标签： 苏州楼凤

CSI Intelligent Financial News BYD (002594) disclosed the third quarterly report of 2023 on October 31. In the first three quarters of 2023, the company achieved a total operating income of 422.275 billion yuan, a year-on-year increase of 57.75%; The net profit of returning to the mother was 21.367 billion yuan, a year-on-year increase of 129.47%; Deducting non-net profit was 19.349 billion yuan, a year-on-year increase of 131.32%; The net cash flow from operating activities was 97.86 billion yuan, up 7.50% year-on-year; During the reporting period, BYD’s basic earnings per share was 7.35 yuan, and its weighted average return on equity was 17.74%.

The announcement shows that the company’s operating income changes in the first three quarters were mainly due to the increase in sales of new energy vehicles.

Based on the closing price on October 30th, BYD’s current price-earnings ratio (TTM) is about 24.83 times, price-to-book ratio (LF) is about 5.48 times, and market-to-sales ratio (TTM) is about 1.23 times.

The historical distribution map of the company’s price-earnings ratio (TTM), price-to-book ratio (LF) and marketing ratio (TTM) in recent years is as follows:

According to the third quarterly report, the company achieved a total operating income of 162.151 billion yuan in the third quarter, up 38.49% year-on-year and 15.86% quarter-on-quarter. The net profit returned to the mother was 10.413 billion yuan, up 82.16% year-on-year and 52.59% quarter-on-quarter. Non-net profit was 9.654 billion yuan, up 80.95% year-on-year and 57.49% quarter-on-quarter.

According to the data, the Group is mainly engaged in automobile business, mobile phone parts and assembly business, rechargeable battery and photovoltaic business, and actively expands the urban rail transit business field by using its own technological advantages.

In the first three quarters of 2023, the company’s gross profit margin was 19.79%, up 3.90 percentage points year-on-year; The net interest rate was 5.29%, up by 1.56 percentage points over the same period of last year. Judging from the single-quarter indicators, the gross profit margin of the company in the third quarter of 2023 was 22.12%, up 3.16 percentage points year-on-year and 3.40 percentage points quarter-on-quarter; The net interest rate was 6.71%, up 1.54 percentage points from the same period of last year and 1.66 percentage points from the previous quarter.

The data shows that in the first three quarters of 2023, the company’s weighted average return on equity was 17.74%, an increase of 8.31 percentage points over the same period of last year; The company’s return on invested capital in the first three quarters of 2023 was 13.83%, an increase of 6.99 percentage points over the same period of last year.

In the first three quarters of 2023, the company’s net cash flow from operating activities was 97.86 billion yuan, a year-on-year increase of 7.50%; The net cash flow from financing activities was 256 million yuan, an increase of 16.254 billion yuan; The net cash flow from investment activities was-94.403 billion yuan, compared with-83.657 billion yuan in the same period of last year.

Further statistics show that the company’s free cash flow in the first three quarters of 2023 was-27.524 billion yuan, compared with 13.070 billion yuan in the same period of last year.

In the first three quarters of 2023, the cash ratio of the company’s operating income was 100.16%, and the net cash ratio was 458.00%.

In the first three quarters of 2023, the company’s expenses during the period were 51.174 billion yuan, an increase of 25.878 billion yuan over the same period of last year; During the period, the expense ratio was 12.12%, up by 2.67 percentage points over the same period of last year. Among them, sales expenses increased by 84.13%, management expenses increased by 60.39%, research and development expenses increased by 129.42%, and financial expenses increased from-1.340 billion yuan in the same period last year to-1.272 billion yuan.

According to the data, the change of sales expenses is mainly due to the increase of sales service fees and employee salaries; The change of management expenses is mainly due to the increase of employees’ salary.

In terms of major changes in assets, as of the end of the third quarter of 2023, the company’s fixed assets increased by 57.84% compared with the end of the previous year, accounting for 6.70 percentage points of the company’s total assets; Accounts receivable financing increased by 146.86% compared with the end of last year, accounting for 2.50 percentage points of the company’s total assets; Trading financial assets decreased by 48.55% compared with the end of last year, accounting for 2.48 percentage points of the company’s total assets; Construction in progress decreased by 8.18% compared with the end of last year, accounting for 2.47 percentage points of the company’s total assets.

