6.3的万科A值得珍惜吗？

Core Viewpoint - The article discusses the decline of Vanke, comparing it to past industry leaders like Changhong and Konka, suggesting that as the real estate market transitions from growth to saturation, Vanke's value may diminish similarly to these companies [2][3]. Group 1: Industry Context - The real estate industry was once a growth market, allowing Vanke to thrive as a leader, but it is now entering a saturation phase, which could lead to a decline in Vanke's performance [3]. - Historical examples from other industries, such as the film industry with Kodak and Fuji, illustrate how market leaders can fall when the industry loses its growth momentum [2]. Group 2: Financial Performance - Vanke's profits have significantly decreased over the years, with reported profits of 415 billion in 2020, dropping to 121 billion in 2023, and projected to be -494 billion in 2024, indicating serious financial issues [7]. - The company's market capitalization is 754 billion, with liabilities of 8,730 billion, suggesting a dire financial situation where the company would need to sell properties at an average price of 19,872 per square meter to break even [15]. Group 3: Investment Perspective - The article argues that value investing should consider the industry's health; if the industry is declining, even leading companies like Vanke may not retain their value [2][13]. - Comparisons are made with other companies like Moutai, which has shown increasing profits, highlighting that a declining stock price does not necessarily indicate a failing company if the fundamentals remain strong [9].