Guotai Junan (601211) Interim Report Comments: Steady business development and comprehensive strength remain at the forefront
Event: The company recently released its 2019 Interim Report and achieved an operating income of 140.
950,000 yuan, an increase of 22 in ten years.
99%, net profit to mother 50.
20 trillion, an increase of 25 in ten years.
Return on net assets 4.
03%, an increase of 0 over the same period last year.
76 averages, EPS (reduction) is 0.
53 yuan / share.
Monthly growth of 26.
19% of the investment banking business grasps the investment potential of the science and technology board, and the overall competitiveness is steadily rising.
The company’s equity underwriting business has fully promoted the development of the science and technology board’s IPO project, and eight science and technology board sponsored projects have been declared; the bond underwriting business has seized high-grade corporate bonds, financial bonds and local government claims, and the underwriting scale has grown rapidly; M & A and restructuringThe business of the New Third Board is advancing steadily.
The number of reports, the number of securities underwriters reached 628, amounting to 1,929.
30 trillion, an increase of 174 a year.
24% and 31.
96%, ranking 4th in the industry.
In the future, business will increase investment in information technology, and the overall development situation is good.
In the first half of 2019, the trading volume of Guotai Junan Treasury bond futures and stock index futures ranked second and third in the industry respectively; the agency settlement business continued to maintain the first place in the industry, and the customer equity scale ranked third in the industry at the end of the period.
We will improve the research system for the business target of the two financial institutions and focus on the institutional securities lending business.
At the end of the reporting period, the Group’s margin financing and margin trading was 548.
2.5 billion, an increase of 20 from the end of the previous year.
43%, market share 6.
02%, ranking third in the industry; of which, the margin balance is 10.
31 ppm, an increase of 40 from the end of the previous year.
65%, market share 11.
64%; maintenance guarantee ratio is 262%.
The asset management business product line has been enriched, and proactive management capabilities have been continuously improved.
In the first half of 2019, the company issued 64 new collection products, ranking first in the industry, with an annual increase of 121%.
At the end of the reporting period, Guotai Junan Asset Management’s asset management scale was 7637 ppm, an increase of 1 from the end of the previous year.
73%, of which, the scale of actively managed assets was 4042 trillion, an increase of 30 over the end of the previous year.
14%, the proportion of active management increased to 52.
According to the statistics of the Securities Industry Association, at the end of June 2019, Guotai Junan Asset Management’s asset management business ranked third in the industry.
At the end of the period, the scale of assets under management of Huaan Fund reached a record high, of which the scale of public fund management was 317.1 billion, an increase of 15 from the end of the previous year.
The brokerage business has grown rapidly.
The company continued to strengthen the application of fintech and co-developed the technology innovation board business.
In the first half of 2019, it realized net income from brokerage business procedure fees31.500 million, an increase of 24%.
Net income from securities business (including seat leasing) market share5.
75%, ranking first in the industry.
The company’s various business lines are developing steadily, and the industry leader is solid, maintaining the “Buy” level.
Risk reminders: 杭州桑拿 macroeconomic downside risks; abnormal fluctuation risks in the stock market, policy risks, etc.