\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 958 Orient Securities Company Limited(600958) )
In 2021, the company's diversified investment and management services are expected to promote the growth of Roe's diversified business, and the company's long-term performance of wealth management and investment management is expected to enhance the company's competitiveness in 2021.
Driven by asset management brokerage, the performance increased by 97%, ranking the second in the industry. 1) The company's net profit attributable to the parent company in 2021 was 5.4 billion yuan, ranking the second among the 34 securities companies that have announced their performance. Roe was 8.64%, an increase of nearly 4 percentage points. 2) Asset management and brokerage business are the main contribution to revenue and the main driving force of growth. Brokerage, investment banking, asset management, self operation and interest business accounted for 15%, 7%, 15%, 14% and 6% respectively, with a year-on-year increase of 38%, 8%, 47%, - 36% and 88% respectively.
Asset management business focuses on improving customers' investment experience, and its strength and position are stable. In the past seven years, the active management rate of return of asset management stock investment of Dongzheng Securities Co., Ltd. ranks first in the industry, and the absolute rate of return of its fixed income funds ranks first in the industry in recent five years. The company continued to strengthen its investment and research capabilities, improve its service system and product matrix, and continuously improve its investment experience, resulting in a sustained growth in the scale and income of customer asset management. By the end of the year, the total scale of asset management of Dongzheng was 365.9 billion yuan, an increase of 23% over the beginning of the period, of which public funds accounted for 74% and the scale increased by 35%; The annual net income of entrusted asset management business ranked first in the industry, with a significant increase of 47%.
Financial management transformation has achieved remarkable results. 1) The commission sales revenue increased by 45%, accounting for 16% of the brokerage business, and the revenue structure was optimized. The company guides customers to hold high-quality equity funds for a long time, actively manages the closed-end structure of equity products, accounting for 62%, and the number of stock mixed funds ranks seventh in the industry. It is expected to show stronger anti volatility ability in the long term. 2) Through private fof innovation to serve the private wealth business of high net worth customers, the number of high net worth customers increased by 24% and the asset scale increased by 20%. 3) An institutional business chain with institutional finance as the core and connecting research, trading, derivatives and custody business was established, and the number of institutional customers increased by 48% year-on-year.
Investment banking business has improved significantly. According to the company's statistics, the amount of equity underwriting during the year was 39.1 billion yuan, a significant increase of 129% year-on-year, and the purchase of the top ten in the industry. The IPO underwriting scale increased by 27%, the debt underwriting scale increased by 15%, and the market share increased to the highest level since 2016.
Valuation
The company is expected to seize the historical opportunity of the outbreak of wealth management demand and continue to promote the growth of asset management and financial management business with the dual core competitiveness of "professional investment and research" and "professional service". The forecast value of net profit attributable to the parent company in 22 / 23 / 24 was raised to RMB 6.7/8.1/9.4 billion, maintaining the overweight rating.
Risk tips
The impact of the policy on the industry exceeded expectations; The dual impact of market fluctuations on industry performance and valuation.
