The hottest steel enterprises, real estate enterpr

2022-09-22
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Up to now, more than 2000 listed companies in Shanghai and Shenzhen stock markets have issued annual reports for 2012, of which nearly half of the companies whose performance fell year-on-year, further expanding the proportion compared with 2011. Among these companies, the total liabilities of non-financial enterprises reached 14 trillion in 2012, with a year-on-year increase of 14%. Many listed companies have seen the phenomenon of rising asset liability ratio and tight cash flow

According to wind data, there are 22 listed companies with liabilities of more than 100 billion yuan, of which the top ten companies with total liabilities are: PetroChina, Sinopec, CSCEC, China Railway, China railway construction, and China Communications, China Unicom, Vanke A, China Metallurgical Corporation, Datang Power Generation, etc. PetroChina has total assets of 2.17 trillion yuan and total liabilities of 988 billion yuan, an increase of 18.34% year-on-year. It is the company with the largest total liabilities among listed companies that issued annual reports, while Sinopec's total liabilities also reached 718.7 billion yuan

after excluding financial enterprises such as banks and securities companies, as of yesterday, a total of 2170 listed companies issued annual reports. The total assets and liabilities of these 2170 non-financial listed companies increased year-on-year in 2011, but the increase in liabilities was higher than that of assets, and the asset liability ratio also increased slightly

the total assets of 2170 non-financial listed companies were 24.12 trillion yuan, which was 21.45 trillion yuan in 2011, an increase of 12% year-on-year; The total debt was 14.46 trillion, which was 12.68 trillion in 2011, an increase of 14% year-on-year; In terms of asset liability ratio, it was 59.95% in 2012 and 59.11% in 2011

according to the analysis of insiders, if China's economic growth rate declines in the future, it may lead to a rapid rise in the non-performing asset ratio of enterprises

Xiao Bo, chief strategist at Huarong securities, believes that the current rise in debt and debt ratio of China's non-financial enterprises is due to the capacity process caused by insufficient demand. He said that the current debt situation remained at a reasonable level on the whole, but we should pay attention to the debt risk of overcapacity industries

the debt of enterprises has always been a topic of concern to investors, and has recently become a reason for foreign institutional investors to short China

in addition, the data also shows that 213 listed companies have total liabilities of more than 10 billion. Among them, the liabilities of Baosteel, China Eastern Airlines, ZTE, China coal energy, China Merchants real estate, Shanghai Electric, Yanzhou coal, Jindi group, CNR, Shanghai Construction Engineering Group and other companies exceed 50billion yuan

the debt growth rate of some listed companies has also attracted the attention of the market. According to wind data, among the listed companies that published the annual report, *st Far East 2012's debt increased by 1151% year-on-year, and Sihai's total debt increased by 1140% year-on-year. In addition, the debt of 136 listed companies such as Yunnan germanium, Qixiang Tengda, Huaren pharmaceutical, Dakang animal husbandry, and digital Zhengtong increased by more than 100%

Xiao Bo believes that on the whole, the debt ratio of Chinese enterprises is at a relatively reasonable level, which will not cause the so-called systemic risk. In fact, the total amount of social financing in the first quarter of this year reached 6.16 trillion yuan, but the GDP growth rate in the same period was only 7.7%, showing a trend of "hot financing and cold economy". Judging from the latest preliminary PMI value released by HSBC in April, the situation has a further downward trend compared with March. Failure to replenish inventory proves that enterprises are not optimistic about demand. Most of the new credit funds are used to repay debts, but without production expansion, it is difficult to make a big change in profitability. In this way, the debt scale of central enterprises will further expand

the financing volume of central enterprises is much higher than that of ordinary state-owned enterprises and ordinary private enterprises, and their debt level also increases. The reason for this phenomenon, liuyuhui [Weibo], an expert of the Academy of Social Sciences, believes that a lot of money is now invested in rolling forward the stock of debt, and the incremental part is actually less and less. From the official PMI sub index released in March, the trend of demand orders, production, finished product inventory and raw material purchase price is all downward. Raw material inventory also began to turn downward in March, and the economy has been unable to go out of inventory

