calculated based on comparable data of 54 companies, the per capita income was 26.7 million yuan, and the per capita profit was close to 4.5 million yuan - this is the 2018 report card handed over by the financial leasing industry.
htmlThe financial leasing industry, which has maintained rapid growth for more than 0 years, has been under pressure in the first half of the year. The growth of profits and scale in 2018 is also quite eye-catching.According to incomplete statistics, currently among various financial sub-industries, the trust industry has always been at the forefront of per capita profit creation, with approximately 3.18 million in 2017. The per capita profit creation level of the financial leasing industry is obviously much higher than that of the trust industry.
Brokerage China reporter obtained a data material from the Financial Leasing Professional Committee of the China Banking Association. This material covers a number of core operating data of 2018 for the remaining 54 financial leasing companies, except 12 companies including CDB Leasing, Industrial Leasing, and Jiangsu Leasing.
From this, through research and analysis of these data, we have a side understanding of this relatively secretive and obscure financial sub-industry. Let’s look at the important conclusions first:
1, ICBC Leasing and BoCom Leasing are firmly in the top two positions in the industry, and the company’s asset size, profit scale, and operating lease asset proportion are significantly higher than other peers;
2, one of the small and medium-sized financial leasing companies The biggest feature is "fast": among medium-sized financial leasing companies, Tibet Financial Leasing ranked first in total asset growth, and China Railway Construction Financial Leasing ranked first in revenue growth; among small financial leasing companies, three companies had a total asset growth rate of more than 100 last year. %, among which the net profit growth rate of Qianhai Xingbang Financial Leasing reached 2148%, and the revenue growth rate of Aerospace Science and Industry Financial Leasing reached 317%;
3. Thanks to the changes in asset and capital prices in the second half of the year, the industry spread was obvious Compared with the first half of the year, some companies whose net profits declined in the first half of the year reversed their performance decline in the second half of the year;
4, based on comparable data from 54 companies, the per capita income was 26.7 million yuan, and the per capita profit was close to 4.5 million yuan;
5, 54 companies at the end of last year The total operating lease assets account for less than 15%, and the industry differentiation is obvious. The operating lease assets of BoCom Leasing and ICBC Leasing account for 45% and 41% respectively, but there are still nearly 30 companies that have not yet launched this business.
The per capita profit is nearly 4.5 million yuan.
This may be the financial sub-sector with the highest per capita profit. However, due to its focus on corporate business, the number of listed companies is also small, and it is not well known to outsiders. According to
data, the total number of employees of the aforementioned 54 financial leasing companies was 5,243 at the end of last year, and only 16 companies had more than 100 employees. The largest ones were ICBC Leasing (361 people) and Minsheng Leasing (320 people). In addition, companies with larger number of employees include CMB Leasing and BoCom Leasing, with 267 and 200 employees respectively.
But it is this humble number of employees that creates huge profit data. Unaudited data shows that the aforementioned 54 companies achieved a total operating income of 140 billion yuan and a net profit of 23.5 billion yuan last year. Based on this calculation, each financial leasing employee generated an average annual revenue of 26.7 million yuan and an annual profit of 4.48 million yuan for the company. Yuan.
The reporter noticed that among the 54 financial leasing companies mentioned above, BoCom Leasing relied on its relatively excellent net profit growth rate and ultra-low cost-to-income ratio last year. Last year, its per capita profit was as high as 13.635 million yuan, which was much higher than other companies. It continued to rank first. Ranking first in the industry. In addition, ICBC Leasing’s per capita profit also reached 8.9 million yuan.
The per capita profits of Jinyin Financial Leasing and Shanghai Pudong Financial Leasing also reached 8.68 million yuan and 8.5 million yuan respectively, second only to BoCom Leasing and ICBC Leasing. It is worth noting that the cost-to-income ratio data of these two companies in 2018 is also the lowest among the 54 companies with comparable data.
Among them, Jinyin Financial Leasing, established by Jinzhou Bank as the main sponsor in 2015, has only 25 employees, the smallest among the 54 companies. As of the end of last year, the company’s total assets were less than 8.4 billion yuan, but it achieved Operating income was 550 million yuan and net profit was 220 million yuan, a year-on-year increase of 41% and 40% respectively.
ICBC Leasing and BoCom Leasing’s leading positions remain unchanged
The rapid progress of the financial leasing industry is first reflected in the rapid expansion of asset scale. Data show that the total assets of the aforementioned 54 companies reached 2.3 trillion yuan at the end of last year, an increase of 18.6% from the beginning of the year.
It is worth noting that based on differences in establishment time, shareholder background, and strategic planning, the financial leasing industry has also formed three relatively stable echelons, covering 100 billion-level financial leasing companies and asset scales ranging from 30 billion to 100 billion yuan. medium-sized financial leasing companies, and small financial leasing companies with less than 30 billion yuan.