In terms of major changes in liabilities, as of the end of the third quarter of 2023, the company’s accounts payable increased by 29.30% compared with the end of the previous year, accounting for 0.69 percentage points of the company’s total assets; Other payables (including interest and dividends) increased by 26.51% compared with the end of last year, accounting for 0.06 percentage points of the company’s total assets; Short-term loans increased by 95.96% compared with the end of last year, accounting for 0.58% of the company’s total assets, mainly due to business expansion and short-term financing; Contract liabilities increased by 7.31% compared with the end of last year, accounting for 1.08 percentage points of the company’s total assets.

In terms of solvency, the company’s asset-liability ratio at the end of the third quarter of 2023 was 77.37%, up 1.95 percentage points from the end of last year; The interest-bearing asset-liability ratio was 4.05%, up 0.16 percentage points from the end of last year.

In the first three quarters of 2023, the company’s current ratio was 0.66 and the quick ratio was 0.44.

In terms of chip concentration, as of the end of the third quarter of 2023, the total number of shareholders of the company was 358,500, an increase of 27,000 or 8.15% compared with the end of the first half of the year; The average stock market value per household decreased from 2,267,700 yuan at the end of the first half of the year to 1,921,700 yuan, a decrease of 15.26%.

Indicator notes:

price/earning ratio

= total market value/net profit. When the company loses money, the price-earnings ratio is negative. At this time, it is meaningless to use the price-earnings ratio for valuation, and the price-to-book ratio or market-to-sales ratio is often used as a reference.

PB ratio

= total market value/net assets. The price-to-book ratio valuation method is mostly used for companies with large profit fluctuations and relatively stable net assets.

Marketing rate

= total market value/operating income. Market-to-sales ratio valuation method is usually used for growth companies with losses or small profits.

In this paper, the P/E ratio and marketing ratio are calculated by TTM method, that is, based on the data of the latest financial report (including forecast) for 12 months. The P/B ratio adopts LF method, that is, it is calculated based on the data of the latest financial report.

When the price-earnings ratio is negative, the current quantile is not displayed, which will lead to the interruption of the line chart.

Editor in charge:

　　This article mainly introduces which Huawei P60, Huawei P60Pro, and Huawei P60Art are better, and the relevant information on the horizontal evaluation of the three mobile phones. Friends who need it can refer to it. I hope it will be helpful to everyone.

　　As we all know, the Huawei P60 series has been officially released at the end of March, bringing a total of three mobile phones: P60, P60 Pro, and P60 Art. All models have ushered in significant upgrades in communication, screen, image, body, etc., which has attracted the attention of many consumers. Although the configuration and pricing of the three models are different, due to the close size of the body and the close performance of the processor, many users have encountered difficulties in choosing and have asked questions: Which of the three Huawei P60 series models is the most worth buying?

　　Which one is better, Huawei P60 Pro or Huawei P60Art?

　　Objectively speaking, this year’s P60 standard version can be said to have ushered in the largest upgrade of the standard version in years, and maintained the same price. The screen parameters and body design are basically the same as those of the P60 Pro, making it the most cost-effective of the three models in the P60 series.

　　Compared with the previous generation model P50, Huawei P60 focuses on upgrading the core configuration such as performance, body, screen and image, and their parameters have been significantly improved compared with the P50, mainly including the following four major improvements:

　　Processor: Upgraded from Snapdragon 888 to Snapdragon 8 + Gen1 (3.0GHz version), power consumption issues are significantly improved, and the performance index is greatly improved.

　　Screen performance: Upgraded from a 6.5-inch 90Hz screen to a 6.67-inch 1-120Hz LTPO screen, the screen refresh rate has been upgraded by leaps and bounds.

　　Airframe design: Upgraded from the standard version of the simplified design to the Pro model, the fuselage design specifications and shape are almost exactly the same, and IP68 dust and water resistance is still supported.

　　Imaging experience: Upgraded from a regular 50MP main camera to a 48MP OIS main camera, and supports F1.4 to F4.0 variable aperture functions, significantly enhancing the imaging experience.