the debt problem of central enterprises has not reached a critical juncture. Although the debt scale of PetroChina is huge, its debt ratio is only 37%, far below the international warning line. The loans of PetroChina are mostly long-term loans, and the interest rate is far lower than the benchmark interest rate in the same period. Even central enterprises such as COSCO and Chinalco, which have suffered huge losses in recent years, have a debt ratio of no more than 70%

steel enterprises

half of the top ten loss steel enterprises in a shares

of the 31 steel companies that published their annual reports, 25 had asset liability ratios of more than 50%. The asset liability ratio of *st Shaogang, Chongqing Iron and steel, Fushun Iron and steel, Valin Iron and steel is more than 80%, and the asset liability ratio of Baotou Iron and Steel Co., Ltd., Anyang Iron and Steel Co., Ltd., Liuzhou Iron and Steel Co., Ltd., Shandong Iron and Steel Co., Ltd., Xining Special Steel Co., Ltd., Bayi Iron and Steel Co., Ltd. is more than 70%

in 2012, Baosteel Co., Ltd. was the steel company with the largest debt, with 97 billion yuan, a year-on-year decrease of more than 20.6 billion yuan. Shandong Iron and Steel's total debt growth in 2012 was the highest, at 17.4 billion yuan. An insider told that at present, the overall performance of the steel industry is under great pressure. If the profitability cannot be improved, there is a certain degree of risk in debt repayment

at the end of the first quarter of this year, the asset liability ratio of the iron and steel industry continued to rise, with the overall asset liability ratio as high as 61.52%. Compared with the previous quarter, wood-based plastic is a composite material prepared by blending wood plastics with resins, plasticizers, inorganic fillers, compatibilizers, pigments and other components, and continued to rise. High debt ratio and high leverage management have already borne "bitter fruits". Statistics show that at the end of the first quarter of this year, the asset liability ratio of 16 of the 44 steel enterprises increased month on month, accounting for 1/3; The asset liability ratio of 31 enterprises exceeded 50%, accounting for more than 70%. The debt of the steel industry should be noted. At present, the industry is in overcapacity, and the upstream cost pressure still exists. Only by increasing the pressure of the driving gas can the downstream steel price be low, which leads to the pressure that the steel industry is still facing. "The debt of the steel industry should be noted. At present, the industry is in overcapacity, while the upstream cost pressure still exists, and the downstream steel price is low, which leads to the pressure still facing the steel industry." Xiao Bo, chief strategist at Huarong securities, said, "debt pressure will also become a problem that needs to be solved for the development of the steel industry."

according to the annual reports of Listed Companies in 2012, steel enterprises accounted for half of the top ten loss making companies in A-share market, which is enough to explain the high debt ratio of the steel industry. At present, the whole steel market is still in a supply-demand imbalance pattern of high inventory and high output, the growth of steel consumption can not catch up with the growth of supply, and the fundamentals of overcapacity and oversupply in the steel market have not been improved. At the same time, steel enterprises have repeatedly approved large idle projects, unreasonable industrial layout, disorderly competition in various regions, and all kinds of chaos and abuses are widespread, and overcapacity will continue

among them, the high debt ratio of Hegang group is attracting the attention of the industry. According to media reports, the public information published in China's bond information shows that from 2009 to the end of 2011, the total debt scale of Hegang group was 124.139 billion yuan, 149.134 billion yuan and 183.738 billion yuan respectively, and the total debt by the end of September 2012 was 183.442 billion yuan. Based on this calculation, the total debt scale of Hegang group increased by nearly 60billion yuan in less than four years from 2009 to the end of September 2012; The corresponding asset liability ratios in the same period were 69.83%, 72.30%, 72.86% and 73.33% respectively, which remained high

