Guotai Junan (601211) Interim Report 2019: Individual + Institutional Business Two-Wheel Drive Comprehensive Strength Maintained Solid
I. Overview of the Event On August 22, Guotai Junan released its 2019 Interim Report. In the first half of the year, it realized revenue of US $ 14.1 billion, an annual increase of 23%, and a net profit of 50.
2 ‰, previously + 25%, reaching a gain of 0.
53 yuan, expected average ROE is 4%.
Second, the analysis and judgment of performance growth remained stable, net profit attributable to non-mothers increased by more than 40%. Guotai Junan’s revenue in the first half of the year, net profit attributable to mothers increased steadily, 23% and 25%, respectively.Profit 46.
3% 10% + 47%, because the disposal of 51% of the National Union Security Fund in the first half of last year confirmed the allocation of 6.
The investment income of 500 million US dollars led to a relatively high non-recurring profit and loss.
From the overall situation of the industry in the first half of the year, revenue and net profit are second in the industry, second only to CITIC Securities, and continue to maintain a leading position.
The scale of assets continued to grow, and the growth rate of self-employed income was the fastest. The company’s total assets were US $ 540.4 billion in the first half of the year. The company’s total assets increased by 24% at the end of the previous year. Among them, deposits from customers, funds raised and transactional financial assets increased significantly.
In the first half of the year, self-employed business income increased by 50%, accounting for 32% of revenue, followed by brokerage business + 24% per year, accounting for 22%, and both contributed more than half of revenue.
Initial capital management income + 8% per year, investment bank income + 1% achieved a slight increase.
The annual credit business was -8%, and the proportion of revenue dropped by 6 percentages to 18%, which is still the main source of income.
In the first half of the year, the company’s equity and derivatives investment scale was 36.6 billion, accounting for 45% of net capital, and solid income investment scale was 1,526 trillion, accounting for 189% of net capital. The scale increased by 128 trillion and 37.1 billion US dollars respectively compared with the end of last year, accounting for a proportionThe lifts are 18 and 56 units, respectively, which effectively improves the performance.
The dominant business continued to 合肥夜网 maintain the industry’s competitive strength. The two-wheel drive of the personal + institutional business led the company in the first half of the year by leading the industry in net income of the brokerage business, and the resettlement of the city’s land occupation5.
8% ranks first in the industry.
The investment bank’s main commitment amount was 1929 trillion, ranking 4th in the industry, and 8 science and technology board sponsored projects, 2 of which have been issued.
The number of institutional clients reached 4.
10,000 households, an increase of 17% over the end of the previous year.
The customer assets of PB systems were nearly 90 billion U.S. dollars, + 45% compared with the end of the previous year. The advantages of custody expansion business were obvious. There were nearly 7,500 asset management products in service categories, with a scale of 1 trillion yuan, an increase of 11% from the end of the previous year.Billion, ranking first among brokers.
Third, investment advice PB assessment of the current securities sector1.
Around 6X, the company’s steady increase in performance under the low base effect last year is deterministic. At present, the company’s PB is 1.
3X, the PB is expected to be 1 in 2019-20.
3X and 1.
2X, it is recommended to pay attention to the front-end configuration opportunities, and give the recommended rating for the first time rating.
Fourth, risk warning: self-employment income is less than expected.