On March 28, Citic Securities Company Limited(600030) released the annual report of 2021, which showed that the main business performance in 2021 reached the highest level since the establishment of the company. The company achieved an annual operating revenue of 76.524 billion yuan, a year-on-year increase of 40.71%; The net profit attributable to shareholders of the company was RMB 23.1 billion, with a year-on-year increase of 55.01%, and the return on net assets was 12.07%, with a year-on-year increase of 3.64 percentage points. The annual profit distribution plan is 5.4 yuan for every 10 shares.
The following are the key points of Citic Securities Company Limited(600030) annual report sorted out and excavated by the reporter of daily economic news:
key point 1: the revenue of the five main businesses increased over the previous year
As shown in the above figure, 60 Hefei Lifeon Pharmaceutical Co.Ltd(003020) 21 showed positive year-on-year growth in the five main businesses. Among them, the income from brokerage business was 18.289 billion yuan, a year-on-year increase of 27.03%; The revenue of asset management business was 13.514 billion yuan, a year-on-year increase of 41.35%. The income from securities investment business was 18.386 billion yuan, a year-on-year increase of 37.14%; The income from securities underwriting business was 7.753 billion yuan, a year-on-year increase of 19.50%.
key point 2: investment banks rank first in the industry in many indicators
In 2021, in terms of domestic equity financing, the company completed 194 A-share lead underwriting projects, with a lead underwriting amount of RMB 331917 billion (cash and assets), a year-on-year increase of 5.84% and a market share of 18.26%, ranking first in the market. With the reform of the registration system, the company continued to increase the coverage of IPO customers such as the science and innovation board and the gem, completed 68 IPO projects, issued a total of 85.922 billion yuan, and ranked first in the market with a market share of 15.83%. The company completed 126 refinancing lead underwriting projects, with a lead underwriting amount of 245995 billion yuan and a market share of 19.29%, ranking first in the market. With the significant improvement of supply and demand in the cash private placement market, the company focused on the cash private placement business and completed 86 cash private placement projects, with a total underwriting amount of 147581 billion yuan and a market share of 20.43%, ranking first in the market.
key point 3: the cumulative number of customers exceeds 12 million, more than 6 million, and 35000 high net worth customers
In 2021, the company adhered to the transformation of customer-centered wealth management and achieved remarkable results. The scale of customers was significantly higher than that before the comprehensive transformation of wealth management at the end of 2018.
By the end of the reporting period, the number of customers had exceeded 12 million, and the asset scale of custody customers totaled 11 trillion yuan, an increase of 29% over the end of 2020. The number of asset wealth customers of more than 2 million yuan was 158000, and the asset scale was 1.8 trillion yuan, an increase of 25% and 21% respectively over the end of 2020; The number of high net worth customers with assets of more than 6 million yuan was 35000, and the asset scale was 1.5 trillion yuan, an increase of 29% and 19% respectively over the end of 2020; The number and asset scale of the above wealth customers and high net worth customers doubled compared with the end of 2018.
The holding scale of public and private funds exceeded 380 billion yuan, an increase of 26% over the end of 2020 and 2.6 times over the end of 2018. Since the launch of the investment consulting business of public funds on November 1, 2021, there have been more than 90000 signed customers and more than 7 billion yuan of signed customer assets in two months.
key point 4: all important subsidiaries are profitable
Among the important subsidiaries, as of the end of the reporting period, the asset scale under management of Huaxia Fund headquarters was RMB 1661607 billion. Among them, the management scale of public funds is RMB 1038375 billion; The asset management scale of institutions and international businesses is RMB 623232 billion. In 2021, the company achieved an operating revenue of 8.015 billion yuan and a net profit of 2.312 billion yuan; 1083 employees.
Citic Securities Company Limited(600030) international achieved an operating revenue of about RMB 6.164 billion and a net profit of RMB 628 million in 2021. It has 4 branches in Hong Kong, China, with 1921 employees, including 87 brokers.
In 2021, Jinshi investment realized an operating revenue of RMB 1.669 billion and a net profit of RMB 829 million; 108 employees (including 7 dispatched employees).
key point 5: substantial increase in credit risk exposure of overseas bond investment
According to the annual report, as of December 31, 2021, Citic Securities Company Limited(600030) overseas bond investment credit risk exposure increased significantly, reaching 29.228 billion yuan, up 129.65% from 12.727 billion yuan at the end of last year. Among them, the largest increase is the exposure to grade C rating.
