Huatai Securities (601688): Self-employed to contribute the most performance Flexible brokerage business remains strong

Huatai Securities (601688): Self-employed to contribute the most performance Flexible brokerage business remains strong

Event: H119 company revenue 111.

070000 yuan, +35 for ten years.

18%, net profit attributable to mother 40.

57 trillion, +28 a year.

43% (+32 after deduction).

68%).

Q2 revenue was 48.

59 trillion, +23 a year.

75%, compared with -22.

23%, net profit attributable to mother 12.

77 trillion, +1 a year.

71%, -54.

05% (after deducting non-decade +5.

90%, -54.

twenty one%).

Recommended average ROE3.

82% (CITIC 4.

11%, monarch 4.

03%), the previous +0.

24pct).

The growth in this period is mainly due to investment income + fair value gains and losses + 86% to 47 trillion per year, accounting for 12pct to 42% increase in revenue and income.

Self-employed contribution has the largest performance elasticity: H119 company achieved self-operated business income34.

31 ppm, +119 a year.

70%, mainly due to the recovery of the capital market and increased investment income, Wonderful A + 24 in the first half.

68%, investment income of associates and joint ventures is expected to increase by +32.

33%.

Proprietary investment and equity investment both boosted the investment business by 86%.

Brokerage and asset management recovery: benefit from the recovery of the capital market (mainly Q1), active market trading, the daily average turnover of H119 shares increased by + 31%, and the company’s brokerage business increased by 21%, which accounted for the revenue ratio20%.

Thanks to the company’s excellent active management capabilities, H119’s asset management business revenue increased by + 19%. At the end of Q2, Huatai Asset Management’s private equity average monthly size was 8,491 trillion, the second largest in the industry.

Investment bank under pressure, credit limit: H119 company’s investment bank business income for half a year was -25%, accounting for revenue ratio fell to 5%, mainly due to 厦门夜网 the company’s investment bank business under pressure in the first half, IPO market share was only 0.

74% believe that the company’s rich project reserves under pressure during the IPO stage do not need to worry, conversion and refinancing 10%, corporate bonds 0.

34%, corporate debt 2.

06%.

H119 company liquidated its equity pledge business and proactively expanded its stock pledged repo business, expanding its scale by -40%, affecting a decrease in related interest income8.

5.2 billion (5-55%).

Investment suggestion: As the first A + H + G listed securities company, the company has a balanced business development. It continues to promote Jinke’s empowerment, international layout (AssetMark) and professional manager reform system. We are optimistic about the company’s medium- and long-term growth prospects.

Currently 成都桑拿网 the company P / B has fallen back to 1.

Below 5x, some certain configuration values are raised to an overweight-A. Risk warning: market downturn, regulatory changes, increased competition in the industry, bad debt ratio of credit business surpasses expectations, etc.