Financial Data and Key Indicator Changes - The chemical industry achieved a total revenue of 6.8 trillion yuan in 2023, a year-on-year decline of 2%, while the net profit attributable to shareholders was 199.6 billion yuan, down 36% year-on-year [16][20] - In Q1 2024, the chemical industry reported a revenue of 1.63 trillion yuan, a year-on-year decline of 0.2% and a quarter-on-quarter decline of 0.6%. The net profit attributable to shareholders was 55.5 billion yuan, down 6.2% year-on-year but up 148.3% quarter-on-quarter [16][20] Business Line Data and Key Indicator Changes - Industries such as tires, polyester, and daily chemicals showed higher revenue and profit growth in 2023, while sectors like fertilizers and pesticides experienced significant declines [2][16] - In Q1 2024, industries like synthetic leather, tires, and polyester continued to perform well, benefiting from improved supply and demand dynamics [2][16] Market Data and Key Indicator Changes - The overall operating efficiency and asset structure of the chemical industry still require improvement, with inventory and accounts receivable showing slight increases [37][41] - The chemical product price index (CCPI) showed a V-shaped trend in the first three quarters of 2023, followed by a decline starting in Q4 2023 [26][28] Company Strategy and Development Direction - The chemical sector is focusing on value-oriented and thematic investment opportunities, particularly in the tire industry, which is expected to continue performing well due to sustained demand [3][20] - Companies are encouraged to strengthen their competitive advantages amid regulatory pressures, which may lead to a positive cycle for leading firms [3][20] Management Comments on Operating Environment and Future Outlook - Management noted that while the chemical sector faced challenges in 2023, there are signs of recovery beginning in 2024, with improved demand expected to support performance [2][16] - The management highlighted the importance of adapting to changing market conditions and maintaining cost advantages to navigate the current economic landscape [3][20] Other Important Information - The overall sales gross margin for the chemical industry was 15.4% in 2023, down 0.8 percentage points year-on-year, while the net profit margin was 3.2%, down 1.7 percentage points [23][26] - The industry is experiencing a gradual recovery in the number of companies reporting revenue and profit growth, indicating a potential bottoming out of the market [20][23] Q&A Session Summary Question: What are the key growth sectors in the chemical industry? - The tire and polyester sectors are expected to continue their strong performance due to improved supply-demand dynamics and competitive advantages [2][3] Question: How is the company addressing the challenges in the current market? - The company is focusing on enhancing operational efficiency and leveraging cost advantages to maintain stability amid fluctuating market conditions [3][20]

| 证券代码：600109 | 证券简称：国金证券 | 公告编号：临 | 2024－43 | | --- | --- | --- | --- | | 债券代码：188108 | 债券简称：21 国金 02 | | | 国金证券股份有限公司 2021 年公开发行公司债券(面向专业投资者)(第一期) (品种二)2024 年本息兑付及摘牌公告 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。 重要内容提示： 国金证券股份有限公司 2021 年公开发行公司债券(面向专业投 资者)(第一期)(品种二)（以下简称"本期债券"），将于 2024 年 5 月 17 日开始支付自 2021 年 5 月 17 日至 2024 年 5 月 16 日期间的最后 一个年度利息和本期债券本金。为保证还本付息工作的顺利进行，现 将有关事宜公告如下： 一、本期债券的基本情况 1、债券名称：国金证券股份有限公司 2021 年公开发行公司债券 (面向专业投资者)(第一期)(品种二) 2、债券简称：21 国金 02 3、债券代码：188108.SH 4、发行人 ...

证券代码：600109 证券简称：国金证券 公告编号：临 2024－42 国金证券股份有限公司 关于公司高级管理人员辞任的公告 近日，国金证券股份有限公司（以下简称"公司"）董事会收到 公司副总裁任鹏先生提交的辞呈。因个人身体原因，任鹏先生申请辞 去本公司副总裁及其他相关管理职务。根据《公司法》、公司《章程》 等有关规定，任鹏先生的辞任报告自送达董事会之日起生效。任鹏先 生向董事会确认，其与公司无任何与辞任有关而需让公司股东知悉的 事宜，无需公司及其附属公司负担之任何私人责任，与公司之间无任 何分歧而导致其辞职的事宜。 截止本公告披露日，任鹏先生不持有公司股份。 任鹏先生任职期间勤勉尽责、恪尽职守，为公司经营规划及业务 的发展做出了重要贡献，公司董事会对任鹏先生做出的贡献表示衷心 的感谢！ 特此公告。 国金证券股份有限公司 董事会 二〇二四年五月八日 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。 ...

