\u3000\u3000 China Stock Market News ( East Money Information Co.Ltd(300059) )
In 2021, the company achieved a total operating revenue of 13.094 billion yuan, a year-on-year increase of 58.9%, and a net profit attributable to the parent company of 8.553 billion yuan, a year-on-year increase of 79.0%. The Internet platform effect continued to be reflected, and the net interest rate attributable to the parent company in 21 years was 65.3%, an increase of 7.3pct year-on-year.
Securities brokerage business: the company’s net income from handling fees and commissions in 21 years was 5.369 billion yuan, a year-on-year increase of 55.62%, and the net income from handling fees and commissions in a single quarter of 21q4 was 1.486 billion yuan, a year-on-year increase of 62.59%. The stock turnover of the two cities increased by 24.8% year-on-year in 21 years. The growth rate of brokerage business income of Dongcai securities in 21 years was significantly higher than that of the market. It is expected that the market share of Dongcai stock brokerage business will continue to increase. As of February 2022, the market has accumulated 200 million investors, and the scale of investors has continuously increased, providing a good user base for the development of Internet financial platform.
Margin trading: the company’s net interest income in 21 years was 2.321 billion yuan, a year-on-year increase of 51.08%. 21q4 single quarter net interest income was 619 million yuan, a year-on-year increase of 41%. By the end of December 2021, the balance of dual financing in the market was 1.84 trillion yuan, an increase of 14% compared with the same period last year. The growth rate of business income of dual financing of Dongcai was also higher than that of the market. At the end of the year 21, the market share of the two financial institutions of Dongcai was 2.36%, an increase of 0.14pct compared with the end of Q3 and 0.50PCT compared with the end of the year 20.
Fund consignment business: in 2021, Dongcai realized an operating revenue (including financial e-commerce service business, financial data service business and Internet advertising service business) of RMB 5.405 billion, a year-on-year increase of 66.19%. Among them, the fund consignment business achieved a revenue of 5.073 billion yuan in 21 years, a year-on-year increase of 71.27%. The operating revenue of 21q4 in a single quarter was 1.354 billion yuan, a year-on-year increase of 44%. In 2021, the sales volume of Tiantian fund was 2.24 trillion yuan, a year-on-year increase of 72.5%, of which the sales volume of non monetary fund was 1340409 billion yuan, a year-on-year increase of 91.7%; The total sales of monetary funds was 898.2 billion yuan, a year-on-year increase of 50.0%.
The volume of equity funds in the past 21 years, and the subsequent overall fund issuance rhythm and share may be affected by the market heat. However, we believe that the tail generated by the holding volume of Dongcai fund will bring the performance base. At the same time, considering the long-term development period of asset management gold, Dongcai, as a platform with high-quality vertical flow, is expected to enjoy medium and long-term dividends.
Investment suggestion: the asset management market is booming, and the long-term development space can be expected. Superimposing the increasing trend of Dongcai’s business market share, the effect of Internet platform and the development of new businesses such as wealth management, we can jointly promote the short-term, medium and long-term growth of Dongcai’s performance. Considering the recent volatility of the equity market, we lowered the company’s net profit attributable to the parent company from 22 to 23 years (the previous value was RMB 11.54/14.88 billion), and it is expected that the company’s net profit attributable to the parent company from 2022 to 2024 will be RMB 10.68/133.3/16.47 billion respectively, with corresponding growth rates of 24.9% / 24.8% / 23.6% and PE of 25.8x/20.7x/16.8x respectively, maintaining the “buy” rating.
Risk tip: the prosperity of the capital market fluctuates, major changes in financial regulatory policies, changes in the competitive environment, the increase in the market share of securities business does not meet expectations, and the landing of new business does not meet expectations
