\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 705 Avic Industry-Finance Holdings Co.Ltd(600705) )
The performance brought by investment income exceeded expectations, the industrial financial transformation gradually took effect, and the "buy" rating was maintained
In 2021, the company's total operating revenue / net profit attributable to the parent company was 19.08/4.47 billion yuan, a year-on-year increase of + 4% / + 37%, which exceeded our expectations, mainly due to the significant increase in investment income of the industry and finance headquarters. Comprehensive finance is still the main contributor to the company's profit, and the overall profit will remain stable in 2021; The profit of industrial investment increased significantly and the contribution continued to improve; In 2021, the profit and loss from changes in fair value in the income statement of the parent company reached 1.49 billion yuan, an increase of 750 million yuan year-on-year. Maintain the forecast of the company's net profit attributable to the parent company of 4.05/4.6 billion yuan from 2022 to 2023, and increase the forecast of net profit attributable to the parent company of 5.13 billion yuan in 2024, corresponding to EPS of 0.45/0.52/0.57 yuan from 2022 to 2024 respectively. The current share price corresponds to pe9.5% in 2022 0 times, pb0 83 times, the valuation has a margin of safety. The company's business closely revolves around the aviation industry chain, has a strong industrial background and leading industrial research ability, and maintains a "buy" rating.
The profit contribution of leasing and trust reached 44% / 32% respectively, and the roe of securities companies was better than the industry average
Comprehensive finance is the main contributor to the company's profits. In 2021, the total profit contribution of leasing, trust and securities business lines accounted for 94%. In 2021, the net profit of AVIC leasing was 1.95 billion yuan, a year-on-year increase of + 1%, and the profit contribution was 44%. In 2021, the aviation and shipping business segment accounted for 29% of the new contract amount of the leasing business line. In 2021, the net profit of AVIC trust was 1.68 billion yuan, with a year-on-year increase of - 15% and a profit contribution of 32%. The year-on-year decrease in net profit was due to the impact of investment income. At the end of 2021, the trust management scale was 677.5 billion yuan, a year-on-year increase of + 2%. In 2021, the net income from handling fees and commissions was 3.95 billion yuan, a year-on-year increase of + 3%. In March 2021, the company added 2 billion yuan to AVIC trust to enhance its capital strength. In 2021, the net profit of AVIC securities was 810 million yuan, a year-on-year increase of + 21%, and the profit contribution was 18%. The operating profit of brokerage and asset management business was 230 / 140 million yuan, a year-on-year increase of + 26% / + 171%, and roe 10.5% in 2021 4%, higher than the industry average.
Strengthen the combination of industry and finance, and significantly increase the contribution of industrial investment profits
The company's Industrial Finance exhibition industry is divided into three channels: first, support the aviation industry through direct investment and industrial investment fund; Second, participate in the capital increase project of AVIC capital network and build an industrial chain supply chain financial platform; Third, comprehensively use the financial licenses of subsidiaries to provide financial services covering the whole life cycle of enterprise development. The company made industrial investment through AVIC industrial investment and AVIC aviation investment. In 2021, the total net profit was 250 million, a year-on-year increase of + 182%, and the profit contribution was 5.7%, an increase of 2.9 PCT compared with 2021. The company changed its name from "AVIC capital" to " Avic Industry-Finance Holdings Co.Ltd(600705) " in June 2021. In March 2022, the company terminated the fixed increase, and originally planned to raise 2 billion yuan to repay bank loans through the fixed increase. The object of the fixed increase was the controlling shareholder aviation industry group, and the fixed increase price was 3.17 yuan / share.
Risk warning: macroeconomic fluctuations have an uncertain impact on the company's profits and asset quality; Changes in financial regulatory policies have brought uncertainty to business development.
