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GF Securities-Dual Drives of Asset Management and Investment Banking

Release Time:2021-07-23 Topic:GF Securities Commission Fee Standard Reading:28 Navigation:Stock Liao information > Finance > Non-bank financial industry > GF Securities-Dual Drives of Asset Management and Investment Banking phone-reading

Investment banking business: IPO directly drives the expected income increase of the corresponding underwriters and boosts the performance of securities firms. GF Securities ranks among the forefront of securities firms in terms of the funds raised for the initial lead underwriting and underwriting sponsorship fees, and has benefited significantly. In the first three quarters of 2015, the company ranked first among securities firms with 5.94 billion yuan in equity IPOs, and both the number of underwriting and the amount of underwriting were ahead of the industry.

Statistics on initial issuance of securities firms

The introduction of the registration system will greatly accelerate the speed of IPO issuance and the reform of the new stock issuance system. Securities companies will be given pricing and allotment rights for new shares. For investment banks and other companies with strong comprehensive business strength, GF Securities is expected to increase institutional customer stickiness and market share.

The balance of the two financings ranked first: Although the scale of the two financings in the industry declined rapidly in the third quarter, the company's market share was still at the forefront of the industry. As of September the balance of the two financings was 546.25. Billion yuan, up 55% year-on-year, with a market share of 6%.

GF Margin Trading Market Share

Second, the innovative gene is strong

GF Securities started its innovative business early and has complete business licenses. Mainstream innovative businesses such as asset management, funds, margin financing, refinancing, futures and direct investment are all the first batch to obtain pilot qualifications, and their scale is at the forefront of the industry. Among them, asset management, funds, direct investment, Mainstream innovations such as futures have been deployed, and revenue has grown rapidly.

Internet strategy implementation: In the first three quarters of 2015, the company achieved brokerage revenue of 11.135 billion yuan, a year-on-year An increase of 296%, revenue accounted for a year-on-year increase of 7 points to 42%, which is still the company's main source of income. The high growth of the brokerage business was mainly due to: 1) the active market transactions this year; 2) the implementation of the company's Internet strategy, the brokerage share increased by 50% to 4.8% year-on-year, which partially offset the impact of the decline in commissions. The company's commission rate for the first three quarters was 0.047%, a 34% decline from the full year of 2014.

Investment banking is still the focus of the company: Benefit from the relatively stable investment banking team of the company and resources for small and medium-sized projects Rich, the company's investment bank is strong. The scale of stock underwriting and project reserves are in the forefront of the industry; In 2015, the company's IPO underwriting 15 ranked first in the household industry; raised funds, underwriting expenses, and actual raised funds (ten thousand yuan) ranked first in the industry.

Three. Other highlights

1. Orderly overseas layout Advance

The company completed the H-share listing in April 2015, opening up overseas investment and financing channels. In 2013, GF Futures completed the acquisition of the British NCM futures company, and the integration is now basically in place. In the future, the British subsidiary will be used as an important platform for building international FICC business, building the company's global commodity business platform, and developing domestic and overseas sales and trading businesses. With the current arbitrage business, the scale of trading financial assets has been continuously expanded.

2. The asset management business performed better than expected during the stock market crash.

The company's asset management platform continues to rank first in the industry, and its holding subsidiary Yi Funda Fund ranks third, making rapid progress. China Guangfa Fund ranks eighth. The company's active management asset management scale is about 200 billion yuan, ranking second in scale. In the third quarter, the company’s asset management business net income was 905 million yuan, an increase of 1.34% month-on-month and an increase of 160.81% year-on-year.Accounted for 13.62%. Compared with the company's other businesses and other companies' asset management businesses that have shown varying degrees of decline during the stock market crash, the growth in value of GF's asset management business against the trend is even more commendable.

Fourth, risk points

1. The rescue fund exceeds 10 billion yuan, and the self-operated short-term yield is facing greater pressure. In June 2015, the company was in this round of rescue A total of more than 10 billion yuan has been invested in the two times. The current bailout funds may not be withdrawn in the short term, so the self-employment rate of return is still facing greater pressure in the short term.

2. The sharp drop in the capital market brings double pressures on performance and valuation.

V. Comments: Recent market rumors that the registration system will be postponed. This is undoubtedly bad for brokerage stocks in the short term. However, the implementation of the registration system will happen sooner or later. GF is an investment bank business in the industry. NO.1, it will benefit in the long-term in the future, and after a long-term adjustment in the short term, there are expectations of repairing securities stocks in terms of valuation and technology. GF has its unique model and innovative genes among securities firms, and is a relatively good target among securities firms.

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