Investment Rating - The report maintains a rating of "Accumulate" for the company [2] Core Views - The company experienced a decline in revenue and profit in 2023, with total revenue of 17.09 billion yuan, down 8.75% year-on-year, and a net profit of 2.75 billion yuan, down 8.53% year-on-year [4][5] - The brokerage business faced continuous pressure, while interest income saw a slight increase [5] - The investment business contributed positively, with investment income rising by 15.8% year-on-year [6] Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 170.9 billion yuan, a decrease of 8.75% year-on-year, and a net profit of 27.5 billion yuan, down 8.53% year-on-year [4][5] - The company's revenue structure showed slight changes, with self-operated, brokerage, investment banking, asset management, and credit contributing 17.4%, 16.3%, 8.8%, 11.9%, and 10.3% respectively to total revenue [5] Brokerage and Investment Banking - Brokerage business net income was 2.78 billion yuan, down 9.8% year-on-year, primarily due to a decline in A-share market trading [5] - Investment banking revenue decreased by 12.9% year-on-year, with the company raising 6.83 billion yuan in 2023 [6] Investment Business - The investment business reported an income of 2.97 billion yuan, an increase of 15.8% year-on-year, mainly due to changes in the fair value of financial assets [6] - The company’s asset management scale was 235.75 billion yuan at the end of 2023, with a slight contraction in public fund management scale [6] Future Outlook - The company is expected to benefit from the registration system reform, which may help restore performance in the investment banking sector [6] - The forecast for net profit for 2024-2026 is adjusted to 3.12 billion, 3.26 billion, and 3.54 billion yuan respectively, with corresponding EPS of 0.37, 0.38, and 0.42 yuan [6][7]

[Table_MainInfo] 公司研究/金融/券商 证券研究报告 东方证券（600958）公司年报点评 2024年03月29日 [Table_InvestInfo] 四季度各业务条线收入下滑，自营转亏为 投资评级 优于大市 维持 业绩最大拖累 股票数据 [0T3a月ble28_日St收oc盘k价In（fo元] ） 8.24 [ 投Ta 资bl 要e_ 点Su ：m 2m 0a 2r 3y] 年第四季度公司各业务条线收入全线下滑，其中自营转亏 52周股价波动（元） 7.88-12.12 为公司业绩最大拖累。我们看好公司长期在财富管理转型以及基金管理方面 股本结构 的增量。合理价值区间9.80-11.58元，维持“优于大市”评级。 [总Ta股b本le（_C百a万p股ita）lI nfo] 8497 流通A股（百万股） 7469  【事件】东方证券发布 2023 年业绩：2023 年实现营业收入 170.9 亿元，同比 -8.7%；归母净利润27.5亿元，同比-8.5%；对应EPS 0.32元，ROE 3.45%， B股/H股（百万股） 0/1027 同比-0.71pct。第四季度实现营业收入34.0亿元，同 ...

股 票 研 究 [Table_industryInfo] 综合金融/金融 [ Table_Main[ 东ITnaf 方bol]e 证_Ti 券tle] ( 600958) [评Tab级le_：Inv est] 增持 上次评级： 增持 资管业绩承压，专业化能力提升驱动增长 目 标 价 12.30 格： 上次预测： 12.30 ——东方证券 2023年报点评 公 当前价格： 8.22 司 刘欣琦(分析师) 王思玥(研究助理) 2024.03.28 021-38676647 021-38031024 更 [交Ta易bl数e_M据a rket] liuxinqi@gtjas.com wangsiyue028676@gtjas.com 新 证书编号 S0880515050001 S0880123070151 52周内股价区间（元） 8.04-11.70 报 总市值（百万元） 69,842 本报告导读： 总股本/流通 A股（百万 8,497/7,469 告 公司资管业务收入同比下滑致使业绩承压；资管业务投研核心能力持续提升，有望 股流）通 B 股/H 股（百万 0/1,027 更好把握证监会系列政策带来的资管行业高质量发 ...

