\u3000\u3000 China Stock Market News ( East Money Information Co.Ltd(300059) )
The event company disclosed the 2021 annual report.
The business environment of the beneficiary industries has improved, the company's performance has increased, the trading of the beneficiary equity market has been active, the scale of public funds has been expanded, the company's business environment has continued to improve, and the performance has increased significantly. In 2021, the company achieved a total operating revenue of 13.094 billion yuan, a year-on-year increase of 58.94%, and a net profit attributable to shareholders of listed companies of 8.553 billion yuan, a year-on-year increase of 79%; The weighted average return on net assets was 22.11%, with a year-on-year increase of 4.22 percentage points. In 2021q4, the company achieved an operating revenue of 3.458 billion yuan, a year-on-year increase of 50.83%; The net profit attributable to the parent company was 2.319 billion yuan, a year-on-year increase of 67.99%.
The securities brokerage business grew steadily and the market share increased. In 2021, the company's securities business realized a revenue of 7.687 billion yuan, a year-on-year increase of 54.29%, accounting for 58.7% of the total operating revenue, a year-on-year decrease of 1.77 PPS. The company achieved a fee and commission income of 5.369 billion yuan, a year-on-year increase of 55.61%, of which the net income of securities brokerage business was 4.597 billion yuan, a year-on-year increase of 51.62%, which was much higher than the growth rate of stock based turnover in the industry, and the market share increased. In 2021, the cumulative turnover of stock based transactions in Shanghai and Shenzhen reached 276.3 trillion yuan, with an average daily turnover of 1137024 billion yuan, an increase of 25.33% year-on-year. In 2021, the company realized a net interest income of 2.321 billion yuan, a year-on-year increase of 51.08%, mainly due to the increase of interest income from margin trading. The improvement of market risk appetite promotes the continuous development of the company's two financial services. The company's financing scale was 43.407 billion yuan, an increase of 44.34% compared with the end of the previous year. With the funds raised by convertible bonds in place, the company's capital strength has improved, further opening up the development space of two financial services.
The fund business grew rapidly, the market share increased, and the fund issuance and capacity expanded. As the leader of Internet Fund consignment, the company fully benefited from the development dividend of fund business. By the end of 2021, the net asset value of all funds in the market was 25.53 trillion yuan, a year-on-year increase of 27.29%; The net value of equity funds was 2.35 trillion yuan, a year-on-year increase of 26.69%. In 2021, the company realized financial e-commerce service revenue of 5.073 billion yuan, with a year-on-year increase of 71.23%, accounting for 38.74% of the total operating revenue, with a year-on-year increase of 2.78 PPS. By the end of 2021, the company had achieved fund sales of 2.24 trillion yuan, including non monetary fund sales of 1.34 trillion yuan. In 2021q4, the scale of non commodity basic insurance of Tiantian fund was 673.9 billion yuan, accounting for 4.21% of the market, with a quarter on quarter increase of 0.23pps; Equity funds (equity + hybrid) have a scale of 537.1 billion yuan, accounting for 6.29% of the market, with a quarter on quarter increase of 0.27pps. The daily average number of active users of Tiantian fund platform is 3.147 million, including 3.9481 million active users on trading days and 1.5512 million active users on non trading days.
The Internet service platform with "" as the core of the investment advice company has large user visits, high stickiness and significant customer advantages. With the low commission strategy and flow realization, we continued to consolidate the leading position of securities business and promote the improvement of market share. The company increased the capital of its subsidiary Dongcai securities by 16 billion yuan to help the continuous expansion of its business. Affected by the decline in the issuance share of the new development fund, we moderately reduced the performance growth rate of the company, but the asset allocation structure of residents was adjusted, the proportion of financial assets and equity assets increased, and the general development trend of the equity market remained unchanged. Wealth management is still a medium and long-term high-quality track for securities companies. We continue to be optimistic about the company's development prospects, and maintain the "recommended" rating in combination with the company's fundamentals and stock price elasticity. From 2022 to 2023, eps0 98 / 1.22 yuan, corresponding to pe26.5 yuan from 2022 to 202337X/21.35X。
Risk indicates the risk that market fluctuations have a great impact on performance.
