Guotai Junan (601211): Results Meet Expectations, ROE Continues to Rise
The semi-annual report is basically consistent with the performance report.
Company H119 achieved revenue of 140.
95 ppm, +22 throughout the year.
99%, deducted non-net profit 46.
31 ‰, one year +47.
17% is expected to average ROE 4.
03% (slightly lower than CITIC 4.
Q2 revenue was 74.
00 ppm, +41 a year.
52%, attributable to non-net profit of 20.
2.5 billion, +21 a year.
45%, compared to -22.
Wealth management capabilities continued to improve, leading the overall layout.
Investment advisory +11 from the end of last year.
37%, signed customers +20.
67%, wealth management capabilities continued to improve.
In terms of trading volume of treasury bond futures and stock index futures, at the end of the period, the scale of customer equity maintained the top 3 in the industry on average, and the agency settlement business continued to remain the first in the industry.
The two Rongying industries ranked third.
Investment banking business shares remained weak, and debt commitments rebounded strongly.
H119’s investment banking business achieved revenue10.
64 trillion, +1 a year.
38%, revenue accounted for 7.
H119 company’s equity underwriting period is -59% (IPO-41%, refinancing -60%), bond underwriting for ten years + 89% (corporate debt + corporate debt + 130%).
The number of lead underwriters and finance of H119 companies exceeded +174 respectively.
96%, all ranked fourth in the industry.
Investment business contributes maximum performance elasticity.
H119 company investment income 46.
1.5 billion, +49 a year.
Among them investment income -3.
13%, after excluding the impact of the sale of Guolian’an equity in the same period each year, investment income +32.
Fair value gains and losses increase by 16.6 billion.
The investment business (excluding the sale of equity) is actually + 127% per year.
Investment suggestion: Benefit from the catalysis of reform of the capital market, comprehensive business layout, enhanced 四川耍耍网 risk control capabilities, and leading brokers with strong comprehensive strengths. The most beneficial, maintain “Buy-A” rating.
The company leads the overall 2019E PB by only 1.
1x, ranking at the bottom of history and the highest position of listed securities firms, with estimated attractiveness, maintaining Buy-A risk warning: stock market recovery is higher than expected; commissions increased due to increased industry competition, and credit business interest rates fell more than expected; increased supervision caused businessBudget and regulatory violations; the bad debt rate of credit business exceeded expectations.