\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 456 Guolian Securities Co.Ltd(601456) )
Guolian Securities Co.Ltd(601456) disclosed the annual report of 2021, and the performance of 2021 was in line with expectations. In 2021, the company achieved an annual operating revenue of 2.967 billion yuan, a year-on-year increase of 58.11%; The net profit attributable to the parent company was 889 million yuan, a year-on-year increase of 51.16%. In 2021, the weighted average return on net assets was 7.27%, an increase of 0.86 percentage points year-on-year. The basic earnings per share was 0.36 yuan, a year-on-year increase of 28.57%.
The income from brokerage business increased by 15.78% year-on-year, and the wealth management business developed rapidly. In 2021, the company achieved brokerage business income of 609 million yuan, with a year-on-year increase of 15.78%. At the same time, the company’s fund investment consulting business developed rapidly. As of the end of the reporting period, the total number of fund investment consultants signed by the company was 150300, and the scale of signed assets reached 10.263 billion yuan, continuing to remain at the forefront of the industry.
The income of investment banking business increased by 85.09% year-on-year, and the equity business maintained a good momentum of development. In 2021, the company achieved an investment banking revenue of 509 million yuan, with a year-on-year increase of 85.09%. The company engages in investment banking business through its wholly-owned subsidiary Huaying securities. In 2021, Huaying securities’ equity business ranked the best in history, and all core indicators ranked among the top 25 in the industry. During the reporting period, Huaying securities completed 9 equity underwriting and recommendation projects, with a total underwriting amount of 13.461 billion yuan, a year-on-year increase of 300.15%. At the same time, at present, there are 2 projects to be issued with approval, 3 projects under review and 13 application counseling projects.
The ability of active management was continuously strengthened, and the revenue of asset management business increased by 95.83% year-on-year. In 2021, the company realized an asset management business revenue of 114 million yuan, a year-on-year increase of 95.83%. The company’s asset management business focused on customer needs and continuously strengthened its active management ability. By the end of the reporting period, the company’s entrusted capital had reached RMB 10.412 billion, a year-on-year increase of 169.28%; Among them, the scale of asset securitization business was 37.119 billion yuan, a year-on-year increase of 226276%.
The company’s self operated business income increased by 105.60% year-on-year. In 2021, the company achieved self operated business income (including changes in fair value) of 1.394 billion yuan, a year-on-year increase of 105.60%. In terms of equity investment, the company has continuously strengthened the research and judgment on the market direction and rhythm, and the annual return on investment has significantly outperformed the median level of CSI 300 index and partial stock hybrid funds in the same period; In terms of fixed income business, the company has achieved steady investment income on the premise of strict risk control; In terms of equity derivatives business, the company’s OTC derivatives business continued to innovate. The nominal principal of OTC options and income swaps signed in 2021 increased by 241% year-on-year.
Risk warning: market decline brings uncertainty to bond business performance and valuation repair; Stricter financial supervision; Intensified market competition; Tight liquidity leads to rising financing costs; The promotion of innovation is less than expected.
Investment suggestion: we predict that the net profit of the company from 2022 to 2024 will be 1.114 billion yuan, 1.788 billion yuan and 2.457 billion yuan respectively, with a year-on-year increase of 25.3% / 60.6% / 37.4%. The PE corresponding to the current stock price is 35.0/21.8/15.9x and Pb is 2.8/2.4/2.1x. The company is a small and beautiful characteristic securities firm, with location advantages, distinct characteristics of wealth management, and the management has a forward-looking strategic vision. We maintain a “buy” rating on the company.
