\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 030 Citic Securities Company Limited(600030) )
Overview of 2021 annual report: 60 Hefei Lifeon Pharmaceutical Co.Ltd(003020) 21 achieved an operating revenue of 76.524 billion yuan, a year-on-year increase of + 40.71%; The net profit attributable to the parent company was 23.1 billion yuan, a year-on-year increase of + 55.01%. The basic earnings per share was 1.77 yuan, a year-on-year increase of + 52.59%; The weighted average return on net assets was 12.07%, year-on-year + 3.64 percentage points. In 2021, it is proposed to pay 5.40 yuan (including tax) in October, and the total dividend distribution accounts for 34.88% of the net profit attributable to the common shareholders of the listed company in the consolidated statements 60 Hefei Lifeon Pharmaceutical Co.Ltd(003020) 21 business performance growth is better than the industry average.
Comments: 1. In 2021, the proportion of the company’s net income from asset management, interest and other businesses increased, and the proportion of brokerage, investment banking and investment income (including changes in fair value) decreased. 2. Various indicators of brokerage business maintained growth, institutional brokerage business remained in the lead, and the net fee income was + 24.04% year-on-year. 3. Investment banking continued to lead the industry, with net fee income + 18.51% year-on-year. 4. The transformation of asset management business has achieved remarkable results, and the net fee income is + 46.17% year-on-year. 5. All investment businesses developed steadily, and the investment income (including changes in fair value) increased by + 27.47% year-on-year. 6. The credit impairment was significantly reduced, and the net interest income was + 106.30% year-on-year. 7. The overseas business maintained the leading level in the industry, and the operating revenue was + 13.61% year-on-year.
Investment suggestion: as the industry leader in building the benchmark of “aircraft carrier level” securities companies, Citic Securities Company Limited(600030) ‘s performance stability, anti cyclical ability and the breadth and depth of various business development continue to lead the industry. During the “14th five year plan” period, it will continue to enjoy the policy dividends released by the rapid promotion of comprehensively deepening the reform of capital market. In March this year, the net fund-raising of allotment was about 27.2 billion yuan, which will further enhance the capital strength of the company and consolidate its leading position. It is estimated that the company’s EPS in 2022 and 2023 will be 1.56 yuan and 1.65 yuan respectively, and BVPs will be 16.03 yuan and 16.92 yuan respectively. Calculated according to the closing price of 21.12 yuan on April 1, the corresponding P / E will be 13.54 times and 12.80 times respectively, and the corresponding P / B will be 1.32 times and 1.25 times respectively, maintaining the investment rating of “overweight”.
Risk tips: 1 The weakening of equity and fixed income market environment led to the decline of the company’s performance; 2. Market fluctuation risk; 3. The progress and strength of comprehensively deepening the reform of capital market are less than expected
