\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 030 Citic Securities Company Limited(600030) )
Core view
In 21 years, the company’s performance slightly exceeded the express report to a record high, and the roe exceeded 12%, reaching a new high in 15 years. 1) In 2021, the company achieved an operating revenue of 76.524 billion yuan, a year-on-year increase of + 40.71%, and a net profit attributable to the parent company of 23.1 billion yuan, a year-on-year increase of + 55.01%. 2) The company will realize roe12 in 202115%, nearly 3.5pct higher than the same period last year. By the end of the 21st century, the equity multiplier had reached 4.91, an increase of 0.24 over the end of the 20th year, and continued to be at the forefront of the industry. 3) Excluding other businesses, the proportion of net interest income from self operation, brokerage, asset management, investment banking and investment banking reached 37%, 23%, 19%, 13% and 9%, of which the proportion of interest and asset management increased by 3PCT and 2pct respectively.
In terms of market share, brokerage rose and financial stability stabilized, and stock and bond underwriting ranked first in the industry. 1) In 21 years, the company achieved a brokerage business income of 13.963 billion yuan, a year-on-year increase of + 24%, mainly benefiting from the year-on-year increase of 25% in the daily average share based turnover of A-Shares and the further increase of the brokerage market share from 6.49% to 6.95% in 21 years. 2) In 21 years, the company’s two financial balances reached 126512 billion yuan, accounting for 6.9% of the market, basically unchanged month on month. The interest income of Liangrong increased by 50.62% year-on-year to 10.231 billion yuan, helping the overall net interest income increase by 106% to 5.337 billion yuan. 3) The company achieved an investment banking revenue of 8.156 billion yuan, a year-on-year increase of + 19%. According to wind, the total underwriting scale of corporate stocks and bonds in 21 years reached 1.82 trillion yuan, and the market share increased from 12.87% to 14.11%, ranking first in the industry; Among them, the IPO underwriting scale reached 108.1 billion yuan, accounting for 17.93% of the market, also ranking first. With the continuous deepening of the reform of the registration system, its investment banking advantages are becoming more and more stable.
The scale of self operated assets continued to expand, the transformation of asset management achieved results, and the fund management continued to perform beautifully. 1) By the end of the 21st century, the scale of equity assets of the company had reached 177.6 billion yuan, a year-on-year increase of + 19.33%, accounting for 29%, mainly benefiting from the continuous development of the company’s OTC stock derivatives business. With the significant increase in capital strength brought by the allotment, it is expected to see the accelerated improvement of the scale of stock derivatives. Driven by this, the company achieved self operated income of 22.683 billion yuan, a year-on-year increase of + 27% under the high base. 2) The company achieved an annual asset management revenue of 11.702 billion yuan, a year-on-year increase of + 46%. The transformation results of the company’s asset management department were outstanding, and the scale of collective asset management increased by 154% to 660.5 billion yuan, accounting for 40.63% from 19.04%. The public offering management scale of Huaxia Fund increased by + 29% to 1.04 trillion year-on-year, driving the company’s fund management income to increase by 46% to 8.098 billion yuan. 3) The company made provision for impairment of 3.5 billion yuan throughout the year, a year-on-year decrease of 50%, boosting the company’s performance.
Profit forecast and investment suggestions
Affected by the increase in net assets and share capital caused by the allotment, the predicted value of BVPs in 22-23 years was increased from 16.77/18.42 to 18.84/20.52 yuan, and the predicted value in 24 years was increased by 22.55 yuan. According to the comparable company valuation method, the company was given a premium rate of 30%, 1.40xpb in 2022, the target price was adjusted to 26.38 yuan, and the overweight rating was maintained.
Risk tips
The impact of the policy on the industry exceeded expectations; The dual impact of market fluctuations on industry performance and valuation.
