What's the price of ocean spring Xuan Mao?

Ocean Shipping Group's 20 19 "report card" was released recently. During the reporting period, COSCO Group achieved a total contracted sales of 65.438+03.003 billion yuan, a year-on-year increase of 65.438+08.74%; In the same period of last year, the agreed sales amount was 654.38+0095 billion yuan, a year-on-year increase of 55%.

COSCO Group, whose sales growth rate declined, failed to achieve the sales target of140 billion yuan set at the beginning of 20 19. As for the reasons, Ocean Shipping Group did not directly answer the questions of the financial reporters of China Net, only said that the company had basically completed the annual sales task, and the sales growth rate was better than the overall growth level of the industry.

It is worth mentioning that on the occasion of the 25th anniversary of the establishment of 20 18 Ocean Shipping Group, Li Ming, Chairman and Chief Executive Officer of the Board of Directors, once proposed to sprint 200 billion yuan in the next three years. This means that for COSCO to achieve this goal, the sales growth rate in 2020 needs to exceed 50%. Insiders pointed out that under the influence of COVID-19 epidemic, such a high growth rate is not an easy task for any enterprise. In the first quarter of 2020, the cumulative agreed sales amount of COSCO Group was 654.38+05.52 billion yuan, down 30% year-on-year.

However, Ocean Shipping Group said that in 2020, it will follow the concept of high-quality, steady and sustainable development, focus on the development of its main business, and continue to refine its management. Under the principle of ensuring financial stability, we will maintain the high-quality and sustainable development of our main business by raising investment standards, persisting in urban deep cultivation and accelerating turnover.

Profits attributable to shareholders have declined for two consecutive years.

According to the annual report data, in 20 19, COSCO achieved a turnover of 50.926 billion yuan, a year-on-year increase of 22.94%; The core profit was 2.084 billion yuan, a year-on-year decrease of 20.43%; The profit attributable to shareholders was 2.656 billion yuan, a decrease of 25.69% compared with 20 18. This is the profit attributable to shareholders of ocean shipping group, which has been declining for two consecutive years. In 20 18, the figure of cosco group was 3.574 billion yuan, down 30 13% year-on-year.

The explanation given by Ocean Shipping Group for the decline in the profit attributable to shareholders is that in 20 18, some projects changed from inventory to investment real estate, which had a great impact on the estimated appreciation. Excluding the influence of fair value income of investment real estate, the company's operating profit in 20 19 (excluding fair value income of investment real estate) increased by 14% to105.02 million yuan compared with 20 18.

In addition, in 20 19, the gross profit margin of cosco group was 20%, which was basically the same as the same period of last year and lower than the industry average.

The net profit rate of sales dropped to 8. 18%, a record low of nearly four years.

Some market participants speculate that the low gross profit margin of COSCO Group is mainly due to more areas with strict price limits such as Beijing, Tianjin and Hebei, which reduces the company's profit margin.

Ocean Shipping Group also mentioned in its reply to the interview letter of China Net Finance reporter that the relatively low gross profit margin of carry-over in 20 19 is mainly due to the strict price limit in the major cities where the company is located, of which the carry-over from Beijing, Tianjin and Hebei accounts for 30%. In addition, part of the acquisition premium comes from the acquisition partner's equity, and the relocated house with lower gross profit margin is carried forward to 20 19. Excluding these two effects, the gross profit margin of the company's development business increased by about 2 percentage points.

The newly added soil storage area is reduced by more than 50%

Abundant soil storage support is needed behind the scale expansion. However, the ocean shipping group, which shouted the goal of rushing to 200 billion yuan, slowed down the pace of land acquisition in 20 19.

According to the data, in 20 19, Ocean Shipping Group * * * purchased 34 cases of land and 3 mature projects, with a new land construction area of 4.508 million square meters, which was 55.72% lower than that in 20 18. At the same time, the land reserve of ocean shipping group in 20 19 also decreased by 7.9 1% to 37.243 million square meters.

