投资业务推动业绩增速领先。上半年公司实现投资收入5.66 亿元，同比增长40.18%。经纪业务手续费净收入下降14.35%至1.54 亿元；资管业务手续费净收入基本持平，下降0.83%至4.67 亿元；投行业务手续费净收入下降15.46%至1.03 亿元。投资业务在债券市场表现较好的环境下实现有效拉动，推动公司业绩保持优势，净利润增速在目前披露业绩的上市券商中领先。Description of the event
The company released its 2024 semi-annual report. In the first half of 2024, it achieved total operating income of 1.524 billion yuan, an increase of 5.47% over the previous year; realized net profit of 0.4 billion yuan to mother, an increase of 26.56% over the previous year, and a weighted ROE of 2.64%.
Incident reviews
The investment business drives the leading performance growth rate. In the first half of the year, the company achieved investment income of 0.566 billion yuan, an increase of 40.18% over the previous year. Net income from brokerage fees decreased by 14.35% to 0.154 billion yuan; net income from asset management fees remained flat, falling by 0.83% to 0.467 billion yuan; and net income from investment banking fees decreased by 15.46% to 0.103 billion yuan. The investment business was effectively boosted in an environment where the bond market performed well, driving the company's performance to maintain its advantage. The net profit growth rate is leading among listed brokerage firms that have disclosed results so far.
The fixed income performance was impressive, and income from proprietary investment increased sharply over the same period last year. The company continued to implement a transaction-driven strategy, and its cash trading volume, trading activity and influence increased steadily. The total bond trading volume in the interbank and exchange markets was 4.69 trillion yuan, an increase of 28.40% over the previous year. In terms of bond sales, the company continues to consolidate the sales advantage of local government bonds. It has qualified as an underwriter for local government bonds in 32 provinces and cities. The total sales amount is 91.986 billion yuan, an increase of 12.21% over the previous year.
The investment bank focuses on the layout of the Beijing Stock Exchange to consolidate regional advantages. The company's investment bank is determined to implement the development position of “focus on the region and focus on the industry” and continue to deepen regional focus. Adhering to the strategy of the Beijing Stock Exchange, the two Beijing Stock Exchange IPO projects, which were exclusively sponsored and underwritten, were successfully issued and listed, raising a total of 0.555 billion yuan. The number of companies listed on the Beijing Stock Exchange and the scale of capital raised ranked first in the industry. Ten debt financing projects were completed, with a total underwriting amount of 6.372 billion yuan. Among them, the underwriting scale of Beijing Stock Exchange bonds reached 1.41 billion yuan, ranking first in the industry.
Asset management broadened the product line, and the scale of public offering increased. The company continues to diversify strategies and term types, forming diversified product lines such as fixed income, “fixed income +”, fixed growth, and charity. The company's asset management scale declined slightly by 1.83% to 60.068 billion yuan compared to the end of 2023. The subsidiary Chuangjin Hexin's private equity management scale reached 758.196 billion yuan, a year-on-year decrease of 14.24%; the public fund management scale was 152.421 billion yuan, an increase of 38.362 billion yuan over the end of 2023, an increase of 33.63%. The company's investment system continued to improve, and the number of signed clients and the size of contracted assets increased by 168.33% and 249.76%, respectively, compared with the end of 2023.
Investment advice
The company's fixed income investment performance is impressive. Investment banks have gained certain regional advantages by focusing on the layout of the Beijing Stock Exchange. The asset management product line is rich, the scale of public offering has increased, the investment system has improved, and the ability to manage wealth and serve the real economy has continued to improve. The company is expected to achieve revenue of 2.606 billion yuan, 2.956 billion yuan, and 3.296 billion yuan from 2024 to 2026, respectively. Net profit attributable to mother was 0.492 billion yuan, 0.622 billion yuan, and 703 million yuan, up 48.65%, 26.45%, and 13.14%; PB was 1.65/1.60/1.52, respectively, maintaining the “increase in holdings - A” rating.
Risk warning
The risk of downward fluctuations in the financial market may lead to a sharp drop in the price of financial assets, a decrease in the fair value of financial assets held by the company, and at the same time, directional investment may cause losses due to fluctuations.
Business progress falls short of expected risks. Under the trend of high-quality development in the securities industry, ability to practice and quality of practice have become important influencing factors in business promotion. Facing strict industry supervision, the company's business progress may slow down, thereby affecting the company's performance.
There is a risk of major risky events. Securities companies have various risks such as liquidity risk, market risk, credit risk, operational risk, and reputation risk during the operation process. After the risk occurs, it may have a huge impact on the company's performance.