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The enterprise never resembles be being paid close attention to so today, never also resemble becoming social mainstay so today. And instantly, commercial pattern never so daedal, also never opportunity of survival of such be pregnant with.
New business, new economy, new pattern makes a person dazzling, but remain essentially the same despite all apparent changes. A preeminent company, be value plentiful necessarily. She should have certain dimensions equivalent and gain capacity not only, still must have positive viewpoint of value, can improve manufacturing surroundings of the person, can promote social civilization to progress, can take root goes and now, point to the future that we look forward to jointly.
Record, seek, discovery, our every time is praised and criticize, possess the core of value most to arrive at that.
For this, the Beijing Zhi Zehua that Sohu finance and economics is engaged in intelligence changing finance affairs to analyse business jointly, with professional financial analysis, large to home company is done examine in the round, also will inspect with distinctive media horn, dig the core value of the enterprise.
Sohu finance and economics will with every week two frequency, issue company report solely, build enterprise database with this series report, gather together 100 series of company of value of China of Sohu finance and economics, the sieve singles the company that has unique value.
Civil / Chen Tianlun of Sohu finance and economics
Wang Dongsheng of Beijing east president said recently, plan general this year hand over to the next shift. Guide in what Wangdong rises below, beijing east had gone 26 years of free and easy.
Beijing east landed A 2001. In light of whole, appear on the market 18 years, beijing east profit is fluctuant and severe, be in allowance for a long time to hold level of the bottom, investment that burn money in the palm, ever deducted loss of blame net profit 7 years continuously, and for a time by ST. High subsidy, expensive financing, high loss is Beijing east the true portraiture before this.
Close the coming year, the company increases research and development to throw strength continuously, 7 years time research and development is thrown nearly 30 billion, innovation ability increases significantly, obtain a breakthrough on technology of research and development, break SamSung to be in forestall of AMOLED screen domain; At present level of research and development is on an industry lead position, the hand is grasped exceed 70000 patent, cause its gain level to be improved somewhat. But sufferred market wave motion to affect occurrence net cutting sb in two at the waist again 2018, gain ability lack lasts stability.
From this, ability of Beijing east gain and battalion carry ability give a mark 2 stars, innovation ability gives a mark 4 stars.
As manufacturer of each old mobile phone roll out in succession since this year embark flexible of screen but fold mobile phone, flexible screen market welcomes development opportunity, beijing east will become his in the lead position on AMOLED important competition ability, hopeful is added thick its outstanding achievement. Of Alot strategy carry out in its of strong research and development prop up below also hopeful open up grows a curve the 2nd times. On growing sex, beijing east can give a mark 3 stars.
Since 2010, beijing east issues CSR report 9 years continuously, plan in drive of inchoate executive employee, answer essence of life to help deficient appeal up to be thrown continuously definitely in recent years, project of its society responsibility can give a mark 4 stars.
Although Beijing east appears too slow in the expression of capital market,heat up, cannot be equal however the value bubble enterprise at burning money blindly, ability of its innovation research and development proved its did not develop still but period, and more than it is to stay in feelings level.
Accordingly, integrated grading is Beijing east 4 stars.
Beijing east, be in low-key after 24 years, depended on 2017 flexible AMOLED shows screen breaks SamSung monopoly one artillery piece has his moment.
Arrive from old electron factory domestic OLED bibcock, beijing east A appear on the market 18 years battalion restrains growth 35 times, market prise is broken one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two. However,
Since appearing on the market, beijing is Oriental collect endowment amount exceeds 80 billion, win additional government subsidy 7.6 billion, deficit 6.2 billion, "The investment that burn money - deficit - continue to burn money - continue deficit " become Beijing east once true portraiture. The outstanding achievement of rove, continuously low confused share price, beijing east is be underestimated alone horny animal, still rely on the value bubble that allowance accumulation rises?
For this, sohu finance and economics combs Beijing east to develop course for years, pass the analysis that dimension of many management data spends, compose builds picture of blue print of Beijing east value, the capital of backside of analytic value company is confused bureau.
A huge sum is bought make liquid crystal tycoon
Buckle blame net 7 years deficit becomes the machine that burn money
Beijing east predecessor is the Beijing valve plant that established 1952. When yard is close to going bankrupt, wang Dongsheng of president of total accountant, east showing capital allows to instigate when crossbeam, guide employee to prepare 6.5 million yuan to undertake share-holding system is transformed oneself, just had the Beijing east group now.
In January 2001, beijing east afterwards is handing in place greatly to issue B hind add hair A, head offer 16.8 yuan.
