\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 995 China International Capital Corporation Limited(601995) )
In 2021, the company achieved revenue of 30.131 billion yuan (+ 27.35%), net profit attributable to parent company of 10.778 billion yuan (+ 49.54%), net profit attributable to parent company of 10.653 billion yuan (+ 54.06%) and basic earnings per share of 2.159 yuan (+ 35.09%). Investment banking business maintains a leading position and has strong overseas service capacity. (1) In terms of a shares, the company completed 23 A-share IPO projects in 2021, with a lead underwriting amount of 100538 billion yuan (+ 61.07%), ranking second in the industry; 37 refinancing projects were completed, with a lead underwriting amount of 81.314 billion yuan (+ 101.11%), ranking second in the industry. (2) In terms of Hong Kong stocks, the company will be established in 2021; As the lead underwriter, Hong Kong shares ranked first in the IPO market (- 4.1 billion dollars); As the bookkeeper, he mainly underwritten 21 Hong Kong stock refinancing and reduction projects, with a lead underwriting scale of US $5.307 billion (+ 88.12%), ranking fifth in the market. (3) In 2021, the company completed 1062 fixed income projects (+ 29.4%), including 850 domestic bond underwriting projects with an underwriting scale of 729684 billion yuan and 212 overseas bond underwriting projects with an underwriting scale of 12.509 billion US dollars. (4) The company has announced 116 M & A transactions, involving a total amount of about US $117023 billion, including 95 domestic M & A transactions, involving a total amount of about US $107876 billion, and 21 cross-border and overseas M & A transactions, involving a total amount of about US $9.147 billion.
Wealth management has developed by leaps and bounds. In 2021, the company integrated 20 domestic business departments engaged in wealth management business into CICC wealth, realizing the great leap forward development of wealth management business. (1) The proportion of financial products sold on a commission basis in the brokerage business continued to increase. In 2021, the company achieved an operating revenue of 1.136 billion yuan (+ 46.33%), accounting for 14.43% (+ 1.24pct) in the brokerage business. (2) The scale of managed customers continues to grow. At the end of 2021, the number of wealth management customers of the company reached 4.5351 million (+ 22.9%), and the total value of customer account assets reached 3 trillion (+ 16.2%), of which the number of high net worth individual customers with assets of more than 3 million yuan was 34900 (+ 36.2%), and the total value of high net worth individual customer account assets reached 820435 billion yuan (+ 22.0%).
Excellent performance in asset management business. In 2021, the total revenue of asset management business was 3.859 billion yuan (+ 25.38%). (1) The total asset management scale of the company is 1128347 billion yuan (+ 120%), of which the scale of collective asset management plan and single asset management plan are 568321 billion yuan and 607445 billion yuan (+ 59.49%) respectively. (2) At the end of 2021, the asset management scale of CICC fund was 85.191 billion yuan (+ 54.06%).
Investment suggestion: the company has balanced development of various businesses, outstanding cross-border business ability, strong profitability and the level of roe is at the leading level in the industry. We predict that the basic earnings per share of the company from 2022 to 2024 will be 2.28 yuan, 2.75 yuan and 3.26 yuan respectively, and the net assets per share will be 16.02 yuan, 18.25 yuan and 20.87 yuan respectively. Combined with the current valuation and stock price of the company, we will cover it for the first time and give it a “hold” rating.
Risk tip: the market continues to be depressed and the industry supervision is strengthened
