\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 995 China International Capital Corporation Limited(601995) )
China International Capital Corporation Limited(601995) disclosed the annual report of 2021, and the performance of 2021 was in line with expectations. In 2021, the company achieved an annual operating revenue of 30.131 billion yuan, a year-on-year increase of 27.35%; The net profit attributable to the parent company was 10.778 billion yuan, a year-on-year increase of 49.54%. In 2021, the weighted average return on net assets was 14.64%, an increase of 9.64 percentage points year-on-year. The basic earnings per share was 2.13 yuan, a year-on-year increase of 22.50%.
Brokerage revenue increased by 30.81% year-on-year, and wealth management continued to expand its customer base. In 2021, the company achieved a brokerage revenue of 6.031 billion yuan, a year-on-year increase of 30.81%. The company continues to consolidate the customer base and cover a wider customer base with Wuxi Online Offline Communication Information Technology Co.Ltd(300959) multi-channel. By the end of 2021, the number of wealth management customers of the company had reached 4.5351 million, a year-on-year increase of 22.9%, and the total assets of customer accounts had reached 3.00 trillion yuan, a year-on-year increase of 16.2%. Among them, the number of high net worth individual customers was 34900, a year-on-year increase of 36.2%; The total assets of high net worth individual customer accounts reached 820435 billion yuan, a year-on-year increase of 22.0%.
The investment banking business continued its advantageous position in the industry, and its revenue increased by 18.14% year-on-year. In 2021, the company achieved investment banking revenue of 7.036 billion yuan, a year-on-year increase of 18.14%. In 2021, as the lead underwriter, the company completed 23 A-share IPO projects, with a lead underwriting amount of 100538 billion yuan, ranking second in the market; 37 A-share refinancing projects were completed, with a lead underwriting amount of 81.314 billion yuan, ranking second in the market. The company also performed well in cross-border investment banking business. As a global coordinator, the company led 38 Hong Kong stock IPO projects, with a lead underwriting scale of US $5.651 billion, ranking first in the market; As the bookkeeper, he has mainly underwritten 41 Hong Kong stock IPO projects, with a lead underwriting scale of US $4 billion, ranking first in the market.
Revenue from asset management business increased by 34.93% year-on-year. In 2021, the company realized an asset management business revenue of 1.533 billion yuan, a year-on-year increase of 34.93%. By the end of the reporting period, the business scale of the company’s asset management department was 1128347 billion yuan, a year-on-year increase of 120.0%; 747 products were managed, with a year-on-year increase of 24.9%..
Investment business income increased by 11.74% year-on-year. In 2021, the company realized investment business income (including changes in fair value) of 14.703 billion yuan, with a year-on-year increase of 11.74%. The growth of investment business income was mainly due to the increase of income related to fund investment.
Risk warning: market decline brings uncertainty to bond business performance and valuation repair; Stricter financial supervision; Intensified market competition; Tight liquidity leads to rising financing costs; The promotion of innovation is less than expected.
Investment suggestion: we predict that the net profit of the company from 2022 to 2024 will be 13.4 billion yuan, 16.5 billion yuan and 19.4 billion yuan respectively, with a year-on-year increase of 25.0% / 22.2% / 17.9%. The PE corresponding to the current stock price is 14.9 / 12.2 / 10.4x and Pb is 2.3 / 2.1 / 1.8x. The company continues to maintain a roe level higher than that of the industry, has a high-quality customer base, balanced business development, forward-looking strategic layout and excellent cross-border business ability. We maintain its “buy” rating.
