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On the evening of April 24, Eastmoney 、 Guojin Securities 、 Capital Securities 、 Guosheng Financial Holding The first quarter report of four securities companies was disclosed.
Among them, "Zhengmao" Oriental Wealth realized a net profit attributable to the parent of 1.954 billion yuan, a year-on-year decrease of 3.7%. The financial report showed that the company's total operating revenue in the first quarter fell by 12.6%, of which the operating revenue fell by about 30%, mainly due to the decline in financial e-commerce service revenue. The net profit of Guojin Securities also declined in the first quarter, with a year-on-year decline of 38.6%, which is said to be mainly affected by the decline in the performance of proprietary investment business.
The non bank team of AVIC Securities believes that in the first quarter of this year, the asset management and proprietary business of securities firms are expected to drive performance growth, and it is suggested to focus on the valuation opportunities brought by the performance of securities firms' first quarter report exceeding expectations.
Net profit in the first quarter of "margin trading" dropped slightly, and fund income declined every day
On the evening of April 24, Oriental Wealth released its first quarterly report of 2024. During the reporting period, the company realized a total revenue of 2.456 billion yuan, down 12.60% year on year; The net profit attributable to the parent company was 1.954 billion yuan, down 3.7% year on year.
The financial report shows that in the consolidated income statement, the total operating income of Oriental Wealth consists of operating income, net interest income, net commission income and commission income, of which the operating income has declined significantly. The company's operating income in the first quarter was 751 million yuan, down 30.34% year on year. It was explained in the financial report that it was mainly due to the "decline in financial e-commerce service income". It is reported that the financial e-commerce service business of Dongcai mainly provides fund sales services for users through Tiantian Fund.
The 2023 annual report of Oriental Wealth shows that the company's main businesses include securities business, financial e-commerce service business, financial data service business, etc. Among them, by product, the revenue from securities service products accounted for 64.92% of the total revenue, and the revenue from financial e-commerce services accounted for 32.71%.
In the first quarter of this year, the investment income of Oriental Wealth was 570 million yuan, up 50.90% year on year, mainly due to the increase in bond investment income; The income from changes in fair value was 243 million yuan, up 107.75% year on year, mainly due to the increase in fair value income of financial instruments. According to Dongfang Wealth, the company is steadily developing its own securities business. During the reporting period, the company took full advantage of market opportunities, through the adjustment and control of bond investment portfolio and investment scale, steadily carried out fixed income business investment, improved the return rate of proprietary business, and realized investment income and income from changes in fair value of 813 million yuan, up 64.35% year on year.
In addition, the financial report shows that Oriental Wealth is still increasing its R&D investment. In the first quarter of 2024, the company's R&D expenses reached 284 million yuan, with a year-on-year growth of 15.55%, accounting for 11.58% of the total operating revenue, with a year-on-year growth of 2.82 percentage points. It is reported that the big financial model of "Fantasy" independently developed by Orient Wealth was promoted orderly in the first quarter.
Some families are happy and some are sad
Capital Securities, Guojin Securities and Guosheng Financial Holding also disclosed their quarterly reports on the evening of April 24.
Capital Securities According to the first quarter report, the company achieved a total operating income of 564 million yuan in the first quarter, up 29.85% year on year; The net profit attributable to the parent company was 220 million yuan, up 25.22% year on year. The basic earnings per share of Capital Securities increased by 33.33% year on year. The company explained that the increase was mainly due to the increase in asset management business income during the reporting period, resulting in an increase in net profits attributable to shareholders of the listed company.
Guosheng Financial Holding The first quarter showed that the company's total operating revenue in the first quarter of this year was 424 million yuan, up 3.67% year on year; The net profit attributable to the parent company was 23.067 million yuan, a year-on-year decrease of 49.07%.
Guojin Securities The first quarter report shows that the net profit attributable to the owners of the parent company in the first quarter was 367 million yuan, a year-on-year decrease of 38.6%; The operating revenue was 1.483 billion yuan, a year-on-year decrease of 24.03%; Basic earnings per share was 0.099 yuan, a year-on-year decrease of 38.13%. As for the sharp decline in net profit, Guojin Securities explained that it was because the company's performance of self operated investment business declined year-on-year during the reporting period.
It is worth mentioning that Guojin Securities also disclosed its 2023 annual report that night. The operating revenue of Guojin Securities in 2023 is about 6.73 billion yuan, an increase of 17.39% year on year; The net profit attributable to shareholders of the listed company was about 1.718 billion yuan, up 43.41% year on year; Basic earnings per share was 0.462 yuan, up 34.69% year on year.
So far, four listed securities companies have disclosed their first quarter reports, and two of them achieved year-on-year growth in net profits.
Huachuang Securities Non bank Xu Kang (Analyst Jin Qilin) The team believes that the first quarter benefited from the rapid recovery of the market scene since February, and the securities companies' performance recovered significantly; However, under the high base in the same period last year, the performance still declined to a certain extent. It is expected that the total revenue of the securities industry will be - 7.6% year on year, and the net profit will be - 20.6% year on year. The main reason for the decline in net profit was that the rate of return on proprietary business fell from a high base in the same period last year, and the investment banking revenue declined year-on-year.
The non bank team of AVIC Securities believes that the asset management and proprietary business of securities firms are expected to drive performance growth in the first quarter, and it is suggested to focus on the valuation opportunities brought by the performance of securities firms' first quarter report exceeding expectations. In terms of business, the brokerage business in the first quarter may be basically the same as that in the same period of last year; Investment banking business remains at a low level due to policy impact; The asset management business began to transform from incremental to stock management, and the issuance scale of new products and funds declined, but the stock scale grew rapidly; In terms of credit business, the scale of financing and financing declined slightly due to the impact of policies; In terms of proprietary business, with the sharp recovery of the market after February 6 and the continuous downward trend of 10-year treasury bonds, the bond market has strengthened, and the proprietary business of securities firms is still expected to achieve growth.
Editor in charge: Gui Yanmin
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