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 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating an expected relative price increase of 5% to 15% compared to the CSI 300 index over the next six months [31]. Core Insights - In 2023, the company achieved operating revenue of 6.73 billion yuan, a year-on-year increase of 17.39%, and a net profit attributable to shareholders of 1.718 billion yuan, up 43.41% year-on-year [5][7]. - The company's investment income (including fair value changes) significantly increased, while the proportion of net income from brokerage, investment banking, and asset management fees decreased [8][18]. - The brokerage business showed comprehensive growth, with net income from brokerage fees slightly declining by 0.06% year-on-year, outperforming the industry average [10][11]. - The investment banking sector faced challenges, with net income from investment banking fees declining by 21.33% year-on-year due to a drop in equity financing [12][25]. - The asset management business saw a significant decrease in scale, with net income from asset management fees down 32.37% year-on-year, although public fund business showed strong growth [15][16]. - The company’s self-operated investment efficiency improved, with investment income (including fair value changes) rising by 498.58% year-on-year [18][19]. Summary by Sections Financial Performance - The company reported a basic earnings per share (EPS) of 0.462 yuan, a 34.69% increase year-on-year, and a return on equity (ROE) of 5.39%, up 1.22 percentage points year-on-year [5][7]. - The total assets reached 1110.20 billion yuan, with total equity of 328.96 billion yuan [2][5]. Brokerage Business - The company’s wealth management client base and assets continued to grow, with a total client number increase of 17% year-on-year and total client assets up 13% [11][25]. - The company’s market share in stock trading reached 1.25%, a year-on-year increase of 0.12 percentage points [11][25]. Investment Banking - The total underwriting amount for equity financing was 17.617 billion yuan, a decrease of 11.53% year-on-year, with IPO underwriting down 36.75% [12][25]. - The company ranked sixth in the industry for IPO project reserves, with 31 projects [12][25]. Asset Management - The total scale of asset management decreased by 30.69% year-on-year, while public fund management scale increased by 47.49% [15][16]. - The company’s public fund business achieved a revenue of 4.18 million yuan, a year-on-year increase of 151.06% [16][25]. Investment Income - The company’s investment income reached 1.688 billion yuan, significantly improving due to enhanced investment strategies and market conditions [18][19].

Investment Rating - The investment rating for Guojin Securities is "Buy" (maintained) [2] Core Views - The investment banking business is under pressure, leading to a year-on-year decline in performance due to high base effects in proprietary trading [2] - In 2023, the company's operating revenue and net profit attributable to shareholders were 6.73 billion and 1.72 billion yuan, respectively, representing year-on-year increases of 17.4% and 43.4% [2] - For Q1 2024, operating revenue and net profit attributable to shareholders were 1.48 billion and 370 million yuan, showing year-on-year declines of 24.0% and 38.6% [2] - The company has adjusted its net profit forecasts for 2024-2025 to 1.8 billion and 2.1 billion yuan, down from previous estimates of 2.2 billion and 2.6 billion yuan [2] - The company maintains a strong brand advantage in investment banking and is committed to a strategy driven by investment banking while enhancing business collaboration [2] Financial Performance Summary - In 2023, the company achieved a weighted average ROE of 5.39%, up by 1.22 percentage points year-on-year [2] - The company’s dividend payout ratio reached 30% in 2023, significantly higher than the historical average of 11.3% over the past five years [2] - The company’s total market capitalization is 30.48 billion yuan, with a circulating market capitalization of 26.27 billion yuan [2] - The current stock price is 8.21 yuan, with a 52-week high of 11.50 yuan and a low of 7.58 yuan [2] Business Segment Performance - Investment banking net income for 2023 and Q1 2024 was 1.34 billion and 230 million yuan, respectively, down 21% and 43% year-on-year [2] - The company’s IPO income for 2023 and Q1 2024 was 590 million and 40 million yuan, reflecting declines of 40% and 43% year-on-year [2] - The brokerage segment's net income for 2023 and Q1 2024 was 1.65 billion and 380 million yuan, showing slight declines of 0.1% and 1.3% year-on-year [2] - The company’s asset management business reported net income of 90 million and 20 million yuan for 2023 and Q1 2024, down 32.1% and 8.8% year-on-year [2] Financial Ratios and Projections - The company’s projected EPS for 2024-2026 is 0.49, 0.56, and 0.66 yuan, respectively [3] - The projected P/E ratios for 2024-2026 are 17.2, 14.9, and 12.8 times, while the P/B ratios are 0.9, 0.9, and 0.8 times [3] - The company’s gross margin is expected to improve from 31.6% in 2023 to 36.3% by 2026 [3] - The net profit margin is projected to increase from 25.5% in 2023 to 29.2% by 2026 [3]

