The first domestic 10 billion packaging printing company - Hexing is ready to go I
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Today we are talking about the carton. According to the development momentum of the last one or two years, Hexing is likely to become the first domestic enterprise in the history of packaging and printing circles. Hexing’s performance list did not disappoint: in the first quarter of this year, Hexing’s revenue surged 76.10% to 2.022 billion yuan, 25.20% higher than Yutong’s 1.615 billion yuan. Judging from the quarterly report, Hexing, which has obviously accelerated its pace since 2017, has become a foregone conclusion in terms of revenue scale. Some bosses may have to ask: Why do old people take the reference? If you can surpass Yutong, Hexing will have the opportunity to strengthen the new boss of the printing circle. Therefore, the next question becomes: What is the hope of the “billions” in the industry, and how much hope will become a reality in 2018? This point, naturally can find more clues from the semi-annual report.
Opened Hexing
The financial statements of the big men are always late. Yutong’s semi-annual report was issued on August 23, and Hexing was simply dragged to the end of the month.
To put it simply, the performance of the two big men is quite good. If there is any difference, it is: Yutong maintains steady growth, and Hexing is accelerating its opening.
In the first half of this year, Yutong achieved revenue of 3.286 billion yuan, a year-on-year increase of 23.48%, which was 652 million yuan higher than the same period in 2017. In terms of increments, it is equivalent to the annual output of 13 entry-level printing enterprises (with an annual output value of more than 50 million yuan), which is quite unusual.
Less general Hexing: The revenue for the first half of the year was 4.82 billion yuan, an increase of 89.53% over the same period of last year, with an increase of 2.277 billion yuan. How amazing is this growth? In the 2017 top 100 list, the top 10 is Kangmeibao (Suzhou) Co., Ltd., with an annual revenue of 2.198 billion yuan. In other words, Hexing has grown in size for a top 100 TOP 10 company in half a year.
They all say "An elephant can't dance." As one of the few "elephant-class" companies in the circle, Hexing seems to be using his own performance: elephants can not only dance but also take off.
From another angle, the performance of Hexing can be seen more clearly. Xiaobian has counted the revenue trend of Hexing for nearly 10 years: In 2007, on the eve of the listing, Hexing's revenue was 464 million yuan, which was roughly 50 in the top 100 list of the year.
After landing in the Shenzhen Stock Exchange in 2008, with the power of the capital market, the development of Hexing suddenly accelerated: it took two years to break through the billion-dollar mark and broke the 2 billion mark in two years. It took only a little longer to break through the 3 billion mark. By 2017, Hexing has ranked second only to Yutong in the top 100 list.
Taking the overall situation of the printing circle as a reference, the performance of Hexing is “stunning”. The comparison is: from 2007 to 2016, the total printing output value of the country increased from more than 460 billion yuan to 1.15 trillion yuan, an increase of 1.5 times. Hexing's revenue has increased by about 6.6 times, far higher than the industry average growth rate.
The amazing Hexing will be completely opened in 2017: in one year, revenue surged 78.51%, directly crossing the integer mark of 4 billion, 5 billion and 6 billion, from 3.542 billion yuan to 6.323 billion yuan. The gap in revenue with Yutong has narrowed sharply from about 2 billion yuan to 625 million yuan, and the signs of acceleration are obvious.
In the first half of this year, Hexing apparently continued the “opening mode” of 2017. The half-year revenue of nearly 5 billion yuan not only surpassed Yutong, but also exceeded its annual revenue for any year before 2017. How big is this step, at a glance?
Although Hexing's revenue growth is fast, it is expected. What really surprised Xiaobian was its profit performance: In the first half of the year, Hexing realized the net profit attributable to shareholders of listed companies (referred to as “net profit”) of 410 million yuan, an increase of 47.37%. This level is not only higher than Yutong’s 266 million yuan, Jinjia’s 379 million yuan, but also significantly refreshed the history of Hexing’s profit record.
For comparison: In the 11 years from 2007 to 2017, Hexing achieved a net profit of 950 million yuan, an average of 86.405 million yuan per year. Even in the best performing 2017, its net profit was only 154 million yuan. Now, Hexing has earned the real money that it took almost five years to earn in half a year. Can it be shocking?
In the "720 million acquisitions, Hexing packaging or the first 10 billion enterprises in the printing circle! And what are the challenges of the quasi-"Boss" at the top of the industry? In addition, some people also said: As the prospective "big boss" who is expected to stand on the top of the industry, the biggest challenge for Hexing may be that the profit rate is not high and the profitability needs to be improved. Could it be that it found the way to crack so quickly?
After carefully collecting the semi-annual report, Xiao Bian understands: The skyrocketing net profit of Hexing is mainly due to a non-operating income of up to 294 million yuan. The reason for this money is that: Hexing’s purchase price of 718 million yuan for Hezhong Chuangya (Asia) is lower than its fair value. In other words, Hexing invested 718 million yuan to buy Hezhong Chuangya (Asia), which is actually worth 1.012 billion yuan. The difference in the middle has formed non-operating income and profits.