Be not typical state-owend enterprise as, structure of Beijing east equity is very dispersive. Center of management of state-owned capital of Beijing of the biggest partner only direct hold the share of 11.68% , hold a Beijing electron of 100% to accuse a finite liability company to be held secondhand through its 2.35% , the latter east that it is Beijing controls a person actually. Change of Chongqing of the 2nd large stockholder endowment limited company of photoelectricity estate investment is held 7.62% , before 5 large stockholder hold a scale to add up to to be only 32.44% .
Also accordingly, the administrative layer that heads with Wang Dongsheng avoided partner right to disturb, have freedom of huge managemant decision. The Wangdong of financial family background rises dominant Beijing east free and easy rises and fall, the phylogeny that suffers controversy.
Wang Dongsheng showed his for the first time 2003 wonderful money ability.
TV industry is worth to wait for changeover of new-style flat monitor to liquid crystal, plasma by traditional CRT monitor when those, technology of liquid crystal face plate is early by monopoly of day Han business, domestic company can divide a cup of a thick soup through joint-stock means only. Wang Dongsheng discovers among them good luck, just meet Korea is contemporary lose at SamSung, LG, plan to come off business of liquid crystal face plate. A snake swallows big play of the elephant to be performed at this point.
2003, beijing east bought the technology of liquid crystal face plate with modern Korea completely with 380 million dollar, include to become Beijing east later among them the TFT-LCD that main battalion harvests source (filmy transistor LCD) business.
In be being bought this, beijing east is actual own reserves is only 60 million dollar, through be in domestic bank with extremely low interest rate loan 90 million dollar, as a way of produces guaranty kind to foreign bank loan 188 million yuan, obtain two aggregate the bargainor credit of 3963 dollars, beijing east is finished successfully buy. Actually, the capital fund that is used at guaranty already by branch of Seoul of Industrial and Commercial Bank of China mandatory, consequently Beijing east needs to be in charge of to domestic loan only, thereby great reduced burden of its finance affairs.
Buy this made capital the battalion on east history receives the biggest amplitude. At the appointed time, beijing east is the company that home has technology of core of liquid crystal face plate exclusively, become country very quickly the biggest, whole world ranks the TFT-LCD manufacturer of the 9th. Just met tall boom of industry of face plate of global liquid crystal spends period 2003, beijing east is in in those days business income achieves 11.18 billion yuan, grew 133.77% 2002 compared to the same period; Put in parent net profit 's charge to be 361 million yuan in those days, increase compared to the same period 334.94% . TFT-LCD business was held advocate 51% of business Wu income.
Good times don't last long, 2004 second half of the year, enter trough period as TFT-LCD market, beijing east gain glides, appear even deficit of in successive years.
The silver-colored round loan that takes the lead in the Construction Bank government of 740 million dollar, Beijing provides loan below 2.8 billion yuan circumstance, 2005, 2006, beijing is Oriental still gigantic deficient 1.587 billion, 1.771 billion, be given retreat city risk caution, "Beijing east A " become " *ST Oriental A " .
2007, hold a bottom in the palm by governmental subsidy, price of together with face plate anabiosises, "*ST Oriental A " had escaped to retreat city destiny. Data shows, in those days Beijing east obtains governmental allowance in all 217 million yuan, increase than 2016 one times beyond; Implementation net profit 691 million yuan, buckle blame net profit 656 million yuan.
But only a year, beijing east does not move round again.
Came 2008 2012, beijing east buckles blame net profit 5 years to all be deficit continuously, profit of net putting in a mother 's charge wanders in deficit brim. Beijing east put in loss of parent net profit 's charge 2008 808 million yuan, 2009 only gain 50 million yuan, 2010 again gigantic deficient 2.004 billion; Its correspondence buckles blame net profit to part deficit 1.019 billion yuan, 1.189 billion yuan, 2.075 billion yuan. 2011, beijing east realizes gain 561 million yuan, buckle loss of blame net profit to be as high as 3.9 billion yuan however.
Discover not hard, backside of make vigorous efforts to turn the situation of Beijing east every time has the figure of governmental subsidy almost. In home " be short of core little screen " time, the van that Beijing east makes domestic company pound industry of liquid crystal face plate army, consequently from obtained a government to throw support continuously at first, and dimensions expands gradually.
(data is when annual newspaper with Beijing east accurate)
Only from plan in light of the governmental allowance that enters the income outside doing business, 2001-2018 year, beijing east adds up to obtain governmental subsidy to exceed 7.6 billion yuan. 2018, the loan that Beijing east ever still obtained exempt of government of the Fuzhou City to be used at the project to build is aggregate 6.3 billion yuan.
