\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 030 Citic Securities Company Limited(600030) )
Event: the company released its 2021 annual report, with a revenue of 76.524 billion yuan, a year-on-year increase of + 40.7%, and a net profit attributable to the parent company of 23.1 billion yuan, a year-on-year increase of + 55.0%, with a weighted average roe12.5% 07%, year-on-year + 3.64pct. Proportion of revenue: brokerage 23.9%, asset management 17.7%, securities investment 24.0%, securities underwriting 10.1%, others 24.3%. Revenue growth rate: brokerage + 27.0%, asset management + 41.3%, securities investment + 37.1%, securities underwriting + 19.5%, others + 76.5%.
Performance attribution: [investment bank] IPO underwriting was 85.922 billion yuan, ranking first in the industry, accounting for 15.83% of the city, with 68 underwriters, ranking first in the industry; Refinancing underwriting was 245995 billion yuan, ranking first in the industry, accounting for 19.29% of the city, with 126 underwriters, ranking first in the industry; Corporate bonds + corporate bonds underwriting 365947 billion yuan, ranking second in the industry, accounting for 9.40%; In the whole year, the transaction volume of major asset restructuring of A-Shares was 95.915 billion yuan and the global M & a transaction involving Chinese enterprises was 105315 billion US dollars, ranking first in the industry. [wealth management and brokerage] the number of clients exceeded 12 million, and the entrusted assets were 11 trillion, a year-on-year increase of + 29%; The holding scale of public and private funds exceeded 380 billion yuan, a year-on-year increase of + 26%; The proportion of wealth management income in the income of wealth management business segment increased to 30%; The annual stock based trading volume was 38.4 trillion, with a year-on-year increase of + 34%, and the market accounted for 7.16%, with a year-on-year increase of + 0.29pct. [financial market] OTC derivatives have outstanding trading ability and relatively stable income, with derivative financial assets of 31 billion yuan, a year-on-year increase of + 53.8%; The fixed income business has developed steadily, and the self operated income of stocks is stable; The two financial services increased significantly, and the net interest income increased by + 106.3% year-on-year. [asset management] the scale of asset management was 1.63 trillion yuan, a year-on-year increase of + 19.2%, and the management fee income was 3.425 billion yuan, a year-on-year increase of + 42.2%; As of March 28, the non monetary fund management scale of Huaxia Fund was 704396 billion yuan, ranking the second in the industry. The annual net profit of Huaxia Fund was 2.312 billion yuan, a year-on-year increase of + 44.7%. [equity investment] the alternative investment subsidiary Citic Securities Company Limited(600030) invested a net profit of 2.412 billion yuan, a year-on-year increase of + 37.1%, and the private equity investment platform Jinshi invested 829 million yuan, a year-on-year increase of – 1.5%.
Investment suggestion: the performance of the annual report is basically consistent with that of the performance express, which is in line with expectations. In January, the company completed a share allotment and raised 22.396 billion yuan, enhanced its capital strength and table expansion ability, consolidated China’s leading position, and further developed into a world-class large-scale comprehensive investment bank. Based on the performance of 2021, we slightly raised the profit forecast for 202224. Company 2022ep / B1 23x, close to the low point when the market was cold in October 2018, maintaining “Buy-A”.
Risk tips: the capital market scene has decreased or increased volatility, policy risks, and the return on capital utilization is lower than expected.