兴业证券股份有限公司关于国金证券股份有限公司 2023 年度持续督导年度报告书 | 保荐机构名称：兴业证券股份有限公司 | 被保荐公司名称：国金证券股份有限公司 | | --- | --- | | （以下简称"兴业证券"或"保荐机构"） | （以下简称"国金证券"或"公司"） | | 保荐代表人姓名：陈全 | 联系方式：021-68982339 | | 保荐代表人姓名：王贤 | 联系地址：上海市浦东新区长柳路 36 号兴 | | | 业证券大厦 10 楼 | 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准国金证券股份有 限公司非公开发行股票的批复》（证监许可〔2022〕507 号）核准，公司以非公开发行 股票方式发行人民币普通股（A 股）股票 70,000.00 万股，每股发行价为 8.31 元，募集 资金总额为 581,700.00 万元，扣除发行费用 5,231.32 万元（不含增值税）后，募集资金 净额为 576,468.68 万元。上述募集资金到位情况经天健会计师事务所（特殊普通合伙） 审验，并于 2022 年 4 月 24 日出具天健验【2022】11-27 号《验资报告》。 兴业证券 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][8]. Core Views - The company is enhancing its research capabilities and driving business synergy through investment banking and research. The investment strategy is stable, achieving high investment returns. In 2023, the company's proprietary business saw a significant rebound from a low base, contributing to performance improvement. The reasonable value range is set at 10.11-11.03 yuan, maintaining the "Outperform the Market" rating [6][8]. Financial Performance Summary - In 2023, the company achieved an operating income of 6.73 billion yuan, a year-on-year increase of 17.4%, and a net profit attributable to shareholders of 1.72 billion yuan, up 43.4% year-on-year. The corresponding EPS is 0.46 yuan, with an ROE of 5.4%, an increase of 1.2 percentage points year-on-year [7][9]. - For Q4 2023, the company reported an operating income of 1.70 billion yuan, a year-on-year increase of 2.6%, and a net profit of 480 million yuan, up 28.4% year-on-year [7]. - In Q1 2024, the company expects an operating income of 1.48 billion yuan, a year-on-year decrease of 24.0%, and a net profit of 370 million yuan, down 38.6% year-on-year [7]. Business Segment Performance - The wealth management brand has been fully upgraded, optimizing the client structure. In 2023, brokerage business income was 1.65 billion yuan, a slight decrease of 0.1% year-on-year, accounting for 24.5% of total operating income [7]. - The investment banking business reported income of 1.34 billion yuan in 2023, a year-on-year decrease of 21.3%, with a significant drop in Q1 2024 income by 43.3% year-on-year [7]. - The asset management business saw a decline in income to 90 million yuan in 2023, down 32.1% year-on-year [7]. Investment Strategy and Projections - The company is expected to achieve EPS of 0.45, 0.47, and 0.50 yuan for 2024, 2025, and 2026 respectively, with BVPS projected at 9.19, 9.62, and 10.07 yuan for the same years [8][9]. - The company maintains a reasonable valuation based on comparable company levels, with a P/B ratio of 1.1-1.2x for 2023 [8].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 11.03 [3][5][17] Core Insights - The company is enhancing its research capabilities and driving business synergy through investment banking, achieving high investment returns with a robust strategy. In 2023, proprietary business rebounded significantly from a low base, contributing to performance improvement [3][13][16] Financial Performance Summary - In 2023, the company achieved a revenue of RMB 6.73 billion, a year-on-year increase of 17.4%, and a net profit of RMB 1.72 billion, up 43.4% year-on-year. The earnings per share (EPS) was RMB 0.46, with a return on equity (ROE) of 5.4%, an increase of 1.2 percentage points year-on-year [4][13] - For Q4 2023, revenue was RMB 1.70 billion, up 2.6% year-on-year, and net profit was RMB 0.48 billion, up 28.4% year-on-year [4][13] - In Q1 2024, revenue decreased to RMB 1.48 billion, down 24.0% year-on-year, and net profit was RMB 0.37 billion, down 38.6% year-on-year [4][13] Business Segment Performance - Wealth management brand was upgraded, with brokerage revenue in 2023 at RMB 1.65 billion, nearly flat year-on-year, accounting for 24.5% of total revenue. The trading volume of stocks was RMB 61 trillion, up 7.4% year-on-year [4][14] - Investment banking revenue in 2023 was RMB 1.34 billion, down 21.3% year-on-year, with equity underwriting volume decreasing by 21.5% year-on-year, while bond underwriting volume increased by 31.5% year-on-year [4][15] - Asset management revenue was RMB 0.09 billion in 2023, down 32.1% year-on-year, with total assets under management (AUM) at RMB 123.5 billion, down 30.7% year-on-year [4][16] Investment Strategy and Outlook - The company is expected to achieve EPS of RMB 0.45, 0.47, and 0.50 for 2024, 2025, and 2026 respectively, with book value per share (BVPS) projected at RMB 9.19, 9.62, and 10.07 for the same years [5][17]