　　It can be seen that the Huawei P60 has brought a more obvious upgrade in terms of performance, screen, body and image compared to the P50, and the price is set to start at 4488 yuan. The operation of increasing the amount without increasing the price also allows the P60 to demonstrate a higher cost performance index.

　　In addition, compared with Huawei’s other flagship Mate 50 standard version, the Huawei P60 is equipped with a more advanced two-way satellite communication function, and the screen equipped with the Mate 50 is still a 90Hz refresh rate, compared with the 1-120Hz LTPO screen equipped with the P60. There is a significant performance gap, and the two mobile phones are currently priced relatively close. Obviously, the Huawei P60 has a higher cost performance.

　　Compared with the P60 Pro and P60 Art, the main differences between the Huawei P60 are reflected in the rear image configuration, Kunlun glass, and battery life charging. Their parameter differences are mainly reflected as follows:

　　The P60 adopts 48MP + 13MP + 12MP three-camera solution, and the telephoto solution is 12MP periscope head; it is equipped with 4815mAh battery + 66W fast charging + 50W wireless fast charging, and the screen adopts ordinary glass.

　　The P60 Pro adopts 48MP + 13MP + 48MP three-camera solution, and the telephoto solution is a 48MP super-concentrated night vision telephoto lens; it is equipped with 4815mAh battery + 88W fast charging + 50W wireless fast charging, and the screen adopts Kunlun glass.

　　P60 Art adopts 48MP + 40MP + 48MP three-camera solution, the telephoto solution is 48MP ultra-light-focusing night vision telephoto lens, and the ultra-wide-angle lens is upgraded to 40MP; equipped with 5100mAh battery + 88W fast charging + 50W wireless fast charging, the screen adopts Kunlun glass, and the back cover adopts island design.

　　It can be seen that the Huawei P60 is also true in comparison with the P60 Pro and P60 Art. The main differences are concentrated in the rear camera configuration and battery life charging configuration, but the price difference between them is very significant.

　　The P60 starts with 128GB of storage and is priced at 4488 yuan; the top storage is 512GB and priced at 5988 yuan.

　　The P60 Pro starts with 256GB of storage and is priced at 6988 yuan; the top storage is 512GB and priced at 7988 yuan.

　　The P60 Art starts with 512GB of storage and is priced at 8988 yuan; the top storage is 1TB and is priced at 10,988 yuan.

　　Overall, the Huawei P60 has undergone a relatively obvious upgrade in terms of performance, screen, body and image, and has become the most upgraded standard model of the Huawei P series over the years. Whether it is compared with the previous generation model P50, or compared with its other flagship Mate 50, or compared with the same series of high-end models, it has shown a quite good cost performance. Combined with the starting price of 4488 yuan, the Huawei P60 is obviously the most cost-effective and most worthwhile model in the P60 series.

　　The above is the Huawei P60, Huawei P60Pro and Huawei P60Art, which one is better? The details of the horizontal reviews of the three mobile phones.

Article | Market Value Observation, Author | Yuntan, Editor | Xiaoshimei

Wang Jianlin, China’s former richest man, continues to fight while some property companies lie flat.

On the evening of June 28, Zhuhai Wanda Commercial Management submitted its Hong Kong IPO application materials for the fourth time, more than 500 days after the first listing application.

In the past three years, Wang Jianlin’s life is not easy. The impact of the epidemic, the strictest supervision in the history of real estate, a group of once-famous real estate giants have collapsed.

Considering that the betting agreement with investors will take effect at the end of the year, if Zhuhai Wanda fails to list, then Wanda will face up to 40 billion share repurchase pressure.

For Lao Wang, going public is no longer the "icing on the cake". There are only 6 months left. Wang Jianlin, who does not admit defeat, must fight to the back.

"Wanda Commercial Management is Wanda’s core enterprise. I can lose any enterprise, but this cannot be lost."

But this "lifeblood" continued to be undervalued after it went public in 2014, so in 2016, Wang Jianlin decided to delist Wanda Commercial Management.

