The revenue of the five securities companies exceeded 1 billion yuan in the first three quarters
With the deepening reform of capital market, the income of IPO recommendation and underwriting business of securities companies in the first three quarters of this year has obviously increased.
Wind data shows that in the first three quarters of this year, a total of 55 securities companies obtained income from IPO underwriting and recommendation business, an increase of 15 over the same period of last year; the total income of underwriting and recommendation totaled 17.425 billion yuan, more than double the total revenue of 6.848 billion yuan in the same period of last year, with a growth rate of 154.45%.
In terms of a single securities company, the three middle of China Securities construction investment, CITIC Securities and CICC Corporation occupied the top three places. In the first three quarters, their IPO underwriting and recommendation income reached 1.894 billion yuan, 1.653 billion yuan and 1.615 billion yuan respectively. Haitong Securities and Guotai Junan also had more than 1 billion yuan of income, and their IPO underwriting and recommendation income in the first three quarters were 1.349 billion yuan and 1.057 billion yuan respectively For small and medium-sized securities companies, IPO underwriting and recommendation revenue totaled 829 million yuan in the first three quarters, ranking seventh in the industry.
Data source: wind
In contrast, the average IPO underwriting and recommendation income of securities companies in the first three quarters of 2020 increased from 163 million yuan in the same period of 2019 to 317 million yuan; for a single securities company, Guojin securities ranked eighth in the industry in 2020, significantly increased by 12 places compared with the same period of last year (20th); Haitong Securities IPO underwriting and recommendation income in 2020 ranked fourth in the industry, up 7 places compared with the same period of last year (11th) In 2020, the IPO underwriting and recommendation income of GF Securities ranked the 15th in the industry, with a large decline of 10 places compared with the same period of last year (No. 5).
From the perspective of revenue concentration, China Securities construction investment, which ranks first, has obtained 10.87% of the market share, including CICC and CITIC Securities. The IPO underwriting and recommendation income of Three China in the first three quarters has accounted for 29.63% of the total market revenue, and the top 10 brokers have taken up 65.69% of the total market revenue, which means that the remaining 45 securities companies can only obtain about one third Market share.
In terms of the scale of underwriting and fund-raising, in the first three quarters of 2020, securities companies raised 353.508 billion yuan of IPO funds, a substantial increase of 152.54% compared with the same period of last year. The three middle still ranked in the top three, among which the sum of IPO fund-raising scale underwritten by China Securities construction investment and CICC exceeded 100 billion yuan, and the total market share exceeded 30%; Haitong Securities, Guotai Junan and Guojin securities In the first three quarters of this year, the IPO Financing scale underwritten by Huatai United Securities was more than 10 billion yuan.
Data source: wind
The underwriting income of securities companies doubled
Not only IPO business, but with the enthusiasm of blood toning of enterprises in the year, the scale of refinancing was significantly expanded, which led to a significant increase in underwriting and recommendation income of securities companies compared with the same period last year.
Wind data shows that in the first three quarters of this year, 44 securities companies obtained income through underwriting additional issuance projects, 9 more than that in the same period of last year; the cumulative income reached 1.829 billion yuan, double the income scale of 911 million yuan in the same period of last year.
From the perspective of the relevant business income of a single securities company, in the first three quarters of 2019, only one securities company increased the underwriting and recommendation income by more than 100 million yuan. In the first three quarters of this year, the additional underwriting and recommendation income exceeded 100 million yuan, and the capacity of securities companies expanded to four, namely, CITIC Securities, Huatai United Securities, CITIC construction investment and Guotai Junan, with relevant business income reaching 278 million yuan, 245 million yuan, 189 million yuan and 144 million yuan respectively.
Data source: wind
In terms of market share, in the first three quarters of this year, the market share of the top three securities companies was more than 10%, with a total market share of 38.91%; the market share of the top ten securities companies exceeded 3%, with a total market share of 72.54%; in comparison, the income concentration of additional issuance underwriting and recommendation business of securities companies is higher than that of IPO, and the situation of winner take all of head securities companies is more obvious.
In terms of the scale of additional issuance and underwriting in the first three quarters, the total amount of capital raised by China Securities Construction Investment Co., Ltd. underwritten by additional issuance projects amounted to 52.352 billion yuan, with a total market share of 18.43%; Huatai United Securities and CITIC Securities followed closely, with the underwriting amount of additional issuance projects of 33.583 billion yuan and 32.416 billion yuan, respectively, with market shares of 11.82% and 11.41% respectively.
In terms of the recent fixed increase market, Kaiyuan Securities pointed out that due to the recent market correction, the willingness of funds to participate in the fixed increase market is not strong. There have been many projects with insufficient subscription intention and supplementary subscription, and the discount rate will remain high in the future. The market callback superimposes the high discount rate, improves the safety cushion of the fixed increase market, and at the same time, the project supply is very abundant, which brings a good opportunity for the fixed increase market layout.
It is found that, in addition to the enthusiasm of relevant market entities, policy efforts are also an important reason for the growth of IPO and SEO related business income of securities companies in the first three quarters of this year. With the introduction of a series of new policies, other businesses of securities companies are also expected to usher in new opportunities for development.
In terms of the investment value of the securities industry, Zhang Jixiu, a non bank analyst of Bohai Securities, pointed out that in the process of deepening the reform of the capital market, the driving factors for the rise of the securities sector will be fulfilled: on the policy side, the regulatory authorities will continue to promote the comprehensive deepening reform of the capital market, and the future policy will continue to expand the business space of securities companies; basically, the securities business performance under the relaxed supervision cycle will be achieved Continue to maintain high growth, improve profitability, support the valuation center to move up.
While maintaining a long-term positive outlook on the industry, Zhang Jixiu believes that the leading securities companies will benefit most directly from the policy of supporting the superior and limiting the inferior in the deepening reform of the capital market with strong capital strength and risk control ability. It is suggested to pay attention to the investment value of high-quality leading securities companies.