记者 | 袁颖琪

编辑 | 陈菲遐

yinweiyizezhongdazichanchushougonggao，quanzhugufen（603030.sh）zuijinlianggejiaoyirigujiazhenfuda21%，zhangfuchao14%。danshi，gujiashangzhangwufayangaizheijiagongsimianlindekunjing。

quanzhugufenzhengjihuaxiangcongzhongxiaochushouquanzhuzhuangshi81.5%guquan。jiaoyiwanchenghou，quanzhugufenjiangbuzaichiyouhouzheguquan。bencijiaoyifangshiweixieyizhuanrang，congzhongxiaoyixianjinfangshizhifuquanbujiaoyiduijia，danjiaoyijiageshangweizuizhongqueding。

zhidezhuyideshi，jiaoyifangcongzhongxiaocengdanrenquanzhugufendiyijiezhidisijiedongshihuidongshi，yu2020nian3yueciren。congzhongxiaomuqianrenzhiyuquanzhugufenjiquanzhugufenxiashuqiye，zi2020nian3yuezhijinweidanrengongsidongshi、jianshihuogaojiguanlirenyuan。 jiezhi 2021 niansanjidumo，congzhongxiaochiyouquanzhugufen3.04%degufen，weidisidagudong。muqiancongzhongxiaoweichiyouquanzhugufengupiao。genjushizhizhongyuxingshideyuanze，rendingcongzhongxiaoweiquanzhugufendeguanlianfang，yincibencijiaoyiweiguanlianjiaoyi。

quanzhuzhuangshishiquanzhugufenqixiazuizhongyaodeyijiazigongsi，gongxianyue70%deyingyeshouru。suizhequanzhuzhuangshibeichushou，quanzhugufendeshouruguimoshibidafusuoshui。congerjishichangzhangtingjiaodukan，quanzhugufendeguzhiweihebujiangfanzeng？gongsichushouquanzhuzhuangshihouweilaiyouhuiruhefazhan？

剥离主业后如何估值？

quanzhugufenbenshijishichang、sheji、jianzao、shengchan、xiaoshou、fuwuyuyitidezhuangshigongchengtigongshang。2021nian，quanzhuzhuangshiyingyeshouru28.1yiyuan，zhanquanzhugufenyingshouzongede69.3%，shiquanzhugufenzuizhuyaodeyijiazigongsi。jiangquanzhuzhuangshichushouhou，quanzhugufendezhuyingyewujiangcongzhuangshigongchengguanliheshigongzhuanweishejiweizhu。

quanzhugufencifanchushouquanzhuzhuangshikeweiduanweiqiusheng。gongsijiquniankuisun12.93yiyuanhou，jinnianshangbannianzaidukuisun6.52yiyuan，ruguobucaiqucuoshiniukuihuojiangshiqushangshizige。

根据披露，全筑股份的第一大客户，恒大地产集团有限公司及其相关成员企业出现违约。截至2022年6月30日，全筑股份对恒大以及成员企业的应收款项约为32.23亿元，2021年初至今全筑股份累计计提减值金额为13.13亿元。而恒大deyewuzhuyaoyouquanzhuzhuangshiwancheng，weilaiquanzhuzhuangshikenengrenghuigenjuqingkuangjitixiangyingdejianzhisunshi。zheiyangyilai，quanzhugufenniukuijiucunzaihendafengxian。yinci，boliquanzhuzhuangshishibaoqiaodedangwuzhiji。

danshi，zaibolizhuyaozigongsizhihou，quanzhugufenpingjieshejiyewunengchengqirujindeguzhima？

jinnianshangbannian，quanzhugufenyingyeshouru9.63yiyuan，tongbixiahua56.25%。qizhong，you4.3yiyuanshourushilaiziquanzhuzhuangshi。boliquanzhuzhuangshizhihou，quanzhugufendegongchengzhuangshiyewujiangdafujiangdi。lingyijiazigongsishanghaigaoxinjienengkejiyouxiangongsi（xiacheng“shanghaigaoxin”）weijianzhumuqiangfuwushang。jinnianshangbannian，zheijiagongsigongxianyingyeshouru2.2yiyuan。quanzhugufenshengyuyue3.1yiyuanshourulaizijiajuheshejibankuai。

