The hottest Sany Heavy industry how to revitalize

How can Sany revitalize its 10 billion stock assets

Fuyao Glass caodewang, Gree Electric Appliance dongmingzhu, not to mention Midea fanghongbo, who received 168 batches of analysts in the past month, and Huawei Ren Zhengfei, who just announced that its annual revenue exceeded 520billion yuan... China's manufacturing industry finally returned to the spotlight

in addition to him, Liang Wengen, who celebrated his 61st birthday on January 2, 2017, is currently the last "richest man in China" from a manufacturing background. He once acquired German Putzmeister company with a total of 2.654 billion yuan, which is a landmark figure in the global expansion of Chinese private enterprises

five years ago, Liang Wengen, chairman of Sany Heavy Industry, who was born in the manufacturing industry, was once the richest man in China. (visual China/Figure)

as the founder of the 25 year history of Weishui of Sany group, Liang's wealth has decreased from US $9.3 billion, which topped the Forbes list in 2011, to US $3.3 billion in 2016. The calculation of wealth may be biased, but now the 58th ranking and the market value of Sany Heavy Industry (600031), its only A-share listed enterprise, fell from 137 billion yuan at the peak to 46.426 billion yuan on the last trading day of the past year. The 66% market value decline is true after all

as for several years ago, Liang Wengen and Zhan Chunxin, who was only eight months old, almost staged a rare unrestricted fight in the history of modern commercial warfare in China, from bribery to kidnapping, from surveillance to anti surveillance

Liang Wengen, Sany, and even the whole Chinese construction machinery manufacturing industry, which was in a storm for a time, cannot bear the label of the biggest beneficiary and victim of the investment driven economy and fade out of sight forever. The series of financial figures exposed in the past 366 days, especially in the past three months, actually contain many secrets, which are worth reading in detail

in order to revitalize the stock assets of up to 10billion yuan, Sany is very busy in winter

first, on December 14, 2016, Sany Heavy Industry announced that it would transfer 100% of the equity of its direct subsidiary Beijing Sany Heavy Machinery Co., Ltd. to Shenzhen Sany Technology Co., Ltd., which is controlled by SANY group, at the price of 4.077 billion yuan, so as to obtain 1.4 billion yuan of "Book investment income" for listed companies. Pay attention to two key points. Although Beijing Sany Heavy Machinery has 4.08 billion total assets and 2.67 billion net assets, its performance in 2015 was a net loss of 43.98 million yuan, Even in the first half of 2016, the deficit has not been reversed; At the same time, Sany technology, which appeared for the purpose of transaction transfer, was also a loss burden thrown out by listed companies more than 8 months ago. Of course, if we consider the value-added speed of land and plant in Shenzhen, "Chinese characteristics" is enough to make digital porters feel at ease

at the same time, on the one hand, Sany also implemented the asset-backed bond plan (ABS) for the first time in the industry, that is, the other two companies subordinate to the listed company had accumulated accounts receivable of 3.587 billion and 1.091 billion yuan, which were all sold to Sany group at a 20% discount of 2.534 billion and 770million yuan

a week later, Sany group transferred 150million shares and 300million shares to Zhuque investment, a famous private equity fund in Shanghai, and Chen Fashu, a big boss of Zijin mining, at the price of 7 yuan per share, thereby timely protecting and obtaining another 3.15 billion cash flow

when the stock price is low for a long time, it can transfer a huge amount of equity at a premium of nearly 10%. Liang Wengen's contacts and means are great

how to evaluate these financial technologies

scraping bone and treating poison may be the most direct and simple research judgment. Sany group undertakes the inefficient assets of listed companies, and solves the problems left by the radical sales strategy including "zero down payment" adopted by SANY group in its rush to expand market share through financial means, which is undoubtedly of great significance to improve the basic mask of Sany Heavy Industry. Of course, from another point of view, it can also be said to be a kind of left pocket to right pocket self-help, paying the bill for that crazy history at one time

you should know that in 2011, when the number of employees of the enterprise exceeded 60000 for the first time, and the annual revenue historically reached 50.776 billion yuan, with a net profit of 8.649 billion yuan, the year-end accounts receivable of Sany Heavy Industry has increased by 97.36% year-on-year to 11.305 billion yuan, accounting for 22.26% of the revenue. This is the result of prudent financial treatment. By the first quarter of 2012, on the one hand, the accounts receivable from Sany had rapidly climbed to 20.12 billion yuan, which was 7 times the net profit of the same period

on the one hand, the GDP growth rate has been declining for many quarters, and the "breaking 8" is imminent, and the key wind direction indicators such as power production and railway freight transportation have declined by 86% and 79% respectively compared with the average of the previous decade. On the other hand, a large number of production capacity rushing to launch is still in the state of inertia operation. The closer the size of competitors, the more they will use lime and Yin leg tricks in the sales hand-to-hand battle of every inch of land

