Hainan Haide Capital Management Co.Ltd(000567) (000567)
The merger and reorganization of controlling shareholders was voted by the creditors' meeting
On November 30, the company announced that the second creditors' meeting of the indirect controlling shareholder Yongtai technology and its subsidiary Yongtai group and the subsidiaries of Yongtai group Xiangyuan investment, xinhaiji and Yongtai urban construction was held, and the merger and reorganization draft of the above five companies was voted through. This is the substantive progress made in the promotion of relevant work after the Nanjing Intermediate People's court ruled in September that Yongtai group and other five companies should carry out merger and reorganization.
The debt risk of controlling shareholders continues to be resolved, and the development of the company ushers in a new period of opportunity
The company is an independent legal entity with independent and complete business and independent operation ability, but the market was still worried about the impact of shareholder debt on the normal operation of the company. The substantial advancement of the reorganization plan not only marks that the debt risk of shareholders is continuously resolved and restored to stable development, but also will have a positive impact on the company's ability to improve financing and promote business development.
Hold scarce AMC licenses and accelerate the release of performance through business transformation
Firstly, the company is the only A-share licensed enterprise mainly engaged in non-performing asset management AMC. With the help of scarce license resources and rich project reserves, the business has expanded significantly in recent years. Secondly, the company takes the two wheel drive mode of "main business of non-performing assets + core characteristic business" as the long-term development idea. The former is the main line of development, and the latter seizes development opportunities. Take diversified layout as the playing method to realize business synergy. Finally, the company actively arranged its business inside and outside Hainan Province and took advantage of policy advantages and market-oriented mechanism to seize the opportunity.
Since the transformation of AMC business, the company's operating performance has continued to improve. In the first three quarters of this year, the revenue was 393 million yuan, a year-on-year increase of 64.15%, and the net profit attributable to the parent company was 231 million yuan, a year-on-year increase of 99.63%, a new high in the same period; Among them, the revenue and net profit attributable to the parent company in the third quarter increased by 97.91% and 188.76% year-on-year, and the performance showed an accelerated release trend. In addition, the leverage ratio of the company at the end of the first half of the year was 1.43x, which was significantly lower than that of China Cinda and China Huarong in the same period, and there was a large elastic space for scale expansion and profit improvement.
China's AMC market continues to expand, and the company's business expansion can be expected
In recent years, China's economic development has entered a new normal. Under the shift of economic growth, the importance of non-performing asset management companies to resolve financial and economic risks has become prominent. In particular, since 2020, the economic development has been significantly dragged down by the covid-19 epidemic, the loan write off strength of the commercial banking system has increased, the asset management scale of the non-bank financial institution system has increased year by year, and the solvency of non-financial enterprises in some industries with overcapacity and industries with structural transformation has also decreased, This has led to the rise of the total supply of non-performing assets and the continuous expansion of the market space of AMC industry. The company is expected to continue to benefit from AMC market expansion and business expansion can be expected.
Investment suggestion: the company is mainly engaged in non-performing asset management business. With scarce license resources, unique location advantages, market-oriented operation mechanism and low leverage level, under the background of the continuous expansion of the overall AMC market, the company is expected to continue to expand its business scale in the future and is expected to maintain a high growth trend in the next few years. We expect the net profit of the company to increase by 71.2%, 46.6% and 43.3% respectively from 2021 to 2023.
Risk tip: policy risk; Operational risk; Business development risk; Shareholder debt risk
