CITIC Securities (600030): Steady performance of balanced and continuous leading
Investment performance rose and thickened profits, leading the overall stability, the layout outlook 2019H1 return to net profit of 64.
500 million, +15 for ten years.
8%; operating income 217.
9 ppm, one year + 9%; basic EPS is 0.
53 yuan, expected ROE is 4.
11% (annualized), which is basically consistent with the performance report.
In general, the company’s investment income has grown and its performance has increased.
The company’s leader is generally solid, and EPS1 is expected in 2019-2021.
49 yuan, BPS13.
90 yuan, maintain BUY rating, target price of 26.
01 – 27.
Investment income has grown significantly. Among the securities financing business’s enhanced pricing and risk control level trading business, investment business growth is the core of performance growth.
2019H1 self-operated net income of 72 trillion, +55 in ten years.
8%, the gains from disposal of financial instruments increased significantly.
The stock self-investment insists on absolute return. The stock balance in the final trading financial assets in 19H1 was 39 billion yuan, + 30% compared with the beginning of the year.
FICC is leading the way with a forward-looking layout. Bonds and other debt investments in trading financial assets totaled 1,834 trillion, which was -1% earlier.
Quantitative alternatives are the core of alternative investments and flexible use of financial instruments and derivatives.
Securities financing improved pricing and risk management.
At the end of 19H1, 614 trillion yuan of funds were disbursed from the mainland, which was + 14% earlier; the stock pledged balance was 437 trillion, which was + 14% earlier.
2019H1█ net income of 14 trillion, +8 consecutive.
1%, mainly due to reduced interest rate expenditure.
The investment bank business scale is leading the whole line, and the private equity investment returns are excellent. The company’s investment bank business maintains its advantages and strengthens the full product coverage of customers.
The 19H1 A-share main acceptance amount was US $ 122.9 billion, with a market share of 20%, ranking first, among which the IPO scale was 160 trillion and the refinancing scale was 106.8 billion.
The amount of bond underwriting ranked first in the industry, reaching 452.9 billion yuan.
The major assets reorganization amount is about 37.5 billion, ranking third in the industry.
2019H1 investment bank net income of 180,000 yuan, three years +3.
The company’s science and technology board layout is also in a leading position.
Equity investment performance is outstanding.
Private equity investment subsidiary Jinshi Investment 19H1 net profit 8.
8 ‰, previously + 329%; alternative investment subsidiary CITIC Securities invested 19H1 net profit3.
9 trillion a year + 17%.
Brokers continue to promote the transformation of wealth management, and asset management adheres to the “based on institutions and retail” brokers to optimize customer classification and classification systems, rich product systems, and in-depth application of financial technology to achieve wealth management upgrades.19H1 brokers’ net income was 380,000 yuan, -7 throughout the year.
6%, it is expected that the main reason is that the client structure is mainly institutions.
Asset management adheres to “based on institutions, taking into account retail”, actively develops big pension and occupational annuity businesses, and strives to develop new business models for the transformation of banking business.
19H1 End Asset Management 1.
3 trillion, -3 from the beginning of the year.
Among them, the scale of collections was 1179 million, which was -12% earlier; the scale of targeted categories was 1.
2 trillion, -2 from the beginning of the year.
19H1 asset management net income 26.
7 ‰, at 厦门夜网 least -8.
The stable and balanced advantage is obvious. The business of Hengqiang, which is expected to be strong, is stable and balanced, with a forward-looking layout.
Employee incentives and mergers and acquisitions have taken a two-pronged approach to promote leapfrog development.
Taking into account the sale of the shares of CITIC Construction Investment to increase its 19-year profit and the changes in the current market environment, adjust the profit forecast, and expect EPS1 in 2019-2021.
49 (previous value was 1.
56), corresponding to PE18, 17 and 15 times.
Predict BPS13 from 2019 to 2020.
90 (previous value: 13.
88), corresponding to PB1.
61 and 1.
Comparable companies expect the average number of 2019 PBwind1.
38. Considering that the company is the industry leader, the target PB premium for 2019 is given to 1.
05 times, with a target price of 26.
01 – 27.
35 yuan, maintain BUY rating.
Risk Warning: Business development is less than expected, and market fluctuation risks.