Investment Rating - The report assigns a "Buy" rating for both A-shares and H-shares of the company [1]. Core Views - The company's performance in 2023 showed a decline in revenue and net profit due to market fluctuations and impairment provisions, with revenue at CNY 17.09 billion, down 8.75% year-on-year, and net profit at CNY 2.75 billion, down 8.53% year-on-year. The quality of the balance sheet has further strengthened [5][15]. - The company anticipates a rebound in performance in 2024 due to a low base effect, with a reasonable value estimated at CNY 11.37 per share for A-shares and HKD 4.30 for H-shares [1][5]. Summary by Sections Market Fluctuations and Impairment Impacting Company Performance - Revenue decreased by 8.75% year-on-year, while net profit fell by 8.53% due to market volatility and impairment provisions [5][15]. - The weighted ROE was 3.45%, a decrease of 0.71 percentage points year-on-year, with total assets increasing by 4.24% to CNY 383.69 billion [8][15]. - The revenue structure shows a slight increase in the proportion of heavy asset business, reaching 40.15% [13]. Asset Management and Proprietary Business Performance - The asset management segment saw a revenue decline of 24.5% year-on-year, with net profit down 40.7% [15]. - Brokerage business revenue was CNY 2.78 billion, down 9.9% year-on-year, while the number of client accounts increased by 10.3% [20]. - Capital intermediary business revenue increased by 6.5%, with interest income from lending down by 7.5% [28]. Investment Banking and Proprietary Business Developments - Investment banking revenue decreased by 12.87% year-on-year, with a significant drop in equity underwriting [33]. - Proprietary business revenue increased by 19.01%, with notable improvements in off-exchange business [39]. Profit Forecast and Investment Recommendations - The report maintains a "Buy" rating, projecting a recovery in the wealth management business and overall market conditions in 2024 [1][5].

公司研 究 证 券研究 报 告 证券Ⅲ 2024年03月29日 东 方证券（600958）2023年报点评 推 荐 （维持） 目标价：11.0元 业绩符合预期，持续关注财富管理转型 当前价：8.24元 事项： 华创证券研究所  公司披露2023年年报，总营收170.9亿元（同比-8.7%），归母净利润27.5亿 证券分析师：徐康 元（同比-8.5%），归母净资产787.5亿元（较期初+1.8%）。 评论： 电话：021-20572556 邮箱：xukang@hcyjs.com  全年ROE为3.5%（同比-0.7pct），杜邦拆分： 执业编号：S0360518060005 1）杠杆：杠杆有所修复回升。财务杠杆倍数3.82倍（同比+0.32倍）。2022年 联系人：刘潇伟 公司开展再融资，净资产增长明显，杠杆有所回落；报告期内杠杆逐步回升至 历年均值。负债结构上，计息负债累计增长273亿元，其中卖出回购金融资产 邮箱： liuxiaowei@hcyjs.com 款+114亿元，主要来自自营业务杠杆；应付债券+44亿元；拆入资金+173亿 元，主要是同业拆借类短期负债。 公司基本数据 2）ROA下降至1.0% ...

