Source: Beast Finance Author: Beast Finance
Monster Finance learned that due to the double impact of the epidemic and the violent fluctuations in the capital market, Noah Wealth Management (NOAH)'s performance was under pressure across the board, achieving revenue of 4.29 billion yuan/net profit attributable to the parent of 980 million yuan, a year-on-year ratio of 27.8%/-25.7%; The total amount of wealth management products sold by agency reached 70.3 billion yuan, a year-on-year -27.7%. Guotai Junan issued a research report to maintain Noah Wealth's "overweight" rating. Guotai Junan predicts that Noah Wealth’s revenue will reach RMB 3.67/4.58/5.30 billion in 2023-2025, net profit will be 12.2/15.0/16.6, +26.1%/21.9%/11.0% year-on-year, and earnings per share will be RMB 33.0/42.5/49.3 . The main views of Guotai Junan are as follows:
Affected by the epidemic and the violent fluctuations in the capital market, the company's performance in 22 years has been under pressure. On the one hand, the partial lockdown of the epidemic that started at the end of March 2022 and the rapid spread of the epidemic at the end of the year restricted the offline development of corporate financial planners. The sales volume of products that are relatively high but require offline contracts has declined rapidly, which in turn has dragged down the overall sales volume and sales commission income. On the other hand, due to the violent fluctuations in the capital market in 22 years, the net value of various wealth management products has declined to a certain extent, resulting in a corresponding decline in the demand for high-net-worth customers to allocate net-worth wealth management products. It also fell sharply, putting further pressure on performance.
In the long run, high-net-worth clients will continue to increase their demand for comprehensive and personalized asset allocation, and the company is still expected to resume high-speed growth with its strong service system performance. We believe that the impact of the epidemic has basically passed, and with the introduction of various measures to stabilize growth, China's economy is expected to recover gradually. The confidence of high-net-worth customers in investing will also gradually recover, which will generate more demand for allocation of net-worth wealth management products. In the past three years, the company has achieved good results in team building, product system, investment research system, and risk control system reform, and its comprehensive customer service capabilities have been significantly improved. With a strong service system, the company's future market share in the high-end wealth management market It is expected to continue to improve, and the profit growth rate is also expected to stabilize and rebound.
Risks: There has been a huge downturn in the capital market; the "explosion" of financial products has affected the company's reputation
For detailed and full-version research reports, as well as full-version research reports on other companies and other industries, please log in to the Beast Finance website, and enter the [Hong Kong and US Stock Research Report] - [Hong Kong Stock Company Research Report] section to learn.
Boldbeast Finance is committed to enabling every unwilling young man to learn how to invest in Hong Kong and US stocks, and to experience the fun and excitement of being the shareholder of the world's largest company in the most mature and compliant market in the world. Let every young person have dignity and equality to gain freedom through investment in Hong Kong and US stocks.