Proprietary reduction and asset management increase in the same period, why did CITIC Securities "go against the grain" on KSTAR?

time:2022-12-09 19:39:03source:chakarski.com author:Garbage
Proprietary reduction and asset management increase in the same period, why did CITIC Securities "go against the grain" on KSTAR?

With the disclosure of Kstar's semi-annual report, the changes in the shareholdings of the top ten shareholders were also exposed, of which CITIC Securities reduced its holdings of Kstar's 3.336 million shares. Interestingly, two asset management products of CITIC Securities have newly entered the top ten shareholders of KSTAR. That is to say, CITIC Securities' self-operated market and its two asset management products have differences on KSTAR. For brokers, it is rare to reduce their positions on their own and increase their positions with asset management products. On September 7, Global Tiger Finance found that, according to the semi-annual report of KSTAR, as of the end of June this year, CITIC Securities reduced its holdings of KSTAR by 3.336 million shares, and its shareholding ratio dropped to 0.97%. Coincidentally, the two asset management products of CITIC Securities, CITIC Securities Dividend Value One-Year Hold Hybrid Collective Asset Management Plan (referred to as “CITIC Securities Dividend Value A”) and CITIC Securities Xinyangtianhe stock pension products, are not listed this year. At the end of June, Xinjin became the company's 7th and 10th largest shareholders, with shareholding ratios of 0.38% and 0.3%, respectively. This means that while CITIC Securities is reducing its holdings of Kestar, asset management products have increased its holdings of Kestar. Yes Therefore, some public fundraisers said that this kind of situation is relatively rare, and it depends on whether there has been a similar situation before. The two faces of CITIC Securities, CITIC Securities, reduced their holdings in the left hand and increased their positions in the right. At the time of the disclosure, the changes in the shareholdings of the top ten shareholders were also exposed. As of June 30, CITIC Securities reduced its holdings of Kesta by 3.336 million shares, and its shareholding ratio dropped from 1.54% in the first quarter to 0.97%. What is notable is that the two asset management products of CITIC Securities have newly become the top ten shareholders of KSTAR. That is to say, CITIC Securities' self-operated market and its two asset management products have differences on KSTAR. Specifically, CITIC Securities Dividend Value A became the 7th largest shareholder of KSTAR at the end of June this year, holding 2.194 million shares and a shareholding ratio of 0.38%; CITIC Securities Xinyangtianhe stock pension The number of shares held by the product is 1.766 million shares, and the shareholding ratio is 0.3%. Why does a company run the opposite direction on one stock? A public offer person told Tiger Finance: "Fund managers of securities brokerage asset management generally buy and sell stocks with a specific stock pool. , and the self-operated securities companies also have their own stock pools. Under normal circumstances, the stock pools of the two are different. It is normal if both have products to hold shares in a company at the same time. In addition, he added: "The specific operation should be independent, especially when it comes to investment and research. Moreover, from the perspective of holdings, the proportion of self-operated products in the circulating market is relatively small, and it is difficult to have a specific impact on the stock price. However, it is relatively rare to reduce the position of self-operated and increase the position of asset management products. It depends on whether a similar situation has occurred before. "Obviously, CITIC Securities did not trade according to the routine, but it is worth mentioning that it may have made a lot of money in the process of investing in KSTAR. CITIC Securities has gained a lot. In fact, CITIC Securities and KSTAR Going back to the end of the third quarter of 2021, according to Choice data, CITIC Securities became the fifth largest shareholder of KSTAR at that time, holding 9,005,800 shares, if calculated at 29.02 yuan per share , CITIC Securities invested 260 million yuan in Kstar. In the third quarter of last year, Kstar's stock price was showing a rapid progress, reaching the highest point of the year at 41.04 yuan per share. As of September 30, 2021, the cumulative quarterly An increase of more than 89%. But then, the share price of Keshida began to fall after hitting the highest point in 2021, all the way to 12.7 yuan / share in April 2022, a cumulative decline of nearly 66%. In the context of Kstar's share price encountering Waterloo, according to Choice data, CITIC Securities chose to reduce its holdings by 253,000 shares in the fourth quarter of last year. If the average price of Kstar in the fourth quarter of last year is calculated at 30.17 yuan per share, the cash amount of CITIC Securities this time is approximately 7.633 million. Subsequently, CITIC Securities chose to increase its holdings of Kstar in the first quarter of this year. According to Choice data, as of the end of the