加大协同力度，公司持续推动向财富管理转型。2023 年上半年公司经纪业务收入1.8 亿元，同比-8.4%，占营业收入比重12.4%。同期全市场日均股基交易额10271 亿元，同比-2.0%。公司代销金融产品收入0.09 亿元，同比+10.9%，占经纪业务收入比重小幅提升至5.0%。公司两融余额61 亿元，较年初+3.3%，市占率0.4%；全市场两融余额1.59 万亿元，较年初+3.1%。Investment points: The company is characterized by fixed income and is a scarce target among existing listed brokerage firms. We are committed to building a securities company with fixed income characteristics and asset management business as the core. The reasonable value range is 5.55-6.29 yuan, maintaining a “neutral” rating.
[Event] The company announced its semi-annual results for 2023: in the first half of 2023, the company achieved revenue of 1.45 billion yuan, +8.8%; net profit of 320 million yuan, +10.0%; corresponding EPS of 0.08 yuan, ROE 2.1%, +0.17 pct. In the second quarter, revenue was 750 million yuan, -5.5% year on year, and +8.9% month on month.
Net profit for the return mother was 180 million yuan, -18.7% YoY and +24.3% YoY.
Increased collaboration has been strengthened, and the company continues to promote the transformation to wealth management. In the first half of 2023, the company's brokerage revenue was 180 million yuan, -8.4% year-on-year, accounting for 12.4% of revenue. The average daily stock trading volume of the entire market during the same period was 1027.1 billion yuan, -2.0% year-on-year. The company's revenue from brokerage financial products was 09 billion yuan, +10.9% year-on-year, and its share of brokerage revenue increased slightly to 5.0%. The company's financial balance was 6.1 billion yuan, +3.3% compared to the beginning of the year, with a market share of 0.4%; the total market balance was 1.59 trillion yuan, +3.1% from the beginning of the year.
The investment banking business continues to adhere to the development position of “focus on region, focus on industry” to help enterprises grow bigger, better and stronger through the capital market. The company's investment banking revenue for the first half of 2023 was 120 million yuan, -11.5% year-on-year. The company's shareholder underwriting scale was 3.39 billion yuan, with a year-on-year ratio of -33.7%, ranking 36th; of these, 4 refinanced companies, with an underwriting scale of 3.4 billion yuan. The underwriting scale of bond owners was 9.3 billion yuan, +73.2% year-on-year, ranking 54th; of these, the underwriting scale of corporate bonds, ABS, and financial bonds was 7.6 billion yuan, 1.1 billion yuan, and 600 million yuan respectively. There are 4 IPO reserve projects, ranking 33rd, including 1 on the main board of the two markets, 1 in the Beijing Stock Exchange, and 2 in the GEM.
We are committed to becoming a securities company with fixed income characteristics and asset management business as the core. The company's asset management business revenue for the first half of 2023 was 4.7 billion yuan, -5.4% year-on-year. The asset management scale was 65.6 billion yuan, +19.3% compared to the beginning of the year. The company continues to improve its active management capabilities and product creation capabilities, is customer-centered, enriches investment types and product lines, creates first-mover advantages for ESG and FOF investment and ABS business characteristics, lays out public REITs business, issues public welfare asset management products, and consolidates investment, research and risk control capabilities.
Self-employment increased significantly over the same period last year. In the first half of 2023, the company's investment income (including fair value) was 40 million yuan, +130.5%; investment income (including fair value) for the second quarter was 190 million yuan, -3.3% year-on-year, -7.2% year-on-year.
[Investment Suggestion] We expect the company's net profit of 2023E-2025E to be 542 million yuan, 599 million yuan, and 653 million yuan respectively, +35%/+11%/+9% year-on-year, net profit per share of 0.13/0.14/0.16 yuan, and net assets per share of 3.70/3.83/3.96 yuan respectively. We gave it 1.5-1.7x 2023E PB (considering that the company is characterized by fixed income, is a scarcity target among existing listed brokerage firms, and that active asset management products have the highest yield, and that active asset management products have the highest yield, an appropriate valuation premium). The corresponding reasonable value range is 5.55-6.29 yuan, maintaining a “neutral” rating.
Risk warning: Continued market downturn has led to a decline in business scale, and market supervision has been further strengthened.
