Investment Rating - The report maintains a "Recommend" rating for Guotou Capital (600061) with a target price of 10.06 yuan, compared to the current price of 7.82 yuan [1] Core Views - Guotou Capital's Q3 2024 performance was driven by a significant increase in proprietary trading income, which rose by 53.2% YoY to 2.05 billion yuan, contributing to the recovery in net profit [1] - The proprietary trading yield for Q3 2024 was 0.72%, up 0.46 percentage points YoY, with an annualized yield of 2.31% for the first three quarters, an increase of 0.82 percentage points YoY [1] - The company's wealth management transformation is progressing, and its multi-license synergy advantages are becoming evident, supporting the "Recommend" rating [1] Financial Performance - In Q3 2024, Guotou Capital achieved operating revenue of 3.53 billion yuan, a YoY decrease of 19.8%, but a QoQ increase of 0.4% [1] - Net profit attributable to shareholders in Q3 2024 was 830 million yuan, a YoY increase of 12.2%, but a QoQ decrease of 7.9% [1] - For the first three quarters of 2024, the company's total operating revenue was 10.25 billion yuan, a YoY decrease of 20.1%, while net profit attributable to shareholders was 2.08 billion yuan, a YoY decrease of 14.3% [1] Subsidiary Performance - Guotou Securities' equity underwriting scale for Q1-Q3 2024 was 1.277 billion yuan, a YoY decrease of 85%, with a market share of 0.63% [1] - Guotou Rui Fund's non-monetary fund management scale reached 158.9 billion yuan by the end of Q3 2024, a YoY increase of 17%, while equity and hybrid fund management scale was 40.1 billion yuan, a YoY decrease of 9% [1] Valuation and Forecast - The report forecasts EPS for 2024/2025/2026 to be 0.43/0.46/0.52 yuan, with BPS of 8.06/8.39/8.73 yuan, and PB ratios of 0.97/0.93/0.90 times [1] - ROE is expected to be 5.29%/5.46%/5.95% for 2024/2025/2026, respectively [1]

Financial Performance - Total operating revenue for Q3 2024 was CNY 3,533,838,359.60, a decrease of 19.80% year-on-year[2] - Net profit attributable to shareholders for Q3 2024 was CNY 830,221,201.12, an increase of 12.15% compared to the same period last year[2] - Basic earnings per share for Q3 2024 was CNY 0.13, an increase of 18.18% year-on-year[3] - The net profit attributable to shareholders for the year-to-date period decreased by 14.29% to CNY 2,080,938,207.65[2] - The company reported a decrease of 24.97% in operating income for the year-to-date period, totaling CNY 1,297,763,397.99[6] - Total operating revenue for the first three quarters of 2024 was CNY 10,249,686,240.65, a decrease of 20.1% compared to CNY 12,825,937,312.48 in the same period of 2023[17] - Net profit for the first three quarters of 2024 was CNY 2,471,043,420.39, a decrease of 15.3% compared to CNY 2,919,464,367.10 in 2023[18] - The company’s total profit for the first three quarters of 2024 was CNY 3,114,925,404.64, down 13.8% from CNY 3,614,631,071.63 in 2023[18] Assets and Liabilities - Total assets as of the end of Q3 2024 reached CNY 287,698,327,405.51, representing a 2.71% increase from the end of the previous year[3] - The total amount of repurchase financial assets increased by 171.70% to CNY 30.66 billion, attributed to the growth in subsidiary bond reverse repurchase transactions[7] - The total liabilities amounted to CNY 227.50 billion, compared to CNY 221.31 billion, marking an increase of around 2.8%[15] - The equity attributable to shareholders rose to CNY 54.10 billion from CNY 53.03 billion, showing an increase of about 2.0%[16] - The company's total liabilities to equity ratio stands at approximately 3.76, indicating a leveraged position[15] Cash Flow - Net cash flow from operating activities for the year-to-date period was CNY 25,905,847,688.86[3] - The net cash flow from operating activities reached CNY 25.91 billion, a significant improvement from a negative CNY 16.32 billion in the same period last year[9] - The company reported a significant decrease in cash flow from financing activities, amounting to a negative CNY 30.76 billion, due to reduced cash from bond issuance and increased debt repayments[9] - The total cash inflow from financing activities was ¥16,132,879,599.44, while the cash outflow was ¥46,893,108,158.85, resulting in a net cash flow of -¥30,760,228,559.41 for Q3 2024[22] - The net cash flow from investing activities was -¥74,334,312.32, slightly worse than the -¥68,020,648.74 recorded in Q3 2023[22] Investment and Income - Investment income rose by 228.85% to CNY 1.86 billion, driven by increased realized gains from subsidiary financial asset investments[9] - Interest income decreased to CNY 3,526,816,937.87 in 2024 from CNY 4,477,841,168.32 in 2023, reflecting a decline of 21.2%[17] - Investment income significantly increased to CNY 1,863,423,027.70 in 2024 from CNY 566,641,344.70 in 2023, marking a growth of 229.5%[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 88,688, with the largest shareholder holding 41.62%[10] Other Financial Metrics - The weighted average return on equity for Q3 2024 was 1.59%, an increase of 0.11 percentage points compared to the previous quarter[3] - Research and development expenses decreased to CNY 14,805,489.38 in 2024 from CNY 77,262,496.99 in 2023, a reduction of 80.8%[18] - Other comprehensive income after tax for the first three quarters of 2024 was CNY -152,397,137.06, compared to CNY 197,777,313.57 in 2023[20] - The company's financial expenses, including interest expenses, decreased to CNY 329,732,080.11 in 2024 from CNY 345,348,420.39 in 2023[18]

