Huatai Securities (601688) 2019 Interim Report Review: Investment Bank Under Pressure Self-operated Asset Management Repair
Operating income increased by 35% and net profit increased by 28%. In the first half of 2019, the company achieved operating income of 111.
07 million yuan, an increase of 35 in ten years.
18%; net profit attributable to mother is 40.
570,000 yuan, an increase of 28 in ten years.
Brokerage, investment bank, asset management, self-employment, indexed net income accounted for 20%, 5%, 13%, 42% and 11%, respectively.
The commission rate has gradually slowed down, and the investment banking business’s pressured brokerage business income has increased by 21%, the stock base transaction volume has increased by 38%, the commission rate has gradually slowed down, and the commission has replaced 2 / 10,000.
0 (2 / 10,000 in the first half of 2018.
Investment bank revenues have fallen by 25% each year, which is expected to be related to the company’s project release rhythm.
The scale of equity underwriting was 474 trillion, a decrease of 43% over that of the industry (-29.
62%); the scale of bond underwriting is 156 billion yuan, an annual increase of 86%.
Self-employed contribution elasticity, solid income growth, investment income increased by 86%, mainly benefited from the improvement of equity market.
The company’s equity investment scale has not changed much from the beginning of the year, and the proportion of 杭州桑拿 self-operating equity assets in net capital has only increased by 6.
65 single to 36.
The scale of fixed income investment increased, and the proportion of self-operated fixed income assets to net capital was 229.
73% (beginning at 139.
Actively compress equity pledge business and continue to clear risks to supplement the decrease in net interest rate.
2%, mainly due to the decrease in operating income of the capital intermediary business.
Liangrong’s balance was 548 trillion, an increase of 26% over the earlier period; the stock pledge business’s repurchase margin was 46 billion, a decrease of 15% from the beginning of the year.
Total withdrawals of impairment losses on financial assets purchased for sale1.
1.7 billion, an increase of 70% in ten years.
Revenue from asset management business increased by 19% (long-term industry -8%) by continuously 武汉夜生活网 improving active investment capabilities and product creation capabilities.
The scale of collective, targeted, special, and public fund management is 1427, 6708, 1054, and 7.9 billion US dollars, with annual growth rates of 29%, -7%, 31%, and 759%.
Investment suggestion: The subsidiary AssetMark will be split and listed in the United States to help overseas business layout; issue GDR to raise overseas funds, the company’s capital strength, and promote international competitiveness.
The company’s PB assessment is currently 1.
5 times, the earlier industry estimates the discount, it is estimated that the hub is expected to improve, maintaining the “overweight” rating.
Risks prompt stock market fluctuations to impact self-employed investment returns; market trading activity has declined.