二〇二四年五月 | 第一章 | 总则 1 | | --- | --- | | 第二章 | 经营宗旨和范围 2 | | 第三章 | 党的组织 3 | | 第四章 | 股份 4 | | | 第一节 股份发行 4 | | | 第二节 股份增减和回购 6 | | | 第三节 股份转让 8 | | | 第四节 股权管理事务 10 | | | 第五节 购买公司股份的财务资助 11 | | | 第六节 股票和股东名册 12 | | 第五章 | 股东和股东大会 16 | | | 第一节 股东 16 | | | 第二节 股东大会的一般规定 21 | | | 第三节 股东大会的召集 24 | | | 第四节 股东大会的提案和通知 26 | | | 第五节 股东大会的召开 28 | | | 第六节 股东大会的表决和决议 32 | | | 第七节 类别股东表决的特别程序 36 | | 第六章 | 董事会 38 | | | 第一节 董事 38 | | | 第二节 董事会 42 | | | 第三节 董事会专门委员会 47 | | | 第四节 董事会秘书 49 | | | 第七章总裁及其他高级管理人员 49 | | 第八章 | 监事会 5 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company reported a total revenue of 3.61 billion yuan for Q1 2024, a year-on-year decrease of 18.6%, and a net profit attributable to shareholders of 890 million yuan, down 38% year-on-year [1]. - The decline in revenue is attributed to fluctuations in fee-based businesses and pressure on investment operations, with significant drops in brokerage and asset management revenues [1][2]. - The company is expected to benefit from a recovery in market activity and new fund issuance, leading to a potential performance rebound [3]. Summary by Sections Revenue and Profitability - Q1 2024 revenue breakdown includes: - Brokerage fees of 490 million yuan, down 30% year-on-year [1]. - Asset management income of 360 million yuan, down 39% year-on-year [1]. - Investment banking revenue of 270 million yuan, down 1% year-on-year [1]. - The company's return on equity (ROE) for Q1 2024 was 1.11%, a decrease of 0.76 percentage points compared to the same period last year [1]. Investment Business - Investment net income for Q1 2024 was 810 million yuan, a decline of 31% year-on-year, primarily due to a high base from the previous year and reduced derivative investment income [2]. - The financial investment scale at the end of Q1 2024 was 190.6 billion yuan, an increase of 9% year-on-year [2]. Financial Forecast and Valuation - Projected revenues for 2024-2026 are 17.4 billion, 18.4 billion, and 20.2 billion yuan, representing year-on-year growth rates of 2%, 5.8%, and 9.7% respectively [3]. - Expected net profits for the same period are 2.9 billion, 3 billion, and 3.3 billion yuan, with growth rates of 3.6%, 6.0%, and 10.1% respectively [3]. - The target price is set at 11.61 yuan, based on a price-to-book (PB) ratio of 1.2 times for 2024 [3].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方證券股份有限公司 呈交日期: 2024年5月6日 FF301 第 1 頁 共 6 頁 v 1.0.2 FF301 II. 已發行股份變動 | 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 | | | | 上月底結存 | | 7,469,482,864 | | | | | 增加 / 減少 (-) | | | | | | | 本月底結存 | | 7,469,482,864 | | | | 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 ...

Investment Rating - The report assigns an "Outperform" rating to Orient Securities with a target price of RMB 11.58 [1][11]. Core Views - The bond underwriting volume for Orient Securities in Q1 2024 increased year-on-year, indicating positive long-term growth potential in wealth management transformation and fund management [11]. - The company's Q1 2024 results showed a revenue of RMB 3.61 billion, down 18.6% year-on-year, and a net profit attributable to shareholders of RMB 0.89 billion, down 37.9% year-on-year [11]. - The report highlights a significant increase in bond underwriting volume by 53% year-on-year, ranking the company 6th in the market [11]. Financial Performance Summary - For Q1 2024, the company achieved a brokerage income of RMB 0.49 billion, down 30.1% year-on-year, which accounted for 13.5% of total revenue [11]. - The investment banking income for Q1 2024 was RMB 0.27 billion, down 1.2% year-on-year, while the bond underwriting volume was RMB 0.1026 trillion, up 52.9% year-on-year [11]. - The asset management income decreased to RMB 0.36 billion, down 38.5% year-on-year, with total asset management scale at RMB 0.2358 trillion, down 17.2% year-on-year [11]. Earnings Forecast - The forecasted EPS for Orient Securities for 2024, 2025, and 2026 is RMB 0.32, RMB 0.35, and RMB 0.43 respectively, with BVPS projected at RMB 8.91, RMB 9.18, and RMB 9.51 [12].

