#头条创作挑战赛#
Real estate, of course.
Let's take a look at the revenue and net profit first, the revenue growth is slow, the profit state is meager profit, and the cash flow from operating activities has also suffered a two-year loss.
This is because, the real estate business has encountered some troubles
First, policy regulation. In March 2005, the State Council promulgated the "Notice on Effectively Stabilizing Housing Prices", which put forward the "Eight Measures" to curb the rapid rise of housing prices, and the phenomenon of overheating in the real estate market was suppressed to a certain extent
Second, local purchasing power is not strong. The commercial housing built by it is concentrated in Harbin City, from the annual per capita income of Harbin City in 2006, only 10,065 yuan, ranking 78th in the country, and the housing price has risen to more than 2,000 yuan / square meter at that time. According to this ratio, it is about 2 months without eating or drinking to buy 1 square meter
Third, the desire to buy a house is not strong. This is related to the industrial structure of the Northeast region, enterprises are mainly state-owned enterprises, supplemented by private enterprises, and before that, the "housing policy" of state-owned enterprises makes many employees of state-owned enterprises do not need to buy commercial housing.
Therefore, reflected in the financial data, the real estate business income in 2005 was 130 million yuan, which was only 3 million yuan higher than in 2003.
Although the revenue growth rate is slow, the gross profit margin and net profit margin at this stage do not fluctuate much, so that the ROE is basically stable, maintaining at about 2%.
Although it is stable, to be honest, the ROE of 2% cannot beat the one-year deposit rate in 2006, and it is better to put money on it than to deposit it in the bank
In the face of such an embarrassing income growth, the University of Technology and High-tech couldn't sit still, and it thought of two tricks:
The first move is to continue to acquire.
In 2005, it acquired Harbin Hongbo Plaza from related parties: the controlling shareholder of Gongda Gao, and its brother company Gongda Group, and entered the field of commercial services, mainly engaged in the garment market.
The second trick is to sell a real estate company.
In 2006, it disposed of its subsidiary Gongcheng Real Estate and sold it to Gongda Group, obtaining a long-term equity investment transfer income of 2.75 million
In addition, the sale of a real estate company resulted in a significant decrease in cash flow from operating activities in the current period
Sure enough, when the ROIC is less than the WACC, the disposal of the asset becomes an inevitable option.
If a company wants to increase shareholder value, it basically needs to choose four major types of methods around cash flow discounting
1) Improve cash flow;
2) increase the expected growth rate;
3) reduce the cost of capital;
4) extend the length of the growth period;
When the income generated by existing assets is lower than the cost of funds WACC or even the interest rate of bank fixed deposits, then from the perspective of shareholders, it is better to quickly strip off the non-performing assets that cannot produce benign income, sell some cash to dividends to shareholders, and let shareholders buy bank wealth management products - this is a very simple value
As a result, the disposal of assets also began in this case.
However, there is a detail to pay attention to here, behind these two tricks, there is a key object: the Industrial University Group
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