Another company exposed big melons, and the secretary of the board of directors "tore" the fund manager!

With the intensification of the losses of the people, the trust of the people in the fund manager is getting lower and lower, but I did not expect that even the executives of listed companies and listed companies have begun to question the fund manager.

The secretary of the board of directors of 40 billion big bull stocks "teared" the fund manager

Yesterday, an online rumor spread in the investment circle, Siyuan Electric (002028.sz) secretary of the board of directors in the conference call "complained", answered 50 calls, none of them congratulated the company on good results, all questioned the company's revenue and profits, and then directly "scolded" the fund manager: the company's cash flow is abundant, and it does not buy financial products, only buy bank fixed deposits, last year's yield exceeded 2%, and then he bought Ruiyuan, Xingquan, Bank of Communications Schroder fund, last year's loss of more than 20%.

Then, netizens found that the three funds of Ruiyuan, Xingquan and Bank of Communications Schroders were all the top ten shareholders of Sieyuan Electric. As of the third quarter of last year, Ruiyuan Balanced Value Three-year Holding Period Mixed Fund, Xingquan Business Model Preferred Mixed Fund, Xingxin New Vision Flexible Allocation Regular Open Mixed Fund, and Bank of Communications Schroder New Vitality Flexible Allocation Fund ranked the fifth, seventh, eighth and ninth largest shareholders of Sieyuan Electric respectively.

(Top 10 shareholders of Sieyuan Electric, data source: Tongdaxin)

As soon as this incident came out, many netizens and investors said that there was nothing wrong with the secretary of the board of directors of Sieyuan Electric.

According to the performance report released by Sieyuan Electric on January 17, the revenue was 12.451 billion, a year-on-year increase of 18.16%, the operating profit was 1.762 billion, a year-on-year increase of 31.31%, and the net profit attributable to the parent company was 1.545 billion, a year-on-year increase of 26.6%.

(Screenshot of Sieyuan Electric's performance report)

This performance, objectively speaking, even an ordinary investor will think that it is not bad, and the net profit growth rate of 26.6% is indeed not bad. I didn't expect that these fund managers would question their performance in the face of such performance, and I really don't know how high the growth of these fund managers is?

Besides, the stock of Sieyuan Electric has been in a continuous upward trend since the beginning of 2019, with a cumulative increase of more than 6 times, which is obvious to all investors, and the total market value has exceeded 40 billion this month.

(Screenshot of Sieyuan Electric's stock price trend)

The funny thing is that Sieyuan Electric's performance in 2023 has increased by more than 26%, and the stock price has risen by more than 50%, but the funds of Ruiyuan, Xingquan, and Bank of Communications Schroders, which are among the top ten shareholders, have lost more than 20%!

What is the problem, fund managers should not touch their chests and ask themselves, is it their own ability problem or Siyuan Electric's performance is less than expected?

As soon as this happened, the market voted with its feet, and the stock price of Sieyuan Electric fell sharply in the past two days.

The performance has increased 4 times in 5 years, and the dividend is nearly 700 million, but you are not satisfied?

From an objective point of view, the current share price of Sieyuan Electric has risen more than 6 times in the past 5 years, and the recent market value has reached a height of 40 billion, and then a look at the P/E ratio of Sieyuan Electric, the P/E ratio calculated according to the net profit of 1.22 billion in 2022 is 32 times, and the P/E ratio calculated by the net profit of 1.545 billion in 2023 is 25 times.

This valuation level, although it cannot be said to be low for a typical manufacturing company, is basically in a reasonable range. What's more, as a representative of long-term funds, shouldn't public funds look at the development of a company from a longer-term time cycle?

Not to mention, since 2018, Sieyuan Electric's performance has increased by more than 4 times, and the cash dividends to shareholders have been nearly 700 million, plus the stock price has increased by more than 6 times during this period, which is enough!

According to the data, the net profit of Sieyuan Electric in 2018 was 295 million, the net profit in 2022 was 1.22 billion, and the net profit in 2023 was 1.545 billion, and the cumulative net profit during the period increased by more than 4 times, with a compound annual growth rate of more than 40%, and only the performance in 2022 slowed down slightly.

(Source: Straight Flush website)

In terms of dividends, from 2018 to 2022, the dividends of Sieyuan Electric were 76 million, 76 million, 153 million, 153 million, and 231 million respectively, with a cumulative dividend of nearly 700 million in 5 years.

