On December 23, Yong’an Futures (600927), once known as “Qimao”, was successfully listed on the Shanghai Stock Exchange, becoming the third A-share futures listed company.
On the first day of listing, the share price of Yong’an futures rose 44.02%, closing at 25.88 yuan / share at noon, and the latest market value rose to 37.7 billion. According to the latest price, the first signing can earn nearly 8000 yuan.
As the most profitable company in the futures industry, landing A-Shares provides a new opportunity for the development of Yong’an futures. Ge Guodong, general manager of the company, said in his speech that we should build an internationally competitive “derivatives investment bank” with risk management and asset pricing services as the core business.
the seller’s organization is also quite optimistic about the prospect of Yong’an in the capital market. Haitong Securities Company Limited(600837) rated “better than the big market” in the first coverage Research Report; Huaxin Securities Research Report makes a “recommendation” evaluation on it; Huajin securities gives the target price of Yong’an futures of 43.60 yuan, which is expected to increase by 142.63% compared with the issue price.
rose 44% on the first day of listing
Yongan futures will issue 145555556 new shares at an issue price of 17.97 yuan / share. On the first day of listing, the share price sealed the highest increase, rising 44% to 25.88 yuan / share.
According to public information, Yong’an futures was established in 1992 with a registered capital of 1.31 billion yuan. The company was listed on the new third board on October 28, 2015. Due to the landing of a shares, the listing has been terminated in the share transfer system. The actual controller of the company is Zhejiang Provincial Department of finance. The main shareholders holding the equity of the company are: Caitong Securities Co.Ltd(601108) , Zhejiang Industrial Fund Co., Ltd., Zhejiang Orient Financial Holdings Group Co.Ltd(600120) financial holding group and Zhejiang Economic Construction Investment Co., Ltd.
The main business indicators of Yong’an futures have been in the forefront of the industry for more than 20 consecutive years, and its comprehensive score has ranked first in the industry for many consecutive years. It is a real benchmark enterprise in the futures industry. In the first half of 2021, Yong’an futures achieved an operating revenue of 16.685 billion yuan, a year-on-year increase of 50.38%; The net profit was 740 million yuan, a year-on-year increase of 80.24%, and the operating performance ranked first among all 149 futures companies.
It is worth noting that Yong’an futures is the third futures listed company in the A-share market after Nanhua Futures Co.Ltd(603093) and Ruida Futures Co.Ltd(002961) . The listing of industry leading companies is expected to greatly improve the overall attention of all parties to A-share listed futures companies.
build an internationally renowned “derivatives investment bank”
Ge Guodong, party secretary and general manager of Yong’an futures, said in his speech at the listing ceremony that Yong’an futures will keep in mind the “big country”, hold the risk bottom line, continue to maintain the forefront of various business indicators in the country, take risk management and asset pricing services as the core business, build an internationally competitive “derivatives investment bank”, help enhance the toughness of the industrial chain and improve the efficiency of resource allocation, Effectively serve the high-quality development of the real economy, enhance the price influence of bulk commodities, and live up to the trust and expectations of all parties.
It is reported that the IPO of Yong’an futures will effectively improve the company’s net capital scale. Through the investment of raised funds, Yong’an futures will deeply cultivate the existing business types, consolidate the industry status, innovate the service content, constantly explore new business models and types, and expand the depth and breadth of services.
Referring to the future development strategy, Yong’an futures said that in terms of service system construction, the company will deepen the exploration and practice of supply chain finance, cooperate with external financial institutions such as banks, securities and insurance, improve the “insurance + futures” service mode, expand service fields, and build a diversified and complementary commodity comprehensive service system.
In terms of business expansion, Yong’an futures will actively expand to Securities equity, bond fixed income, derivative options and overseas asset allocation by strengthening its advantages in the field of commodity futures, continuously improve the asset allocation capacity of large categories, promote the coordinated development of commodity finance, futures options, on-site and off-site, domestic and overseas, and focus on building a diversified and high-quality open product platform, Focus on one-stop comprehensive financial services.
In terms of resource integration, Yong’an futures will go deep into the upstream and downstream of the industrial chain through M & A, make full use of derivatives tools to provide a package of risk management schemes for enterprise customers, strengthen the five capabilities of the industrial chain in trade, warehousing, logistics, financing and hedging, and strengthen the in-depth integration of the futures industry and the industry.
The rapid development of market provides a good development opportunity for the whole futures industry. In 2020, the futures market will accelerate the listing of new varieties, and 12 new varieties will be listed throughout the year, providing a wider range of hedging tools for real enterprises. According to the data of the interim Association, by the end of September 2021, the total equity of customers in the futures market had reached 1189.1 billion yuan, an increase of 453.2 billion yuan over the same period last year.
the institution shouted out the target price of 43 yuan to abandon the purchase, and the investors are going to cry
Various institutions have paid high attention to the listing of Yong’an futures and are generally optimistic about its prospect.
Haitong Securities Company Limited(600837) believes that Yong’an futures, as the leader of China’s futures industry, is expected to obtain sustained growth momentum in the rapid development of the industry, and with the improvement of industry concentration, the company’s leading advantage will be further consolidated. It also gave a rating of “better than the big market” in the first coverage Research Report.
Huaxin securities recently released a research report and predicted that the revenue growth of Yong’an futures from 2021 to 2023 will be 14.5%, 16.3% and 11.2%, and the net profit attributable to the parent company will be 1.156 billion yuan, 1.701 billion yuan and 2.238 billion yuan respectively, and the EPS will be 0.79, 1.17 and 1.54 yuan respectively. The current valuation has obvious advantages over the same industry, and the investment rating of “recommended” will be covered for the first time.
Huajin Securities believes that the futures industry has a small volume and strong homogeneity of brokerage business, but its business line has been continuously expanded since 2011, among which the risk management business has grown fastest since 2013. Yong’an futures risk management business welcomes the double improvement of profit scale and profit margin, and the business layout is comprehensive. At present, the company’s brokerage and risk management contribute more than 90% of its performance. After this fund-raising, the capital is enriched, which is conducive to supporting the further growth of capital consuming risk management business; At the same time, the addition of branches is also expected to promote the expansion of brokerage business.
Huajin securities expects that the net profit attributable to the parent company of Yong’an futures from 2021 to 2023 will be 1.801 billion yuan, 2.316 billion yuan and 2.783 billion yuan respectively, with a year-on-year increase of 57%, 29% and 20%. Referring to the history and the average valuation of comparable companies, the target price is deduced to be 43.60 yuan. This target price increased by 142.63% compared with the issue price, and there is still room for 68.47% increase compared with today’s share price.
However, the sharp rise in the share price of Yong’an futures is not good news for a group of investors who look out of sight. According to the announcement of issuance results released by Yong’an futures, the amount of online investors’ abandonment reached 7.6854 million yuan, and the amount of offline investment abandonment reached 98300 yuan, a total of 7.7837 million yuan. According to today’s increase alone, these investors earned 3.4248 million yuan less.
(brokerage China)
