Investment summary:
Market review:
From January 17, 2022 to the closing on January 21, 2022, the non bank financial sector rose 2.12%, the CSI 300 index rose 0.25%, and the non bank financial sector outperformed the CSI 300 index by 1.87pct. From the perspective of sector ranking, compared with other sectors, it ranks fifth among the 28 sectors of Shenwan. From the perspective of Pb valuation, the non bank financial industry rose to 1.51 times. Sub sector Pb is 1.69 for securities and 1.25 for insurance respectively. The weekly gains and losses of sub sectors were 2.43% for securities and 4.64% for insurance
The top five stock price increases were Chinalin Securities Co.Ltd(002945) , Guolian Securities Co.Ltd(601456) , Central China Securities Co.Ltd(601375) , Huatai Securities Co.Ltd(601688) , Guotai Junan Securities Co.Ltd(601211) .
The last five stock price declines were Shanxi Securities Co.Ltd(002500) , Boc International (China) Co.Ltd(601696) , Zhongtai Securities Co.Ltd(600918) , Guangdong Golden Dragon Development Inc(000712) , Guosheng Financial Holding Inc(002670) .
Talk every Monday:
More than ten securities companies released performance forecasts
As of January 23, 2022, according to the statistics of wind data, 13 securities companies have released performance forecasts, among which Citic Securities Company Limited(600030) , Guotai Junan Securities Co.Ltd(601211) , China Merchants Securities Co.Ltd(600999) , Everbright Securities Company Limited(601788) and Guangzhou Yuexiu Financial Holdings Group Co.Ltd(000987) five securities companies all had an operating revenue of more than 10 billion yuan in 2021, and the operating revenue of Citic Securities Company Limited(600030) 2021 was 76.57 billion yuan, ranking the first; The net profit of Citic Securities Company Limited(600030) , Guotai Junan Securities Co.Ltd(601211) and China Merchants Securities Co.Ltd(600999) in 2021 exceeded 10 billion yuan, of which the net profit of Citic Securities Company Limited(600030) in 2021 was as high as 22.979 billion yuan, ranking the first.
From the perspective of operating revenue and growth rate, China stock market news has the highest growth rate of operating revenue. Followed by Citic Securities Company Limited(600030) , with an operating growth rate of 40.80%. More than 80% of securities companies had positive growth rate of operating revenue in 2021, while only Anxin securities and Zhongshan securities had negative growth rate. In terms of business, the main business of China stock market news securities is securities brokerage business, with the highest net income of handling fees and commissions, reaching 4.55 billion yuan; Net interest income and self operated investment income were 1.75 billion yuan and 930 million yuan respectively. However, from the perspective of the growth of main business income, the growth of self operation is the most obvious. China stock market news net income from securities fees and commissions, net interest income and self operated investment income increased by 51.9%, 38.6% and 223.1% year-on-year respectively, accounting for 62.3%, 24.0% and 12.7% of total revenue respectively.
From the perspective of net profit and growth, the net profit growth of most securities companies exceeded 20%. According to the performance forecast released at present, Citic Securities Company Limited(600030) , Everbright Securities Company Limited(601788) , China stock market news and other securities companies have a net profit growth rate of more than 30%, and most of the other securities companies have a net profit growth rate of more than 20%. However, the net profits of Guangzhou Yuexiu Financial Holdings Group Co.Ltd(000987) and Zhongshan securities are declining.
From the perspective of the market environment in 2021, the active trading led to a significant increase in revenue. In 2021, the turnover of daily stock base was 1136.7 billion yuan, a year-on-year increase of 25%. Transactions between the two markets were active. From July 21 to September 29, the transaction volume of Shanghai and Shenzhen broke trillion yuan for 49 consecutive trading days, breaking the historical record for several consecutive trading days. On the other hand, IPO remained hot throughout the year. In 2021, the IPO scale was 543.8 billion yuan, a year-on-year increase of 13%.
Central China Securities Co.Ltd(601375) net profit increased by more than 360% year-on-year. On January 10, Central China Securities Co.Ltd(601375) announced that the net profit attributable to the parent company in 2021 is expected to increase by 376 million yuan to 456 million yuan year-on-year, with a year-on-year increase of 360.2% ~ 436.9%.
Investment strategy and key recommendations: we believe that the securities sector will show a shock upward trend. The performance of most securities companies in 2021 is expected to be good, and the trend of "the strong will always be strong" is presented. Among them, Citic Securities Company Limited(600030) revenue is as high as 76.6 billion, and the net profit is increased by 54% year-on-year. The comprehensive registration system will bring double improvements in business volume and efficiency, help the development of investment banking business of securities companies, add comprehensive standard reduction and improve the overall valuation level of securities companies. We suggest that investors pay attention to the wealth management transformation targets such as China stock market news and Orient Securities Company Limited(600958) and the trademarks of head bonds such as Citic Securities Company Limited(600030) and Gf Securities Co.Ltd(000776) .
Risk warning: the risk of strengthening capital market supervision; The risk of intensified market competition; The epidemic control was less than expected.
