\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 570 Hundsun Technologies Inc(600570) )
Event: on March 14, 2022, the company released the annual operation briefing of 2021, realizing an operating revenue of 549658 million yuan, a year-on-year increase of 31.73%; The net profit attributable to the parent company was 146354 million yuan, a year-on-year increase of 10.73%; The net profit of non parent company deduction was about 946.66 million yuan, with a year-on-year increase of 29.04%, which was consistent with the previous performance forecast.
The stable growth of revenue and performance in 2021 strongly supports the company’s long-term high-quality growth ability. 1) During the reporting period, the company achieved an operating revenue of 5.497 billion yuan, a year-on-year increase of 31.73%; The non net profit deducted was 947 million yuan, a year-on-year increase of 29.04%, and the main business maintained stable growth. In terms of customers, securities, funds, futures, trust and other industries maintained stable growth; The insurance and private placement markets are expanding well. In terms of products, new generation products such as investment trading system o45 and core business operation platform UF3 0. Asset valuation and accounting system 6.0, registration and transfer, financial sales, fund investment adviser, asset management operation platform and other products have been promoted smoothly and won the favor of customers. The distributed cloud native architecture has achieved in-depth cooperation with many customers and continued to maintain the company’s leading position in technology. In terms of delivery quality, in 2021, the company continued to improve customer satisfaction, comprehensively sorted out the company’s technical products, optimized product management principles and resource allocation of key posts, and continuously improved delivery efficiency and product quality. 2) Benefiting from regulatory innovation, digital transformation needs of financial institutions and new technology iteration, the company, as the top enabler of the capital market, has the ability to continue high-quality growth.
The strategic product o45 was launched in the first fund to meet the new era of investment research integration. 1) In recent years, China’s asset management industry has witnessed great development. By the end of June 2021, the scale of existing asset management products of Chinese financial institutions had totaled 92.6 trillion yuan, of which public funds accounted for 27%, ranking second. The launch of competitive funds in the securities industry in 2018 has fully promoted the return of competitive funds to the capital management industry, and has also brought its own capital management ability to the bank. 2) At the same time, the launch of the science and innovation board, the pilot landing of investment advisers, the popularity of ETFs, the rise of global investment and ESG investment are constantly expanding the trading market and trading varieties, giving public funds a greater stage to play. This has brought great challenges to the fund company’s system, and the demand for the construction of underlying it system has soared. 3) in December 20, 2021, the official account of the company reported that the Hang Seng new generation asset management system O45 was formally launched on the Warburg foundation, supporting all products and businesses, covering various types of domestic and foreign transactions, and connecting the domestic and international real-time wind control system, which integrates the instructions, transactions, wind control and liquidation of assets inside and outside the country. At the same time, o45 also introduced the experience of finastra, the world’s leading financial technology company, in investment decision-making business, to help investment research management realize the leap from how to buy to what to buy and then to auto buy faster.
The leading position of financial it in the whole line has benefited the core of the capital market reform and innovation environment. China’s capital market has entered a stage of comprehensive and steady development. The pilot businesses of Morgan Stanley and Dana Securities Co., Ltd. have been successfully established, such as the joint venture capital management company and Dana Securities Co., Ltd., and the scope of investment management of Dana Securities Co., Ltd. has been successfully cancelled, In particular, the Beijing stock exchange was announced to be established. The company has the first market share in many subdivided industries, and the introduction of capital market innovation policy is expected to form a comprehensive and continuous pull on all business lines.
Maintain the “buy” rating. According to the key assumptions and recent announcements, the profit forecast is adjusted. It is estimated that the operating revenue from 2021 to 2023 will be 5.497 billion yuan, 6.806 billion yuan and 8.214 billion yuan respectively (the previous forecast is 5.469 billion yuan, 6.774 billion yuan and 8.176 billion yuan), and the net profit attributable to the parent company will be 1.464 billion yuan, 1.806 billion yuan and 2.207 billion yuan respectively (the previous forecast is 1.470 billion yuan, 1.820 billion yuan and 2.222 billion yuan). Maintain the “buy” rating.
Risk warning: the benefit of the policy is less than expected; The progress of financial cloud is less than expected; The capital market scene is less generous than expected