Investment Rating - The investment rating for the company is "Add" [1] Core Views - The company reported a revenue of 170.90 billion and a net profit attributable to shareholders of 27.54 billion for the year, reflecting a year-on-year decline of 8.7% and 8.5% respectively. In the fourth quarter, the company achieved a revenue of 33.95 billion, a quarter-on-quarter decrease of 32.1%, and a net loss attributable to shareholders of 1.03 billion [1] - The company has seen a recovery in its funding-related business, with credit impairment losses remaining high, impacting overall performance. The revenue from fee-based and funding-related businesses was 69.35 billion and 46.78 billion respectively, with year-on-year changes of -13.7% and +16.2% [1] - The company is steadily advancing its wealth management transformation, despite pressure on fee-based businesses. The net income from brokerage, investment banking, and asset management was 27.81 billion, 15.10 billion, and 20.29 billion respectively, with year-on-year declines of -9.8%, -12.9%, and -23.3% [1] - The company is expanding its balance sheet, with a recovery in proprietary investments. Net interest income and investment income were 17.64 billion and 29.14 billion respectively, with year-on-year increases of +7.6% and +22.0% [1] - The company maintains a competitive advantage in its large asset management business, and the repurchase of shares during the reporting period reflects management's confidence. The expected net profit attributable to shareholders for 2024 and 2025 is projected to be 32.85 billion and 37.78 billion, representing year-on-year growth of +19.3% and +15.0% [1] Summary by Sections - **Revenue and Profit Forecast**: The company is expected to achieve revenues of 176.78 billion in 2024 and 188.03 billion in 2025, with net profits of 32.85 billion and 37.78 billion respectively [2] - **Income Breakdown**: The projected net income from fee-based services is expected to decline to 62.69 billion in 2024, while investment income is expected to rise to 38.49 billion [2] - **Cost Management**: Operating expenses are projected to decrease to 137.14 billion in 2024, with management expenses expected to be 75.69 billion [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The wealth management business is developing steadily, and the valuation has a margin of safety. The company's total revenue and net profit for 2023 were CNY 17.09 billion and CNY 2.75 billion, respectively, representing a year-on-year decline of 8.8% and 8.5%. The fourth quarter saw a net profit loss of CNY 100 million, consistent with preliminary reports. The average ROE was 3.45%, an increase of 0.71 percentage points from 2022. The leverage ratio at year-end (excluding client margin) was 3.46 times, up 9% from the beginning of the year. Investment income in Q4 decreased by 89%, impacting overall performance. For the full year, market volatility led to declines in brokerage, investment banking, and asset management net income, while investment income provided some support. Credit impairment provisions amounted to CNY 1 billion, which was a drag on performance. The net profit forecasts for 2024-2025 have been revised down to CNY 3.49 billion and CNY 4.01 billion, respectively, with a new forecast for 2026 at CNY 4.76 billion, corresponding to EPS of CNY 0.4, CNY 0.5, and CNY 0.6 [4][5][6]. Summary by Sections Financial Performance - In 2023, the company's total revenue was CNY 17.09 billion, down 8.7% year-on-year, while the net profit was CNY 2.75 billion, a decrease of 8.5%. The gross margin was 16.1%, and the net margin was also 16.1%. The ROE was 3.5% [6][7]. - The company's wealth management line, including Dongzheng Asset Management and Huitianfu, contributed an estimated profit of CNY 1.1 billion, down 35% year-on-year [4]. Business Segments - Brokerage business net income was CNY 2.78 billion, down 9.8% year-on-year, with a total of 2.69 million accounts at year-end, an increase of 10% [5]. - Investment banking revenue was CNY 1.51 billion, down 13% year-on-year, with an IPO underwriting of 7 deals totaling CNY 6.9 billion, a decrease of 11% [5]. - Proprietary investment income was CNY 2.39 billion, up 26% year-on-year, with an investment income rate of 2.36% [5]. Asset Management - Dongzheng Asset Management reported revenue and net profit of CNY 2.06 billion and CNY 490 million, respectively, down 24% and 41% year-on-year. The annualized ROE was 13% [4]. - Huitianfu's revenue and net profit were CNY 5.37 billion and CNY 1.42 billion, down 21% and 32% year-on-year, with an annualized ROE of 15% [4]. Valuation - The current stock price corresponds to a PB of 0.9 for 2024-2026, indicating a valuation with a margin of safety. The report maintains a "Buy" rating based on these valuations [4][5].

Investment Rating - The investment rating for the company is "Buy" [1][4]. Core Views - The company reported a revenue of 17.09 billion yuan in 2023, a decrease of 8.75% year-on-year, and a net profit attributable to shareholders of 2.75 billion yuan, down 8.53% year-on-year. The decline in revenue is primarily due to cyclical impacts on brokerage, investment banking, and asset management businesses [1]. - The investment business showed growth, with income from investment activities reaching 2.39 billion yuan, an increase of 25.67% year-on-year, driven by strong performance in the first and third quarters [1]. - The company has made progress in institutional business, with a 24.9% increase in interbank bond trading volume and a 177.2% increase in exchange bond trading volume [1]. - The brokerage business faced pressure, with brokerage income of 2.78 billion yuan, down 9.85% year-on-year, and a market share of 1.63% [1]. - The asset management business saw a revenue decline of 23.31% year-on-year, with total management scale decreasing to 235.75 billion yuan [1]. - The investment banking segment experienced a revenue drop of 12.86% year-on-year, completing 15 equity financing projects with a total underwriting amount of 12.998 billion yuan [1]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 17.09 billion yuan, a decrease of 8.75% from the previous year. The net profit attributable to shareholders was 2.75 billion yuan, down 8.53% year-on-year, with an EPS of 0.30 yuan, a decline of 14.29% [1][2]. - The weighted average return on equity (ROE) was 3.45%, a decrease of 0.71 percentage points year-on-year [1]. Business Segments - Investment Business: Revenue from investment activities was 2.39 billion yuan, up 25.67% year-on-year, with significant contributions from the first and third quarters [1]. - Brokerage Business: Revenue was 2.78 billion yuan, down 9.85% year-on-year, with a market share of 1.63% [1]. - Asset Management: Revenue decreased to 2.03 billion yuan, down 23.31% year-on-year, with total management scale at 235.75 billion yuan [1]. - Investment Banking: Revenue was 1.51 billion yuan, down 12.86% year-on-year, with a total underwriting amount of 12.998 billion yuan [1]. Future Outlook - The company has adjusted its profit forecasts for 2024 and 2025 downwards by 19.89% and 23.66%, respectively, expecting net profits of 3.18 billion yuan and 3.37 billion yuan in those years [1]. - The projected PE ratios for 2024, 2025, and 2026 are 22.4, 21.1, and 20.1, respectively, with PB ratios of 1.0, 0.9, and 0.9 [1][2].

