\u3000\u30 Shenzhen Quanxinhao Co.Ltd(000007) 28 Guoyuan Securities Company Limited(000728) )
Overview of 2021 annual report: Guoyuan Securities Company Limited(000728) 2021 achieved an operating revenue of 6.11 billion yuan, a year-on-year increase of + 34.91%; The net profit attributable to the parent company was 1.909 billion yuan, a year-on-year increase of + 39.35%. The basic earnings per share was 0.44 yuan, a year-on-year increase of + 12.82%; The weighted average return on net assets was 6.03%, year-on-year + 0.75 percentage points. In 2021, it is proposed to allocate 1.80 yuan (including tax) in October Guoyuan Securities Company Limited(000728) 2021 the growth rate of business performance is better than the industry average.
Comments: 1. In 2021, the proportion of net income from investment banking and other businesses increased, while the proportion of net income from brokerage, asset management, interest and investment income (including changes in fair value) decreased. 2. The brokerage business maintained year-on-year growth, and the net fee income was + 16.52% year-on-year. 3. The scale of equity financing increased significantly year-on-year, and the net fee income was + 52.73% year-on-year. 4. The asset management business returned to the upward trend, and the net fee income was + 27.71% year-on-year. 5. Investment income (including changes in fair value) increased by + 20.85% year-on-year. Among them, the parent company realized a self operated investment business income of 1.222 billion yuan, a year-on-year increase of + 66.97%. 6. The scale of financing and financing increased steadily, and the scale of stock pledge continued to drop. The net interest income was + 20.01% year-on-year.
Investment suggestion: the company will go deep into Anhui and face the whole country. It will continue to benefit from the national strategies such as “the Yangtze River economic belt, the rise of central China and the integration of the Yangtze River Delta“, and make full use of the significant regional advantages to build its own distinctive and differentiated competitive advantages. Since its listing, the company has continuously supplemented capital through various ways. The continuous enhancement of capital strength will help the company continuously improve its industry position. It is estimated that the company’s EPS in 2022 and 2023 will be 0.42 yuan and 0.44 yuan respectively, and BVPs will be 7.65 yuan and 7.93 yuan respectively. Calculated according to the closing price of 7.51 yuan on April 13, the corresponding P / E will be 17.88 times and 17.07 times respectively, and the corresponding P / B will be 0.98 times and 0.95 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 capital market reform were not as expected
