\u3000\u3000 China Stock Market News ( East Money Information Co.Ltd(300059) )
The event company disclosed the first quarter report of 2022.
The company’s performance grew against the market, and its R & D investment continued to increase. Affected by the downward fluctuation of the capital market and the high base, the company’s performance growth declined, but it still grew against the market. In 2022q1, the company achieved a total operating revenue of 3.196 billion yuan, a year-on-year increase of 10.61%; The net profit attributable to shareholders of listed companies was 2.171 billion yuan, a year-on-year increase of 13.63%; The weighted average return on net assets was 4.33%, a year-on-year decrease of 1.27 percentage points. The company pays attention to scientific and technological research and development, and the R & D investment continues to increase. In 2022q1, the company invested 229 million yuan in R & D expenses, with a year-on-year increase of 93.94%, accounting for 7.15% of the total operating revenue, with a year-on-year increase of 3.07pp.
The securities brokerage business grew steadily and the market share increased. In 2022q1, the securities business of the company realized a revenue of 1.956 billion yuan, a year-on-year increase of 31.39%, accounting for 61.2% of the total operating revenue, an increase of 2.47pp compared with the end of the previous year. The company achieved a fee and commission income of 1.35 billion yuan, with a year-on-year increase of 28.93%. Considering that the net income of fee and commission is mainly contributed by securities brokerage business, and the growth rate is much higher than the growth rate of stock based turnover in the industry, the market share of the company is expected to further increase. In 2022q1, the stock based turnover in Shanghai and Shenzhen reached 63.34 trillion yuan, and the daily average stock based turnover was 1092021 billion yuan, a year-on-year increase of 7.04%. In 2022q1, the company realized a net interest income of 606 million yuan, a year-on-year increase of 37.22%. The company’s financing scale was 39.697 billion yuan, a decrease of 8.55% compared with the end of the previous year.
The new development fund has shrunk sharply, and the fund business income has declined. Affected by market fluctuations, the new development fund has shrunk sharply, and the company’s fund business is under pressure. By 2022q1, 246.86 billion new funds had been issued in the whole market, a year-on-year decrease of 76.38%; Among them, the share issued by equity funds was 8.391 billion yuan, a year-on-year decrease of 94.4%. In 2022q1, the company realized financial e-commerce service revenue of 1.24 billion yuan, a year-on-year decrease of 11.46%, accounting for 38.8% of the total operating revenue. By the end of 2021, the company had achieved fund sales of 2.24 trillion yuan, including non monetary fund sales of 1.34 trillion yuan. In 2021q4, the scale of non commodity basic insurance of Tiantian fund was 673.9 billion yuan, accounting for 4.21% of the market, with a quarter on quarter increase of 0.23pps; Equity funds (equity + hybrid) have a scale of 537.1 billion yuan, accounting for 6.29% of the market, with a quarter on quarter increase of 0.27pps. The daily average number of active users of Tiantian fund platform is 3.147 million, including 3.9481 million active users on trading days and 1.5512 million active users on non trading days.
The Internet service platform with “” as the core of the investment advice company has a large number of user visits, high stickiness and significant customer advantages. With the low commission strategy and flow realization, we continued to consolidate the leading position of securities business and promote the improvement of market share. The company increased the capital of its subsidiary Dongcai securities by 16 billion yuan to help the continuous expansion of its business. Affected by the decline in the issuance share of the new development fund, we moderately reduced the performance growth rate of the company, but the asset allocation structure of residents was adjusted, the proportion of financial assets and equity assets increased, and the general development trend of the equity market remained unchanged. Wealth management is still a medium and long-term high-quality track for securities companies. We recommend that the company’s share price should be kept at 20202023 with a basic development prospect of RMB 76.27, and the company’s share price should be maintained at 20202023 with a basic development prospect of RMB 27 3X/21.67X。
Risk indicates the risk that market fluctuations have a great impact on performance.
