中国国际金融股份有限公司（以下简称"中金公司"），东方证券承销保荐有 限公司（以下简称"东方投行"，中金公司及东方投行合称"保荐机构"）作为东方 证券股份有限公司（以下简称"东方证券"或"公司"）2022年配股公开发行股票的 保荐机构，履行持续督导职责期限至2023年12月31日。目前，东方证券2022年配 股公开发行股票项目持续督导期已经届满，中金公司、东方投行根据《证券发行 上市保荐业务管理办法》《上海证券交易所上市公司自律监管指引第11号——持 续督导》等法规和规范性文件的相关规定，出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行的任 何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、上市公司基本情况 1 中国国际金融股份有限公司、东方证券承销保荐有限公司 关于东方证券股份有限公司 2022 年配股公开发行股票之保荐总结 ...

I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 600958 | 說明 | | 上海證券交易所 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 7,469,482,864 RMB | | 1 | RMB | | 7,469,482,864 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | | 7,469,482,864 RMB | | 1 | RMB | | 7,469,482,864 | | 2. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證 ...

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].

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 report maintains a "Recommendation" rating for Dongfang Securities (600958) with a target price of 11.0 CNY, while the current price is 8.24 CNY [1]. Core Insights - The company's performance for the year met expectations, with a total revenue of 27.5 billion CNY, reflecting a year-on-year decrease of 8.7%. The net profit attributable to shareholders was 2.754 billion CNY, down 8.5% year-on-year [2][5]. - The return on equity (ROE) for the year was 3.5%, showing a slight decline of 0.7 percentage points year-on-year. The financial leverage ratio improved, with total leverage rising to 273 billion CNY [2][5]. - The report highlights a transformation in wealth management as a long-term focus for the company, despite the current market conditions being less favorable than expected [1][5]. Financial Performance Summary - Total revenue for 2023 was 17,090 million CNY, with a year-on-year growth rate of -8.7%. Projections for 2024, 2025, and 2026 are 20,493 million CNY, 24,359 million CNY, and 27,469 million CNY, respectively, with expected growth rates of 19.9%, 18.9%, and 12.8% [2][19]. - The net profit attributable to shareholders for 2023 was 2,754 million CNY, with projected figures of 2,943 million CNY, 3,234 million CNY, and 3,593 million CNY for the following years, reflecting growth rates of 6.9%, 9.9%, and 11.1% [2][19]. - Earnings per share (EPS) for 2023 was 0.32 CNY, with forecasts of 0.35 CNY, 0.38 CNY, and 0.42 CNY for the next three years [2][19]. Business Segment Performance - The report indicates a decline in light capital business revenue, with brokerage business revenue down 9.8% and asset management revenue down 9.0%. However, self-operated business revenue increased by 25.7% due to favorable market conditions [2][5]. - The investment banking segment saw a significant decrease in revenue, with underwriting revenue down 39.2% year-on-year. Despite this, the company’s investment banking revenue growth may exceed industry averages [2][5]. - Interest income from self-operated business increased by 7.6%, benefiting from a decline in bond financing costs [2][5].

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].