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挂牌私募盈利显著分化 行业进入洗牌期

2017-09-22 07:57:14   中国经济网

从2017年新三板中报披露情况来看,新三板挂牌私募(包括股权类私募和证券类私募)的业绩呈现明显分化,显示行业步入了洗牌期。具体来看,纳入统计的30家私募机构中,6家私募上半年净利润在1亿元以上,8家私募净利润不足100万元;而从净利润增速来看,既有同比增速几十倍的公司,亦有下滑幅度超过90%乃至100%的案例,体现出这一行业盈利的高波动性。

业绩分化和波动性凸显

数据显示,挂牌私募的中报业绩分化较大,6家私募上半年净利润在1亿元以上,9家私募净利润不足300万元。

私募机构的业绩波动幅度也较普通行业更大,今年上半年,有10家私募净利润同比增长超过一倍,其中菁英时代(833899.OC)净利润增长45倍至1211万元,浙商创投(834089.OC)增长15倍至4749万元。

同时,有10家私募净利润同比下滑,其中思考投资(831896.OC)上半年亏损268万元,相比去年同期的1748万元,下跌了115%;架桥资本(833689.OC)净利润则大幅减少98%至72万元,天信投资(831889.OC)净利润也大幅下滑90%至266万元。

东北证券研究员付立春指出,私募半年报表现分化明显,尤其是规模较小的机构波动较大。这可能与投资项目周期、细分行业优势,以及资本市场行情有关。现在资本市场流动性不充分,导致私募机构曾经享受的从天使到VC、PE、上市公司、散户的溢价传递链条不再那么顺畅。如果不是特别优质的项目,融资会越来越困难;而没有资金支持,失败概率越来越大,形成恶性循环。很多有风险或依赖资本发展的行业就难以为继,“裸泳”的项目就会浮出水面。私募行业正处于洗牌转型期,PE机构的资源、整合能力、风控能力,以及募投管退链条各环节竞争力显得更加重要。未来行业集中度会越来越高,会有一批优质私募胜出,而一些踩雷、能力不足的私募机构会遇到挑战,甚至会面临困境。

私募龙头主业不彰

从业绩报表来看,市场上耳熟能详的几大巨头,日子也显然不如往昔风光。尽管九鼎集团(430719.OC)依旧以39.73亿元的营收和5.73亿元的净利润排在各私募机构中首位,营收和净利润同比增速分别高达129.81%和37.91%,但是贡献度最大的却是保险业务,而非私募股权业务。

九鼎集团中报显示,2017年上半年营业总收入同比实现大幅增长的最主要原因是:报告期内已合并富通保险的财务报表,其保险业务收入较大,而上年同期未合并富通保险的财务报表。而私募股权业务载体——九鼎投资(600053)上半年营业收入3.31亿元,净利润1.31亿元,较上年同期的6.58亿元和1.66亿元分别下降了49.76%和21.33%。此外,九州证券今年上半年亏损1.06亿元,而去年同期实现了1.93亿元的净利润。

中科招商(832168.OC)在经历了2016年业绩大幅下滑99%后,净利润重新回到挂牌PE机构前列,今年上半年公司盈利暴增四倍至2.2亿元,不过营业收入同比减少21%至2.77亿元。公司表示,营收下降主要原因是受证券市场的波动影响,新设基金较少,原有基金退出节奏放缓,基金管理费、业绩分成收入减少。而净利润增长的主要原因是减持了部分上市公司股份所获得的投资收益。

硅谷天堂(833044.OC)则延续了净利润下滑的态势,今年上半年公司营业收入2.29亿元,增长24.61%,但净利润下滑75.12%至1323万元,而硅谷天堂去年净利润就已经大幅下滑56%。

较大的私募机构中,财务上表现较好的是天图投资(833979.OC)和明石创新(832924.OC)。天图投资上半年营业收入和净利润分别达到5.39亿元和4.81亿元,同比均增长1.4倍。明石创新上半年营业收入和净利润分别为4.9亿元和3.8亿元,同比增长4.7倍和37%。

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