Summary of the report:
Guoxin Securities issued its 2020 annual report on April 1, 2021. According to the data, the company's annual operating income was 18.784 billion yuan, up 33.29% from the same period last year; the net profit attributed to shareholders of listed companies was 6.616 billion yuan, up 34.73% from the same period last year; EPS was 0.72 yuan per share, an increase of 28.57% over the same period last year.
Comments:
The growth rate of brokerage business is relatively high, and the transformation of wealth management is accelerating. In 2020, the company's brokerage and wealth management business achieved operating income of 9.999 billion yuan, an increase of 48.03% over the same period last year. The company is committed to improving investment capacity and creating a wealth management platform that integrates professional investment and research and intelligent technology. By the end of 2020, the number of clients in the company's brokerage business reached 10.69 million, an increase of 26 per cent over the previous year, and custodian assets exceeded 2.16 trillion yuan, an increase of 58 per cent over the previous year.
Seize the opportunity of registration reform, investment banking business to maintain the traditional advantages. In 2020, the company's investment banking business achieved an operating income of 1.979 billion yuan, an increase of 25.49 percent over the same period last year. The company's total underwriting amount for the whole year is about 29.543 billion yuan, ranking eighth in the industry; a total of 11 gem IPO projects have been completed, 5 gem IPO projects have been listed, 5 gem IPO projects have been listed and 3 gem IPO projects have been listed.
The investment and trading business remains stable, and the brand value continues to rise. In 2020, the company's investment and trading business achieved operating income of 3.909 billion yuan, down 0.86% from the same period last year. In terms of fixed income business, the return on investment is better than that of the market; in the business of private equity funds, Guoxin Hongsheng achieved an annual operating income of 408 million yuan, a net profit of 237 million yuan, and completed the raising of 3 funds and the investment of 17 projects. promote the reduction and withdrawal of seven listed projects, with a reduction amount of more than 672 million yuan.
The asset management business takes active management as the core to promote the transformation of large-scale collection and public offering. In 2020, the income of the company's asset management business reached 396 million yuan, an increase of 19.59% over the same period last year. The company focuses on breaking through equity and mixed products, with more diverse investment strategies; strengthening institutional customer service capabilities, more complete types of business; fully serving the real economy, more rich types of customers. By the end of 2020, the net asset management scale of the company was 146.154 billion yuan.
Investment suggestion: we estimate that the company's income in 2021 will be 228.37 yuan, 269.14 yuan and 31.856 billion yuan respectively, and the net profit of the parent company will be 84.51 yuan, 100.39 yuan and 12.086 billion yuan respectively.
Risk tips: intensified market competition, macroeconomic impact, equity market fluctuations, etc.