Liang Wengen's bold words about entering the club with an annual revenue of 300billion in 2020 five years ago now sound like an eternity. In 2015, Sany's revenue has fallen 54% compared with its peak period, and its net profit is only 1.6% of that at the time of its popularity. The revenue of 11.22 billion and net profit of 138 million shown in the 2016 interim report are not worth mentioning - the only thing that may gratify Liang is that compared with the negative long-term operating cash flow of Zoomlion, Sany is at least making money. Now, if we can turn the happy digital discount over the old accounts into real gold and silver, it is really a good thing

is Sany acting out of helplessness

just the opposite! The truth is: since August 2016, China's construction machinery and equipment manufacturing industry is experiencing the strongest rebound in five years. In September, for example, the sales volume of excavators nationwide reached 5459 units, with a year-on-year increase of 71.4%, while the monthly cumulative sales volume was 50930 units, with a year-on-year increase of only 12.81%. More importantly, the key to the accuracy of less than 13 tons is that the loading speed should meet the requirements of the new standard. The "small excavation" increased by 82.69% year-on-year in September, the "medium excavation" of tons increased by 53.15% year-on-year in September, and the "large excavation" of more than 30 tons increased by 87.2% over the same period

as the industry leader, Sany Heavy industry ranked first among all its peers at home and abroad with an increase of 99% this month. By the end of October, the cumulative sales volume of the whole industry had been the same as that of 2015, and then in November, the sales volume of 6664 excavators soared again by 72.64% year-on-year

in Loudi, Hunan Province, Liang Wengen's hometown, there is a folk proverb that says "if you beg for rice for a long time, you always touch the table wine". Is it possible that the five-year hard life has finally come to an end

don't be happy too early. Pay attention to the following facts before making judgment

fact 1: the sample can still be restored to its original state. There are only more than 20 excavator enterprises in China. Although Sany and Zoomlion have both dropped out of the top 10 in the global ranking, their market share in China's local market has remained and expanded. After the industry is highly concentrated, "living" enterprises have the opportunity to erode those spare shares. Recall the view expressed by Chen Dinghua, now an Ivy fund manager and known as the white Wizard of a shares, on November 20, 2016 - all traditional industries are experiencing an increase in industry concentration, and the actual effective production capacity is only the top 10 companies

fact 2: although international giants such as Caterpillar and Komatsu also recorded considerable growth after September 2016, their relatively rigorous financial system and globally unified sales strategy doomed them not to enter the role as quickly as their Chinese counterparts, and another group of international enterprises even gave up further demands on the Chinese market. For example, Hitachi construction machinery of Japan simply sold a factory in Hefei that mainly produces large and medium-sized hydraulic excavators

fact 3: after the compulsory implementation of the national three indicators, it has effectively promoted the downstream construction enterprises to change their guns

fact 4: the construction area of real estate enterprises has been enlarged and a total of 2.98 trillion PPP projects have been launched one after another

fact 5: after years of deep decline, the extremely low industry base achieved a large proportion of rebound. In September, October and November 2016, the monthly sales volume of excavators was only comparable to that of the same month 10 years ago, and only a quarter of that of 2010

there is another strange phenomenon worth pondering. According to the past law, the business trend of excavators and loaders belonging to uncle and brother often shows that they share weal and woe, but in the face of this round of rise in excavator business, the sales volume of loaders has remained unchanged at present. According to the analysis of insiders, "loaders are mostly used for bulk material stacking and unloading in fixed places, while excavators are mostly used for digging mountains and earth, so the former is more in line with the economic development trend, while the latter depends more on infrastructure investment."

obviously, any overestimation of the autumn and winter market is unwise. It is not China's economic trend that drives construction machinery to usher in ZTE. It is the truth to make up a little based on the previous big pit. There are only two advantages in the future, that is, a batch of construction machinery purchased at the peak of the year will face the end of the ten-year service life cycle, and the demand growth in some overseas markets strongly promoted by the the Belt and Road, such as Indonesia

2016 has passed, what is the 61 year old Liang Wengen thinking? Maybe it's the establishment of Sanxiang bank, which is the largest shareholder of Sany, or the cruelty of only 30% of employees in that year. The richest man is no longer expected, but it is not difficult to return to his original intention. 29 years ago, he changed his real name Liang Yonggen to his current name. First, he wanted to be stable in his career and second, he wanted to be stable in his life. In an uncertain era, entrepreneurs really need to put a ballast stone in their hearts