Investment Rating - Maintains an "Overweight" rating with a target price of 12.21 yuan per share, corresponding to 25.98x PE and 1.34x PB for 2024 [1] Core Views - The company's investment income declined year-on-year in Q1 2024, putting pressure on performance [1] - The company is expected to optimize its investment banking business layout around new quality productivity, driving multiple businesses [1] - Under the new "National Nine Articles" policy, the company is likely to achieve comprehensive value realization for clients by enhancing professional service capabilities [1] Financial Performance - 2023 revenue reached 6.73 billion yuan, a year-on-year increase of 17.39%, with net profit attributable to shareholders of 1.718 billion yuan, up 43.41% [1] - Weighted average ROE increased by 1.22 percentage points to 5.39% in 2023 [1] - Q1 2024 revenue was 1.483 billion yuan, down 24.03% year-on-year, with net profit attributable to shareholders of 367 million yuan, down 38.6% [1] - Adjusted EPS forecasts for 2024-2025 to 0.47/0.52 yuan from previous 0.52/0.61 yuan, and added 2026 EPS forecast of 0.57 yuan [1] Business Highlights - Investment business net income surged 497.37% year-on-year to 1.688 billion yuan in 2023, contributing 141.02% to adjusted revenue growth [1] - Financial asset scale increased by 14.78% to 434.85 billion yuan by the end of 2023 [1] - Q1 2024 investment business net income fell 61.43% year-on-year due to a high base in 2022 [1] Strategic Outlook - The company will focus on optimizing its investment banking business around new quality productivity, driving multiple businesses [1] - The new "National Nine Articles" policy emphasizes professional service capabilities, which will help the company achieve deeper and more comprehensive value realization for clients [1] - The company will continue to strengthen its project pipeline, focusing on policy-encouraged industrial mergers and acquisitions, and improve the quality of its operations [1] Market Performance - Current stock price is 8.42 yuan, with a 52-week price range of 7.89-10.80 yuan [1] - Total market capitalization is 31.26 billion yuan, with a circulating A-share ratio of 86% [1] - Average daily trading volume is 31.48 million shares, with an average daily trading value of 275.45 million yuan [1]

国金证券股份有限公司 章程 二〇二四年四月 1 目录 第一章总则 第二章经营宗旨和范围 第三章股份 第四章股东和股东大会 第一节股东 第二节股东大会的一般规定 第三节股东大会的召集 第四节股东大会的提案与通知 第五节股东大会的召开 第六节股东大会的表决和决议 第五章董事会 第三节董事会专门委员会 第十二章合并、分立、增资、减资、解散和清算 第六章总经理及其他高级管理人员 2 第一节股份发行 第二节股份增减和回购 第三节股份转让 第一节董事 第二节董事会 第七章合规管理 第八章风险管理 第九章监事会 第十章财务会计制度、利润分配和审计 第十一章通知与公告 第一节合并、分立、增资和减资 第二节解散和清算 第十三章修改章程 第十四章附则 3 第一节监事 第二节监事会 第一节财务会计制度 第二节内部审计 第三节会计师事务所的聘任 第一节通知 第二节公告 附件 1：股东大会议事规则 附件 2：董事会议事规则 附件 3：监事会议事规则 第一章总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》（以下简称《证券法》）、《证券 ...

国金证券股份有限公司 内部控制审计报告 目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2024〕11-200 号 国金证券股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了国金证券股份有限公司（以下简称国金证券公司）2023 年 12 月 31 日 的财务报告内部控制的有效性。 一、企业对内部控制的责任 四、财务报告内部控制审计意见 我们认为，国金证券公司于 2023 年 12 月 31 日按照《企业内部控制基本规 范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 天健会计师事务所（特殊普通合伙） 中国注册会计师： 中国·杭州 中国注册会计师： 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是国金 证券公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固 ...

