經營活動“造血”能力突出,發現首程控股(00697.HK)不一般的“鍊金術”
近日,首程控股(00697.HK)2021年度報吿出爐,筆者翻覽這份最新的業績報吿,發現在停車出行與基礎設施不動產基金管理業務收入與盈利均實現增長的同時,公司經營活動現金淨額卻流出7.8億港幣。這不免讓人產生疑問,究竟是何導致首程控股經營活動出現大額現金流出?
下面筆者將對此進行分析。

從財報來看,2021年首程控股經營活動現金流出中有9.6億港幣屬於“其他證券”投資。結合附註內容可知,該筆投資系公司投資中國內地基礎設施公募REITs的本金,由於REITs戰略配售投資是公司基礎設施不動產基金板塊的主營業務,所以將這部分投資計入了“經營活動”而非“投資活動”。剔除該部分投資金額,經營業務產生現金達到2.35億港幣,相比去年增長155%。

由此可見,公司主營業務造血能力十分強勁,正持續兑現高成長預期。同時這也有力印證了公司當年戰略轉型投身停車出行賽道的準確性。而環顧當前經濟形勢,公司停車資產抗經濟週期、現金流穩定的屬性,在當下環境中顯得尤為可貴。從財報中透露的這個細節也讓投資人進一步發掘了首程控股作為一家跨週期發展企業的真實底色。
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