Gelonghui, July 1 | Guotai Junan Research Report points out that Fangzheng Securities (601901.SH) is a large and medium-sized brokerage firm with wealth management as the core. As historical burdens are lifted one after another, fundamentals have entered an upward channel, and it is expected that future profitability will continue to dominate compared to peers. The company was given a target price of 9.57 yuan, giving it an “increase in wealth” rating. Since resuming the issuance of securities corporate bonds in 2022, the company has gradually recovered its leverage ratio from 3.4x at the end of '21 to 4.3x in 24q1. The two finance businesses have lost ground, and the self-operated business has continued to increase. Currently, the main conflict is gradually turning into progress in resolving competition issues in the industry. Ping An of China also holds Ping An Securities and Fangzheng Securities. It is necessary to resolve competition issues in the industry within 5 years and keep an eye on subsequent developments.
研报掘金丨国泰君安：予方正证券“增持”评级，目标价9.57元
Research Reports | Gtja: Gives Founder a "Shareholding" Rating and a Target Price of 9.57 Yuan.
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