Hainan Haide Capital Management Co.Ltd(000567) (000567)
Event: on the evening of November 30, the company announced that the merger and reorganization of Yongtai group, the controlling shareholder of the company, was approved by the creditors’ meeting.
The debt problem of controlling shareholders was effectively resolved and the operation entered a stable track. The largest shareholder of the company is Yongtai group. In the past, Yongtai group once fell into a situation of liquidity difficulties due to debt default, repayment and cashing. In September, Nanjing Intermediate People’s court ruled that Yongtai technology and its subsidiaries Yongtai group and Sunriver investment, xinhaiji and Yongtai urban construction group, the subsidiaries of Yongtai group, were merged and reorganized. After two months of discussion, the reorganization plans of five companies including Yongtai group were agreed by the creditors. The adoption of this restructuring plan marks the effective resolution of the debt problems of Yongtai group and other enterprises, relieves the market’s concerns about the debt problems of the company’s shareholders, and is expected to have a positive impact on the company’s ability to improve financing and promote business development.
The company’s performance increased rapidly, reaching a record high. In the first three quarters of 2021, the company achieved an operating revenue of 392 million yuan, a year-on-year increase of + 64.15%, and a net profit attributable to the parent company of 231 million yuan, a year-on-year increase of + 99.63%. The net profit level reached a record high, mainly due to the increase of non-performing asset management business income. The company is the only A-share listed company with AMC license and non-performing asset management as the only main business. At present, Haide asset management capital scale is in the forefront of local AMC industry. By the end of 2020, the company’s stock asset management scale has reached 25.406 billion yuan.
The development space of the industry is large, and the company leverages its business with strong growth momentum. In recent years, the importance of non-performing asset management companies to resolve economic risks has begun to appear, which has brought greater development space to the non-performing asset industry. Wind, fund industry association and other data show that the overall scale of the industry is conservatively estimated to be close to 4 trillion. By the end of the third quarter, the company’s capital liability ratio of 29% was far lower than that of the same industry. As the non-performing asset management industry was mainly driven by capital and leverage, the company’s future growth momentum was strong. At the same time, as the only financial listed company registered in Hainan international free trade port, the company has gradually arranged relevant businesses in Hainan. In 2020, the company will realize an operating revenue of 42.03 million yuan in Hainan Province.
Investment suggestion: give Buy-A investment rating for the first time. The debt crisis of the company’s controlling shareholders has been effectively resolved, the non-performing asset management industry has great development space, and the company has strong growth momentum in the future. We expect the net profit growth of the company from 2021 to 2023 to be + 141%, + 41% and + 37% respectively, and give 50 times of PE in 2021, corresponding to the target price of 24 yuan.
Risk tip: the resolution of shareholder debt risk is less than expected, the policy is stricter, and the industry competition is increased
