Huatai Securities (601688) 2019 First Quarterly Report Review: Growth in self-employed revenue drives significant improvement in performance
Core views: 1. Recently, the company released the financial report for the first quarter of 2019.
2. Our analysis and judgment 1) Net profit is increased by 46 each year.
06%, the performance improved significantly in the first quarter of 2019 the company achieved operating income62.
48 ppm, an increase of 45 in ten years.
65%; net profit attributable to mother 27.
80 杭州夜网 ppm, an increase of 46 in ten years.
06%; basic EPS 0.
34 yuan, an annual increase of 25.
93%, ROE (expected average) 2.
66%, increasing by 0 every year.
In terms of revenue structure, the company’s self-operated business accounted for 53% in the first quarter of 2019.
97%, an increase of 19 a year.
77 tiers are the first to boost performance growth; brokerages, investment banks, asset management and net interest account for the respective proportions.
40% and 8.
04%, a decrease of 4 per year.
20 and 8.
2) The self-employed business performed well, boosting performance growth The company’s self-operated business achieved revenue in the first quarter.
7.2 billion, an increase of 19 years.
05 ppm, an increase of 129.
87% is the first to drive the company’s performance growth.
Of which net investment income was 26.
US $ 9.3 billion, an increase of 93 in ten years.
09%; gains from changes in fair value 7.
65 ppm, an increase of more than five times over the same period last year.
In the first quarter of 2019, the Shanghai Composite Index and the Shenzhen Component Index increased gradually23.
93% and 36.
84%, promoted the increase in the company ‘s equity investment, and increased the company ‘s performance.
3) The brokerage business increased significantly, the asset management business revenue increased and market transactions picked up, helping the brokerage business revenue grow.
In the first quarter of 2019, the average daily trading volume of the Shanghai and Shenzhen stock markets increased by 21 year-on-year.
08%, under the background of the market recovery, the company’s brokerage business has a leading market share and a significant advantage.
The company achieved net income from brokerage business11.
24 ppm, an increase of 14 in ten years.05%.
The company explores the intelligent transformation of outlets, uses fintech to upgrade the intelligent marketing service platform, actively promotes the integration of online and offline resources and full-service chain resources, and uses fintech to empower wealth management transformation.
In the asset management business, the company reported a series of realized net income7.
12 ppm, an increase of 31 in ten years.
Relying on the advantages of the entire business chain resources, the company has effectively changed to the direction of active management, actively cultivated a sustainable and transformed business model, and achieved an increase in asset management business revenue.
4) Investment banking business income was under pressure, and credit business income increased. In the first quarter of 2019, the company realized net investment banking business income2.
48%, a year-on-year decrease of 39.
Allegedly, the amount of shares issued, the number of shares and the amount of issuance fell by 51 compared with the same period last year.
In terms of bond underwriting, the company’s bond underwriting amount in the first quarter was 645.
6.6 billion, an increase of 234 every year.
Of the 98 companies whose applications for listing on the Science and Technology Innovation Board are exempted, the company underwrites 7 of them, ranking third among brokers.
Reported company, company net net income 5.
03 billion, down 27 every year.
95%, of which interest income is 18.
8.1 billion, down 22 each year.
10%, interest expense 13.
7.8 billion, down 19 each year.
Interest rate income may be related to the contraction of credit business.
At the end of the first quarter, the company raised 579 funds.
340,000 yuan, basically the same as the same period last year (+0 compared with the same period last year).
32%); the size of financial assets under resale agreements reached 435.
35 ppm, a significant reduction of 29 previously.
Investment advice The company’s leading brokerage business is solid overall, the Internet is leading the way, and the wealth management system has significant advantages.
The logic of industry concentration continues to increase. As a large-scale integrated securities firm, the company has advantages in terms of asset scale, business qualifications and talents.
We are optimistic about the company’s future development prospects. Based 苏州桑拿网 on the company’s fundamentals and estimates, we maintain a “recommended” rating, EPS 0 for 2019/2020/2021.
16 yuan, currently corresponding to PE 22 in 2019/2020/2021.
17X / 19.
43X / 17.
Risks indicate that market fluctuations have a great impact on the business.