\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 030 Citic Securities Company Limited(600030) )
Performance overview
22q1 Citic Securities Company Limited(600030) achieved an operating revenue of 15.22 billion yuan, a year-on-year decrease of 7.2%; The net profit attributable to the parent company was 5.23 billion yuan, with a year-on-year increase of 1.2%. The profit growth rate was higher than the revenue growth rate, mainly due to the reversal of impairment; The weighted average return on net assets was 2.26%, with a year-on-year decrease of 0.55pct. Its performance was better than that of its peers, highlighting its resilience in the depressed market environment. In terms of business lines, the year-on-year growth rate of 22q1 net income from brokerage, investment banking, asset management, interest and investment was - 10% / 15% / 0% / - 6% / - 14% respectively, accounting for 21% / 12% / 18% / 7% / 22% of the total revenue.
The short-term pressure of consignment does not change the long-term potential
22q1 Citic Securities Company Limited(600030) achieved a net brokerage income of 3.19 billion, a year-on-year decrease of 10%, which is judged to be due to the decline of commission sales income. The daily average stock based turnover of the whole market in 22q1 increased by 7% year-on-year. It is expected that the company's purchasing income level will remain similar to that in the same period last year, but the income from selling financial products on a commission basis will fall under the high base effect of 21q1. In the long run, the trend of deepening the transformation of the company's wealth management remains unchanged. At the end of 2021, the number of high net worth customers with assets of more than 6 Shenzhen Zhenye(Group)Co.Ltd(000006) million reached 35000 (a year-on-year increase of 29%), and the asset scale reached 1.5 trillion yuan (a year-on-year increase of 19%). Two months after the fund investment advisory business was launched, the number of contracted customers exceeded 90000, the asset scale of contracted customers exceeded 7 billion yuan, and the average household asset scale was about 80000 yuan. The company will continue to give full play to its advantages in terms of wealth management system and professional team, and will continue to improve the proportion of products in the future.
Investment bank revenue growth driven by IPO surge
Thanks to the significant growth of RMB 1.8 billion in investment banking business, the net income increased by 1.8 3 billion year-on-year. According to the statistics of wind data, the underwriting scale of 22q1 shares and bonds of the company was 89.8 billion yuan / 358.5 billion yuan respectively, and the market share was 21.5% / 15.8% respectively, with a year-on-year increase of 3.2/2.7pct, and both ranked first in the market. As of April 28, CITIC had 110 IPO reserve projects, ranking first. Looking forward to the future, the comprehensive stock issuance registration system is expected to be implemented in 2022. The Citic Securities Company Limited(600030) project, as the leading investment bank, has sufficient reserves and will continue to benefit from the dividends of system reform.
Investment income is less impacted by the market than that of peers
22q1 Citic Securities Company Limited(600030) achieved investment income of 3.35 billion, a year-on-year decrease of 14%. It is judged that the profit and loss due to changes in fair value turned from loss to profit to 350 million, and thanks to the company's leading self-employed de directionalization, the impact of market shock on investment income is less than that of peers. 22at the end of Q1, derivative financial assets increased slightly by 7% compared with the beginning of the year. As the personalized demand of institutional investors for derivative business continues to grow, the contribution of derivative business income is expected to increase.
Profit forecast and valuation
Citic Securities Company Limited(600030) continues to maintain its leading position in the sluggish market environment. The performance of 22q1 shows resilience, and its leading position is expected to be further strengthened in the future. It is estimated that the growth rate of net profit attributable to the parent company from 2022 to 2024 will be 10% / 24% / 16%, and the corresponding BPS will be 15.67/17.36/19.32 yuan per share. Give the company 2 times Pb in 2022, corresponding to the target price of 31.34 yuan, corresponding to pb1.25 yuan in 2022 3x, maintain the "buy" rating.
Risk tips
The macro-economy has declined significantly; The activity of market trading fell sharply; The progress of market reform was less than expected.
