Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 18.5 CNY, while the current price is 15.24 CNY [1]. Core Views - The company's Q1 performance met expectations, with total revenue of 4.3 billion CNY (down 9.7% year-on-year and down 13.2% quarter-on-quarter) and a net profit attributable to shareholders of 2.16 billion CNY (up 4.5% year-on-year and down 8.7% quarter-on-quarter) [1]. - The brokerage and investment businesses are the main contributors to the company's performance, with investment business revenue showing resilience [1]. - The self-operated investment yield remains stable, with Q1 self-operated business income of 2.05 billion CNY (up 18.8% year-on-year and up 1.9% quarter-on-quarter) [1]. - The company has slightly adjusted its earnings forecast upwards due to the increased proportion of self-operated business and stable investment performance, projecting EPS of 1.11 CNY for 2024 [1][2]. Financial Summary - Q1 revenue breakdown: brokerage, investment banking, asset management, credit, and investment business revenues were 1.32 billion CNY, 90 million CNY, 160 million CNY, 120 million CNY, and 2.05 billion CNY respectively, contributing 30.7%, 2%, 3.6%, 2.8%, and 47.7% to total revenue [1]. - The financial leverage ratio at the end of Q1 was 4.57 times, with a financial investment scale of 361.41 billion CNY (up 18.2% year-on-year) [1]. - The company’s net commission income for Q1 was 1.71 billion CNY (down 12.3% year-on-year) [1]. - The projected total revenue for 2024 is 19.82 billion CNY, with a year-on-year growth rate of 5.4% [2].

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company, with a target price of CNY 19.31 per share and HKD 8.40 per share [4]. Core Views - The company's performance in Q1 2024 showed a revenue of CNY 4.299 billion, down 9.7% year-on-year, and a net profit attributable to shareholders of CNY 2.157 billion, down 4.5% year-on-year, primarily due to a recovery in proprietary trading [1][2]. - The proprietary trading segment has shown a stable recovery, with net investment income and fair value changes amounting to CNY 2.399 billion in Q1, an increase of 13.5% year-on-year [1]. - The investment banking business experienced a decline, but at a rate better than the market average, while the wealth management segment faced pressure from market conditions [1]. Financial Summary - For 2024-2025, the company is projected to have earnings per share (EPS) of CNY 1.01 and CNY 1.21 respectively, with a price-to-earnings (P/E) ratio of 15.08 and 12.64 [3]. - The company's total assets reached CNY 642.6 billion, a year-on-year increase of 7.0%, with a leverage ratio (excluding client margin) of 4.42, up 0.25 year-on-year [1]. - The forecasted net profit for 2024 is CNY 8.790 billion, reflecting a slight increase of 0.3% year-on-year, while the revenue is expected to grow by 6.7% to CNY 21.156 billion [3].

