Chapter 650 [Annual Report of Qunxing Capital]

In the next few trading days, Quantitative Capital was stimulated by the performance of the annual report exceeding expectations, and the stock price went out of the one-word daily limit in a row, and on Thursday, April 18, it went out of five consecutive one-word daily limit.

On Friday, April 19, the daily limit opened again, breaking through the second high of 22.54 yuan and reaching a new high in the near future.

However, this one-word board exploded in the market, but it was closed later, and finally got out of the T-shaped board with a large volume of 1.361 billion. The stock price also rushed to the price of 24.61 yuan, and the market value soared to 34.405 billion yuan.

Quantitative Capital has gone out of the seven boards in seven days, the first board of which is the floor board, and the stock price has been cut in half in about seven or eight days before, but today it has doubled by +116.45% in seven days.

Shareholders have also discovered a detail, that is, since the backdoor listing of Weibo in 2010, the annual big monster stocks in the A-share market are basically in the galaxy, and they are ten times the level at every turn.

In particular, the biggest bull stock with the largest annual increase has been dominated by concept stocks in the galaxy in recent years, and it was even more incredible last year. Kefang and other targets are among the top ten demon stocks in 2012, and all of them have increased by more than 15 times during the year.

This year's relisting of Quantitative Capital has locked in the year's largest bull stock. On the first day of resumption, it recorded a 17.8-fold increase. It fell to 6.46 yuan and broke through the second highest level today. The increase has expanded to 280.96%. The increase during the year also reached +888.35%, which is currently the largest increase in the A-share market this year.

Shareholders are paying more and more attention to the listed subsidiaries of Qunxing System, including some hot money, because these targets are too volatile, easy to go crazy, and the trading volume is not low. Short-term investors like to do this kind of stocks most.

...

Quiet Villa.

"The financial data of Qunxing Capital in 2012 came out. The company's annual revenue last year was 1,672.045 billion, a year-on-year increase of +49.08%; its net profit was 551.441 billion yuan, a year-on-year increase of +53.65%. Significant slowdown."

Tian Jiayi said and handed the financial report document to Fang Hong, who opened it for a glance.

The year-on-year growth rate of Qunxing Capital’s revenue in 2011 reached about +117%, and the current net profit growth rate also reached about +89%. Compared with this year’s growth rate, the growth rate has slowed down significantly.

But this is also normal. The company's current revenue base is not the same as that in 2011, and the current base is starting at trillions.

It is not realistic to maintain a doubling of the annual growth rate. After all, the upper limit of global economic growth is there, and the growth rate of Qunxing Capital's investment income is several times that of the global economic growth rate in the same period.

As far as the company's profit is concerned, it is already equivalent to the first line of the two universes.

Tian Jiayi said: "At the end of the period, the company's total assets were 4,055.183 billion yuan, a year-on-year increase of +32.34%; net assets were 3,753.356 billion yuan, a year-on-year increase of +37.31%, liquid cash was about 1 trillion yuan, a year-on-year increase of +20.08%; the company's total debt was 301.827 billion yuan Yuan, a year-on-year decrease of -8.72%, and a month-on-month decrease of -5.37%.

I have to say yes, judging from the data of this fiscal year, Qunxing Capital's asset structure is too perfect.

The debt ratio is less than 7.5 percentage points, leaving a huge room for leverage. Qunxing Capital can leverage up the debt ratio to about 40%. It is actually relatively unprofitable to keep the debt ratio below 10 percentage points.

Not to mention anything else, just holding a trillion yuan in liquid cash is a huge capital cost.

But Fang Hong is actually restraining Qunxing Capital’s desire to expand and proliferate. Different perspectives look at the problem completely differently. Generally speaking, it is no problem for a company’s debt ratio to reach 40%, but if Qunxing Capital raises its debt ratio, the risk is actually higher than others. Enterprises are bigger.

Because there are so many super large projects in operation, such as the daily project, the 100 million mu afforestation project, the entire semiconductor industry chain, etc., there are so many super large projects with an expenditure of 100 billion yuan.

