CITIC Securities (600030): Continued Verification of Leading Stable Performance

CITIC Securities (600030): Continued Verification of Leading Stable Performance

Core Views CITIC Securities released its 18th annual report. The company realized operating income of 37.2 billion U.S. dollars, about -14%, and net profit attributable to its mother of 9.4 billion U.S. dollars, about -18%. At the same time, the net profit of the securities industry decreased by 41%.Level.

At the same time, the company rated average ROE6 for 18 years.

2%, still better than the industry level.

From the perspective of different industries, the time when the company’s brokerage, investment bank, and self-employed performance improved: 1) Brokerage income 74.

3 ‰, at least -7.

7%.

Company market share 6.

09%, an increase of 7% every year, maintaining the second place in the industry.

The company’s average commission rate remained at around RMB 40.00, which was higher than the industry level, due to the higher proportion of CITIC institutional customers.

2) Investment bank income 36.

4 ‰, at least -17.

4%.

The equity transfer agreement is preliminary. Under the influence of the issuance rhythm in 18 years, CITIC’s initial public offering and refinancing underwriting amounts were -39% and -15%, respectively.

In 19 years, the company will be committed to promoting the implementation of the science and technology board project, and as a leading brokerage company, it will try to significantly benefit from this policy innovation.

3) Self-employed: We use “investment income + fair value change-joint ventures” as the self-operated performance of the securities dealers. We can see that it is 80 in 18 years.

4.5 billion, -36 per second.

7%.

Expected to be affected.

Asset management and credit business improved slightly: 1) Asset management revenue.

3 ‰, +2 a year.

4%, the increase mainly comes from the income of fund management business.

Among them, the performance of brokerage asset management was affected by de-channels and fluctuated slightly; while the net income of fund management business increased by + 9%, and the size of Huaxia Fund’s public offering management at the end of 18 years was 4,505 trillion, or even + 13%.

2) Interest rate net income +0.

7%.

Among them, Liangrong’s interest income and stock pledged interest income were basically on average. At the end of 18, the company’s own funds participated in the stock pledged repurchase of about US $ 38.5 billion, -51%, and the performance guarantee ratio was 200%.Means are limited.

On the 重庆耍耍网 whole, CITIC Securities still maintains its position as a leader in the industry and performance, and strives for steady progress in future business development.

With the improvement, the company’s business layout is comprehensive and leading in the industry, and its development and growth will be more stable. As a leader of the investment bank, the company will actively participate in the promotion of the science and technology board and strive to benefit significantly.

At the same time, the plan for the acquisition of Guangzhou Securities has been steadily advanced, and the expansion of expansion has increased market share, and the concentration of leading companies has further increased.

Financial Forecast and Investment Suggestions We expect the company’s BVPS to be 13 in 2019-21.

73/14.

87/16.

18 (previously predicted 19-20 years 13).

80/14.

64), according to comparable company estimates, we give companies February 2019.

1xPB, corresponding to expected 28.

83 yuan to maintain the level of overweight.

Risk reminders: Systematic risks suppress the company’s estimates; the advancement of science and technology board is less than expected.