Among them, the eight major financial leasing companies worth hundreds of billions are far behind their peers in terms of asset size and profit scale. These eight financial leasing companies include seven bank-based financial leasing companies, including ICBC Leasing, BoCom Leasing, Minsheng Leasing, China National Bank Leasing, CMB Leasing, CCB Leasing, and Industrial Leasing, as well as Huarong Leasing, an AMC leasing company. . According to this material obtained by
reporters, in addition to CDB Leasing and Industrial Leasing, the other six companies worth hundreds of billions have reported various operating results in 2018. Data shows that the average operating income of the six companies last year was about 11.2 billion yuan, and the average net profit was about 2 billion yuan.
Among them, ICBC Leasing and BoCom Leasing occupy the top two spots in the industry with asset scales of 271.5 billion yuan and 231.7 billion yuan respectively. The scale of leased assets, lease investment amount, operating income and net profit of the two companies are also much higher than those of other companies. They are both the number one profit engine among the domestic subsidiaries of the parent bank. According to
data, ICBC Leasing and BoCom Leasing achieved net profits of 3.22 billion yuan and 2.73 billion yuan respectively last year, a year-on-year increase of 63.3% and 13.2% respectively. The operating lease assets of both companies exceeded 100 billion.
Judging from the rankings, ICBC Leasing’s revenue growth rate and net profit growth rate last year ranked first among hundreds of billions of financial leasing companies. "ICBC Leasing's leasing business worth RMB 100 billion is carried out by the overseas ICBC International. It was not consolidated in the Financial Leasing Professional Committee before. In 2018, part of the business was transferred back, resulting in a substantial increase in scale and profitability on the table." An ICBC Leasing insider revealed.
In addition to the two industry leaders, ICBC Leasing and BoCom Leasing, CMB Leasing and CCB Leasing have also maintained steady scale and profit growth, achieving net profit growth of 23.3% and 8.5% respectively last year.
Minsheng Leasing and Huarong Leasing chose to "shrink their balance sheets" last year. As of the end of last year, the total assets of the two companies were 173.9 billion yuan and 124.5 billion yuan respectively, a decrease of 3% and 6% respectively from the beginning of the year.
was affected by this, and the profits of the two companies last year were also unsatisfactory. In 2018, Minsheng Leasing and Huarong Leasing achieved net profits of 1.35 billion yuan and 1.63 billion yuan respectively, a year-on-year decrease of 21.2% and a year-on-year increase of 0.2% respectively. The scale of small and medium-sized financial leasing companies has grown rapidly
Compared with the steady growth of hundreds of billions of financial leasing companies, one of the major characteristics of small and medium-sized financial leasing companies is "fast", both in terms of asset size growth and profit growth. to the former.
Among the aforementioned 54 financial leasing companies, there were 14 medium-sized financial leasing companies and 34 small-sized financial leasing companies at the end of last year, and their total asset size increased by 20% and 27% respectively from the beginning of the year.
Among medium-sized financial leasing companies, the one with the highest growth rate in asset size last year was Tibet Financial Leasing. The company achieved a leapfrog development from a small financial rental company to a medium-sized financial rental company with an asset size growth rate of 134% in 2018. At the end of last year, the company's total assets were 48.48 billion yuan.
In addition to Tibet Financial Leasing, the fastest growing medium-sized financial leasing company is China Railway Construction Financial Leasing. As of the end of last year, the company's total assets were approximately 44.3 billion yuan, an increase of 47% from the beginning of the year. The company also ranked first among medium-sized rental companies with a revenue growth rate of 142%, and a net profit growth rate of 44.6%.
Among the small financial leasing companies, the fastest growing ones are Aerospace Science and Industry Financial Leasing, Zhejiang Financial Leasing, and Qianhai Xingbang Financial Leasing, three leasing companies that opened in 2017. As of the end of last year, the total assets of the three companies were 14.7 billion yuan, 20.6 billion yuan and 7.2 billion yuan respectively, a year-on-year increase of 155%, 115% and 106% respectively. The profit growth rate of
3 companies is also at the forefront of the industry. Among them, Qianhai Xingbang Financial Leasing achieved a net profit increase of 2148% year-on-year to 43 million yuan in 2018, ranking first in the industry. Zheyin Financial Leasing ranked second in the industry with a net profit growth rate of 202.5%; Aerospace Science and Industry Finance Leasing ranks first in the industry with a revenue growth rate of 317%.
"What should be noted is the establishment time of these companies. Take Qianhai Xingbang as an example. The company's actual operation time in 2017 was only six or seven months. It is normal to compare this half year with the whole year of 2018. It is normal for the changes to be large. "But this does not mean that all start-up financial rental companies have such a high profit growth rate," an executive of a financial rental company in South China told reporters.