上 市 公 司 非银金融 2024年04月26日 招商证券 (600999) 公 司 研 究 —— 符合预期，经纪与投资收入贡献占比约 8 成 公 司 点 报告原因：有业绩公布需要点评 评 事件：招商证券公布2024年一季报，业绩符合预期。1Q24公司实现营收43.0亿/yoy-10%； 增持 （维持） 归母净利润21.6亿/yoy-5%。1Q24加权ROE（未年化）1.87%/yoy-0.22pct。 ⚫ 收入拆分：经纪+净投资收入占比约8成，投资业务同比增2成。营收拆分：1Q24经纪、 投行、资管、净利息、净投资、长股投（主要是博时基金和招商基金）收入分别为13.2、 证 市场数据： 2024年04月26日 券 0.9、1.6、1.2、20.7亿元，收入占比31%、2%、4%、3%、49%、8%；分别同比-7%、 收盘价（元） 15.24 研 一年内最高/最低（元） 15.91/12.62 -43%、-14%、-76%、+20%、-10%。投资业务为唯一正增业务：公司以固收类投资资 究 市净率 1.1 产为主，因此在债市较强的市场环境中投资收入表现更佳，1Q23-1Q24 公司各季净投资 报 息率（分红/ ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 4,298,673,959.40, representing a decrease of 9.66% compared to the same period last year[5]. - Net profit attributable to shareholders was CNY 2,157,223,258.83, down 4.54% year-on-year[5]. - Total revenue for Q1 2024 was CNY 4,298,673,959.40, a decrease of 9.66% compared to CNY 4,758,451,712.94 in Q1 2023[19]. - Operating profit for Q1 2024 was CNY 2,274,458,520.21, a decrease of 10.7% from CNY 2,548,238,988.59 in Q1 2023[19]. - Net profit for Q1 2024 was CNY 2,158,289,650.23, down 4.5% from CNY 2,260,720,408.94 in Q1 2023[20]. - The company reported a significant decline in investment income, with a loss of CNY 242,494,161.71 in Q1 2024 compared to a profit of CNY 1,680,666,535.68 in Q1 2023[19]. - Other comprehensive income after tax for Q1 2024 was CNY 184,186,577.21, compared to CNY 30,765,692.77 in Q1 2023, indicating a substantial increase[20]. - Basic earnings per share for Q1 2024 were CNY 0.23, down from CNY 0.24 in Q1 2023[20]. - The total comprehensive income for Q1 2024 was CNY 2,132,831,786.26, an increase from CNY 2,024,646,184.97 in Q1 2023[26]. Cash Flow and Investments - The net cash flow from operating activities decreased significantly by 73.14%, amounting to CNY 6,641,509,004.58[5]. - In Q1 2024, the net cash flow from operating activities was CNY 31,116,897,873.44, an increase from CNY 28,998,927,289.87 in Q1 2023, representing a growth of approximately 7.7%[27]. - The net cash flow from investment activities was -CNY 10,439,394,650.54 in Q1 2024, compared to a positive cash flow of CNY 2,704,311,489.57 in Q1 2023, indicating a substantial increase in investment outflows[21]. - The cash inflow from operating activities totaled CNY 56,349,512,298.26 in Q1 2024, up from CNY 45,766,287,744.36 in Q1 2023, reflecting an increase of around 23%[27]. - The cash inflow from interest, fees, and commissions in Q1 2024 was CNY 3,872,327,771.02, slightly lower than CNY 3,983,941,046.31 in Q1 2023, showing a decrease of approximately 2.8%[27]. - The cash inflow from financing activities in Q1 2024 was CNY 21,640,836,275.00, significantly higher than CNY 7,106,465,364.62 in Q1 2023, marking an increase of about 204.5%[28]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 642,582,607,133.21, a decline of 7.66% from the previous year[6]. - Total liabilities decreased to CNY 518,203,198,638.65 as of March 31, 2024, from CNY 573,816,058,013.50 as of December 31, 2023, a reduction of 9.7%[18]. - Total equity attributable to shareholders increased by 1.92% to CNY 124,302,836,800.07[6]. - The total assets decreased to CNY 642,582,607,133.21 as of March 31, 2024, from CNY 695,852,990,280.62 as of December 31, 2023, a decline of 7.6%[18]. - The total amount of financial investments in trading assets decreased from CNY 278.74 billion to CNY 260.82 billion, a decline of about 6.43%[17]. - The total amount of derivative financial assets increased to CNY 7.28 billion from CNY 6.68 billion, reflecting a growth of about 8.99%[17]. - The total cash outflow from operating activities in Q1 2024 was CNY 25,232,614,424.82, compared to CNY 16,767,360,454.49 in Q1 2023, reflecting an increase of approximately 50.5%[27]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 146,634[11]. - The company’s goodwill remained stable at CNY 9.67 billion, unchanged from the previous reporting period[17].

