Author: Quiet Thought

The senior professional of Hirokawa Holdings of Ai is second only to the president of Hongkawa Kaeda in terms of job rank.

His role in Hongchuan Holdings will be to handle the monthly affairs of all subsidiaries of Hongchuan Kaishi for Hongchuan.

In terms of position and work appearance, it is somewhat similar to a Western professional manager.

At the same time, he did not deny the president of the Northeast Capital Bank of Hongchuan Holdings.

So he is the only one who can return to his old business, and Hongchuan Feng can feel assured that he can fully entrust the bank.

At this time, Hongkawa Kaede announced the beginning of the meeting, and Hiro Akai immediately stood up.

"Everyone, I have a detailed explanation of the operating conditions of Nafu Hongchuan Electric Appliances last year, as well as the current industrial layout and development of the company."

An assistant distributed the information that had been prepared to every guest in the conference room in front of him.

Since I have decided to be in the market, I will certainly ask for the basic information to be prepared.

Hongchuan Electric Appliances' financial details that had been disclosed before were clearly placed in front of everyone.

The shipment volume, sales, operating costs and operating profits of the Walkman, Handheld, Headphones, and old antique vinyl record machines are all listed in Minghonghong.

Even the patent fees brought by headphone patents and Walkman patents are detailed.

Details of Nafu Hongchuan Electric Appliances' business, and information on fixed assets and real estate are also provided.

The land of Kawasaki, the headquarters building under construction in Shibuya, and the factory in Akita, and the overseas factory are explained.

Of course, there are assets and debts owed to banks.

If Datou is the one who borrowed the money he borrowed for the construction of the Hongchuan Building, the lender will be walking there.

As for the scale of the company, the assets with soft power such as employees, technology, etc., not to mention, the first page is no.

It can be said that at this moment, Hongchuan Feng completely showed Hongchuan Electrical Appliances in front of everyone.

Why do that? I have asked for valuation, and of course I have to take out all the treasures in the bottom of the box.

The more good things you have, the greater the potential and the higher the valuation, and the more money you get.

When you are not afraid of hiding your weakness, you even want to blow it out and try your best to increase the value of your company.

Otherwise, how could I take out the money from the pockets of two big families who are not short of money in the first opinion Yin and Nomura Securities?

The first person advised Yin and Nomura Securities to view Hongkawa Electrical Information, the more they read, the more they became more and more frightened, and at the same time they couldn't help but feel excited.

High-quality assets! Absolutely wrong with high-quality assets! And a high-quality asset with bright prospects!

Not to mention the real estate of various factories, land, etc., the profit last year alone was as high as more than 85 billion, 340 million US dollars!

Then there is no net profit after tax, but no such false turnover.

To be honest, they expected that Hongchuan Electric Appliances' profits will be not low, and the external ones are expected to be around 200 million US dollars.

But no, 340 million exceeded their estimates, which is completely no, and no, another size.

What does it mean if a company that has been established for only three years has made an annual profit of more than US$300 million?

That means that profits will grow rapidly next year.

A company that has just been established for 3 years is too young. According to normal rules, a new company can have at least 5 to 10 years of growth.

Over such a long time, is its revenue showing a continuous growth trend?

In other words, according to that trend, Hongchuan Electric's profit will continue to grow for at least 5 years.

So the profit of $340 million is really no start.

Don’t look at Namco’s profit of more than US$200 million in the first year because of its development of Pac-Man.

But will there be so many in the second year? Will there be such a hit show like Pac Man in the second year?

After all, game manufacturers are not content publishers, and whether they can make profits depends very much on whether there are hot products in the company that year.

But Hongchuan Electric Appliances are different, so the stable and sustainable profit will not plummet or surge.

But in the case of a profit of US$340 million, the meaning of "stability" is completely different.

From that, we can also see the great potential of Hongkawa Electric Appliances, which is the reason why Gin and Nomura Securities are so happy.

I have found the treasure, but I must have found it wrong.

Although Bu Lu was so happy, his face remained silent.

"Well~ So is there any plan for the overall valuation of Hongkawa Sangcho Hongkawa Electric?" Ichiro Watanabe spoke first.

Although they are not familiar with each other, he and Hiro Akai are not old colleagues.

But when it comes time to flower real gold and silver, he will not be polite. The bargaining Dragon Dangmao is ready.

