\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 688 Huatai Securities Co.Ltd(601688) )
In 2021, the company achieved revenue of 37.905 billion yuan (+ 20.55%), net profit attributable to parent company of 13.346 billion yuan (+ 23.32%), net profit attributable to parent company of 13.192 billion yuan (+ 24.22%) and basic earnings per share of 1.47 yuan (+ 22.5%).
Enhance the influence of wealth management market. (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 784 million yuan (+ 57.48%) from selling financial products on a commission basis, accounting for 7.38% (+ 1.83pct) of the brokerage business. (2) The sales scale of financial products increased steadily. The company continued to promote the innovation of the platform products and services of Zhangle fortune. At the end of 2021, the monthly activity of “Zhangle fortune” was 110181 million, with an average monthly activity of 8.9131 million (+ 0.19%), ranking first in the app of securities companies; The sales scale of financial products was 759418 billion yuan (+ 7.67%) As of the fourth quarter of 2021, the company’s stock and hybrid public funds had a holding scale of RMB 85 billion and non money market funds had a holding scale of RMB 93.2 billion, both ranking second in the industry, with a scale increase of 55.96% and 56.90% respectively compared with 2021q1. (3) In 2021, the company’s margin trading business balance was 137699 billion yuan (+ 10.94%), with a market share of 7.52%, of which the margin trading business balance was 24.705 billion yuan, with a market share of 20.56%; The balance of stock pledge repurchase business to be repurchased was 43.899 billion yuan.
Investment banking grew steadily. In 2021, the company’s investment banking business realized a revenue of 4.344 billion yuan (+ 19.22%). (1) In terms of equity underwriting, the company completed 98 equity underwriting projects in 2021, with a lead underwriting amount of 176247 billion yuan (+ 19.45%), ranking fourth in the industry. (2) In terms of bond underwriting, the company underwritten 2193 bonds in 2021, with an underwriting amount of 931103 billion yuan (+ 64.23%), ranking third in the industry. (3) In 2021, the company completed 9 mergers and acquisitions, with a transaction amount of 64.893 billion yuan (+ 28.71%), ranking third in the industry.
International business is developing rapidly. In 2021, the international business realized a revenue of 6.308 billion yuan (+ 60.21%), accounting for 16.64% (+ 4.12pct) of the company’s revenue. (1) The total assets under custody of Huatai financial holding (Hong Kong) is HK $72.076 billion and the total stock trading is HK $328447 billion; Participated in the completion of 23 listing and placement projects and 79 bond issuance projects, with a total transaction and issuance scale of about HK $26.377 billion. (2) Assetmark K has a market share of 11.1% in the US tamp industry, ranking third, with a total platform asset size of US $93.488 billion (+ 25.45%).
Investment suggestion: the company’s businesses are developing in a balanced way. With the “two wheel drive” of wealth management and institutional services enabled by science and technology, the rapid development of overseas businesses has brought new fulcrum to the company’s performance growth. We predict that the company’s basic earnings per share will be 1.38 yuan, 1.60 yuan and 1.82 yuan respectively from 2022 to 2024, and the net assets per share will be 15.55 yuan, 16.82 yuan and 18.25 yuan respectively. Combined with the current valuation and stock price of the company, Maintain a “hold” rating.
Risk tip: the market continues to be depressed and the industry supervision is strengthened
