690 companies disclosed their annual reports: the average annual salary of the four major industries exceeded 130,000 yuan

■Reporter of this newspaper: Zhang Ying, Huang Zuojin, Kong Ruimin; Trainee Reporter: Niu Zhongyi

Editor's note: The compensation of employees disclosed in the annual reports of listed companies is something that many people are interested in. As of yesterday, a total of 690 listed companies in Shanghai and Shenzhen have disclosed their 2013 annual reports. Among the listed companies that have published annual reports, the industries with the highest average annual salaries of employees are non-bank finance (425,400 yuan), banks (393,200 yuan), real estate (168,000 yuan) and mining (133,700 yuan). Analysts said that cash income linked to performance is more conducive to motivating employees' enthusiasm for work and is expected to improve corporate performance. This edition analyzes the top four industries in terms of employee income for investors' reference.

Non-bank financial industry: the average annual salary of employees in 2013 was 425,400 yuan

Statistics show that the average annual salary of employees of non-bank financial companies that have published their 2013 annual reports is 425,433 yuan.

In 2013, the total remuneration payable to employees of some non-bank financial companies is as follows: Ping An of China (33,354,000 yuan), Northeast Securities (595,366,600 yuan), Guoyuan Securities (596,365,900 yuan), Guojin Securities (634,104,400 yuan), Southwest Securities (769,105,800 yuan), and Essence Trust (205,088,900 yuan).

Among them, the average salary of employees of Essence Trust is higher, the company is China's first batch of joint-stock non-banking financial institutions, is the earliest batch of financial listed companies in China, and is currently one of the only two listed trust companies in China. The company is committed to becoming a provider of comprehensive financial solutions and an integrator of a variety of financial functions and services under the framework of trust legal relations, and the trust products designed and launched involve people's livelihood projects, mineral resources, transportation, real estate development and other fields. As of the end of the fourth quarter of 2013, the company had 297 existing trust projects with a trust asset scale of 115.815 billion yuan, 65 trust projects with a liquidation trust scale of 19.571 billion yuan, and 259 new trust projects with a new trust scale of 97.935 billion yuan. Among them, there are 20 new collective trust projects, with a paid-in trust scale of 15.503 billion yuan. In 2014, the company strives to achieve the target operating income of 1.5 billion yuan and the target net profit of 800 million yuan.

Judging from the market table of the above-mentioned non-bank financial companies, last Friday, the share prices of Northeast Securities (10.00%), Guojin Securities (5.04%), Guoyuan Securities (4.02%), Ping An of China (3.91%), Southwest Securities (3.68%), and Essence Trust (2.55%) all rose.

Northeast Securities last Friday, the company in 2013 operating income of 176704 million yuan, a year-on-year increase of 47.22%; The net profit attributable to the parent company was 480.06 million yuan, a year-on-year increase of 218.77%. In 2013, the operating income of Northeast Securities' brokerage business was 783 million yuan, with a year-on-year growth rate of 41.01%, accounting for 42.35% of the annual operating income. It is worth mentioning that the profit distribution plan launched by Northeast Securities is to distribute cash dividends of 0.80 yuan to all shareholders for every 10 shares, and to increase share capital with capital reserve, 10 shares for every 10 shares, and the actual cash dividend is 78.2866 million yuan, and the share capital is increased by 979 million shares.

From the perspective of the fundamentals of the securities industry, last Friday's China Securities Regulatory Commission officially issued the "Pilot Management Measures for Preferred Shares" to the brokerage sector, one is that the brokerage agent preferred stock trading, can increase commission income, improve the scale and profitability of securities brokerage business. Second, many enterprises issued preferred shares to increase the number and income of securities firms' underwriting business. The third is to issue preferred shares to promote mergers and acquisitions between enterprises, which is conducive to increasing the income of securities companies.

From the perspective of the fundamentals of the trust industry, Bohai Securities believes that the number of trust products established in February was 286, down 41% month-on-month and 14.63% year-on-year; The total scale of established products was 18.52 billion yuan, down 63% month-on-month and 55% year-on-year. The reality that the number and scale of trust products have declined sharply for two consecutive months indicates that the trust market is experiencing a cold snap. In summary, this supply-demand situation mainly comes from three aspects: first, the continuous introduction of regulatory measures has effectively curbed the growth trend of shadow banking; Second, a series of risk events from Zhongcheng Mineral Trust to the default of super Japanese bonds have led to an increase in the level of credit risk in the market and a rapid decline in investors' risk appetite; Third, the economic growth rate has declined significantly, and the investment and financing demand of the real economy has shrunk sharply. In the short term, it is difficult to change the above three negative factors: first, it is the policy to curb shadow banking; Secondly, in the context of deleveraging, capacity reduction, and structural adjustment, the rise of credit risk is a high probability event in the process of interest rate marketization.

