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兴业证券(601377)2023年三季报点评:成本增加拖累业绩表现 双轮联动深化助力长期发展

Societe Generale Securities (601377) 2023 Third Quarter Report Review: Increased Costs Drag Down Performance, Double Round Linkage Deepens to Help Long-term Development

西部證券 ·  Oct 30, 2023 00:00

Performance fell short of expectations, mainly hampered by increased management costs and proprietary business. 23Q1-3 Societe Generale Securities achieved revenue/net profit of RMB 8.86/ 1.58 billion yuan, yoy +23%/-11%. The company's weighted average ROE was 2.99%, -1.12pcts year over year. 23Q3 net income from brokerage, interest, ownership, investment banking, and asset management accounted for 36%/29%/17%/16%/2% of main business revenue, respectively. In the Q3 quarter, the company achieved revenue/net profit of 19.2/ -215 million yuan. The shift in net profit in Q3 was mainly hampered by high management expenses (yoy +29%) and self-operated business.

The handling fee business declined overall due to the decline in market sentiment. 1) Brokerage: From 23Q1 to 3, the company's brokerage revenue was 1.77 billion yuan, yoy -18%, mainly affected by the average daily share base turnover in the Q3 market -9% year-on-year to 917 billion yuan, the decline in the company's trading volume and the decline in consignment sales revenue. 2) Asset management: 23Q1-3 The company's asset management business revenue was 109 million yuan, yoy +0.5%. As of 23Q3, the non-cargo base management scale of Xingzheng Global Fund/China Southern Fund was 283.5/515.2 billion yuan respectively, which was basically the same as at the end of the previous year. 3) Investment banks:

From 23Q1 to 3, the company's investment banking business revenue was 778 million yuan, yoy +4.7%. According to Wind data, in terms of release date, the 23Q1-3 company's share underwriting scale was 8.31 billion yuan, ranking 18th in the industry. As of October 29, the company has 30 IPO projects under review, ranking 17th in the industry.

Q3 Proprietary investment is under pressure, and the overall performance of the credit business is steady. 1) Self-employment: From 23Q1 to 3, the company's own investment revenue was 819 million yuan, which turned positive year-on-year losses. Q3's self-operating revenue in a single quarter was 420 million yuan, mainly due to the downward impact of the 23Q3 market shock. 2) Credit: 23Q1-3, the company's credit business revenue was 1.43 billion yuan, +3.7% year-on-year. As of 23Q3, the total market balance of the two loans was 1.59 trillion yuan, +3.3% compared to the end of the previous year; the company's financing capital was 29.5 billion yuan, accounting for 1.85% of the two financing market, which was basically the same as at the end of the previous year.

Investment advice: Investment+asset management is a characteristic of the company's business, and continuous deepening collaboration helps the company develop in the long term.

As the capital market boom gradually recovers, the company's various businesses are expected to experience marginal improvements. The net profit for 23-25 is estimated to be -8.8%/+22.3%/+17.6%. The current stock price corresponding to 23E is 1.06xPb, maintaining a “buy” rating.

Risk warning: policy risk, large market fluctuations, operational and business risks.

The translation is provided by third-party software.


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