Vincent Van Gogh, quinces, lemons, pears And Grape
Civil / amber plain
Waited more than one year, division achieve board week to come eventually!
Be apart from do poineering work last board be born, had gone 10 years! Register make, a also waited nearly 30 years!
End to was become on July 14, division achieve board 25 first companies had been finished release a price, aggregate collect endowment more than 40 billion yuan. On July 22, these 25 companies will hang out his shingle trade, we will witness the history again.
New board new atmosphere, first division is achieved board the appraise value of the company, also shine simply blind eye!
According to statistic, the city of these 25 enterprises is filled with rate (PE) in 18.86~170.75 times between, all be worth for 49.16 times, median 42.14 times, among them in quotations of small company hair is filled with rate be as high as 170.75 times.
This is compared 23 times more current new hair quotations is filled with rate upper limit, did not know to go high where!
But, china knows name very special, a Triton of the minnows, special dazzling, land this division achieve board, city is filled with rate only 18.8 times.
Many netizens say for fun, it is handed in what what drag firm index namely, play call his division achieve board " calm Nereus needle " .
This gigantic without bully, one carries several on the head, collect capital 10.5 billion, it is exclusive the company that a collect endowment surpasses 10 billion.
China connects date to still a data achieves a record: Be the lucky number is led 100% !
China connects date to carry case on the head explain buy the forehead to spend it is 252 thousand, if investor carries case on the head explain buy, can obtain 504 lots order, lead computation by the be the lucky number of 0.22538262% , the probability that signs in exceeds 100% .
More startling is, the investor that has 1/3 unexpectedly abandons explain buy.
Why? !
There are 100 much ready moneys on Zhang even again be in harmony 100 100 million for what?
China knows name history very long, but date from comes Chinese railway ministry created company of communication signal engineering 1953.
2010, whole of the group that know name changes to make and be initiated establish joint-stock company, connect date to hold water formally when annual end China.
In August 2015, china connects a success to reach place in Hong Kong couplet advocate board appear on the market.
As the stock such as communication of Chinese country boat, resurgence, those who go is " A+H " : A, harbor brush existence to feel.
Does China connect date is dry what?
It is the whole world banner orbit traffic controls systematic solution provider, belong to railroad, shipping, aerospace and manufacturing industry of other facility for transporting.
Business of such rig of a high-tech, back country endowment appoint, can you still say what? It is a word: Firm.
The business is good, but the investor not buy it of 1/3, still basically have a few doubt:
Above all, there are 100 much ready moneys on Zhang, even again be in harmony 100 100 million for what?
Expand ceaselessly as scale of production, china connects a total assets year after year to grow steadily.
2016-2018, company total assets amounts to fifty billion two hundred and ninety-five million yuan respectively, sixty-one billion two hundred and forty-five million yuan, seventy-nine billion six hundred and seventy-eight million yuan, year compound increase rate is amounted to 25.87% .
Up to 2018 end, china knows an amount of nearly 80 billion property in, monetary fund is as high as eleven billion seven hundred and twelve million yuan, hold total assets proportion for 14.7% .
Bending over on Zhang eleven billion seven hundred and twelve million, even again financing 10.5 billion, what does China connect date to want to do? According to manual of raise capital by floating shares,
Use at with 4.6 billion yuan advanced reach project of function technology research and development, include advanced course traffic to control intelligence of traffic of system and crucial technology research, orbit to carry hold together all and technology consider to wait integratedly; With 2.5 billion yuan investment arrives advanced the construction that reachs intelligence to make base item, basically be Changsha industry garden (first phase) project; With 300 million yuan devoted informatization builds a project; The others is used 3.1 billion yuan at compensatory circulating fund.
Connect date to cast project feasibility and necessity description to look to every collect from China, be opposite not only outstanding achievement, still have to company development urge action tremendously.
For what need not Where is own reserves?
Doubt points out, the company does not use the account that builds with own reserves go ahead of the rest very simple, if use own reserves to throw project hind, if cannot appear on the market smoothly,financing has him to bury sheet only, because this does not wish tardy,skill construction collect joins a project.
Actually, these are not real purposes, real purpose is:
1, division of have the aid of is achieved board new estimate is worth 2, emphasize oneself " science and technology innovates " attribute.
This is not vital issue, the impact that is worth to company estimate is not big.
Next, company profit is mixed the main and financial index such as cash shedding is worsening!