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 行情致使业绩承压，资管核心优势强化 目 标 价 12.30 格： 上次预测： 12.30 ——东方证券2024年一季报点评 公 当前价格： 8.49 司 刘欣琦(分析师) 王思玥(研究助理) 2024.04.30 更 021-38676647 021-38031024 liuxinqi@gtjas.com wangsiyue028676@gtjas.com [交Ta易bl数e_M据a rket] 新 证书编号 S0880515050001 S0880123070151 52周内股价区间（元） 7.88-11.32 报 总市值（百万元） 72,137 本报告导读： 总股本/流通 A股（百万 8,497/7,469 告 行情致使投资、资管业务收入同比下滑，业绩承压；行业供给侧改革持续推进，公 股流）通 B 股/H 股（百万 0/1,027 司资管业务投研核心能力持续强化，有望更好地服 ...

[Table_Page] 季报点评|证券Ⅱ 证券研究报告 [东Table_方Title] 证券(600958.SH/03958.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 8.38元/3.27港元 投行业务相对稳健，经纪和自营有所下滑 合理价值 11.37元/4.44港元 前次评级 买入/买入 [ 核Table_ 心Summ 观ary] 点： 报告日期 2024-04-30 ⚫ 24Q1 高基数下业绩略有回撤。2024Q1 公司实现营业收入 36.11 亿 [相Tab对le_P市icQ场uote表] 现 元，同比-18.63%；归母净利润8.86亿元，同比-37.94%。Q1加权平 均ROE1.11%，较去年同期减少0.76 pct。去除代理款项杠杆率3.22， 10% 4% 较去年同期下降 0.01。业务下滑主要是由于手续费净收入减少及金融 -3%04/23 06/23 08/23 10/23 12/23 02/24 04/24 工具持有及处置收益减少。 -9% ⚫ 投行业务相对稳健。据wind发行日数据，2024Q1全市场股权融资额 -16% -22% 1107亿元（同比 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q1 2024 performance met expectations, with total revenue of 3.61 billion yuan, a year-over-year decrease of 19%, but a quarter-over-quarter increase of 6%. The net profit attributable to shareholders was 886 million yuan, down 38% year-over-year but a significant recovery from a loss in the previous quarter [2][3] - The report highlights that the company's investment income significantly improved, contributing to a substantial quarter-over-quarter profit recovery, driven by a net investment income of 810 million yuan in Q1 2024, compared to a loss in the previous quarter [2][3] - The report notes a significant reduction in stock pledge risks, with the net value of stock pledges dropping by 69% year-over-year, indicating a major risk clearance [2][3] - The asset management business is under pressure due to changes in public fund fees, with the company's public non-monetary AUM down 21% year-over-year [2][3] Summary by Sections Financial Performance - Q1 2024 total revenue was 3.61 billion yuan, down 19% year-over-year, but up 6% quarter-over-quarter. The net profit was 886 million yuan, down 38% year-over-year but up significantly from the previous quarter's loss [2][3] - The company expects net profits for 2024 to be 3.07 billion yuan, reflecting an 11.5% year-over-year increase [3][9] Revenue Breakdown - In Q1 2024, the main revenue sources included 2.46 billion yuan from securities, with a year-over-year decline of 29% but a quarter-over-quarter increase of 21%. Investment income was the largest contributor to the revenue recovery [2][3] Market Position - The company's brokerage income underperformed compared to the industry, with a 30% year-over-year decline in brokerage revenue. However, the fund advisory business showed stable growth [2][3] Future Outlook - The report anticipates a recovery in the company's performance as stock quality risks are cleared, and it expects improvements in brokerage and fund advisory businesses due to ongoing policy support [2][3]

Financial Performance - The company's operating revenue for Q1 2024 was CNY 3,610,537,317.89, representing a decrease of 18.63% compared to the same period last year[7]. - Net profit attributable to shareholders for Q1 2024 was CNY 886,228,868.51, down 37.94% year-on-year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 794,110,163.83, a decrease of 38.13% compared to the previous year[7]. - Basic earnings per share for Q1 2024 were CNY 0.10, down 37.50% from the same period last year[7]. - The total comprehensive income for Q1 2024 was RMB 1,379,333,071.19, a decrease of approximately 24% compared to RMB 1,814,600,355.80 in Q1 2023[29]. - The net profit attributable to the parent company for Q1 2024 was RMB 886,228,868.51, down 38% from RMB 1,428,089,623.65 in Q1 2023[29]. - Basic earnings per share for Q1 2024 was RMB 0.10, compared to RMB 0.16 in Q1 