Depth-Company-Guangfa Securities (000776): Self-employed, investment bank revenue has shrunk sharply and performance is lower than expected

Depth * Company * Guangfa Securities (000776): self-employed, investment bank revenue has shrunk sharply and performance is lower than expected

The company achieved total operating income of 152 in 2018.

70 ‰, 29 years ago.

22%; realized net profit attributable to shareholders of listed companies of US $ 4.3 billion, at 49 intervals.

97%; EPS0.

56 yuan, BVPS11.

16 yuan.

The performance was lower than the industry average and was less than expected: 1) The company’s 2018 revenue and return to the mother’s net profit were replaced separately.

22%, 49.

97%, the performance is lower than the industry average, less than expected.

The company’s net profit margin and ROE in 2018 were 28 respectively.

16% vs. 5.

06%, still higher than the industry average (25 respectively.

02% vs. 3.


2) Asset management, credit, brokerage, investment banking, and self-employed business accounted for 25%, 24%, 23%, 8%, and 4% respectively; self-operated business accounted for a significant drop of 38 percentage points.

Adjustment of accounting rules, increase of self-employed income, increase of index revenue: 1) The company has achieved self-operated income for 18 years5.

7.1 billion US dollars, a slight decrease of 94% before, again due to the adverse impact of the continued downturn in the market and the intensified changes, resulting in the adjustment of accounting rules to move other debt investment gains from the investment income account to the net interest income account.

2) Realize net interest income 36.

US $ 8.9 billion, a significant increase of 685% previously, mainly due to adjustments in accounting rules.

As of the end of 18 years, the balance of the company’s margin financing and stock lending and the amount of stock pledges to be repurchased were US $ 39.9 billion and US $ 22.3 billion, respectively, which were replaced by 29% and 16%.

Asset management business performance is stable, and the income of brokerage and investment banks has increased significantly: 1) The company has achieved asset management business income for 18 years37.

US $ 4.3 billion, a slight decrease of 6% previously, and a significant decline in the total size of asset management28.

Under the adverse impact of 78% to $ 374.3 billion, fund management fee income increased by 10.

43% to 25.

8 billion.

2) Realize brokerage income 34.

US $ 5.3 billion, an average of 20% over ten years, of which 北京夜网 the company’s stock base turnover was 8.

3 trillion, a decline of 19 per year.

18%, the market share dropped by 0.

2 up to 4.


3) Realize investment bank business income.

1.6 billion, down 56% from the previous period.

The total underwriting amount of the company’s 18-year equity bonds was 1,855 trillion, and its market share dropped by 0.

4 up to 2.

72%, of which the IPO underwriting amount was US $ 3.8 billion, an actual increase of 79%, and the market share fell by nearly 5 to 2.


It is estimated that the company’s 18-year performance was lower than expected, so it lowered its net profit attributable to mothers for 19/20 years to $ 6.7 / 80 billion and increased its forecast for 21 years by $ 9.3 billion.It is expected that the company’s 19-year performance is expected to recover significantly under a low base. At the same time, the company’s 淡水桑拿网 abundant IPO project reserves will benefit from the launch of the science and technology board and maintain the company’s overweight rating.

The impact of the risk alert policy on the industry exceeded expectations; the market fluctuations have an impact on industry performance and estimates.