Societe Generale 3 years loss 30% protection generation test strength net income down 32%

Affected by the loss of personnel, Societe Generale Securities (17.34,0.75,4.52%) investment bank position, last year only 5 projects, the city accounted for only 0.08% as the first disclosure of the annual report of the listed brokerages, Societe Generale Securities let shareholders a heavy joy a worry. Worry is, the annual report disclosed, Industrial Securities (601377.SH) last year net profit of 787 million yuan, fell 32%, the extent of excess loss of 16.85% of the industry level.　　Happily, even so, Societe Generale decided to send shareholders 10 shares of 1.5 yuan in cash red envelopes. From the listing performance, Societe Generale stock prices before the trend of high and low. Since the market last October nearly one months, Societe Generale stock prices singing all the way, the highest rushed to 23.43 yuan, and then entered a few months adjustment period, the current stock price is still more than 10 of the issue price of nearly 70%. "Valuations are too high at the time of the IPO.　　"Some analysts say.　　But the imagination of Societe Generale is far from the report data. "Societe Generale securities Small and excellent, research and comparative characteristics, positioning has been to take the road of differentiation."　　Analysts at the National Union Securities brokerage said. When brokers fight for the market share of brokerage business, Xingye securities work research and innovation business and improve the structure of business income.　　Overall, in 2010, industrial securities focused on the construction of wealth management business, strengthening the capital and investment banking business, the launch of direct investment, margin trading and futures business. Under the net capital of 6.5 billion yuan, Societe Generale Securities brokerage, self-employed, investment bank, Capital Management, fund administration, futures and direct investment seven business in a, is Spadger, spite.　　Xingye securities than the same scale Hongyuan securities, National Yuan Securities (12.52,0.19,1.54%) is clearly better.　　In 2010, the seven business income contribution of Societe Generale was lower than that of 2009, only brokerage and proprietary business, the other five growth, of which, investment banks and capital management growth rate is large, but the contribution is still not high. Broker-Self Drag performance "basically meet the expectations." "said a number of brokerage analysts.　　Commission decline and shock market, brokers and self-and always difficult to change the rely, industry system decline can not be avoided.　　The cornerstone of Societe Generale Securities is in Fujian, but its bottleneck lies in this. Societe Generale securities brokerage business has been its most beautiful scenery line, the stock trading volume and market share for many years to stabilize the industry 20 strong. Xingye Securities in Fujian has an absolute advantage, last year in the province to expand the rapid expansion of 18 outlets, the current 55 sales department, 56% in Fujian province.　　But the obvious short board is, Societe Generale is very difficult to go out, it is difficult to capture the foreign share. With the increasing number of outlets in the province, Societe Generale Securities Commission rate has been seen in advance of the bottom, currently listed in the lowest brokerage.　　2010, Societe Generale Securities brokerage business income of 1.4 billion yuan, a year-on-year decline of 23%. "In the short term, the brokerage business is difficult to reverse, its brokerage layout in the Midwest, has a strategic vision, but it will take time to reflect economic benefits."　　Analysts said. ToThe most serious decline in annual income is the self-employed, earning 178 million yuan, down 60% year-on-year, far above the industry 11% decline.　　After the listing, Societe Generale increased its own size, the annual report shows that last year has invested 1.75 billion yuan to raise funds to proprietary business.　　By the end of last year, the size of two financial assets traded and available for sale amounted to 6.4 billion yuan, up more than 80% from the 2.9 billion yuan in 2009, of which stocks and funds accounted for 80%.　　Tian Phase investment analyst Yiu Yinan said, Societe Generale Securities investment style is sound, but flexible operation, as the market environment changes to adjust more quickly, in a better market environment can get better returns. Three-year loss at least 6 insurance generation annual reports show that the industrial securities investment banking business has improved, to achieve income of 240 million yuan, a large increase of 264%, but the income accounted for only 10%. This is mainly benefited from the shareholder background, the completion of the Societe Generale (27.34,0.20,0.74%) 17.9 billion-yuan rights issue project. But in the IPO field, compared to other brokerages ' bumper harvests, Societe Generale is inferior, with 5 projects representing only 0.08% of the market share last year.　　What makes SocGen's investment bank so out of power? "The loss of investment banking personnel is severe. The industry position of Societe Generale has slipped, influenced by the loss of investment bank staff in the previous two years.　　Haitong Securities (10.39,0.23,2.26%) Xie Salt said. At present, Societe Generale Securities have registered sponsor Representative 19 people, the strength is relatively weak. According to incomplete statistics, in the past two or three years, Societe Generale securities at least 6, equivalent to the current number of insurance generation of 1/3. There are public data show that the National Gold Securities (15.73,0.26,1.68%) investment Banking department in charge of Jiangwen in the Industrial Securities investment Bank. In addition, Li Yansi job-hopping to Minsheng Securities, Xu Yaixia job-hopping to the National Gold securities, Baishufeng to the million-joint securities. "An IPO project takes at least 2 years, and the loss of the insurance generation may take away the project."　　"Some investment bankers said.　　Xie Salt believes that with the shift of the center of Industrial securities to the whole country, the relationship between the investment bank project and the Fujian regional background will restrict the national expansion of its investment banking business to some extent. The Capital management business, the development of industrial securities is quite impressive, but the income contribution is not obvious, last year to achieve income of 56.21 million yuan, the contribution rate is only 2%. Last August, Xingye Securities set up five products, the total assets of 5.599 billion yuan, accounting for the entire industry 3%.　　It is worth mentioning that, for high-end customers, Golden Kylin 1th Cumulative growth rate of 15%, in comparable products ranked 1th. Innovative business small lotus just show sharp angle on the boat, go backwards. Under the circumstance that the securities industry is becoming more and more competitive, it is imperative to improve the income structure of the securities firms, and the desire of financing to enrich the net capital is very strong.　　After the listing of Societe Generale Securities, further strengthening the investment innovation business, the achievements of the first prototype. Last May, the establishment of a direct investment subsidiary of Societe Generale Innovation, after the listing to increase its capital of 100 million yuan to raise funds, completed 2 equity investment projects last year. Second to HingIndustry futures increased capital of 190 million yuan, improve the distribution of business outlets, and obtained the stock index futures business arbitrage eligibility, up to the end of last year, industrial futures customers margin of 1.048 billion yuan, an increase of 106%, to achieve operating income of 84.3 million yuan, net profit of 4.21 million yuan.　　The most noteworthy is that Societe Generale successfully obtained financing and margin business pilot, the annual report shows that has invested 20 million to raise funds to develop the business. "Futures and margin trading are relatively limited in their development," he said. The bond business has not been improved because of the lack of the mechanism of intermediation; stock index futures because of the single investment subject, market risk, talent shortage, a limited variety of market development.　　Analysts said. In addition, Societe Generale Securities operating team is relatively stable, since the 2008 transition has not changed, Chairman Lanrong since its inception has been in the industrial securities, management experience. A number of senior executives are fund companies with rich experience in investment.