On April 26, Guosen Securities Co.Ltd(002736) held the 2021 annual performance presentation meeting Guosen Securities Co.Ltd(002736) party secretary and Chairman Zhang Nasha and President Deng Ge attended the meeting.
At the performance presentation meeting, Zhang Nasha said that the company completed the change of the board of directors in 2021, and the overall competitive strength of the company was further enhanced. The company achieved an operating revenue of 23.8 billion yuan, an increase of 26.8%, and a net profit of 10.115 billion yuan, an increase of 52.89%. The scale of net profit reached a new high since 2015.
According to the data of the annual report, from the perspective of contribution to revenue, brokerage and wealth management business is the traditional advantageous business of Guoxin. The revenue of this business in 2021 was 10.769 billion yuan, accounting for 45.21% of revenue; The revenue of investment and trading business was 7.416 billion yuan, accounting for 31.14%. In addition, the revenue of investment banking business was 2.066 billion yuan and that of asset management business was 540 million yuan.
chairman of the board of directors explained the company's "14th five year plan" objectives and working ideas
Zhang Nasha said that in 2021, the company completed the change of the board of directors, the board of supervisors and the management, focused on accelerating mechanism innovation, vigorously promoted business transformation and upgrading and management improvement, and further enhanced the overall competitive strength of the company.
First, the planning guidance has been strengthened. The company has completed the "14th five year plan" and the preparation of subsidiary plans such as six business lines and four wholly-owned subsidiaries, forming a "1 + n" planning system, and the goal and path of the company's business development are clearer.
Second, the overall planning of the group has been strengthened. In view of the increasing demand of customers for comprehensive financial services, while maintaining the professional advantages of business personnel and branches, the company further strengthens the empowerment of the headquarters, pays more attention to the construction of high-quality professionals, and gives full play to the support of the headquarters for business development in financial technology, compliance risk control, assessment and distribution, etc.
Third, business collaboration has been strengthened. At the company level, it has studied and deployed the coordinated promotion scheme of business lines such as wealth management, investment banking, fixed income, research, investment and international business; Further improve the assessment and performance distribution system of cross departmental collaboration, improve the institutionalization level of internal collaboration, significantly improve the collaboration enthusiasm of relevant departments and subsidiaries, and gradually show the collaborative performance.
Fourth, pay more attention to serving the real economy. The company insists on serving the real economy, gives full play to its business advantages such as investment banking, fixed income and direct investment, and better serves the industrial transformation and upgrading and promotes the development of emerging industries in terms of project contracting, cultivation and selection.
Fifth, more emphasis on innovation and guidance. The company encourages all business lines to pay close attention to the development trend of the industry and be determined to reform and innovate; At the same time, efforts will be made to strengthen the development of financial science and technology innovation enabling business. In 2021, the company obtained the pilot qualification of fund investment consulting business and the general dealer qualification of credit mitigation tools. At present, the company is trying to promote the application of business qualifications such as foreign exchange settlement and sales business, cross-border business, precious metal proprietary business and primary dealer of OTC options, so as to continuously create a new pattern of innovation driven development.
In 2021, Guosen Securities Co.Ltd(002736) also defined the development goal during the "14th five year plan": the company's strategic vision is to build a "world-class comprehensive investment bank with global vision, local advantages, innovation driven and science and technology led"; The development goal is to achieve "six major advances" such as full value chain wealth management, active and stable investment banking services, multi platform value investment, all-round research services, financial technology driven development and multi-channel international development.
In order to successfully accomplish the above strategic objectives, the company puts forward the following work ideas:
First, the wealth management business actively responded to the situation that the commission rate of the industry continued to decline and the competition was becoming increasingly fierce, strengthened the overall planning and coordination at the division level, continued to strengthen the construction of talent team, focused on customer needs, vigorously improved product research ability, asset allocation ability and investment advisory service ability, focused on building its own wealth management brand and comprehensively built a big wealth management business model.
Second, the investment banking business grasps the historic opportunity of the reform of the registration system, gives full play to the service advantages of scientific and technological innovation enterprises, consolidates the layout of key industries and key regions, comprehensively implements the business collaborative development strategy of "investment + investment banking + investment research" on the premise of compliance with the law, and provides enterprises with all-round, all industry chain, integrated and one-stop comprehensive financial services.
Third, the asset management business grasps the development opportunity of the industry's return to its origin and the reconstruction of the market pattern after the implementation of the new asset management regulations, based on the long-term and focusing on investment and research, speeds up the establishment of asset management companies, further enriches the product line, improves the active management ability, and improves the industry status of the scale and income of asset management business.
Fourth, on the basis of continuing steady investment, self operated business takes derivatives and customer order trading as the starting point, vigorously develops low-risk and market neutral trading business, expands the company's financial asset allocation scale, improves the company's ability to use capital and reduces the volatility of the company's investment and trading business revenue on the premise of controllable risk; At the same time, improve the whole process management level of the subsidiary's equity investment business "raising investment, management and return", strengthen the ability of industrial policy analysis and judgment, and serve the high-quality development of the real economy through equity investment.
Fifthly, international businesses should grasp the policy guidance of high-level two-way opening-up of the financial industry, take Guoxin Hong Kong as the bridgehead for the company to develop professional cross-border financial services, establish an efficient domestic and foreign business coordination mechanism on the premise of ensuring compliance operation, make full use of the advantages of the company's two full licenses, fully develop domestic and foreign customer resources, and provide investors with complete cross-border investment and financing, capital intermediary, asset allocation Financial product creation and risk management solutions.
Sixth, enable financial technology, accelerate the pace of digital transformation, use financial technology to improve the ability of business development, operation management and risk control, further strengthen the self research of key technologies and key systems, focus on building business platforms such as wealth management, investment research integration, large investment bank operation and enterprise risk control platform, enable business development, and form a good situation of mutual promotion and win-win between financial technology and business development.
