The annual report season of securities companies has gradually come to an end, and the overall performance of securities companies in 2021 has been basically presented.
Thanks to the hot A-share market last year, the performance of securities companies generally broke out in 2021. According to the latest disclosed data, there were 10 securities companies with net profits of more than 10 billion in 2021, five more than in 2020, and the net profits of the top 10 securities companies accounted for nearly 70% of the industry.
Several families are happy and several families are sad. In addition to the huge profits made by the head securities companies, there are still some small and medium-sized securities companies under pressure for performance decline or even losses, such as Zhongshan securities, the only net loss maker in the industry.
Orient Securities Company Limited(600958) non bank analysts said that since 2019, the securities industry has grown for three consecutive years, the industry head has been further concentrated, and the Matthew effect of the strong and constant has continued to highlight. After three consecutive years of the industry from 2019 to 2021, the basic conditions of the A-share market have deteriorated significantly in 2022. The head securities companies whose proprietary business line focuses on de directional institutional businesses such as stock derivatives will show stronger performance toughness, and the probability of performance differentiation of securities business will increase significantly in 2022.
expansion of 10 billion clubs to 10
On April 18, the last head company to disclose its performance, Guosen Securities Co.Ltd(002736) , was expected to be among the "10 billion club" of net profit.
According to the disclosed data, Guosen Securities Co.Ltd(002736) 2021 had a revenue of 23.818 billion yuan, a year-on-year increase of 26.80%, and realized a net profit attributable to the parent company of 10.115 billion yuan, a year-on-year increase of 52.89%. Six years later, Guosen Securities Co.Ltd(002736) returned to the "ten billion club".
According to the statistics of the reporter from the securities times, according to the statistics of the reporter from the securities times, the statistics of the securities times, the statistics of the securities times, according to the statistics from the reporter of the securities times. In 2021, the performance of securities companies broke out, and the number of securities companies with a net profit of more than 10 billion billion. The number of securities companies with a net profit of more than 10 billion billion billion has increased to 10 in 2021, double double that of 2020, respectively Tsingtao Brewery Company Limited(600600) 6006 Zuming Bean Products Co.Ltd(003030) \ , China Securities Co.Ltd(601066) and Guosen Securities Co.Ltd(002736) , the five newly shortlisted companies are China Merchants Securities Co.Ltd(600999) , China International Capital Corporation Limited(601995) , China Galaxy Securities Co.Ltd(601881) China Securities Co.Ltd(601066) and Guosen Securities Co.Ltd(002736) . Among them, Citic Securities Company Limited(600030) is the only club with a net profit of more than 20 billion yuan, reaching 24.005 billion yuan, a significant increase of 54.71% year-on-year in 2020.
Previously, China Securities Association disclosed that the overall performance of the securities industry was better in 2021, and 140 securities companies achieved a net profit of 191119 billion yuan, a year-on-year increase of 21.31%. This also means that the total net profit of the top ten securities companies of 132048 billion yuan accounts for 69.09% of the whole industry.
According to the data of the disclosed annual report, there are 14 securities companies whose net profit growth rate exceeds 30%, including Citic Securities Company Limited(600030) , Guosen Securities Co.Ltd(002736) , China International Capital Corporation Limited(601995) , China Galaxy Securities Co.Ltd(601881) and Guotai Junan Securities Co.Ltd(601211) and other leading securities companies. In particular Guosen Securities Co.Ltd(002736) , with a growth rate of 52.87%, the securities firm crossed the 10 billion mark on the basis of the net profit of 6.6 billion yuan in 2020, reaching 10.117 billion yuan.
In addition, many small and medium-sized securities companies also performed well. Among them, the growth rate of net profit in Central China Securities Co.Ltd(601375) 2021 reached 439.59%, ranking first in the industry, and the growth rates of Orient Securities Company Limited(600958) , China stock market news, Founder Securities Co.Ltd(601901) , Guolian Securities Co.Ltd(601456) , etc. also exceeded 50%.
