\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 030 Citic Securities Company Limited(600030) )
Core conclusion
Core financial data: 60 Shenzhen Zhaowei Machinery&Electronic Co.Ltd(003021) year revenue / net profit attributable to parent company: 76.524/23.1 billion yuan, yoy + 40.7% / + 55.0%; Total assets: 1.28 trillion yuan, yoy + 21.4%; The equity attributable to the parent shareholders was 209171 billion yuan, yoy + 15.1%, with a weighted average roe12.5% 07%， yoy+3.64pcts。
The transformation of wealth management has achieved remarkable results and has a strong customer base. The net income of securities trading / trading unit seat leasing / selling financial products on a commission basis was RMB 8.59/17.7/2.65 billion, yoy + 11.5% / + 57.8% / + 35.1%, accounting for 66.0% / 13.6% / 20.4% of the net income of brokerage business. The number and assets of wealth customers and high net worth customers doubled compared with the end of 18; The holding scale of public offering and private placement exceeded 380 billion yuan, yoy + 26%. The share based trading volume of the company and its subsidiaries in 21 years was 38.4 trillion yuan, yoy + 34%, and the market share is expected to rise to 6.95%.
The platform effect of investment banking is significant, and the market share of equity financing ranks first. The domestic equity financing scale of the company in 21 years was 331917 billion yuan, yoy + 5.8%; The market share is 18.3%, ranking first in the industry. We believe that the investment banking business of the company has a strong competitive advantage and the project reserve is ahead of the industry. Under the background of the comprehensive registration system, while contributing income, the company gathers the resources of listed companies and forms synergy with other businesses. Asset management business grew rapidly and its proportion increased. The parent company’s net income from asset management business was 3.6 billion yuan, yoy + 45.7%; The net income from fund management business was 8.1 billion yuan, yoy + 46.4%. The company’s asset management scale is 1.63 trillion yuan, the scale of collective / single asset management plan is 0.66/0.97 trillion yuan, and the scale of active management ranks first in the industry.
After the allotment funds are in place, the company’s investment business is expected to maintain growth. At the end of the 21st century, the financial investment scale of the company reached 645592 billion yuan, yoy + 27.5%, accounting for 50.5% of the total assets, yoy + 2.4pcts. The total income from investment business was 23.6 billion yuan, yoy + 27.5%, and the annualized rate of return was 4.1%.
Investment suggestion: the company’s businesses will keep leading in the industry and lay a basic foundation for performance growth. After the capital bottleneck is eliminated, the institutional business is expected to usher in a new breakthrough. We estimate that the company’s net profit attributable to the parent company in 22 years is 27.462 billion yuan, yoy + 18.88%, corresponding to roe of 10.8%, and the current share price is 1.24 times corresponding to Pb in 2022, maintaining the “buy” rating.
Risk tips: market fluctuation risk, lower than expected progress of capital market reform, business risk
