Bring stock price reset momentum to related companies
With the continued boom in the real estate market since the second half of last year, listed real estate companies have shifted from 'destocking' to 'restocking'. The 74 listed real estate companies that have published annual reports have a total inventory of up to 1 trillion yuan, an increase of approximately 21.33%. According to Lai Yilei, investment consultant of Zheshang Securities, after entering the second half of 2012, the domestic macro economy has begun to enter a stage of weak recovery, and the inventory pressure of cyclical industries has begun to decrease. In addition, listed companies have continued to strengthen their destocking efforts last year and will destock. Put it in a more priority position in the business operation (one of the specific manifestations is that the growth rate of listed companies' operating income in 2012 was significantly faster than the growth rate of net profit), which contributed to the reduction of inventory pressure of listed companies compared with 2011. Industry insiders analyze that the level of inventory directly affects the profitability of listed companies, especially in the context of a weak economic recovery pattern, listed companies with strong destocking capabilities are expected to reset their stock prices. Lai Yilei, an investment consultant at Zheshang Securities, believes that with the gradual fall in CPI and the slowdown in economic growth, listed companies may cause a large amount of falling prices for the company due to the decline in the price of raw materials that have been hoarded. Performance is a hidden danger. At the same time, the substantial increase in inventories will cause the cash flow of listed companies to be tight, and the deterioration of cash flow will weaken the ability of listed companies to resist risks, increase the company's debt-to-asset ratio, and will also trigger the need for listed companies to refinance. However, listed companies with low inventory pressure face much smaller risks. In the context of weak economic recovery and continued market volatility, their anti-risk capabilities are obviously stronger. Once the economic boom rebounds, lower inventory levels will amplify the price elasticity of the industry, which will give relevant companies the momentum to reset their share prices.