\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 958 Orient Securities Company Limited(600958) )
The event company released its 2021 annual report.
The company achieved an operating revenue of 24.370 billion yuan in 2021, a year-on-year increase of 5.34%; The net profit attributable to the parent company was 5.371 billion yuan, a year-on-year increase of 97.26%; Basic eps0 73 yuan, a year-on-year increase of 92.11%; Roe (weighted average) was 9.02%, with a year-on-year increase of 4.17 percentage points. Brokerage business, asset management, high increase in net interest income and reduction of credit impairment losses jointly contributed to nearly doubling the growth of net profit. In 2021, the company accrued credit impairment loss of 1.314 billion yuan, a year-on-year decrease of 66.18%. The company's net income from brokerage, investment banking, asset management, interest and proprietary business accounted for 14.84%, 7%, 14.86%, 6.01% and 13.55% respectively.
The transformation of wealth management was deepened, and the results showed that the deep reform of the capital market continued, the market trading was active, and the company's brokerage business income continued to grow. In 2021, the company achieved a net brokerage income of 3.617 billion yuan, a year-on-year increase of 38.00%; The market share of brokerage business income was 1.74%, with a year-on-year increase of 0.12 percentage points, ranking 20th in the industry. The number of customers of the company was 2.191 million, an increase of 19% over the end of the previous year, and the total assets under custody was 902.8 billion yuan, an increase of 26% over the end of the previous year. The company continued to deepen the transformation and upgrading of wealth management and took the consignment of financial products as the core focus. In 2021, the company achieved a revenue of 566 million yuan from selling financial products on a commission basis, with a year-on-year increase of 45.06%, accounting for 13.15% of the brokerage revenue. The ownership scale of the company's equity products was 64.712 billion yuan, an increase of 43% over the end of the previous year; The stock + mixed public offering fund has a scale of 42.4 billion yuan, ranking seventh among securities companies. The company has obtained the qualification of public fund investment consulting business to help the transformation and upgrading of wealth management.
The net interest income increased significantly, the scale of the two financial institutions grew steadily, and the decline in the scale of stock pledge was affected by the increase in the interest income of interbank deposits and financed funds and the decrease in the interest expense of debt financing. In 2021, the company realized a net interest income of 1.464 billion yuan, a year-on-year increase of 87.93%. The company's margin trading scale continued to grow, and the scale of stock pledge business decreased. In 2021, the balance of margin trading and securities lending of the company was 24.601 billion yuan, an increase of 9.03% over the end of the previous year; The balance of stock pledge was 11.759 billion yuan, down 23.45% from the end of the previous year.
The scale of equity financing has increased significantly, the reform of comprehensive registration system has been steadily promoted, and the multi-level capital market system is becoming more and more mature. The company gives full play to the resource advantages of the group company to develop investment banking business. In 2021, the company's investment banking business achieved an operating revenue of 1.725 billion yuan, a year-on-year increase of 7.77%. In 2021, the company completed 26 equity financing projects, with a lead underwriting amount of 39.053 billion yuan, a year-on-year increase of 128.62%. Nine IPO projects were mainly underwritten, with an underwriting scale of 13.025 billion yuan, a year-on-year increase of 27.26%, ranking the tenth in the industry. In terms of refinancing, the company underwritten a total of 17 additional issues, allotments and convertible bonds, with the main underwriting amount of 26.628 billion yuan, a significant increase of 280.13% year-on-year, ranking eighth in the industry. Corporate bond underwriting business led 293 underwriting projects, with a total underwriting amount of 151846 billion yuan, a year-on-year increase of 14.86%. The company has deeply cultivated high-quality customers, continuously optimized the customer structure, and served more than 100 high-quality AAA customers.
The asset management brand of Dongzheng has significant advantages, and the asset management scale of huitianfu fund has reached a new high. The company has arranged large asset management business through Dongzheng asset management and equity participation in huitianfu fund. In 2021, the company achieved a net income of 3.622 billion yuan from asset management business, with a year-on-year increase of 46.94%, ranking first in the industry. The total scale of entrusted asset management of the company was 365929 billion yuan, an increase of 23% compared with the end of the previous year, of which the scale of public fund management was 269622 billion yuan, an increase of 35% compared with the end of the previous year. Dongzheng asset management adheres to the concept of value investment and focuses on active management. In recent seven years, the return rate of active management of stock investment is 294.35%, ranking first in the industry. Huitianfu fund's medium and long-term investment performance remains bright, and its comprehensive strength ranks in the forefront of the industry. In 2021, huitianfu fund achieved a revenue of 9.379 billion yuan, a year-on-year increase of 41.18%; The net profit attributable to the parent company was 3.263 billion yuan, a year-on-year increase of 27.13%; The scale of asset management exceeded 1.2 trillion yuan, and the scale of non monetary financial public funds exceeded 610 billion yuan, ranking in the forefront of the industry.
The company's investment business income declined and accelerated the transformation of sales transactions. In 2021, the company realized self operated investment business income (excluding investment income in associates and joint ventures) of RMB 3.301 billion, a year-on-year decrease of 36.22%. The company's large proprietary sector promotes the transformation of sales transactions represented by ficc, derivatives, quantification and market making around the direction of going and reducing volatility. The nominal principal scale of OTC derivatives of the company reached 29.5 billion yuan, an increase of more than 20 times over the end of the previous year.
The wealth management transformation of the investment suggestion company continued to advance, with remarkable results, and the investment advisory license of public funds was approved. The company has significant advantages and fully benefited from the development dividend of the industry by arranging large asset management business through Dongzheng asset management and participating in huitianfu fund. We are optimistic about the future development prospects of the company. Combined with the company's fundamentals and stock price elasticity, we give a "recommended" rating. After considering the allotment, the EPS in 20222023 is 0.74/0.88 yuan, corresponding to 14.76x/12.51x PE in 20222023.
Risk indicates the risk that market fluctuations have a great impact on performance.