证券代码：600999 证券简称： 招商证券 编号： 2024－017 招商证券股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 董事会会议召开情况 招商证券股份有限公司（以下简称公司）第八届董事会第四次会议通知于 2024 年 4 月 12 日以电子邮件方式发出。会议于 2024 年 4 月 26 日在广东省深圳 市以现场结合通讯方式召开。 第八届董事会第四次会议决议公告 本次会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规 范性文件和《招商证券股份有限公司章程》的规定。 二、 董事会会议审议情况 （一）关于公司 2024 年第一季度报告的议案 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会预审通过。 （二）关于招商证券国际有限公司及其下属全资子公司 2024 年度担保授权 方案的议案 1 本次会议由霍达董事长召集并主持，应出席董事 15 人，实际出席董事 15 人（其中：以通讯方式出席会议的董事 13 人）。公司全体监事和部分高级管理人 员列席了会 ...

Financial Performance - The total revenue for Q1 2024 was CNY 4,298,673,959.40, representing a decrease of 9.66% compared to the same period last year[3]. - Net profit attributable to shareholders was CNY 2,157,223,258.83, down 4.54% year-on-year[3]. - Total operating revenue for Q1 2024 was RMB 4,298,673,959.40, a decrease of 9.66% compared to RMB 4,758,451,712.94 in Q1 2023[17]. - Net profit for Q1 2024 was RMB 2,158,289,650.23, slightly down from RMB 2,260,720,408.94, marking a decrease of 4.5% year-over-year[17]. - Net profit for Q1 2024 was CNY 1,957,509,006.87, an increase of 3.34% from CNY 1,894,366,959.07 in Q1 2023[24]. - The total comprehensive income for Q1 2024 was RMB 2,342,476,227.44, an increase from RMB 2,291,486,101.71 in Q1 2023[18]. Cash Flow - The net cash flow from operating activities decreased significantly by 73.14%, amounting to CNY 6,641,509,004.58[3]. - In Q1 2024, the net cash flow from operating activities was CNY 6.64 billion, a decrease of 73.1% compared to CNY 24.72 billion in Q1 2023[19]. - Total cash inflow from operating activities reached CNY 58.26 billion, up 25.2% from CNY 46.53 billion in the same period last year[19]. - The net cash flow from investment activities was CNY -10.44 billion, compared to a positive cash flow of CNY 2.70 billion in Q1 2023[19]. - Cash flow from financing activities resulted in a net outflow of CNY 26.74 billion, slightly worse than the CNY 25.90 billion outflow in Q1 2023[20]. - The net cash flow from financing activities was -26,446,988,590.80 CNY, compared to -22,140,551,926.78 CNY in Q1 2023, indicating a decline of approximately 19.5% year-over-year[27]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 642,582,607,133.21, a decline of 7.66% from the end of the previous year[4]. - The total assets as of March 31, 2024, were CNY 582.76 billion, down from CNY 607.41 billion at the end of 2023[22]. - The company's cash and cash equivalents stood at RMB 89,995,573,836.69, down from RMB 110,022,616,088.89, indicating a decrease of about 18.24%[14]. - The total liabilities decreased to RMB 518,203,198,638.65 from RMB 573,816,058,013.50, reflecting a reduction of approximately 9.69%[15]. - The company's liabilities decreased, with short-term financing payables at CNY 43.52 billion, down from CNY 56.98 billion[22]. Income and Expenses - Net interest income dropped significantly to RMB 119,032,816.75 from RMB 487,963,842.43, reflecting a decline of 75.6% year-over-year[17]. - Net commission and fee income decreased to RMB 1,705,519,588.28, down 12.26% from RMB 1,944,710,059.47 in the same period last year[17]. - Investment income turned negative at RMB -242,494,161.71, contrasting sharply with a profit of RMB 1,680,666,535.68 in Q1 2023[17]. - Total operating expenses were RMB 2,024,215,439.19, a reduction of 8.4% from RMB 2,210,212,724.35 in Q1 2023[17]. - Total expenses for Q1 2024 were CNY 1,670,308,301.69, down from CNY 1,752,519,153.26, indicating a decrease of 4.68%[24]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 146,634[8]. - The company’s major shareholder, China Merchants Jinling Company, held 23.55% of the shares[8]. Fair Value Changes - The company reported a significant increase in fair value changes, with a gain of CNY 2,640,698,507.45, up 511.03% year-on-year[6]. - The company reported a significant increase in fair value changes, with gains of RMB 2,640,698,507.45 compared to RMB 432,170,651.67 in the previous year[17]. Other Comprehensive Income - Other comprehensive income after tax increased by 498.68%, reaching CNY 184,186,577.21[7]. - Other comprehensive income after tax totaled RMB 184,186,577.21, significantly higher than RMB 30,765,692.77 in the previous year[17].

