方正证券投行分部利润巨亏近6亿元排名垫底 股权承销项目“颗粒无收”保荐撤否率高达100%|券商年报

Core Insights - The net income from investment banking services for 42 A-share listed securities firms in 2024 totaled 30.608 billion yuan, representing a year-on-year decline of 27.4% [1][2] - Only 6 out of the 42 firms reported a year-on-year increase in investment banking income, while 36 experienced a decline [1][3] - The significant drop in investment banking revenue is closely linked to a substantial reduction in the equity financing market, with the number of IPOs falling by 68.05% to 100 and total fundraising down by 81.11% to 67.353 billion yuan [2][3] Investment Banking Revenue - CITIC Securities reported the highest net income from investment banking at 4.159 billion yuan, while Huayin Securities had the lowest at 0.17 billion yuan [1][2] - The firm with the highest growth in investment banking income was Shouchuang Securities, with an increase of 91.15%, while Huayin Securities saw the largest decline at 83.74% [1][2] Profitability Analysis - Guotai Junan's investment banking division achieved the highest profit at 2.922 billion yuan, while Founder Securities reported the lowest profit at -0.593 billion yuan [1][5] - Founder Securities faced significant losses due to a lack of successful equity underwriting projects, with a 100% rejection rate for its equity sponsorship projects [5][10] Specific Firm Performance - Changjiang Securities transitioned from profit to loss, with its investment banking profit dropping from 172 million yuan in 2023 to a loss of 78 million yuan in 2024 [6][8] - The withdrawal and rejection rate for Changjiang Securities' IPO projects increased dramatically, reaching 84.62% in 2024 [6][10] - Founder Securities' investment banking division reported a loss of 593 million yuan, primarily due to the sale of real estate assets at a significant loss [7][10] Market Context - The decline in investment banking revenue is attributed to regulatory changes aimed at improving the quality of intermediary services, which has reshaped the investment banking landscape [2][5] - The overall market for equity underwriting has contracted significantly, impacting the revenue streams of many securities firms [2][3]