On the other hand, all the way the Beijing east of deficit did not stop his collect endowment pace. Since appearing on the market, beijing east ever added financing surely for many times, accumulative total financing is close 72 billion, and for a time " the lion starts to talk greatly " , also suffer doubt accordingly.
2014, beijing east is directional add hair RMB common stock twenty-one billion seven hundred and sixty-eight million, collect is used forty-five billion seven hundred and thirteen million yuan at building product line of face plate of 3 liquid crystal and product line of screen of a feeling, and compensatory circulating fund, become in those days " financing king " .
2016, beijing east is passed again issue debenture, collect capital is close 10 billion.
Innovation drive profit grows
Add patent newly 7 years to apply for more than 40 thousand
Although be late, after the investment of countless, wang Dongsheng's a person of extraordinary powers is betted received get one's own back. If its are subsequently when the development that responds to Beijing east,saying, innovation is a magic weapon that Beijing east comes down alive, also be only way.
Beijing east ended to buckle the situation that is not deficit of net profit in successive years 2013. Also rise from this year, development of type of its innovation drive shows clue.
It is to show rapid change enlarges product line of core of parts of an apparatus quickly above all.
2013, beijing east enlarge produces 8.5 acting lines of Beijing, to Hefei 8.5 acting lines of 6 acting lines, Beijing produce a line to undertake miniaturization is transformed with product switch. Of the same age, e Er is much this the 2nd 5.5 acting AMOLED produce the whole world 8.5 acting lines all realize line, Hefei the product illumes put into production.
Annals showed Beijing east 2013, indication parts of an apparatus is produced completely sell completely, product structural adjustment, and sales volume and price synchronism promote, the east that it is Beijing brings thirty-three billion seven hundred and seventy-four million yuan of battalion to close, grow 31% compared to the same period; In those days net profit 2.353 billion yuan, increase compared to the same period 812.02% .
After this a few years, beijing east raises the price of the commodities continuously TFT-LCD and construction of AMOLED product line.
On October 26, 2017, the 6th era that Beijing east declares to be located in Chengdu is flexible AMOLED product line realizes a quantity to produce ahead of schedule, and that day Xiang Hua is, the consign of more than 10 clients such as millet, OPPO, Vivo, resurgence AMOLED is flexible indication screen. From this, beijing east makes the whole world the 2nd implementation is flexible the company that AMOLED quantity produces, break Korea SamSung to be in the forestall of this one domain, enter the first echelon formation.
Up to 2018, beijing east already built go into operation 8 TFT-LCD produce a line, two AMOLED produce a line; In build product line to include Wuhan 10.5 acting TFT-LCD produce Micro-OLED of line, Kunming to produce line and product line of 3 6 acting AMOLED.
The TCL of enterprise of head of industry of face plate of liquid crystal of comparative and congeneric home accuses photoelectricity of share company China star, beijing east is in produce can go up have clear advantage. Current, what China star photoelectricity already built go into operation is only an a line of 2 8.5 acting TFT-LCD, 11 acting lines, 6 acting LTPS produce a line, product line of a 6 acting AMOLED still is in try produce level.
It is product line extension next, to transition of company of content couplet network.
Beijing east is in its showed flat first in annals 2013, the product line such as indication system, optical science and technology is indication parts of an apparatus and wisdom system as a whole course of study of two important matters group, add health newly to serve a cause group, cover construction of professional garden area and healthy medical treatment to serve cloud platform to design. 2014, beijing east is opposite formally business board piece differentiate afresh, by " TFT-LCD, indication illuminant, indication system " change is " health of business of business of indication parts of an apparatus, wisdom system product, wisdom serves " .
2017, beijing east puts forward around " show, transmit feeling, artificial intelligence, big data " technology of 4 big core, oneself fixed position is " provider of Wu of kimono of technology of content couplet net, product " .
Accordingly, 2018 in annals, beijing is Oriental its business board piece further illumination is " cure of couplet of content of port parts of an apparatus, wisdom, wisdom is versed in " .
Carry a board of parts of an apparatus piece include to show with sensor, sensor and solution course of study of two important matters group, can differentiate for TFT-LCD, AMOLED, small show and sensor 4 business line.
Wisdom content yoke plate piece include wisdom make solution of service, IoT and digital art course of study of 3 important matters group, wisdom is covered below the banner retail, wisdom build couplet of car of the sources of energy of service, wisdom, wisdom 4 business way.
Wisdom cure is versed in board piece include mobile health, health to serve industry of two important matters group, cover area of medicine of medical treatment of mobile health, number, second birth, healthy garden 4 domains.