From the perspective of the fundamentals of the insurance industry, Ping An Securities believes that the two fundamental premiums and investment of the insurance industry in 2013 have improved significantly. According to the three-factor analysis, premiums, investment and capital will all show an improvement trend in 2014. The stabilization of equity positions, the decline in the proportion of fixed deposits, the increase in the proportion of high-yield corporate bonds and corporate bonds, and the investment in non-standard assets will all promote a more stable return on investment. The adjustment of the premium structure will become the flow of insurance owners, followed by the improvement of surrender and the decline of maturity benefits, and the pressure on insurance operations will gradually ease. In terms of capital, there will not be large-scale financing by insurance companies before 2016. 2014 will be a year of significant structural improvement in the insurance industry.

Banking: In 2013, the average annual salary of employees was 393,200 yuan

The disclosure of the 2013 annual report has entered the final intensive period, and it is the time for companies to show their backgrounds, and the wage level of all walks of life is the focus of everyone's attention. Among them, banks with deep pockets are the most interesting.

Previously, a senior executive of a bank said that "bank profits are too high to be embarrassed to say" triggered a big debate about whether banks are a profiteering industry. Is the banking sector profitable? Are the salaries of bankers really too high to be embarrassed to say? I'm afraid to let the number jù speak.

Statistics show that among the listed companies in the banking industry that have published their 2013 annual reports, the average annual salary of banking employees is 393,200 yuan, and the annual salary of employees of Shanghai Pudong Development Bank is higher than the industry average.

According to the 2013 annual report released by Shanghai Pudong Development Bank, the company achieved an annual operating income of 100.015 billion yuan, a year-on-year increase of 20.57%; the net profit attributable to shareholders of the parent company was 40.922 billion yuan, a year-on-year increase of 19.70%; The earnings per share was 2.19 yuan, the net assets per share were 10.96 yuan, and the weighted average return on equity was 21.53%, an increase of 0.58 percentage points year-on-year. In addition, Shanghai Pudong Development Bank announced the annual profit distribution plan for 2013, which is a cash dividend of 6.6 yuan (tax included) for every 10 shares.

The annual report of Shanghai Pudong Development Bank also shows that the total remuneration payable to employees in 2013 was 15.802 billion yuan, the total number of employees was 38,976, and the average annual salary was 405,400 yuan. Among them, the remuneration of the chairman is 1.5 million yuan, the total remuneration of senior executives is 29.24 million yuan, the remuneration of the general manager is 1.5 million yuan, the remuneration of the secretary of the board of directors is 2 million yuan, and the remuneration of the chief financial officer is 2.3 million yuan.

According to the 2013 annual report released by Ping An Bank, the company achieved an operating income of 52.189 billion yuan, a year-on-year increase of 31.3%; the net profit attributable to shareholders of the parent company was 15.231 billion yuan, a year-on-year increase of 13.6%; The earnings per share was 1.86 yuan, and the net assets per share were 11.77 yuan. The profit distribution plan for 2013 is 1.60 yuan (tax included) for every 10 shares, and 2 shares for every 10 shares.

According to the figures, in 2013, the total remuneration payable by Ping An Bank was 10.81 billion yuan, the total number of employees was 283.69 million yuan, and the average annual salary of employees was 381,000 yuan. Among them, the remuneration of the general manager is 8.33 million yuan, and the salary of the secretary of the board of directors is 3.465 million yuan.

Compared with other industries, the salary level of the banking industry is indeed very high, and the good performance growth rate of the industry is supported by high compensation. Statistics show that in 2010, 2011 and 2012, the net profit of the banking industry increased by 33.33%, 28.97% and 17.29% year-on-year respectively.

Shenyin & Wanguo Securities believes that the growth rate of the total assets of listed banks has slowed down from 15.3% in 2012 to 9.8% in 2013. The leverage ratio will decrease from 16.9x in 2012 to 16.0x in 2013. Among them, loans maintained steady growth, with a growth rate of 12.6%; Banks reduced the scale of interbank deposits, down 6.7% year-on-year; Portfolio investment increased by 15.2% year-on-year, higher than the growth rate of total assets, and the proportion increased by 0.9% to 19.9%. In the fourth quarter of 2013, high market interest rates, the rapid development of Internet financial products, and the increase in the yield of banks' wealth management products have all accelerated the speed of financial disintermediation, and the growth rate of deposits is expected to decline by 0.9% to 11.0% year-on-year. It is worth noting that the risk exposure of banks' non-performing loans accelerated in 2013, and it is expected that the overall non-performing loan generation rate of the industry will rise sharply to 0.31% year-on-year in 2013.

