#头条提现门槛下放至1元啦#
Weibo, a user information sharing and publishing platform, was launched by Sina.com in November 2009 and officially listed on NASDAQ in March 2014
Its largest shareholder is Sina (SINA.O), with a 45.6% stake and 71.6% of the voting rights, and the second largest shareholder is Alibaba (BABA.N), with a 30.40% stake and 15.9% of the voting rights
From 2015 to 2017, Weibo's revenue was 3.103 billion yuan, 4.549 billion yuan and 7.515 billion yuan, the net profit attributable to ordinary shareholders was 226 million yuan, 749 million yuan and 2.304 billion yuan, the net cash flow generated by operating activities was 1.182 billion yuan, 1.639 billion yuan and 3.523 billion yuan, and the gross profit margin was 70.29%, 73.89%, 79.89%, and the net profit margin was 7.15%, 16.11% and 30.47%
Note that this growth is quite impressive.
In the past three years, the compound growth rate of its revenue was 55.62%, the compound growth rate of net profit attributable to the parent company was 219.29%, and the compound growth rate of net cash flow from operating activities was 72.6%.
Among them, its net profit attributable to the parent company in 2017 had a higher growth rate of 207.61%, because it cut the investment in R&D and management expenses.
As a social platform, its upstream is mainly for individuals and official users to post information on the platform and bring traffic to the platform
The downstream is mainly B-end advertisers, who monetize through advertising business
In addition, the platform also provides membership, games, live streaming and other services, which are collectively referred to as value-added services herein
From 2015 to 2017, Weibo's advertising revenue accounted for 84.21%, 87.07%, and 86.67% of revenue, and other service revenue accounted for 15.79%, 12.93%, and 13.33%. In terms of monetization methods on Weibo, advertising is the mainstay
Let's first look at its return on capital indicators, ROE, ROIC changes, to take a closer look at the major changes in its history
Its ROE and ROIC from 2012 to 2014 were abnormal because it was still in the loss stage in the past three years
Its net profit was negative, and even its net assets were negative (negative negative became positive, resulting in abnormal data), and it was not until after breakeven in 2015 that its ROE and ROIC data returned to normal.
We divide its fundamental historical stages into 3 stages and analyze them one by one:
1) 2012 to 2014 - loss period;
2) 2014 to 2015 – crossing the break-even point;
3) 2015 to 2017 - growth stock stage;
Among them, the third stage is the most important, which may directly affect the decision of whether to follow up the study for a long time in the future. Based on DuPont's analysis, let's look at its ROE after 2015
In 2017, ROE was higher than ROIC due to the issuance of bonds.
In 2017, Weibo issued a convertible bond of US$900 million, nearly 6.12 billion yuan, but after the debt was issued, Weibo did not invest the funds, but included them in the short-term investment account, which made its short-term investment rise sharply
From 2015 to 2017, its net profit margin was 7.15%, 16.11%, and 30.47%, with a compound annual growth rate of 106.36%, a total asset turnover rate of 63.01%, 69.91%, and 63.91%, a compound annual growth rate of 0.71%, and an equity multiplier of 1.34, 1.37, and 2.14, with a compound annual growth rate of 26.68%
It is clear that the rise in the return on capital invested by it is rooted in the rapid rise in net profit margin
Therefore, this indicator has also become a key financial indicator throughout the entire development history of Weibo, around which we raise three questions
Predict the follow-up and listen to the next breakdown
It does not constitute any investment advice, the stock market is risky, and you need to be cautious when entering the market