In addition to the above three companies, Qingyin Financial Leasing ranked second in the industry with a net profit growth rate of 501% last year; Chongqing Yiyu Financial Leasing ranked second in the industry with a revenue growth rate of 315%. The major shareholders of the two companies are Bank of Qingdao and Bank of Chongqing, both established in 2017.
Interest spreads widened in the second half of the year, reversing the decline in performance.
In the first half of last year, affected by changes in financing costs and leasing business scale, the net profit of the financial leasing industry, which had previously been developing at a rapid pace, came under pressure.
According to the 2018 semi-annual reports of listed banks, the net profits of nearly 10 companies, including ICBC Leasing and China National Bank Leasing, fell by more than 10% year-on-year in the first half of the year. The net profits of ABC Leasing dropped by 50% year-on-year. Harbin Financial Leasing had a net loss of 38 million yuan.
Many interviewees attributed this to three reasons: the unsatisfactory economic situation, high financing costs, and rising human and material costs. “Especially the issue of financing costs. Affected by the tightening of monetary policy in the first half of the year, the financing costs of financial leasing companies increased, which had a great impact on interest rate spreads. In addition, the strengthening of control over local government financing platforms also had a greater impact on the business of financial leasing companies. Impact." A person in charge of the financial market department of a large financial leasing company said.
But things changed in the second half of the year. "The main reason is that the price changes of assets and funds have significantly magnified the interest rate differential." said a department head of a small financial leasing company.
According to him, his company was established less than three years ago, and the interest rate spread increased by more than 2 percentage points month-on-month in the second half of last year. "Our feeling is that the price of borrowed funds in the second half of the year is 100 to 120 bp lower than the first half of the year, while the price of the assets released is 100 bp higher than the first half of the year."
This also prompted financial leasing companies, whose performance was under pressure in the first half of last year, to achieve better performance. Data shows that among the aforementioned 54 companies, only 10 experienced a year-on-year decline in net profit for the year, mainly small and medium-sized financial leasing companies.
Among them, ICBC Leasing and ABC Leasing achieved net profits of 3.2 billion yuan and 150 million yuan respectively last year, a year-on-year increase of 63% and 163% respectively. Harbin Financial Leasing also turned a profit, achieving a net profit of approximately 180 million yuan for the year. , a year-on-year increase of 55%.
Of course, due to differences in accounting standards among different financial leasing companies and inconsistent regional tax exemption policies, it cannot be ignored that there are certain limitations in the true situation reflected by the net profit indicator.
The proportion of operating lease assets is polarized
From the perspective of asset structure, the assets of financial leasing companies are concentrated in two major parts: lease assets and cash, of which lease assets include financial lease assets and operating lease assets.
"In fact, operating leasing business is the real leasing business, and financial leasing is still a credit-like business to a large extent. Therefore, in addition to the growth and changes in scale, more attention must be paid to the proportion of operating lease assets." middle An executive of a financial leasing company said. According to
data, although the total operating lease assets of the aforementioned 54 companies accounted for less than 15% at the end of last year, the good news is that the proportion of this industry has increased significantly compared with previous years.
data also shows that the proportion of operating lease assets of financial leasing companies shows obvious two-level differentiation characteristics, with only a few companies accounting for a higher proportion. Among them, the operating lease asset balances of BoCom Leasing and ICBC Leasing at the end of last year were 104.5 billion yuan and 112.45 billion yuan respectively, accounting for 45% and 41% of the company's total assets respectively, which are much higher than other financial leasing companies. In addition, CDB Leasing, which has not yet submitted data, also has a high proportion of operating lease assets.
Other companies with relatively high proportions of operating lease assets include Minsheng Leasing, CMB Leasing, Shanghai Pudong Financial Leasing, China Railway Construction Financial Leasing, ABC Leasing and CCB Leasing, accounting for 21%, 19%, 18% and 17% respectively. , 12% and 10%. The proportion of other financial leasing companies is generally low, and 29 financial leasing companies have not even started operating leasing business.
“Generally speaking, the development of operating leasing business is mainly concentrated in a few old, bank-based financial leasing companies. After all, this business has high professional requirements, long term, slow profitability, and requires a huge customer base and certain qualifications. We will expand after we gain strength,” an executive of a banking financial leasing company told reporters.
He also said that at present, more domestic financial leasing companies are still in the start-up and survival stages, and cannot yet "operate" large projects such as ship and aircraft leasing. There is also insufficient professional talent reserve to participate in the entire process of the leasing period. Therefore, the development of operating leasing business of many companies is still in the "lipstick" stage.
"Most of it is just words, but this choice is actually correct and realistic. Judging from foreign experience, it is difficult for leasing companies that mainly focus on operating leasing business to expand their business scale. Small and medium-sized companies can try one or two Single, but it doesn’t have to be that important,” the above-mentioned executive believes.
This article comes from the brokerage China
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