\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 688 Huatai Securities Co.Ltd(601688) )
Event: Huatai Securities Co.Ltd(601688) released the annual report of 2021, and the company achieved an operating revenue of 37.91 billion yuan in 21 years, with a year-on-year increase of 20.6%; The net profit attributable to the parent company was 13.35 billion yuan, a year-on-year increase of 23.3%; The weighted average return on net assets was 9.84%, with a year-on-year increase of 1.23pct.
Leading the wealth management industry and building a platform ecosystem. 21. The net income from brokerage business was 7.88 billion yuan, a year-on-year increase of 22%. In terms of traditional brokerage business, the company achieved a year-on-year increase of 23.7% in share based trading volume. In terms of consignment business, the company achieved a sales scale of 759418 billion yuan of financial products, a year-on-year increase of + 7.67%. The company achieved a net interest income of 3.751 billion yuan, a year-on-year increase of 44%, of which the balance of the company’s securities lending business was 24.7 billion yuan, with a market share of 20.6%. The head advantage of the securities lending business is more obvious. The average monthly activity of “Zhangle fortune link” was 8.91 million, and the number of monthly activities by the end of the reporting period was 110181 million, ranking first in securities company apps Huatai Securities Co.Ltd(601688) ‘s financial technology investment has driven the rapid growth of the number of customers, created a management platform facing customers and investment advisers, and consolidated the foundation of wealth management transformation.
The proprietary business has been de oriented, and OTC derivatives have developed rapidly. In the 21st year, the net income of the company’s own capital investment business was 11.27 billion yuan, a year-on-year increase of + 10.9%. At the end of the year, the scale of financial investment reached 397982 billion yuan, an increase of + 17.38% over the beginning of the year, mainly due to the increase of trading financial assets. The company’s OTC derivatives business developed rapidly. At the end of 21, the survival scale of OTC option trading business was 122163 billion yuan, up + 237.05% from the beginning of the year.
The scale of debt commitment of investment banking business increased significantly, and the equity business remained stable. The principal underwriting amount of corporate bonds in 21 years reached 931103 billion yuan, a year-on-year increase of + 64.23%, ranking third in the industry, mainly benefiting from the strength of local bonds and financial product bonds. The amount of equity underwriting in 21 years was 176.25 billion yuan, a year-on-year increase of + 19.5%, ranking fourth in the industry; Among them, the main underwriting amount of convertible bonds reached 47.26 billion yuan, ranking first in the industry. In terms of financial consultant, the company’s M & a transaction amount as financial consultant reached 64.893 billion yuan, ranking third in the industry.
Transformation and adjustment of asset management business. In 21 years, the company realized a net income of RMB 3.772 billion from service charges of asset management business, a year-on-year increase of + 26.58%. At the end of the year, the total asset management scale of Huatai asset management company was 518573 billion yuan, up + 6.95% from the beginning of the year. In terms of subsidiaries, the total assets under management of Nanfang fund was 1.58 trillion yuan, up + 31.67% from the beginning of the year. The total assets under management of Huatai Bairui was RMB 258251 billion, up from + 94.76% at the beginning of the year. The scale of the fund subsidiary grew rapidly in 21 years.
Investment suggestion: we believe that Huatai Securities Co.Ltd(601688) ‘s stock customer advantages, product advantages and financial technology advantages are integrated together to help the steady development of the company’s wealth management business and institutional business. The investment strength of subsidiaries makes the company’s advantages in the field of wealth management can not be ignored. As an industry leader, the company has stable performance and diversified sources of income. In view of the adjustment of the A-share market in the first quarter of 22, we adjusted the profit forecast for 22 and 23 years to 16.194 billion yuan (down 0.3%) and 18.014 billion yuan (down 2.1%), and added 22.67 billion yuan to the 24-year profit forecast. Maintain the “overweight” rating of A-Shares and the “buy” rating of H shares.
Risk tip: the sharp fluctuation of the secondary market leads to the decline of self operated income; The market turnover decreased.
