"警"報拉響還是解除，首程控股(00697.HK)爆虧15億的原因探究
首程控股(00697.HK)於8月6日收盤後發佈盈利預警公吿，宣佈公司預期於截至2021年6月30日止6個月期間將錄得不多於15億港元的股東應占綜合虧損。首程控股自2018年開啟戰略轉型之後，業績高速發展，盈利水平大幅提升，公司於2020年度實現了6.59億港元的歸母淨利潤，停車業務也已在2020年度實現扭虧為盈，盈利水平本應呈現逐年增長之勢，為何公司在今年中期竟預計出現如此鉅額的虧損？難道是公司在停車業務經營方面出現了危機？帶着諸多疑問，我們深入公吿內容來一探究竟。
仔細閲讀公吿發現，這次的虧損其實是公司對其所持有的首鋼資源股份全部計提了減值準備而導致。首程控股在2009年-2011年期間逐步投資入股首鋼資源，成為主要股東，現持股比例為28.98%，同時在首程控股賬面上形成了約51億港幣的賬面成本，其中還包含了約10億港幣的商譽。但眾所周知的是，企業在收購過程所產生的高額商譽，往往是其財務報表中一顆"定時炸彈"，而首鋼資源所處的煤炭行業又是典型的週期性行業，受經濟週期和供需關係影響較大，業績易呈現週期性波動，公司就曾因首鋼資源的業績波動，在2015和2016年度合計對首鋼資源股份計提了12億港元大額商譽減值，對公司的業績造成了巨大的負面衝擊。
記者猜測首程控股最初收購首鋼資源的原因大概率是因此前主要圍繞鋼鐵行業上下游開展業務，而首鋼資源所從事的焦煤開採、生產和銷售業務能夠為首程控股的鋼材業務提供長期而穩定的原材料供應，因此首程控股大批量收購了首鋼資源的股票，但從2012年開始連續虧損的首程控股鋭意革新，剝離鋼鐵業務，停止鐵礦石貿易，自2018年起開始了全面的戰略轉型，聚焦停車出行和基礎設施不動產基金管理兩大全新主業，首鋼資源所從事的煤炭業務與公司所追求發展的具有強現金流、輕資產、抗週期等屬性的業務就產生了明顯的差異性，已經不再適合作為公司的主要投資。我們通過翻閲首程控股往年的主席報吿，也能瞭解到，擇機剝離出售首鋼資源股票也是2018年以來新一屆董事會長期關注的事情，最終在今年年初發布公吿出售全部所持首鋼資源股票，但不知為何具體原因，公司又調整了出售計劃，僅出售部分股票。但不管如何，公司通過"壯士斷腕"的盈警，將全部所持股票的價值一次性計提減值，輕裝上陣，為公司主業的強勁發展創造了良好的環境與空間。
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