Fangzheng Securities (601901) 2023 Annual Report Review: Consolidating Traditional Advantages and Increasing Financial Leverage

事件：方正证券发布2023 年年度报告，报告期内公司实现营业收入71.19 亿元，同比-8.46%；实现归母净利润21.52 亿元，同比+0.21%；剔除客户资金后的财务杠杆率回升至3.98 倍，ROE（加权）为4.88%。

轻资产业务承压，重资产业务表现出色。受市场交投情绪低迷和融资政策收紧影响，公司轻资产业务持续承压，报告期内公司轻资产业务收入40.08 亿元，同比-15.58%。重资产业务为公司业绩提供支撑，报告期内公司重资产业务收入31.25 亿元，同比+8.62%。

证券经纪业务优势明显，基金管理规模快速扩张。公司经纪业务手续费净收入32.74 亿元，同比-9.06%；其中代理买卖证券业务净收入21.74亿元，截至23Q4 证券经纪业务市占率同比+0.28pct 至2.90%。公司投行业务手续费净收入2.11 亿元，同比-60.38%；2023 年公司股债承销规模均下滑，股权、债券承销规模分别同比-41.84%、-47.08%至41.23、196.82亿元。公司资管业务手续费净收入1.81 亿元，同比-23.15%；方大富邦基金管理规模保持高速增长，公募基金管理规模同比+22.37%至611.67 亿元，私募资产管理规模同比+41.32%至163.54 亿元。

两融业务市场份额提升，投资规模增加驱动自营业务收入增长。利息净收入方面，公司利息收入同比+6.59%至43.91 亿元，但拆入资金和应付债券大幅增加导致利息支出同比+26.27%至29.71 亿元，利息净收入同比-19.61%至14.21 亿元；截至报告期末公司两融余额308.93 亿元，市场份额同比+0.17pct 至1.87%。自营业务收入方面，公司自营业务收入同比+53.54%至17.05 亿元，为主要的收入增量来源；公司金融投资规模快速增加，截至报告期末金融投资规模为986.68 亿元，同比+22.38%。

资产负债表结构优化，监管指标大幅改善。截至报告期末，剔除客户资金后的总资产同比+28.51%至1802.17 亿元，公司重点通过发行债券带动杠杆提升，财务杠杆倍数同比+0.73 倍至3.98 倍。公司监管指标明显改善，母公司流动性覆盖率同比+83.56%至222.99%，净稳定资金率同比+23.16%至162.26%。

投资建议：公司证券经纪业务优势稳固，自营业务为业绩提供支撑，融资环境修复后负债成本下降、杠杆率回升，后续ROE 提升可期。预计2024-2026 年营业收入同比+17.84%、+9.80%、+8.40%，归母净利润同比+18.19%、+10.36%、+8.88%，EPS 为0.31、0.34、0.37 元/每股，对应3月28 日收盘价的PE 为26.47、23.98、22.03 倍。给予“买入”评级。

风险提示：宏观经济不及预期、市场交投情绪持续低迷、行业竞争大幅加剧

Incident: Fangzheng Securities released its 2023 annual report. During the reporting period, the company achieved operating income of 7.119 billion yuan, -8.46%; realized net profit to mother of 2.152 billion yuan, +0.21% year over year; the financial leverage ratio after excluding customer funds rose to 3.98 times, and the ROE (weighted) was 4.88%.

The asset-light business is under pressure, and the asset-heavy business has performed well. Affected by sluggish market trading sentiment and tightening financing policies, the company's asset-light business continued to be under pressure. The company's asset-light business revenue during the reporting period was 4.08 billion yuan, -15.58% over the same period last year. The asset-heavy business supported the company's performance. During the reporting period, the company's asset-heavy business revenue was 3.125 billion yuan, +8.62% over the same period last year.

The securities brokerage business has obvious advantages, and the scale of fund management is expanding rapidly. The company's net brokerage fee revenue was 3.274 billion yuan, -9.06% year-on-year; of this, the net revenue from the securities brokerage business was 2.174 billion yuan, and the market share of securities brokerage business was +0.28pct to 2.90% year-on-year as of 23Q4. Net income from the company's investment banking business fees was 211 million yuan, -60.38% year on year; the company's share and bond underwriting scale all declined in 2023, with equity and bond underwriting scales of -41.84% and -47.08% year-on-year, respectively, to 41.23 billion yuan and 19.682 billion yuan. The company's net revenue from asset management business fees was 181 million yuan, -23.15%; Fangda Fubon's fund management scale maintained rapid growth. The public fund management scale was +22.37% to 61,167 billion yuan, and the private equity asset management scale was +41.32% compared to the same period last year to 16.354 billion yuan.

The market share of the two finance business increased, and the increase in the scale of investment drove the revenue growth of the proprietary business. In terms of net interest income, the company's interest income was +6.59% year over year to 4.391 billion yuan, but the sharp increase in consolidated funds and bonds payable led to interest expenses +26.27% to 2,971 billion yuan, and net interest income -19.61% year over year to 1,421 billion yuan; as of the end of the reporting period, the company's balance of two loans was 30.893 billion yuan, and the market share was +0.17pct to 1.87% year over year. In terms of self-operated business revenue, the company's self-operated business revenue was +53.54% to 1.705 billion yuan, the main source of revenue growth; the scale of the company's financial investment increased rapidly. As of the end of the reporting period, the scale of financial investment was 98.668 billion yuan, +22.38% year-on-year.

The balance sheet structure has been optimized, and regulatory indicators have been greatly improved. As of the end of the reporting period, total assets excluding customer funds were +28.51% year-on-year to 18.217 billion yuan. The company focused on increasing leverage by issuing bonds, and the financial leverage ratio was +0.73 times 3.98 times compared to the same period last year. The company's regulatory indicators improved markedly. The parent company's liquidity coverage rate was +83.56% to 222.99% year over year, and the net stable capital ratio was +23.16% to 162.26% year over year.

Investment advice: The company's securities brokerage business has stable advantages, and its own business supports performance. After the financing environment is repaired, debt costs have declined, leverage ratio has rebounded, and subsequent ROE increases can be expected. The 2024-2026 operating income is expected to be +17.84%, +9.80%, +8.40%, net profit to mother +18.19%, +10.36%, +8.88%, EPS is 0.31, 0.34, 0.37 yuan/share, and PE corresponding to the closing price on March 28 is 26.47, 23.98, and 22.03 times. Give it a “buy” rating.

Risk warning: The macroeconomy falls short of expectations, market trading sentiment continues to be sluggish, and industry competition has intensified sharply

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方正证券(601901)2023年年报点评：传统优势稳固 财务杠杆抬升

Fangzheng Securities (601901) 2023 Annual Report Review: Consolidating Traditional Advantages and Increasing Financial Leverage

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方正证券(601901)2023年年报点评：传统优势稳固财务杠杆抬升