In addition, Ocean Shipping Group acquired 4.508 million square meters of land in 20 19 * *, of which the equity area was 2.44 million square meters and the equity ratio was 54. 13%.

In view of the slowdown in land acquisition and the relatively low proportion of newly added land storage rights and interests, Ocean Shipping Group gave the following response: in 20 19, the company's investment increased instead of decreasing, but it was more cautious in taking land in the open market. The company continues to invest in Shenzhen's old reform, first-class land development and acquisition of the equity of existing project partners. Ocean Shipping Group said that the company's land reserve is sufficient to meet the development in the next 3-4 years.

Subsidiaries are often blacklisted.

The reporter noticed that the subsidiary of Ocean Shipping Group, which carefully took the land in the open market, became a "frequent visitor" in the penalty list of various places in 20 19.

20 19, 1 1, the news of administrative punishment issued by Guangzhou Housing and Urban-Rural Development Bureau shows that Guangzhou Yuanxiang Real Estate Development Co., Ltd. committed illegal acts in the process of selling commercial housing without obtaining the pre-sale permit to Jiang, and was fined 1290 yuan. According to the announcement of Ocean Shipping Group, Guangzhou Yuanxiang Real Estate Development Co., Ltd. is a subsidiary of Ocean Shipping Group, and the ownership interest held by Ocean Shipping Group is 100%.

20 19,10 In June, the official WeChat of Beijing Municipal Commission of Housing and Urban-Rural Development "Anju Beijing" issued a notice, and Ocean International Construction Co., Ltd. (hereinafter referred to as "Ocean International Construction") was suspended from bidding for 30-90 days due to substandard dust control. In June, 5438+February of the same year, Tianjin Construction Engineering Quality and Safety Supervision and Management Corps issued Notice 20 19 on Special Inspection of Winter Safety in Housing Construction Projects, which showed that there were many problems and potential safety hazards in Huaming No.6 Dixiangbao Garden built by Ocean International.

Eye survey shows that COSCO International Construction is a wholly-owned subsidiary of Beijing Gan Yuan Real Estate Co., Ltd., and Beijing Real Estate Co., Ltd. is a wholly-owned subsidiary of COSCO Group.

"Diversification" is blocked?

Ocean Shipping Group mentioned in its reply to the financial reporter of China Net that 2020 will be the year for Ocean Shipping Group to implement the fifth-step development strategy. In the future, the company will focus on developing its main business and realize the growth of quality scale. Li Ming, Chairman of the Board of Directors of Ocean Shipping Group, also publicly stated last year that he would "focus on the mainstream market and strengthen his own liquidity to cope with the increasingly fierce competitive environment".

But in fact, since it was renamed from "Ocean Land Holdings Limited" to "Ocean Group Holdings Limited" in 20 16, Ocean Group has embarked on the road of diversified business structure. In addition to the main business of real estate development, COSCO Group also plans to make efforts in five strategic emerging businesses: pension, long-term rental of apartments, logistics, intelligence and big data.

However, in 20 19, cosco group gradually spun off multi-strategic businesses such as providing for the aged and renting apartments for a long time. From 2065438 to May 2009, Ocean Shipping Group sold the shares of Beijing Bangshe Real Estate Co., Ltd. and Beijing Chunxuanmao Investment Management Co., Ltd. 100% and 30% respectively. Beijing Bangshe and Beijing Chunxuan are one of the investors in the long-term rental apartment business and pension business under the name of Ocean Shipping Group.

Does the sale of the above business assets mean that diversification is blocked? COSCO Group responded that housing development has always been the main business of COSCO Group. Ocean Shipping Group has different development strategies according to the market demand in different periods. Under the current macro-environment and market situation, emphasizing the development of main business will further improve the ability to prevent risks and help maintain high-quality, stable and sustainable development.

In the secondary market, the share price of ocean shipping group also continued to fall. As of the close of April 10, the share price of Ocean Shipping Group was HK$ 2.06, down about 40% since 20 19.