"Flash crash" drop stop! The performance of the game leader thundered, and Harvest Fund stepped on the thunder
Entering the end of October, the disclosure of the third quarterly report of this year has come to an end, and it is a time of several joys and a few sorrows, but as far as the current stock market situation is concerned, it seems that the stock price will not escape the decline in stock prices, and only the companies with continuous decline in performance or losses have soared due to concept speculation.
The performance of the game leader was thunderous, and the stock price fell to the limit
Yesterday evening, A-share game leader Gigabit (603444.sh) released its third quarterly report, with revenue of 957 million yuan in the third quarter, down 27.41% year-on-year, net profit attributable to the parent of 183 million, down 43.31% year-on-year, non-net profit of 176 million, down 46.78% year-on-year, and operating cash flow of 222 million, down 58.92% year-on-year.
In the first three quarters, the revenue was 3.306 billion, down 13.66% year-on-year, the net profit attributable to the parent was 859 million, down 15.07% year-on-year, the non-net profit was 823 million, down 17.82% year-on-year, and the operating cash flow was 824 million, down 36.21% year-on-year.
(Screenshot of Gigabit's 2023 third quarter report)
Gibbit said in the financial report that the reason for the decline in revenue and net profit attributable to the parent was that the revenue of products such as "Ask Dao Mobile Game" and "Yinian Xiaoyao (Mainland Version)" decreased from July to September this year compared with the same period of the previous year, and the decline in non-net profit was mainly affected by exchange rate fluctuations, and the decline in operating cash flow was mainly due to the decline in core product flow.
Affected by the financial report of the decline of this financial indicator across the board, Gigabit's stock price opened low today and then instantly crashed and stopped, and the stock price has fallen by nearly 50% compared with the high level of the year!
(Screenshot of Gigabit's tick trend on October 25)
(Screenshot of Gigabit stock price trend during the year)
At the beginning of the year, due to the hype of ChatGPT, AIGC and other concepts, the stock price of game entertainment, culture and media sectors rose sharply, and the share price of Gigabit, which is mainly engaged in mobile game development, rose from about 280 yuan at the end of last year to a maximum of 580 yuan in early April this year, directly doubling!
After the stock price doubled, Gigabit implemented a 2022 dividend of 10 pai 30 yuan with a total of 216 million yuan at a high level, with a dividend payment rate of 14.76%, which dropped sharply from 99.43% in the third quarter of 2022, and then the stock price began to fall all the way. At the same time, the controlling shareholder also reduced its holdings at a high stock price to cash out more than 119 million.
(Screenshot of Gigabit announcement)
By August 16 this year, Gigabit released a semi-annual dividend plan of 10 pai 70 yuan, with a total amount of 504 million yuan and a dividend payment rate of 74.47%. Although the dividend payment rate has increased significantly, and the half-year dividend is even more exciting, the company's stock price has continued to fall, until today's high drop of more than 49%, almost cut off!
After intensive "shouting" by brokers, the stock price fell by more than 30%
Gigabit's "roller coaster" market during the year fully shows the characteristics of concept speculation, the first quarter due to the AIGC concept skyrocketed, the second and third quarters due to the speculation fever all the way down, which seems to be normal market behavior.
What is abnormal is that on August 16 this year, after Gigabit released the first decline in revenue in 6 years since listing and the exciting half-year dividend plan of 10 pai 70 yuan, many brokerage institutions have given "buy" ratings, and then the stock price fell sharply!
Data show that since Gigabit released its half-year report on August 16, 35 brokerages have given Gigabit a "buy" or "overweight" rating in just half a month by the end of August, and the company's stock price has fallen by nearly 30% since then.
(Data source: Tongdaxin)
After Gigabit released its third quarterly report yesterday evening, Huatai Securities followed up and released a "buy" rating report for the first time today, giving a target price of 377.08 yuan, up nearly 15% from yesterday's closing price of 328.6 yuan.
On August 21, Guotai Junan's "buy" rating report gave a target price of 555.3 yuan, resulting in a decline of more than 20% since August 21, with the largest decline of nearly 30% during the period.
(Screenshot of Guotai Junan Research Report)
Brokerage research report really, can only be "hehe"!
