\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 030 Citic Securities Company Limited(600030) )
Citic Securities Company Limited(600030) released the 2021 annual report, realizing an operating revenue of 76.5 billion yuan, a year-on-year increase of + 41%; The net profit attributable to the parent company was 23.1 billion yuan, a year-on-year increase of + 55%, and the weighted average roe was 12.07%, a year-on-year increase of 3.64 percentage points. BVPs was 16.18 yuan, a year-on-year increase of + 15 percentage points. Benefiting from the reversal of Q4 credit impairment loss, the profit growth rate was slightly higher than expected. The revenue of 21q4 in a single quarter was - 7% month on month, and the net profit attributable to the parent company was + 0.13% month on month. The credit impairment loss in the current period was reversed to 600 million yuan, which was significantly improved month on month.
Cumulative revenue year on year: the net revenue of the company's credit, asset management, brokerage and investment banking businesses was + 106% / 46% / 24% / 19%, the investment income was - 27% year on year, and the profit and loss from changes in fair value was + 183% year on year; From the perspective of income proportion, the proportion of net income from credit and asset management increased by 2% and 1% year-on-year, the proportion of net income from investment banking and brokerage business decreased by 2%, and the proportion of income from investment business decreased by 3 percentage points year-on-year to 31%, still ranking first in all businesses.
Single quarter revenue month on month: net income from investment, investment banking and asset management business was + 79% / + 7% / + 4% month on month, and net income from credit and brokerage was - 54%, - 7% month on month, dragging down performance.
By business line:
Investment banks have improved their big customer strategy and continued to highlight the advantages of IPO underwriting scale and income. The investment banking business of the company adheres to and improves the strategy of key customers. According to the annual report and wind data, the market share of IPO / refinancing / bond underwriting (brokerage industry) of the company was 16% / 19% / 14% respectively by the end of 21 years, with a year-on-year increase of + 7% / - 4% / + 1%. The company continued to rank first in the industry, realizing an IPO underwriting recommendation income of 4 billion yuan, with a year-on-year increase of + 67% and a month on month increase of Q3 + 17%. The strong is always strong. According to wind statistics, the company currently has 104 unlisted IPO reserve projects, Ranked first in the industry.
The capital management structure has been continuously optimized, and the wealth management ecology has gradually taken shape. In 2021, the asset management scale of the company's securities companies was 1.62 trillion, with a year-on-year increase of + 19%. The company has completed 16 public offerings of large-scale collective products. By the end of the period, the scale of collective asset management business was 660.5 billion yuan, with a year-on-year increase of + 154%. The directional business continued to shrink and the structure was continuously optimized; The management scale of Huaxia Fund was 1.66 trillion, with a year-on-year increase of + 14%, of which the public offering business scale was 1.04 trillion; Asset management and fund management businesses achieved a net income of 11.7 billion yuan respectively, a year-on-year increase of + 46%. The company newly established an asset management company, actively applied for public offering licenses, and improved product systems such as pensions and large collections. The transformation of wealth management business continued to advance. At the end of 2021, the number of clients with assets of more than 2 million was 158000, and the scale of custody assets was + 21% to 1.8 trillion year-on-year. At the end of the period, the scale of public and private funds was 380 billion yuan, with a year-on-year increase of + 26%. Since the buyer's investment consultant exhibition, the number of contracted clients exceeded 90000, and the assets were 7 billion yuan. The annual commission income was 2.65 billion yuan, with a year-on-year increase of + 35%, accounting for 20% of the net income of brokerage fees, which has a significant advantage, At the end of the period, the share of stock based trading market of the company further increased, exceeding 7%, and the wealth management ecology gradually formed.
The reversal of credit impairment and the sound development of innovative business. By the end of 2021, the company's two financial balances had increased by + 9% year-on-year, and the scale of stock pledge business was 22 billion yuan, up - 41% year-on-year. The impairment of financial assets bought for resale in the whole year was reversed by 1.2 billion yuan. The company's share allotment plan plans to invest more than half of the raised funds in capital intermediary business, and it is expected that the credit business structure will continue to be optimized. In 2021, the average daily nominal value of OTC options and income swaps of the company achieved rapid growth year-on-year. While developing itself, the company actively provided liquidity to the market. At the end of the period, the company's trading financial assets were + 30% year-on-year, and realized investment income + fair value fluctuation of 23.6 billion yuan, year-on-year + 27%.
Practice global integrated management and carefully evaluate the impairment of goodwill. In 2021, CITIC Lyon achieved a revenue of 6.16 billion yuan, a year-on-year + 15%, a new high performance, and achieved rapid growth in connectivity trading volume, overseas equity underwriting scale and overseas derivatives trading scale. Based on accounting standards one belt, one road company, has been prudently reducing the value of CITIC and Southern China CITIC. We believe that the two platform is an important starting point for the company's strategy for the one area and the big bay area. It is expected to continue to get the resources of the company, accelerate the process of business integration and enhance its competitiveness.
Investment suggestion: the company successfully completed the share allotment in January 2022, and its capital strength is further enhanced. It is expected to increase capital investment in capital intermediary and other business fields to further enhance its comprehensive competitiveness. We expect that the net profit attributable to the parent company in 2022e / 2023e / 2024e will be 26.2/318/38.3 billion yuan, corresponding to EPS 1.83/2.20/2.65 yuan and BVPs 17 / / 19 / 20 yuan, maintaining the buy rating.
Risk warning: major changes have taken place in the company's management and business environment; The secondary market continues to be depressed; Financial regulation has changed more than expected.
