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财经

原创 中通快递回港二次上市,阿里系快递上演融资大战

jibaishizhihou,yijingduocichuanyanyaofugangercishangshidezhongtongkuaidiyeyiquedingyaofugangshangshi,bingyougaoshengjimogenshidanlizuoshangshianpai。9yue10ri,zhongtongkuaidijinxingleshangshilingxun。

zuixinxiaoxishi,jihua9yue29rikaishizaixianggangguapaijiaoyi,jiangfaxing4500wangugupiao,xunqiuchouzibuchaoguo15.6yimeiyuan,gongkaifashouzuigaodingjiawei268gangyuan/gu。

为扩张而补血

yabo登录zheicizhongtongkuaidifugangshangshi,yigezhuyaomudeshibuchongziben,weijinyibukuozhang、qiangzhangengduoshichangfenezuozhunbei。

yabo登录muqian,zhongtongshiguoneikuaidixingyezhongweiyishichangfenechaoguo20%de,ergongsimubiaoshizai2022niandadao25%。

zaijinniandeerjibaozhong,gongsiqiangdiaobahuoqushichangfenezuoweizhanlvezhongzhongzhizhong,bingjiangquannianyewuliangzhibiaodiaogaodao162yijianzhi170yijian,zengzhang33.7%-40.3%。tongshi,jiangquannianjinglirunmubiaodiaodizhi48-52yiyuan。

但目前国内快递行业的竞争十分激烈,即便是疫情也丝毫没有降低竞争的激烈程度,中通快递要进一步扩大地盘难度不小。

guojiayouzhengjudeshujuxianshi,jinnianshangbannianquanguokuaidiyabodengluqiyeyewuliangleijiwancheng338.8yijian,tongbizengzhang22.1%,yewushouruleijiwancheng3823.8yiyuan,tongbizengzhang12.6%,zheiyiweizhekuaidixingyemeijianbaoguodepingjunshourutongbixiajianglejin10%,jiagezhanyuyanyulie。

yabo登录weilezhengqiangfene,gejiakuaidigongsidoubuxidajiagezhan,duigukehehezuohuobanjinxinggaoebutie,gejiademaolilvbuduanzoudi,pubiandiyu10%,zhiyoushunfenghezhongtongbaochile20%yishangdemaolilv。qizhong,zhongtongdemaolilvdadao27.6%,bishunfenghaiyaogao。

zhongtongzhisuoyinenggoubaochigaomaoli,yuqiyouxiaodechengbenkongzhiyouguan,erjidugongsidedanpiaoyingyechengbenzhong,yunshuchengbenjifenbochengben,fenbiexiajiangle21%he34%。

除了激烈的市场竞争,中通目前并不十分理想的财务状况,也对它扩大地盘形成制约。

yabo登录shouyiqingyingxiang,jinnianyijiduzhongtongkuaidideyingshouzhiyou39yi,xiahua14.39%。suizheguoneiyiqingdedaoyouxiaokongzhi,erjidugongsiqingkuangchuxianmingxiangaishan,wanchengyewuliang46yijian,tongbizengzhang48%,shichangfenetongbitisheng1.6gebaifendianzhi21.5%。dangongsishouruhejingdiaojinglirunjinfenbiezengzhang18%he5.6%,zhi64yihe14.5yiyuan,danchengbenjiaoquniantongqizengzhangle26.8%。

yabo登录jiezhi6yue30ri,zhongtongkuaidiyongyoudexianjinjixianjindengjiawu52.62yiyuan,xiangjiaoquniannianzhongde71.12yi,xiajianglejinsifenzhiyi。ertongqigongsidegexiangkaizhiqueyouzengwujian,jinerjidudezibenkaizhijiuda22.5yiyuan(yongyugouzhichangfang、shebeijitudishiyongquandeng),tongbibaozeng177%。

congzhaiwushangkan,shangbanniangongsixinzengduanqiyinxingdaikuanjin17yi,xinzengyingfupiaoju5yi,liudongzhaiwuzhengtizengzhanglejin22yi,gongsidezichanfuzhailvcongquniannianzhongde16.3%zengzhangzhi19.6%。

对急于扩大地盘的中通快递而言,尽快上市融资以应对不断上升的开支压力,进而实现扩张目标,就显得更加紧迫。而这次赴港上市融资的15亿美元,应该可以满足公司今后一段时间的资本支出需求。

定价或有折扣

jinnianzhonggaigujitihuigui,xianggangzibenshichangderengouchangmianyichanghuore。buguoyeyouyixieshangshidangrijiupofa,birujingdong、baishengzhongguodeng。

zhongtongkuaidizaiganggunengfadehaoma?

yabo登录zhongtongkuaidishi2016nian10yuezainiujiaoyisuoguapaishangshide,dangshirongziguimo14.5yimeiyuan。shangshihou,gongsigujiayidupofa,dansuihougujiaheshizhichixuhuisheng,daojinnian8yuedi,gujiayijingchaoguo33meiyuan,shizhidadao263yimeiyuan(jin2000yigangbi)。

yabo登录zheicizhongtongdaoxianggangshangshi,youyukuaidixingyeshichuantongxingye,ganggudewuliubankuaibingfeiremen,jinyoujialiwuliu(00636.hk)、yuantongsudiguoji(06123.hk)、huanyuwuliu(yazhou)(06083.hk)dengjizhigupiao,gujiaheshiyinglvdoubusuangao,shuyuxiaopangu。zhongtongkuaidishangshihou,wuyijiangshiganggushizhizuidadewuliugu。

