Oriental Wealth's net profit in the first half of the year hit a new low in 4 years, and the fundamental release of the "Beta" drop -down

21st Century Business Herald reporter Wang Yuanyuan Shanghai report

On the evening of August 12, Oriental Wealth (300059.SH) released a semi -annual report. In the first half of 2022, the company realized total operating income of 6.308 billion yuan, an increase of 9.13%over the same period last year; the net profit attributable to shareholders of listed companies was 4.444 billion yuan, an increase of 19.23%over the same period last year.

The growth rate of net profit hit a new low in 4 years

Due to the poor performance of the A-share market in the first half of this year, the business data of the brokerage firms had been dragged down, and the good market in the market in 2019-2021 has experienced the previous revenue and net profit data of Oriental Wealth. The growth rate of its profitability has slowed significantly -the growth rate of net profit of 19.23%has become the lowest year -on -year growth rate of the interim and annual report since 2017.

Correspondingly, the capital market has long been expected to perform its operations. Beginning at the beginning of this year, Oriental Wealth's stock price began to fall all the way. Then, as the market rebounded as a whole at the end of April, Oriental Wealth's stock price also rose slightly.

In addition, with the disclosure of the 2022 report, among the top ten shareholders of Oriental Wealth, the well -known institutional investors who were concerned about the market also changed -Gao Yi Asset Deng Xiaofeng's products have all withdrawn from the list of the top ten shareholders of Oriental Wealth. Essence

Beginning in the third quarter of 2021, the product "Foreign Trade Trust-Gao Yi Xiaofeng Hongyuan Collection Fund Trust Plan" managed by Gao Yi assets Deng Xiaofeng entered the top ten shareholders of Oriental Wealth. At that time, Oriental Wealth's stock price was relatively high.

In the fourth quarter of 2021, the product managed by Deng Xiaofeng continued to increase oriental wealth, and the shareholding increased from 49.0185 million shares to 51.371 million shares.

However, Deng Xiaofeng's fundamentals of Oriental Wealth, or market conditions, were obviously wrong.

Beginning in 2022, with the deterioration of the market, the stock price of Oriental Wealth began to fall continuously, and even approached the back. While the stock price fell, Deng Xiaofeng also started the "path to the bottom" and continued to increase the oriental wealth.

By the end of the first quarter of 2022, Deng Xiaofeng's "Foreign Trade Trust-Gao Yi Xiaofeng Hongyuan Collection Fund Trust Plan" managed by Deng Xiaofeng increased to 54.41 million shares of Oriental Wealth. At the same time It is also constantly "copying the bottom" oriental wealth until I bought myself the top ten shareholders of the top ten in the first quarter. At the end of the period, the shareholding of Oriental Wealth was 42.6152 million shares.

As at the end of April this year, the market rebounded, and the stock price of Oriental Wealth rose. The products managed by Deng Xiaofeng also continued to sell at the same time as the stock price of Oriental Wealth. product.

The remaining institutional investors are mainly industrial funds, social security funds, and public offerings. Since the third quarter of the year, we have held multiple brokerage stocks, including Guotai Junan, Huatai Securities, CITIC Securities, Flush, etc., and more like from the third quarter of last year, there will be a new wave of vast waves of "Baobao" capital market. The market is driving off securities stocks.

"Maybe Deng Xiaofeng also had such an idea when buying Oriental Wealth in the third quarter of last year, but it turned out that it may be wrong. From the perspective of his retreat, for whether there will be a" big market "in the next step, Deng Xiaofeng may be Deng Xiaofeng. It is no longer so confident that it is mainly based on the net worth of retreat. "Some brokers commented.

The market "Beta" continues to pull down

Compared with most traditional brokers, the performance of Oriental wealth is already good. 19.23%of net profit growth is a slowdown in performance growth, while other securities firms have declined significantly year -on -year or even suffered losses.

For example, Oriental Securities, which ranks among the voucher industry, is expected to return to the first half of this year's net profit of RMB 550 million to 660 million, a decrease of 76%-80%compared with the same period last year. Guotai Junjing's profit decreased by 20.46%year -on -year.

