year gain.
Pass the example 2018 to see not hard, come from some kind of meaning say, beautiful year of health in recent years financial number expands, more it is the false number prosperity that this company comes out through buying lever to make: After its borrow housing up to now outstanding achievement increment, basically should be amalgamative limits enlarges financial forms for reporting statistics bring, after eliminate expresses a factor beautiful year of health advocate business Wu is true inside natural disposition grows, be afraid far what present the exterior data that come out without its so scene.
Lenticular company considers to notice, if the United States year health makes public what can check to be bought external since 2014 add up, its what total amount will achieve 5 billion yuan is gigantic -- the part that this just still had completed before the bottom 2018, do not include what still advancing at present to be bought in road -- and when borrowing housing program to give heat 2015, beautiful year of health just still appear on the market with 5.5 billion yuan social status, that is to say, 4 years short in time, beautiful the when buying dimensions to had borrowed housing to appear on the market in those days with its total appraise cost of year of health matchs.
Business praise alarm of red of catenary of the capital that press a top already was pulled noisy
Continual a huge sum is bought, the has data of exterior Zhang Wu not merely absolutely view that changes, more health accumulated Rangmeinian heavy hidden trouble, this company is faced with huge trade not only nowadays praise the risk that hang a top, what be worth vigilance more is, crisis of its capital catenary has arrived awful do not cause the hour that takes seriously adequately.
Lenticular company considers to notice, borrow housing in those days 2015, beautiful year of business on healthy Zhang praise still have 417 million yuan only, but arrived by 2018, this number is already outspread 10 Yu Bei reachs 4.739 billion yuan, its business praise outspread speed, was head and shoulders above the battalion inside its the corresponding period to receive the outspread rate with profit, these are beautiful price of excessive of freeboard of in successive years buys year of health recently brought immediate result.
At present beautiful although year of health does not have clear business praise the risk that reduce a cost, but in the company Shang Yulei such as recreation of fierce lion science and technology, deity cruel Jing rings later, the investor of field of A stock market is to smell business already praise color changes, below such setting, beautiful this a huge sum of year of health is poisonous asset is expressed to the balance sheet of this company and profit, yu Yimei of as good as' tremendous time bomb, can produce major impact to the psychology of investor at any time.
Nevertheless, compare business praise the risk, what lenticular company considers to worry more is beautiful year of capital catenary venture that after big cash reserve in a bank is bought, health forms continuously.
Lenticular company considers to notice, the last few years, beautiful the integral wool profit margin of year of health maintains steadily all the time in 48% the left and right sides, this is a quite strong gain level originally, but the tall wool profit that so high wool profit margin brings still is opposite hard apparently strong beauty year health buys a process to last mediumly cash is poured out of.
It is reported, in afore-mentioned 5 billion yuan are bought in, beautiful year of health besides when buying Ci Ming check-up, send with adding new what means paid 2.35 billion yuan among them is right outside valence, about 2.6 billion yuan of the others are bought pay with the means of cash to valence.
The cash outlay that a huge sum lasts and buys place to need Rangmeinian is healthy not only burn-up in recent years the total profit on company Zhang, more force so that this company must raise debt considerably continuously: Only 2018 a year, beautiful of year of health each have breath is indebted remaining sum is as high as 5.492 billion yuan (among them, short-term loan remaining sum 2.414 billion yuan, the blame flow that expires inside a year is indebted remaining sum 828 million yuan, long-term loan remaining sum 1.354 billion yuan, handle bond remaining sum 896 million yuan) , relatively the bottom is cruel 2017 added 2.541 billion yuan, amplitude is as high as 86.1% ; Have breath is indebted add suddenly, also Rangmeinian is healthy the financial cost 2018 achieved 246 million yuan, relatively grew 86.11% considerably 2017.
After be in debt to be added suddenly, up to by 2018, beautiful year of liquid assets on healthy Zhang it is 5.806 billion yuan, but at the same time its flow is in debt to had been as high as 6.654 billion yuan however -- this is this company since since borrowing housing to appear on the market, appear first the situation that liquid assets cannot cover flow to be in debt, this also is meant, beautiful year of health in liquid assets indebted end had appeared breakneck endowment not signal of pay a debt in kind or by labour: Up to by 2018, its are short-term capital catenary breach achieved 850 million yuan.
