2. Behind Tongda letter is the wealth trend of listed companies (6883 18). Shh). This abbreviation is a listed company with great capital color, and its development in recent years has been as ups and downs as the stock market. There were three IPO shocks and two setbacks. At the end of last year, the IPO process was inquired by the exchange four times. In the hot market background, the stock price, which should be highly sought after, is currently in the bottom area since listing.
What is the industry worried about the wealth trend? Why does the market ignore its most familiar products?
Small b-side service
1. The main business of Fortune Trend consists of two parts, namely, the B-side business of domestic securities market trading system software and the C-side business of providing securities information services for investors. The main customers of B-end business are financial institutions such as securities companies, and the products are mainly market trading terminals, end-user information systems and customer service systems. The most famous product of this company is Tongda letter. At present, Tong Daxin has established business cooperation relations with most domestic securities companies. For the trend of wealth, there is an unbreakable ceiling above the B-side business. At present, there are few competitors in the B-end market of securities information system, and the main market share is flush (300033. SZ), Great Wisdom (60 15 19. SH) and wealth trends. Affected by investors' habits, system security, stability and complexity of system upgrade and maintenance, securities trading software products are sticky.
2. In terms of income, the wealth trend is in a leading position in the B-end market. As Great Wisdom has not announced the revenues of various businesses in the first half of this year, according to the revenue data of 20 19, the revenues of Fortune Trend, Straight Flush and Great Wisdom are 654.38+09 billion yuan, 654.38+06 billion yuan and 97 million yuan respectively, and Fortune Trend accounts for 42.5 1% of the total revenues of the three companies. However, it should be noted that the market space of B-side business is limited and the business is saturated. From the perspective of market scale, the total revenue of the three head enterprises in 20 19 was less than 500 million yuan. Moreover, Fortune Trend products have covered the vast majority of domestic securities companies with brokerage business qualifications. When the customer coverage rate reaches a high proportion, the company can obtain fewer new securities company customers. The industry is saturated and the existing customer structure is single, which has trapped the future development of the wealth trend.
What is even more worrying is that the wealth trend relies heavily on B-side business. For a long time, the company's B-side business accounted for about 85% of the total revenue, while the C-side business accounted for only about 65,438+05%. The main business is single, which makes the company's operating performance fluctuate greatly due to changes in the securities market. From the perspective of management, the company's operating performance is closely related to the operating conditions of securities companies and the overall environment of the domestic capital market. Once the securities market is depressed and the number of active investors decreases, the demand for securities companies to expand the securities trading system will decrease. At the same time, the sharp decline in the transaction amount in the securities market will also cause the decline in the operating performance of securities companies, reduce or limit their related investments, and then make the company's operating performance decline.