Financial Performance - In 2023, the company's operating revenue reached ¥6,729,872,238.04, representing a 17.39% increase compared to ¥5,733,079,420.05 in 2022[39]. - The net profit attributable to shareholders of the parent company for 2023 was ¥1,718,438,757.07, a 43.41% increase from ¥1,198,294,039.81 in 2022[39]. - The total assets at the end of 2023 amounted to ¥117,032,405,038.93, reflecting a 14.53% increase from ¥102,180,479,055.02 at the end of 2022[40]. - The total liabilities increased by 18.90% to ¥84,235,864,466.92 in 2023 from ¥70,848,106,566.40 in 2022[40]. - The basic earnings per share for 2023 was ¥0.462, up 34.69% from ¥0.343 in 2022[41]. - The net cash flow from operating activities for 2023 was negative at -¥5,625,133,467.43, a significant decrease from ¥6,663,406,167.48 in 2022, marking a 184.42% decline[40]. - The company's core net capital at the end of 2023 was ¥24,522,809,558.11, an increase from ¥23,656,951,187.49 at the end of the previous year[42]. - The risk coverage ratio improved to 371.99% in 2023 from 328.14% in 2022[42]. Business Operations - The company has a diversified business structure, including subsidiaries in asset management, futures, and investment services[3]. - The company has established a comprehensive internal control management system to ensure operational integrity[3]. - The company has been approved for stock pledge repurchase business and various trading permissions on multiple exchanges, indicating a broad market presence[17]. - The company holds various business qualifications, including securities brokerage, investment consulting, and asset management, enhancing its operational capabilities[18]. - The company has expanded its business scope to include internet securities and over-the-counter options, reflecting adaptation to market trends[17]. - The company maintains a strong presence in the securities market with qualifications for both domestic and international investment management[18]. Governance and Compliance - The company has a robust governance structure and has adhered to compliance and prudent management since its establishment in 1990[3]. - The company has a strong commitment to legal compliance and has maintained a sound corporate governance framework[3]. - The company emphasizes strong regulatory compliance and risk management to safeguard its operations and investor interests[175]. - The company has established a clear governance structure and a stable management team to ensure efficient decision-making and stable operations[128]. - The company has implemented a systematic monitoring approach for risk management, enhancing liquidity risk management and market risk monitoring capabilities[182]. Risk Management - The company is subject to risks from macroeconomic conditions, regulatory policy changes, and market volatility, which are detailed in the management discussion section[9]. - The company recognizes various operational risks, including liquidity, market, credit, operational, money laundering, and reputational risks[175]. - The company has developed a comprehensive risk management system, including liquidity risk management guidelines and various risk control measures, ensuring compliance with regulatory requirements[182]. - The company has strengthened its anti-money laundering (AML) measures, enhancing the customer due diligence system and digital AML monitoring system to improve technical capabilities in AML[181]. - The company has established a risk indicator system that includes risk tolerance and limits, which is approved by the board and cascaded down to departments and subsidiaries[182]. Future Plans and Strategic Developments - The company aims to enhance its financial services efficiency and reliability, aspiring to become a significant financial service institution in China[3]. - The company will focus on mergers and acquisitions in encouraged policy sectors, particularly in high-end manufacturing, ICT, new materials, new energy, and healthcare in 2024[64]. - The company plans to strengthen its bond business in 2024, particularly in areas such as industrial bonds, "Belt and Road" bonds, rural revitalization bonds, and green and low-carbon transition bonds[64]. - The company aims to enhance its wealth management business by integrating digital technology and customer experience, focusing on a "buyer advisory" model to create differentiated advantages[66]. - The company will continue to develop its product matrix to improve competitiveness in financial products, focusing on asset allocation and value investment[69]. Market Position and Competitiveness - The company ranked 9th in the market for IPO and North Exchange main underwriting cases, and 11th for refinancing main underwriting cases in 2023[61]. - The company will enhance its service capabilities and maintain a competitive edge in the domestic securities industry[173]. - The company aims to enhance the coverage and depth of its quantitative strategy indices, maintaining its professional advantage and brand influence in the market index sector[126]. - The company is focused on expanding its market-making business scale and maintaining a leading position in the Beijing Stock Exchange market-making rankings[99]. Technology and Innovation - The company has significantly advanced in new technology applications, with widespread use of AI office assistants and cloud computing technologies[190]. - The company aims to enhance its technology innovation and accelerate comprehensive digital transformation in the future[190]. - The company has established a new five-year technology strategy focusing on "integrating business, platform empowerment, and building a first-class securities technology organization"[189]. - The company invested over 10% of its average net profit and over 7% of its average revenue from the last three fiscal years in information technology, enhancing its digital capabilities[188]. Wealth Management - The wealth management business generated operating revenue of 2.65 billion RMB, with a gross margin of 43.30%, reflecting a slight increase of 0.46% year-on-year[138]. - The number of clients in the wealth management business increased by 17% compared to the end of 2022, with total client assets growing by 13%[71]. - The company plans to enhance its wealth management brand strategy by improving customer experience and creating differentiated consulting services in 2024[79]. - The company will strengthen its digital transformation efforts in wealth management products and services, aiming for a comprehensive lifecycle wealth experience[79]. Asset Management - As of December 31, 2023, Guojin Fund's total asset management scale reached 68.188 billion RMB, with a year-on-year increase of 21.832 billion RMB[106]. - The asset management business of Guojin Securities issued 26 asset-backed securities in 2023, totaling 16.889 billion RMB, a year-on-year increase of 10.77%[104]. - The company has established three new securities business offices in 2023, with operations commencing in March, June, and October[166]. - The company has completed 549 stock filings for the STAR Market, covering 214 stocks, which represents 38% of the total STAR Market stocks, enhancing market liquidity[95].