资产管理业务多元增长,市场竞争力不断增强。公募基金管理规模快速增长，管理50 只基金，基金份额达777.77 亿份，同比+25.37%，资产规模773.30 亿元，同比+26.42%，实现营业收入1.30 亿元。证券资产管理业务在固定收益领域表现稳健，受托资产总规模达524.34 亿元，实现净收入0.92 亿元。期货资产管理规模24.73 亿元，收入0.30 亿元。私募股权基金管理业务专注于科技与健康领域，投资项目12 个，累计投资179个项目，认缴规模191 亿元，尽管营业收入有所下降，但在业绩评价上，权益类与固定收益类基金平均收益率均在行业内排名靠前。Incident: Fangzheng Securities released its 2024 semi-annual report. In 2024H1, the company achieved operating income of 3.722 billion yuan, -8.18% YoY; realized net profit to mother of 1.351 billion yuan, or -6.15% YoY. The weighted average ROE was 2.93%, -0.35pct year over year.
The wealth management business is growing strongly, and all businesses have improved. The total number of clients in the securities brokerage business was 16.17 million, +2.54% year over year; market share rebounded to 2.90%, +17BP year over year; net revenue of 1.367 billion yuan was achieved, -6.11% year over year. The credit business balance was 28.549 billion yuan, with a market share of 1.93%, +0.05pct compared to the beginning of the year; the number of credit accounts reached 0.2311 million, +0.0047 million month-on-month, with a market share of 3.48%, and the overall risk of the company's credit business is manageable. The share of fees in the futures brokerage business bucked the trend and rose to 2.72%, +0.32pct year on year, with net revenue of 0.25 billion yuan, or -3.85% year-on-year.
The return on fixed income investments continues to be high, and equity investment performance is excellent. Fixed-income investments achieved revenue of 1.469 billion yuan, +166.55% YoY. Equity investment income reached 0.232 billion yuan, +612.85% year over year, return on investment 7.24%, +6.22pct year on year. The bond sales and trading business was stable, with revenue of 40.67 million yuan, the same as the previous year. The fund market making business remains at the forefront of the industry, with 566 market-making units, accounting for 2/3 of the number of ETFs on the Shanghai and Shenzhen exchanges. The overall scale of the derivatives business declined. The scale of OTC option survival increased 61.27% year over year, and revenue swap survival scale decreased 24.55% year over year.
The asset management business is growing in diversification, and market competitiveness is constantly increasing. The scale of public fund management grew rapidly, managing 50 funds. The fund share reached 77.777 billion shares, +25.37% year over year, asset size 77.33 billion yuan, +26.42% year over year, and achieved operating income of 0.13 billion yuan. The securities asset management business performed steadily in the fixed income sector. The total amount of fiduciary assets reached $52.434 billion and achieved net income of 0.092 billion yuan. Futures asset management scale is 2.473 billion yuan, and revenue is 0.03 billion yuan. The private equity fund management business focuses on the technology and health sector. There are 12 investment projects, with a cumulative investment of 179 projects, with a commitment scale of 19.1 billion yuan. Despite a decline in operating income, the average yield of equity and fixed income funds ranked high in the industry in terms of performance evaluation.
Investment advice: Fangzheng Securities performed steadily in the first half of 2024. The wealth management business grew significantly, and the fixed income and equity investment performance was impressive. The company's revenue for 2024-2026 is estimated to be 7.175/7.613/8.084 billion yuan, net profit to mother of 2.317/2.635/2.893 billion yuan, and diluted earnings per share of 0.28/0.32/0.35 yuan/share. The PE valuation corresponding to the closing price on September 2 is 24.09/21.18/19.29 times. Maintain a “buy” rating.
Risk warning: interbank competition risk, equity market fluctuation risk, macroeconomic downside risk
