Key investment points
Next Tuesday (December 20), there will be an inquiry from a main board listed company, "Cinda Securities".
Cinda Securities (601059): The company's businesses include securities brokerage, securities investment consulting, financial consulting related to securities trading and securities investment activities, securities underwriting and recommendation, securities self operation, securities asset management, margin trading, selling financial products on a commission basis, selling securities investment funds, and providing intermediary services for futures companies. From 2019 to 2021, the Company will respectively achieve an operating revenue of 2.223 billion yuan/3162 million yuan/3803 million yuan, and YOY will be 34.01%/42.26%/20.27%, with a compound annual growth rate of 31.86% for the three years' operating revenue; The net profit attributable to the parent company was 210 million yuan/820 million yuan/1172 million yuan, YOY was 200.28%/290.20%/42.95% in turn, and the compound annual growth rate of net profit attributable to the parent company in three years was 155.86%. In the latest reporting period, 2022Q3, the company achieved an operating revenue of 2.692 billion yuan, up 4.24% year on year; The net profit attributable to the parent company was 724 million yuan, up 0.29% year on year. The company estimates that the net profit attributable to shareholders of the parent company in 2022 will be about 1081 million yuan to 1265 million yuan, with a year-on-year change of -7.74% to 7.96%.
Investment highlights: 1. The company's shareholder background is relatively strong, and the controlling shareholder is China Cinda; In the future, it is expected to further strengthen collaboration and collaboration capabilities by virtue of the advantages of China Cinda in resources and networks. The company is a joint stock limited company jointly established by China Cinda, China Overseas Trust and China Sinoma in 2007, which is the first domestic AMC securities company; From the perspective of equity structure, China Cinda holds 87.42% of the company's total share capital before the issuance, and is the controlling shareholder of the company. China Cinda is mainly engaged in non-performing asset management and has 33 branches nationwide; In addition to Cinda Securities, China Cinda has platform subsidiaries engaged in financial services, real estate and other businesses, such as Nanyang Commercial Bank, Jingu Trust, Cinda Investment, etc., and holds tens of billions of yuan of debt to equity swap of some key enterprises in coal, chemical and other industries. As the controlling shareholder of the company, China Cinda can provide more capital market support services for China Cinda on the one hand; On the other hand, China Cinda will generate a large number of financial advisory, debt restructuring and debt equity swap projects in the disposal of non-performing assets, participation in enterprise mergers and acquisitions, and provision of comprehensive financial services, which is expected to become one of the important ways for the company's future development. 2. The company has formed certain regional advantages in Liaoning and other provinces and regions. By building a safe and efficient centralized securities trading platform and a unified account comprehensive service platform, the company has provided a strong guarantee for the low-cost expansion and operation of brokerage business. After years of development, the company has gradually formed obvious leading advantages in key areas such as Liaoning; During the reporting period, the market share of corporate brokerage business in Liaoning area ranked first in the industry. The market share of securities business department in Liaoning area (excluding Dalian) was 13.15%, 13.87%, 13.85% and 13.85% respectively. The market share of securities brokerage business income in Liaoning area was 16.93%, 16.24%, 16.20% and 15.63% respectively. 3. The company carries out fund management business through its holding subsidiary Cinda Australia Asia, which is expected to continue to promote the company's performance in the future by virtue of the higher landscape of the wealth management industry. In 2014, the company acquired 54% equity of Cinda Aoya, officially becoming its controlling shareholder. Cinda Australia Asia's main business mainly covers public funds and special account financing, of which there are a variety of public fund products, including stock, hybrid, bond and currency funds, forming a certain advantage; At the same time, thanks to the high prosperity of the wealth management industry in 2021, the company's public fund business has achieved rapid development. At the end of each reporting period from 2019 to 2022H1, the management scale (shares) of Cinda Australia Asia public funds were 10.101 billion, 27.279 billion, 52.353 billion and 65.039 billion respectively; At the same time, with the increase of management scale, the contribution of Cinda Australia Asia to the company's income has also increased. During the reporting period, the net income of management fees of Cinda Australia Asia accounted for 4.40%, 9.83%, 18.10% and 26.27% of the operating income of Cinda Securities respectively, showing a relatively obvious upward trend.
Comparison of listed companies in the same industry: the company belongs to the securities industry; According to the similarity of business, select Hongta Securities, Hua'an Securities, Zhongyuan Securities, BOC Securities, Nanjing Securities and other securities companies as the comparable listed companies of Cinda Securities. From the above comparable companies, the average revenue scale in 2021 is 3.541 billion yuan, and the average net interest rate is 28.85%; In comparison, the company's revenue scale and net interest rate level are in the middle high range of the industry.
Risk tips: companies that have opened the inquiry process may still be unable to list due to special reasons, the company's content is mainly based on the prospectus and other public information, there is a risk that the selection of listed companies in the same industry is not accurate enough, there may be interpretation bias in the selection of content data, and the specific risks of listed companies are displayed in the text.
