The first annual report of listed securities companies in 2021 was officially released!
March 17, Sealand Securities Co.Ltd(000750) published the annual report for 2021. The report shows that Sealand Securities Co.Ltd(000750) achieved an operating revenue of 5.170 billion yuan in 2021, with a year-on-year increase of 15.36%; The net profit was 765 million yuan, a year-on-year increase of 5.41%
On March 16, after the special meeting of the financial committee of the State Council was held, the Party committee of the CSRC quickly held an expanded meeting to study and deploy the implementation.
Under the unified command and coordination of the financial commission of the State Council, the CSRC will solidly promote the full implementation of the reform of the stock issuance registration system, improve the bond financing support mechanism of private enterprises, and promote the development of venture capital. Give play to the role of market endogenous stability mechanism, vigorously promote listed companies to improve quality, encourage listed companies to increase their holdings and repurchase, guide fund companies to purchase their own shares.
Generally speaking, most listed companies are real repurchases and do what they say. There are also some companies that terminate the repurchase, lower than the original planned amount and other behaviors due to various reasons, lacking a certain degree of integrity.
occupies “half of the country”
retail wealth and investment management business income
The report shows that Sealand Securities Co.Ltd(000750) 2021 achieved retail wealth management business revenue of 1.234 billion yuan, accounting for 23.87% of revenue; The income from investment banking business was 230 million yuan, accounting for 4.45%; The income from sales, trading and investment business was 979 million yuan, accounting for 18.94%; The income from investment management business was 1.479 billion yuan, accounting for 28.61%; The income from credit business was 263 million yuan, accounting for 5.09% retail wealth business and investment management business accounted for 52.48% in total, supporting “half” of the company’s revenue
In terms of specific businesses, in 2021, Sealand Securities Co.Ltd(000750) retail wealth business and investment management business achieved positive growth, with a year-on-year increase of 15.62% and 29.51%. Among them, the main reason for the growth of retail wealth business is the good performance of securities brokerage business, futures brokerage business and financial product consignment business.
Sealand Securities Co.Ltd(000750) said that in 2021, the company’s securities brokerage business actively expanded key cooperation channels, the number of new customers increased by 7.79% year-on-year, and the new assets of new customers increased by 64.45% year-on-year; The securities brokerage business realized an operating income of 629 million yuan, a year-on-year increase of 6.43%.
In terms of futures brokerage business, by the end of 2021, the customer equity of Guohai Liangshi futures, a subsidiary of Sealand Securities Co.Ltd(000750) holding company, was 7.213 billion yuan at the end of the period, with a year-on-year increase of 75.92%; The average daily customer equity was 5.667 billion yuan, a year-on-year increase of 57.89%; The operating income of futures brokerage business was 280 million yuan, a year-on-year increase of 39.68%. At the same time, the company’s securities investment fund sales scale in 2021 increased by 141.38% year-on-year, and the agency sales revenue increased by 64.24% year-on-year.
On the other hand, the growth of Sealand Securities Co.Ltd(000750) investment management business mainly comes from public fund management business and private investment fund business. The report shows that Sealand Securities Co.Ltd(000750) public fund management business achieved an operating revenue of 731 million yuan in 2021, with a year-on-year increase of 110.19%; Private investment fund business achieved an operating income of 320 million yuan, a year-on-year increase of 97.37%.
In contrast, Sealand Securities Co.Ltd(000750) in terms of investment banking business, sales trading and investment business and credit business, the performance declined, and the operating revenue decreased by 15.69%, 19.17% and 18.13% respectively year-on-year.
As for the specific reasons for the weakness of related businesses, the reporter noted in the report that the financing scale of Sealand Securities Co.Ltd(000750) bond issuance and underwriting in 2021 was only 16.230 billion yuan, a decrease of 12.609 billion yuan compared with 28.839 billion yuan in 2020, and the underwriting income was 112 million yuan lower than that of last year; In addition, in terms of sales transactions and investment business, the income from the disposal of other debt investments and derivative financial instruments, the income from changes in the fair value of derivative financial instruments, net interest income and other income items in the income items are also lower than those in 2020.
drastic reform
transformation achieved remarkable results
has experienced reform and development in the past year. The reporter noted that Sealand Securities Co.Ltd(000750) has undergone great changes in refinancing, senior management personnel and business, and the transformation effect is obvious
According to the report, since 2021, Sealand Securities Co.Ltd(000750) has employed a number of senior executives due to work needs. In January last year, Sealand Securities Co.Ltd(000750) appointed Du Wanzhong as the vice president of the company and Qin Li, the former Secretary of the board of directors, as the compliance director; In January this year, Sealand Securities Co.Ltd(000750) reappointed Jiang Jian and Cheng Ming as vice presidents of the company.