证券代码：600061 证券简称：国投资本 公告编号：2024-057 国投资本股份有限公司 九届十八次董事会决议公告 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个别及连带责任。 一、董事会会议召开情况 国投资本股份有限公司（以下简称"公司"）九届十八次董事 会的召开符合《公司法》及《公司章程》的规定。会议通知和材 料已于 2024 年 10 月 23 日通过电子邮件方式发出。本次会议于 2024 年 10 月 29 日以现场与通讯相结合方式召开，会议应参会董 事 9 人，实际参会董事 9 人。公司董事长段文务主持本次会议， 公司监事、高级管理人员列席会议。 二、董事会会议审议情况 会议审议并通过了以下议案： 1 表决结果：同意 8 票，反对 0 票，弃权 0 票。公司董事长段 文务先生作为议案关联董事，审议本议案时回避表决。此议案已 于 2024 年 10 月 29 日经董事会薪酬与考核委员会 2024 年第三次 会议审议通过。此议案中董事薪酬尚需提交公司股东大会审议。 特此公告。 国投资本股份有限公司董事会 2024 年 10 ...

国投资本股份有限公司 关于股份回购实施结果暨股份变动的公告 证券代码：600061 证券简称：国投资本 公告编号：2024-056 （三）回购方案实际执行情况与原披露的回购方案不存在差异，公司已按披露的 方案完成回购。 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： | 回购方案首次披露日 | 年 月 日 2023 10 28 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2023 10 26 10 | 日~2024 | 年 | 月 | 25 | 日 | | 预计回购金额 | 万元~40,000 万元 20,000 | | | | | | | 回购价格上限 | 8.35 元/股 | | | | | | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 √用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 实际回购股数 | 3,133.90 万股 ...

重要内容提示： | 回购方案首次披露日 | 2023/10/28 | | --- | --- | | 回购方案实施期限 | 自公司董事会审议通过后 12 个月内 | | 预计回购金额 | 20,000 万元~40,000 万元 | | 回购用途 | 用于转换公司可转债 | | 累计已回购股数 | 2,964 万股 | | 累计已回购股数占总股本比例 | 0.46% | | 累计已回购金额 | 18,631 万元 | | 实际回购价格区间 | 5.35 元/股~7.10 元/股 | 一、 回购股份的基本情况 2023 年 10 月 26 日，国投资本股份有限公司（简称"国投资本"或"公司"） 召开九届五次董事会审议通过了《关于以集中竞价交易方式回购公司 A 股股份的 议案》，同意公司使用自有资金以集中竞价交易方式回购公司发行的部分人民币 普通股（A 股），回购资金总额不低于人民币 2 亿元（含），不超过人民币 4 亿元 （含），回购价格不超过人民币 8.46 元/股，回购股份实施期限为自公司董事会 审议通过本次回购股份方案之日起 12 个月内。具体内容详见公司于 2023 年 10 月 28 日在上海证券交易所 ...

重要内容提示： 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准国投资本股份有限公司公开发行可转换公司 债券的批复》（证监许可[2020]1070号）核准，国投资本股份有限公司（简称"国投资 本"或"公司"）于2020年7月24日公开发行了8,000万张可转换公司债券，每张面值100 元，发行总额80亿元，期限为发行之日起6年。 经上海证券交易所自律监管决定书[2020]265号文同意，公司800,000万元可转换公 司债券于2020年8月20日起在上海证券交易所挂牌交易，债券简称"国投转债"，债券代 码"110073"。 根据《上海证券交易所股票上市规则》的相关规定和公司《可转换公司债券募集说 明书》的约定，公司该次发行的"国投转债"自2021年2月1日起可转换为本公司股份， 当前转股价格为人民币9.55元/股。 1 | 证券代码：600061 | 证券简称：国投资本 | 公告编号：2024-055 | | --- | --- | --- | | 转债代码：110073 | 转债简称：国投转债 | | 国投资本股份有限公司 关于可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存 ...

