Huayi Brothers: Equity investment hollowed out the main worries of capital

Core tip: Huayi Brothers (300027, shares bar) The questionable move is probably not the only one.　　As the second of the 21 Financial Intelligence Fund heavy Warehouse Monitoring report, we conducted a thorough and comprehensive study of Huayi Brothers in order to restore the true nature of some of Huayi brothers ' actions, rediscover their competitive advantages or suggest risks.　　September 13, in the face of market challenges Zhang National set up a company to take the Chinese Huayi Brothers shares, the SFC announced that the Brotherhood will be investigated. However, it is probably not the only one that the Huayi brothers is questioning. As the second of the 21 Financial Intelligence Fund heavy Warehouse Monitoring report, we conducted a thorough and comprehensive study of Huayi Brothers in order to restore the true nature of some of Huayi brothers ' actions, rediscover their competitive advantages or suggest risks. 21 Financial and intelligence researchers found that the following 6 aspects need to attract investors ' attention: 1, back to the annual report of Huayi Brothers disclosure of information shows that since the listing in 2009, the company's investment is extremely radical, the number of companies holding a surge of nearly 8 times times: 2009 6 Companies, 2010 15, 2011 30, 2012 43. By 2013, that figure had climbed to 47. After the dazzling participation and holding behavior, the money that Huayi Brothers raised from the two-tier market has been depleted.　　However, such aggressive participation by Huayi Brothers continues. 2. What is the profitability of the listed companies that Huayi Brothers gained after a series of dazzling holding activities in Huayi Brothers? I'm afraid the answer is not pleasant.　　Whether it is from the holding company in 2012, or back to the 2009 since the listing of Huayi Brothers in the annual report of the participating holding enterprises, Huayi Brothers holding enterprises profitability are not satisfactory. 3, not only the domestic ginseng holding company's profitability is not satisfactory, Huayi Brothers in overseas registered enterprises profitability is also not optimistic.　　At the same time, in the information disclosure, Huayi Brothers registered overseas Enterprises also have a breach of timeliness and integrity of the principle of information disclosure. 4, in the crazy expansion at the same time, Huayi Brothers also accurately handle the release of the timing of reorganization news, the high level of reduction. As early as last December Huayi had released the news of the 2013 reorganization of mergers and acquisitions, despite official denials. During the period also out of the sponsor and financial Gu Citic investment will be the reorganization of the news leaked to a number of funds, Citic Investment in the early years of the research and let its so-called "clarification" Buta. Since June this year, Huayi gradually released the reorganization news, the market appetite, the share price climbed, on August 16, President Wang Zhongjun "timely" reduction, from last December 3 to reduce the day of the closing Huayi shares rose 213.06%. From this timeline, the seemingly "flash" Huayi Brothers share silverside technology, more like an early premeditated serial meter.　　At present SSE has been involved in verification. 5. As far as the main business is concerned, Huayi Brothers are not making films. As the first share of the mainland film and television drama industry in the first half of 2013But the performance of a few, of which only a new TV drama, TV show income fell 37.06% year-on-year, artists brokerage income fell 32.35%. In terms of profit composition, nearly half of the 2012 profit came from subsidies and gaming revenues, and nearly 60% of net profit in the first half of this year came from the reduction of palm technology (300315, shares), suggesting that Huayi brothers made the most money not by making films. At the same time, 2012 gross margin fell 7%, visible revenue structure is to lower profit margins of the business tilt, and the opponent of Light media (300251, shares bar) is showing a steady upward trend. According to this situation, this year's performance is worrying, whether the next six months can reverse the tide, is worrying.　　In addition, expansion outside the main business caused a substantial increase in financial costs, 2012 new external investment in excess of the current year net profit, foreign investments may be caught in the trap of a tiger. 6, the future growth of new achievements-the hospital line soaring implied risk. Huayi Brothers in recent years to speed up theater construction in order to smooth profits, but since the investment dependence has not been out of the loss situation. From the competition pattern, Huayi's cloth point and industry eldest brother Wanda High coincidence, will face including Wanda's many courtyard line's positive competition pressure, but huayi in this field does not have the advantage; Industry data shows that three or four-line cities are the main driving force for the current and future movie box office growth, Huayi, as a new join, abandoned the region with the largest increment and chose the most competitive region; With the advent of the market transfer of box office and the impact of new media, the need for hospital line construction may be shaken, that is, Huayi Investment theater can not achieve the expected return, or even loss.