\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 030 Citic Securities Company Limited(600030) )
Citic Securities Company Limited(600030) released the first quarterly report of 2022, realizing an operating revenue of 15.2 billion yuan, a year-on-year increase of – 7%; The net profit attributable to the parent company was 5.3 billion yuan, a year-on-year increase of + 1%, with a weighted average roe2.5% 26%, a year-on-year decrease of 0.55 percentage points. The company’s business developed in a balanced manner, the investment banking business achieved year-on-year growth, the income of asset management and fund business was stable, benefited from the reversal of credit and asset impairment losses, and the profit growth was slightly higher than expected.
Year on year revenue: the company’s net income from investment banking, asset management, credit, brokerage and investment businesses was + 15% / – 0.4% / – 6% / – 10% / – 12% year on year respectively, the investment income in investment category was – 28% year on year, and the profit and loss from changes in fair value was + 193% year on year; From the perspective of income proportion, the proportion of net income from investment banking, asset management and credit increased by 2%, 1% and 0.1% year-on-year. The proportion of net income from brokerage business and investment income decreased by 1%. The proportion of income from investment business was slightly higher than that of brokerage business, and still ranked first in all businesses.
Revenue month on month: the net revenue of credit and brokerage business was + 6% / + 3%, and the revenue of asset management, investment banking and investment was – 11%, – 27%, – 54% month on month, which dragged down the performance.
By business line:
The advantages of investment bank stock and bond underwriting continued to highlight. According to wind data, by the end of the first quarter of the year, the market share of the company’s IPO / refinancing / bond underwriting (brokerage industry) was 12% / 20% / 16% respectively, with a year-on-year rate of – 1% / – 1% / + 3%, realizing an IPO underwriting recommendation income of 884 million yuan, with a year-on-year rate of + 69%.
The performance of big asset management is stable, and the wealth management ecology is gradually formed. In 2021, the asset management scale of the company’s securities companies was 1.62 trillion yuan, a year-on-year increase of + 19%. According to wind statistics, by the end of the first quarter of 2022, the scale of public offering business of Huaxia Fund was 961.7 billion yuan, ranking the sixth in the industry, realizing a net profit of 495 million yuan, a year-on-year increase of + 5%. The company’s asset management and fund management business achieved a total net income of 2.8 billion yuan, a year-on-year increase of – 0.4%. The performance was stable. The company established an asset management company, actively applied for public offering license, and improved pension Large collection and other product systems. The transformation of wealth management business continued to advance. According to the data of China Foundation Association, the company’s non monetary fund holding scale at the end of the period was 136.1 billion yuan, a month on month increase of + 14%, and the holding scale of stock + mixed public offering was 116.3 billion yuan, a month on month increase of + 11%. Since the company’s buyer investment consulting exhibition, the number of contracted customers exceeded 90000, and the assets were 7 billion yuan. In 2021, the sales revenue accounted for 20% of the net income of brokerage service fees. Compared with its peers, the company has significant advantages, and the wealth management ecology has gradually formed.
Credit impairment continued to turn back, and the scale of derivative financial assets increased. The company’s credit structure is expected to be improved by rmb2.14 billion year-on-year, and the company’s capital allocation business is expected to continue to increase by rmb2.14 billion year-on-year. 22at the end of Q1, the scale of derivative financial assets was 33.1 billion yuan, a year-on-year increase of + 42% and a month on month increase of + 7%.
Investment suggestion: the company successfully completed the share allotment in January 2022, and its capital strength is further enhanced. It is expected to increase capital investment in capital intermediary and other business fields to further enhance its comprehensive competitiveness. We estimate that the company’s net profit attributable to the parent company in 2022e / 2023e / 2024e will be RMB 26.2/31.8/38.3 billion, corresponding to eps1.0 billion 8 / 2.2 / 2.6 yuan, bvps17 / / 19 / 20 yuan, maintaining the buy rating.
Risk warning: major changes have taken place in the company’s management and business environment; The secondary market continues to be depressed; Financial regulation has changed more than expected.
