Economic Observer Reporter Zhou Yifan On the evening of October 28, China Merchants Securities (600999.SZ) released its third quarter financial report for 2022.
financial data shows that the company's revenue in the first three quarters was 15.298 billion yuan, a year-on-year decrease of 29.77%; the net profit attributable to shareholders of listed companies was 6.28 billion yuan, a year-on-year decrease of 26.12%.
In the third quarter, the company's revenue was 4.677 billion yuan, a year-on-year decrease of 37.14%; the net profit attributable to shareholders of listed companies was 1.992 billion yuan, a year-on-year decrease of 27.71%.
In fact, against the backdrop of large capital market fluctuations this year, the overall decline in securities companies' performance is also expected.
statistics show that in the third quarter of this year, the average daily turnover of stocks in shares was 5915.3 billion yuan, a year-on-year decrease of 33.7%. The Shanghai and Shenzhen stock markets shrank significantly. At the same time, 5353.57 billion new funds were issued in the third quarter, a month-on-month decrease of 11% and a year-on-year decrease of 47%, and it also continued to decline.
Regarding the decline in revenue during the reporting period, China Merchants Securities stated in its financial report that it was mainly caused by the reduction in handling fees and commissions, proprietary business income and the decrease in commodity business income.
According to financial report information, China Merchants Securities' net income from handling fees and commissions in the first three quarters was 7.297 billion yuan, a year-on-year decrease of 16.45%, of which the net income in the third quarter was 2.328 billion yuan, a year-on-year decrease of 29.26%. In terms of the subdivided business of
, China Merchants Securities' net income from brokerage business fees in the first three quarters was 4.969 billion yuan, a year-on-year decrease of 17.22%; the net income from asset management business fees was 631 million yuan, a year-on-year decrease of 15.21%; the net income from investment banking business of was 1.09 billion yuan, a year-on-year decrease of 13.48%.
. Looking at the third quarter alone, the company's net income from brokerage business, asset management business and investment banking business was RMB 1.684 billion, RMB 202 million and RMB 287 million, respectively, down 32.53%, 12.55% and 8.60% year-on-year respectively.
At the same time, if we simply calculate based on the caliber of "proprietary income = investment income + fair value change income -investment income for associates and joint ventures", China Merchants Securities' self-operated income in the first three quarters of 2022 was 4.566 billion yuan, a year-on-year decrease of 38.43%; the self-operated income in the third quarter was 1.506 billion yuan, a year-on-year decrease of 27.47%.
In fact, the decline in China Merchants Securities' proprietary revenue was mainly caused by changes in fair value of and profit and loss . The company lost 312 million yuan in this project in the first three quarters, a year-on-year decrease of 120.12%, which greatly dragged down the company's proprietary revenue performance.
On the other hand, the company's financial report disclosed data also shows that due to the decrease in commodity business revenue, the revenue of other businesses in in the first three quarters was 1.429 billion yuan, a year-on-year decrease of 50.52%, of which the revenue of other businesses in the third quarter was 60.1088 million yuan, a year-on-year decrease of 94.77%.
Looking forward to the company's future development, AVIC Securities analyst Bo Xiaoxu said in his research report that it is expected that China Merchants Securities will continue to adjust its business structure in the future, increase the scale of non-directional business investment, and continue to expand the capital intermediary trading business such as derivatives market making , fund market making and over-the-counter derivatives to enhance performance stability.
GF Securities analyst Chen Fu also pointed out in his research report that China Merchants Securities' institutional business still maintains a competitive advantage. At the same time, the company's pan-wealth management contributes stability. By continuously optimizing the online and offline marketing model, the company's new account opening also remains in the industry. With the deepening reform of the capital market, the institutionalization of investors, the coordinated development of wealth management and institutional business, the short-term pain accelerates the transformation of non-directional investment, and the company is expected to rise further.
