Gelonghui, December 18 | According to the Haitong Securities Research Report, apart from the significant month-on-month increase in proprietary revenue in the third quarter, the rest of the business of Oriental Securities (600958.SH) was under pressure year on year and month on month. According to the research report, the month-on-month doubling of the net profit of the third quarter was mainly due to the high credit impairment calculation for the second quarter, which led to the low net profit base of the company. The company's credit impairment in the second quarter was as high as 940 million yuan, while the credit impairment for the third quarter was only 50 million yuan. The bank is optimistic about the company's wealth management transformation and growth in fund management, giving it 1.2-1.4x P/B in 2023, corresponding to a reasonable value range of 10.61-12.38 yuan, maintaining a “superior to the market” rating.
研报掘金丨海通证券：维持东方证券“优于大市”评级，看好公司在财富管理转型以及基金管理方面的增量
Research Report Nuggets: Haitong Securities: Maintaining Oriental Securities's “superior to the market” rating, optimistic about the company's wealth management transformation and fund management growth
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