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 Overview - The asset size of the local AMC industry continued to expand by the end of 2023 and June 2024, but the growth rate slowed down significantly, with a 1.78% increase in assets by June 2024 [4] - The industry's leverage level continued to decline, although some sample companies still maintained high leverage ratios [1] - Profitability in the industry showed a noticeable decline in the first half of 2024, with significant regional differentiation in profitability among local AMCs [1] Asset Size and Distribution - By June 2024, the total assets of sample companies were mainly below 300 billion yuan, with only 8 companies exceeding 300 billion yuan and 4 companies surpassing 500 billion yuan [4] - Shandong Jinzi (1276.37 billion yuan), Zhongyuan Asset (715.30 billion yuan), Zhejiang Asset (675.82 billion yuan), and Shaanxi Jinzi (615.03 billion yuan) were the top four companies in terms of asset size, with Shandong Jinzi being the only local AMC with assets exceeding 1 trillion yuan [4] - From 2023 to June 2024, 6 companies saw asset growth exceeding 10%, while 4 companies experienced asset declines exceeding 5% [6][7] Capital Strength - The industry's net assets continued to grow steadily, with a 3.97% increase by June 2024 [8] - Shandong Jinzi, Shaanxi Jinzi, Zhejiang Asset, and Zhongyuan Asset were the top four companies in terms of net assets, with Shandong Jinzi leading at 689.02 billion yuan [11] - Capital replenishment activities were frequent in 2023, with Shandong Jinzi, Jiangsu Asset, and Henan Asset being notable examples of companies that increased their capital significantly [12] Leverage Levels - The industry's average leverage ratio continued to decline, with most sample companies maintaining a debt-to-asset ratio between 60% and 80% [15] - Shandong Jinzi and Zhejiang Asset were among the few companies that consistently reduced their leverage ratios, with Shandong Jinzi's ratio dropping to 46.02% by June 2024 [17] - Companies like Xingye Asset and China Merchants Ping An Asset had high leverage ratios of 80.90% and 82.40%, respectively, indicating potential liquidity risks [15][18] Profitability - The industry's total profit increased slightly in 2023 but declined significantly in the first half of 2024, with a 28.60% drop in total profit and a 25.73% drop in net profit [28] - Companies like Huarun Yukang Asset, Xingye Asset, Yunnan Asset, and Zhongyuan Asset saw profit growth exceeding 30% in 2023, while Guangzhou Asset, Everbright Jinou Asset, and Hunan Caixin Asset experienced profit declines exceeding 20% [32][33] - By June 2024, 5 companies, including Guizhou Asset and China Merchants Ping An Asset, reported losses, with China Merchants Ping An Asset showing significant volatility in profitability [33] Regional and Operational Differentiation - Local AMCs in economically developed regions like Jiangsu, Zhejiang, and Fujian generally maintained higher profitability, while those in less developed regions like Inner Mongolia and Guizhou showed weaker performance [37] - Shenzhen Asset achieved stable profitability with an annualized ROE exceeding 8% from 2021 to June 2024, while Guangzhou Asset and China Merchants Ping An Asset in Guangdong Province faced significant profit declines [39] - Inner Mongolia Jinzi developed unique business models, such as government debt restructuring and policy-based businesses, to supplement traditional non-performing asset operations [40] State-Owned vs. Private AMCs - Private local AMCs faced increasing operational difficulties, with companies like Hubei Tianqian Asset and Guohou Asset experiencing significant losses and liquidity pressures [42] - State-owned local AMCs received stronger government support, leading to a widening performance gap between state-owned and private AMCs [44] - Several private AMCs, including Hubei Tianqian Asset and Guohou Asset, were listed as被执行人或 faced legal restrictions, reflecting the challenges in the private sector [42]