In terms of investment value, bank stock valuations are at the lower end of historical valuations, with a current price-to-book ratio of 0.76x. At the same time, bank stocks ushered in the heavy positive of the preferred stock pilot, and investment opportunities appeared.

Real estate industry: In 2013, the average annual salary of employees was 168,000 yuan

"Doing real estate is like drinking wine, you can't blindly drink high to pursue huge profits" is the statement made by Feng Lun, chairman of Vantone Holdings, when attending the "2014 China Development Forum - Real Estate Market and Macroeconomic Stability" sub-forum.

In his view, the enterprise is to drink people, and he should pursue his continuous excitement, which is the instinct of the enterprise, but the enterprise must drink in moderation in order to benefit physical and mental health.

So, how profitable has the real estate industry been in recent years? Statistics show that in 2010, 2011 and 2012, the net profit of the real estate industry increased by 26.8%, 13% and 15.6% year-on-year respectively. As of yesterday, 51 real estate companies have released their 2013 annual reports, with a cumulative net profit of 54.86 billion yuan.

As of yesterday, the average annual salary of employees of listed real estate companies in 2013 was 168,000 yuan.

Also at the "2014 China Development Forum - Real Estate Market and Macroeconomic Stability" sub-forum, Zhang Yuliang, chairman of Greenland Group, made a judgment on the future of the real estate industry, and he believes that China's real estate market will still be good in the next five to eight years. The real estate industry is very closely linked to the macro economy, and the average salary level of the industry is highly correlated with market conditions.

Specifically, among the 51 real estate companies that have released their 2013 annual reports, the top three with the average annual salary of employees are Zhonghua Enterprise (420,000 yuan), Pudong Jinqiao (400,000 yuan), and Guoxing Real Estate (320,000 yuan).

Zhonghua Enterprise is the first real estate enterprise after the liberation of Shanghai, and it is one of the few enterprises that has participated in the construction of housing under different housing systems in various periods since the founding of the People's Republic of China, especially since the reform and opening up 30 years ago. The company actively participates in urban construction in the central area, including the renovation of old areas, the development of one city and nine towns in suburban counties, and the development and construction of projects in the Yangtze River Delta region such as Suzhou. In 2013, the company achieved a sales fund return of about 5.4 billion yuan, of which about 4.4 billion yuan was sold in new projects, about 1 billion yuan was removed from the stock, the new development area was about 1.445 million square meters, the construction area was 232,000 square meters, and the completed area was 334,000 square meters. In 2014, the company has 12 major development projects, with an estimated area of 2.35 million square meters under construction, of which 596,000 square meters are expected to be newly started and 696,000 square meters are expected to be completed. In 2014, the operating income carried forward from the budget was about 4 billion yuan, the net profit attributable to shareholders of the listed company was about 300 million yuan, and the asset-liability ratio was controlled within 80%.

Pudong Jinqiao is mainly engaged in the development of Jinqiao Development Zone, including the investment and construction of industrial, office, scientific research, residential and commercial facilities, and provides follow-up leasing, sale, management and value-added services. Jinqiao Development Zone is a state-level economic and technological development zone approved by the state in 1990, located in the north of Pudong New Area, Shanghai, with a total planning area of 27.38 kilometers. Now it has become a high-tech, modern and multi-functional modern industrial park. In 2013, Pudong Jinqiao achieved a total operating income of 1.428 billion yuan, a year-on-year increase of 27.3%; net profit attributable to shareholders of listed companies was 427 million yuan, a year-on-year increase of 28%; Basic earnings per share was 0.46 yuan, exceeding previous market expectations. The company's dividend plan is based on 928 million shares at the end of 2013, with a dividend of 1.4 yuan (tax included) for every 10 shares.