key point 6: the total pre tax salary of directors, supervisors and senior executives is 166 million yuan, and three are more than 10 million
Citic Securities Company Limited(600030) Dong Jian high school received a total pre tax remuneration of 166 million yuan, of which the annual salary of chairman Zhang Youjun was 5.8539 million yuan and that of general manager Yang Minghui was 9.9868 million yuan. Ma Yao (director of the investment bank management committee), Xue Jirui (member of the Executive Committee) and Jin Jianhua (general manager of Jinshi investment and chairman of CITIC Industrial Fund) have annual salaries of more than ten million.
key point 7: the number of employees has increased significantly, and the annual salary per capita is 825000 yuan
The following figure shows the situation of Citic Securities Company Limited(600030) employees in the annual report of 2021:
This picture shows the employees in 60 Hefei Lifeon Pharmaceutical Co.Ltd(003020) 20 annual report:
It can be seen that in 2021, the number of Citic Securities Company Limited(600030) employees increased significantly, of which the number of on-the-job employees increased from 19012 to 23696, an increase of 4684. The number of retirees also increased, from 368 to 441.
According to the announcement of “cash paid to and for employees + ending balance of employee compensation payable – beginning balance of employee compensation payable” divided by the average number of employees, the per capita annual salary of 60 Hefei Lifeon Pharmaceutical Co.Ltd(003020) 21 is 825000 yuan.
Key points of impairment test of CITIC South China Lyon: RMB 2 billion
In addition, Citic Securities Company Limited(600030) also announced that the impairment loss of other assets in the consolidated statements in 2021 was RMB 2.605 billion, reducing the total profit by RMB 2.605 billion and the net profit by RMB 2.440 billion.
Among them, the provision for impairment of goodwill in 2021 was 2.069 billion yuan, including 876 million yuan for Citic Securities Company Limited(600030) South China.
In January 2020, Citic Securities Company Limited(600030) completed the acquisition of Guangzhou securities with a transaction consideration of 13.4 billion yuan. Then Citic Securities Company Limited(600030) renamed Guangzhou securities Citic Securities Company Limited(600030) South China Co., Ltd.
Citic Securities Company Limited(600030) pointed out that the goodwill generated during the acquisition originated from the overall business value of Citic Securities Company Limited(600030) South China’s wealth management business, so the company apportioned such goodwill to the company
The wealth management business of Xinxin securities in South China is tested for impairment as a whole. During the goodwill impairment test in 2021, after comparing the net amount of the fair value of the relevant asset group portfolio minus the disposal expenses and the present value of the estimated future cash flow, the recoverable amount is determined by the present value of the estimated future cash flow, and the impairment provision is RMB 876 million.
Citic Securities Company Limited(600030) South China achieved an operating revenue of RMB 858 million and a net profit of RMB 258 million in 2021; It has 30 securities branches and 897 employees, including 65 dispatched employees.
Another huge goodwill impairment comes from CITIC Lyon. In 2021, in order to practice global management, Citic Securities Company Limited(600030) completed the restructuring of CITIC Lyon Citic Securities Company Limited(600030) said that the restructuring changed the internal management and reporting structure of CITIC Lyon’s original business in the group, realized the vertical integrated management of its business lines, and the cash flow of each business line can be basically independent of other business lines. Therefore, the relevant goodwill is allocated to each asset group portfolio, and the impairment test is conducted respectively. After comparing the net amount and value in use after the fair value of the relevant asset group portfolio minus the disposal expenses, the recoverable amount is determined by the value in use method, and the asset impairment loss of institutional brokerage asset group portfolio is 1.093 billion yuan.
key point 9: Huijin reduces 20.32 million shares
The annual report shows that the total number of common shareholders at the end of last month (February 28) before the disclosure date of the annual report is 586062 A-share shareholders. In addition, Huijin Company reduced 60 Hefei Lifeon Pharmaceutical Co.Ltd(003020) 32 million shares in 2021.
key point 10: annual cumulative public welfare donation of 50 million
In addition, Citic Securities Company Limited(600030) also announced the achievements in fulfilling social responsibility in 2021.
In 2021, Citic Securities Company Limited(600030) together with its subsidiaries, donated 12 million yuan to the disaster areas in Henan and Shanxi for flood control, disaster resistance and post disaster reconstruction. The annual cumulative public welfare donation was 50 million yuan, and jointly initiated the establishment of ” Citic Securities Company Limited(600030) public welfare fund” with China Poverty Alleviation foundation. In addition, Citic Securities Company Limited(600030) also participated in launching the “public welfare action of securities industry to promote rural revitalization”, focusing on consolidating the poverty alleviation achievements of “one company and one county”, actively carried out various types of public welfare activities such as “student aid, helping the elderly, the disabled, medical treatment and poverty alleviation”, fulfilled corporate social responsibility and promoted common prosperity.