有分析认为,考虑到中通美股的价格波动较大,以及物流板块在香港市场并非热门,中通快递的发行价相对美股的交易价格会有5%以上的折扣。但这不会影响其物流龙头股的地位。至于今后的股价走势,则视公司未来业绩而定。

四通一达日子都急需输血

shishishang,yiqingyinsudiejiaxingyeyuyanyuliedejiagezhan,shidegejiakuaidigongsiderizidoubutaihaoguo,yedoujiyurongzi。

yabo登录tongyangzaimeishangshidekuaidigongsibaishi,yexianggangjiaosuodijiaoleshangshishenqing,erqietazai5yuehaixiangdagudongalifaxingle1.5yimeiyuandekezhuanzhai;ertongshucainiaotongdaxideyuantongsudi,qichuangshirenheshijikongzhirenyuhuijiaojizhangxiaojuanfufu,zai9yue1riganggangxiangergudongalizhuanrang12%deguquan,ronglaizijin66yiyuanrenminbi(chigubilizecong53.65%jiangzhi41.65%),bingcongsimushichangrongzi45yiyuan。

jinnianyijidu,yuantongyeshouyiqingyingxiang,yingshou(55.3yiyuan)tongbixiahuale14.12%,jingguoerjidushichanghuinuan,cairangzhengge2020shangbanniandeyingshouzengsuhuizheng(tongbiweizeng4.5%),shixian146yiyuandeyingshou,shitongdaxi5jiagongsizhongzuigaode。lingyijiayingshouzengsuweizhengdejiushizhongtong,yingshou103.2yi,tongbizengzhang3.21%。ershentongkuaidi、bestbaishi、yundagufensanjiazeshangbannianquanbufuzengzhang。

yabo登录qizhong,shentongkuaidishangbannianyingshou92.6yi,zengsuxiahua6.21%,shitongdaxizhongyingshouzuidide;baishiyingshou139yi,xiahua11.36%,shitongdaxizhongxiahuafuduzuigaode;yundagufenlude143yiyuanyingshou,tongbixiahua7.95%,qizhongyijiduyingshou56.2yiyuan,xiahua15.86%,erjiduyingshou87yi,danyijiufuzengzhang2%。

各家快递公司不仅营收承压,毛利和净利润的情况也不理想。

shangbannian,zhongtongshixianmaoli25.88yiyuan,biquniantongqi(30.28yi)xiahua14.54%;xiaoshoumaolilv27.6%,quniantongqiwei30.29%,yechuxianyidingxiahua。guimujinglirun18.21yiyuan,quniantongqiwei20.40yiyuan,xiahua10.64%;xiaoshoujinglilv17.68%,quniantongqiwei20.47%。

yuantongqudemaoli16.5yiyuan,quniantongqiwei16.8yiyuan;maolilv11.63%,quniantongqiwei12.33%,junyousuoxiahua。guimujinglirun9.71yiyuan,tongbizengzhang12.55%;jinglilvwei6.87%,jiaoquniantongqide6.19%,lveyouzengzhang。

shentongshangbannianmaoliwei3.81yiyuan,erquniantongqiyou13.4yiyuan;maolilvjinyou4.11%,quniantongqizewei13.78%,liangxiangzhibiaodouyanzhongxiahua。zhiyuguishujinglirungengjiacanburendu,jinwei7068wanyuan,tongbixiahuagaoda91.51%,jinglilvzhiyou0.84%。dangran,shentongquniantongqiguishujinglirunyeshixiahuade,weifu4.04%,jinglilvwei8.48%。

baishishangbannianmaoli3.93yiyuan,quniantongqiwei8.13yiyuan,xiahua51.6%。xiaoshoumaolilvjinwei2.83%,erqunianshangyou5.19%。guimujinglirunkuisun7.8yiyuan,quniantongqiweikuisun2.5yiyuan,guimujinglirunfuzengzhang206%;xiaoshoujinglilv-5.63%,quniantongqiwei-1.63%。

yabo登录yundagufenzaishangbannianshixianmaoli14.4yi,quniantongqiwei23.3yi;maolilv10.25%,quniantongqiwei15.14%,liangxiangdexiahuafududouhenda。guimujinglirunwei6.81yi,quniantongqiwei13yi,tongbixiahua47.47%;jinglilv4.73%,quniantongqizewei8.15%。

yabo登录zongtilaikan,baokuositongyidazaineidealixikuaidi,shangbanniandeshichangbiaoxianjunbulixiang。

buguo,jiexialaishichanghaiyaoqiang,jiagezhanhaiyaoda,gejiadecaiwuyaliyouzengwujian,yincihaishixuyaoduofangrongzi。

chulezhongtong、baishifugangercishangshi,xiangyiguquanhuanrongzi、faxingkezhuanzhaizhileidecaozuokongpabuhuishao,kuaidishichangderongzidazhanyejiangyufajilie。

声明: 该文观点仅代表作者本人,搜狐号系信息发布平台,搜狐仅提供信息存储空间yabo登录。
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