(Data source: Straight Flush website, Ruiyan brother collation)

It is worth mentioning that as can be seen from the above figure, Sieyuan Electric will significantly increase the scale of dividends in 2022. Regardless of other aspects, this kind of behavior should be praised because the company's performance slowed down in 2022 and the excess funds were returned to shareholders.

Therefore, I don't understand why these fund managers are not satisfied with a company like Sieyuan Electric that insists on dividends and steady growth in performance!

Where does the fund manager get the "face" to question performance?

In fact, Sieyuan Electric is a bit similar to the Haixing Power that Brother Ruiyan talked to you about a few days ago, both of which are engaged in power transmission and distribution equipment, and they also have business all over the world. To be honest, in the current stock market environment, this kind of listed company that can insist on dividends and maintain steady growth is really rare. What is even more rare is that the performance growth and stable dividends are ultimately reflected in the stock price, and the rise in the stock price directly creates income for shareholders and investors.

It's just that for these fund managers who hold huge amounts of money, it seems that they have no patience to grow with these stable companies!

The relevant situation of Sieyuan Electric has been said in the above, let's take a look at the situation of these funds involved, I just want to say that these fund managers where do they have the "face" to put forward higher requirements for such listed companies?

In the past year, none of the 8 funds under Ruiyuan Fund made a profit, and the Ruiyuan Growth Value Mixed Fund managed by the well-known fund manager Fu Pengbo lost the most, with a loss of 29.61%, followed by the Ruiyuan Balanced Value Three-Year Holding Mixed Fund, which ranked the fifth largest shareholder of Sieyuan Electric, with a loss of 24.04%, and among the 108 funds under the Xingquan Fund, the maximum profit was only 5.52%, which was a bond base, and the largest loss was the Xingquan Social Responsibility Mixed Fund, with a loss of 36.05% Xingquan Heyi, managed by Xie Zhiyu, the top line, lost 27.76%, the seventh and eighth largest shareholders of Sieyuan Electric lost 11.65% and 11.42% respectively; among the 226 funds under the Bank of Communications Schroder Fund, the largest profit was 6.89%, which was also a bond base, and the largest loss was a mixed three-year holding period of Bank of Communications Ruihe with a loss of 38.44%, and the ninth largest shareholder of Sieyuan Electric, Bank of Communications New Vitality mixed loss of 11.31%.

(Data source: Tongdaxin)

(Data source: Tongdaxin)

(Data source: Tongdaxin)

From another point of view, in the past five years, the compound annual growth rate of Sieyuan Electric's net profit has exceeded 40%, which of the domestic funds can reach this performance level? No, no, none of the more than 20,000 public fund products currently existing in China can reach this level, and the highest ABC consumer theme mixed in the past five years The annualized rate of return is only 34.66%.

What about the funds that are among the top 10 shareholders of Sieyuan Electric? Ruiyuan Balanced Value Three-year Holding Hybrid has an annualized rate of only 6.17% in the past 5 years, an annualized rate of -17.77% in the past 3 years, and an annualized rate of -32.83% in the past 1 year, an annualized rate of 26.6% in the past 5 years, an annualized rate of -13.89% in the last 3 years, and a -15.45% annualized rate in the past 1 year, and an annualized rate of -12.76% in the past 5 years, an annualized rate of -14.28% in the last 3 years, and an annualized rate of -15.09% in the last 1 year The annualized rate of BOCOM New Vitality in the past 5 years is 17.05%, the annualized rate in the past 3 years is -22.17%, and the annualized rate is -14.9% in the past 1 year.

(Bank of Communications New Vitality Mixed Fund annualized rate of return, data source: Tongdaxin)

(Xingquan Business Model Preferred Mixed Fund Annualized Return, Data Source: Tongdaxin)

(Xing New Vision Flexible Allocation Regular Open Mixed Fund Annualized Rate of Return, Data Source: Tongdaxin)

(Ruiyuan Balanced Value Three-year Mixed Fund Annualized Return, Data Source: Tongdaxin)

Therefore, in comparison, with the same huge amount of funds in hand and the same need to do asset allocation, the performance of listed companies has increased, but the funds investing in listed companies have lost money, what is the reason?

Needless to say, the answer is clear to everyone, and domestic public funds have two well-known characteristics: first, they charge high management fees;

In fact, this situation can be explained by a phenomenon, foreign fund managers are dozens of years older, but many domestic fund managers are little brothers and sisters, and there is no need for in-depth comparison of professionalism!