\u3000\u3000 China Stock Market News ( East Money Information Co.Ltd(300059) )
Event overview
China stock market news released the annual report of 2021. During the reporting period, the company achieved a total operating revenue of 13.09 billion yuan, a year-on-year increase of + 59%; The net profit attributable to shareholders of listed companies was 8.55 billion yuan, a year-on-year increase of + 79%; Diluted EPS was 0.82 yuan, a year-on-year increase of + 71%.
Previously, the company has announced the performance express, which is in line with expectations. During the reporting period, the company's fund sales exceeded 2.2 trillion yuan, and the R & D investment increased by 91%, which is worthy of attention.
Analysis and judgment:
The fund sales revenue (financial e-commerce services) was 5.07 billion yuan, a year-on-year increase of + 71%, the fund sales exceeded 2.2 trillion yuan, and the fund holding market share increased significantly
During the reporting period, the Internet fund sales of Tiantian fund exceeded 2.2 trillion yuan last year, a year-on-year increase of + 72%. Among them, the sales volume of non current treasure was 1.3 trillion yuan, a year-on-year increase of + 92%, and the newly issued partial stock funds in the market were 2.2 trillion yuan, a year-on-year increase of + 8%. In terms of fund ownership, according to the data of the fund industry association, the company's 21q4 partial equity fund ownership scale is 537.1 billion yuan, compared with 21q1 + 43%, and the market share has increased from 5.36% in 21q1 to 6.22% in 21q4; Other non monetary funds (mainly bond funds) have a scale of 136.8 billion yuan, compared with 21q1 + 138%, and the market share has increased from 1.05% in 21q1 to 1.83% in 21q4.
The net income from handling fees and commissions was 5.37 billion yuan, a year-on-year increase of + 56%, and the market share of securities trading continued to increase
In 2021, the average daily stock based trading volume of the market was 1.14 trillion yuan, a year-on-year increase of + 25%. The net income from handling fees and commissions of Dongcai securities (mainly from securities brokerage business) increased by 52% year-on-year to 4.55 billion yuan. According to our calculation, Dongcai securities accounted for 3.78% of the trading market in 2021, up 0.55 percentage points from 3.23% in 2020. According to our estimation, the company accounted for 22.4% of the single city in February 2004.
The market share of financing business continues to increase, and the conversion of convertible bonds into shares continues to create capital conditions for financing business
At the end of 2021, the balance of funds released from the market was 1.71 trillion yuan, and the market share of Dongcai securities was 2.45%, an increase of 0.45 PCT year-on-year. As a derivative business of trading business, the share of two financial balances is expected to continue to increase with the increase of trading share. The convertible bond to equity swap has been completed. The company announced that it would increase its capital by 16 billion yuan to China stock market news securities, which will further promote the development of financing business.
The scale of financial asset investment increased significantly to 47.7 billion yuan, of which the allocation of bonds accounted for nearly 80%
In 2021, the company's financial asset investment scale increased significantly, from 12.8 billion yuan at the end of 2020 to 47.7 billion yuan, an increase of 272%. Among them, the allocation of creditor's rights assets accounts for the majority. From the perspective of other bond investment structures, most of them are high-grade bonds, with relatively stable yield and controllable risk.
R & D investment increased by 91% to 720 million yuan
In 2021, the company's R & D expenses increased significantly. We believe that in addition to continuously promoting digital construction and enabling business with science and technology, the company's investment in internationalization strategy may be greatly increased to further build the company's third growth curve.
Investment advice
The company has built an Internet wealth management ecosystem with "" as the core, gathering massive user resources and user stickiness advantages. Key managers have a deep understanding of the relevant technologies and future trends of the Internet service industry. The company continues to strengthen strategic investment, extend and improve the service chain. We are optimistic about the sustainable growth of the company.
With the rapid development of the company's fund consignment and securities business, the performance of Hafu securities is worthy of attention under the background of the bottom recovery of the Hong Kong stock market at the current stage. At the same time, we are optimistic about the opportunities of China stock market news fund under the great development of passive investment business in the future.
Based on the changes of trading and fund market, we fine tuned the forecast of the company's total operating revenue of 15.77/19.24 billion yuan in 22-23 years to 15.88/18.82 billion yuan, increased the 24-year forecast to 22.08 billion yuan, and fine tuned the eps1.5 billion yuan in 21-22 years The forecast of 0 / 1.3 yuan is increased to 1.0 / 1.2 yuan, and the 24-year forecast value is increased by 1.4 yuan, corresponding to the closing price of 25.99 yuan / share on March 18, 2022. The PE is 26.6/21.8/18.4 times respectively, maintaining the "buy" rating of the company.
Risk tips
The market transaction shrank, the company's market share increased less than expected, and the fund sales market competition was fierce.
