First Entrepreneurship (002797): fixed income + asset management features highlight investment business drag on performance

山西證券 · Sep 5, 2022 00:00 · Researches

事件描述

公司上半年实现营业收入13.28 亿元，同比下降9.08%；实现归母净利润2.87 亿元，同比下降18.34%。加权平均ROE 为1.97%，同比下降0.53 个百分点。

事件点评

投资业务影响公司业绩。上半年归母净利润下降主要因投资业务，投资净收益+公允价值变动（除去联营合营投资收益）同比减少2.83 亿元。二季度市场回暖，实现净利润2.48 亿元，环比增加298%。

资管业务表现亮眼，公募基金规模同比上涨。公司致力于成为有固定收益特色的、以资产管理业务为核心的证券公司。2022H1 资管业务净收入5.82亿元，同比增长22%。其中，母公司资管业务上半年净收入0.7 亿元，同比上涨8%。公募基金收入同比上涨19%至4.2 亿元，占比资管收入72%。创金合信受托管理资金总额7,741.16 亿元，较2021 年末下降幅度为4.51%。公募基金受托管理金额同比上涨28.46%至888.41 亿元。截至2022 年6 月30日，创金合信权益类基金近三年、近两年收益率分别为180.94%和86.22%，行业排名第4 名和第6 名。

固收业务向交易驱动模式稳步推进。上半年固收业务实现营收2.07 亿元，同比上升32.24%。上半年固收销售产品数量为3182 只，同比上升22.06%，销售总金额同比下降32.13%至912.68 亿元。交易方面，上半年公司交易活跃度稳定提升，银行间和交易所市场债券交易量2.6 万亿元，同比增长42.04%；银行间市场做市交易量8619.46 亿元，同比增长67.18%。

投行业务收入持正增长，绿色金融服务持续发展。上半年，投行业务实现营收0.98 亿元，同比上升89.45%；净收入1.37 亿元，同比上涨7.6%。股权融资方面，上半年第一创业完成IPO 项目，定向增发项目，可转债均一单，总承销金额为47.11 亿元（行业排名21）。债券融资业务方面，公司债项目完成15 单，总承销额为59.64 亿元。公司顺应金融政策发展趋势，持续推进“国网租赁2022 低碳转型债券”等新型债券业务，为客户提供绿色金融服务。

投资建议

预计公司2022 年-2024 年分别实现营业收入28.57 亿元/32.73 亿元/37.21亿元，增长-12.22%/14.56%/13.68%；归母净利润6.94 亿元/8.09 亿元/9.28 亿元，增长-6.86%/15.50%/14.79%；PB 分别为1.62/1.38/1.30，维持“增持-A”

评级。

风险提示

二级市场大幅波动，监管政策影响，重大风险事件。

Event description

In the first half of the year, the company realized operating income of 1.328 billion yuan, down 9.08% from the same period last year, and realized net profit of 287 million yuan, down 18.34% from the same period last year. The weighted average ROE was 1.97%, down 0.53% from the same period last year.

Event comment

The investment business affects the company's performance. The decline in net profit in the first half of the year was mainly due to investment business, with net investment income + fair value changes (excluding joint venture investment income) decreased by 283 million yuan compared with the same period last year. The market rebounded in the second quarter, with a net profit of 248 million yuan, an increase of 298% over the previous quarter.

The performance of the asset management business is eye-catching, and the scale of public offering funds has increased year on year. The company is committed to becoming a securities company with fixed income characteristics and asset management business as the core. The net income of 2022H1 asset management business was 582 million yuan, an increase of 22% over the same period last year. Of this total, the net income of the parent company's asset management business in the first half of the year was 70 million yuan, up 8% from the same period last year. Revenue from public offering funds rose 19 per cent year-on-year to 420 million yuan, accounting for 72 per cent of asset management income. The total fund under management is 774.116 billion yuan, a decrease of 4.51% compared with the end of 2021. The amount of entrusted management of public offering funds rose 28.46% to 88.841 billion yuan compared with the same period last year. As of June 30, 2022, the returns of Chuangjin Hexin Equity Fund in the past three years and two years were 180.94% and 86.22% respectively, ranking fourth and sixth in the industry.

The fixed income business has steadily advanced to the transaction-driven model. In the first half of the year, the revenue of the fixed income business reached 207 million yuan, up 32.24% from the same period last year. The number of fixed-income products sold in the first half of the year was 3182, up 22.06% from the same period last year, and the total sales amount decreased by 32.13% to 91.268 billion yuan. In terms of trading, the company's trading activity increased steadily in the first half of the year. The bond trading volume in the interbank and exchange markets was 2.6 trillion yuan, an increase of 42.04 percent over the same period last year. The market-making trading volume in the interbank market was 861.946 billion yuan, an increase of 67.18 percent over the same period last year.

Investment banking revenue has maintained positive growth, and green financial services have continued to develop. In the first half of the year, the investment banking business achieved revenue of 98 million yuan, up 89.45% from the same period last year, and net income of 137 million yuan, up 7.6% from the same period last year. In terms of equity financing, the first venture completed the IPO project in the first half of the year, targeted additional projects, and convertible bonds, with a total underwriting amount of 4.711 billion yuan (ranked 21st in the industry). In terms of bond financing business, 15 corporate bond projects were completed, with a total underwriting amount of 5.964 billion yuan. In line with the development trend of financial policy, the company continues to promote new bond business such as "National Network Leasing 2022 low-carbon Transformation Bonds" to provide customers with green financial services.

Investment suggestion

From 2022 to 2024, the company is expected to achieve operating income of 2.857 billion yuan / 3.273 billion yuan / 3.721 billion yuan, an increase of-12.22%, 14.56% and 13.68%, respectively, and a net profit of 694 million yuan / 809 million yuan / 928 million yuan, an increase of-6.86%, 15.50% and 14.79%, respectively.

Rating.

Risk hint

Significant fluctuations in the secondary market, regulatory policy impact, major risk events.

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第一创业(002797)：固收+资管特色突出 投资业务拖累业绩

First Entrepreneurship (002797): fixed income + asset management features highlight investment business drag on performance

Risk Disclaimer

Statement

第一创业(002797)：固收+资管特色突出投资业务拖累业绩