#头条创作挑战赛#
The land was repossessed, which put more competitive pressure on it, which relied on the docks for business
Because the dock shoreline is an important indicator of the size of the port, indicating the number of ships it can dock
The right to use the shoreline is a non-renewable resource and the most important intangible asset of terminal logistics enterprises.
Compared with comparable companies in the same period, Henderson Daxin's coastline use rights are not high:
Henderson Daxin - intangible assets in 2014 were 81 million yuan, of which the right to use the coastline was 36 million yuan;
Bonded science and technology - intangible assets in 2014 were 189 million yuan, of which land use rights were 188 million yuan;
Hongchuan Wisdom - In 2015, the intangible assets were 319 million yuan, of which the right to use the coastline was 5,100 yuan;
Nanjing Port - The port terminal is leased by Nanjing Port Authority
To sum up, due to the obstruction of shoreline expansion and the downward trend of downstream prosperity, its revenue fluctuated greatly, driving the decline in gross profit margin
Compared with its peers, its gross profit margin is also at a low level in the industry
Among them, the gross profit margin of bonded technology is the highest, mainly due to preferential tax policies, but it is obvious that the gross profit margin obtained by relying on policies is not long-lasting
During the same period, due to the decline in the industry's prosperity and the huge investment losses of subsidiaries, the gross profit margin fell sharply
What should we do if the gross profit margin has fallen year after year? There are only two ways, either to increase the price or to control the cost
Due to the downturn in the industry, a price increase is almost unlikely.
As a result, Henderson Daxin chose to control the fee. It is the highest proportion of costs: depreciation and amortization.
Pay attention to this detail - in January 2011, Henderson Daxin extended the depreciation period of fixed assets through accounting estimate changes, and after the change, the annual net profit increased by 16.81 million yuan, accounting for 33%, 29%, 38%, 42% and 58% of the net profit from 2011 to 2015
Seeing this, the business logic of this stage can be summarized as:
High fixed costs, gross profit margin is greatly affected by income fluctuations - downstream recession, gross profit margin decline - accounting adjustment for depreciation of fixed assets - avoid excessive decline in net profit margin - maintain a low level of ROE/ROIC
Behind such a business logic, the stock market performance is naturally not good, from the closing price of 7.22 yuan/share on the first day of listing all the way down to 3.48 yuan/share, and the stock price has been cut in half
Due to the small market value (about 2 billion), the stock price fluctuated greatly, and in the first half of 2015, the stock price rose all the way due to the bull market, and then plummeted to around 5 yuan due to the stock market crash
It is precisely because of the stock market crash in 2015-2016 that the ninth IPO review was forced to suspend again, and the backdoor wave swept through A-shares
At this moment, the main business is declining, the net profit of revenue is not large, and the market value is small, but I did not expect to be targeted by the two giants
I don't know 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