From advocate business Wu income is formed in light of, beijing east battalion closes to basically rely on business of port parts of an apparatus, occupy than nearly 90% . 2014-2018 year, income of business of port parts of an apparatus occupies total battalion to receive specific gravity to be respectively 88.77% , 89.46% , 88.84% , 88.10% , 89.27% . Under photograph comparing, although year after year grows considerably,wisdom content couplet and battalion of Wu of wisdom cure industry close, but close to look from total battalion, still occupy odd only.
Below innovation drive, beijing east 2013-2018 year business income year all compound increase rate is achieved 25% .
A when east of the Beijing that prop up tastes a line to blossom in the round prolifically main factor is his for quite a long time tall research and development is devoted. To Beijing east, core technology means competition ability and growth power namely.
(data is when annual newspaper with Beijing east accurate)
In recent years, beijing east research and development throws strength to be increased gradually. 2011-2018 year, the defray of research and development of Beijing east is jumped by 1.14 billion yuan reach 7.238 billion yuan, year compound increase rate exceeds 30% , add up to 8 years capital of devoted research and development 29 billion yuan, defray of research and development occupies total battalion to receive scale to maintain in 7% the left and right sides.
(data is when annual newspaper with Beijing east accurate)
On personnel of research and development, personnel of Beijing east research and development is only 2011 984 people, hold proportion of employee sum total for 6.01% , after this year after year increases. To 2017 and 2018 two years, increase sharply of amount of personnel of research and development comes nearly 20 thousand people, personnel of research and development occupies scale of employee sum total to also be as high as nearly 30% .
(data is when annual newspaper with Beijing east accurate)
High investment got tall get one's own back. Oriental 2012-2018 spends Beijing to add patent newly to apply for type of a flight of stairs of quantitative year after year to grow year after year.
2018, beijing east adds patent newly to apply for 9585, among them abroad patent applies for to exceed 38% , OLED, pass the domain patent such as feeling, artificial intelligence, big data to apply for to exceed 4, 000, add patent accredit newly to exceed 4800, among them American accredit exceeds 1600; Annual is chaired in all make edit outside technology standard exceeds 20. And 2011, beijing east adds patent application newly to be more than 1000 only, accredit amount is more than 500.
2012-2018, beijing east adds patent newly 7 years to apply for quantitative accumulative total to achieve 44080, up to now, patent of accredit of Beijing east accumulative total exceeds 20600, accumulative total can use patent to exceed 70000.
OLED board piece pull small gain level
Share price changes for years mystery
There is core technology product to hit forward before, the capital with active constant source supports after, beijing east is in A market performance became a puzzle however.
Up to on May 16, 2019, price of Beijing east closing quotation is 3.42 yuan, total market prise one hundred and nineteen billion and eleven million, PE value is 26.44 times. Highest peak of history of its share price achieved 12.72 yuan on January 16, 2008, after this suffer a disastrous decline.
2017, because Beijing east is flexible screen gain considerable fame among one's contemporaries, add gain to improve, in those days share price reachs 5.74 yuan when closing quotation of the end of the year by 2.82 yuan of violent wind. Good times don't last long, in March 2018, beijing east share price appears show shoot, approach for a time drop stop, at the appointed time news analyst of institute of finance and economics of university of central finance and economics Ceng Lianfa of Liu Shu power 3 " grind newspaper " force holds out Beijing east, also fail to prevent its to drop drop endlessly. Only inside a year of time, evaporate of Beijing east market prise develops 110 billion yuan.
On March 25, 2019, beijing east is released 2018 annals, implementation battalion receives 97.11 billion yuan, increase compared to the same period 3.53% , profit of net putting in a mother 's charge 3.435 billion yuan, drop compared to the same period 54.61% , buckle blame net profit 1.518 billion yuan, decrease compared to the same period 77.28% . This report that can saying is how terrible lets one disaster after another of Beijing east share price undoubtedly.
On March 26, beijing east A dish in drop amount to 5% , closing quotation price falls that day defeat 4 yuan to close.
Show according to IHS Markit data, beijing east showed face plate is overall 2018 shipment volume holds the whole world the first; Market of product of 5 big main trends is had rate promote continuously, reach the whole world in the round the first; Area of shipment of whole of indication parts of an apparatus grows compared to the same period exceed 30% , by the whole world the 4th litre comes the 2nd.
Carrying global first aureola on the head, gain receives cut sth in half however.
Beijing east expresses to this, enter since 2018, because market supply and demand changes, semiconductor shows the profession persists low wander, competition of main product price is intense; Suffer market environment effect, value of product of company main face plate shows downtrend, whole drops compared to the same period via battalion outstanding achievement. Change to answer market environment, beijing east will continue to implement strategy of transition of content couplet net 2019, accelerate structure of product yield a line to optimize adjust.
