Depth-Company-Guangfa Securities (000776): Increase in self-operated income by more than 5 times Credit impairment impairs net growth

Depth * Company * Guangfa Securities (000776): Increase of self-operated income by more than 5 times Credit impairment impairs 北京夜网 net growth

On January 9, 2019, the company realized operating income of 173.

580,000 yuan, an increase of 52 in ten years.

8%; net profit attributable to mother is 56.

160,000 yuan, an increase of 36 in ten years.


19EPS 0.

88 yuan, 19BVPS 11.

60 dollars.

The growth rate of net profit increased by 26 percentage points from the contribution of self-operated business: 1) The company’s operating income increased by 52 in the first three quarters of 19

8%, net profit increases by 36.

5%, the growth rate is offset from 19H1 (19H1 increased 44.


The company’s annualized ROE 8 in the first three quarters.

49%, an annual increase of 2.

1 sample; net profit decreased by 32.

35%, a decline of 3 per year.

9 units.

2) In the first three quarters of the company, the proportion of self-operated, brokerage, asset management, credit, and investment banking business revenues were 30%, 19%, 16%, 13%, and 5%, respectively. The proportion of self-operated business increased by only 26.Asset management and credit business accounted for 9 segments in each market segment.

The self-operated business grew by an average of 526%, and the performance of the brokerage and asset management business was stable: 1) Benefiting from the rebounding market conditions, the company achieved self-operated business income in the first three quarters of 1952.

22 trillion, an increase of 526% at the beginning of the decade.

As of September, the company’s financial investment scale was 1,908.

93 trillion, a slight increase of 2 earlier.


2) The average daily stock turnover in the market from January to September was 5,801.

300 million, an increase of 34 over the same period last year.

37%, market activity increased.

Corporate brokerage income 32.

99 ‰, an increase of 21% in ten years.

3) Under the background of the new asset management regulations, the industry’s asset management revenue has decreased, and the company’s asset management business has performed steadily, achieving revenue28.

4.7 billion, a slight increase of 3 previously.


4) Other company income 28.

01%, a big increase of 136% a year ago, mainly due to the expansion of the scale of commodity transactions, but also lowered the company’s operating profit margin (trading business gross margin).


Driven by the risk of stock pledge, the company’s credit business decreased significantly: 1) The company achieved investment banking revenue in the first three quarters.

90 ‰, an average of 4% in ten years.

The total underwriting amount of shares and bonds from January to September was 1924.
US $ 0.5 billion, surpassing 1,854 in 2018.
Underwriting amount of 85 trillion, market share by 2 of 18 years.

72% increased to 3.

04%; IPO underwriting amount 37.

92 ppm, a ten-year increase of 9.

09%, the city accounts for 2 carbon dioxide.

71%, basically unchanged from 18 years.

2) The company achieved credit business income from January to September22.

99 ‰, a 10-year average of 21%.

Affected by stock pledge business events such as Kangmei Pharmaceutical, the company accrued credit impairment 厦门夜网 losses in the first three quarters of 19% 4.

74 trillion, compared with the same period last year 1.

48 trillion accrued an increase of 220.


It is estimated that the company’s 18Q4 performance base is expected to increase, and the 19-year performance is still expected to achieve the expected growth. The sustainable profit forecast is maintained. It is estimated that the company’s net profit attributable to the mother in 19/20/21 is 67/80/93 trillion, corresponding to EPS0.



23 yuan to maintain the overweight level.

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