In addition to the change of senior executives, Sealand Securities Co.Ltd(000750) has made continuous efforts to introduce business talents. Shanghai Securities News previously reported that Yang Renwen, former deputy director of Founder Securities Co.Ltd(601901) Research Institute, served as director of Sealand Securities Co.Ltd(000750) Research Institute last year, and several former analysts of Founder Securities Co.Ltd(601901) Research Institute joined Sealand Securities Co.Ltd(000750) Research Institute. The annual report shows that the commission income of Sealand Securities Co.Ltd(000750) research in 2021 increased by 84.11% year-on-year; 111 institutional customers of various types, with a year-on-year increase of 22%; The number of research reports released increased by 54.38% year-on-year, and the number of roadshows organized increased by 95.45% year-on-year.
In terms of equity, the Sealand Securities Co.Ltd(000750) board of directors deliberated and approved the proposal on non-public offering of shares in January 2021 and agreed to raise funds by non-public offering of shares. The total amount of funds raised is expected to be no more than 8.5 billion yuan; In March 2021, Sealand Securities Co.Ltd(000750) completed the issuance of non-public corporate bonds (phase I), with an issuance scale of 880 million yuan.
In terms of business development, Sealand Securities Co.Ltd(000750) completed the issuance and underwriting of 3 IPO projects, 3 refinancing projects (including supporting fund-raising for M & A) and 44 bonds within last year; 104 new consignment products (excluding income vouchers) were added, and the number of online products in stock reached 1543; Completed the public offering transformation of two large collection products, set up 66 new active asset management products (excluding ABS) throughout the year, and successfully issued the trade finance ABS products of the first exchange in the market; A total of 170 collective plans, 45 single plans (or targeted products) and 15 special plans were managed, and the entrusted asset management scale was 70.158 billion yuan.
in addition, Sealand Securities Co.Ltd(000750) will further accelerate the reform of organizational structure in 2021, establish new innovation finance department, SME investment and trading department, training center and other departments, and add two branches and one business department.
According to the annual report, as of the end of the reporting period, Sealand Securities Co.Ltd(000750) ranked 35th, 36th and 39th in the industry in terms of total assets, net assets and net capital among 140 securities companies. In 2021, the net income of the company’s entrusted customer asset management business ranked 24th in the industry; The securities investment income industry ranks 25th; The interest income from margin trading ranked 39th in the industry; The investment banking business income ranks 46th in the industry; The net income of securities trading business ranked 48th in the industry. According to the regulations on Classified Supervision of securities companies issued by the CSRC, the classified evaluation of Sealand Securities Co.Ltd(000750) in recent three years is: Class B BBB in 2019, class B BB in 2020 and class B BBB in 2021.
For the future development strategy, Sealand Securities Co.Ltd(000750) said that during the “14th five year plan” period, the company will follow the “14th five year plan” strategic plan and focus on customers to build four main businesses and one platform (retail wealth, corporate finance, institutional services and investment, asset management and high-quality research platform), Implement five major projects (organizational mechanism construction, talent team construction, cultural concept construction, excellent middle office construction and financial management upgrading) to build Guohai into an excellent comprehensive financial service provider with “professional leadership, customer trust and employee pride”.
this year, five companies raised the repurchase price
According to the data, about 500 companies have completed repurchase since 2021, and the average proportion of the total repurchase amount in the upper limit of the expected repurchase amount is 71.81%. Among them, the total repurchase amount of 142 listed companies accounted for more than 90% of the maximum amount of the plan.
In the repurchase plan of some companies, only the bottom limit of the repurchase amount is limited, but there is no upper limit. The actual repurchase amount is far beyond the bottom limit. For example, the repurchase plan disclosed by Hangzhou Zhongheng Electric Co.Ltd(002364) on September 5, 2018 only listed that the minimum total amount to be repurchased should not be less than 50 million yuan, the repurchase price should not exceed 15 yuan / share, and there is no upper limit on the repurchase amount.
However, as of February 28, 2019, the total amount paid by the company reached 150 million yuan, three times the lower limit of repurchase.
on the contrary, the repurchase amount of 11 companies accounts for less than 20% of the upper limit of the expected repurchase amount
For example, Ningbo Boway Alloy Material Co.Ltd(601137) deliberated and approved the share repurchase plan on February 8 last year, with the repurchase amount of no less than 100 million yuan and no more than 200 million yuan.
As of January 31, 2022, the company has actually repurchased only 142558 million yuan, far below the agreed lower limit of 100 million yuan. Of course, the company gave the reasons why the share price continuously exceeded the upper limit of the repurchase price, resulting in the inability to implement the repurchase during the period.
However, even in the face of many difficulties, many companies have fulfilled their original promises by raising the repurchase price and prolonging the time in order to complete the repurchase commitment. Data show that since this year, five companies including Zhejiang Shengyang Science And Technology Co.Ltd(603703) , Shenzhen Jingquanhua Electronics Co.Ltd(002885) , St baling, Suzhou Etron Technologies Co.Ltd(603380) , Jingjin equipment have raised the repurchase price ceiling.
