Guotai Junan (601211) 2018 Annual Report Comments: Comprehensive Strength Leads Brokerage Business to Keep the Forefront
Event description The company released its 2018 annual report and realized total operating income of RMB 227.
1.9 billion, down 4 each year.
56%; net profit attributable to shareholders of the Company is RMB67.
08 million yuan, down 32 every year.
70 yuan / share, expected average ROE5.
The right side of the event comment highlights the advantages, and performance is incorporated into the industry.
The company realized operating income of 227.
190,000 yuan, -4 compared with the same period last year.
56% (industry down 14.
47%); net profit attributable to shareholders of the company.
08 million yuan, -32 compared with the same period last year.
11% (the industry dropped 41.
04%); the margin of change is smaller than the industry, and under the circumstances where the industry’s Matthew effect is prominent, the brokerage on the left has an obvious advantage.
The business structure is balanced, and it is in the forefront of overall stability.
Net profit margin was mainly affected by the market environment. Investment bank, brokerage, and self-employed business income decreased, while the credit impairment loss was accrued.
Brokerage, investment bank, asset management, self-employment, and credit account for 19%, 9%, 7%, 26%, and 26%, respectively. Credit business has become one of the main supports for revenue.
The income from agency trading business was the first, the balance of margin financing and securities lending was the second, the amount of equity underwriting was the third, the average monthly asset management scale was the second, the business structure was balanced, and it was among the top in the industry.
The customer base is strong and the brokerage business continues to lead.
Number of institutional customers 3.
50,000 households, an increase of 20.
06%, 12.7 million personal financial accounts, an increase of 14.
07%, market share of brokerage business 6.
14% (up 0.
The company is the first batch of public fund funds participants, with a scale of USD 934.1 billion in custody expansion business, which is the second largest in the industry.
The investment proposal estimates that the company’s EPS for 2019-2020 will be 0.
95\1.12\1.28. Net assets are 15.
50\15.18\15.61 corresponds to the company’s closing price of 19 on March 20.
70 yuan, PB for 2019-2020 is 1 respectively.
27\1.20\1.26. The market environment has improved. Leading securities companies continue to maintain their advantageous scale and give a “Buy” rating. There is a risk that the secondary market has severely 杭州桑拿网 declined; capital market reforms have fallen short of expectations.