Driving a money transport truck, carrying a riot gun, and carrying boxes of banknotes on the road-the rather mysterious "modern escort" industry is about to usher in a listed company.

　　Red Star Capital Bureau noted that the armed escort company Anbang Escort Group Co., Ltd. (hereinafter referred to as "Anbang Escort") recently disclosed a prospectus, sprinting for listing on the main board of the Shanghai Stock Exchange.

How profitable is this industry?

What are the hidden secrets?

　　16,000 employees

　　2 billion annual income

　　Anbang Security Guard is a comprehensive security service provider, founded in 2006, and is the only provincial large-scale state-owned enterprise with armed security service qualifications in Zhejiang Province.

The company's main business is to "provide armed escort services" for banks and other customers with escort needs, that is, a dedicated vehicle is responsible for the cash transportation of financial institutions, known as "renminbi porters", and customers also give them the "Modern Escort".

　　As of the signing date of the prospectus, Zhejiang State-owned Capital Operation Co., Ltd. held 55.8% of Anbang Guardian's equity, and Zhejiang State-owned Assets Supervision and Administration Commission held 100% of the equity of the state-owned company. Therefore, Zhejiang Provincial State-owned Assets Supervision and Administration Commission is the actual controller of the company.

　　The Red Star Capital Bureau noted that Anbang Security has more than 16,000 employees, which is quite amazing.

In addition, there are more than 2,100 professional escort vehicles, more than 3,200 anti-riot guns, and 25 bases (treasury). A service network covering the whole province of Zhejiang has been established. With strong professional service capabilities, it has a high reputation in Zhejiang.

There are many retired soldiers among the company's employees, most of whom are engaged in armed escort business. They are highly disciplined, young, high-quality, and have a strong ability to master new business skills such as emergency rescue.

Compared with other security service companies, the quality and scale of the company's workforce are in a prominent position.

　　From 2018 to 2020 and the first half of 2021 (reporting period), Anbang's security business developed well, with operating income of 1.826 billion yuan, 1.958 billion yuan, 2.064 billion yuan and 1.051 billion yuan, respectively; net profit was 113 million yuan respectively , 155 million yuan, 276 million yuan and 87.09 million yuan; the net profits attributable to shareholders of the parent company were 38.315 million yuan, 63.311 million yuan, 120 million yuan and 35.419 million yuan.

During the reporting period, the company's operating income continued to rise and its profitability continued to increase.

　　Highly dependent on banking

　　Cross-provincial operation is not easy

　　The prospectus disclosed that financial security services are the most important source of Anbang security's income, and its customers are mainly major banks.

During the reporting period, among the company's main business income, bank customer income was 1.605 billion yuan, 1.658 billion yuan, 1.686 billion yuan and 855 million yuan, accounting for more than 80% of the main business income.

　　The revenue of non-bank customers only accounted for 11%-17% during the reporting period.

Although the company has strived to transform and upgrade its business in recent years, and the proportion of non-bank customers' revenue has also been rising, it is still relatively small. This shows that the company is still highly dependent on the traditional escort business.

　　In the main business income of Anbang security guards, during the reporting period, the escort business income was 1.392 billion yuan, 1.408 billion yuan, 1.414 billion yuan and 702 million yuan, accounting for 77.07% and 72.9% of the main business income respectively. , 69.32% and 67.77%.

It can be seen that the company's operating conditions are greatly affected by the escort business.

At the same time, during the reporting period, the company's sales revenue mainly came from Zhejiang Province, and its escort business coverage in Zhejiang Province exceeded 70%.

The Red Star Capital Bureau noted that although the armed escorts in Zhejiang Province are basically protected by Anbang, almost every province has its own escort companies. It is not easy for this industry to realize inter-provincial operations.

The company also admits that its business area is limited to Zhejiang Province, and its operating conditions are closely related to the economic development situation of Zhejiang Province. If it cannot smoothly expand the market outside the province, the company's future development space will be relatively limited.

　　During the reporting period, the company's comprehensive gross profit margin was 19.32%, 20.47%, 26.04% and 24.33%.

The comprehensive gross profit margin in 2020 increased more than that in 2019, mainly related to the social security exemption for the year, which reduced the labor cost of the main business by 27,195,700 yuan; in 2021, the social insurance exemption discount was cancelled, and the per capita social insurance expenses increased, resulting in a slight decline in the comprehensive gross profit margin. .

　　With the increasing popularity of various electronic payment methods, the future use of cash will become smaller and smaller, and the demand for escort will also decline.

The company also stated that the company's armed escort business is mainly cash escort. Due to the continuous decline in the use of cash in the whole society, the incremental demand for cash escort has grown slowly, which may also have an impact on the company's traditional advantage business growth.

　　Chengdu Commercial Daily-Red Star News Correspondent Li Weiming