证券代码：600061 证券简称：国投资本 国投资本股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |-------------------|----------------------------------------|-------------------------------|------------| | | □ 特定对象调研 | □ 分析师会议 | | | 投资者关系 | □ 媒体采访 | √ 业绩说明会 | | | | □ 新闻发布会 | □ 现场参观 | | | 活动类别 | □ 路演活动 | □ 一对一沟通 | | | | □ 其他 ____________ | | | | 时间 | 2024 年 9 月 12 日(周四)下午 | 15:00-16:30 | | | 地点 | 公司通过上证路演中心（网址： | https://roadshow.sseinfo.com/ | ）采用视频 | | | 直播和网络互动的方式召开业绩说明会 | | | | 参与单位 | 投资者网上提问 | | | | | | | | | 名称 | | | | | 上市公司 出席 ...

证券代码：600061 证券简称：国投资本 公告编号：2024-053 国投资本股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 投资者可于2024 年9 月5 日(星期四) 至9月11日(星期三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮 箱 600061@sdic.com.cn 进行提问。公司将在说明会上对投资者普遍 关注的问题进行回答。 （三） 会议召开方式：上证路演中心视频直播和网络互动 国投资本股份有限公司（以下简称"国投资本"或"公司"）已 于 2024 年 8 月 30 日发布公司 2024 年半年度报告，为便于广大投资 者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司 计划于 2024 年 9 月 12 日下午 15:00-16:30 举行 2024 年半年度业绩 说明会，就投资者关心的问题进行交流。 一、 说明会类型 三、 参加人员 国投资本董事长段文务先生、独立董事张敏先生、财务总监曲刚 ...

国投资本股份有限公司 证券代码：600061 证券简称：国投资本 公告编号：2024-052 2024 年 6 月 27 日，公司发布《关于实施 2023 年年度权益分派方案后调整股 份回购价格上限的公告》，因公司在回购期限内实施现金分红，公司按照中国证 监会及上海证券交易所的相关规定，将本次以集中竞价交易方式回购股份价格上 限由不超过人民币 8.46 元/股（含）调整为不超过人民币 8.35 元/股（含），调 整后的回购价格上限于 2024 年 7 月 3 日起生效。 二、 回购股份的进展情况 公司于 2023 年 11 月 16 日通过股份回购专用证券账户以集中竞价交易方式 首次实施了股份回购。截至 2024 年 8 月 30 日收盘，公司通过股份回购专用证券 账户以集中竞价交易方式已累计回购公司股份 29,439,411 股，占公司总股本的比 例为 0.46%，购买的最高价格为 7.10 元/股、最低价格为 5.35 元/股，已支付的总 金额为 184,994,402.31 元（不含交易费用）。上述回购进展符合公司股份回购方 案及相关法律法规的要求。 三、 其他事项 公司将严格按照《上市公司股份回购规则 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][6][7] Core Views - The company is a state-owned financial holding platform with strong shareholder industrial background, with over 60% of its revenue coming from securities business. It ranks high in IPO reserve projects, with a reasonable value range of 7.37-8.02 CNY per share [6][7]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total operating revenue of 6.72 billion CNY, a year-on-year decrease of 20.2%. The net profit attributable to shareholders was 1.25 billion CNY, down 25.9%, with an EPS of 0.19 CNY and ROE of 2.4% [6][7]. - The second quarter saw total operating revenue of 3.52 billion CNY, a year-on-year decrease of 25.2% but a quarter-on-quarter increase of 10.2%. The net profit for the second quarter was 900 million CNY, up 9.6% year-on-year and up 157.8% quarter-on-quarter [6][7]. Business Segments - Brokerage business revenue was 1.25 billion CNY, down 15.3% year-on-year, accounting for 19% of total revenue. The average daily trading volume in the market was 961.6 billion CNY, down 6.4% year-on-year [6][7]. - Investment banking revenue was 340 million CNY, down 54.4% year-on-year, with equity underwriting down 92.6% and bond underwriting up 5.9% [6][7]. - Asset management revenue was 150 million CNY, up 12.9% year-on-year, with total asset management scale at 148.2 billion CNY, down 2.3% year-on-year [7]. Future Projections - The company expects EPS for 2024-2026 to be 0.30, 0.32, and 0.34 CNY, respectively, with BVPS projected at 8.45, 8.71, and 8.97 CNY [7][8]. - The estimated reasonable market value for 2024 is between 47.348 billion CNY and 51.516 billion CNY, corresponding to a reasonable value range of 7.37-8.02 CNY per share [7][12].