Produced｜Sohu Finance
Author｜Wu Ya
Following the rumors of being acquired by Sunac China (HK:01918), Blu-ray Development (SH:600466) was reported or acquired by Vanke (SZ:000002, HK:02202).
On the evening of April 22, the real estate media One Real Estate wrote in a manuscript on “Rong Chuan Acquisition of Blu-ray Development Rumors”, “Sunac’s due diligence on the Blu-ray project began in March, and the two parties are still negotiating.” .
The manuscript also wrote, “Vanke is also in contact with Blu-ray”, but the manuscript did not specify the specific content and related purposes of Vanke’s contact with Blu-ray development.
In response to the above report, Sohu Finance sought confirmation from Vanke, but Vanke did not reply; a source close to the development of Blu-ray revealed to Sohu Finance that the development and operation of Blu-ray is normal and there is no difference.
Also on April 22, the market reported that Sunac was planning to acquire Blu-ray Development. According to rumors, “After Sunac acquired Changtai, it is currently negotiating the merger and acquisition of a city investment company and a top 50 real estate company.” At the same time, it is rumored that the real estate company is a Blu-ray development.
In this regard, Blu-ray Development refuted the rumors to Sohu Finance and Economics that Sunac is only the nature of project equity investment, “the description of company equity cooperation is seriously exaggerated, and equity cooperation is mainly project-level cooperation.”
According to the 2020 annual report and the first quarter report of 2021 disclosed by Blu-ray Development on April 11, in 2020, the revenue of Blu-ray Development was 42.957 billion yuan, a year-on-year increase of 9.6%.
Among them, the real estate development sector revenue was 39.774 billion yuan, an increase of 9.22% year-on-year, accounting for 92.59% of revenue; the modern service sector revenue was 1.996 billion yuan, an increase of 26.94% year-on-year; the pharmaceutical sector revenue was 695 million yuan, a year-on-year decrease of 34.77 %.
In the same period, Blu-ray Development achieved a total profit of 4.947 billion yuan, a year-on-year decrease of 11.51%; net profit attributable to the parent company was 3.302 billion yuan, a year-on-year decrease of 4.53%; net interest rate was 8.56%, a year-on-year decrease of 2.05 percentage points; return on equity was 18.60%, a year-on-year decrease of 5.28 Percentage points.
In 2020, the overall gross profit margin of Blu-ray development will be 22.58%, a year-on-year decrease of 5.75 percentage points. Among them, the gross profit margin of the real estate development sector and the pharmaceutical sector have declined to varying degrees; the gross profit margin of the modern service sector was 40.16%, an increase of 2.2 percentage points year-on-year.
As of the end of 2020, the net debt ratio of Blu-ray Development has further dropped to 88.57%, and the cash short-term debt ratio has risen to 1.06, both meeting the regulatory requirements. However, during the same period, the debt-to-asset ratio of Blu-ray Development after deducting the advance payment is 73.03%, although it is already higher In the third quarter, it increased by 2.45 percentage points, but it still failed to meet the regulatory requirements and stepped on the “red line.”
Blu-ray Development, established in 1990, is a listed company under Blu-ray Investment Holding Group Co., Ltd. (abbreviated as Blu-ray Holding Group). In April 2015, Dikang Pharmaceutical, a listed company under the backdoor private enterprise Sichuan Dikang Industrial Holding Group, completed its reorganization and listing.
Since 2020, Blu-ray Development has sold its assets several times. In July 2020, Blu-ray Development sold a 91.4% stake in Dikang Pharmaceutical at a price of 900 million yuan; in February this year, Blu-ray Development announced the sale of its 64.62% stake in its property listing platform Blu-ray Jiabao Service at a price of 4.846 billion yuan.
At that time, Blu-ray Development stated in the announcement that the sale of Blu-ray Garbo was based on the consideration of cash flow and the normal operation of the real estate business. Before and after this, Blu-ray Development also sold equity in some of its real estate projects.
For example, in August 2020, Blu-ray Development acquired Nanning GC2020-065 land at a price of 750 million yuan. In September, it sold 49% of the project to Datang Real Estate; in January this year, it also sold the remaining 51% of the equity and withdrew. project.
In December 2020, Blu-ray Development acquired a piece of land in Wenling, Zhejiang at a price of 358 million yuan; in January this year, Blu-ray sold 49% of the project to Zhejiang Dongtai Group.
The 2020 annual report shows that during the reporting period, Blu-ray’s net outflow of cash flow from operating activities was 6.127 billion yuan, the first net outflow since 2017; the net outflow of cash flow from investment activities was 4.79 billion yuan, which has been net for five consecutive years. Outflow.
In the same period, the net cash flow generated by Blu-ray development financing activities was 15.535 billion yuan, an increase of 123.01% year-on-year, mainly due to the increase in the company’s financing scale during the reporting period.
As of the end of 2020, Blu-ray Development’s monetary funds were 29.742 billion yuan; in the same period, short-term loans were 6.317 billion yuan, and non-current liabilities due within one year were 21.658 billion yuan, totaling 27.975 billion yuan. Cash can still cover short-term debt.
The latest quarterly report for 2021 shows that in the first quarter of 2021, Blu-ray development revenue was 6.854 billion yuan, a year-on-year increase of 29.04%; net profit attributable to parent company was 561 million yuan, a year-on-year increase of 9.11%; gross profit was 1.914 billion yuan, a year-on-year decrease of 9.28%; The gross profit margin was 27.92%, a year-on-year increase of 9.7%.
In the first quarter of 2021, the net cash flow from Blu-ray Development’s operating activities turned from negative to positive to 1.638 billion yuan, mainly due to the increase in sales; the net cash flow from investment activities also turned from negative to positive to 1.383 billion yuan, mainly due to the disposal of properties Subsidiary collections increased.
During the same period, the cash flow generated by Blu-ray Development’s financing activities turned from positive to negative with a net outflow of 5.594 billion yuan, mainly due to the increase in financing repayments and payment of advances to minority shareholders of subsidiaries.
In the first quarter of 2021, Blu-ray Development achieved sales of 25.219 billion yuan, a year-on-year increase of 132%; the corresponding sales area was 25.422 billion yuan, a year-on-year increase of 116.21%.
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