"The first stock of armed escort" is coming?

China Fund Reporter Jiang You Intern Zhao Xinyi

The "RMB porter", which is mainly responsible for armed escort -Anbang Guardian Group recently updated the prospectus again, sprinting the main board of the Shanghai Stock Exchange. Since there are no companies engaged in armed escort business at present, if this successful listing is successfully launched, the Anbang Guarding Group will become the "first stock of armed escort".

Recently, Anbang Guard Group Co., Ltd. (hereinafter referred to as "Anbang Guard") has updated the prospectus. It is intended to publicize the number of shares in the A -share market of not more than 26.817 million shares. , Zhejiang Public Security Service Center (Phase I) project and supplementary funds, the main underwriters are Caitong Securities.

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Regional qualification exclusive

The performance revenue of performance exceeded 6 billion in three years:

16,000 employees, 2100 escort vehicles, 3,200 riot guns

Because of its industry attributes involving special items such as guns and cash, armed escort is related to financial security. Therefore, there is a high entry threshold and industry barriers. According to relevant regulations, armed escort companies shall meet the conditions such as the state ownership of more than 51%and the registered capital of not less than 10 million yuan, and the qualification acquisition is difficult. At present, armed escort enterprises are currently operated in their respective cities and counties, and only one to two armed escort enterprises in a city have set up only one to two armed escort enterprises.

According to public information, Anbang Guard was founded in 2006. It is the only financial armed escort company in the country that implements a group operation. It is currently holding 55.80%of Zhejiang State -owned Capital Operation Co., Ltd. %. The main business is to "provide armed escort services" for banks and other customers who have escorted needs, so they are also known as "RMB porters". Anbang's guard has a strong regional exclusiveness in the armed escort business. Its subsidiaries have all armed escort qualifications in Zhejiang Province.

According to the prospectus, the company has more than 16,000 employees, more than 2100 escort vehicles, and more than 3,200 riot guns. The top four customers in the reporting period are Zhejiang regional branches of the four major state -owned banks of "workers and peasants". Essence

Based on the three -year performance income, it can be seen that since 2019, Anbang Guard has continued to rise for three consecutive years, and its three -year revenue has exceeded 6 billion yuan. From the perspective of the account receivable turnover, the proportion of account balances in Anbang's guards during the reporting period accounted for about 6%-7%of operating income, remained at a lower level and did not change much. Small.

In the past three years, in 2019, 2020, and 2021, the operating income of Anbang's guards was 1.958 billion yuan, 2.064 billion yuan, and 2.197 billion yuan, respectively, and the net profit attributable to the mother was 63.31 million yuan, 120 million yuan, and 93.27 million yuan, respectively. As of the end of 2021, the net assets were about 1 billion yuan. It can be seen that the growth rate of revenue is not high.

The prospectus shows that the investment in the fundraising project is 472 million yuan, including digital upgrade development projects and Zhejiang Public Security Service Center (Phase I) projects.

Development characteristics are significantly concentrated in Zhejiang

The four major banks Zhejiang branch and the Bank of Ningbo are the top five customers

The Ministry of Public Security promulgated the "Notice on Printing and Distributing" in 2017, which clearly strictly controlled the approval of the security guards guarding the company. In principle, it is no longer permitted to establish a new security company that provides armed guardians. Competitors enter the game.

The qualifications of the armed escort industry are difficult to approve and registered capital, although the Anbang guard can be allowed to form a monopoly in the province with its monopoly and first -mover advantage in the short term. However, in the long run, many people think that because armed escort companies often "operate on the site" and it is difficult to operate or expand business landscapes across cities, the company's growth space is very limited. Anbang Guard has come to the "performance ceiling".

In the past two years, the top five customers of the company are the four major state -owned banks in Zhejiang and Bank of Ningbo. In 2021, the total sales percentage of the five major customers in 2021 were 35.65%.

The prospectus shows that most of the service targets of Anbang Guard are banks and large customers. From 2019 to 2021, the company's income from bank customers accounted for 86.01%, 82.87%, and 80.68%. Although it has declined, it is more than 80 %.

In terms of specific businesses, Anbang Guardian financial security services include two types: escort and financial outsourcing. The escort business is to provide institutions with "early delivery and evening" and cash escort services; financial outsourcing business is to help them host self -service self -service equipment and clear cash.

For details, the proportion of Anbang's guarding business accounted for 72.81%, 69.15%, and 65.84%of the total revenue during the reporting period. Although the numbers are still high, it has shown a decline year by year.

It is worth noting that the financial outsourcing business of Anbang Guard and the other two business segments have grown differently in recent years.

For example, in terms of comprehensive security services, the company provides integrated security business for key units and large -scale activities. At the same time, it sells security devices such as smart escort vehicle systems, coin return management systems, and smart guns developed by the company. The company also developed security engineering projects such as Zhi'an Campus, Second -wheeled Electric Vehicle Anti -theft Project, and Smart Prison to make innovations in system security. In terms of safety emergency services, the company combines technical defense technologies such as video surveillance, networking alarm, and access control systems to carry out closed -loop control of government departments and large institutions. At the same time, the company also provides transportation emergency services such as road rescue and transportation facilities and emergency supplies and emergency rescue services. It can be seen that Anbang's guard is also actively conducting business development.

There is an impact on the mobile payment on the physical escort business

In recent years, with the increasing popularity of mobile payment and the gradual expansion of digital RMB pilots, the cash usage and usage scenarios of the whole society have continued to decrease. According to data from the People's Bank of China, from 2016 to 2021, my country's cash access amount is gradually declining, and this development trend will continue in the future.

According to the prospectus, the armed escort business of Anbang's guard is mainly cash escort. The custody of the custody of precious items such as gold, jewelry, jewelry, securities, and machine -required documents other than cash involves less.

It is reported that at the beginning of this year, Beijing Zhongguancun Bank and Liaoning Zhenxing Bank successively announced that they would suspend cash receipts and payment business. The cost of cash business is high, and some private banks have begun to find another way. In addition, the phenomenon of financial escort companies in Hong Kong, Hong Kong, and other countries and regions abroad.

Edit: Joey

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