2024年地方AMC回顾与展望系列之行业运行—— 规模趋稳杠杆降 利润收窄分化显

Industry Investment Rating - The report does not explicitly provide an overall industry investment rating [1] Core Views - The industry's asset scale is stabilizing with slowing growth, and leverage levels are declining, but profitability is narrowing with significant regional and enterprise differentiation [1] - Regional economic development and financial environment significantly impact local AMCs' profitability, leading to notable regional divergence [37] - State-owned local AMCs are gaining more government support, while private local AMCs face increasing operational difficulties and capital withdrawal [41][44] Asset Scale - The total assets of the industry continued to expand by the end of 2023 and June 2024, but the growth rate slowed down significantly, with a 1.78% increase by June 2024 [4] - As of June 2024, the majority of sample companies had total assets below 300 billion yuan, with only 4 companies exceeding 500 billion yuan, led by Shandong Jinzi with 1,276.37 billion yuan [4] - From 2023 to June 2024, 5 companies saw asset growth exceeding 10%, while no companies experienced a decline of over 5% [6][7] Capital Strength - The industry's net assets maintained steady growth, with a 3.97% increase by June 2024 [8] - As of June 2024, 9 sample companies had net assets exceeding 100 billion yuan, with Shandong Jinzi leading at 689.02 billion yuan [11] - Frequent capital injections occurred in 2023, with Shandong Jinzi, Jiangsu Asset, and others receiving significant capital increases [12] Leverage Levels - The industry's leverage level continued to decline, with the average debt-to-asset ratio of sample companies concentrated between 60% and 80% as of June 2024 [15] - Shandong Jinzi and Zhejiang Asset actively reduced their leverage levels, while Shenzhen Asset and China Merchants Ping An Asset saw significant increases in leverage [17][18] - The bond financing ratio remained stable at around 27% from 2021 to 2023, indicating potential for further expansion in bond financing [22][25] Profitability - In 2023, the industry's total profit increased slightly, but net profit remained flat, with profitability indicators continuing to decline [27] - In the first half of 2024, total profit and net profit decreased by 28.60% and 25.73% year-on-year, respectively, with several companies reporting losses [27][29] - Regional divergence in profitability is evident, with companies in economically developed regions like Jiangsu and Zhejiang performing better, while those in weaker regions like Inner Mongolia and Guizhou struggled [37][39] State-Owned vs Private AMCs - Private local AMCs face increasing operational difficulties, with several companies experiencing financial distress and capital withdrawal [41][42] - State-owned local AMCs are receiving stronger government support, leading to a widening gap between state-owned and private AMCs [44]