2016 - 2018, company business income is 29.77 billion yuan respectively, thirty-four billion five hundred and eighty-five million yuan, forty billion and twelve million yuan, business income grows continuously, compared to the same period amplitude is respectively 16.17% , 15.69% .
The corresponding period, net profit is 3.198 billion yuan respectively, 3.437 billion yuan, 3.716 billion yuan, compared to the same period amplitude is respectively 7.47% , 8.11% .
Although do business,profit of income, net all appears to grow continuously, but fine fine look, with respect to meeting discovery: Of net profit add fast close under battalion add fast!
Behave even if, integrated wool interest rate drops continuously, 2016 - was respectively 2018 26.2% , 24.66% , 22.7% .
Main reason is, the business that has the flesh is occupied than dropping, the business that drinks boiling water is occupied than promotion, gross profit leads two business with inferior level, systematic delivery service and project always contract business is occupied than growing considerably.
Additional, company cash flows a state to also worsen somewhat.
Inside report period, the cash flow net specified number that Shanghai knows a management activity to arise is 2.935 billion yuan respectively, - 880 million yuan, - 1.586 billion yuan.
In nearly 3 years total of profit of net putting in a mother 's charge achieves 9.68 billion yuan circumstance to fall, the amount of cash flow net specified number that China knows a management activity to arise is 469 million yuan only, the scale that takes net profit is insufficient 5% .
Flow without cash, bring about debenture Wu to press muscularity, flow especially indebted occupy than exorbitant.
Report period, company indebted total is 27.6 billion yuan respectively, 36.02 billion yuan, 49.4 billion yuan, indebted rate is asset respectively 54.89% , 58.81% , 62.01% .
Be based on business character, china connects an indebted structure to present a flow the characteristic with indebted higher proportion. Report up to each period end, company flow is indebted occupy the scale that always is in debt to be respectively 95.63% , 95.71% , 96.41% .
Actually, besides these a few problems, what investor is anxious most still is: This gigantic without bully, still have growing space? Still the story can be told?
Super gigantic without bully still have growing space?
China knows name do railroad business, enter camp quite tall. Now, railroad industry cast financing system to undertake reform, railroad builds the market to had been unlocked.
That is to say, the competitor is much, large capital construction ends look forward to has stronger actual strength, the extruding with go up objectively can certain to company business or existence, bring about gain ability to glide thereby.
What competitor does the company have?
Current, home shares 5 railroad orbit to hand in accuse a system to serve a provider, 12 cities orbit is handed in accuse systematic total contractor.
China connects sign professional work to enclothe course to make chain of systematic entire industry, the problem is, fractionize board piece occupy equaler, do not have special specialism domain, the battalion of the company receives dimensions to amount to 30 billion yuan only.
Treat a competitor, the car in China, it basically does railroad equipment business, the fractionize of this business include board piece a lot of, do very subtly, the battalion of the company receives dimensions to exceed 200 billion yuan.
Can judge roughly, the core competition ability of the car in China is stronger, camp is taller.
View investment of research and development again, research and development of the car in China is thrown in all eleven billion one hundred and seventy-nine million yuan, take business income 5.10% , also be Yuan Chao crosses China to know name 1.3 billion yuan are mixed of 3.45% occupy than.
And, china connects the charge of research and development of date to return year after year to glide.
Report period, china connects charge of date research and development to be 1.05 billion yuan respectively, 1.18 billion yuan, 1.32 billion yuan, occupy current the scale of business income is respectively 3.53% , 3.41% , 3.31% .
So, china connects the outstanding achievement of date future to grow, very big probability is the industry is added on average fast, namely 5% the left and right sides.
According to the program, chinese railroad network will achieve 150 thousand kilometer 2020 (network of high speed railroad achieves 30 thousand kilometer) , chinese railroad network will achieve 175 thousand kilometer 2025 (network of high speed railroad achieves 38 thousand kilometer) , average year compound add fast 5% the left and right sides.
High speed is become passed for a long time, business investment can drop, share out bonus can increase.
Compare with other company posture, china connects date to calculate on conscience enterprise, 3 years accumulative total shares out bonus 2.417 billion yuan, 25% what hold total of profit of net putting in a mother 's charge.
Sum up, china connects date to have growing space really, but growing rate is already special and slow, underestimate a cost plus its, tall share out bonus, it is actually division achieve board big blue chip!
A word: Be firm!