Harvest Fund stepped on the thunder and lost more than 50 million yuan in half a year
It is worth noting that Harvest Fund, which has recently fallen into the vortex of public opinion because of the "Zhejiang Guoxiang IPO" incident, has also stepped on this thunder because its fund has a heavy position.
In the Zhejiang Guoxiang IPO incident, Harvest Fund and Wells Fargo Fund were two relatively controversial fund institutions, because both funds used more than 200 of their products to apply for Zhejiang Guoxiang at a high price, with Wells Fargo Fund offering 80.75 yuan and Harvest Fund offering 81.94 yuan.
(Screenshot of Zhejiang Guoxiang announcement)
The fundamental reason why the two funds of Harvest and Fuguo fell into the whirlpool of public opinion on the IPO of Zhejiang Guoxiang lies in the question of "buying high and selling low", and the IPO of a company like Zhejiang Guoxiang used so many accounts to apply at a high price, resulting in anger among shareholders and the people!
This behavior of "buying high and selling low" is also reflected in Harvest Fund's investment in Gigabit.
Harvest Industry's Leading Hybrid Fund is a public fund of Harvest Industry Leading Fund, which is its sixth largest heavy stock in the third quarterly report of Harvest Industry Leading Fund, holding 138,300 shares and a market value of 50,565,200.
(Data source: Tongdaxin)
However, by inquiring about the changes in Harvest Industry's leading position in Gigabit, it is possible that the gigabit held by the fund has lost more than 50%!
Harvest Industry Leading was established on December 23, 2021, the first annual report after its establishment, the 2022 annual report shows that the fund did not hold gigabit shares as of the end of 2022, and the half-year report to 2023 showed that the fund bought a total of 108 million gigabit funds during the period, ranking the sixth largest heavy stock of the fund, but by the end of the third quarter of this year, the market value of the fund's position in gigabit was only 50.5652 million.
(Screenshot of Harvest Industry's leading 2023 half-year report)
This also means that if Harvest Industry leads in the third quarter of this year, if it does not add or reduce its position in Gigabit, the fund's position in Gigabit has lost nearly 60 million, a loss of more than 53.5%.
Based on the 138,300 shares of Harvest Industry Leading Fund, the fund's position cost on Gigabit was as high as 786.47 yuan per share, but the highest share price of Gigabit during the year was less than 600 yuan, indicating that the fund reduced its position in the third quarter.
Whether to reduce or not to reduce the position, Harvest Industry's leading investment in Gigabit is indeed a loss, and the loss is not small.
In fact, since the establishment of Harvest Industry Lead, there has been a huge loss, the fund's financial report shows that in 2022, the fund's A share loss of 292 million and C share loss of 6.871 million, in the first half of 2023, A share profit of 111 million, C share profit of 2.1935 million, and in the third quarter of 2023, A share loss of 208 million yuan and C share loss of 5.0886 million.
Since the establishment of Harvest Industry, the cumulative loss has exceeded 389 million, the cumulative loss of net value yield is 26.84%, and the loss in the past year is 17.66%!
(Screenshot of Harvest Industry Leading Fund's 2023 Third Quarter Report)
(Harvest Industry Leading Fund Performance)
Of course, although Harvest Industry has lost nearly 300 million yuan to Jimin less than two years after its establishment, the management fee that should be collected as a fund manager is not less, and the cumulative management fee collected by Harvest Industry is more than 32 million yuan after 1 year and 10 months of establishment.
(Screenshot of Harvest Industry Leading 2022 Annual Report)
(Screenshot of Harvest Industry's leading 2023 half-year report)
Such a result is obviously unsatisfactory for the people who hold the leading position in Harvest Industry, especially when it comes to the IPO of Zhejiang Guoxiang, which leads to the high willingness of the people to redeem.
Zhejiang Guoxiang IPO presents the interest chain in the listing process, involving many links such as companies to be listed, underwriting sponsors, fund institutions and so on. Harvest Industry is now stepping on Regibit, and it seems that it has presented the relevant interest chain of the secondary market, involving listed companies, controlling shareholders, actual controllers, public funds, etc.
No matter what link, some domestic public funds do not seem to have achieved basic contractual agreements such as "seeking maximum interests for fund holders' shares" and "not harming the interests of fund quota holders".