In the seven years since, the real estate industry has undergone a sudden change, and Wang Jianlin has always adhered to the "three major tasks" – reducing debt, light asset transformation and promoting re-listing.

During this period, Wanda Commercial Management introduced a number of investors, but also buried the risk of gambling.

In 2017, Wanda shares and debt double-kill, Wang Jianlin bite after the teeth, at the expense of borrowing to Sunac, let Sun Hongbin and R & F tension to 63.75 billion yuan to pick up 13 Wanda cultural tourism city and 77 hotels.

At the Wanda annual meeting in January the following year, Wang Jianlin was in tears:In 2017, Wanda experienced too many storms and hardships.

But the wave has not subsided, and another wave has come to attack.

There is no such thing as a free lunch in the world. The nine investors who helped Wanda privatize previously agreed with Wang Jianlin to go public at the end of 2018, otherwise Wanda would have to pay interest and buy back shares.

However, the road to listing of real estate companies is basically locked, Wang Jianlin can only ask for help from old friends, Pony Ma, Zhang Jindong, Sun Hongbin, Liu Jintao opened the purse generously, jointly funded 34 billion, to solve the urgent needs of Lao Wang.

Since then, Wang Jianlin has switched to H shares again, and the listed entity has been changed to Zhuhai Wanda Commercial Management.

On the eve of its listing in Hong Kong, Zhuhai Wanda Commercial Management launched a Pre-IPO financing, transferring 21.17% of its shares to multiple investors such as Country Garden, CITIC Capital, Ant Group, Tencent, PAG Pacific Alliance Investment Group, etc. A total of about 6 billion US dollars (43.50 billion yuan).

The price Wanda needs to pay is that it must complete the listing by the end of 2023, otherwise it needs to buy back investors’ shares. That is to say, if the listing cannot be completed by the end of this year, Wanda needs to use 40 billion funds to buy back the equity.

The same script played out again, but this time, the friends were already cash-strapped, and some of them could not even protect themselves, so there was no money to help others.

For Wanda, which is currently not well-off, the expenditure of tens of billions of dollars is undoubtedly adding to the woes.

The end of the bet is approaching, and the iron man Wang Jianlin must speed up his pace.

In the history of H-share listings, it is rare for such a large number of IPOs to be repeatedly tossed.

Due to the delay in obtaining the "big road" of the China Securities Supervision Commission, some analysts said that,Zhuhai Wanda Commercial Management has set a "record" for the slowest overseas listing of a private company.

As early as October 11, 2021, Zhuhai Wanda obtained the acceptance letter from the Securities Supervision Commission and submitted its first listing prospectus to the Hong Kong Stock Exchange ten days later. But to this day, Wang Jianlin has not yet received the "pass" he has been longing for.

According to past experience, it only takes 3 to 6 months to get from "small road" to "big road", but Wang Jianlin waited 627 days. In addition, several Wanda IPO applications have also stepped on the implementation node of the "Pilot Measures" for overseas listing, and the road to listing can be described as a difficult buff.

Under the pilot scheme, domestic companies seeking to list overseas or in H-shares must obtain, in addition to an acceptance letter from the Securities Supervision Commission, known as a "small road", "H-share issuance approval" issued by the Securities Supervision Commission, known as a "big road". Only after having the "big road" will the Hong Kong Stock Exchange conduct a listing hearing for the company and start the issuance, roadshow and listing work.

In addition to the two "tickets", it also needs to be filed with the Securities Supervision Commission and approved. In other words, Zhuhai Wanda Commercial Management has an additional hurdle of approval.

Previously, Wanda’s listing information had expired three times, and the fundamental reason was that the "big road" had not been approved. On June 2, the China Securities Regulatory Commission raised six major questions to Zhuhai Wanda and asked for supplementary materials. Compared with the ease of listing in 2014, Wang Jianlin’s IPO can be described as even more difficult.

Therefore, in response to the supplementary material requirements of the Securities Supervision Commission, whether Wanda’s reply can pass the customs will be the key to the sprint listing.

Looking at the requirements of the Securities Supervision Commission, it can be seen that the problem mainly focuses on compliance, including corporate governance, capital exchanges with major shareholders, the authenticity of rental rate data, share repurchase, debt repayment arrangements, and high proportion of dividends.