2023, reflecting a decline of 37.5%[29]. - The company reported a decrease in operating profit from RMB 866,995,341.76 in Q1 2023 to a loss in Q1 2024[28]. - Net profit for Q1 2024 was ¥1,706,467,425.04, representing an increase of 46.2% compared to ¥1,166,943,620.05 in Q1 2023[44]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -22,798,135,086.96, indicating a significant cash outflow[7]. - The net cash flow from operating activities for Q1 2024 was negative at -¥7,551,559,687.86, contrasting with a positive cash flow of ¥1,994,912,583.88 in Q1 2023[46]. - The company experienced a net decrease in cash flow from financing activities, indicating potential challenges in liquidity management[31]. - The cash inflow from financing activities in Q1 2024 was RMB 2,637,561,054.20, down from RMB 6,413,109,102.48 in Q1 2023[33]. - The cash outflow from financing activities was RMB 8,218,488,817.89 in Q1 2024, compared to RMB 1,248,703,454.60 in Q1 2023[33]. - The cash and cash equivalents net increase for Q1 2024 was RMB -19,285,389,301.15, compared to RMB -15,180,325,721.23 in Q1 2023[35]. - The ending balance of cash and cash equivalents as of Q1 2024 was 39,665,971,534.60 RMB, down from 45,330,251,871.76 RMB in the previous year[48]. Assets and Liabilities - Total assets at the end of Q1 2024 were CNY 353,279,284,938.62, a decrease of 7.93% from the end of the previous year[7]. - Total liabilities decreased to CNY 273,150,871,712.07 as of March 31, 2024, down 10.5% from CNY 304,930,264,916.75 at the end of 2023[24]. - The total equity attributable to shareholders increased to CNY 80,113,400,706.68 as of March 31, 2024, compared to CNY 78,745,531,646.26 at the end of 2023, reflecting a growth of 1.7%[24]. - The total assets and equity amounted to ¥268,748,266,517.65 as of March 31, 2024, compared to ¥281,322,819,365.06 as of December 31, 2023[40]. - The total liabilities decreased from RMB 209,119,714,522.19 at the end of 2023 to RMB 194,346,773,065.81 by March 31, 2024[38]. - The company's total liabilities to total assets ratio improved slightly to 77.4% as of March 31, 2024, compared to 79.5% at the end of 2023[24]. Income and Expenses - Investment income decreased by 49.47% to CNY 403,449,885.03, primarily due to a reduction in derivative investment income[12]. - Other income increased by 91.23% to CNY 15,055,388.35, mainly due to an increase in third-generation handling fee rebates[12]. - Operating income decreased by 37.43% to CNY 122,133,245.25, primarily due to a reduction in recognized government subsidies[12]. - The company's net profit for Q1 2024 was not explicitly stated, but total operating expenses were CNY 2,743,541,976.13, compared to CNY 2,921,481,499.37 in Q1 2023, indicating a reduction of 6.1%[26]. - The company reported a decrease in commission income from brokerage services, which fell to CNY 486,011,447.92 in Q1 2024 from CNY 695,290,923.33 in Q1 2023, a decline of 30.0%[26]. - Total operating expenses decreased to ¥852,740,260.28 in Q1 2024, down 16.3% from ¥1,019,265,358.14 in Q1 2023[42]. Investment Activities - The company experienced a 119.44% increase in right-of-use assets due to new lease agreements for operational premises[11]. - In Q1 2024, the net cash flow from investment activities was RMB 9,103,162,137.55, a significant improvement compared to a net outflow of RMB -5,607,130,090.94 in Q1 2023[33]. - The company’s investment income from associates and joint ventures was CNY 103,616,111.09 in Q1 2024, down from CNY 203,986,227.26 in Q1 2023, a decrease of 49.2%[26]. - The company’s financial investments in equity instruments increased to RMB 7,981,112,812.03 from RMB 6,268,132,823.16 at the end of 2023[37]. - The cash received from other equity instrument investments in Q1 2024 was 1,367,523,685.29 RMB, with no prior year data available[48]. Shareholder Information - The number of common shareholders at the end of the reporting period was 212,372[15]. - The top ten shareholders held a total of 2,262,428,700 shares, representing 26.63% of the total shares[16].

