\u3000\u30 Shenzhen Fountain Corporation(000005) 67 Hainan Haide Capital Management Co.Ltd(000567) )
The revenue and net profit increased rapidly, and the performance reached a new high
In 2021, the company realized an operating revenue of 667 million yuan, a year-on-year increase of + 113.79%; The net profit reached 383 million yuan, a year-on-year increase of + 199.96%, a record high for two consecutive years. The operating income of the company was RMB 2295 million, with a year-on-year increase of RMB 171.2%; The net profit attributable to the parent company was 127 million yuan, a year-on-year increase of + 164.95%. The rapid growth of the company’s operating income is mainly due to the rapid year-on-year increase in asset management business income. In the whole year of 21, the operating income of asset management was 666 million yuan, a year-on-year increase of + 113.82%. The growth of asset management performance was mainly contributed by Haide asset management, a holding subsidiary. Under the opportunity of the troubled asset management industry, Haide asset management made a stable layout and accelerated the disposal of troubled assets. In the whole year of 21, it achieved an operating revenue of 618 million yuan, a year-on-year increase of + 115.75%; The net profit was 431 million yuan, a year-on-year increase of + 188.71%
Focus on the distressed asset management business and help the development of shareholder resources
The company expects that under the background of economic downturn, non-performing assets will continue to increase, the demand for asset relief will continue to grow, and the future market scale is estimated to reach 10 trillion yuan. Adhering to the business philosophy of safety and efficiency, the company has constantly innovated its business model and demonstrated a strong development momentum in the non-performing asset management business. The company is mainly engaged in the acquisition and reorganization business of non-performing assets, acquisition and disposal business, special opportunity investment business and management business. Among them, the acquisition and reorganization and acquisition and disposal business of non-performing assets are the main source of profits. By the end of 2021, the company had 25.264 billion yuan of assets under management. In addition, in December 2021, Nanjing Intermediate People’s court ruled on the substantive merger and reorganization plan of five companies including Yongtai technology and Yongtai group. The debt crisis of Yongtai group, the controlling shareholder of the company, has been substantially resolved. The resolution of debt risk will provide a stable internal environment for the company to improve its financing capacity and promote the future development of the company’s business.
China’s AMC market continues to expand, and the value of scarce AMC licenses is prominent
The company was transformed in 2015, and its main business changed from real estate to non-performing asset management, becoming the only listed company with AMC license and focusing on non-performing asset management. In 2021, the company’s asset management revenue accounted for 99.99%. On the one hand, in recent years, the downward pressure on the economy has been increasing, and the business environment of enterprises has deteriorated, resulting in the further deterioration of the asset quality of banks and other financial institutions. In recent years, the scale of loan write off has remained at a high level. The scale of social finance write off loans reached 1.03 trillion in 2021, with an annual increase of about 7.94% from 2017 to 2021. On the other hand, with the continuous promotion of industrial upgrading, a large number of enterprises urgently need transformation, which will further increase the supply of troubled assets. With the shift of macroeconomic growth, the supply of non-performing assets is expected to increase, and the AMC market continues to expand. Relying on the scarcity of AMC licenses and the business layout inside and outside Hainan Province, the company will continue to benefit from the expansion of AMC market.
“Capital management + asset management” two wheel drive transformation enables the development of the company
Since the transformation of asset management in 2016, the company has made continuous efforts by taking advantage of its own advantages, and a number of business indicators have reached a record high. At present, the transformation of the company has achieved phased success. In terms of future development strategy, the company will extend its business chain, create a two wheel drive of “capital management + asset management”, and give full play to the functions of Hainan Haide Capital Management Co.Ltd(000567) , Haide asset management and two platforms. In terms of capital management, select energy storage, new energy and other investment projects to continuously improve the ability of capital raising, investment, management and return; In terms of asset management, we continued to cultivate and expand distressed asset management business. In the future, the company will cater to market opportunities, expand and strengthen the three main businesses of distressed assets relief and quality improvement, high-quality asset transportation and management appreciation and capital raising, investment, management and return, so as to provide broad development space for the company.
Investment suggestion: under the development opportunity of the troubled asset management industry, the company actively transformed its non-performing asset management business, and achieved a new high in revenue and net profit by virtue of scarce AMC license and excellent subsidiary Hyde asset management. The company’s future scale and performance are expected to maintain rapid growth. In view of the high growth of the company’s performance in 2021, we raised the company’s profit forecast. It is estimated that the company’s net profit from 2022 to 2024 will be 614 million yuan (the previous value is 219 million yuan), 930 million yuan (the previous value is 321 million yuan) and 1136 million yuan respectively, with a year-on-year increase of 60.04%, 51.62% and 22.15% respectively, and raised the company’s rating to “overweight”.
Risk warning: policy risk; Operational risk; Business development risk; market risk
