\u3000\u3000 China Stock Market News ( East Money Information Co.Ltd(300059) )
Event: the company disclosed its 2021 annual report and planned to increase the capital of China stock market news securities by RMB 16.005 billion.
The performance continued to grow at a high rate, and the securities business and fund business were the main contributing factors. The company achieved a revenue of 13.094 billion yuan in 2021, with a year-on-year increase of 58.94%; The net profit attributable to the parent company was 8.553 billion yuan, with a year-on-year increase of 79%, and the performance achieved a high year-on-year growth. By item, the company's main products, securities services, financial e-commerce services and financial data services, achieved revenue of 7.687 billion yuan, 5.073 billion yuan and 253 million yuan respectively, accounting for 58.70%, 38.74% and 1.93% of operating revenue respectively; Year on year growth of 54.29%, 71.23% and 34.75% respectively. The company's securities business and e-commerce business mainly focusing on fund sales achieved high growth year-on-year. The company has 21 years of roe22 11%, an increase of 4.22 PCT over the same period last year, and the operating efficiency continued to improve.
With the rapid development of brokerage and financing business and the enhancement of capital strength, the securities business is expected to further develop. Stock based trading was active in the market in 21 years, and the company's securities brokerage business revenue reached 4.597 billion yuan, a year-on-year increase of + 51.6%. The expansion of China stock market news Securities branch (186 business departments have been established at the end of 21 years) and the low commission rate of Internet platform are its core competitive advantages. In terms of two financing businesses, the balance of margin trading and securities lending was 41.7 billion yuan, a year-on-year increase of + 42%. We expect that the market share of brokerage business and two financial services will continue to increase under the condition of further capital enrichment of China stock market news securities. In addition, China stock market news securities obtained the qualification of pilot exhibition of public fund investment consulting business in 21 years, and the investment consulting business can make rapid development by taking advantage of the company's existing platform.
The fund sales performance is bright and the customer activity is improved. In the past 21 years, the number of daily active users of Tiantian fund platform was 3.147 million, an increase of 33% over the end of the 20th year. Among them, the average number of active users on trading days was 3.9481 million, and the average number of active users on non trading days was 1.5512 million. According to the disclosure of China Securities Investment Fund Industry Association, by the end of 2021, the holding scale of Tiantian fund stock + mixed public funds was 537.1 billion yuan, an increase of 10.95% month on month; The holding scale of non money market public funds was 673.9 billion yuan, an increase of 16.53% month on month, and the holding scale of funds continued to increase. With the steady growth of the commission business of stock funds, the increasing trend of long-term capital entering the market and institutionalization, the company, as the leader of Internet asset management, is expected to benefit for a long time.
Maintain the "buy" rating. The recent sharp adjustment of the company's share price is mainly affected by the adjustment of the gem, the increased supply pressure of "Dongcai Zhuan 3" and the decline of market fund sales. We believe that with the acceleration of capital market reform and accumulation of wealth, the market space of wealth management business of financial institutions is wide. China Stock Market News is the characteristic of Internet plus securities companies. Brand superiority, customer advantage and management advantage will help to increase the market share of the company. It is the subject of significant benefits in the era of wealth management. Based on the continuous improvement of the number of active customers of the company to ensure the growth of performance, we raised the profit forecast. It is estimated that the net profit of the company in 22 and 23 years will be 10.068 billion yuan (4.9% higher than the original forecast) and 12.498 billion yuan (5.7% higher than the original forecast) respectively, and the net profit forecast for 24 years will be 15.09 billion yuan, maintaining the "buy" rating.
Risk tip: the secondary market fell sharply, and the fund sales fell sharply.