Financial Performance - The company's operating revenue for Q1 2024 was ¥3,610,537,317.89, representing a decrease of 18.63% compared to the same period last year[4] - Net profit attributable to shareholders was ¥886,228,868.51, down 37.94% year-on-year[4] - The company's basic earnings per share were ¥0.10, reflecting a decrease of 37.50% year-on-year[4] - In Q1 2024, the total revenue of Dongfang Securities was CNY 3,610,537,317.89, a decrease of 18.7% compared to CNY 4,436,963,376.43 in Q1 2023[16] - Net interest income for Q1 2024 was CNY 298,879,584.99, down from CNY 417,010,825.54 in Q1 2023, reflecting a decline of 28.3%[18] - The net profit attributable to shareholders in Q1 2024 was CNY 886,228,868.51, a decrease of 37.9% from CNY 1,428,089,623.65 in Q1 2023[19] - The operating profit for Q1 2024 was CNY 866,995,341.76, a decline of 42.8% compared to CNY 1,515,481,877.06 in Q1 2023[18] - The company reported a total comprehensive income of CNY 1,379,333,071.19 in Q1 2024, compared to CNY 1,814,600,355.80 in Q1 2023, representing a decrease of 24.0%[19] - Basic earnings per share for Q1 2024 were CNY 0.10, down from CNY 0.16 in Q1 2023, reflecting a decline of 37.5%[19] Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥22,798,135,086.96, indicating a significant decline in cash inflows from operations[4] - In Q1 2024, the net cash flow from operating activities was -22,798,135,086.96 RMB, compared to -14,770,666,413.98 RMB in Q1 2023, indicating a significant decline[20] - Total cash inflow from operating activities was 10,456,068,406.45 RMB, down from 16,684,402,847.92 RMB in the same period last year[20] - The company reported a net cash outflow from operating activities of CNY -7,551,559,687.86 in Q1 2024, compared to a net inflow of CNY 1,994,912,583.88 in Q1 2023[29] - The net increase in cash from investment activities was CNY 10,066,218,284.77 in Q1 2024, a turnaround from a net outflow of CNY -4,626,836,223.18 in Q1 2023[29] - The company experienced a net cash outflow from financing activities of -5,580,927,763.69 RMB in Q1 2024[22] - The net cash flow from financing activities was -5,185,847,616.93 CNY, indicating a significant outflow compared to the previous period[30] - The net increase in cash and cash equivalents was -2,674,768,883.98 CNY, reflecting a decrease in liquidity[30] - The ending balance of cash and cash equivalents was 39,665,971,534.60 CNY, down from the beginning balance of 42,340,740,418.58 CNY[30] - The company reported a cash outflow of 6,738,257,893.27 CNY for debt repayment during the period[30] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥353,279,284,938.62, a decrease of 7.93% from the end of the previous year[5] - The company's total assets as of March 31, 2024, amount to 353,279,284,938.62 RMB, a decrease from 383,690,461,669.31 RMB at the end of 2023[14] - The total liabilities as of March 31, 2024, are 1,364,148,613.29 RMB in short-term loans and 15,116,252,577.12 RMB in borrowed funds[14] - Total liabilities decreased to CNY 194,346,773,065.81 in Q1 2024 from CNY 209,119,714,522.19 in Q1 2023[25] - The total liabilities included short-term financing payables of 2,954,975,420.75 RMB as of March 31, 2024[23] Shareholder Information - The total number of common shareholders at the end of the reporting period is 212,372[10] - The largest shareholder, Sheneng Group Co., Ltd., holds 2,262,428,700 shares, representing 26.63% of total shares[11] - The second largest shareholder, Hong Kong Central Clearing Limited, holds 1,027,023,144 shares, representing 12.09% of total shares[11] - The company has not identified any significant changes in shareholder relationships or actions during the reporting period[12] Investment and Income - The company reported a significant decrease in investment income, which was ¥403,449,885.03, down 49.47% year-on-year[8] - The net fee and commission income for Q1 2024 was CNY 1,246,485,213.57, down 24.6% from CNY 1,653,716,143.98 in Q1 2023[18] - The company reported a decrease in net commission and fee income to CNY 581,505,429.14 in Q1 2024 from CNY 663,142,123.55 in Q1 2023[26] - Investment income for Q1 2024 was CNY 1,300,079,232.24, a significant increase from CNY 1,055,145,819.57 in Q1 2023[26] Other Financial Metrics - The weighted average return on equity was 1.11%, a decrease of 0.76 percentage points compared to the previous year[4] - The risk coverage ratio decreased to 353.32% from 365.27% in the previous year[9] - The liquidity coverage ratio was 198.21%, down from 203.97% at the end of the previous year[9] - The company reported a decrease in derivative financial assets to 1,993,156,090.59 RMB from 1,877,650,308.11 RMB[14] - The company’s goodwill remains unchanged at 32,135,375.10 RMB[14] - The company did not apply new accounting standards or interpretations for the first execution year[30]

Financial Performance - Total revenue and other income for 2023 reached RMB 24,277,389, an increase of 5.06% compared to RMB 23,107,363 in 2022[55]. - Profit before tax for 2023 was RMB 2,919,140, a decrease of 13.58% from RMB 3,378,020 in 2022[55]. - Net profit attributable to shareholders for 2023 was RMB 2,753,755, down 8.53% from RMB 3,010,558 in 2022[55]. - Cash flow from operating activities for 2023 was RMB 14,044,838, a decrease of 28.93% compared to RMB 19,762,089 in 2022[55]. - Basic earnings per share for 2023 were RMB 0.30, down 14.29% from RMB 0.35 in 2022[55]. - The weighted average return on net assets for 2023 was 3.45%, a decrease of 0.71 percentage points from 4.16% in 2022[55]. - The asset-liability ratio at the end of 2023 was 71.04%, an increase of 2.63 percentage points from 68.41% at the end of 2022[57]. - Total assets at the end of 2023 amounted to RMB 383,690,462, an increase of 4.24% from RMB 368,066,959 at the end of 2022[57]. - Total liabilities at the end of 2023 were RMB 304,930,265, up 4.91% from RMB 290,668,670 at the end of 2022[57]. - Equity attributable to shareholders at the end of 2023 was RMB 78,745,531, an increase of 1.76% from RMB 77,386,472 at the end of 2022[57]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.5 per 10 shares, totaling approximately RMB 1,269,270,295.20, which represents 46.09% of the net profit attributable to the parent company for 2023[4]. - The board of directors has approved the profit distribution plan without any dissenting opinions[3]. Risk Management - The company faces risks related to macroeconomic adjustments, regulatory changes, and market volatility, which could adversely affect its operations[5]. - The company has implemented a comprehensive risk management system to address compliance, legal, and operational risks[7]. - The company emphasizes that all forward-looking statements are subject to risks and uncertainties, and investors should be cautious[5]. - The company has detailed market risks, credit risks, and liquidity risks in the report, which can be referenced in the board report regarding potential risk factors and strategies[8]. - The company is focusing on enhancing its risk management capabilities, with the implementation of advanced analytics tools to better assess market risks[23]. - The company has strengthened its risk management and compliance systems, continuously enhancing the effectiveness of its risk management[93]. Corporate Governance - The report outlines the company's governance structure and responsibilities of the board and supervisory committee[12]. - The company emphasizes compliance with the Securities Law and relevant regulations[14]. - The company has established a comprehensive organizational structure with various specialized