Then this corridor ring Lu Yu spoke on behalf of Hongchuan Electric Appliances, "I believe you have already had a rough understanding of the situation of Hongchuan Electric Appliances.

Without mentioning various assets and technology, the net profit alone was as much as 85 billion yuan last year.

Based on the price-to-earnings ratio as the valuation entity, the inherent assets in the company are calculated.

They believe that Hongchuan Electric Appliances' valuation is 8 times the net profit, and is it reasonable for 680 billion yuan per month?"

“Too high ~”

As soon as Yu Shin-Yu finished speaking, Ichiro Watanabe shook his head.

The valuation exceeded the expectations of the first public bank, and Takashi Yoshiya, the representative of Nomura Securities, who was not shutting up, also shook his head.

"Shinjing Sang and Bu Sui are calculated based on the price-to-win rate, and not based on the price-to-book ratio.

But the reason for the traditional manufacturing industry is that its valuation is generally about 5 times the net profit.

Therefore, Nomura believes that the valuation of Hongkawa Electric Appliances should fluctuate in the east at 425 billion yuan per month."

Yanagan Takafu is the director of the Finance and Investment Department of Nomura Securities, and he is also one of the graduates of Meiji Business School.

Regarding the negotiation, Nomura specially asked him to take action.

Just besides the plan of letting Hongchuan Feng take the position of his fellow students in the same school, peace is the most important and all business is easy to negotiate.

Now the senior of Hongchuan Feng is not weak at all when he cuts the price. If he goes east, he will be close to 40% of the valuation shrinking.

On the other side, Takashi Yanagi had just finished quoting the price, and Ichiro Watanabe, who was the first to persuade the silver, immediately nodded in agreement.

Obviously, just now, the two private parties have reached an agreement.

After being wrong about their offer, Hongchuan Feng knocked on the table, attracting everyone's attention.

"Liu Gusang just said that the market value valuation of traditional manufacturing industry is not the case.

But please don’t ask Minghong, Hongchuan Electric Appliances is not a traditional manufacturing industry, and Hongchuan Electric Appliances is not a new electronic product manufacturer.

The two major engines of Neon Economy, the automobile industry and the electronics industry, and Hongchuan Electric Appliances belong to the latter.

How can a society that contributes to the Neon economy be divided into traditional manufacturing industries like this?"

To say that electronic manufacturers do not have traditional manufacturing, there may be nothing wrong with that sentence in future generations, and not many people refute it.

After all, the Internet economy has attracted too much attention, and various new technological concepts are emerging one after another.

In comparison, the electronics industry, which has been developing for many years, does look a bit "outsided".

But now it is only the 1980s, the electronics industry is a complete high-tech industry.

It is different from the authentic traditional manufacturing industries of steel, clothing manufacturing, and food processing. So, is it the consensus of every neon ordinary person?

How can they be used as reference for the valuation of Hongchuan Electric Appliances?

Therefore, 5 times higher than the traditional industry and valuation at 8 times net profit is completely reasonable in Hongchuan Feng's opinion.

"Hongchuan Sang, if Sony values ​​it as such, there will be no problem at all, but Hongchuan Electric cannot do it."

Ichiro Watanabe spread out the information in his legs and pointed to the product catalog on the surface.

"Hongchuan Electric has a wide range of products, with 90% relying on the walkman and handheld machine business in terms of profits.

The highly concentrated operating profit also has high risks.

Once those two businesses encounter setbacks, Hongchuan Electric's profits will plummet.

Moreover, those two products do not have high threshold and high technical difficulty, and are highly substitutable, so the valuation of 680 billion yuan per month is too high."

When he was wrong about Ichiro Watanabe's rebuttal, Hongkawa Kaede smiled.

"Watanabe San changed his angle, doesn't that meant that Hongkawa Electric's potential is endless?

Relying on just two products, Hongchuan Electric can make that profit.

First, it shows that Hongchuan Electric has made its products to the extreme.

Even if the threshold is not high, it always occupies the mainstream of the market, so why is their product strength reflected?

Secondly, they will have CD machines and audio products to be launched next year.

In the future, there will be major measures to participate in the formulation of storage equipment and standards, and those will create countless profits for Hongchuan Electric Appliances."

"But then, no one knows whether those products will be popular in the future." Liu Guxiao made a tit-for-tat mistake.
To be continued...