Guosheng Financial Holdings (002670) Interim Review: Brokerage, self-employed to boost the performance of the securities business to improve the stability of foreign investment income
Event: The company recently released its 2019 Interim Report and achieved operating income7.
70 ppm, an increase of 21 in ten years.
23%; net profit attributable to mother 2.
80 trillion, an increase of 260 in ten years.
31%, ROE is 2.
44%; EPS is 0.
14 yuan / share.
Securities brokerage business: The number of customers has increased and the securities brokerage business has developed rapidly.
The company promotes the customer experience by creating a wealth management development model, accelerating the construction of intelligent investment consulting, and giving full play to the advantages of the institute to provide customers 重庆夜生活网 with high-quality investment research services, thereby increasing the number of customers and increasing market share.
The number of accounts opened at the end of the monthly reporting period increased by 28 from the beginning of the year.
77%, the amount of assets under custody increased by 35 compared with the beginning of the year.
65%. At the same time, the market share of shares of Jijiji increased by 11 compared with 2018.
In the first half of the year, the company’s securities brokerage business has made tremendous progress under the dual effects of a warming market, an increase in the number of customers, and an increase in market share.
In the first half of 2019, the company’s securities business income was 9.
100,000 yuan, an increase of 277 in ten years.
Operating profit increased by 30.
16%, an annual increase of 90.
In the first half of the year, the company realized a net brokerage business commission and commission income of 2.
26 ppm, an increase of 68 in ten years.
03%, of which the net income from securities trading business is 1.
70 ppm, an increase of 31 in ten years.
54%, investment research business: The improvement of investment research capabilities promotes the development of brokerage business.
The company treats investment research as a strategic business now and in the future.
Since the establishment of the Guosheng Research Institute in early 2018, the company’s fund warehouse income has grown rapidly.
In 2018, the industry achieved the highest growth rate in the income from warehouses. The Institute’s income from warehouses in the first half of 2019 reached 80% of the same period of the previous year. It is believed that it is the company’s strategic business and the strength of investment research will be stronger in the future.
The net income from the leasing business of trading unit seats was 53.62 million yuan, an annual increase of 1678%, which has strongly promoted the development of the securities brokerage business.
Securities self-operating business: grasping market conditions and rapidly growing income.
According to the number of reports, the domestic securities market is picking up. The company seized market opportunities and focused on high-grade bonds to achieve stable returns.
Reported that the securities company’s self-operated business income of the first-tier company was 3.
5.5 billion, accounting for 39% of revenue.
04%, more than 32 of the brokerage business.
In the same period last year, the income from securities self-operated business was -1.
Therefore, the recovery of the securities self-operated business is the primary reason for the annual increase in revenue and net profit. Credit intermediary business: The business scale and revenue have grown steadily, and the market share has increased rapidly. Interest income needs attention.
The company’s competition in the Jiangxi region has obvious advantages. As of the end of the reporting period, the company had 105 branches in Jiangxi Province, and the number of branches in the province ranked first.
At the same time, the company actively develops business outside the province, and the number of branches ranks first in the industry.
Credit intermediary business scale and revenue grew steadily.
As of the end of the half-year in 2019, the total size of the company’s credit intermediary business reached 75.
890,000 yuan, an increase of 40 earlier.
Among them, the business scale of Liangrong is 31.
410,000 yuan, an increase of 81 from 6 years.
51%, mainly due to the improvement in customer financing intentions.
The market’s two financing figures have improved until the end of the half-year in 2019 of 9107.
90ppm, ten-year average -0.
93%, so the size of the company’s dual-finance business has increased against the market.
The market share of Liangrong’s surplus increased by 48.
56% to 0.
At 345%, the market share was increased by a breakthrough; the size of the stock pledge business was 44.
480,000 yuan, an increase of 20 from the beginning of the year.
Credit intermediary business realized segment revenue during the reporting period1.
26 ppm, an increase of 61 over the same period last year.
Investment banking: The team is maturing and the business is growing rapidly.
Affected by the market recovery, the investment banking business income in the report period was 68.19 million yuan, an increase of 185 in the decade.
Investment banking fees and commissions net income was 66.76 million yuan, an increase of 179 per year.
In terms of bond underwriting, in addition to underwriting corporate bonds, the company also completed underwriting of four financial bond products including financial debt and credit asset securitization products during the reporting period, expanding the scope of underwriting business and achieving full coverage of financial bond business products.
During the same period, financial advisory business grew steadily, and 10 projects were completed in the first half of the year.
During the reporting period, the industry’s total underwriting amount of corporate bonds ranked 55th, an increase of 31 from the previous year, a gap of improvement.
The company’s investment banking business has developed rapidly and has potential.
Collaborate with the Investment Banking Department to achieve stable returns.
The Group’s investment segment collaborated with the investment banking department of the securities business to expand project reserves.
During the reporting period, the Group’s investment business realized a total of changes in fair value and investment income.
Investment suggestion: The company’s securities business is developing rapidly, foreign investment is steadily advancing, and the rating of “overweight” is maintained.
Risk reminders: The company’s transformation and development are less than expected, and external risks in the industry.