\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 918 Zhongtai Securities Co.Ltd(600918) )
Core view
The net profit attributable to the parent company increased by nearly 30% year-on-year, and the roe reached 9.25%, a six-year high. 1) In 2021, the company achieved an operating revenue of 13.15 billion yuan, a year-on-year increase of + 27.02%, and a net profit attributable to the parent company of 3.2 billion yuan, a year-on-year increase of + 26.72%. 2) The company achieved a weighted average roe9.5% in 21 years 25%, 1.52pct higher than the same period last year. By the end of the year, the equity multiplier had reached 4.15, a year-on-year increase of + 0.24. 3) In terms of business structure, the proportion of net income from brokerage, self operation, interest, investment banking and asset management (excluding other businesses) reached 41%, 28%, 17%, 12% and 2%, of which the proportion of self operation income increased by nearly 7 percentage points and the proportion of net interest income decreased by 6 percentage points.
The substantial increase in stock based asset allocation helped the beautiful performance of self operation, and the performance of stock and bond underwriting improved significantly. 1) By the end of the 21st century, the scale of financial investment assets on the company’s balance sheet had increased by 10.23% year-on-year to 77.4 billion yuan, of which the scale of stocks and funds had increased by 31.64% and 49.81% to 45.51 and 5.079 billion yuan respectively compared with the beginning of the year, accounting for 6% and 7% respectively. Under the significant increase of stock fund allocation, the company realized self operated income of 3.018 billion yuan in 2021, a year-on-year increase of + 52.22%. 2) In 21 years, the company achieved an annual investment banking revenue of 1.281 billion yuan, a year-on-year increase of 17.23%. According to wind data, the underwriting scale of corporate shares and bonds reached 246.9 billion yuan in 2021, with a year-on-year increase of 55%, and the market share increased from 1.50% to 1.92%; The IPO underwriting scale reached 8.2 billion yuan, a year-on-year increase of 4 times under the low base, and the market share increased from 0.35% to 1.36%.
The slight decline in the share of brokerage market did not hinder the income growth of 20%, the scale of asset management increased significantly, and the income increased by nearly 50%. 1) Although the market share of the company’s stock based turnover decreased from 2.86% to 2.63%, benefiting from the improvement of market activity and the slight increase of commission rate, the company achieved a brokerage revenue of 4.349 billion yuan in 2021, a year-on-year increase of 20.81%. 2) By the end of the 21st century, the balance of the two financial institutions of the company had increased by 13.68% to 36.3 billion yuan compared with the beginning of the year (the market share increased slightly from 1.97% to 1.98%), and the interest income of the two financial institutions had increased by 18.59% year-on-year. However, affected by the year-on-year increase of 19.71% in interest expenditure, the net interest income of the company had decreased by 13.92% to 1.793 billion yuan year-on-year. 3) By the end of the 21st century, the company’s asset management scale had reached 185.6 billion yuan, an increase of 36.18% over the beginning of the year, of which the scale of public funds had increased by 63.93% to 17.5 billion yuan, accounting for 9%. In the past 21 years, the company achieved a large asset management revenue of 558 million yuan, a year-on-year increase of + 48.24%.
Profit forecast and investment suggestions
According to the annual report, fine tune the brokerage market share and other indicators, adjust the BVPs forecast value from 5.75/6.27 to 5.66/6.26 yuan from 22 to 23, increase the 24-year forecast value by 6.95 yuan, switch the valuation year to 2022 according to the comparable company valuation method, give the company 1.80xpb in 2022, adjust the target price to 10.19 yuan, and maintain 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.