In fact, because industry of liquid crystal face plate attributes typical periodic trade, wave motion of wool interest rate is bigger, its are in Beijing Oriental advocate occupy in business Wu income than extremely tall, cause company profit level fluctuant and acuteness.
2018, integrated wool interest rate is Beijing east 20.39% , glide compared to the same period 4.68 percent.
Under photograph comparing, wisdom content yoke plate piece wool interest rate is maintained smoothly 10% the left and right sides. Wool interest rate is top and what year after year increases is wisdom cure labour board piece, 2014-2018 year, wisdom cure is versed in board piece wool interest rate is respectively 49% , 50.24% , 55.54% , 59.47% , 59.14% .
On the other hand, market of global liquid crystal tends saturated, space of the gain below market competition aggravate is squashed, also force Beijing east to begin to seek new profit point of growth. But current and character, new business line still fails to carry a crossbeam.
In addition, from the point of battalion carry ability, beijing east dealt with Zhang money to appear 2018 relatively rise substantially. Annals shows, beijing east dealt with Zhang money to be two million two hundred and twenty-one thousand four hundred yuan 2018, relatively increased 2017 37.07% ; Deal with Zhang money to occupy business income to compare for 22.88% , outclass industry average.
Liquidity respect, beijing east had 2018 breath is indebted it is eleven million six hundred and seventy thousand seven hundred yuan, increase compared to the same period 14.59% . Have breath is indebted the proportion that holds total assets is 38.39% , occupy total battalion to accept scale for 120.18% , have breath is indebted occupy all be worth 2 times than exceeding a trade.
Accumulative total shares out bonus 4.2 billion
Contribute revenue one year 235 million
Sohu finance and economics notices, since 2010, beijing east already published report of enterprise society responsibility 9 years continuously.
Appeared on the market 2001 up to now, beijing east accumulative total shares out bonus 10 times, accumulative total distributes cash extra dividend 4.248 billion. Plan of year dividend distribution was the company 2018: With the company total capital stock is base 34.8 billion times, to all partner every 10 cliques discover Jin Gongli 0.3 yuan (contain tax) , total pie discovers golden bonus amount is 1.04 billion yuan. In addition, beijing east contributed revenue only 2018 235 million yuan, occupy total battalion to accept scale for 0.24% .
2018, a total of Beijing east employee 68175 people, relatively grew 9.1% 2017. Employee firewood proposes a toast spending total is 9.17 billion yuan, among them, thing of trustee, inspect and senior administrator obtain pay amount to be sixty-six million four hundred and eighty-five thousand five hundred yuan, fulfil of firewood of company average per capita is one hundred and thirty-four thousand five hundred yuan.
Relevant data shows, beijing east ever achieved a technology to develop limited company at establishing Beijing intelligence division 2003 (the following abbreviation " intelligent division starts a company " ) , carry out the platform of equity drive to all core technology administrator as the company, include Chen Yan of president Wang Dongsheng, CEO to arrange wait for partner of 20 contributive and factitious name, contributive scale is not scale of real rights and interests, the executive object that the rights and interests that intelligent division starts a company plans by mechanism of drive of all imitate equity is had jointly. Current, intelligent division achieves a company to invest development limited company through east of hold Beijing Beijing 33.75% equity, beijing of indirect hold hold is Oriental the share of 0.8% .
Essence of life supports deficient side definitely, 2018, beijing east donates 1.5 million yuan to foundation of Chinese volunteer service, use at education kind, culture kind, the domain such as commonweal project. Deficient domain is helped up in education, beijing east annual throws 432 thousand yuan, use at subsidizing impoverished student, improvement impoverished area teachs resource, if was begun " enlighten growing road " , " summer camp of dreamy child travel " , " bounty " plan " wait for multinomial education to support deficient project. In volunteer service territory, investment of Beijing east annual is used forty-one thousand three hundred yuan at building to cover the volunteer service system of each substance, organize carry out " contribute old other people, display love " , participate in the activity such as compulsory labor.
Beijing east says in annals, will continue to advance 2019 with " enlighten growing road " the education that give priority to supports deficient project, begin side of summer camp activity, goods and materials to help up, a variety of form activities such as volunteer activity, with Beijing east seat yield a line is given priority to should develop the land and escalate project enclothes dimensions; at the same time, with Beijing east employee volunteer system is platform, continue to begin side assist to strand an activity to reach of all kinds donate an activity.
Copyright explains
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