Overview of 2021 annual report: Gf Securities Co.Ltd(000776) 2021 achieved an operating revenue of 34.25 billion yuan, a year-on-year increase of + 17.48%; The net profit attributable to the parent company was 10.854 billion yuan, a year-on-year increase of + 8.13%. The basic earnings per share was 1.42 yuan, a year-on-year increase of + 7.58%; The weighted average return on net assets was 10.67%, year-on-year + 0.07 percentage points. In 2021, it is proposed to pay 5.00 yuan (including tax) in October Gf Securities Co.Ltd(000776) 2021 net profit growth is lower than the industry average.
Comments: 1. In 2021, the proportion of net income from brokerage and asset management business of the company increased, while the proportion of net income from investment banking, interest, other businesses and investment income (including changes in fair value) decreased. 2. Customer assets increased significantly, the consignment business maintained rapid development, and the net fee income of brokerage business increased by 21.27% year-on-year. 3. Investment banking related businesses have been carried out in an orderly manner, with a year-on-year net fee income of – 33.28%. 4. The large asset management business, including the public fund business, continued to grow strongly, and the net fee income was + 50.74% year-on-year. 5. The self operated business achieved good returns, and the investment income (including changes in fair value) was – 7.54% year-on-year. 6. The scale of the two financial institutions continued to rise, the pledge business was carried out in a healthy and orderly manner, and the net interest income was + 15.91% year-on-year.
Investment suggestion: in 2021, the classified evaluation of the company returned to AA level, all businesses represented by investment behavior have been carried out normally, new progress has been made in the transformation of wealth management, and the asset management business and public fund business continue to be at the forefront of the industry. The company will continue to improve its reform ability and strengthen its comprehensive risk management ability to ensure the stable and long-term development of the company. It is estimated that the company’s EPS in 2021 and 2022 will be 1.41 yuan and 1.52 yuan respectively, and BVPs will be 14.74 yuan and 15.70 yuan respectively. Calculated according to the closing price of 17.60 yuan on April 12, the corresponding P / E will be 12.48 times and 11.58 times respectively, and the corresponding P / B will be 1.19 times and 1.12 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