shoufangdichanxingyeyingxiang，jinnianyilaiduojiajianzhuleishangshigongsiyejixiahua、shenzhikuisun，yinciyishixiaolvguzhi。jianzhuzhuangshixingyedeshixiaolvzhongweishuwei2.65bei。2021nian，shanghaigaoxinjienengkejiyouxiangongsideshouruwei5.3yiyuan，genjuxingyeshixiaolvguzhi，gaibufenyewushizhiyingwei14yiyuan。ciwai，quanzhugufenshejiyewu2021nianquannianshourujinwei3.8yiyuan。erjianzhushejileishangshigongsideshixiaolvzhongweishuwei2.75bei，zhaociquanzhugufenshejiyewudehelishizhiwei10.45yiyuan。ciwai，quanzhugufenhaiyouyue3yiyuanzuoyoudejiajuxiaoshoushouru。jiajubankuaishixiaolvzhongweishuwei1.63bei。yicijisuan，quanzhugufenbolilequanzhuzhuangshizhihou，lilunguzhiyinggaizai30yiyuanzuoyou。buguo，youyugongsisuochuxingyejingqiduxiaxing，jishibolikuisunyewuyemianlinjiaodayali，yincishichangduiqiheliguzhirengzaixiangxiaxundiguochengzhong。muqianquanzhugufenshizhiwei20yiyuan。

缓解财务压力

quanzhuzhuangshizaoyibaoluzijinlianwenti。2019nianzhongqi，quanzhugufenyizengzifangshiyinruleguoshenghaitongjijin。guoshenghaitongjijinchuzi3yiyuanrengouquanzhuzhuangshixinzengzhuceziben，duiyingzengzihoudequanzhuzhuangshi18.50%deguquan。

daole2020nian，quanzhuzhuangshiyinweimeiyouwanchengyejichengnuo，guoshenghaitongjijingenjuxieyijiangsuochide18.5%degufenhuishoujiquanzhugufen，guquanzhuanrangjiagewei 3.28yiyuan，quanzhuzhuangshibishiguzhiwei17.75yiyuan。dandangshiquanzhuzhuangshizuijinyiqideyingyeshourudadao49.9yiyuan，zhaocigujijiaoyijiageduiyingdeshixiaolvzhiyou0.35bei。

rujin，quanzhuzhuangshideyejiyijingehua，ruguoyicishixiaolvguji，qiguquanguzhikongpahuidafuxiajiang。2021nian，quanzhuzhuangshizhishixianle28.1yiyuanyingshou，qi 81.5%guquandeguzhizewei8yiyuanzuoyou。kaolvdaoquanzhuzhuangshijinnianshangbannianyejirengzaidafuxiahua，zuizhongjiaoyijiagekenenghaiyaogengdi。

jiezhijinnianbannianbao，quanzhugufenzichanfuzhailvyijingpanshengzhi89.53%。qizhongyouxifuzhaidadao11.9yiyuan，yinianneidaoqidezhaiwudadao8.1yiyuan。quanzhugufenzhangmianzijinzhiyou4.5yiyuan，zijinquekoumingxian。jiangquanzhuzhuangshibolizhihou，yifangmiankeyijianshaoyouquanzhuzhuangshifudandeyingshou、yingfukuanxiang。lingyifangmian，guquanchurangzijinyekeyihuanjiequanzhugufendechangzhaiyali。

danyexuzhuyi，quanzhuzhuangshideguquanjiaoyijiagekenenghuidiyuyuqi，erqiejishibolilequanzhuzhuangshizhuyaofuzedegongchengzhuangshiyewu，quanzhugufenshengyudeshejihezhuangshimuqiangyewuyexuyaozhanyongdaliangzijin，yinciboliquanzhuzhuangshihou，yingshou、yingfukuanxiangrenghuijiaoduo，quanzhugufendezichanfuzhaizhuangkuangduanqineibingbunengdedaogenbengaishan。

2021nianniandi，quanzhugufenkonggugudongzhubinjianchiquanzhugufen1160wanyuan，taoxianyue3735wanyuan。9yue16riquanzhugufengonggao，zhubinyinweizhiyafengxianzaidujianchigongsigupiao。muqian，zhubinzhiyadequanzhugufendegupiaozhanqisuochigufende65%。erqie，qizhiyadepingjungujiawei6.09yuan/gu，erquanzhugufenrujindegujiazhiyou3.37yuan/gu。gonggaobiaoshi，zhubinyuzhangzengpingjiguoxinzhengquanqiandingle《gufenzhuanrangxieyi》，zhubintongguoxieyizhuanrangfangshixiangzhangzengpingzhuanrang1280wanguquanzhugufendegupiao(zhanzonggubende2.21%)，yongyichanghaizhubinzaiguoxinzhengquanzhiyarongzibenjin，jiangdigupiaozhiyafengxian。cicixieyizhuanrangwanchenghou，konggugudongchigubiliyou26.8%jianshaozhi24.6%。

duiyuquanzhugufenlaishuo，chushouzichanshibaoqiaode、shenzhiweichiqiyeyunyingdewunaizhiju，qijibenmianrengjiangjixuchengya。