In the first quarter of this year, the stock market was depressed, and the overall performance of listed securities companies was dragged down by proprietary investment and other businesses.
As of yesterday’s press time of the securities times, a total of 21 listed securities companies have disclosed the performance of the first quarter of 2022. According to the statistics of choice financial terminal, the revenue and net profit of more than 80% of listed securities companies fell year-on-year, and nearly 60% of the net profit fell by more than 50% or even loss in the first quarter.
From the perspective of specific business, the overall revenue of brokerage and asset management business decreased steadily in the first quarter; Investment banking business performed well, and the overall growth of securities companies that have disclosed the first quarterly report was about 20%; In the past, the self operated investment business, which has boosted the performance of securities business, became the biggest drag on the performance of securities business in the first quarter.
more than 80% of listed securities companies
revenue and net profit decline
Judging from the first quarter revenue data of the above-mentioned securities companies, Citic Securities Company Limited(600030) ranked first with a revenue of 15.216 billion yuan, China Securities Co.Ltd(601066) , Haitong Securities Company Limited(600837) respectively ranked second and third with a revenue of 6.332 billion yuan and 4.131 billion yuan. The single quarter revenue of China Merchants Securities Co.Ltd(600999) , Zheshang Securities Co.Ltd(601878) also exceeded 3 billion yuan. At present, there are seven securities companies with a revenue of more than 1 billion yuan. From the year-on-year change of revenue, only three securities companies achieved positive growth in revenue in the first quarter, accounting for 14%, namely China Securities Co.Ltd(601066) , First Capital Securities Co.Ltd(002797) , The Pacific Securities Co.Ltd(601099) securities. Among them, China Securities Co.Ltd(601066) first quarter revenue increased by 31.83% year-on-year.
Judging from the net profit attributable to the parent company in the first quarter, at present, only four securities companies have a net profit attributable to the parent company of more than 1 billion yuan, of which Citic Securities Company Limited(600030) is far ahead with a net profit of 5.229 billion yuan China Securities Co.Ltd(601066) , Haitong Securities Company Limited(600837) , China Merchants Securities Co.Ltd(600999) temporarily ranked second to fourth, with net profits of 1.542 billion yuan, 1.5 billion yuan and 1.49 billion yuan respectively.
From the year-on-year change of net profit, at present, only three listed securities companies achieved positive growth in net profit in the first quarter, and the Citic Securities Company Limited(600030) net profit of “big brother” only increased slightly by 1.24%. Among small and medium-sized securities companies, First Capital Securities Co.Ltd(002797) and The Pacific Securities Co.Ltd(601099) securities also recorded year-on-year growth in revenue and net profit due to the low base of the previous year.
It is worth mentioning that five listed securities companies have suffered losses in the first quarter, namely Western Securities Co.Ltd(002673) , Northeast Securities Co.Ltd(000686) , Guoyuan Securities Company Limited(000728) , Huaxi Securities Co.Ltd(002926) , Southwest Securities Co.Ltd(600369) . Among the listed securities companies that have not lost money, there are seven whose net profit has fallen by more than 50%.
investment banking income
bucked the trend and increased by about 20%
From the perspective of business, as for the overall situation of the 21 listed securities companies that have disclosed their performance, the income of brokerage and asset management business decreased slightly in the first quarter, the income of investment banking business increased by about 20% against the trend, and the self operated business has become the “winner” who determines the performance.
In terms of brokerage business, the overall revenue of securities companies remained stable in the first quarter, and the brokerage service fee income of 21 listed securities companies decreased slightly by about 3% year-on-year. In terms of market conditions, although the three major indexes fell in the first quarter, due to factors such as IPO, the total turnover in the first quarter of this year increased compared with the same period last year, so it has little impact on the brokerage business. Among the securities companies, Zheshang Securities Co.Ltd(601878) , China Securities Co.Ltd(601066) net fee income from securities brokerage business increased by more than 10% year-on-year.
In terms of investment banking, the beneficiary financing market was active, and the investment banking business remained bright in the first quarter. From the above 21 listed securities companies, in the first quarter, the net fee income of investment banking business captured by the industry as a whole increased by about 22% year-on-year, and nearly 60% of the investment banking business income of securities companies increased. From the perspective of investment bank receipts, Citic Securities Company Limited(600030) , Haitong Securities Company Limited(600837) , China Securities Co.Ltd(601066) single quarter net income from investment bank fees exceeded RMB 1.5 billion, of which, China Securities Co.Ltd(601066) investment bank business increased by 95% year-on-year. Among the small and medium-sized securities companies, Dongxing Securities Corporation Limited(601198) in the first quarter, the investment banking revenue increased by 220% to 416 million yuan.
In terms of asset management business, the net fee income of the overall asset management business of the above listed securities companies decreased slightly by 3% year-on-year. Among them, Citic Securities Company Limited(600030) in the first quarter, the net income from handling fees of asset management business was as high as 2.776 billion yuan.
Compared with the past two years, the self operated business of securities companies has risen sharply in good years, and even the self operated income of some securities companies has exceeded the brokerage business and jumped to the largest source of revenue. Now the market has reversed, and the self operated business has also become the biggest drag on the performance of securities business.
According to the statistics of the reporter of the securities times, the self operated income of the 21 listed securities companies in the first quarter was -1.745 billion yuan, while the profit in the same period in 2021 exceeded 10 billion yuan. Specifically, Citic Securities Company Limited(600030) in the first quarter, the self operated income still exceeded 3 billion yuan and remained stable, while the self operated income of most securities companies fell sharply, and only 40% of securities companies had positive self operated income in the first quarter.
Western Securities Co.Ltd(002673) non bank analyst Luo zuihui believes that the trading and institutional business will be the winners and losers of the annual performance of securities companies, and the income differentiation is expected to be obvious. According to its judgment, under the background of market fluctuation in the first quarter of 2022, some securities companies may face greater risk of fair value fluctuation, and the disturbance of proprietary business income to the annual net profit is more obvious. In the second quarter, the trading volume, financial and other data fell, and the fair value of the primary and secondary markets fell, and the performance of securities companies is expected to be under pressure.
