Guoxin Securities (002736) 2019 Interim Report Review: Steady Growth of Brokerage Business Self-operated Elasticity Drives High Performance
I. Overview of the Event On August 26, Guosen Securities released its 2019 Interim Report and achieved revenue of 65 in the first half of the year.
300 million, previously + 61%, net profit attributable to mother 26.
4 ‰, +124 per year.
4%, the basic EPS is 0.
3 yuan / share, expected average ROE is 5.
Second, analyze and judge to grasp the market recovery potential, achieve rapid growth in performance in the first half of the company’s revenue, net profit realized high growth, net profit.
4 trillion ranks sixth in the industry, maintaining the leading part on the right side of the industry, and the net profit growth rate of the mother is 124.
4% is better than market expectations.
Benefiting from the market recovery in the first half of the year, the average daily turnover of the Shanghai and Shenzhen markets reached 5874 million US dollars + 34%, and the Shanghai and Shenzhen 300 increased by 22%. The company’s self-operated income elasticity was maximized and investment income began to increase from the same period last year. 4Increased from US $ 100 million to US $ 1.8 billion, and net income in the second quarter increased by 28% from the previous quarter to continue to maintain a high growth rate, which was the core factor driving the growth of the first half of the year.
Brokerage + self-employment is a two-wheel drive, which contributes 70% of the revenue. The characteristics of investment transactions highlight the income structure. The company’s self-employment + brokerage business income was dazzling in the first half of the year, with growth rates of 147% and 18%, and the revenue share was 36% And 35%, which together contributed 70% of the revenue, and the elasticity was significantly released under the market warming environment.
Asset management, investment bank and capital intermediary business incomes appeared in series positions of -9%, -12% and -15%, respectively.
In terms of self-employment, the investment scale of equity and derivatives in the first half of the year was 134 trillion, accounting for 33% of net capital, and the scale of solid income investment was 732 trillion, accounting for 182% of net capital. The scale was 21 trillion lower than the end of the previous year, an increase of 3.3 billion.yuan.
In the first half of the year, the scale of equity assets decreased slightly, but self-employment income increased, and investment trading capabilities were outstanding.
The fixed rate of not more than 15 billion US dollars has been promoted. The company has increased its capital and strived to increase its overall strength. The company’s non-public offering plan is steadily advancing. The proposed capital is not to exceed 15 billion US dollars. The funds are intended to be used to increase its proprietary business, capital intermediation, andDebt repayment and capital increase of subsidiaries.
It is expected that the company’s capital 武汉夜生活网 strength and capital-based business strength will be significantly enhanced after the completion of the fixed increase.
At present, the company has sponsored 3 science and technology board companies and 7 queued companies, which are expected to continue to benefit from business growth.
The brokerage business ranked third in the industry in the first half of the year, and its comprehensive strength is expected to further increase, gradually increasing ROE to 10%.
Third, investment advice The current brokerage sector is located at PB 1.
Around 6X, last year’s low-base effect of the securities firm’s performance has continuous certainty, Guoxin Securities currently has a PB of 2.
1X shows the head premium of broker + investment transaction features, and is expected to be 2 in 2019-2020.
0X and 1.
9X, given a recommended rating.
Fourth, risk warning: self-employment income is less than expected.