In addition, Guosen Securities Co.Ltd(002736) located in Shenzhen, the company will further enhance its responsibility in the development strategy of Guangdong Hong Kong Macao Bay area and promote the company's high-quality development in the process of serving the national strategy.
At the performance presentation meeting, Shanghai Securities News asked questions on Guosen Securities Co.Ltd(002736) how to transform in the era of big wealth management.
Deng Ge, President of the company, told reporters that Guoxin has made every effort to promote the transformation of professional, intelligent, high-end and personalized full value chain wealth management through business collaboration, professional empowerment and science and technology drive.
First, business collaboration. The company vigorously integrates retail, institutional and other resources, establishes a new strategic development headquarters, fully promotes the coordination of business lines such as brokerage, investment banking, fixed income, capital intermediary, institutional services, asset custody, asset management and research support, establishes a business linkage mechanism, optimizes the assessment and incentive mechanism, focuses on improving the collaborative combat ability of cross functions, cross businesses and cross departments, and makes every effort to build a full chain, three-dimensional and one-stop investment service platform, Meet customers' comprehensive wealth management needs.
Second, professional empowerment. On the basis of continuously building a wealth management professional team, the company is setting about building a buyer's research system for financial products. Through full category, multi-dimensional and systematic product research, aiming at the differentiated investment needs of investors, the company continues to improve the securities investment advisory service brand and promote the improvement of the customer service system in the whole life cycle before, during and after investment; Through product research support, potential small and medium-sized private placement will be screened and incubated in the form of institutional brokerage services. The successfully incubated private placement products will be transformed into high-quality consignment targets, build a new ecosystem of product supply, and help form a closed-loop wealth management ecosystem of investment and research, institutional brokerage, consignment, trusteeship and product configuration. At the same time, focus on developing institutions and high net worth customer services, provide different types of transactions or product services to private institutions, listed companies, enterprises and institutions, and provide comprehensive solutions from top-level structure design to specific product customization for high net worth customers with complex needs.
Third, driven by science and technology. In 2021, the company optimized and adjusted the organizational structure of IT department and vigorously promoted the digital innovation and development of securities services. In the future, efforts will be made to build a comprehensive application platform integrating marketing, service and management and a one-stop wealth management platform for customers.
In 2021, Guosen Securities Co.Ltd(002736) fund consignment income was 639 million yuan, and in 2020, fund consignment income was 582 million yuan, with a slight year-on-year increase of 9.79%.
Guosen Securities Co.Ltd(002736) said that the growth rate of fund consignment income slowed down. First, due to the influence of market conditions, the profit-making effect of equity products weakened under the influence of market conditions in 2021, so the growth rate of fund consignment income of the company in 2021 was also affected accordingly. The second reason is the transformation of the concept of product allocation. In line with the general trend of the development of the wealth management industry, the working concept of the company's product allocation has changed from starting to retaining, encouraging and guiding the majority of fund investors to hold for a long time and obtain long-term returns. In 2021, the company's customer fund ownership grew rapidly, and the consignment income changed from explosive flow to stable stock.
Citic Securities Company Limited(600030) research report believes that relying on channel advantages and deep customer accumulation, Guosen Securities Co.Ltd(002736) with brokerage business as the core, it has gradually promoted the transformation of wealth management, and the industry ranking has increased in recent three years. With the completion of the change of management and the national social security fund taking shares to supplement capital, Guosen Securities Co.Ltd(002736) the future development is worthy of attention. Brokerage and wealth management are the main business segments of Guosen Securities Co.Ltd(002736) company. In terms of shareholder return, the company's roe has long been ahead of the average level of the industry, mainly due to the high roa From 2019 to 2021q3, Guosen Securities Co.Ltd(002736) roa was 2.25%, 2.51% and 2.34% respectively, taking the lead among the top securities companies. It is expected that the company's share price will keep pace with the overall changes of the industry in the future, with a target price of 10.29 yuan, corresponding to pb1.25 yuan in 202125 times.
10 billion net profit securities companies expanded to 10
In 2021, a number of securities companies set new revenue records. The number of 10 billion net profit coupon merchants increased by 5 to 10 compared with 2020. The top 10 brokers with the top 10 in terms of revenue revenue revenue are: the top 10 brokers with the top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the top 10 of the revenue revenue revenue: the following is: Tsingtao Brewery Company Limited(600600) Tsingtao Brewery Company Limited(600600) Tsingtao Brewery Company Limited(600600) 60030 .
Figure source: ranking of total revenue of securities companies in 2021
Figure source: ranking of net profit of securities companies in 2021
In terms of annual net profit, the top 10 brokers in the top 10 list of annual net profit, the top 10 brokers are the Citic Securities Company Limited(600030) 60030 \ .
However, the recent downturn in the A-share market has impacted securities companies, especially in terms of investment income. At present, the securities companies that released the results of the first quarter are generally under pressure. For example, in the first quarter, China Merchants Securities Co.Ltd(600999) achieved a revenue of 3.696 billion yuan, a year-on-year decrease of 38.01%; The net profit was 1.49 billion yuan, a year-on-year decrease of 42.99%. For the decline of performance in the first quarter, China Merchants Securities Co.Ltd(600999) explained that the market volatility is intensified, the epidemic is still severe, and the company's business activities are facing challenges, resulting in pressure on performance.
Securities companies believe that the short-term trend of the stock market will remain limited again.
In the medium and long term, Orient Securities Company Limited(600958) said that the individual pension system brings significant incremental long-term funds, which is another major buyer investment advisory model exploration after the fund investment adviser, focusing on the head securities companies, funds and other wealth management institutions with strong investment research and investment advisory ability.
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