in February this year, the ranking of asset liability ratio of 24 listed steel companies by China Metallurgical news showed that in the first three quarters of 2012, the asset liability ratio of general steel industry increased by 2.29% year-on-year, but the average debt ratio was 64.7%, which was nearly 9 percentage points lower than that of Hegang group. However, compared with other large steel enterprises, the high asset liability ratio of Hegang group is more severe

take Baosteel as an example. As of December 31 last year, the company's asset liability ratio was 45.26%, and at the end of the third quarter of last year, the figure was 47.15%. The debt ratio of Angang Steel (3.32, -0.01, -0.30%) is also about 50%. As of the end of 2012, the company's debt ratio was 52.36%, and at the end of September last year, the figure was 52.84%. Some analysts believe that the asset liability ratio of 50% is a reasonable level in the steel industry. The high asset liability ratio means that the financial expenses and capital costs of Hegang group are higher than those of its competitors

auto enterprises

independent brands take the opportunity to recover

although the auto market has entered a slight growth, the expansion of auto enterprises has not stopped, and the scale of auto enterprises has also expanded again and again. At the same time, the company's liabilities have also increased

according to statistics, as of yesterday, 22 listed companies in the automotive industry have released their 2012 annual reports, and the total liabilities of these 22 companies are as high as 444.194 billion yuan. Among the 22 listed companies in the automotive industry, 9 have liabilities of more than 10 billion yuan, and SAIC Group has the highest liabilities, with liabilities of up to 172.197 billion yuan. Next, BYD, Chang'an Automobile and Great Wall Motors rank high in liabilities, with liabilities of 44.566 billion yuan, 30.727 billion yuan and 20.926 billion yuan respectively

in addition to the above four companies, listed companies in the automotive industry with liabilities of more than 10 billion yuan include Foton Motor, GAC group, JAC motor, Dongfeng Motor and Jinlong motor, with liabilities of 18.023 billion yuan, 17.37 billion yuan, 13.42 billion yuan, 11.088 billion yuan and 10.915 billion yuan respectively

in 2012, the liabilities of the above 22 auto companies generally increased to varying degrees, of which nearly half of the companies' liabilities increased by more than 20%. According to statistical data, the debt of Yutong Bus and Lifan Co., Ltd. increased by 53.89% and 53.60% respectively in 2012; In addition, the liabilities of JAC and Chang'an Automobile also increased by more than 40%, reaching 47.80% and 40.41% respectively; The debt growth rate of Yaxing bus and Jinbei Automobile was more than 30%, reaching 37.50% and 35.77% respectively

according to the 2012 annual report of SAIC Group, the five items that caused the company's high debt were accounts payable of 47.810 billion yuan; Advance receipts of 21.912 billion yuan; Other payables are 22.742 billion yuan; Deposits and interbank deposits of 31.808 billion yuan; Non current liabilities due within one year are 12.142 billion yuan

according to the annual report of SAIC Group in recent years, the company's debt has exceeded 100 billion yuan since 2010, up to 147.094 billion yuan, while in 2009, the company's debt was only 91.394 billion yuan. Since then, the company's liabilities increased to 185.517 billion yuan in 2011

Li Yuheng, a senior researcher at CIC consulting, said: "rapid expansion is an important driver of high corporate debt, and the rapid development of SAIC Group is also inseparable from the help of debt."

Li Yuheng believes that in recent years, while strengthening cooperation with internationally renowned car companies, SAIC has also continuously improved the R & D and production of its own brands, and invested a lot of human, material and financial resources in production lines, R & D departments, sales channels and other fields

for the high debt of the enterprise, it is learned from the passenger car company of SAIC Group that in the past year, the two major brands of SAIC passenger cars have achieved a breakthrough in sales of 200000 vehicles and sales of 20billion yuan, which undoubtedly makes the management of SAIC, which invested heavily in its own brands in the past, look confident about the future. "After the full completion of the technology center with a total investment of 4.4 billion yuan in 2013, the

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