Young Marshal's new appointment highlights new development ideas and is expected to form a clear-cut industry style. 1) Zhou Lefeng served as president of Xiangcai Securities in July 2022, and the new president is also a veteran of Xiangcai Securities. He has worked in Xiangcai Securities since 2001. Successive brokerage headquarters, fund custody department, financial derivatives department, credit trading department, network finance department, Shanghai brokerage business management branch, assistant president, vice president, etc. 2) personally set up the Lujiazui business department of Xiangcai Securities. As of the end of June 2022, the Lujiazui business department has about 650000 customers and custodian assets of about 25 billion. 3) what is more important is that he takes the Internet securities and financial technology business as the starting point in the industry to promote the development of wealth management business, and he is also fully responsible for the strategic cooperation with Yimeng shares, which has formed his own industry style. from this cooperation process is fast, at the same time, this exchange will fully show the company's anchoring for the future development direction.

Internet genetics has existed for a long time and has been deeply cultivated in financial technology for many years, laying the foundation for future development. 1) Internet genetics has existed for a long time and has been deeply cultivated in financial technology for many years, laying the foundation for future development. 1) Xiangcai Securities established the Internet business department in cooperation with Da Zhi as early as 2014, and the Internet gene of Xiangcai Securities in Lujiazui Business Department can be seen. 2) then, in 2017, he cooperated with Yimeng to set up the business department of Shanghai Puming Road in cooperation with Wande, which deepened the understanding of using the Internet to promote business development. 3) after the listing of Xiangcai shares in 2020, the acquisition of Da Wisdom shares has become its second largest shareholder, further enhancing the company's competitiveness in the direction of the Internet.

Yi League cooperation layer by layer is expected to promote as deep as equity, with investment as a starting point to open a new growth pole of brokerage and financial management. 1) in August 2022, Xiangcai Securities and Yimeng shares signed a strategic cooperation agreement to carry out in-depth cooperation in all-round and full-business areas for a period of 10 years. The two sides will enhance the research business and financial technology capabilities of Xiangcai Securities through the integration of research strength and information technology resources. This cooperation from the basic operation cooperation, business cooperation to the final equity cooperation, layers of depth from the outside to the inside is expected to achieve a win-win situation of 1: 1 > 2. 2) while strategic cooperation brings rapid growth of investment consulting income, it is also expected to open a new growth pole of brokerage and financial management business.

Using the segment valuation method, 1) it is predicted that the EPS of the securities segment from 2022 to 2024 will be 0.01max 0.25shock 0.30 yuan respectively. With reference to the adjusted average valuation of the comparable company, we give the segment 23-year 44.0xPE, corresponding to the segment target value of 30.903 billion yuan; 2) give the industrial segment 23-year 1.0xPB, corresponding to the target value of 2.341 billion yuan. The target value of the merger is 33.244 billion yuan, corresponding to the target price of 11.64 yuan in 2023, covering the company for the first time and giving the company a buy rating.

Risk hint

The risk of stringent regulatory policy; market risk; high risk of performance volatility caused by proprietary investment; the process / effect of strategic cooperation is not as expected.