With regard to the "vigorous" net profit growth rate, Central China Securities Co.Ltd(601375) said that in 2021, China's capital market reform supporting policies were implemented one after another, the market trading was active, the company actively grasped the market opportunities, continuously improved its core competitiveness, and the operating performance increased significantly.
small and medium-sized securities companies also struggle to accompany
The death of drought and the death of waterlogging. In the good market environment, the head securities companies earn a lot, while some small and medium-sized securities companies have to face the decline in performance or even losses.
Guangdong Golden Dragon Development Inc(000712) disclosed the performance data of its subsidiary Zhongshan securities, which showed that in 2021, Zhongshan securities realized an operating revenue of 1.051 billion yuan and a net profit loss of 492088 million yuan. In 2020, the operating revenue of Zhongshan securities was 1.742 billion yuan and the net profit was 256 million yuan.
The reporter of the Securities Times noted that the main reason for the net profit loss of Zhongshan securities was the sharp decline in operating income. In terms of revenue, the net fee income of Zhongshan securities investment banking business was only 320 million yuan, a sharp year-on-year cut. At the same time, the loss from changes in fair value reached 500 million yuan, nearly doubling year-on-year.
Guangdong Golden Dragon Development Inc(000712) explained that Zhongshan securities received the administrative supervision letter from the regulatory department in August 2020, and the new capital consuming business was suspended, resulting in a large decline in operating income. In addition, the valuation of some bonds held by Zhongshan securities fell, resulting in losses from changes in fair value.
Chinalin Securities Co.Ltd(002945) , after Zhongshan securities, the decline in net profit was mainly due to the sharp increase in costs and expenses caused by the strategic transformation of science and technology finance. In 2021, Chinalin Securities Co.Ltd(002945) achieved an annual operating revenue of 1.396 billion yuan, a year-on-year decrease of 6.34%; The net profit was 484 million yuan, a year-on-year decrease of 40.46%.
According to the data, the total operating expenditure of Chinalin Securities Co.Ltd(002945) 2021 was 881 million yuan, with a significant year-on-year increase of 52.5% Chinalin Securities Co.Ltd(002945) explained that the cost of information technology increased compared with the same period of last year mainly due to the increased investment in information technology around the Internet transformation strategy. In addition, the cost of human remuneration also increased compared with the same period of last year.
YueKai securities, listed on the new third board, increased revenue without increasing profit in 2021, and its net profit also declined. According to the data, in 2021, YueKai securities achieved an operating revenue of 1.204 billion yuan, a year-on-year increase of 26.84%; The net profit was 106 million yuan, a year-on-year decrease of 30.54%; The net profit after deducting non recurring profits and losses was 252 million yuan, a year-on-year increase of 59.59%.
In addition, in 2021, the non operating expenditure of YueKai securities reached 206 million yuan, a year-on-year increase of 168387%, mainly due to the increase in the expected loss of civil litigation.
It is worth mentioning that in recent years, the small and medium-sized securities companies deeply engaged in the business of Beijing stock exchange represent open source securities. In 2021, the revenue and net profit all fell, and the operating revenue and net profit were 2.7 billion yuan and 533 million yuan respectively, with a year-on-year decrease of 4.76% and 11.93% respectively.
Kaiyuan Securities said that the decline in operating income was mainly caused by the decrease in securities investment and investment bank income, and the decline in net profit was that the decline in operating income was greater than the decline in expenditure, resulting in the decrease in net profit.
In addition, First Capital Securities Co.Ltd(002797) also appeared the phenomenon of increasing income without increasing profit. In 2021, First Capital Securities Co.Ltd(002797) achieved a total operating revenue of 3.255 billion yuan, a year-on-year increase of 4.32%; The net profit was 745 million yuan, a year-on-year decrease of 8.29%.
The reporter of the Securities Times noted that the total operating expenditure of First Capital Securities Co.Ltd(002797) increased by 7% over the previous year, which was mainly due to the increase of business and management fees. The project reached 2.164 billion yuan, a year-on-year increase of 15.92%, the fastest growth rate among all expenditure projects, and the project accounted for a significant proportion of the total expenditure, reaching 95%.