committees under the board of directors, ensuring effective governance and risk management[45]. - The company has a strong focus on corporate governance and has received multiple awards for its investor relations efforts[88]. Business Expansion and Strategy - The company is actively involved in asset management, with qualifications to provide comprehensive services to insurance institutional investors, indicating a strategic focus on diversifying revenue streams[20]. - The company has expanded its business qualifications to include margin trading and securities lending, enhancing its service offerings in the financial market[20]. - The company is committed to enhancing its wealth management services by transitioning to a "buy-side advisory" model[123]. - The company is focusing on improving return on equity (ROE) and has restructured its comprehensive budget management system to strengthen cost control[69]. - The company aims to enhance its market share and customer structure through financial technology empowerment and service capability enhancement[139]. - The company is exploring new business models in the over-the-counter market, enhancing product structures, and expanding trading counterparties to improve market activity[154]. Technology and Innovation - The company is actively developing new technologies, including an upgraded trading platform expected to launch in Q3 2024, aimed at improving user experience and transaction efficiency[29]. - The company has strengthened its information security and intelligent maintenance platform to support innovative business development and stable operations[196]. - The company has a strong focus on financial technology and continues to enhance its independent research and development capabilities[84]. Market Performance - The company reported a significant increase in user engagement, with a year-over-year growth of 25% in active accounts, reaching 1.5 million users[22]. - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[24]. - The company has completed a strategic acquisition of a fintech startup, which is expected to enhance its digital service offerings and customer base[28]. - The company has launched a new line of investment products targeting millennials, which has already seen a 30% uptake in subscriptions since its introduction[26]. Awards and Recognition - The company received multiple awards during the reporting period, including the Second Prize for Shanghai Financial Innovation Achievements[195]. - The company received multiple awards for its fund advisory services, including the "Fund Advisory Institution Gold Bull Award" from China Securities Journal[133]. - The company received multiple awards, including the "Best Bond Underwriting Institution" and "Best Investment Banking Team" in various industry evaluations[172][178]. Subsidiaries and Ownership - The company has subsidiaries including Dongfang Financial Holdings and Dongfang Securities, which are fully owned[12]. - The registered capital of Shanghai Dongzheng Futures Co., Ltd. is RMB 4.3 billion, and it is a wholly-owned subsidiary of the company[47]. - The registered capital of Shanghai Dongfang Securities Capital Investment Co., Ltd. is RMB 4 billion, also a wholly-owned subsidiary[47]. - The company has a total of 100% ownership in its subsidiaries, including Dongfang Financial Holdings (Hong Kong) Limited, which has a registered capital of HKD 2,754,078,015[47]. Market Conditions - The GDP growth rate for the year reached 5.2%, despite pressures and challenges in the macroeconomic environment[71]. - During the reporting period, the Hang Seng Index fell by 14%, and the total amount raised in the Hong Kong stock market decreased by 56% year-on-year[187]. - In 2023, the number of IPOs in A-shares decreased by 26.87% to 313, with total financing amounting to RMB 356.54 billion, a decline of 39.25% year-on-year[169].