And, with the United States year one quarterly reports showed this company that healthy annals synchronism releases 2019, up to this year first quarter end, beautiful the liquid assets of year of health has dropped reach 5.667 billion yuan, and its flow is in debt to increase to instead however 6.831 billion yuan, this makes clear the United States year healthy short-term fluidity breach still is expanding continuously, this one breach has expanded to this year from 850 million yuan by last year first quarter 1.16 billion yuan of end -- and this one word, had exceeded the net gain that this company goes one year greatly, this is meant, beautiful year health will face very enormous fluidity pressure next, the security of its capital catenary also gets equipment attention.
Income loses growth danger signal to already showed
Grow through buying drive, beautiful year of health is such in the past, yi Wei stops now.
Releasing annals was mixed 2018 2019 one quarterly reports while, beautiful year health still released two new ready money to be bought at the same time beforehand case (involve tens of home companies once more) reach progress, these two trade involve amount aggregate 475 million yuan, this is undoubted will farther aggravate the tight situation of catenary of capital of this company future.
Lenticular company considers to notice, to alleviate current capital catenary difficult position, beautiful year of health be as high as 2.375 billion yuan at rolling out one paper upper limit in November 2018 add hair again financing plan; It is to quicken probably again of financing project advance, beautiful year of health this year active in March this again the upper limit of financing is cut reach 2.047 billion yuan.
Nevertheless, consider to look in lenticular company, because financing amount is huge, and at present each appear on the market greatly company again financing phenomenon queueing up is outstanding, beautiful of year of health afore-mentioned again financing plan wants to be in short-term inside the complete support that wins card inspect to meet, be afraid difficulty is not little; And if afore-mentioned again financing tardy cannot pass a barrier is carried out, beautiful the capital catenary of year of health will be faced with unprecedented final examination undoubtedly, even its are in of road buy whether success also will become be concerned about.
Very apparent, buy lever to be in go a few years already by the United States year health used acme, in prospective capital catenary bear below the adverse aspect that control, beautiful the abidance of year of health grows ability to also must let a person be worried.
Making what investor feels disturbed more is, last year since second half of the year, beautiful year of health is troublesome all the time and ceaseless, especially " false doctor incident " let this company be immersed in tremendous trustful crisis; It is the effect that suffers afore-mentioned sincere letter crises probably, beautiful year of impetus that the outstanding achievement before health changes this after this oneself is followed and buys high speed growth, its the four seasons spent 2018 add fast begin to glide considerably, the battalion first quarter closes to also be in infrequent sluggish to go up this year condition.
Annals shows, the four seasons was spent 2018, beautiful the battalion of year of health closes to have 2.64 billion yuan only, relatively 3.244 billion yuan of the corresponding period are added only compared to the same period 2017 20.71% -- suffer four quarters to add fast gliding influence, beautiful the battalion 2018 receives year of health growth rate also once upon a time of 3 quarters 43.04% be pulled considerably low 34.64% to annual, achieved this company in recent years lowest increases a level.
In addition, beautiful one quarterly reports showed year of health 2019, the battalion first quarter controls this company this year it is 1.279 billion yuan, although this one word still relatively grew 4.21% the corresponding period is small 2018, but go 4 years with its at every turn the fast growth of 40% above is compared, figure of this one growth has appeared cadaverous and faint; What and be worth carry is, this year first quarter, off-season medium beauty year health continued once more on this company history seasonal deficit, and its specified number of 118 million yuan loss of attributive partner gain is spent relatively the corresponding period expanded 2018 6.45% .
As a result of the United States year the four seasons spent health last year and this year on the financial data whole first quarter considerably under investor the general desired value before this, accordingly annals and synchronism of one quarterly reports gave heat on April 26 that day, this nearly is in to drop by the hammer stop board on, final closing quotation signs up for 15.38 yuan every, relatively before one trade day dropped 8.45% .
A variety of evidence make clear, beautiful year of healthy apparently fast growth probably already of short duration comes to an end, this company the inflection point that 2018 four quarters began to enter sex of a phase.