According to the requirements, the issuer should supplement the materials within 30 working days. That means Wanda has about two weeks to prepare this response.

However, it is better to receive a reply than no news. Wanda also pointed out that "requesting supplementary materials is a normal process, and the listing is still in progress."

Just leave Wang Jianlin time is not much, in the face of the Securities Supervision Commission questions, Wanda iron also need their own hard.

If the "big road" is successfully obtained, coupled with the current policy atmosphere to support the real estate market, it is not impossible for Wanda to accelerate its listing.

Wang Jianlin is a man who refuses to admit defeat.

16 years of military experience have created his character of integrity, perseverance, and perseverance.

At the beginning of his business, he ran supermarkets, factories, elevator factories, substations, and eventually waded into the field of real estate development. But real estate is a capital-intensive industry. Due to his lack of experience, he has walked to the edge of the cliff many times due to capital chain problems.

At first in order to obtain a 20 million loan, he has more than 50 times hope to meet the leader of a bank, sometimes in the bank gate a stand is a whole day, but at that time Wanda is still a little-known small business, the bank is not willing to take risks, the final loan or not down.

On the one hand, he was exhausted for loans, and on the other hand, he was unable to start the project for a long time. Wang Jianlin didn’t sleep for nine days and nights at that time, and on the tenth day, he was directly unconscious in the company and was rushed to the hospital.

"You can’t be afraid of humiliation, you can’t be afraid of setbacks. The living can’t be suffocated to death by urine, and the bank can’t find it, so think of other ways." Wang Jianlin finally rescued Wanda, which was on the verge of bankruptcy, by issuing bonds.

In 2000, Wang Jianlin decided to switch to commercial real estate, but Wanda’s troubles still did not stop. In the first three years, Wanda mainly sold, and the merchants who purchased the shops directly sued Wanda in court for poor management.

In just three years, Wanda has fought 222 lawsuits. Although it has lost only two, the company is struggling to cope. Many people left Wanda at that time to find other ways.

Wang Jianlin did not flinch. In the face of difficulties, he believed in the thinking of "actual combat" and explored innovation and solved problems in practice. "When you reach the Yellow River, you will not die, and if you hit the south wall, you will not look back. When you reach the Yellow River, you will build a bridge and pass, and if you hit the south wall, you will turn over with a ladder."

He came up with an "urban complex" model. "Make a commercial center, build office buildings and apartments next to it. Sell apartments, office buildings, get cash flow, and the shops will run themselves."

This "combination of rental and sale" has allowed Wanda to rapidly expand its territory across the country and gradually grow into the country’s leading commercial real estate enterprise.

From an operational perspective,Wanda Commercial Management is China’s largest and most profitable business operations service provider.

According to the prospectus, Zhuhai Wanda achieved 17.196 billion yuan, 23.481 billion yuan and 27.12 billion yuan respectively in 2020, 2021 and 2022; its net profit during the same period reached 1.112 billion yuan, 3.512 billion yuan and 7.534 billion yuan respectively.

It can be seen that after the epidemic was released, Wanda bottomed out and rebounded, successfully achieved a V-shaped reversal, and its profitability increased significantly. Moreover, the profitability level from 2021 (adjusted by a specific algorithm) to 2022 has exceeded the gambling requirements. Considering the signs of consumption recovery, it will also be a high probability event to complete the betting profit requirement of 9.46 billion yuan in 2023.

The parent company Dalian Wanda Business Management Group is even larger, in 2022, Dalian Wanda Business Management revenue 49.314 billion yuan, net profit 12.301 billion yuan.

Taking Zhuhai Wanda as a reference, its revenue is 3 times and 6 times that of Xincheng Holdings and China Resources Vientiane Life Business Management, and 3.4 times that of the entire China Resources Vientiane Life Profit (2.206 billion yuan).

As of the end of 2022, Zhuhai Wanda had 472 projects under management, covering an area of 65.60 million square meters, making it the world’s largest business operations service provider and the only service provider in China to export large-scale management to third parties.

