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Winning a mouthful of economists, Wang Qinian just begged for an idea, and soon after, he put this matter behind him. Pen, fun, pavilion www. biquge。 info

In June 2013, the company announced the first quarterly report after the listing of the cinema holding company, and the first quarter report of 2013.

The company's net profit in the first quarter was RMB620 million, the highest in a single quarter since its establishment, equivalent to RMB2.48 per share.

The first quarter report was released, and the net assets per share of the cinema holding company increased to 9.73 yuan. Return on assets in the first quarter was 25.4%!

This beautiful performance has blinded countless analysts!

You must know that a company with an annual return on net assets of 25% is already ten times the existence of super awesome in ten years.

The quarterly net asset income of the small partner cinema company reached 25%, and if it can be supported, the asset scale will increase tenfold in ten quarters!

This sudden performance made many market participants unprepared. As a result, soon after the stock price fell below 300 yuan, it rose in the air and hit a new high again, and the stock price soared to 370 yuan per share, setting a record for the highest stock price of an A-share listed company!

Due to the start of a new round of decline in the A-share market during the same period, even the share price of Kweichow Moutai, the benchmark of the highest price in the A-share market, also fell to 180 yuan per share.

It is equivalent to one share of cinema chain holdings, which can be exchanged for two shares of Kweichow Moutai!

In the past, many bull stocks and demon stocks, the highest stock price surpassed Kweichow Moutai, and soon after, they began to encounter the curse of Moutai, and the stock price began to fall rapidly.

The highest price record became an unattainable high many years later. Although this spell is a bit unscientific, it also affects the psychology of investors.

Therefore, even if the quality of the cinema holding company is good, investors have begun to sell one after another and adopt a strategy of settling into the pocket.

In fact, if Wang Qinian was not the actual controller of the cinema holding company, he would also reduce his holdings at high prices and settle down. But. As the actual controller of a listed company, the long-term benefits that can be obtained by controlling a large listed company far exceed the benefits obtained from reducing shareholdings. Not to mention. After the IPO of a new share, there is a 12-month lock-up period. During the restriction period, the shareholders of the company's original shares cannot reduce their holdings through the secondary market and other channels.

Of course, even after the restricted shares are lifted. The probability of the small partner group selling the shares of the holding subsidiary of the cinema chain is also unlikely.

Because, the small partner company has a better understanding of the texture of the subsidiary, not to mention the current subsidiary, which is making money every day, and it is a very efficient money-making machine. The value of the company's real estate has not been revalued, so the net assets are actually undervalued, which is one of the reasons not to reduce holdings.

You must know that the cinema holding company, as the company that holds the most commercial real estate among the subsidiaries of the small partner, has invested more than 30 billion yuan. More than 4.5 million square meters of commercial real estate were purchased. For example, many commercial properties in first-tier cities have risen in price to more than 100,000 yuan per square meter, and even commercial real estate in some second- and third-tier cities rarely falls below 20,000 yuan per square meter. Even in some economically underdeveloped areas, it is estimated that the stores in the business districts around the cinemas in cities and towns are rarely less than 10,000 yuan per square meter.

It has a bunch of commercial real estate, but the small partner cinema company deliberately pretends to be confused, and the valuation is based on the original investment price, not the current market price of real estate. It's actually. It is also a small partner company that is more kind.

Well, this is related to the fact that the current valuation of real estate companies in the mainland is relatively generous, and the asset valuation of many domestic enterprises is conservative. Most companies rarely revaluate their assets. This allows some companies that have been in business for a long time to hide a large number of assets, which are no longer visible in the financial statements, but in fact, if they are sold and transferred. There will still be a market price. Among them, the old real estate companies have hoarded land many years ago and have not developed it, or they have held a large number of properties that have not been sold, and as housing prices rise, the possibility of assets being undervalued is also huge.

For example, after Hong Kong entered the 21st century, it amended its securities regulations, and listed companies can revalue their net assets at any time according to the market price. Therefore, many real estate companies in Hong Kong like to revalue their assets according to the price after the price increase when the house price rises. However, when housing prices fall, many real estate companies are bored and do not carry out revaluation.

