Guoxin Securities released its mid-2022 report that during the reporting period, operating income and return net profit were 83.06 yuan and 3.207 billion yuan respectively, which were-19.5% and-33.0% respectively compared with the same period last year; the weighted average return on net assets fell to 3.53% year-on-year; and the operating leverage excluding customer funds was + 9.7% to 3.34 times higher than at the beginning of the year.
Under the fluctuation of the market, both fee-charging and capital business are under pressure. On the revenue side, 2022H1 achieved revenue of 35.68 yuan and 3.901 billion yuan for fee-based and capital business respectively, which was-22.4% and-22.3% compared with the same period last year. Among the fee-based business, only the capital management business maintained positive growth at a low base. On the cost side, the management fee is-9.4% to 3.689 billion yuan compared with the same period last year, and the management expense rate is from + 6.96pcts to 49.0% year-on-year; the credit impairment loss is 120 million yuan, which mainly comes from the provision for bad debts of buying and reselling financial assets.
Asset management business is the bright spot of the company's fee-based business performance. The income of 2022H1 brokerage, investment banking and asset management business was 26.46,6.21 and 138 million yuan respectively, which was-17.6%,-30.7% and + 15.1% respectively compared with the same period last year. In terms of brokerage business, the stock base turnover of 2022H1 was 124.56 trillion yuan, + 7.6% compared with the same period last year. The net income of the company's agency securities trading business was 2.054 billion yuan,-10.7% compared with the same period last year, and the rate was still in a downward trend. As of the end of June, the company's financial products consignment scale / revenue year-on-year-64.7% pictur 42.5% to 140.01 pound 270 million yuan; the company continues to strengthen online drainage, the company brokerage business customers reached 13.53 million, escrow assets more than 2.1 trillion yuan, the total number of Golden Sun mobile phone securities users exceeded 19 million Investment bank income is mainly affected by the stock underwriting business. The IPO/ refinancing underwriting scale of 2022H1 Company is-66.1% Universe 66.4% to 2151cm 6.331 billion yuan, and the debt scale is-7.3% to 108.459 billion yuan year on year. The structure of the asset management business continued to be optimized. At the end of 2022H1, the company's asset management scale was-1.2 to 145.826 billion yuan compared with the end of the previous year, of which the aggregate / single / special asset management scale was 4.79%, 18.18%, 4.17% and 833.29, respectively, from 31.023 to 31.74 billion yuan.
The market correction brought pressure on interest and investment income, relying on the continued expansion of bond assets. In terms of capital business, net interest income and investment income were 8.05 yuan and 3.096 billion yuan respectively, which were-25.5% and-21.5% respectively compared with the same period last year, mainly due to the decline in customer financing demand and self-owned investment income caused by market shocks. Financial assets continued the trend of expansion, with the scale from + 16.1% to 176.864 billion yuan at the beginning of the year, of which fund and bond assets were + 19.4% and + 20.3% to 242.32 and 124.232 billion yuan respectively compared with the end of last year. The decline in net interest income was mainly due to the rapid growth of interest payments on repurchase financial assets and bonds payable (+ 19.5% and + 22.0% compared with the same period last year).
We believe that the company's long-standing ability of business innovation and a good customer base are expected to be better realized for performance growth driven by changes in corporate governance structure, and are optimistic about the long-term growth of the company's business.
The company is expected to achieve a net profit of 78.28 yuan and 9.332 billion yuan respectively from 2022 to 2023, with a year-on-year closing price of-22.6% and + 19.2% respectively corresponding to 1.11 and 1.00 times PB on August 26, respectively, maintaining a "prudent overweight" rating.
Risk hints: the risk of large fluctuations in the capital market, the risk of decline in market trading scale, and the credit risk of stock pledge and bond investment.