Guoxing Real Estate is a real estate development professional company under Beijing Rongda Investment Co., Ltd. Beijing Rongda Investment Co., Ltd. is a professional investment enterprise jointly invested by Beijing Guoli Energy Investment Co., Ltd. and Beijing Energy Real Estate Development Co., Ltd. In 2013, Guoxing Real Estate achieved operating income of 444 million yuan, an increase of 58.96% year-on-year; the net profit was 59.7263 million yuan, an increase of 91.16% year-on-year; earnings per share was 0.33 yuan. In 2013, the company opened a total of 6 buildings in the west area A1, A2 and A3 in the west area and 10, 11 and 12 in the east area on the north bank of Guoxing, with a total of 1,360 units. In 2013, the project subscribed 1,116 sets, with a subscription amount of 100347 million yuan; 1,125 sets of contracts were signed, with a contract amount of 899.4143 million yuan and a return of 645.5454 million yuan. In 2013, the construction area of the project was 103,000 square meters, the construction area of 81,000 square meters, and the construction area of 373,100 square meters.

Mining industry: In 2013, the average annual salary of employees was 133,700 yuan

As of yesterday, a total of 14 listed companies in the extractive industry had disclosed their 2013 annual reports, according to the figures. Among the companies that have published annual reports, the average annual salary of employees of mining listed companies in 2013 was 133,700 yuan.

Among the 14 listed companies that have published annual reports, 9 companies reported a year-on-year increase in net profit attributable to shareholders of the parent company in 2013. Among them, Haimo Technology (605.14%), CNOOC Engineering (223.56%), and Coal Gasification (112.92%) have the most significant performance increases. Haimo Technology, the company recently announced that the company's net profit from January to March 2014 increased by 80% to 200% year-on-year, with a profit of 3.72 million yuan to 6.21 million yuan (net profit of 2.0678 million yuan in the same period in 2013). The reason for the expected increase in performance is that during the reporting period, the company's oilfield equipment sales revenue and oil and gas sales revenue increased to a certain extent compared with the same period last year, driving a year-on-year increase in profits.

The main business of Haimo Technology is the R&D, production, sales and after-sales service of multiphase flowmeters, and provides oilfield customers with services such as well production measurement, evaluation testing and exploration testing, as well as drilling services supporting exploration and testing by using mobile multiphase flowmeters. The company has become a qualified supplier of more than 20 oil companies, including Oman Oil, ConocoPhillips, PetroChina, etc., and is the only manufacturer in the world that has the technology of total metering multiphase flowmeter and realizes commercial production.

CNOOC Engineering is the only large-scale engineering general contracting company in China that integrates offshore oil and natural gas development engineering design, onshore manufacturing and offshore installation, commissioning, maintenance, liquefied natural gas and refining engineering, and is one of the largest EPCI (design, procurement, construction and installation) general contractors of offshore oil engineering in the Asia-Pacific region.

The industry in which the coal gasification company is located is in a state of high prosperity. Coalbed methane is a kind of self-generated and self-storage unconventional natural gas, commonly known as gas, which is formed in the process of coalification of coal, and mainly exists in the coal seam and its surrounding rock in an adsorption state. Because there is basically no smoke and dust in the combustion process, coalbed methane can be said to be a new energy source with clean and high calorific value, high quality and wide prospects for development and utilization. China's coalbed methane resources are very abundant, second only to Russia and Canada, ranking third in the world, with untapped reserves of more than 31 trillion cubic meters. The "Twelfth Five-Year Plan for the Development and Utilization of Coalbed Methane" being prepared by the National Energy Administration proposes that by the end of the "Twelfth Five-Year Plan", China's coalbed methane production will reach 20 billion cubic meters to 24 billion cubic meters. By 2015 and 2020, the new proven geological reserves will be 1,000 billion cubic meters and 2,000 billion cubic meters, respectively. At present, China's underground and surface mining of coalbed methane is 7.5 billion cubic meters, and the proportion of natural gas substitution is less than 10%, and China's natural gas gap will reach 160 billion cubic meters in the next five years, of which 50% will be replaced by coalbed methane, and the market growth space will be more than 10 times.

The main subdivisions covered by the extractive industry are: oil and gas extraction, coal mining, and mineral (non-ferrous metal) mining. From the perspective of each segment, China Securities Construction Investment believes that the thematic investment opportunities in the field of oil and gas exploration are relatively certain. The oil and natural industry is declining, but the growth rate of investment is at a high level, the inventory has increased significantly, and the gross profit margin has declined and the growth rate of profit growth has declined significantly. The rebound in natural gas prices is more obvious. Global inventories, including the Strategic Petroleum Reserve, have fallen to their lowest level since 2012, and U.S. crude oil inventories have fallen to their lowest level since March 2012. The decline in crude oil inventories and the rise in global demand have provided some support to crude oil prices, which are expected to be dominated by volatile upward movement in the future. If oil prices rebound, you can pay attention to investment opportunities in listed companies in the extractive services category.

(Securities Daily)