证券代码：600109 证券简称：国金证券 公告编号：临 2024－41 关于召开 2023 年度暨 2024 年第一季度业绩说明会的 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个别及连带责任。 重要内容提示： 投资者可于2024年4月30日(星期二)至5月9日(星期四)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（tzzgx@gjzq.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。 国金证券股份有限公司（以下简称"公司"）已于 2024 年 4 月 25 日发布公司 2023 年年度报告及 2024 年第一季度报告，为便于广 大投资者更全面深入地了解公司 2023 年度、2024 年第一季度经营成 果、财务状况、利润分配预案等情况，公司计划于 2024 年 5 月 10 日 上午 11:00-12:00 举行 2023 年度暨 2024 年第一季度业绩说明会，就 投资者关心的问题进行交流。 会议召开时间：2024 年 5 月 10 日(星期五)上午 11:00-1 ...

前期报告提要与市场聚焦 全面防御策略：三条线索。建议开始“全面切换防御”：1、基本面进一步走弱，甚至逐步逼近风险暴露的阈值； 2、市场流动性或再次趋于收紧；3、“新国九条”致力于资本市场供给侧改革，有利于中长期拔估值，但短期影响或有 限。故我们维持对市场谨慎观点，建议三个方向：一是经济放缓末期叠加海外流动性充裕，配置黄金等有色品种；二 是具备“困境反转”逻辑，供给出清、需求稳定甚至回升的行业；三是对于价格敏感度较低的高股息行业。 当下市场聚焦：1、如何构建政策底、市场底与盈利底，“三底”框架？2、“三底”框架如何与经济周期框架结合？ 3、“三底”框架下各风格如何演绎，又有哪些行业受益？4、继“政策底”之后，何时可见“市场底”，以及“盈利底”？ 5、当前风格与配置该如何应对？ “三底”框架及应用：7 月中下旬或见“市场底” 自去年市场普遍探讨的“政策底、估值底、盈利底”三底推演并未兑现后，今年以来市场再无人提及。市场质疑 主要分为以下几点：1、何为政策底，如何定义？2、政策底到估值底的周期是否稳定，有借鉴意义没有？3、既然盈利 底往往滞后，其对于投资的意义何在？本期报告，我们拟把“大势研判”框架之“三底模型”简 ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 多项业务表现优异，投资收益贡献弹性 z hangyang-yjs@ccnew.com 021-50586627 ——国金证券(600109)2023 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-04-25) 发布日期：2024年04月26日 收盘价(元) 8.21 2023年年报概况:国金证券2023年实现营业收入67.30亿元，同比 一年内最高/最低(元) 10.80/7.89 +17.39%；实现归母净利润17.18亿元，同比+43.41%；基本每股收益 沪深300指数 3,530.28 0.462元，同比+34.69%；加权平均净资产收益率5.39%，同比+1.22个 市净率(倍) 0.93 百分点。2023年拟10派1.40元（含税）。 总市值(亿元) 304.80 点评：1.2023年公司投资收益（含公允价值变动）、其他收入占比出现提 流通市值(亿元) 262.68 高，经纪、投行、资管业务手续费净收入及利息净收入占比出现下降。2.经 基础数据(2024-03-31) 纪业务核心指标保持全面增长，合并口径经纪业务 ...

非银金融/证券Ⅱ 公 司 研 国金证券（600109.SH） 投行业务承压，一季度自营高基数导致业绩同比下降 究 2024年04月26日 ——国金证券 2023 年报及 2024 一季报点评 投资评级：买入（维持） 高超（分析师） 卢崑（分析师） gaochao1@kysec.cn lukun@kysec.cn 日期 2024/4/25 证 书编号：S0790520050001 证书编号：S0790524040002  投行业务承压，一季度自营高基数导致业绩同比下降 当前股价(元) 8.21 2023 年公司营业收入/归母净利润为 67.3/17.2 亿元，同比+17.4%/+43.4%，加权 公 一年最高最低(元) 11.50/7.58 司 平均 ROE 5.39%，同比+1.22pct。2024Q1 营业收入/归母净利润 14.8/3.7 亿，同 信 总市值(亿元) 304.80 比-24.0%/-38.6%，年化ROE 4.48%。2023年下半年以来投行业务承压，自营投 息 流通市值(亿元) 262.68 更 资是业绩主要影响因素。考虑公司投行业务承压，我们下调公司2024-2025年归 总股本(亿 ...