\u3000\u3000 China Stock Market News ( East Money Information Co.Ltd(300059) )
Key investment points
Event: on September 19, 20223, China stock market news disclosed the 21st Annual Report. The annual revenue and net profit of the company increased by 58.9% and 79% year-on-year to 13.09 billion yuan and 8.55 billion yuan respectively, and the roe increased by 4.22pct to 22.11% year-on-year. Benefiting from the scale effect and the increase in the proportion of consignment business with high gross profit margin, the net profit margin of Dongcai in the 21st year increased by 7.3pts to 65.3% year-on-year; The company paid a dividend of 0.8 yuan per share for 21 years, with a dividend ratio of 10.3%, and announced that it would transfer 2 shares per 10 shares of capital reserve based on 11 billion shares after the conversion of convertible bonds 3 into shares;
In the 21st century, the sales revenue increased by 71% year-on-year to 5.072 billion yuan, accounting for 2.78 PCT to 38.7% of the total revenue year-on-year:
1. In terms of flow, the daily life of Tiantian fund platform increased by 33.3% year-on-year to 3.15 million people, and the daily life of 18-20 years were 1.41 million, 1.24 million and 2.36 million respectively;
2. At the end of the 21st year, Tiantian fund had a scale of 673.9 billion yuan. The scale of non current treasure fund sold by Tiantian fund in the whole year increased by 91.7% to 1.34 trillion yuan year-on-year, and the average amount of a single transaction was basically the same as 4214 yuan year-on-year. We believe that the advantages of Tiantian fund lie in:
A. compared with traditional financial institutions that prefer to reissue funds, there are more redemptions for new ones and the uneven sales ability of financial managers. The abundant investment and teaching activities of funds every day, complete fund evaluation system, convenient and fast fund net worth estimation and super conversion functions and first mover advantages make the retention of their customers more stable, The market of QDII is smaller and the retention rate of QDII is relatively complete;
B. compared with the pure online Internet platform, the institutional communication business of Tiantian Fund Wuxi Online Offline Communication Information Technology Co.Ltd(300959) combined with the group's securities dealer license can carry out packaged cooperation with institutional customers, such as securities lending cooperation, advertising space placement, commission warehouse division and so on, which has achieved great success in the period of non-standard to target conversion of financial institutions
Market share;
The market share of brokerage business continued to increase, and Liangrong 21q4 slowed down slightly
1. In 2021, the net income of Dongcai's brokerage business increased by 51.6% to 4.6 billion yuan year-on-year, significantly higher than the daily average stock based trading volume of the market by 25.1%. If calculated at the commission rate of 20000, the market share of Dongcai's brokerage business in the whole year of 21 increased significantly by 78bp to 4.44% year-on-year;
2. At the end of 2021, the income and ending balance of Dongcai Liangrong increased by 71.3% and 44.3% respectively to 2.47 billion yuan and 43.4 billion yuan. If calculated at the interest rate of 6.3%, the average daily market share of 21q1-q4 Liangrong was 1.68%, 2.07%, 2.43% and 2.13% respectively. The share fell slightly in the fourth quarter. At present, Dongcai has 10.3 billion yuan of its own funds, and a net increase of 28 billion yuan of debt investment in the whole year (14 billion yuan for trading and other debt respectively). The funds are relatively sufficient, Provide guarantee for the supply of follow-up two financing funds;
Investment suggestion: the data in the annual report of Dongcai 21 are excellent. The holding scale of non commodity base has surpassed ICBC and CCB in the whole market in 21 years. After issuing 15.8 billion yuan of convertible bonds, the capital adequacy of the company has been improved. Due to the significant decline in the scale of new funds in the market since 22 years and the decline in the balance of two financial institutions, we adjusted the net profit of the company in 22 years to increase by 20.7% year-on-year to 10.32 billion yuan (the previous value was a year-on-year increase of 36.2% to 11.53 billion yuan). However, we believe that under the background of indirect financing to direct financing and residents' wealth to the allocation direction of the capital market, the advantages of the company's wealth management are obvious, and the current share price corresponds to pe27.7 billion yuan in 22 years 7x, maintain the buy rating;
Risk warning: the market trading volume and the balance of two financial institutions have decreased significantly, and the fund ownership and sales scale have decreased significantly; The company's senior executives greatly reduced their shares;
