\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 837 Haitong Securities Company Limited(600837) )
Overview of annual report in 2021: Haitong Securities Company Limited(600837) in 2021, the operating revenue reached 43.205 billion yuan, a year-on-year increase of + 13.04%; The net profit attributable to the parent company was 12.827 billion yuan, a year-on-year increase of + 17.94%. The basic earnings per share was 0.98 yuan, a year-on-year increase of + 8.89%; The weighted average return on net assets was 8.09%, year-on-year + 0.21 percentage points. In 2021, it is proposed to send RMB 3.00 (including tax) in October Haitong Securities Company Limited(600837) the growth rate of business performance in 2021 is basically the same as the industry average.
Comments: 1 In 2021, the proportion of the company’s net income from brokerage, interest and other businesses increased, and the proportion of net income and investment income (including changes in fair value) from investment banking and asset management decreased. 2. The foundation of wealth management was further consolidated, and the net income from brokerage fees was + 15.67% year-on-year. 3. The scale of equity financing declined year-on-year, the scale of debt financing maintained a steady growth, and the net fee income of investment banking business was – 0.28% year-on-year. 4. The quality and efficiency of asset management business were improved, and the net fee income was + 8.66% year-on-year. 5. The fixed income self operated business obtained considerable income, and the investment income (including changes in fair value) increased by + 6.10% year-on-year. 6. Credit impairment decreased year-on-year, but the total amount was still high, and the net interest income was + 35.37% year-on-year. 7. Overseas business income decreased slightly by 7.50% year-on-year.
Investment suggestion: as one of the industry leaders, the company has strong capital strength, diversified income structure, excellent comprehensive financial service platform and industry-leading international cross-border service platform. “Deepening the service value chain and building a customer ecosystem” has become the key focus and breakthrough point in the new stage of the company’s development.
It is estimated that the company’s EPS in 2022 and 2023 will be 0.96 yuan and 1.03 yuan respectively, and BVPs will be 13.06 yuan and 13.70 yuan respectively. Calculated according to the closing price of 10.08 yuan on April 7, the corresponding P / E will be 10.50 times and 9.79 times respectively, and the corresponding P / B will be 0.77 times and 0.74 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