This is precisely because many real estate companies in Hong Kong are treacherous and like to value their assets as much as possible. This is also a result, some Hong Kong real estate companies, even if they are not thousands of shares, are easy to discount according to the market price, and the net assets of the normal Hong Kong real estate company stock price are about 5% off. Some real estate companies that are suspected of having problems often have stock prices that are discounted by two or three percent relative to their net assets, and some are even discounted by one or two. Of course, compared to a company with a one-or two-fold net worth, don't doubt that it has a ninety percent probability of thousands of shares, and used thousands of means to pit investors in the past, so investors have learned well, and no matter how cheap they are, they don't want to believe you.

After the performance of the cinema holding company skyrocketed and the stock price skyrocketed, the research of funds, brokerages and insurance institutions in the market naturally came and went.

The research reports of brokerage companies, one after another, are all in-depth mining of the value of cinema holding companies.

“…… Based on the information disclosed by the cinema chain holding company, as well as our on-site research, we have come to a conclusion. The first driver of the high rate of return of the cinema chain holding company is from the high prosperity of the cultural industry in recent years, especially the cinema market has maintained a rapid growth of 30%~40% per year. The second driver comes from the foresight of Mr. Wang Qinian, chairman of the small partner company, who bought a large number of commercial real estate ten years ago, and saved a lot of rent by operating the theater line for his own use, and in addition, the 4.5 million square meters of commercial real estate held by the small partner cinema line are mostly calculated according to the purchase price of the year, and the valuation increase brought by the real estate price increase has not been added. Third, make full use of the flow of people in theaters to develop non-movie ticket revenue, at present, non-movie ticket revenue is growing rapidly, advertising, snacks, shopping malls, catering, peripheral products, Internet and other formats, all of which are profitable. We believe that cinema companies are expected to create a cultural ecosystem similar to Disney in the future. It is expected that in 2013, 2014 and 2015, it will make a profit of 2.5 billion yuan, 3.9 billion yuan and 4.5 billion yuan respectively. The target price is 400 yuan per share, corresponding to 40 times the price-to-earnings ratio in 2013. ”

"According to the market value of listed entertainment companies in China and the United States, in general, the United States has a large number of tens of billions of dollars or even hundreds of billions of dollars of entertainment aircraft carriers. As the first stock of Chinese cinema chains, the Cinema Holding Company intends to build it into a cultural consumption aircraft carrier, benchmarking Disney, the entertainment leader in the United States. At present, the market value of cinema chain holdings is only more than 10 billion US dollars, which is equivalent to one-tenth of Disney, which is not a height from the perspective of market capitalization. In addition, the cinema chain holding company is not a pure cinema company that purely relies on movie ticket sharing, in fact, the cinema chain holding company uses its own advantages to customize and invest in the content market such as movies and games. Among them, the mobile game business of the cinema chain contributed more than 80 million yuan of net profit in the first quarter, and it can be said that its mobile game business is not inferior to Palm Fun Technology, which is purely a mobile game. To sum up, the market value of 100 billion yuan held by the cinema chain is not expensive. ”

"Buy rating, cinema holdings target price of 450 yuan."

A bunch of brokerage firms and research institute line holdings are actually a bit of an afterthought. Some good companies, before they succeed, there are not many brokerages who pay attention to the research, once they have succeeded, everyone will come to study.

The process of growing from a small company to a giant is basically completed before it goes public. After going public, it can be allowed to take it to the next level, but it will certainly not be the period when cinema chain holding companies are growing the fastest.

Moreover, if it is bought according to the issue price of 58.8 yuan per share of Cinema Holdings, there may be a certain amount of oil and water. However, chasing higher and buying more than 300 yuan may not necessarily have a high rate of return.

Of course, investors buying cinema holdings should still be more reliable than most stocks. After all, Wang Qinian feels that he is still a relatively conscientious major shareholder, willing to think about the interests of employees and minority shareholders. (To be continued.) For mobile phone users, please visit m.