\u3000\u3000 China Stock Market News ( East Money Information Co.Ltd(300059) )
Data overview
In 2021, China stock market news achieved an operating revenue of 13.09 billion yuan, a year-on-year increase of 58.9%; The net profit attributable to the parent company was 8.55 billion yuan, a year-on-year increase of 79.0%; The weighted average return on net assets was 22.11%, with a year-on-year increase of 4.22pct. Q4 achieved a total operating revenue of 3.46 billion yuan, a year-on-year increase of 50.8%; The net profit attributable to the parent company was 2.32 billion yuan, a year-on-year increase of 68.0%, and the performance was in line with expectations.
Fund consignment: the high increase in sales drives the growth of consignment income
In 2021, the e-commerce service revenue of Dongcai finance was 5.07 billion, with a year-on-year increase of 71%, mainly due to the significant growth of sales scale. (1) Sales scale: in 2021, the company's fund sales were 2.2 trillion yuan, a year-on-year increase of 72%; Among them, the sales volume of current treasure was 898.2 billion yuan, a year-on-year increase of 50%, and the sales volume of non cargo based sales was 1.3 trillion yuan, a year-on-year significant increase of 92%. (2) Holding status: by the end of 21q4, the holding scale of Tiantian fund stock + mixed / non commodity fund was 537.1/673.9 billion yuan, with a market share of 6.3% / 4.2%, up 0.2pct/0.2pct respectively month on month. The ranking of Tiantian fund stock + mixed fund holding scale also surpassed ICBC and advanced to the third place. The platform and flow advantages of Tiantian fund continue to consolidate the company's consignment capacity, and the scale and market share of consignment are expected to be further improved.
Securities business: further increase of market share under the background of active trading
Brokerage business: the stock market was highly active in 2021, and the average daily stock based turnover of the whole market increased by 25% year-on-year to 1.1 trillion. Dongcai 2021 securities brokerage service fee and commission net income increased by 52% year-on-year to 4.6 billion, much higher than the growth rate of market share based turnover. It is judged that the market share of the company's share based turnover increased to 4%.
Two financial services: at the end of 2021, the balance of two financial services in the market was 1.8 trillion, with a year-on-year increase of 13%. At the end of Q4, the balance of funds financed by Dongcai was 43.4 billion, a year-on-year increase of 44%, the market share of Dongcai and Liangrong increased by 0.5pct to 2.4%, and the net interest income increased by 51% to 230 million yuan year-on-year.
Supplementary funds: the capital increase of subsidiaries helps the development of two financial services
The company announced to increase the capital of China stock market news securities with the creditor's rights of 15.8 billion yuan and cash of 230 million yuan, with a total capital increase of 16 billion yuan. According to the company's announcement, as of September 2020, only 1.68% of the company's brokerage customers had been converted into margin trading customers, while the industry level exceeded 3%, and the penetration rate of two financing customers was low. The capital increase of Dongcai securities will continue to expand the scale of margin trading and securities lending and help the development of the two financing businesses.
Profit forecast and valuation
The performance of China stock market news in 2021 was in line with expectations, the market share of brokerage and two financing businesses continued to increase, the fund consignment maintained a leading position, and the capital increase subsidiary opened up the growth space of two financing businesses. It is estimated that the year-on-year growth rate of net profit attributable to the parent company from 2022 to 2024 is 27 / 28% / 21% respectively, the corresponding EPS is 0.99/1.26/1.53 yuan per share, and the current price corresponds to pe26.00 yuan 27 / 20.56/16.97x. Maintain the target price of 42.00 yuan, corresponding to 42 times of Pe2 in 2022, and maintain the "buy" rating.
Risk tips
The macro-economy has declined significantly; The scene of capital market is less generous than expected; Competition in the fund consignment industry has intensified.