招商证券股份有限公司 关于招商证券国际有限公司及其 下属全资子公司2024年度担保授权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 证券代码：600999 证券简称： 招商证券 编号：2024－018 | 担保方 | 被担保方 | 担保方 持股比 | 被担保 方最近 一期资 | 截至2023年 12月31日担 | 预计担保额 | 担保额 度占上 市公司 | 预计有 | 是否 关联 | 是否有 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 注2 | | | | | | | | 例 | 产负债 | 保余额（亿 | 度 | 最近一 | 效期 | 担保 | 反担保 | | | | | 注1 | 港元） | | 期净资 | | | | | | | | 率 | | | | | | | | | | | | | | 产比例注3 | | | | | 1.资产负债率为 | 70% 以上的公司 | | | | | | ...

Investment Rating - The investment rating for the company is "Hold" [4] Core Views - The company achieved a revenue of 19.82 billion yuan in 2023, representing a growth of 3.13%, and a net profit attributable to shareholders of 8.764 billion yuan, up by 8.60% [1] - The company is steadily advancing its wealth management transformation, with a notable increase in the scale of public funds, ranking fifth in the industry [1] - The company’s investment banking revenue decreased by 6.53%, with a significant drop in equity underwriting, while bond underwriting, particularly financial bonds, saw substantial growth [2] - The asset management business experienced a decline, with net income down by 13.99% and total assets under management slightly decreasing [3] - The self-operated business showed strong performance, with revenue increasing by 31.57%, driven by significant growth in derivative products [8] - The company is expected to continue its development under supportive policies, with projected earnings per share of 1.11 yuan, 1.21 yuan, and 1.39 yuan for 2024-2026 [9] Financial Performance Summary - In 2023, the company reported a net income of 8.764 billion yuan, with a growth rate of 8.60% compared to the previous year [1] - The company’s return on equity (ROE) for 2022 was 7.91%, an increase of 0.37 percentage points year-on-year [1] - The company’s total assets reached 695.85 billion yuan in 2023, with a slight increase in total liabilities [14] - The company’s financial ratios include a price-to-earnings (P/E) ratio of 14.11 and a price-to-book (P/B) ratio of 1.16 [4]

证券代码：600999 证券简称： 招商证券 编号： 2024－016 招商证券股份有限公司 二、 监事会会议审议情况 会议审议通过如下议案： 《关于招商证券股份有限公司原合规总监、首席风险官胡宇同志离任审计报 告的议案》。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 特此公告。 第八届监事会第三次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 监事会会议召开情况 招商证券股份有限公司（以下简称公司）第八届监事会第三次会议通知于 2024 年 4 月 16 日以电子邮件方式发出，于 2024 年 4 月 19 日以通讯表决方式召 开。 会议由监事会召集人朱立伟先生召集。出席会议的监事有：朱立伟、王章为、 马蕴春、彭陆强、邹群、尹虹艳、王剑平、陈鋆。应出席监事 8 人，实际出席监 事 8 人。 本次会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 2024 年 4 月 19 日 2 1 招商证券股份有限公司监事会 ...

