Guoxin Securities (002736) 2019 Interim Report Review: Investment Drives Performance Growth and Brokerage Advantage Continues

Guoxin Securities (002736) 2019 Interim Report Review: Investment Drives Performance Growth and Brokerage Advantage Continues

Incident Description The company released its 2019 Interim Report and achieved operating income of 65.

34 ppm, an increase of 60 in ten years.

93%; net profit attributable to shareholders of the parent company is 25.

98 ppm, an increase of 124 in ten years.


Basic income is 0.

30 yuan / share, expected average ROE 5.

17%, up 3.


Incident review company is one of the domestic brokerage companies with the longest operating history, with comprehensive business development and comprehensive strength replacement.

Potential brand influence and market competitiveness in the industry.

In the first half of the year, its operating income and net profit ranked seventh and sixth in the industry (ranked by the individual companies of the Securities Association), and the industry ranked first.

As a listed company, a long-term financing mechanism has been established.

The non-public issuance of A shares was reviewed and approved by the China Securities Regulatory Commission on July 5. It is planned to raise 15 billion US dollars of capital, which will increase the company’s capital.

Proprietary and brokerage businesses are the main sources of revenue.

They accounted for 36% and 35% respectively. The growth of investment income and changes in fair value gains and losses were the main drivers of profit growth in the first half of the year, benefiting from a rebound in market conditions, an increase of 1406%; meanwhile, net income from agency trading increased by 18%, while investmentThe net amount of asset management and interest varied slightly.

1) The securities brokerage business has traditional advantages, and the profitability of the sales department alone can replace it.

The company has a total of 233 sales offices. The developed regions of Guangdong, Zhejiang, Beijing, Shanghai and other regions have different layouts. At the same time, the competitive advantage of the sales department is that its operating efficiency is high. Only 3 of the 29 regional distributions are substituted.

The brokerage business market ranks among the highest in the industry, and the income from agency securities trading in the first half of the year ranked third in the industry, and its leading position continued to maintain.

2) The income from financing business ranked 8th. The income from margin financing and securities lending and equity pledged mortgage income increased.

The scale of capital raised by the Liangrong business increased by 20%, accounting for 3.

71%; the scale of equity pledges has been reduced, and the balance of financial assets under repurchase agreements has decreased by 51.

6.4 billion (-19%).

3) Self-operated business was the main driver of profit growth in the first half of the year.

In the first half of the year, net income from changes in fair value was realized.

77 ppm (previous year was expected to be 1.

3.5 billion), investment income + fair total23.

350,000 yuan, an increase of 14 times over the same period last year.

Among them, bonds are the main asset allocation category, accounting for 71% of investment.

4) Accumulation of professional talent reserves for investment banking, industry consolidation and market foundation 成都桑拿网 replacement.

Investment banking business realized operating income 4.

890,000 yuan, at least -12.

39%, affected by the market environment, the company’s share underwriting scale decreased year-on-year, and the bond underwriting scale increased.

At present, the company has completed the declaration of 7 science and technology board projects, and 2 of them are the first listed companies of science and technology board.

Investment recommendations are expected to be 0 for the company’s 2019-2021.

72\0.75\0.78. Net assets are 6.96\7.33\7.78, corresponding to the company’s closing price of 13 on August 26.

71 yuan, PB for 2019-2021 is 1.


Give “overweight” rating.

There is a risk that the secondary market has severely declined; capital market reforms have fallen short of expectations.