All these projects require Qunxing Capital to cover the bottom line, which means that all potential risks are superimposed on Qunxing Capital.

Therefore, it cannot expand blindly, especially the capital credit of Qunxing Capital must not be broken down, otherwise it will trigger a chain reaction and cause a complete collapse.

It is necessary to have sufficient funds to leverage trillions or even trillions of funds at any time. In other words, Qunxing Capital needs to retain the ability to derive currency, which is an intangible credit support.

Partners such as Zhongtai Capital and Pengrui Capital follow the lead of the stars. These younger brothers are all pointing to where to fight. Isn’t it because they have confidence in you, isn’t it because of your super strong underlying credit?

Knowing that you will and have the ability to make money, you also know your company's terrifying currency derivative capabilities, and you can leverage hundreds of billions of funds if you are responsible for a 10% increase.

In the end, Fang Hong closed the materials and said: "In the future, the company's cash flow will be maintained at about 1 trillion yuan, and the capital cost will not be able to bear the cost if there are too many reserves."

The trillion-level cash reserve is a huge astronomical figure just for the daily interest.

Fang Hong put the materials aside, looked at Tian Jiayi and asked, "By the way, has the merger and reorganization of the three GPU manufacturers started?"

Tian Jiayi replied: "It has already started, but the head of MicroPort is a bit dissatisfied. If the merger is forced, he will resign, and the other two companies will accept the integration."

Hearing this, Fang Hong said bluntly: "Then let him buy back the equity in his hand and let him cash out."

This is a track that can reach a trillion-dollar level in the future. Fang Hong also attaches great importance to it, and he has confirmed that Chen Yu can lead the team to break through in this field.

After a while, Fang Hong added: "Let's repurchase it at a 35% premium to the current market fair value, and treat the exit of technical senior talents in the high-tech field, and seek a good reunion."

Tian Jiayi nodded.

The purpose of making it quit at a premium is also very simple, to earn a reputation, no matter what, the old club didn't cheat you.

...

After the weekend weekend, Monday, April 22nd.

Quantitative Capital stopped at seven consecutive boards. Today, it opened higher and rose by about +7%, then fell back, and finally closed down by -3.25%. The stock price closed at 23.81 yuan, and the full-day trading volume was 2.599 billion yuan, which refreshed the largest day-to-day turnover since the stock was listed. quantity record.

Today, the high level is broken, and the profit margins at the bottom are also cashed out on a large scale today. Investors who participated in the galaxy concept stocks know that these stocks fluctuate too much, and they will be cut in half when they pull back.

However, those who cashed out today soon regretted it very much. In the remaining four trading days of this week, Quantitative Capital did not drop sharply. Hit your hands upwards.

As of the close on Friday, April 26, the stock price of Quantitative Capital closed at 34.86 yuan. The stock once again broke the daily trading volume record, reaching 2.710 billion yuan, and the market value rose to 48.734 billion yuan.

According to the current stock price, the price-earnings ratio of quantitative capital reached 45.67 times.

In addition, Xingyu Technology and other group galaxy concepts are also recovering the market and entering an upward trend. The popularity of these tickets has fallen out of the top ten, but the quantitative capital tops the list. The recent trend of this ticket has crossed the market and has become the new The popularity leader.

The second stage of the main rising wave market was driven by better-than-expected performance. From the price of 11.37 yuan, the cumulative increase has increased by +206.59%, which has doubled; from the collective limit of the galaxy concept stocks to the price of 6.46 yuan, the two main rising waves The cumulative increase of the market has also reached +439.63%, which has quadrupled; from the price of 2.49 yuan on the first day of the resumption of trading, the current year-on-year increase has reached 1300.00%, a 13-fold increase.

Galaxy concept stocks are now favored by hot money, and more and more retail investors are following the trend to participate in the game. If you don’t come to play, you can’t do it, because the leader of popularity is in the group galaxy concept stocks. If you want to make money, you can only come here to play , because although the fall here is fierce, the rise is also huge.

...