\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 030 Citic Securities Company Limited(600030) )
The company disclosed the annual report of 2021. In 2021, the company achieved revenue of 76.524 billion yuan (+ 40.71%), net profit attributable to parent company of 23.099 billion yuan (+ 55.01%), net profit attributable to parent company of 23.314 billion yuan (+ 56.47%) and basic earnings per share of 1.77 yuan (+ 52.59%).
All businesses have achieved high growth, and the leading position of the company is stable. In 2021, the company’s brokerage business, proprietary business, asset management business and investment banking business achieved revenue of 18.289 billion yuan, 18.386 billion yuan, 13.514 billion yuan and 7.753 billion yuan respectively, with a year-on-year increase of 27.03%, 37.14%, 41.35% and 19.5% respectively. On the basis of high base, the company still achieved high growth, and all businesses are in the leading position in the industry.
Strengthen the advantages of wealth management. (1) The proportion of financial products sold on a commission basis in the brokerage business continued to increase. In the financial brokerage business (+ 541.5% of the total operating revenue of the company in 2021), the brokerage business accounted for 3.5% of the total operating revenue of the company. (2) The scale of managed customers continues to grow. At the end of 2021, the number of customers of the company exceeded 12 million, and the scale of assets under custody totaled 11 trillion (+ 29%); The number of clients with asset wealth of more than 2 million yuan is 158000 (+ 25%), the asset scale is 1.8 trillion (+ 21%), the number of clients with high net worth of more than 6 million yuan is 35000 (+ 29%), the asset scale is 1.5 trillion (+ 19%), and the holding scale of public and private funds exceeds 380 billion yuan (+ 26%).
Deepen the transformation of asset management. (1) The total asset management scale of the company is RMB 1625735 billion (+ 18.98%), and the management fee income is RMB 3.425 billion (+ 42.24%); Among them, the scale of collective asset management plan and single asset management plan were 660485 billion yuan (+ 153.91%) and 965.25 billion yuan (- 12.74%) respectively. (2) At the end of the year, Huaxia Fund had assets under management of 1661607 billion yuan (+ 13.72%), realized a net profit of 2.312 billion yuan (+ 44.73), and contributed a net profit of 1.438 billion yuan to the company, accounting for 6.23% of the company’s net profit.
Investment banking business ranks first in the market. (1) The share of equity financing ranks first in the market. The company’s main underwriting amount was 194.1 billion yuan, with a total market share of 338.1% in 2021. Among them, 68 IPO projects were completed, with a total issuance of 85.922 billion yuan (+ 97.14%), with a market share of 15.83%, ranking first in the market; Completed 126 refinancing lead underwriting projects, with a lead underwriting amount of 245995 billion yuan (- 8.9%), with a market share of 19.29%, ranking first in the market. (2) The underwriting amount of debt financing ranks first in the market. In 2021, the company underwritten 3318 bonds, with a total underwriting amount of 1564054 billion yuan (+ 20.02%), with a market share of 13.74%, ranking first in the industry. (3) In 2021, the company completed a major asset restructuring into a shares, with a transaction amount of 95.915 billion yuan, ranking first in the industry; The amount of global M & A transactions involving Chinese enterprises reached 105315 billion US dollars, ranking first in the industry.
Investment suggestion: at present, the company has completed a + H allotment and raised 27.33 billion yuan. The raised funds are used to develop capital intermediary business, invest in subsidiaries and strengthen the construction of information group. The allotment will further consolidate the capital strength of the company, expand business scale, optimize business structure and stabilize the leading position of the company. We predict that the basic earnings per share of the company from 2022 to 2024 will be 1.94 yuan, 2.41 yuan and 2.56 yuan respectively, and the net assets per share will be 15.72 yuan, 17.70 yuan and 19.70 yuan respectively. Combined with the current valuation and stock price of the company, we will maintain the “hold” rating. Risk tip: Sino US friction, the market boom is less than expected