Zhejiang Shengyang Science And Technology Co.Ltd(603703) announced on the evening of January 14 that the upper limit of the repurchase price was adjusted from no more than 18 yuan / share to no more than 34.7 yuan / share, with an increase of 92.78%. And claimed that the reason for this price adjustment is to ensure the smooth implementation of share repurchase in view of the recent positive changes in the company’s share price.
The company directly raised the repurchase price ceiling by 92.78%, showing the firm repurchase attitude of the company and the management’s great confidence in the company’s future performance and secondary market share price.
Shenzhen Jingquanhua Electronics Co.Ltd(002885) 3 issued an announcement on adjusting the share repurchase plan, adjusting the repurchase price from “no more than 18.65 yuan / share” to “no more than 30.35 yuan / share”. In addition, the term of share repurchase is adjusted from “within 12 months from the date when the board of directors (March 8, 2021) deliberates and approves the share repurchase plan” to “extended for 12 months on the basis of the original repurchase expiration date (March 8, 2022) to March 8, 2023”.
In addition to raising the repurchase price ceiling, Bgi Genomics Co.Ltd(300676) increased the repurchase amount. On January 25, the company announced that based on the confidence of the company’s future development prospects and the demand for employee incentives, the repurchase amount range was increased from 130 million yuan to 260 million yuan to 260 million yuan, and the upper limit of repurchase price remained unchanged.
According to the relevant rules of the Shanghai and Shenzhen Stock Exchange on “the implementation of share repurchase by listed companies”, if a listed company repurchases its shares due to reducing the company’s registered capital, using its shares for employee stock ownership plans or equity incentives, or converting its shares into corporate bonds convertible into shares issued by the listed company, the repurchase period shall not exceed 12 months from the date when the final share repurchase plan is considered and approved by the general meeting of shareholders or the board of directors. ” Or if it needs to be repurchased “necessary to safeguard the company’s value and shareholders’ rights and interests”, the repurchase period shall not exceed 3 months from the date when the board of directors or shareholders’ meeting deliberates and approves the final share repurchase plan.
39 listed companies completed repurchase in less than one month
According to the statistics of the reporter of Shanghai Securities News, 528 listed companies have completed the repurchase in the repurchase plan disclosed since 2020. According to the data, the average interval from the disclosure date of the repurchase plan to the completion announcement date is 5.4 months.
2021 among the companies that have launched the repurchase plan, 39 companies have completed the repurchase within less than one month
Sichuan Kelun Pharmaceutical Co.Ltd(002422) launched the repurchase plan on July 22, 2021. The total repurchase fund is no less than 40 million yuan, no more than 60 million yuan, the repurchase price is no more than 24 yuan / share, and the repurchase period is within 12 months from the date when the board of directors deliberates and approves the share repurchase plan. The company said on July 24 that the repurchase plan had been implemented and took two days to complete the repurchase, paying a total of about 60 million yuan.
Tianjin Zhonghuan Semiconductor Co.Ltd(002129) announced on January 12 this year that it plans to repurchase shares with RMB 355391 million, and the repurchase price shall not exceed RMB 61.55/share. As of January 13, the company has completed the implementation, and the repurchase time is only 2 days.
Among the companies that disclosed the repurchase plan since the second half of last year, 14 listed companies, including Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Guangzhou Wondfo Biotech Co.Ltd(300482) and others, have completed the repurchase plan in less than one month, indicating that the company is optimistic about the future development and believes that the share price is seriously undervalued. Among them, Tianjin Zhonghuan Semiconductor Co.Ltd(002129) , Zbom Home Collection Co.Ltd(603801) , Ningbo Huaxiang Electronic Co.Ltd(002048) and Shenzhen Goodix Technology Co.Ltd(603160) are all new repurchase plans this year, which have been implemented and completed immediately.
The reporter of Shanghai Securities News found that the performance of most companies that quickly implement the repurchase plan is also very beautiful, and the repurchase is very confident.
Tianjin Zhonghuan Semiconductor Co.Ltd(002129) performance express shows that in 2021, the revenue reached 41.025 billion yuan, a year-on-year increase of 115.28%, the net profit was 4.02 billion yuan, a year-on-year increase of 269.14%, and the net profit after deduction increased by 305.1%. The organization believes that the company’s revenue and net profit in 2021 have more than doubled year-on-year, mainly due to the accelerated improvement of the company’s production capacity and the optimization and upgrading of product structure.
Zbom Home Collection Co.Ltd(603801) released the performance express for 2021, realizing an operating revenue of 5.153 billion yuan, a year-on-year increase of 34.17%; The net profit was 506 million yuan, a year-on-year increase of 27.84% Tianfeng Securities Co.Ltd(601162) , Guotai Junan Securities Co.Ltd(601211) , Changjiang Securities Company Limited(000783) and other institutions have said that the company’s performance in 2021 exceeded expectations.
