Reporter Zhou Shangling
Entering the intensive disclosure period of interim results, 43 of the 18 A-share listed securities companies have released their 2023 half-year performance reports (accounting for more than 40%), and under the low base effect of the same period last year, the revision of proprietary investment income has driven the year-on-year growth of the main profit indicators of most securities firms, and the overall performance is generally good.
Performance of small and medium-sized brokers
More resilient
As of press time, 18 of the above 16 listed securities companies have achieved a year-on-year increase in operating income and net profit, while the operating income of Guosen Securities and Founder Securities has decreased slightly year-on-year, and the performance of some small and medium-sized securities companies is more flexible.
In terms of operating income, Southwest Securities achieved operating income of 14.72 billion yuan, a year-on-year increase of 66.71%, ranking first in the growth rate, mainly due to the company's investment income and fair value change income increased by 4 million yuan and 79 million yuan respectively year-on-year. The operating income of Caitong Securities, Northeast Securities, Western Securities and Industrial Securities also increased by more than 2% year-on-year.
In terms of net profit, a total of 3 listed securities companies increased their net profit by more than 100% year-on-year. Among them, Northeast Securities achieved a net profit of 5 million yuan, a year-on-year increase of 47.164%, ranking first in the growth rate; Southwest Securities followed closely behind, with a year-on-year increase in net profit of 48.137%; Great Wall Securities temporarily ranked third, with a year-on-year increase of 08.105% in net profit. The net profit of Western Securities, Huaxi Securities, Soochow Securities, Caitong Securities and Guohai Securities all increased by more than 04% year-on-year.
After further combing the main business of these 18 listed securities firms, the reporter found that their main business performance was quite differentiated, and their development had bright spots. In terms of investment banking business, with the implementation of the comprehensive registration system in the first half of the year and the gradual recovery of the economy, the overall development of the investment banking business of securities firms was relatively stable, with a total of 8 securities firms showing a year-on-year increase in net income from investment banking business, and the net income of Northeast Securities and Western Securities both increased by more than 100% year-on-year. In terms of asset management business, the net income of a total of 5 listed securities firms increased year-on-year, and the net income of asset management business of Western Securities and Guosen Securities increased by more than 40% year-on-year.
The increase in proprietary business was the main reason for the general growth of listed securities companies in the first half of the year. According to the data of the semi-annual report of listed securities companies, 18 of the 8 listed securities companies have net income from proprietary business of more than 10 billion yuan; A total of 6 companies achieved a turnaround in net income from self-operated business, and the remaining 12 companies also showed different growth.
Most of them are through the issuance of subordinated bonds, for example
Replenishment of net capital
In the first half of the year, the securities industry implemented regulatory requirements, dynamically monitored risk control indicators such as net capital and liquidity, and comprehensively carried out sensitivity analysis and stress testing of net capital and liquidity. At the same time, in the context of the slowdown in the pace of industry refinancing, the risk control indicators of securities firms have also attracted much attention.
As of the end of June, the average risk coverage ratio of the 6 listed securities firms was 18.264% (regulatory standard ≥83%), the average capital leverage ratio was 100.21% (regulatory standard ≥06%), the average liquidity coverage ratio was 8.285% (regulatory standard ≥61%), and the average net stable funding ratio was 100.159% (regulatory standard ≥81%). On the whole, most of the current half-year reports are small and medium-sized securities firms, and the main risk control indicators such as net capital and liquidity continue to meet regulatory standards. However, there are also some securities companies whose capital leverage ratio indicators show a significant downward trend, with 100 of the 18 listed securities firms below 7%, and the lowest being 20.14% (early warning standard≥ 49.9%).
In addition, at least 6 listed securities firms also disclosed risk control indicators separately when disclosing their half-year reports. From the perspective of the ways in which listed securities firms replenished net capital in the first half of the year, each securities firm has established a net capital replenishment mechanism, most of which supplement net capital by issuing subordinated bonds, improving profitability, retaining net profits, etc., to enhance asset liquidity.
For example, Guoyuan Securities adopted the scenario analysis stress test method to test the company's compliance with the company's risk control indicators under the stress scenario of simultaneous changes in multiple risk factors for matters such as financial budget, IPO and bond underwriting projects, business qualification application, quotation repurchase business, and adjustment of the company's proprietary business scale, and submitted a total of 32 special stress test reports in the first half of the year. When carrying out major business or business activities such as securities underwriting, dividend distribution, establishment of subsidiaries or capital increase subsidiaries, Huaxi Securities has carried out stress tests of risk control indicators, and put forward business management suggestions on the basis of calculation and analysis. (Securities Daily)