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IPO Express: Shenwan Hongyuan, a well-known and well-known securities company with a long history

Release Time:2022-05-14 Topic:Shenwan Hongyuan Securities Ranking Reading:6 Navigation:Stock Liao information > Finance > IPO Express: Shenwan Hongyuan, a well-known and well-known securities company with a long history phone-reading

​​Editor's Note: Shenwan Hongyuan has submitted the form to the Stock Exchange on January 18, and Huasheng College will introduce you to this well-known securities company in my country.

Core Points

Shenwan Hongyuan is a leading investment banking group in my country and a well-known securities firm with a long history in my country. The development of the industry will follow the economic development, and the company will usher in more opportunities;

The company has created a two-tier structure of "investment group + securities company" to build a differentiated advantage in the industry; although it is in the cold winter of the industry, the company's performance Better than the industry average;

At present, the risk of equity pledge has been greatly alleviated, and the company's hard core strength is obvious, but the industry downturn still needs attention.

Company Profile: Reputable and Long History

The history of Shenwan Hongyuan can be traced back to the 1980s. Merged to form Shenyin Wanguo Securities, and then absorbed Hongyuan Securities in 2015, completing the largest merger in the history of Chinese securities, and finally integrating into Shenwan Hongyuan Securities.

The company is a leading investment banking group in my country. As of September 30, 2018, it has 46 branches, 310 securities business departments and 40 futures business departments in various provinces. The agency issued the first A-share and B-share stocks in my country, compiled the first stock index, and launched the first public fund issued and managed by a securities company.

Industry analysis: the status of the industry is unquestionable, and the development of the industry will usher in more opportunities with economic development

The company has a long history, multi-faceted and high-end industry in the industry. Leading quality, net assets ranked seventh among all securities companies in my country on September 30, 2018, sixth in revenue and net profit, and first in weighted average return on equity in terms of net assets.

Source: Prospectus, Huasheng Securities

After more than 40 years of rapid development, my country has become the second largest economy in the world, and the total market value of the securities market accounted for 68.6% of nominal GDP securitization rate by the end of 2017; the scale of household wealth reached 520,000 by the first half of 2018 USD 100 million, ranking second in the world, and its asset allocation is mainly distributed in savings deposits, wealth management products or real estate. In the future, with the further improvement of my country's direct financing level and securitization rate, the allocation of military and civilian wealth in securities assets will increase, and the securities industry will usher in more development opportunities.

Source: Prospectus, Huasheng Securities

Business Analysis: Dual Structure, Constructing Differentiated Advantages in the Industry

The company builds the differentiated advantages in the industry by establishing a unique two-tier structure of "investment group + securities company", providing enterprises with Comprehensive financial services such as finance, personal finance, institutional services, and transaction and investment management.

Source: Prospectus, Huasheng Securities

The company provides corporate clients with one-stop financial services and financial support covering the entire life cycle, including from initial three-board listing and private equity, to IPO sponsorship and underwriting in the growth stage, and bond issuance and stock issuance in the later stage.

The company has been awarded the "Class A AA" securities company regulatory rating by the China Securities Regulatory Commission for eight consecutive years from 2011 to 2018, and it is also the highest rating obtained by a Chinese securities company. Excellent risk control and high-quality growth of.

The number of business departments of the company ranked fourth in the industry at the end of 2017, and the number of investment advisors ranked seventh.Personal financial customers provide a variety of financial products. As of the end of September 2018, customer custody assets totaled 2.7 trillion yuan, with a market share of 7.4%, ranking among the top three in the industry. The number of financial customers reached 6.5 million, including 21,000 high-net-worth customers and more than 272,000 wealthy customers, and their account balances accounted for 74.7% of the balance of personal financial customers' assets. There are more than 1,000 institutional clients, and the asset management business scale reaches 734.6 billion yuan, ranking third in the industry.

It can be found from the table below that the company's personal financial business accounts for more than 50% of the company's revenue sources, and institutional services and transactions have developed rapidly in recent years.

Source: Prospectus, Huasheng Securities

Financial analysis: The industry is cold in winter, and the financial report is better than that of its peers

The total revenue of the company in 2016, 2017 and the first three quarters of 2018 was 21.481 billion respectively yuan, 20.638 billion yuan and 15.799 billion yuan.

Due to the impact of the downturn in the market, the company's fee and commission business continued to drag down the performance, but the interest income continued to grow. In the first three quarters of 2018, the income reached 7.114 billion yuan, and the investment income also achieved substantial growth, reaching 3.605 billion yuan. Therefore, the company's performance is better than the average level of the same industry in the cold winter of the securities industry.

Source: Prospectus, Huasheng Securities

Core competitiveness and risk points: Risks have been greatly alleviated, industry downturn still needs attention, and the company's hard core strength is obvious

With the recent support of policies and government for equity pledge, securities companies will undertake The risk has been significantly mitigated, and the valuation is expected to recover. Moreover, since its establishment, the company has witnessed the development of my country's securities industry. After many market cycles and changes in the regulatory environment, the company has a strong brand with a long history in my country's capital market.

Therefore, the company's industry status is unquestionable, but investors still need to pay attention. Under the dual effects of new asset management regulations and sluggish market conditions, the company's future business will continue to be under pressure. ​​​​

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