Financial Performance - The company reported a 3% increase in operating revenue and a 9% increase in net profit year-on-year, with a return on equity (ROE) improvement of 0.37 percentage points[6]. - The average annual operating revenue reached RMB 22.29 billion, and the average net profit was RMB 9.06 billion, representing increases of 53% and 49% respectively compared to the 2014-2018 strategic period[7]. - In 2023, the company maintained a strong competitive position, ranking in the top five for net assets and net profit attributable to shareholders, with net profit rankings of 5, 4, and 5 in 2021, 2022, and the first three quarters of 2023 respectively[7]. - The company achieved year-on-year growth in operating revenue, net profit, and ROE in 2023, despite market downturns, with key business indicators remaining in the top five[9]. - Total revenue for 2023 reached RMB 30,020 million, an increase of 2.33% compared to RMB 29,336 million in 2022[55]. - Annual profit attributable to shareholders was RMB 8,764 million, reflecting an 8.60% increase from RMB 8,070 million in 2022[55]. - The weighted average return on equity for 2023 was 7.91%, an increase of 0.37 percentage points from 7.54% in 2022[56]. Asset Management and Growth - The total assets of the company reached RMB 695.9 billion by the end of 2023, representing a 128% growth compared to the end of 2018[6]. - The company achieved a historical high in wealth management assets under management (AUM), indicating strong performance in this segment[6]. - The company’s wealth management client assets totaled RMB 3.72 trillion[68]. - The total assets under management for wealth management clients amounted to RMB 1.42 trillion, a year-on-year decrease of 3.92%[72]. - The total asset management scale decreased to RMB 2,948.54 billion in 2023 from RMB 3,171.34 billion in 2022, representing a decline of 7.08%[99]. Strategic Initiatives and Future Plans - The company has committed to a five-year strategic plan (2019-2023) that has successfully concluded, focusing on high-quality development and market expansion[6]. - In 2024, the company will focus on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, as part of its new five-year strategic plan[10]. - The company aims to enhance its risk control capabilities and maintain high asset quality through comprehensive risk prevention measures[10]. - The company is actively pursuing mergers and acquisitions to enhance its market position, with a budget allocation of $500 million for potential deals in 2024[27]. - The company aims to improve its service offerings through the establishment of new business departments and branches[50]. Risk Management - The company emphasizes the importance of compliance with regulations and risk management in the face of potential market challenges[5]. - The company has maintained low levels of risk losses and good asset quality, reflecting effective risk management practices[6]. - The company is implementing a comprehensive risk management framework to address market, credit, operational, and liquidity risks, ensuring long-term stability[181]. - The company has established a comprehensive risk management system, including market risk, credit risk, operational risk, liquidity risk, reputation risk, and anti-money laundering risk[185]. - The risk management quantitative indicator system includes clear risk appetite and tolerance indicators, guiding resource allocation towards high-risk-return businesses[186]. Digital Transformation and Technology - The company is actively promoting digital construction and has established a comprehensive cloud-native platform for financial technology[6]. - The company successfully completed ten major digital strategy projects, enhancing its digital capabilities and achieving significant milestones in the construction of a new core trading system[10]. - The company launched a series of innovative products and services driven by technology, enhancing its digital capabilities and supporting business model innovation[168]. - The company upgraded its technology innovation office to a digital office, promoting digital transformation and establishing a technology branch in Wuhan[169]. - The company has built a cloud-native multi-cloud platform and completed the technical launch of its next-generation core trading system, achieving milestone results[169]. Market Position and Competitive Edge - The company ranked in the top four for net income market share in the securities trading business and maintained top five positions in margin financing, stock pledges, and public fund holdings[9]. - The company has been recognized as a "double hundred enterprise" and has made significant progress in organizational reform and technological innovation[6]. - The company has been recognized as a benchmark enterprise in the 2022 State-owned Assets Supervision and Administration Commission's "Double Hundred Enterprises" assessment[9]. - The company aims to enhance its competitive edge in traditional brokerage services while firmly advancing its transition to wealth management[178]. - The company is expected to benefit from the support of regulatory bodies for top-tier securities firms to innovate and strengthen through mergers and acquisitions[176].