This asset-light model is not only what Wang Jianlin hopes to achieve, but also favored by capital markets. In Hong Kong stocks, the price-to-earnings ratio of China Resources Vientiane Life is nearly 5 times that of China Resources Land. The market value of Country Garden Services once exceeded that of Country Garden, which is mainly engaged in real estate development. Vanke also split All Things Cloud and listed it in Hong Kong.

The "limit for betting" has been reduced, and the listing battle of Zhuhai Wanda will most likely determine the fate of the real estate kingdom. But Wang Jianlin, a soldier, will not easily admit defeat. For now, this big gamble continues.

In April last year, Wang Jianlin took over the 10-year operation rights of the commercial project owned by Hu Baosen, "the first brother of Henan Real Estate"; five months later, two Wanda workshops in Zhengzhou opened at the same time.

In addition, Wang Jianlin also worked with Xinyuan Zhang Yong and Shanxi Tian Sen Du Yinwu, and took over the operation rights of Beijing Blue Harbor and Wukesong Zhuozhan Shopping Center. In 2022 alone, Wanda Commercial Management was involved in more than a dozen transactions.

Taking advantage of the recovery in consumption after the epidemic, Wanda is back on the road. The latest data shows that Wanda Commercial Management Group opened 12 Wanda Plaza in the first half of 2023, with a total of 484 openings. Total rental income in the first half reached 26.32 billion yuan, an increase of 4.5% year-on-year;

In addition, compared with other business management service providers, Wanda is more efficient, with a rental rate of 98.2% in the first half of the year and a 100% rent collection.

In addition to the core sector of business management, Wang Jianlin also pointed out at the annual meeting that in 2023, in addition to promoting the listing of Zhuhai Wanda Business Management, there will be cultural tourism "starting again".

After selling a number of cultural tourism assets to collect funds, Wanda Cultural Tourism "came back" in 2023. After the Lunar New Year, the once-quiet Wang Jianlin made frequent appearances, appearing in Luoyang White Horse Temple, Luoyi Ancient City, Guizhou Danzhai and other places, and immediately signed a number of cultural tourism projects.

Not only that, Wanda also issued a recruitment announcement called "Return to the Goose Plan", which is intended to bring back people who have worked at Wanda Hotels. More than 100 Wanda hotels are said to have participated in the campaign.

Residential real estate has also begun to return to the public eye. Wanda Real Estate (residential sector) focuses on Wanda’s commercial development and has been located in Wuhan, Guiyang and other places.

"In China’s real estate industry, Wang Jianlin deserves to be ranked first in terms of strategic execution and tactical discipline." Hu Baosen said of Wang Jianlin.

From surviving with a broken arm in 2017 to today’s massive counteroffensive, Wang Jianlin has taken precautions and acted countercyclically, which is the key to Wanda’s long-term survival.

Wang Jianlin once said: "Wanda’s difficulties are only temporary and phased, and Wanda will never lie flat." However, since the beginning of the year, the negative news lingering on Wanda has continued to ferment, causing Wanda, who originally "went ashore early", to once again fall into doubt.

However, these negative news are not completely real, and there are still many controversies. For example, the previously frozen equity of Dalian Wanda Commercial Management 1.90 billion, which Wanda said was worth far more than 1 billion yuan in property disputes. Wanda is using legal channels to safeguard the legitimate rights and interests of the company.

Previously, Dalian Wanda suspended the small public debt of 6 billion yuan, taking into account the current market conditions and voluntarily giving up the issuance, and will not have a direct impact on the listing of Zhuhai Wanda.

In fact, after the crisis in 2017, after Wanda repaid more than 200 billion in debt, the "debt nuclear bomb" has been dismantled. The decisive transformation to light assets has also made Wanda lighter.

Moreover, compared with the crazy leveraging companies such as Sunac and Evergrande, Wang Jianlin has a more forward-looking strategic vision. He often takes precautions before the storm, even at the risk of breaking his wrists, ultimately escaping disaster.

At another crucial crossroads, the former richest man in China is facing a crucial battle.

As his favorite song sings: "I want to go from south to north, and I want to go from white to black." At the age of 69, he chose to stubbornly continue to fight.