The company ry of MA Company of Su:m recently released the 2024 China report, achieving business income of 850 million yuan, an increase of 12.08% over the same period last year, and a net profit of 275 million yuan, an increase of 13.46% compared with the same period last year.
The scale of active management has increased, and private investment funds have made steady progress. In the first half of the year, on the basis of giving full play to the advantages of fixed income products, the company promoted the optimization of the "fixed income +" business model, seized the investment opportunity of the recovery of the bond market, optimized the asset allocation structure, and fully tapped the potential of channel customers. the scale of active management has achieved positive growth compared with the end of last year. By the end of the reporting period, the company had only 585 asset management products in existence, with a net product value of 116.964 billion yuan, an increase of 9.05% over the end of last year. According to the product type, the company has only 561 asset management products excluding the special asset management plan, with a net product value of 96.384 billion yuan, an increase of 7.69% over the end of last year. According to the data released by the Fund Industry Association, the company ranks 16th in the industry in terms of monthly average size of private equity asset management (excluding special asset management), and ranks 20th in the industry for the first time.
Investment business increased significantly, and the two major businesses reversed losses. The company's investment business income was 377 million yuan, accounting for 44.37% of the company's operating income, an increase of 104.02% over the same period last year.
The company has been focusing on fixed income investment and trading business, carrying out proprietary investment business and capital intermediary business based on the concept of "strict risk control and sound operation". The income of fixed income business is 384 million yuan, an increase of 6.57% over the same period last year. In the face of the situation of high market volatility and fast plate rotation, the company has relatively effectively stabilized the large fluctuation of the investment portfolio through position control, diversified investment, multi-strategy allocation and quantitative hedging. Equity securities investment business income to achieve a turnaround. The company's wholly-owned subsidiary Shouzheng Zefu invested in seven enterprises, including Kangwei, Yiyi Pharmaceutical, and Anda Technology, which successfully listed on the Northern Stock Exchange, the invested friendly car Technology successfully listed Science and Technology Innovation Board, and the income from alternative investment business turned losses into profits.
Brokerage business declined slightly, with three types of business performing brightly. In the first half of 2023, the A stock market continued to fluctuate, with a unilateral trading volume of 12.45 billion yuan in Shanghai and Shenzhen stock funds, basically the same as the same period last year. The company's brokerage business income was 163 million yuan, down 2.23% from the same period last year. Of this total, the income from the agency securities trading business was 99 million yuan, down 15.18% from the same period last year, while the leasing of trading unit seats, futures brokerage business and consignment sales of financial products increased, with income of 0.34 trillion yuan and 27.25%, 36.77% and 13.52%, respectively.
The company actively explores the path of differentiation and continues to consolidate its distinctive competitive advantage. we estimate that the company's operating income from 2023 to 2025 will be 2.47,2.77 and 312 million yuan respectively, with year-on-year growth rates of 55.37%, 12.40% and 12.57%, respectively. The net profit of homing was 0.75,8.68 and 102 million yuan respectively, with year-on-year growth rates of 35.58%, 15.67% and 17.55%, respectively. EPS is 0.27,0.32,0.37 yuan per share respectively. With reference to the comparable company's valuation, we gave the company 89.53 times PE in 2023, maintaining an "overweight" rating.
Risk hint: the reform of the securities market is not as expected, the capital market fluctuates sharply, and the bond market fluctuates sharply.