first quarter of this year, CITIC Securities increased its holdings by 235,000 shares. If the average of Kstar in the first quarter of this year is based on Calculated at a price of 23.05 yuan per share, CITIC Securities spent 5.417 million yuan. Until the end of the second quarter of this year, CITIC Securities chose to reduce its holdings and cash out 3.336 million shares when Kestar’s stock price bottomed out. Based on Star's closing price of 30.6 yuan per share, CITIC Securities has cashed out about 100 million yuan. After several reductions and increases, CITIC Securities held 5.652 million Kestar shares at the end of June this year. If calculated at 30.6 yuan per share, CITIC Securities The market value of the holdings reached 173 million yuan. Superimposing its previous two reductions and cashings amounted to 108 million yuan, a total of 281 million yuan, which was significantly higher than the cost price of 265 million yuan for CITIC Securities to increase its holdings twice. More critical The fact is that in the third quarter of this year, Kstar's stock price still showed an upward trend. It once rose to the highest point of the year at the end of August at 50.69 yuan per share. As of the close on September 7, in just over two months, the cumulative increase exceeded 44%. %. That is to say, even at the end of June this year, the two asset management products of CITIC Securities, CITIC Securities Dividend Value A and Xinyangtianhe stock pension products, became the top ten shareholders of KSTAR, or they would have gained a lot. .So what about KSTAR, which made CITIC Securities "return with a full reward"? With KSTAR, which is a new energy source, the stock price and performance of KSTAR are flying together. This operation of CITIC Securities also pushed KSTAR to the spotlight. On the one hand, KSTAR is the Star's stock price is like pulling green onions in dry land. Since April, its stock price has been pulling green onions in dry land, rising all the way from 12.7 yuan/share at the bottom to 50.69 yuan/share at the end of August. As of today's close, the cumulative increase during the year has increased by nearly 80%. On the other hand Yes, the company's performance also exceeded expectations in the first half of this year. According to its annual report data, this year In the first half of the year, its revenue was 1.521 billion yuan, a year-on-year increase of 27.79%; the net profit attributable to the parent was 218 million yuan, a year-on-year increase of 21.87%. The stock price and performance are inseparable from the fact that KSTAR can not get on the golden track of new energy. In recent years, KSTAR has accelerated its "staking" in the field of energy storage. In 2019, it joined hands with Ningde Times to set up a joint venture company, Times Kestar, to develop related businesses such as energy storage, charging piles, and "optical storage and charging" integration. After a lapse of two years, Kestar took over the Ningde era and planned to spend 67.7843 million yuan to acquire a 31% stake in Times Kesta. After the completion of the transaction, the company holds 80% of the equity of Times Keshida, and Times Keshida becomes the company's holding subsidiary. The high prosperity of the superimposed photovoltaic industry is becoming more and more obvious, and the energy storage business of KSTAR is showing a trend of rapid progress. By 2021, according to the "Energy Storage Industry Research White Paper 2022", KSTAR will be among the global energy storage market in 2021. The top ten in terms of shipment volume and the top ten shipments of energy storage systems in the overseas energy storage market in 2021. This is still the case in the first half of this year. Photovoltaic inverters and energy storage equipment increased by 160% year-on-year to 383 million yuan, even exceeding the level of last year. In addition to the energy storage business, the year-on-year increase in the revenue of new energy charging equipment has far exceeded that of other businesses. This year, the revenue of this business was 48.233 million yuan, a year-on-year increase of 98.08%. But it is worth noting that the company's largest source of revenue is still the data center business. Compared with the new energy industry, the revenue of the data center business in the first half of this year is slightly inferior. Specifically, the revenue of smart power supply and data center equipment business was 1.02 billion yuan, an increase of only 7.55% year-on-year, and the proportion of revenue once reached 67%. Obviously, even though the proportion of the data center business in KSTAR's revenue gradually declines, it still plays a pivotal role in the company, but now the business growth rate is slowing down and the gross profit margin is falling. This means that KSTAR needs the second curve of performance growth, and the new energy industry is one of them. As Fan Tao, the company's deputy general manager and secretary of the board of directors, said that the company hopes that in the past two or three years, the proportion of new energy revenue will reach 40% to 50%, that is to say, new energy may gradually become a new growth engine for KSTAR.
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