\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 958 Orient Securities Company Limited(600958) )
In 2021, the company achieved revenue of 24.37 billion yuan (+ 5.34%), net profit attributable to parent company of 5.371 billion yuan (+ 97.26%), net profit attributable to parent company of 5.307 billion yuan (+ 99.32%) and basic earnings per share of 0.73 yuan (+ 92.11%).
Asset management drives the company's performance growth. In 2021, the asset management business achieved a total revenue of 5.531 billion yuan (+ 25.89%), which is the main driving force for the growth of the company's revenue. (1) The asset management scale of Dongzheng Asset Management Co., Ltd. totaled 365929 billion yuan (+ 22.57%), of which the scale of collective asset management plan, single asset management plan and securities companies' public funds were 66.068 billion yuan (+ 11.5%), 13.907 billion yuan (- 49.12%) and 269622 billion yuan (+ 35.06%) respectively. Dongzheng asset management adheres to the two wheel drive of "professional investment and research + professional service", and the "Dongfanghong" brand is well-known in the market and is in the head position in the asset management of securities companies. (2) At the end of 2021, the asset management scale of huitianfu fund exceeded 1.2 trillion yuan, realizing a net profit of 32.63 yuan (+ 27.13%), contributing 1.155 billion yuan to the company's net profit, accounting for 4.74% of the company's net profit.
Deepen the transformation of wealth management. (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 566 million yuan (+ 45%), accounting for 16.83% (+ 2.4pct) in the brokerage business. By the end of 2021, the company's stock + mixed public offering fund had a scale of 42.4 billion yuan, ranking seventh among securities companies. (2) The scale of managed customers continues to grow. At the end of 2021, the company's total assets under custody were 902.8 billion yuan (+ 26%), the asset scale of institutional customers reached 545.7 billion yuan, and the asset scale of retail high net worth customers was 188.8 billion yuan (+ 20%).
High growth in investment banking. (1) In terms of equity financing, the company completed 26 equity financing projects in 2021, with a lead underwriting amount of 39.053 billion yuan (+ 128.62%). Among them, 9 IPO projects have been completed, with an underwriting amount of 13.025 billion yuan (+ 27.26%), ranking the tenth in the industry; 17 refinancing lead underwriting projects were completed, with a lead underwriting amount of 26.628 billion yuan (+ 280.13%), ranking eighth in the industry. (2) In terms of debt financing, in 2021, the company mainly underwritten 293 projects, with a principal underwriting amount of 151846 billion yuan (+ 14.86%). (3) In 2021, the company completed 6 M & A and asset restructuring projects, with a transaction scale of RMB 25.124 billion.
Investment suggestion: the company's asset management business has obvious advantages. Under the background of the transfer of residents' wealth to equity products, the dual platform advantages of Dongzheng asset management + huitianfu are expected to continue to contribute to the performance growth of the company. We predict that the company's basic earnings per share from 2022 to 2024 will be 0.80 yuan, 0.93 yuan and 1.10 yuan respectively, and the net assets per share will be 9.06 yuan, 9.76 yuan and 10.60 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
