With Anxin Trust Co.Ltd(600816) (600816. SH) disclosing the performance forecast of 2021, the performance of trust companies listed as a whole and listed on the curve is displayed in front of investors.
According to the announcement of listed companies, in addition to the unpublished financial data of oceanwide Minsheng trust, a total of 12 listed trust companies disclosed the performance forecast and unaudited financial data of 2021.
Table: performance of listed trust companies in 2021. Source: company announcement, interface news research department
In terms of total operating revenue, Minmetals trust and Zhongrong trust exceeded 5 billion yuan, an increase compared with the same period last year. AVIC trust took the second place, with a total operating revenue of 3.487 billion yuan, a year-on-year decrease of 7.38%. Jiangsu trust, SDIC Taikang trust and Aijian Trust exceeded 2 billion yuan, but among the three companies, only SDIC Taikang trust achieved positive growth.
Among the five companies with the remaining revenue of less than 2 billion yuan, Yingda trust and other companies, the performance was significantly differentiated, including COFCO trust with an increase of 54.77%, Bairui trust and Kunlun trust with a decrease of 20.10% and 30.99%.
According to the analysis of Bairui trust research and development center, generally speaking, the development characteristics of the trust company’s operating revenue in 2021 are that the head companies in the industry are still relatively stable and the tail trust companies in the industry have improved, but the operating revenue of the trust companies in the middle of the industry is weak, which is consistent with the downward trend of the median operating revenue.
As the most important revenue source of trust companies, the data of handling fees and commission income can not be ignored.
Minmetals trust and Zhongrong trust, led by revenue, also led the data, with 4.524 billion yuan and 5.131 billion yuan respectively. AVIC trust followed suit, realizing a fee and commission income of 3.955 billion yuan.
In terms of the year-on-year growth rate of handling fee and commission income, among the nine companies with data disclosure, only Jiangsu trust, Bairui trust and Kunlun trust declined, and the rest achieved positive growth.
However, disturbed by the items of investment income and income from changes in fair value, many companies mainly engaged in positive growth ended up with negative net profit growth.
Among them, Minmetals trust realized an investment income of 344 million yuan in 2021, a year-on-year decrease of nearly 30%. The income from changes in fair value also decreased from 320 million yuan in 2020 to – 721 million yuan, and finally realized a net profit of 2.361 billion yuan, a year-on-year decrease of 15.17%.
The same situation also happened to Yingda trust. In 2021, the income from handling fees and commissions increased by more than 25%, but the income from changes in fair value further decreased from -85 million yuan in 2020 to -661 million yuan, and the net profit decreased by 4.99% year-on-year.
In terms of net profit scale, Minmetals trust ranked first among the 12 companies, followed by Jiangsu trust. The net profits of both companies exceeded 2 billion yuan.
AVIC trust, Zhongrong trust, Yingda trust and SDIC Taikang trust are located in the second tier, with a net profit of more than 1 billion yuan.
As the only trust company listed on the Shanghai Stock Exchange, Anxin Trust Co.Ltd(600816) came to the fourth year of annual net profit loss, but the range of loss decreased significantly. In 2021, the net profit attributable to shareholders of listed companies was – 1.1 billion yuan, and in 2018-2020, it was – 1.833 billion yuan, – 3.993 billion yuan and – 6.738 billion yuan respectively.
Looking forward to 2022, Bairui trust research and Development Center believes that the trust company is still facing the pressure of business transformation. On the one hand, the business transformation of some trust companies is progressing smoothly, which has been reflected in the operating performance; On the other hand, the business transformation of some trust companies is slow, and they may continue to face a passive situation in the future market competition. Trust companies should actively explore the direction of business transformation in combination with their own resource endowment advantages, and strive to realize a virtuous cycle of business development and business performance.