In the context of the overall decline in the performance of the voucher industry, although some data indicators in the fundamentals in the first half of the year are still performing, the secondary market is obviously lacking confidence in it.

In the first half of this year, the public fund investment consulting business of Oriental Wealth Securities was officially exhibited, and at the same time, it was approved by the fund custody business qualification. The company believes that this will achieve a new breakthrough in wealth management transformation. And how this broker will use the Internet to operate its investment advisory and fund custody business will become the focus of the follow -up market.

Soochow Securities believes that after Dongcai Securities has obtained the qualifications of the securities investment fund custody, as of June 2, 2022, a total of 29 securities firms have obtained the qualification. The fund custody license allows financial institutions to carry out fund custody business to the outside world, and can charge a custody fee from the public offering and private equity funds that it agents. Fund custody is one of the basic businesses of financial institutions, and there is a close connection with other wealth management businesses (such as fund sales, brokerage business, and two -financing business). This license shows that the institutional business of the brokerage firm is leading in the industry, and brokers without this license and no outsourcing business license will face the risk of being unable to carry out PB (main scriptures) business.

From the perspective of operating data, there are two major revenue subjects below the Oriental Wealth of the listed company, one is Oriental Fortune Securities and the other is Tiantian Fund.

In the first half of this year, Oriental Fortune Securities achieved net profit of 2.848 billion yuan, an increase of 37.52%year -on -year from a net profit of 2.071 billion yuan in the same period last year. This data performance made traditional brokers envy. After Oriental Fortune released Oriental Fortune Securities without auditing financial statements on July 16, many brokers' non -bank teams issued the view that "performance growth exceeded expectations".

Guotai Junan said that the high increase in the brokerage business and investment income of Dongcai Securities promoted its high performance. Specifically, the net income of handling fees and commissions was 2.44 billion yuan, and the year -on -year growth rate and revenue increased contribution was 30%and 53%, respectively, and the net interest income was 960 million yuan. 25%and 18%, respectively, investment income (including investment income and changes in fair value) 650 million, the year -on -year growth rate and revenue increase contribution were 59%and 23%, respectively. The brokerage business maintained a year -on -year increase, mainly due to the high level of market stock -based transaction volume, an increase of 7.6%year -on -year. At the same time, the company's market share continued to increase. In the first half of the market, the average balance of the two-year market was -2%year-on-year. The growth of the company's income revenue benefited from the increase in market share, from 2.06%of 2021H1 to 2.31%of 2022H1. The growth of investment income is mainly the increase in the size of the company's transactional financial assets. The 2022H1 trading financial assets were 47.2 billion, a year -on -year increase of 107%.

In terms of Tiantian Fund, it is worth noting that in the regular report released this year, Oriental Fortune began to disclose the operating data of the Tiantian Fund in a series. In the first half of this year, the operating income of the Tiantian Fund was 2.207 billion yuan, but the operating profit was 144 million yuan, and the net profit was 102 million yuan.

However, the caliber calculation of financial e -commerce business (previously referred to as "Tiantian Fund"). According to disclosure, although the operating profit of the Tiantian Fund in the first half of this year has decreased compared with the same period last year, the gross profit margin has increased.

Specifically, in the first half of 2022, financial e -commerce business realized operating income of 2.202 billion yuan, operating costs 118 million yuan, operating profit of 2.084 billion yuan, and gross profit margin of 94.66%; operating income in the first half of 2021 was 2.397 billion yuan The operating cost is 182 million yuan, the operating profit is 2.215 billion yuan, and the gross profit margin is 92.43%.

In addition, on July 30 this year, Oriental Fortune issued an announcement that the company's wholly -owned subsidiary "Harvin Singapore" intended to apply for the Capital Market Service (CMS) license to the Singapore Financial Administration. This license will allow Harvo Securities to engage in financial services including local securities and derivatives trading including Singapore.

"This year's market in Singapore is very hot. Fugu, tigers and other brokers who specialize in overseas securities business have laid out the Singapore market. Many domestic capital firms are trying to go to the Singapore market to do business. Oriental Wealth has rely on its own Internet brokerage genes. Whether you can get a share to be observed. "Some people with securities firms said.

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