Investment Rating - The report maintains a "Buy" rating for the company [6][12]. Core Insights - The company reported a slight decline in revenue and net profit for 2023, with total revenue at 17.09 billion yuan, down 9% year-on-year, and net profit at 2.754 billion yuan, down 8.5% year-on-year. The fourth quarter of 2023 saw a significant drop in revenue, with a 49% year-on-year decrease [6][7]. - Investment and credit business showed growth against the trend, while fee-based income was affected by market conditions. The company’s brokerage, investment banking, asset management, net interest income, net investment income, and long-term stock investment revenues experienced varied changes [6][7]. - The report highlights the impact of market volatility on the company's performance, particularly in the fourth quarter, where investment losses were a significant factor in the reported net loss [6][7]. - The company’s asset management performance was below industry standards, with a notable decline in profit contributions from public funds due to fee reduction policies [6][7]. - The report projects a recovery in net profit for 2024, estimating it at 3.07 billion yuan, representing an 11.5% year-on-year increase [7][9]. Summary by Sections Financial Performance - Total revenue for 2023 was 17.09 billion yuan, down 9% year-on-year, with a net profit of 2.754 billion yuan, also down 8.5% year-on-year. The fourth quarter saw a revenue of 3.39 billion yuan, down 49% year-on-year [6][7]. - The company’s return on equity (ROE) for 2023 was 3.45%, a decrease of 0.71 percentage points year-on-year [6][7]. Revenue Breakdown - The revenue from brokerage services was 2.78 billion yuan, down 10% year-on-year, while net investment income increased by 35% to 2.33 billion yuan. The company’s income from investment and credit business showed resilience [6][7]. Asset Management - The company’s public asset management unit reported a net profit of 490 million yuan, down 41% year-on-year, indicating pressure from fee reduction policies [6][7]. Future Projections - The report anticipates a recovery in net profit, projecting 3.07 billion yuan for 2024, with subsequent years showing continued growth [7][9].

证券研究报告 公 2024年03月28日 司 报 告 东方证券(600958) │ 行 业： 非银金融/证券Ⅱ 金 投资评级： 买入（维持） 融 当前价格： 8.22元 财富管理业务有所承压，股质规模进一步压缩 - 公 目标价格： 11.66元 司 事件： 年 基本数据 报 东方证券发布 2023 年报，公司累计实现营业收入 170.9 亿，同比-8.7%； 点 总股本/流通股本(百万股) 8,496.65/8,463.16 归母净利润27.54亿，同比-8.5%；ROE 3.45%，较去年同期减少0.71pct。 评 流通A股市值(百万元) 61,123.89 ➢ 收费类业务：权益市场波动影响财富及资管业务收入 每股净资产(元) 8.68 1）公司2023年累计实现经纪业务手续费净收入27.8亿，同比-10%，23Q4 资产负债率(%) 79.47 单季度实现经纪业务收入6.2亿，同比-19%/环比+2%，23Q4经纪业务收 入占证券主营收入比重30.8%，环比+9.3pct。 一年内最高/最低(元) 12.12/7.88 2）公司2023年累计实现资管业务收入20.3亿，同比-23%，23Q4单季度 股价 ...