The annual reports of listed securities companies in 2021 have been released one after another, and the operating data of public fund companies held by them have surfaced. According to the annual report data as of April 12, there were 10 public offerings in 2021, including e fund, huitianfu fund, GF fund, Wells Fargo fund, Huaxia Fund, Xingzheng Global Fund and Nanfang fund, with a profit scale of more than 1 billion yuan, showing the industry status of securities companies as the “leader” of public offerings.
Analysts pointed out that securities companies naturally have the advantages of investment and financial management. Securities companies’ funds were established early, showing an obvious first mover advantage. Especially in recent years, under the background of financial net worth transformation, these fund companies have made more and more important contributions to the development of brokerage shareholdersP align = “center” 10 head public offering profits exceeding 1 billion yuan
Wind data shows that up to now, there are 59 brokerage fund companies in the whole market, including head public offerings such as e fund, South Fund, Boshi fund and Huaxia Fund, as well as small and medium-sized companies such as ChuangJin Hexin fund, which is the main force for the development of the industry. Their market position can be seen from the financial data of listed securities companies in 2021.
The first is the operating income. According to the annual report data as of April 12, the revenue of nine securities companies was more than 5 billion yuan last year. Among them, e fund’s revenue was 14.557 billion yuan, followed by huitianfu Fund (9.379 billion yuan), Guangfa Fund (9.346 billion yuan), Fuguo Fund (8.306 billion yuan) and Huaxia Fund (8.015 billion yuan). In addition, the public offering operating income of China Southern Fund, Xingzheng Global Fund, Boshi fund and China Merchants Fund is more than 5 billion yuan.
Followed by net profit. From this financial index to test the quality of operation, the development momentum of public offering of securities companies is even more rapid. Up to now, 10 securities companies are public offering. Last year, the net profit exceeded 1 billion yuan. The “leader” is still e fund, with a net profit of 4.535 billion yuan last year. In addition, huitianfu fund realized a net profit of 3.263 billion yuan, with a year-on-year growth rate of 27.13%; At the same time, the net profits of five public funds, namely GF fund, Wells Fargo fund, Huaxia Fund, Xingzheng Global Fund and South Fund, exceeded 2 billion yuan, 2.607 billion yuan, 2.564 billion yuan, 2.312 billion yuan, 2.235 billion yuan and 2.163 billion yuan respectively; In addition, the net profit raised by China Merchants Fund, Boshi fund and Hua’an fund also exceeded 1 billion yuanP align = “center” performance list of public offering of some securities companies in 2021 p align = “center” (as of April 12) p align = “center” small and medium-sized public offering also has highlights
It should be pointed out that in addition to the head public offering, there are also some highlights in the public offering performance of small and medium-sized securities companies.
For example, in 2021, Guohai Franklin fund realized an operating revenue of 815 million yuan, a year-on-year increase of 68.04%; The net profit was 267 million yuan, a year-on-year increase of 68.99% First Capital Securities Co.Ltd(002797) securities’s ChuangJin Hexin fund achieved an operating income of 897 million yuan in 2021, a year-on-year increase of 76.96%; The net profit was 152 million yuan, a year-on-year increase of 60.11%. As of December 31, 2021, the total amount of entrusted funds of ChuangJin Hexin fund was 810715 billion yuan, an increase of 242558 billion yuan or 42.69% over the end of 2020.
However, we should also see that the differentiation of the development of the public offering industry also exists in the public offering of securities companies. For example, the Hongta laterite fund under Hongta Securities Co.Ltd(601236) has an operating revenue of 168 million yuan in 2021, a year-on-year decrease of 28.55%; The net profit was 57 million yuan, down 43.39% from the same period in 2020.
Zhang Feng (pseudonym), an analyst of a securities firm in South China, pointed out that the securities firm’s funds were established early and have obvious first mover advantages. At present, both the fund scale and fund performance can be called the “leader” of the public offering industryP align = “center” has made important contributions to the operation of shareholders
Zhang Feng said that securities companies naturally have the advantages of investment and financial management. Especially in recent years, under the background of net worth transformation of financial management, the contribution of fund companies to the operation of shareholders of securities companies has become more and more important. Among them, this trend is more obvious in Gf Securities Co.Ltd(000776) , China Merchants Securities Co.Ltd(600999) , China Industrial Securities Co.Ltd(601377) .
Gf Securities Co.Ltd(000776) holds 22.65% and 54.53% of shares in e fund and GF fund respectively. The net profits of the two fund companies are 4.535 billion yuan and 2.607 billion yuan respectively. In 2021, the net profit of Gf Securities Co.Ltd(000776) attributable to the parent company is 10.85 billion yuan. According to the shareholding ratio, the profit contribution rate of the two public offerings to Gf Securities Co.Ltd(000776) .
China Merchants Securities Co.Ltd(600999) owns Boshi fund and China Merchants Fund, holding 49% and 45% respectively China Merchants Securities Co.Ltd(600999) 2021: the net profit attributable to the parent company was 11.65 billion yuan, the net profits of Boshi fund and China Merchants Fund were 1.78 billion yuan and 1.6 billion yuan respectively, and the contribution rate of net profit attributable to the parent company was 7.5% and 6.2% respectively.
China Industrial Securities Co.Ltd(601377) holds 9.15% and 51% of the shares of China Southern Fund and Xingzheng Global Fund respectively, and the net profits of China Southern Fund and Xingzheng Global Fund in 2021 are 2.163 billion yuan and 2.235 billion yuan respectively, contributing 3.4% and 24.5% to the attributable profits of China Industrial Securities Co.Ltd(601377) respectively.
Gf Securities Co.Ltd(000776) research report points out that public funds are the best track in the era of wealth management, with broad development space and increasingly fierce competition in the blue ocean market. Excellent public fund management companies have their own accumulated endowment and strong moat, excellent profitability and strong performance stability.
